Archive - Sep 27, 2009
One of Timmy G's smaller responsibilities is the $60 billion Federal Financing Bank. They're doing a "heck of a job". My bet is it's going to cost us one way or the other. The FFB might be the new lender to the FDIC. It looks like they have already filled out the loan forms. Sheila B. will love the pricing. They are giving the money away.
So, predictably, Gold was hammered ahead of the “G-20” (nice little acronym for a criminal ruling elite, isn’t it? – more like mafia family heads getting together if you ask me) meeting in Pittsburg, Pennsylvania this weekend. What didn’t help matters...
Zero Hedge has recently presented several declassified documents from the pre-1971 "Nixon Shock" days, that endorse the case for gold as a major historical factor in US monetary and foreign policy, as demonstrated by State Department and CIA disclosure. Gold's special status in policy and administrative decision-making was a direct factor in Nixon's choice to abolish the gold reserve at a time of an exploding budget deficit. Yet what about the days after 1971, and specifically, how did that critical "behind the scenes" organization, the Federal Reserve, perceive and manipulate gold in the post Bretton-Woods world? Was gold, freed from its shackles to the dollar, once again merely a symbolic representation for money? Zero Hedge presents the smoking gun that may provide responses to all the various open questions, courtesy of a declassified memorandum, written by none other than the then Fed Chairman, addressed to the president of the United States.
As a side question: should a proven conspiracy theory be renamed a conspiracy fact? We will leave that to our NY Mag readers to respond.
- Is Jeff Macke the next Lenny Dykstra? (W.C. Varones Blog)
- From the CEO of NYSE: One year later (WSJ), and fully propaganda free
- Kraft set to launch hostile Cadbury bid (Reuters)
- No reform, just a cosmetic patch for a discredited, flawed regime (Telegraph, h/t A.P.)
- John Hussman: Strenuously overbought (Hussman Funds)
- Japan Tankan may show firms to cut spending even amid recovery (Bloomberg)
- China's most famous economist keeps talking (NYT)
- MERS: A system designed to create the mortgage back security bubble (Dr Housing Bubble)
Deep thoughts from one of the premier financial thinkers of our generation (700 pages worth in fact) and a recent recipient of $1 billion worth of generosity from CIC.
As the nature of markets evolve, you need to understand how collective inflows are influencing the trends in each asset class and changing the relationship between them. Rebalancing is crucial, but so is understanding what is going on in each asset class and how developments in one asset class will impact other asset classes.
While we disagree that Rosenberg has anything to defend against, be it strategy critics or vapid iconoclasts who mimic whatever they overhear during dinner conversations, the report below is a must read for those unacquainted with David Rosenberg's work, who would like to catch up to the key issues that one of the best economists discusses on a day to day basis.
Must and interesting reads for your weekend ponder. Some Evans-Pritchard goodness, cash calls, horse manure and a lot more.