by Charles Hugh-Smith of Of Two Minds blog,
The astounding hubris of central bankers is comical, but the consequences of their actions are playing out as needless tragedy.
Central bankers present themselves as Masters of the Universe. They are, but only in their own little Theater of the Absurd. In the real world, they are as clueless as any other mortals about the unintended consequences of their actions and the speed with which the [...]
By PAUL KRUGMAN
Published: May 24, 2012 288 Comments
In the wake of a devastating financial crisis, President Obama has enacted some modest and obviously needed regulation; he has proposed closing a few outrageous tax loopholes; and he has suggested that Mitt Romney’s history of buying and selling companies, often firing workers and gutting their pensions along the way, doesn’t make him the right man to run America’s economy.
Wall Street has responded [...]
The impossibility of humanity solving its mounting cataclysmic problems has dawned on but a few. The level of consciousness in the world is still too blinded by faulty ideology and manipulated by a system which continues to preach business-as-usual, even while industrial civilization’s foundation splits, cracks, and spills debris through the chicken wire and duct tape temporarily holding it together. Our children will pay the price for our denial of [...]
From Brian Rogers
There Will Never Be A Failed US Treasury Auction… Until There Is
“The antidote to hubris, to overweening pride, is irony, that capacity to discover and systematize ideas. Or, as Emerson insisted, the development of consciousness, consciousness, consciousness.”
“Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, and one by one.”
By Howard Gold
NEW YORK (MarketWatch) — Stocks are hitting post-crisis highs, unemployment is falling and even housing sales are putting up their best numbers in years.
On Wall Street, however, it’s still the winter of their discontent. The giant firms that were instrumental in causing the financial crisis (they had plenty of help, of course) were saved from themselves by taxpayers’ money and zero interest rates, courtesy of [...]
TRENTON, N.J. (AP) — New Jersey Gov. Chris Christie sharply criticized the New York Police Department on Wednesday for not informing federal law enforcement agencies — at least to his knowledge — about their secret surveillance of Muslims in Newark.
Christie has said he doesn’t recall being briefed about the spying in 2007, while he was the state’s top federal prosecutor.
Speaking Wednesday night on Townsquare Media’s “Ask the Governor” radio program, [...]
My Dear Friends,
Today was the first day that we got some good action in the gold price. It will be very interesting to see if sellers appear as they have been during Asian hours. Just because the manipulators use the illiquid Asian hours to paint gold do not assume it reveals the nationality of the selling. The gold market as we all know on a day to day basis is [...]
Here is the chart few are looking at, and explains the concept of the dearth or shrinkage of so called safe collateral in the Euro and USD. The reason of course is that the Fed and other central banks hold much of it, or it is now encumbered via direct bilateral funding agreements or by sitting at the central bank drawing liquidity. At the same time a large chunk of sovereign debt has been [...]
Aug 28, 2011
It has been almost three years since the Federal Reserve took its interest rates to 1% and most recently to zero. This allows member banks to borrow money at no cost. The Fed lends to large banks with little or no control, so that these banks, some of which are owners of the Fed, can really do as they please. The [...]
As always happens, about a week after Goldman telegraphs the need for QE3, which they did last Friday, the WSJ’s Fed mouthpiece Jon Hilsenrath reaches out to the media and proceeds to give the secret QE handshake. Now in its third iteration. In an “exclusive” interview with the Fed’s last tree monetary affairs committee, Donald Kohn, Vince Reinhart and Brian Matigan, Hilsenrath observes that [...]
Wall Street’s shadow king, Blackrock’s Larry Fink who manages over $3 trillion, and is the world’s biggest asset manager, appeared on Bloomberg TV in an interview with Erik Schatzker, and the first thing he said is that the “market likes totalitarian governments.” That one statement explains everything one needs to know about the market performance over the past two years: there has hardly been [...]
With financial fraud now so sophisticated and pervasive, we clearly need zero-tolerance solutions to change Wall Street’s culture.
Often, the most provocative ideas arise after swigs of whiskey. This is especially true when a Rolling Stone reporter is around — and, as I recently learned, it’s all but guaranteed when that Rolling Stoner is Matt Taibbi, aka the heir to the magazine’s gonzo throne.
by Invisible Hand
I was a technical person, then a medical scientist in the military.Â To progress up the ranks you needed to organize golf tournaments, not perfrom your duties well.Â I chose to focus on clinical competence and opted to retire ASAP to get out of the stupidity.Â However, by doing so, I let the idiots who knew nothing (except how to organize golf tournaments [...]
by Mark McHugh of Across The Street
Can you say â€œUnsustainableâ€?
Another way to confuse people is with words.Â Focus, if you will, on just two words from the Purposes page of the Emergency Economic Stabilization Act of 2008:
The purposes of this chapter areâ€”
(1) to immediately provide authority and facilities that the Secretary of the Treasury can use to restore liquidity and stability to the financial system of [...]
What other US misery is due to the Europeans? The 8 Million lost jobs? The 30 % free fall in home sales? The foreclosures? Cooking the books of Fannie Mae? The 40 Million Americans on food stamps? The de-facto nationalization of US housing, the banks, car industry? Granted, there is the Austrian bodybuilder, running “Greecefornia” into the ground and the “Fabulous Fab”, a Frenchman, with his e-mails, ruining the day [...]