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You are a world class douche bag Ben..
I wonder when the rest of the world will realize that the revolutions around the globe (that are spreading) are a result of his monetary policies.
One day, we'll have zero friends left. Thanks a lot, Ben!
Provide an alternative to his policies.
The money system we use didn't provide any. Allowing it to collapse or suddenly switching to a new one? Revolutions ANYWAY.
Agree trav, but it is quite hypocritical when Ben gets up there and speaks of austerity, when it would be austerity that would implode the entire system and leave him dangling on the end of some boiled hemp.
Far easier to transition when people arent starving or cold or homeless. Youre an erudite , if abrasive , contributor trav , but dont go all nihilistic.
Money printing is about one thing and thing only - protecting the elite.Inflation is an oligarchs best friend.
I dont buy into the fearmongering about armageddon when the banking system collapse. BS. its as bad as the fear mongering about terrorism.
you should, you should.
The end of the banking system means the end of the world as we know it. Sure, there's another world out there waiting in the Undiscovered Country for us. But it will not be without massive changes in everything.
The Great Depression was what happened when they did not print.
Look; the monetary system chosen cast the die for us...there is no way out of major pain at this point. Just the fact that we won't have 130mbpd in 2035 to let Chindia get to per capita consumption rates commensurate with the 2nd world is enough of a WTF shocker that it should provoke an uprising.
The American Dream is not happening globally and this lack of a better "future" is a major mellow harsher
At the end of the day , i know what i can change and what i cant. And i dont waste time trying to piss into the wind. Massive change is coming regardless what actions our leaders take. But the way i see it , the most productive change would have occurred had we let Wall St and the oligarchy goto hell in 2008. And i fully understand the energy predicament. My money is on a war or proxy war with China - perhaps its already underway and North Africa are just the pawns falling.
Right on all counts - all roads lead to collapse. It's just a matter of timing - now or later? The fatal flaw in Ben's thesis is that we don't have a Ghawar or two or three in reserve to power us out of this decline. Given the opportunity, Ben may have been able to pull off reflation in the 30s, but we don't have the ability to actually repeat the same trick of WWII and the post-war economic environment.
In many ways, your good friend Karl Denninger was absolutely correct in that we should have set up national food banks & shelters back in 2008. Instead of wasting $trillions (which don't actually exist), we could have prepared for the deflationary implosion. Now, when it arrives, we're gonna be standing around with our puds in our hands.
The PTB decided to double-down with our lives as collateral; when the margin call comes, look out!
there's a lot of things the government could have and should have done. I have said many times that the Clitton Presidency was the worst ever because at a time of oil glut and strong dollar we could have printed our way to rooftop solar panels, nuclear power via PBMR, and a variety of other initiatives that would have at least given us the surplus electricity to have examined the whole electric transportation and H2 path.
Nevermind the utter failure to invest in technological advancement beyond fiber ethernet everywhere. That yielded dividends, but in terms of fuel cells, propulsion systems, you know, all the shit we rely on oil for, we went in the opposite direction toward more consumption.
Which only proves that the international debt finance scum will fuck up your backyard even if its chock full of easily harvested minerals and hydrocarbons. A casino is never interested in the general welfare of the community it resides in. The stupid TV fuckwits who worship gaming and their so-called independence have ushered in their own demise...the house always wins. Lack of oil had nothing to do with it just as all the shit bangs over banking over the milennia never had anything to do with oil. Concentration of wealth and power due to systematic gaming in all aspects of our pathetic excuse of a society.
Very powerful thoughts there, B9K9. You and trav, as always, are right on the mark.
I think trav has hit on some very salient points, but the fact of the matter is that there will still be a massive financial system collapse. We are simply destined to a reset of the finanical system regardless.
The only difference being between what Genocide Ben is doing and what should have happened in 2008 is that $ trillions were wasted to delay an eventual lost cause. The curtain has been left open for the select few to make their escape.
Not only did the PTB double-down with our lives as collateral, our fearless leaders will continue to double down-- until it isn't their problem anymore. That day comes in January 2013, assuming we make it that far.
"The Great Depression was what happened when they did not print."
No, it's what hapened when they collapsed money & credit, the dump phase in pump & dump, just like they pumped & dumped real estate this go-round.
It's why the Fed was created. Pump & dump the economy every so often.
strange how they just let lehman fail... oh wait more of a calculated collapse of credit with the banking laws they (TBTB) were surely aware of
Banks can be run by people making 100k tops, it ain't hard. McDonalds is harder to run correctly than a Bank.
