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http://www.zerohedge.com/news/2012-11-05/guest-post-will-prophet-assume-command I really enjoyed this article over on ZeroHedge. The author was overly melodramatic for my tastes (I’ve learned no to trust that so much) but the book he was quoting, Stauss & Howe’s The Fourth Turning, had ideas I really liked. I love anything that can compare where we are now to previous times in history, and I often think in terms of literary archetypes. So the idea that events can [...] http://www.nytimes.com/2012/04/27/op…tale.html?_r=1 Death of a Fairy Tale This was the month the confidence fairy died. For the past two years most policy makers in Europe and many politicians and pundits in America have been in thrall to a destructive economic doctrine. According to this doctrine, governments should respond to a severely depressed economy not the way the textbooks say they should — by spending more to offset falling private [...] US News Two new polls today find that just one third of the public feels President Obama deserves re-election while five times more Americans think Obama has done a worse job fixing the economy than Jimmy Carter, the modern era’s Herbert Hoover. Washington Whispers contributor John Zogby tells us that his new polling is spirit-crushing for the depressed White House. “It was a very [...]
What Now? Currency Wars? Just when you thought the Swiss franc would be the safe haven for capital in a tempest tossed financial sea, oops, here comes the dawn of a new age of competitive devaluation. The Swiss shocked the world by pegging its currency the franc to the euro. History repeats because people always respond in the same manner regardless of the generation at issue. [...] “Failed state.” That sounds harsh, doesn’t it? Do a web search with the words “failed state” and names like Somalia, Haiti, and Sudan will appear on your computer screen. Unfortunately, the 31st state in our union – California – is looking more and more like a “failed state” as well. And this should matter to every American, because like it or not, California is both a [...] OP-ED COLUMNIST “Liquidate labor, liquidate stocks, liquidate the farmers, liquidate real estate.” That, according to Herbert Hoover, was the advice he received from Andrew Mellon, the Treasury secretary, as America plunged into depression. To be fair, there’s some question about whether Mellon actually said that; all we have is Hoover’s version, written many years later. But one thing is clear: [...] From David Rosenberg’s morning report: A long-standing colleague and reader sent this off to me yesterday and it blew me away. Read on: Obama’s State of the Union: Herbert Hoover, May 1st 1930, US Chamber of Commerce Meeting: This article originally appeared in The Daily Capitalist. Politics has a charming way of bringing reality to lame-duck politicians. The Republican gains in the House and Senate have apparently prompted President Obama to do the unthinkable: freeze the pay of civilian federal workers for two years. His constituency is very upset by this apparent betrayal by Obama: “I am really ticked,” said John Gage, national president of [...] by Jim Quinn of the Burning Platform Between 1929 and 1932, the market fell 89% from its high. The Keynesian storyline is that Herbert Hoover’s administration did nothing to try and revive the economy. It took Franklin Delano Roosevelt and his New Deal Keynesian policies to save the country. It’s a nice story, but completely false. Between 1929 and 1933, when Roosevelt came to power, the [...] Herbert Hoover’s disciples are making noises even as America moves closer towards a double dip recession. Fed Chair Alan Greenspan tells the New York Times all the Bush tax cuts should expire as scheduled, even those that benefit the middle class and not the rich. His reason: the nation’s looming deficit requires it. On Sunday, former Treasury Secretary Robert Rubin, appearing on CNN, says any further effort to stimulus the economy would [...] If people don’t start to think for themselves by observing the real world around them versus this cheap talk based on nothing of substance they’re in deep trouble. 1.”We will not have any more crashes in our time.” 2. “I cannot help but raise a dissenting voice to statements that we are living in a fool’s paradise, and that prosperity in this country must necessarily diminish [...] By Nick Taylor is the author of “American-Made,†a 2008 history of the Works Progress Administration. The Great Depression was a worldwide economic crisis that in the United States was marked by widespread unemployment, near halts in industrial production and construction, and an 89 percent decline in stock prices. It was preceded by the so-called New Era, a time of low unemployment when general prosperity [...] http://townhall.com/columnists/LarryElder/2010/02/11/krugman_bushs_deficit_bad,_obamas_deficit_good “Let’s review. In 2004, an unhappy Krugman criticized Bush’s “weak” economy and “miserable” job creation. Running an “enormous” deficit was a bad thing. Times were awful — “by a large margin” the worst job crash and performance since Herbert Hoover. Today the deficit is four times as large in an even weaker economy with much higher unemployment. Times are awful. Now, though, the deficit is a good thing and should [...] quote: “…by May or June the spring recovery forecast in our letters of last December and November should clearly be apparent…” “Gentleman, you have come sixty days too late. The depression is over.” # “… irregular and conflicting movements of business should soon give way to a sustained recovery…” quote # “…by May or June the spring recovery forecast in our letters of last December and November should clearly be apparent…” “Gentleman, you have come sixty days too late. The depression is over.” # “… irregular and conflicting movements of business should soon give way to a sustained recovery…” |
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