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Fed Bashing... British Accent Style

Tyler Durden's picture





 

Any epistle whose purpose is to bash the Fed, and which begins with
the following British-accented sentence, that makes even the Zero Hedge
'run on' filter cower in fear, is worth at least 10 re-reads. "In the
dominant Jacobin mindset which informs our present day society — a
pervasive pathology sometimes narcissistically referred to as 'Cultural
Marxism' by those half-educated former Hair-bears, now elevated to power
by the mere passage of years, who fondly imagine that their fumbling
sexual experiences and eager consumption of hallucinogenic substances of
forty years ago constituted some sort of new dawn for Mankind — the
individual — in contrast to the shining, secular deity of the State - is
generally seen as feckless, shifty, grasping and unethical and hence is
regarded as a dehumanized lab rat fit only to be the subject of a
series of ill-considered social experiments notionally aimed at his
'improvement'." Pure poetry. Sean Corrigan's latest Material Evidence is a must read.

Material Evidence - 28th Jan 2011 - Sean Corrigan (pdf)

 

 


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Sun, 01/30/2011 - 17:46 | Link to Comment nmewn
nmewn's picture

From Question Authority to Don't Question Authority in one easy lesson.

Bring me your poor, your tired, your huddled masses yearning to suckle at the government teet.

Sun, 01/30/2011 - 17:48 | Link to Comment snowball777
snowball777's picture

Bring me your well-heeled, your greedy, your fraudulent huddled masses yearning to make a quick tax-free buck in the casino.

Sun, 01/30/2011 - 17:56 | Link to Comment nmewn
nmewn's picture

Same coin, different sides...no?

Sun, 01/30/2011 - 18:00 | Link to Comment snowball777
snowball777's picture

Two sets of 'thieves', same target (the middle-class taxpaying dupe)...the difference being that only one of those thieves has any measure of control (hint: not the feckless SNAP card using crowd, who are anything but Jacobins...most probably don't know enough history to understand the reference).

Sun, 01/30/2011 - 18:21 | Link to Comment nmewn
nmewn's picture

"Two sets of 'thieves', same target (the middle-class taxpaying dupe)..."

Exactly so.

We have more in common than you realize.

Sun, 01/30/2011 - 18:31 | Link to Comment flacon
flacon's picture

The two most important quotes that everyone needs to understand:

 

"Hundreds of thousands of rouble notes are being issued daily by our treasury. This is done, not in order to fill the coffers of the State with practically worthless paper, but with the deliberate intention of destroying the value of money as a means of payment. There is no justification for the existence of money in the Bolshevik state, where the necessities of life shall be paid for by work alone.

Experience has taught us it is impossible to root out the evils of capitalism merely by confiscation and expropriation, for however ruthlessly such measures may be applied, astute speculators and obstinate survivors of the capitalist classes will always manage to evade them and continue to corrupt the life of the community. The simplest way to exterminate the very spirit of capitalism is therefore to flood the country with notes of a high face-value without financial guarantees of any sort.

Already even a hundred-rouble note is almost valueless in Russia. Soon even the simplest peasant will realise that it is only a scrap of paper, not worth more than the rags from which it is manufactured. Men will cease to covet and hoard it so soon as they discover it will not buy anything, and the great illusion of the value and power of money, on which the capitalist state is based will have been definitely destroyed."

~ Vladimir Lenin

 

"Lenin is said to have declared that the best way to destroy the capitalist system was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some. The sight of this arbitrary rearrangement of riches strikes not only at security, but at confidence in the equity of the existing distribution of wealth. Those to whom the system brings windfalls, beyond their deserts and even beyond their expectations or desires, become 'profiteers,' who are the object of the hatred of the bourgeoisie, whom the inflationism has impoverished, not less than of the proletariat. As the inflation proceeds and the real value of the currency fluctuates wildly from month to month, all permanent relations between debtors and creditors, which form the ultimate foundation of capitalism, become so utterly disordered as to be almost meaningless; and the process of wealth-getting degenerates into a gamble and a lottery.
Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose."

~ John Maynard Keynes

Sun, 01/30/2011 - 19:30 | Link to Comment nmewn
nmewn's picture

@ flacon,

But here, the "lighter" variant of socialism was chosen, fascism.

What else can one call FNM, FRE, GM et al? What else can one call teachers asking students to rat out their own parents? What else can one call state imposed fines on what someone chooses to eat or drink?