LaRouche has been completely right. While things wouldn't be perfect, and rough spots would happen, they would be temporary.
Ben's way is permanent new dark age.
Banks are not food producers, or manufacuturers, or anything real. They're fake. They can use their fake 'money' to destroy all the above, and if we let that happen, and not understand Gov't issuing credit as a counterbalance to the dissappearance of our illegitimate Queen of England (I'm american, she ain't my queen even if she runs the place), then your scenario is much more plausible. Considering how much of idiots the people in power are, probably even likely. But all it takes is one idea, one person, to change it all.
Glass-Steagall for removal of trillions of bad debt
American credit system for private and public works/companies/projects whatever.
Meanwhile the closures haven't happened in any way that resembles back then.
You see FDR did good, LaRouche's plan is superior. FDR dealt with it WITHIN the monetary system (due to WWII on the horizon and was to be trashed after it...but he died), but LaRouche wan'ts to deal with THIS one, OUTSIDE of the monetary system from the GET GO. The American Credit (hamiltonian) System.
Using THAT plus Glass-Stegall, and to mimic his CCC/WPA with NAWAPA, would be vastly superior than what FDR did. (not to belittle FDR)
Now, if we wait another year, or two or five, then try it, with so much destruction immediately, again your way would look much more plausible. But not now, and definitely not if we did this in 2008, or better yet the HPBA of 2007 (yes the year is right, as the knowledge was widespread).
But we're not there yet, we haven't reached that point in which we must have a worldwide great depression, and even if we did, our plans now to get out are 100x better than FDR's, who of course only did it 100x better than anyone else ever had.
Now also how bad it gets is determined by many other things. For instance, when the Queen of England is shown the true value of her monetary system, nothing, will she allow the U.K. and her commonwealth to go down? Well if the answer is yes, then it happens there at least, and needlessly. Or the U.K. could implement it's own Glass-Steagall to save itself as well.
All we're really talking about is taking bad debt off books. Entities without bad debts, because they are zeroed, don't go under.
Those that choose not to zero them, will go under. So the destruction in many ways is determined by how stupid, pig headed, and retarded the heads of these countries, corporations, etc are. We know most are dumber than a doorknob, but would they really be this dumb?
Some will be. Most will not. Most of the printing done resides on computer hard drives, not wheelbarrows.
There will be major pain to THOSE guys. To the people? The food, jobs, and opportunities would be in abundance almost immediately. Of course for food it would take a season or two, before it's grown, but it can be done. In the meantime it's really the lack of the value of fiat currencies (thanks Uncle Ben) that is causing the rise in prices. Yes speculation, but speculation on the back of the fed's printing. That would be gone (except for the masochists that want to keep their monetary system alive). Also the hoarding because they think the price would go up, would subside. We can feed 12 billion people with todays tech, the only reason we don't is monetarism and greed. It's the effects of the laws of the world, not the lack of the ability to produce foods, that creates our food riots today and in the future.
Again, when do the poor bastards in Egypt realize that until the Queen of England's imperial monetarism is toast, via Glass-Steagall (which would immediately destroy British imperialism...or cause Uncle Ben to humoursly TRY to print a >quadrillion in a day), that their food prices are only going up, up, and up. Mubarak, El-baradei, other...doesn't matter. The Queen controls the fate of our food supply, and she's told Ben to print away like Mel Gibson in Signs told Joaquin Phoenix to 'swing away'.
So while it may be an undiscovered country to you (which is ok btw), to others, it isn't. There is a plan, it will work a whole lot better in reality than our dream is today....and it doesn't involve the Queen's stooges Barack Paul, the Keynesian Austrian.
But of course, if we fail to act, nowhere do I disagree with you. But there are far better ways to approach the great depression (which come from the lessons we actually learned about the depression) than the way we conducted our attempted exit from the great depression.
There will be some pain, and those that hold onto the past could lose all. But I think we can avoid massive pain, and all it takes is a few good people to do it. All it took was FDR for us to not go down the Bush/Obama path. To get us ready for WWII. (obviously more behind the scenes...but the direction came from one)
Today, after our country has lived through these experiences, we really have the tools to get it right, starting now. We don't have just FDR, we have millions who understand what FDR did better than experts did then. Hell we know better than FDR. But even though the angelides report needed one line to go from outlining the cause being the scope of the report to be expanded to include the solutions of....would just to have added one line at the end. Even though they give no solutions, everything in there they find at fault, is fact. As LaRouche puts it, it vindicates him and all his work on the issue since around the time Barbara Walters was taking about something named TET.
