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Argentina Central Bank President Quits
After this week's Bernanke reconfirmation vote, which saw a record number of Senators vote against the Fed Chairman, the tenuous relationships between governments and central banks was put on exhibit once again, this time in Argentina, where as we previously reported, the confrontation between the Central Bank President Martin Redrado and president Kirchner had already reached a climax. Today Redrado finally quit, "saying the government has tried to
destroy the bank’s independence and that he has sought to follow
the law." Here is to hoping that Harry Reid's recent complete politicization of the Fed, in which he provided a Bernanke with a "votes-for-keeping my commercial real estate values high" deal, forces the Princeton economist to take the high road. We are not holding our breath.
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And does this come as a surprise? If you
followed the Argentine story for more
than two months as opposed to those
in the Latin markets for almost two decades
would know this is not "breaking" news.
They are serial screw ups their latest telenova has been widely documented elsewhere. Nothing here to see folks everyone go home.
yeah but its so dramatic. a soap opera for market junkies.
It's a real rerun for Argentina. I'm catching
the soaps on other channels. Just because
it's a slow news day for our favorite psychopath Chavez doesn't mean it wasn't a hot bed of intrigue somewhere. You just have
to roam the globe for a giggle or two. Take
Italy for instance why did fin minister
S Berlusconi write love songs while recuperating from his unfortunate run in with
a statue a few weeks back? Seem a bit misplaced to you? The world wide web is a big place. Hone your detective skills. If all else fails turn on the TV and watch Obama
on every channel everyday. We have a new Batman episode staring The Joker
himself daily. Imagine that? I coulda sworn someone told me he passed. They must have been wrong......
Something just occured to me when Obama gets that big shit eating grin on
his face finger pointed he looks just like
the joker in Batman! Tyler I hope you're reading this you got to put a picture of the
joker next to Obama on your next piece on him. Let's really stir up the pot!
it's been done. too many times.
Freddie Mac CEO Kellerman's suspicious death.
Japan's Shoichi Nakagawa's suspicious death.
Hirohisa Fujii's sudden hospital check-in, then resignation. Finance ministry assumed by Naoto Kan who has little experience.
Merckle's suicide after the VW/Porsche debacle.
These unpaid bills really seem to have consequences. I hear the drumbeat.
this isn't even the real story out of Argentina yesterday. The REAL story was that Kirchner said that pork allows for better, uh, porking than Viagra. Boy, imagine a US president pissing off both the beef producers and Pfizer in one sentence
Thats what happens after the globalists (IMF, WTO, GOVERMENT PRIVATIZING EVERYTHING, PRIVATE BANKERS) turned a thriving middle class into a poor class citizens slaves. Read the story about Argentina and Menem...and you see whats is coming to United States. The Central Bank belongs to the people,for the benefit of the citizens, not to private bankers. Thats the scam we have in the US. Abraham Lincoln and Jefferson talked about. Thats is the Wizard of Oz...
Didn't these bankers do enough damage to the economy?
Score one for deep-pocketed bankers with time to kill.
After one of Wall Street's highest-paid bankers sparred with a teacher at his son's liberal Texas school, a principal has resigned.
The former Lehman Brothers investment banking boss Hugh "Skip" McGee penned a strongly worded, five-page letter complaining that a teacher at the posh Kincaid School in Houston referred to bankers as "sleazeballs."
McGee, now head of global investment banking at Barclays Capital, called for the dismissal of Upper School Principal Michael Saltman, Headmaster Donald North and the teacher, Leslie Lovett.
Read more: http://www.nypost.com/p/news/business/banker_gives_son_teacher_bad_apple...
You need to differentiate between the good bankers and the bad. Lumping central bankers in with private sector bankers
is not too cool. Bernanke didn't create
the mess we are in. Loose mortgage lending practices, unregulated real estate brokers and the real killer a financial system leveraged to it's eyeballs alot of which turned out to be worthless. And
your average American living beyond it's means for too long. You guys should
stop bugging these people trying to
honestly fix the problem and let the
fragile global economy get back on it's feet.
I have a seemingly novel idea to bloggers out there why don't you stop complaining and do something about it?
How do you know that? I think you are justing guessing. I think these people are too smart to have fucked it up this much by accident.
Know what?
So if you don't create something you bear no responsibility
for its consequences?
You want to re-think that? Or should we list the ways in which the imitator or the accomplice or the abettor or the follower bears even more responsibility for a disaster than the 'creator'?
Come on. You can do this.