Keynes was a fascist. Period...end of story.

And over the ensuing years Harvard, Princeton, Yale, Berkley etc. have churned out hundred of thousands of these little i-Keynes. The sad part...they think they're the smartest guys in any room. Leverage this "education" with irresponsible pols saying yes you can have it all, unlimited debt issuance, bank bailouts, push/pull Cash for Caulkers and voila!...implosion.

"But the most convincing evidence of Keynes's strong fascist bent was the special foreword he prepared for the German edition of The General Theory. This German translation, published in late 1936, included a special introduction for the benefit of Keynes's German readers and for the Nazi regime under which it was published. Not surprisingly, Harrod's idolatrous Life of Keynes makes no mention of this introduction, although it was included two decades later in volume seven of the Collected Writings along with forewords to the Japanese and French editions.

The German introduction, which has scarcely received the benefit of extensive commentary by Keynesian exegetes, includes the following statements by Keynes: "Nevertheless the theory of output as a whole, which is what the following book purports to provide, is much more easily adapted to the conditions of a totalitarian state, than is the theory of production and distribution of a given output produced under conditions of free competition and a lance measure of laissez-faire."(Keynes 1973 [1936]: p. xxvi. Cf. Martin 1971: pp. 200–5; Hazlitt [1959] 1973: p. 277; Brunner 1987: p. 38ff.; Hayek 1967: p. 346)"

http://www.lewrockwell.com/rothbard/rothbard208.html

"Fascism: dictatorial movement: any movement, ideology, or attitude that favors dictatorial government, centralized control of private enterprise, repression of all opposition, and extreme nationalism"

 

Sun, 01/30/2011 - 19:59 | Link to Comment flacon
flacon's picture

@nmewn

Absolutely correct. My own brother is a fascist graduate of Princeton - and adores Keynes, Bernanke, Obama. They are going to save the world and bring back jobs - he thinks.

 

You may enjoy this reading which references what you reference in the German edition:

Keynesianism Loves the Total State

http://mises.org/daily/3693

 

 

Sun, 01/30/2011 - 20:27 | Link to Comment nmewn
nmewn's picture

Thank you sir...I will.

Listening to Shelter from the Storm right now, to "get my mind right" ;-)

Sun, 01/30/2011 - 20:12 | Link to Comment Herd Redirectio...
Herd Redirection Committee's picture

"During the last week the world elite met at the annual World Economic Forum in Davos... The one report that stands out to me is the Sustainable Credit Report 2011, which ironically considers sustainability to be about sustained economic growth rather than a sustainable way to live which for sure is cannot be based on never ending exponential growth. The consensus opinion of the World Economic Forum assumes annual global economic growth to be 6.3% until 2020.

The North American government bond market is supposed to grow $12.2 Trillion by 2020, assuming that central banks around the world will continue to buy US treasuries even while the US dollar is losing value due to devaluation by the Federal Reserve. What will happen if central bankers around the world realize that they need to diversify their foreign exchange reserves and treasury holdings by buying them from countries like China instead? Would the US economy be able to sustain the growth if the forecasted demand for credit will be unattainable? The question we have to ask ourselves, how sustainable can the entire fiat money system be if it is dependent on issuance of perpetual debt that can never be paid back unless even more debt is issued."

The World's Addiction To Credit: http://www.capitalresearchinstitute.org

Sun, 01/30/2011 - 18:08 | Link to Comment SRV - ES339
SRV - ES339's picture

Yes, but hardly interchangable... one half is solid gold and the other is tungsten.

Sun, 01/30/2011 - 23:26 | Link to Comment TruthInSunshine
TruthInSunshine's picture
Elite Areas Attacked in Class War

So this is why the 'elite' are always preparing their BUG OUT lands and security?

Tip to Global Elite: If it can happen anywhere, it can happen everywhere.

Sun, 01/30/2011 - 18:02 | Link to Comment 6 String
6 String's picture

Mother of a babbling god, this is good shit. However, ZH has been all over these themes, bubba. Nothin' but good times...

Sun, 01/30/2011 - 18:06 | Link to Comment Zero Govt
Zero Govt's picture

I'll save you the list of the top 30 political issues in British politics at last years election with not a fag papers difference between all 3 Parties policies. It wasn't pitiful it was pure 100% contempt for anything remotely called "democracy". A 3 way stitch-up of clear corruption.