Glass-Steagall would have prevented and can still fix this mess. 17 trillion wiped away instantly. Everything changes. Remember all a bank really needs to open the door are its customer's desposits. Any monkey can run it. Especially if you take away all the bs financial engineering that most that worked there didn't understand anyway.
End British Imperialism overnight, enact Glass-Stegall.
Now if I was less optimistic I was say trav is right. He still may be. But since we aren't there yet, lets do create something a little better while we can.
Look; a gold backed currency will not resurrect Cantarell.
You can beat your gold into a calf and pray to it; won't make a shred of difference in the outcome.
Real things are driving this collapse, not human artifices like money. We had a 400-year growth run, but all things end.
If we are serious about "change" there will be a lot of stuff needing to happen that will be wholly unpalatable. I mean eugenics, massive population attrition, the end of a lot of silly egalitarian fetishes, government resembling voluntary marxism, etc.
We are facing a sinking luxury liner and lifeboats don't pilot well on group consensus. We are facing an era of Contraction. For those in the EW persuasion, the industrial revolution and the period since the renaissance are upward waves that must be retraced.
ALL depends upon whether we can come up with a new energy supply that can grow. Nothing else matters. If we assume that it is likely that we cannot, we have two choices.
This is straight out of Bartlett- either WE take some choices from the right hand side or we let nature pick. Nature stands ready with the Four Horsemen; I propose a more humane outcome.
Either way, these are painful choices. It will not be easy for people to hear that they cannot reproduce at will or consume as they see fit. But, if we simply whistle past the graveyard, EVENTUALLY, nature will make these choices for us, as inexorably as they were made for Easter Islanders.
ALL depends upon whether we can come up with a new energy supply that can grow
I just solved fusion. Essentially very cheap and inexhaustable energy. Except I can't put it in a bulldozer, airplane, or car. It can't be financed even by large governments (see ITER). Even disregarding the fact that the USA is already a sardines can packed with houses and people,
WHAT THE FUCK GOOD IS THIS ABSTRACT CHEAP ENERGY YOU FANTASY DWELLERS KEEP BRINGING UP THAT WILL SAVE THIS ROTTEN 'SYSTEM' OF LOOTING RUN BY THUGS?
Nothing can replace the flexibility of cheap oil and the immense # of jobs associated with it.
right. just ask the dead people about the "fearmongering"
oh wait - you cant
People riot because they are hungry. They've had an oppresive regime for 30 years. But they taxed lightly..(No taxation, therefore No Representation).
They are hungry because food has skyrocketed. Food skyrocketed because the dollar (mainly). Maybe I'm missing something big here, but it seems like a pretty simple formula to me.
When 80% of your income goes to food, there's not much wiggle room.
Trav, I'm going to have to disagree with you here. In theory, I believe it would be possible to dissolve one monetary system and start another without revolution, IF the transition was planned for the benefit of the people (and not the bankers). Debt jubilee's, abolishment of fractional reserve banking, alternative monies/currencies available, etc.
Of course, in reality, the inevitable transition/collapse is still inevitable, and will likely be done in as chaotic as fashion as possible - to benefit the bankers and the PTB.
And as referenced above, I believe Ben's policies are losing us friends around the globe, and still haven't solved any of the monetary problems (which you are oft to point to). Cheers...
nonsense. No change that major is accomplished painlessly.
There would be winners and losers. Anyone not in debt would be a loser. Anyone who lent money would be a loser.
Stop viewing reality through gold-colored lenses
You contradict yourself, trav.
If debtors and creditors are both losers... then who really wins?
read it again
Damn it... I need to get a new set of gold-colored glasses.
I see your point.
Little wonder that our own goverment is going into hock at an unprecedented rate. Winner.
iceland begs to differ
Iceland is full of civilized white people.
No, I do not care if I offend the diversity police by saying this.
Expect DIFFERENT outcomes from disasters depending upon the race of the population occasioned thereby.
By that reasoning , are you suggesting uncivilized brown people are able to prevent a transition from one system to the next?
I think the reason it worked in Iceland wasnt due to race , more IQ. The average American is so dumb , white included , that we could transition from one system to the next and they wouldnt have a clue. Most are in debt up to their eyeballs , theyd have nothing to lose. And if it came to starvation ,well ,what are they going to do about it? This is what it boils down to. Keeping people fed. All those food stamps..... mmmmm what happens when they pull that plug?
race/ethnicity correlates to IQ. white black hispanic asian jewish kurd arab slav, all have different IQ bell curves.