Listen, I don't know who you are, but the time for distinction, discretion or even mercy for bankers has passed by. It passed when they used their power, minions and money to seek and obtain bailouts rather than any measurable measure of reform, it passed when they decided that THEIR business model, healed and made whole by the blood of the man in the street, should deliver unto them record bonuses. Sorry, but the time for reasonable response is swiftly passing the bankers by, ignored whilst they gorge ravenously at the trough of the public good.
By the way, WE are doing something rather than complaining: we are moving our money. Hope it ends there, for it has been said only blood conquers money.
"Bernanke didn't create the mess we are in." WOW!
" You guys should stop bugging these people trying to honestly fix the problem and let the fragile global economy get back on it's feet.
Loose mortgage lending practices, unregulated real estate brokers and the real killer a financial system leveraged to it's eyeballs" WOW again!
Let us stop this BS.
The US political and financial system did not go down just due to poor unregulated real estate brokers or due to the Wall-Street over-leveraging. Yes, these factors contributed to the collapse but were not major drivers.
The major drivers were/are
- The utterly corrupt and toxic American political system
- The utterly corrupt and dishonest US government (federal, state and local) that encourages, promotes, and protects fraud and thievery
- Disintegrated moral, ethical, and cultural fabric of American society when a very large percentage of population (well over 40%) became sucking parasites instead of being productive members of the society
Consequently, in this highly toxic and fertile environment for corruption, fraud, thievery, and outright assault on free-market economic processes, the present economical and financial situation was simply inevitable. The present "honest" attempts to "fix" the situation are highly counterproductive.
Thanks to the FED and the US government, America crossed the Rubicon. There is no way America can pay back its debts. America is broke.
The present American situation is very similar to the Soviet Union just before its collapse.
Tyler- WHAT YOU ARE DOING IS WRONG!!!!!!!!!!!!! You are setting yourself up to get the wonderful messenger you have created to be slain.
When the thread about WFC was at 45 comments I tried to post, without signing in, a comment about the sub-thread regarding this Dec 25 piece....
http://www.zerohedge.com/article/brace-impact-2010-private-demand-us-fix...
While the first chart clearly shows the Morgan Stanley source the others have had that information edited or cropped. It is not your work you MUST cite them. As of a few minutes ago there were 79 mesasges, including several anon, and mine is not among them. Please folks, please don't start in on the non-existant vaguries of whether this is plagiarism- you can not defend this mistake. Tyler, you can fix this mistake....
You have a minor issue on your hands regarding not properly leaving the MS citation information on the charts, which is fixable. That you chose not to post my comment is seriously egregious in my opinion. You have a beautiful, wonderful thing here at ZH. I suspect the vast majority of readers would say WE have a wonderful thing here at ZH- Please don't fuck it up by compounding a small mistake with bigger ones. FIX THE FUCKING CHARTS! You verge on sabotaging your/our own efforts and getting the messenger killed if you are sued and lose.
As much as it pains me to say it now we have to wonder what other comments are edited or omitted because the management finds them, aah, difficult... Don't become what we all hate here at ZH... This is all so Un-FightClub...... I am sure to get slapped about by the fellow loyalists around here but I am telling you from a sad place that there but for the grace of God........ Cui Bono!
OK Mom. Why don't you let Tyler decide about his website. He's a big boy now. Seriously!! Make your own and you can decide. Um-K. The tinker toys are in the corner, now go play.
I don't need to go anywhere there is enough tinker toys here posing as serious
journalistic reporting. I laugh so hard
at some of this stuff it mostly comes from your bloggers but ZH have zingers
on a regular basis. Maybe if there was
less of the word rumor in you dialogue and you'd stop highlighting a certain broken bullhorn.
I already have played tonight here as you
can tell where's the challenge? Don't single me out
plenty of people give you constructive
advice on a daily basis ex read below whoever that is sounds pissed. By the by I would post the joker on something about
Obama if I knew how to. Are you still in a pissy
mood cause I knew it was you after three sentences posing as some goatherder in
Germany with his delictable doner the other night. You take yourself too seriously,
and you don't have a monopoly on catchy phrases. Something happen last year or so that has put you in a permanently grouchy mood? As you well know I do my research speaking of I notice frequently shows
up here no more freebies you on your own and when I feel like it I'll blog. T- I think you
get my drift.
Ummmmm, I'm thinking :
http://csi.sagepub.com/cgi/content/abstract/53/4/675
About what I am afraid to ask. Are you wondering what the serious decline in remittances to Mexico means? Or are you contemplating moving to Mexico for work as opposed to Bulgaria? Same difference except the climate. It's down alot that's bad.