When Mr Corrigan refers to "Cultural Marxism" he pretty much defines the rotten Westminster Socialist Boys Club in this 80 year old crumbling suffocated impoverished once great country. 

No worries, I'll try to lighten up by Tuesday... 

 

Sun, 01/30/2011 - 18:13 | Link to Comment ciscokid
ciscokid's picture

1+++

Sun, 01/30/2011 - 18:28 | Link to Comment flacon
flacon's picture

The two most important quotes:

 

"

“Hundreds of thousands of rouble notes are being issued daily by our treasury. This is done, not in order to fill the coffers of the State with practically worthless paper, but with the deliberate intention of destroying the value of money as a means of payment. There is no justification for the existence of money in the Bolshevik state, where the necessities of life shall be paid for by work alone.

Experience has taught us it is impossible to root out the evils of capitalism merely by confiscation and expropriation, for however ruthlessly such measures may be applied, astute speculators and obstinate survivors of the capitalist classes will always manage to evade them and continue to corrupt the life of the community. The simplest way to exterminate the very spirit of capitalism is therefore to flood the country with notes of a high face-value without financial guarantees of any sort.

Already even a hundred-rouble note is almost valueless in Russia. Soon even the simplest peasant will realise that it is only a scrap of paper, not worth more than the rags from which it is manufactured. Men will cease to covet and hoard it so soon as they discover it will not buy anything, and the great illusion of the value and power of money, on which the capitalist state is based will have been definitely destroyed."

~ Vladimir Lenin

 

"Lenin is said to have declared that the best way to destroy the capitalist system was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some. The sight of this arbitrary rearrangement of riches strikes not only at security, but at confidence in the equity of the existing distribution of wealth. Those to whom the system brings windfalls, beyond their deserts and even beyond their expectations or desires, become 'profiteers,' who are the object of the hatred of the bourgeoisie, whom the inflationism has impoverished, not less than of the proletariat. As the inflation proceeds and the real value of the currency fluctuates wildly from month to month, all permanent relations between debtors and creditors, which form the ultimate foundation of capitalism, become so utterly disordered as to be almost meaningless; and the process of wealth-getting degenerates into a gamble and a lottery.
Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose."

~ John Maynard Keynes

Sun, 01/30/2011 - 18:39 | Link to Comment gwar5
gwar5's picture

"We know what the sons of bitches are trying to do! They're trying to bankrupt us on purpose so they can force socialism on us!" 

--- R. Lee "Gunny Sgt"Ermey, January 2011.

 

"The financial policy of the welfare state requires that there be no way for the owners of wealth to protect themselves. This is the shabby secret of the welfare statists' tirades against gold.

Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists' antagonism toward the gold standard."

-- Alan Greenspan, Gold and Economic Freedom, 1966

 

 

 

Sun, 01/30/2011 - 18:31 | Link to Comment Carl Marks
Carl Marks's picture

99% of people are detritus and have been treated as such by the other 1% since the dawn of man. Democracies treat the detritus to all sorts of freebies and demand nothing in return except their votes. Small wonder that virtually every democracy is broke.

Sun, 01/30/2011 - 18:43 | Link to Comment hbjork1
hbjork1's picture

Elegant. 

Since, "The King's Speach" English Actor, Colin Firth, is "Hot" now and being quoted, says that the Americans are too serious.  "Not much sense of humor."  "They have no sense of irony". 

When I read the comments on this post by Corrigan. I see what he means.

IMO, this is just a part of the ZH discussion, a verification of ideas presented earlier.

Sun, 01/30/2011 - 18:52 | Link to Comment DosZap
DosZap's picture

I find it amusing that the Country of origins for said Hair Bears, and hallucogens, feels it his duty to call ours down,typical Brit ego.

Sun, 01/30/2011 - 19:26 | Link to Comment snowball777
snowball777's picture

Dr. Hoffman was Swiss, not British and those hallucinogens may have prevented those hippies from doing real damage (the revolution will not be capsulized).

Sun, 01/30/2011 - 20:45 | Link to Comment Treeplanter
Treeplanter's picture

I thought the Sixties and Seventies were glorious.  China Cat Sunflower spinning around The Fillmore from that great rock n roll dance band. A nice dose of Strawberry Sunshine... This Pommie Bastard from the Old Sod missed out on the fun.  Sour Grapes.  We were all that and still are.  