Interestingly enough from a diversity perspective, a lot of organizations (public) are now no longer counting asians as minorities, despite their being like 4% of our population.
They apparently aren't the right kind of minorities. The US #1 public highschool counts 4% minority enrollment despite an incoming class that is 40+% asian. Similar trends exist at major technical schools like MIT or Caltech. Welcome to the brave new world my slanty eyed friends, you don't qualify as minorities.
But to address your point, they sure as hell would notice when the things they were accustomed to were suddenly gone. This lifestyle we lead REQUIRES well over 10mbpd of imported oil. If you took the FRN away from us, the power of the USD hegemony, do you really think we could afford that? Remember, we eat oil these days. We translate oil calories into food calories through industrial petrochem agriculture.
As un-pc as you are , which i respect, i cant disagree. Im trying to play devils advocate. I think diversity is a large problem and we are going to see some striking battle lines drawn up between several dynamics : ethnicity , wealth , age. They will all overtake the old left-right paradigm.
Generation Ys will rail again Baby Boomers. Blacks against whites. Rich against poor.
Lots to divide and conquer.
Curiously , i see the 20 to 30 somethings with wealth and/or intelligence currently having less children , if any. Like bees , these people know innately all is not well. Govns have sponsored the feckless to overbreed , making the gene pool look like something out of a stagnant pond.
So who is going to win the battle ? Mervwyn King (BOE) or BB (Fed) ? Austerity UK style hurting in the short run but will atleast help the solvency part of their equation. We on the other hand are just sliding into an abyss !!!
The 100% confident Ben Bernanke and his amazing track record:
Bernanke speaking on October 27, 2005: There's No Housing Bubble to Go Bust - washingtonpost.com
Ol' Reptile Ben at it again.
I believe he does the Geico ads when he's not wearing his 'beard' suit.
batmanke has become a cartoon favorite of children, worldwide.
gotta tip my hat to him 4 this:
"The public must therefore rely on the diligent reporting, clear thinking, and lucid writing of reporters..."
George Burns, who also played God, as i recall, wouldn't have been able to get that fukin line off with a straight face!
BUT.... BUT... Dancing with the Stars is on TV!
I believe he's stating that inflation needs to be higher in the Fed's eyes to address debt. So, if he see headline inflation as being benign, then it is defying the Fed mandate. So it's really not so odd.
IOW, Bernanke provides an example where sociopathy and high IQ are correlated.
Of course, just exclude energy and food then make hedonic adjustments here and there and voila no inflation at all.
how much "higher"
$150 oil, $10 bread, $5 gas
Ben's mandate is to make his bankster buddies whole so that he has a cushy 8 figure position waiting for him when he leaves the FED, just like Greenscam. Everything else pales in comparison.
Greenscam! I hadn't heard that, before- that's good- I like that! You're right- most of the banks are insolvent, and it's his job to transfer the wealth from the responsible, hardworking, savers, to the the irresponsible criminals.
Thank you. I would be pleased to take your questions.
"But I won't be able to answer any of them honestly. I just need you to report as part of my propaganda machine. You are part of the great lie. Thank you. I said that, right? Thank you. Now go buy stocks. And go further into debt. That is the great American way. To do any less is unpatriotic. Thank you." The Bernanke
In BEN we TRUST!
I told you, with a name like Benjamin Shalom Israel Bernank he MUST be the messiah!
That speech coming from that person is reason enough to cause the spike in the precious inedible commodities.
Being lied to does get rather stale.
You are absolutely correct. Fortunately, there are those who are trustworthy and blessed with stronger stomaches than I have and who are willing to read this and point out the lies for me.
Inflation remains low? I mean, WTF.
Sure... as long as you don't eat or use energy (things needed for life).
Keep selling LCD HD televisions!!! They keep going down in price.
And they actually taste quite good if marinated properly.
mortgage rates were up again. i thought money printing was supposed to bring rates down?
[in the voice of James Cagney] "Rates are up because of the strong recovery, see? The 10% increase in the price of rice in 4 days is also part of the "wealth effect" and strong recovery, see? Green shoots everywhere, see? Jobs everywhere, see? Record Whore Street bonuses while 44 million americans on food stamps is also a Green Shoot, see?"
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