Tells you something about our economy and theirs. In spite of a cheap peso
they are too close to us for really being a part of Mavins in the next 3 to 5 years. They just needed an M to to
compete with the sucess of the acronym BRIC . Which having spent six or so years
digging around Ru and CIS I said it should have been BIC but that's already taken by the pen people. Next?
We are now up to 4 employees. Let's make this really fun. I'll click on the flag as junk
button about ten times and do you a favor
in the let's discredit the credibility of this Doc Brown game. Like it or not when I feel
so inclined I will comment here if the occasion warrants. Don't worry it's not forever as you well know.
Wow, Doc. Someone's full of themselves tonight, aren't they?
http://www.nolo.com/legal-encyclopedia/article-30100.html
Never knew that web page existed topic hasn't ever been on my radar in 30 years
in the securities business. Don't expect it
to ever.
QQ more noob
:SNARK!:
wow, judge, jury and sentence all in one fail swoop. congratulations. there but for the grace of God....indeed.
and the evidence provided by a bottom tier blog that had no visibility until they accused a first tier blog of something. and whose motives are you questioning?
too bad bernanke won't resign for some contrived principled reason.....better yet, too bad he doesn't die....
Maybe "Doc Brown" can explain the Argentine CB story a little bit seeing is that he is the expert.
I think the story was just implying that there is some tension between govts and central banks brewing that is getting interesting.
Agree 100% Spit. Bears watching, could have larger implications which I intend to short.
This is not new news it's been brewing
for weeks. i'll find you a recent article
that explains in detail. Argentina still has
not resolved the issues surrounding their last default. They still haven't paid some of their bondholders and are fighting it out in court. They don't pay back their foreign lenders they can't get their act together why taxes. Does that sound like something you want to get involved in?
The only players in Argentina sovereign
bonds is a small minority of scrappers. There are so many good stories out their in EM land the last thing that comes to investors minds is Argie and Vene. The saddest part? At one point Venezuela pre Chavez was a good story PDVSA, Vencemos now owned by Cemex which has hit a few speed bumps of late. Vene provides
60% of our oil we are their biggest customer to this day. It is a classic example of a country squandering it's resources because it hasn't got it's fiscal
and political house in order.
Indonesia at one point and Nigeria same story. Let's talk about Greece. They just came to the market without a problem.
They aren't speaking to EU why? Because they don't have to. All this speculation is entirely too premature. Everyone knows their financing needs this year they have some stuff coming up in the second quarter. Think about it the deal was 4x's oversubscribed wouldn't they have upped the deal if they needed the money? Think logically. It's the bond gnats out there
starting absurd rumors that get these
guys annoyed. No wonder noone takes us seriously any longer. Look at the nonsense that is primarily on www. I was talking to a client in DC not more than a few weks ago
and we talked about how the internet hatches all these conspiracy theories. To serious people tasked with running a
country the last thing they need is a bunch of garbage coming from US sites and having to defend their policies in the press that is founded on pure rumors based on zero facts.
As much as Jimmy Hoffa's kidnapping and murder are rumors, not facts, such is the way of www conspiracy theories. The tin foil hat crowd never gets an honest investigation and never gets the facts. Flooring the money and the quid pro quo has always been the elephant in the room which the masses deny seeing because the NYT won't admit to sitting in the same room for of dung.
From conspiracy theorists across the www I say to you "fuck you doc".
Nikki.. Spreading the disease that no one wants to see..
MsCreant- I hope you read that link- Clipping the charts to remove the MS attribution will in no way fall under fair use... It is the work of MS- hate them as I do- you still must show where it came from....
and SloSquez... I don't really care to have to argue with the entire ZH clan and perhaps you miss the importance of what I am complaining about- ZH has become or is becoming the goto source for a great many of the sites we all haunt. Therefore, ZH has to be better- we all want ZH to succeed, both as THE source of legitimate information and as a community where we can all commiserate.. So when a small, stupid mistake is made- FIX IT- don't edit comments off the map. If its ok to kill me as the messenger what chance does Tyler have when MS tries to do the same thing? Its a slippery slope the moderator is on and I think Tyler is smart enough, and more importantly, to important to let this start happening with his creation!
And before you have more snide shit to say, just ponder for a moment, just consider, that Tyler might be wrong on both issues here.
First and foremost to me: ZH is what it is. Take it or leave it. ZH has become what it is because of what it is. It fills a niche most if not all didn't see or realize. I appreciate your concern, as do most, but don't berate. Since we are examining under a microscope: " to important to let this start happening with his creation!" should be "too". Sucks don't it!!!!!