Mon, 01/31/2011 - 00:09 | Link to Comment Cpl Hicks
Cpl Hicks's picture

Stick to your guns, man!!...uh,I mean seeds, er, seeds and stems...whatever, just let it all hang out, yeah.

Mon, 01/31/2011 - 01:38 | Link to Comment Lord Koos
Lord Koos's picture

A lot of sour grapes out there... it was nice to be fucking single before AIDS

Mon, 01/31/2011 - 08:20 | Link to Comment El Hosel
El Hosel's picture

  70s bitchez

        http://www.youtube.com/watch?v=l0qpjQ7drrg

Sun, 01/30/2011 - 18:59 | Link to Comment Aristarchan
Aristarchan's picture

Pretty much spot on.

Sun, 01/30/2011 - 19:09 | Link to Comment almost_have_a_name
almost_have_a_name's picture

We were somewhere around Barstow on the edge of the desert when the drugs began to take hold. I remember saying something like “I feel a bit lightheaded; maybe you should drive…” And suddenly there was a terrible roar all around us and the sky was full of what looked like huge bats, all swooping and screeching and diving around the car, which was going about a hundred miles an hour with the top down to Las Vegas. And a voice was screaming: “Holy Jesus! What are these goddamn animals?”

Sun, 01/30/2011 - 19:27 | Link to Comment Milestones
Milestones's picture

Aptly quoted Hunter.      Milestones

Sun, 01/30/2011 - 19:24 | Link to Comment grl
grl's picture

I would sell my soul to be able to write like that! Brilliant

Sun, 01/30/2011 - 19:26 | Link to Comment Poor Grogman
Poor Grogman's picture

This free speech thing'y has got to stop.The sheeple will become restless.

Sun, 01/30/2011 - 19:35 | Link to Comment nmewn
nmewn's picture

The FCC is workin on an app for that ;-)

Wait...that's my doorbell...be righ...........

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sun, 01/30/2011 - 19:47 | Link to Comment equity_momo
equity_momo's picture

Long on rhetoric short on ideas but entertaining nonetheless.

 

In other news , Lloyd forgot to plug HAL9000 in when he left for the Hamptons on Friday afternoon it seems.

Sun, 01/30/2011 - 19:50 | Link to Comment goldsaver
goldsaver's picture

From Bobby Reich: 

If you think revolts in Tunis, Egypt, and Yemen are big, wait for coming food and energy shortages around world. US shld take lead now.

http://twitter.com/RBReich/status/31830256440582144#

Yup, need to get more popcorn.

Sun, 01/30/2011 - 19:54 | Link to Comment Quintus
Quintus's picture

And I thought that my writing style was lacking in editorial discipline.  This chap appears to be overcome by the verisimilitude of his own verbosity.

Sun, 01/30/2011 - 23:15 | Link to Comment StychoKiller
StychoKiller's picture

Bah, verbogeny is one of many pleasurettes afforded a creatific thinkerizer.

Hmm... a voice crying in the bewilderness... nefarious and
sundry insinuendo and unimportanta.

Sun, 01/30/2011 - 19:56 | Link to Comment goldsaver
goldsaver's picture

Voilà! In view, a humble vaudevillian veteran, cast vicariously as both victim and villian by the vicissitudes of Fate. This visage, no mere veneer of vanity, is a vestige of the vox populi, now vacant, vanished. However, this valorous visitation of a by-gone vexation, stands vivified and has vowed to vanquish these venal and virulent vermin vanguarding vice and vouchsafing the violently vicious and voracious violation of volition.The only verdict is vengence; a vendetta, held as a votive, not in vain, for the value and veracity of such shall one day vindicate the vigilant and the virtuous. Verily, this vichyssoise of verbiage veers most verbose, so let me simply add that it is my very good honor to meet you and you may call me V

Sun, 01/30/2011 - 20:53 | Link to Comment Milestones
Milestones's picture

That pretty much cleaned out the V's. Lets get started on the W's.     Milestones

Sun, 01/30/2011 - 19:58 | Link to Comment Temporalist
Temporalist's picture

A Bronx, not Brit accent but:

Gerald Celente on RT 28 Jan 2011

http://www.youtube.com/watch?v=GJ4X_aHANLs

Sun, 01/30/2011 - 20:05 | Link to Comment Yen Cross
Yen Cross's picture

 You mean those horrible tax collecting, head chopping tyrants that forced the masses to reduce the carot (and carat) count on pense to avoid over taxation?

