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Frontrunning: December 20
- Debt Pyramid Scheme Now the Norm in America (Bloomberg)
- Mortgage-Bond Math Means Everyone Is a Winner (Bloomberg)
- Congressman Paul Says Fed Transparency is His Goal (Reuters)
- Drama needed to jolt Americans into tackling debt (FT) good luck
- The Chinese are playing grandmaster chess against an amateur America that can’t see beyond the second move (Weekly Standard)
- Soros Gold Bubble at $1,384 as Miners Push Buttons (Bloomberg)
- The Case Against Floating Currencies (WSJ)
- Video: 60min on the Muni Crisis with Meredith Whitney (Mark's Market Analysis)
- ECB Raises Fears Over Irish Rescue Deal (FT)
- China Eyes to Curb Excessive Growth in Land Price (China Daily), but preferrably without taking any action whatsoever: hint - soft landing
- Derivatives Rules Raise Concerns in China's Nascent Swap Market (Bloomberg)
- BOE Forecast to Raise Interest Rate Within Six Months, CBI Says (Bloomberg)
- Congress seeks government funding through March 4 (Reuters)
Economic Highlights:
- Baltic Dry drops 2.2% to 1,955
- Euro-Zone Current Account nsa for October-2.3B Previous -9.2B Revised -8.5B
- ECB Euro-Zone Current Account SA for October -9.8B Previous -13.1B Revised -9.7B
- Euro-Zone Consumer Confidence for December Consensus -9.0 Previous -9.4
- Germany Producer Prices for November 0.2% m/m 4.4% y/y lower than expected Consensus 0.3% m/m 4.5% y/y Previous 0.4% m/m 4.3% y/y
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ho ho ho...
http://www.youtube.com/watch?v=9b7RmJJP5uM
The chinese don't play chess, they play Go, which is much more complicated.. once you understand that game, you'll see exactly what they're doing, why, and how easy it is for them.
Americans think war by attrition (chess), and chinese see war by controlling territory with the fewest amount of resources. BIG difference.
what do the Hungarians play?
"make-up-for-lost-time-by-buying -as-much-gold-as-possible-secretely-while-crying-bubble"
it's a bubble no doubt, believe me am an expert ANAL-ist
Is our economic co-dependency a seki?
Is the RoK in atari?
Big difference indeed. Winning by attrition speeds up the end and leads to castles framework.
This said, the West, while relying tremendously on attrition, is also involved into controlling territory with the fewest amount of resources. Lessons were taken from the 19th.
Why do you think colonization was stopped? Iraqi people not killed to the last? Very often, US people perceive themselves as gentlemen because they did not kill all the Iraqis. They could have turn the entire region into glass, so they say.
Wrong of course as keeping the Iraqis in position was the best solution to control Iraq with the fewest amount of resources.
Substituting Iraqis by US citizens would have rendered the cost of controlling the territory incredibly bigger.
Ron Paul was very good on Newsmakers yesterday. When given time to speak he is quite good at explaining why current fiscal and monetary policies are unworkable. Unfortunately he's afforded very few opportunities like yesterday....and the average person's attention span is less than 20 seconds.
(dupe)
OT:
I'm feeling the holiday Joy..... I don't know, perhaps it's the ganja.... All the exuberance, 2011 GDP 3-4%....? Dems and Reps getting along like twisted children ( a "twisted pair", there's one for you Casey)...? IT'S A RAVE....! The Cool-Aid sure is a flowing, they forgot to test it for ecstasy, worse yet, they didn't test it for ex-lax. I'm okay with the ecstasy, however I don't want to be around when the ex-lax kicks in. No Sir.... I'm outa here...!
Happy Holidays to All.... :-)
Econolicious
PS Thanks for the easy math....
the Zero Hedge Team is empty. look at the right side bar. no more listings of
tyler durden - king
marla singer - queen foil
forget the rest.
secret santa's i suppose un til dec. 26th, oh that is Boxing Day Canada and U.K.
is ZH being taken over. WB7 noticed this a few days ago. oh dear, who is in charge?
I know the collective "we" were already aware and privy to outtakes from Meredith's Muni Report Tragedy of the Commons, but now that she has gotten it aired on 60 Minutes along with a profile of the NJ Governor, Dr. No - expect the bond space to perform as she predicts (default) in the New Year. With the termination of the BABs, I think we will see mother of all political battles, with Baghdad Bobs on both sides hurling invective (to be replaced shortly afterwards with actual objects in the air). Just as Bear & Lehman led to TARP, so shall a cascade of sacrificial muni's lead to MBARF - and then hyperfuntime. Now we dance.
http://www.youtube.com/watch?v=QHZR9SA5pOg
http://www.bloomberg.com/news/2010-12-20/debt-pyramid-scheme-now-the-norm-in-u-s-commentary-by-roger-lowenstein.html
http://angrybear.blogspot.com/
There is a recurring theme in the MSM this week that I’m sure we will hear more of. As to whether it’s a media conspiracy or just another case of big government group think is a subject for another discussion. The theory is that high taxes stimulate the economy using the nineties as the example. The idea is high taxes force people to “invest” more of their income to avoid taxes. Big business and government, of course, do a better job of allocating capital than the people who earned it, (sarcasm off) so the more they have, the better the economy. On the surface there is a perverse logic that will appeal to unthinking constituencies, people who will never admit that it is the tax code’s unintended consequences that drove the economic boom in the nineties. They will never admit that real driver of the economy in those times was one of the greatest ponzi schemes of all time, the 401K plan.
Tech bubble
It's hard to take someone like Lowenstein seriously. You want to end Ponzi schemes? Eliminate the deficit? Discourage short-term thinking? Raise the top tax rate to where it was before Reagan. Raise it to 80% or more. I'm sick of cowards who talk about fairness but practice ignorance of history.