Slo,
sourcing of charts,information and research should be attributed to the writer if the research is to be taken seriously. (and court challenges avoided)
As a lawyer, Fair Use does not apply to plagiarism. And it is true that it is ZH's site and they can elevate the site or demean it. Or turn in to porno or whatever. It is their site.
But, if credibility is a goal, I am sure ZH will do the right thing. I don't even look at anything that is not sourced but obviously lifted...I just move along... as will anyone else who is that way minded...But that said, it does seem that ZH does go to great lengths to source...maybe the screen capture was just a mistake. Legally yours!
You're kind of annoying. I bet you were the kid who told all the other kids that there was no Santa Claus when you were four. Dick.
Masterbates, you were probably the kid who could not get a date! That explains your wonkier, most probably. Have fun in the bathroom.
Are you too lame to understand a joke, or too serious to indirectly make fun of yourself?
I picked the name because it makes me laugh every time I log in. Who cares what I call myself?
But actually, while we're on the subject, I did not lack in popularity as a young man. I could go on and on about how I probably got laid more by the time I was 19 than you have in your entire life, but that negates the point I'm trying to make.
I'd rather get a laugh every time I log in than post as anonymous because I'm a little bitch with hurt feelings that somebody called me out on being an unreasonable dick.
Posting here is about my amusement, not yours.
That's class. Thanks for the opinion.
This reply has made me have a more favorable opinion of you.
Still, don't split hairs so much. It's kind of annoying.
but that's the point. ZH is what is, what is it? At this moment inconsistent. Can you deliver? Bloomberg was a prop trader at Sali that was fired look at him now. In the beginning when
everyone was signing up for BBergs Sali
was banned for many years. you show great promise but are you in it for the long
haul or will you be a flash in the pan?
It's late good night.
I see my prior historical rehash was flagged as junk by two readers. Doesn't ZH have more employees than that? Expected much higher numbers coming from the
peanut gallery on any constructive critisms
of ZH. How is it the ravings of maniacs
that heavily salts this site get nary a vote? A curious observation with disturbing long term implications for a site that prides
itself on uncovering the truth.
Look, I'm not saying that I agree with you or disagree, but I will say a couple of things.
You're annoying.
If you don't like the site, leave!
Other than that, have a nice day!
I always crop the copyright off my charts. :SNARK!:
In good Argentinian news, the President had a weekend of satisfying sex after eating bar-b-que pork.
http://www.cbsnews.com/stories/2010/01/29/world/main6153768.shtml
Pity, she didn't say which pork she enjoyed most.
Judging from the picture, Kristina has obviously been getting makeup advice from Lilly Munster. If she keeps this up, Nestor will need to be kept on a strict diet of grilled pork with viagra risotto, or he will be totally out of commission.
Well, Is not as dramatic as you may think.
in 75 years we had like 60 Central Bank Chairmans, thoug is kind of convinient nowadays since "chopter Ben" policy has taken its toll, but the real story here is the independance (or lack of) of a Central Bank, something we never have, and I'm begining to think neither do you...
BTW, I'm Argentinean : )
cheers baby
that is the saddest part Argentina is a
beautiful country with a strong cattle and
soybean business never been but Buenos
Aires was the Paris of Latin America in the 1900's.
You should have a vibrant economy
everyone is scared to death of that place
taxes polictical and fiscal nightmare for a too long. Look over yonder at Chile what a
sucess story granted they have copper
up the wazoo but you could be like them too. It was how they managed the income derived from an abundant natural resource that mattered. They had their problems
that they overcame. The one to watch now Peru and their mining industry. To many they are the new it girl.
that is the saddest part Argentina is a
beautiful country with a strong cattle and
soybean business never been but Buenos
Aires was the Paris of Latin America in the 1900's.
You should have a vibrant economy
everyone is scared to death of that place
taxes polictical and fiscal nightmare for a too long. Look over yonder at Chile what a
sucess story granted they have copper
up the wazoo but you could be like them too. It was how they managed the income derived from an abundant natural resource that mattered. They had their problems
that they overcame. The one to watch now Peru and their mining industry. To many they are the new it girl.
Soros is still lurking around your in your hinterlands I hear. He's back for more...
Ah, here are more recent details of the profit-making stranglehold to come:
The Devil is in the details...
Anybody know their address so I can send my resume? Shut up... if Ben can do it, anybody can do it.
BEN---BEN??? Can you take a clue from your Argentinian counterpart and GTFO????