Sun, 01/30/2011 - 20:36 | Link to Comment goldsaver
goldsaver's picture

I have noticed a very strange occurrence in copper pricing that has me stumped. Maybe one of you ZH'ers can help. The price of paper copper is $4.32 a pound. Thats about $8.60 a kilo. But the price of physical copper bullion is $25 a kilo. That is a factor of 3. I have checked many sources, including ebay which I consider the best indicator of price discovery. The price of actual copper is not $4.32 a pound but more like $13 a pound. What gives? And no, it has nothing to do with numismatic value since copper is just an industrial copper not usually purchased for investment purposes. Any takers?

Sun, 01/30/2011 - 20:47 | Link to Comment TunaBear
TunaBear's picture

It is a big price difference indeed. Basically, it's because copper is usually bought in huge quantities, and the fact that it's costly to make in pure bullion bars. Here is some more info on it:

http://www.goldwhy.com/gold-questions/why-are-copper-bullion-bars-expensive.html

Sun, 01/30/2011 - 22:18 | Link to Comment goldsaver
goldsaver's picture

Thanks. It kind of makes sense. Although makes me wonder what the real price is then? If you are wiling to take delivery of a ton is 3 times less than a kilo? Curious indeed.

Sun, 01/30/2011 - 20:55 | Link to Comment Misean
Misean's picture

What stuns me is not the obviousness of Mr. Corrigan's statements, but the complete and aggressive ignorance of it by the masses.

He does say it with a panache. Enjoyed every syllable...as numerous as they were.

Sun, 01/30/2011 - 21:31 | Link to Comment topcallingtroll
topcallingtroll's picture

Aaww...I really liked what he said until he started complaining about fed accounting and changing 60 billion deferred liabilities. He is just jealous that the bank of england cant do that, considering that in total debt to gdp ratio ( sovereign plus private banking debt) the UK is fourth after iceland ireland and switzerland. The UK ate their seed corn a long time ago. Nobody gives a shit about fed accounting.changes. the average person is not going to get passionate about esoteric accounting principles and the usa still has quite a bit of wiggle room in terms of total debt to gdp ratio, unlike the UK. What really makes these furiners mad is that we truly have run deficits without tears....well there have been a lot of tears, just not in the usa....I am pretty well used to america bashing from europe, at least old europe that rumsfield so rightfully dismisses as irrelevant. It is amazing the amount of america bashing from old europe yet i dont see a lot of euro bashing in the united states. We think it is a great place to vacation but otherwise europe never even crosses our minds. We mostly dont care. Those annoying little things biting at our heels are simply that, an annoyance.

Sun, 01/30/2011 - 22:00 | Link to Comment spanish inquisition
spanish inquisition's picture

Headline of the future

"Today's headlines, Egyptian revolution continues to spread, nuclear meltdown in a random US city, proof 9/11 was a CIA/ Mossad operation, there are also reports of 4 horsemen causing problems in midtown and the Dow is up 35 on light trading"

Mon, 01/31/2011 - 03:01 | Link to Comment truedisbeliever
truedisbeliever's picture

In the last chart, is that HTSL Index? MTSL index? Surfing around for the data and haven't found it yet.

Mon, 01/31/2011 - 07:40 | Link to Comment jnesfield
jnesfield's picture

Oprahian economics or Winfreyian economics rule the day by twisting the term "interest rate" and regurgitating it as" level of interest".   As in some mad school room filled with positive energy the pupils are urged to express their desires only to have them  twisted against them at a future date and shouted back.   The New Age of twist and shout has been with us for some time ,pay  attention or they will keep broadcasting the same message "Resistance is futile You will be assimilated" followed by the constant refrain "Never give up never surrender".   This Greek Tragedy was waiting for Godot when the big boat departed leaving the flotsam of the little boat to drift aimlessly in a sea of despair, until one fine day a tempest drove the survivors to a new shore a new sea with no twisted words.   I'm 53 if I hear another Beetle song I'll break down and sob (40 years of service is enough), or if Glenn Beck attempts to fathom the depths historical significance he blindly attributes to decorative art I'll have to change the station.  In the end the game is mine to play leave the classroom demonstrate that the level of interest is null.  Oprah Winfrey has determined that her talk show will have an ending (obviously not a Beetle).   The time tested and  proven response is to leave the game, find a new venue,  retreat while you still have a chance. and innovate to overcome (another jingle).   Stop listening to the Fab Four retire the dead, I'am the Walrus. 

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