Cowards have no business making hard choices. They are psychologically, physiologically and spiritually deficient, and cannot (are incapable) of making the right choice. They are not built for it — because they are cowards. Furthermore, they are so afraid, they will not allow those with courage to make the right choice for them. Cowardliness is rampant in the West and epidemic in the Western financial | Read More »
To date, The One has not stopped the U.S. economic decline. By all recent measures, none of The One’s policies to-borrow-and-print-money-and tax-and-spend-it-on-the-government has worked. While Japan is experiencing a slow march towards an uncertain fallout outcome, and it begins to call its debts due from the U.S. Treasury, the Federal Reserve announced the very corrosive policy decision to print $600 billion, presumably — in part | Read More »
Since rising commodity prices generally do not occur in an economic downturn, when demand is low, it is logical to look to the Fed money printing as the reason for the two-year record high of oil, the rocketing food prices and the new record price for copper. The U.S. dollar used to be a reserve of value, where those holding dollars could reserve in the | Read More »
Paul Krugman of the New York Times loves the idea of the Fed printing money, in fact, in normal Krugman fashion, he says $600 billion in money created out of thin air is too little money printing. He wants more. (Sarah Palin is against it.) The rest of the world’s economic powers from Germany, China, Brazil and others hate the idea and want the United | Read More »
Excerpts from a great piece by Jon Markman, published by MarketWatch: The basic problem of QE is that it is not being honestly explained by Fed officials. They are trying to describe it as normal — one called it little more than a 75-basis point rate cut. The truth is that QE is the subprime of monetary policy. It’s a last-resort borrowing option with a | Read More »
When Obama defended the Fed’s money printing on his recent trip abroad, The One used the same language he used to describe his own efforts — to get the economy moving again. If that isn’t a clear signal that The One and Paul Krugman got their stimulus wish without having to go through Congress, I do not know what is. The GOP is beginning to | Read More »
Watching the 70-year-old-somethings who make up the members of the Democratic Leadership of the U.S. House is like watching the beginning of the end of the Soviet Politiburo — everyone of the old guard gets their turn, until change comes by them dying off. And, just like the Politiboro — they will never, ever leave voluntarily. Rep. Clyburn is just taking his cue not to | Read More »
Economic cocaine: “Has Bernanke stumbled upon the ultimate formula for wealth everlasting? Has the man who once said he would drop money from helicopters if the need arose cracked the code to eternal, effortless prosperity? Just print money and be happy? “If this were true,” ventured Bill Bonner earlier this week in his essay “Plumbers Crack”, “it was a giant step forward for humanity, at | Read More »
The complete market failure to accurately assess the mounting system-wide financial risk being assumed by the private sector, while the market simultaneously assumed an uninterrupted rise in buying power and real estate values, feels like one big Groupthink-based-failure. Groupthink-encouraged-Wall-Street-adopted-bad quantum math equals a really big problem. So consider this the anti-Groupthink muse of outcomes to our financial crisis, and let’s start with a seemingly unrelated | Read More »
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