Just like Bush, you can ride out on your golden chopper showering the masses with monopoly money and dump the whole smoking wreck that you created in some sorry sucker's lapp!!
You know you want OUT---
Two countries with fiscally irresponsible presidents: in Argentina, a responsible central banker is forced to resign; in the U.S., an irresponsible central banker is re-appointed. America: the Argentina of the North.
We don't need no stinking central bankers.
After a few bottles of Brunello, who cares?
He failed to learn
"How not to be Seen"
http://www.youtube.com/watch?v=zekiZYSVdeQ&feature=player_embedded#
A currency is a reflection of its indigenous people....
The people are the way they are for a reason....
In some countries....democracies at that ....votes are bought with small food sacks.....leaflets are dropped from Cessna 150's....loud music commands attention to large poly photos.....
And in the US.....polys are elected via TV and radio spots....with brief idea mental shots....whoever has the most money and most positive mental shots always wins....
In all cases ....short popular messaging wins the votes every time....and then the populus gets its fill of very short term democracy.....
And in every case the Central Bank will serve its bias towards what ? It has to be by default to where sustainable valuations amass within that country ...ie for what it has.....and to try to assist demand for the local sustainable industry....And when the CB slant skews heavily....becomes more faulty...or not representative of its purpose....for whatever reason....
.................................................
However optimal country's tools do change....
The internet is such a tool....
Also the very economic concepts of direction change....
The internet should be utilized for voting.....
All taxes should be consumption based only....
All govt. based tax spending should be democratically voted via local internet.....(sure beats TV adds....or small food sacks).....
Spending cannot exceeed what is taken in via consumption....No country utilizes this model today....which is just another reason for their disarray ...or lack of business....
The story continues....
A quote fromMayer Amschel Rothschild "Give me control of a nation's money and I care not who makes her laws." Look beyond the political scapegoats. The global financial system is under the control of a international bankers. One may consider that to be conspiratorial, and it is. It is the biggest conspiracy the world has ever seen. I love this blog and it has inspired me to start my own- economicsmadeeasy.posterous.com
Without suing in the Federal Court there is no remedy.
BUT,
FEDERAL COURT IS THE BANKERS, it belongs to them, it is their forum to do exactly what they have for more than 60 years and honing the skills for this time - slowly, but as we can see, surely to fool all the people all the time.
INSURANCE FRAUD. How else can a Ponzi-scheme continue without the insurance to insure its success?!
All the while the bean counters count other than the insurance trades globally as though "money."
Get a gaggle of bloggers together and sue the FED in the FEDERAL Court, should you wish to open eyes wide and then get ready for the real story/fight.
Without suing in the Federal Court there is no remedy.
BUT,
FEDERAL COURT IS THE BANKERS, it belongs to them, it is their forum to do exactly what they have for more than 60 years and honing the skills for this time - slowly, but as we can see, surely to fool all the people all the time.
INSURANCE FRAUD. How else can a Ponzi-scheme continue without the insurance to insure its success?!
All the while the bean counters count other than the insurance trades globally as though "money."
Get a gaggle of bloggers together and sue the FED in the FEDERAL Court, should you wish to open eyes wide and then get ready for the real story/fight.
Argentina = Mabec and Asado
And some polo....
Not bad....
Here is the point. You kick Martin Redrado in the nut sack and he falls down screaming for his dead grandmother. You kick Bernanke in the nut sack and he looks at you and says God is great and so is Goldman.
A few years ago I had the opportunity to meet with a young man with an MS in Economics. He was barely 25 and had just been hired by a Federal Reserve Bank in the US. I asked him about the "housing bubble" and the Austrian School of Economics. He was unfamiliar with both. The US is in the S#it house for sure. Of course he was from an Ivy League school.
Argentina is Lionel Messi, Carlos Tevez, Maradonna. I think their number one export is footballers.
Lost in the tirades against Argentina is the fact that their economy is prospering, in part because they are unable to borrow and fund populist programs.
The Central Bank is adding to its reserves as the terms of trade continue favorably: it's always a little hard to determine how Argentina is progressing from published statistics but when I was in Buenos Aires in November the place was vibrant.
I suspect the Redrado dustup is about discipline. The play in Argentina wrt getting right with God* is control over Sierra Pintada and like properties. Look it up.
*Mammon that is, or his representatives here on Earth
Apparently Cristina has decided not accept Mr. Redrado's resignation... preferring instead to create a Congressional commission that would give her the right to fire him.
http://online.wsj.com/article/SB1000142405274870338900457503380127280736...