Kudlow: Bernanke Is The Tiger Woods Of Monetary Policy
The one moniker that may just stick (7 minutes into the clip). And seeing how the Chairman is having illicit (and excess liquidity lubricated) liaisons with the entire US middle class, yet is sufficiently covert about it that TMZ will never figure it out, it is about time that Senators do the right thing and prevent Bernanke's reappointment, as well as make the Federal Reserve fully transparent, even as they set it on a path to its ultimate dissolution. With fiat monetary systems and the entire Keynesian experiment proven to be one uncontrollable fiasco, leading to exponentially increasing bubbles and bursts, the last thing Central Bank countries can afford now is delay.
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on Mon, 11/30/2009 - 20:59
#147072
If Bernanke is Tiger Woods of Monetary Policy, can we say, without exaggeration, that Kudlow is the coke whore Tiger Woods is banging.
on Mon, 11/30/2009 - 21:16
#147084
oooh, cheeky, that was GOOD!
insert <golf clap>
on Mon, 11/30/2009 - 23:07
#147210
oh...SNAP!!!
on Tue, 12/01/2009 - 01:53
#147349
Cheeky's a nasty boy...
on Mon, 11/30/2009 - 21:02
#147075
People are assuming that all we will continue to have is bubbles and busts with the fiat/keynes system but what about complete utter fucking collapse ?
This is not what I call a financial crisis, this is nothing compared to what will happen.
on Mon, 11/30/2009 - 21:19
#147089
You are right, and you know why; because the almost exact same scenario happened 1700 years ago. At the end of its supremacy Rome was forced to defend itself not via military (long story short; famine, plague, large area to cover, not enough trained men etc etc) but via paying the Northern Barbaric tribes a yearly fee and thus insuring itself from any further attacks. While Rome had a commodities based currency, it had successfully managed to debase it in such manor that i) the cost of mining for new metals was higher than the value when those metals were actually coined into money ii) it caused hyperinflation and thus caused the spiral of famine, plague and inner instability. Of course it still had all the technological, scientific and political advantage over the rest of the "known world" but that did not prevent the impoverished and Lebensraum seeking northern tribes to conquer it and subsequently, trough centuries of "primal" measures, impose a 700 years of Dark Ages upon Europe. Now I'm not saying this will happen again, but the situation is strikingly similar; and more so when you make a parallel about the cultural nature and political position of Rome with that of the USA. So, if you wish to seek for the potential outcome of the present set of actions done by the US Empire i strongly recommend you read on the history of Rome, particularly the transition from the Republic onto Empire and the events that took place in 2nd, 3rd and 4th Century AD. I recommend Le Goff. Scribd.com is your friend for that sort of literature.
on Mon, 11/30/2009 - 21:48
#147121
thank you cheeky...an excellent historical summary.
on Mon, 11/30/2009 - 22:23
#147166
Might be more like the collapse of the Hellenistic Empire, same sort of social/economic situation. Regional heavyweights around the world might be able to pick up the pieces the way Rome did.
Then again Constantinople still survived for a while after Rome fell.
But yeah, forget Weimar, the Dustbowl, etc.
on Mon, 11/30/2009 - 22:59
#147198
Constantinople survived only because it has cut all (well most) ties with Rome itself. After the Empire was divided along the natural borders in 286 AD , the main one the one on the river Drina, Constantinople focused on establishing trade and other ties with the entities in the east and not the ones on the west due to the independence it had from Rome and all bureaucratic ties cut off. Also it was much easier to defend Constantinople in those early years due to its beneficial geographical positions which enabled it to be naturally protected from the tribes of the north. Wiemar has very little to do with current situation simply because Wiemar did not suffer from its own ineptness, but because the international politics mandated insane and unnecessary war reparations and auto-embargoes on various industrial products. Furthermore Constantinople was built in the region which had natural wealth and all the necessary condition for self sustained development and also all logistical background and support within if the ERE was to mimic its older brother and set itself on the path of military conquest. So, as tacky as it may be, Rome is still prime historical example of how NOT to manage a political structure.
on Mon, 11/30/2009 - 22:32
#147175
http://www.scribd.com/doc/17315115/theodor-mommsen-the-history-of-rome-complete-
Here you can download the complete history of Rome. AFAIK this is the best book(set of books) on the topic of Rome and Roman History. It is quite long (2249 pages long) but it is the best read about Rome in general. I hope you find it valuable.
on Mon, 11/30/2009 - 23:14
#147215
For those who desire a real book, try Powell's Books. http://www.powells.com
Most of the books in this set were $34 dollars for a new book.
on Mon, 11/30/2009 - 23:21
#147224
what do you mean "real" book
i didnt know there were real and un-real books; well one learns something new every day ...
on Mon, 11/30/2009 - 23:45
#147252
We are already in the dark ages. It started around 1950
and is now in full tilt. Relatively speaking, the level of
general ignorance today is way more than the darkest
of the Dark Ages...
on Mon, 11/30/2009 - 23:25
#147229
'it still had all the technological, scientific and political advantage over the rest of the "known world" ' Pure nonsense. One of the biggest problems with modern western thought is that the history of Rome is generalized for the whole world. I guess the modern western world cannot help it, when it has just one ancient empire to look up to. Rome was not best in any department when compared to the 'known world'. Militarily it was inferior to any other major powers (Persia, India and China) of its time, as they repeatedly learnt as a result of humiliating defeats against Persia. However hard I try, I cannot remember one major contribution of ancient Rome to science or mathematics. They did build the acquiducts, but that was already old technology for the other major civilizations. For some curious reason Americans have liked to compare themselves with Rome and feel proud about it in the last few decades, and they do seem to be making the same mistakes as the Romans did plus a lot more new ones of their own.
on Mon, 11/30/2009 - 23:48
#147254
Yeah! what have the Romans ever done for us?
http://www.youtube.com/watch?v=ExWfh6sGyso
on Tue, 12/01/2009 - 01:56
#147350
Militarily, the Roman Empire gave as good as it got over the centuries when it came to Persia. Your history is skewed. As for military comparisons to India and China: idle speculation.
The Roman Empire (as dated from the time the Romans controlled the major cities of the Mediterranean to the fall of Constantinople) lasted around fifteen hundred years. Plenty of ups and downs, gross mismanagement, and even "humiliating defeats" along the way, but not a bad run as far as empires go. The fledgling (and flailing) US empire should be so lucky.
on Tue, 12/01/2009 - 00:20
#147277
So Cheeky, parallel to your point i) above, it can be assumed that BB will monetize until the cost of the counterfeiting is more expensive than the fiat notes in circulation...
You obviously have a very thorough understanding of history--do you agree with Ferguson's assertion that we will have some form of conflict with our vendor financier China in the upcoming decades, potentially similar to Britain's conflict with Germany in the early 1900's?
on Mon, 11/30/2009 - 21:08
#147079
Larry Kudlow and golf clubs. Makes me think bad things.
on Mon, 11/30/2009 - 21:18
#147081
HAHAHAHAHAHAHAH! "The Tiger Woods of monetary policy"? HAHAHAHAHAHAHA!
http://www.youtube.com/watch?v=9QpD64GUoXw
"Ben Bernanke was wrong".
on Mon, 11/30/2009 - 21:14
#147082
Suppose Ben's grand plan has just one fatal flaw... like the engineer who built the Tacoma Bridge...!
on Mon, 11/30/2009 - 21:21
#147091
CNBC is getting the message, they are loosing viewers left and right, they HAVE to do this otherwise they go broke [God willing] in less than a year unless they change their course and bring people such as Mr. Gold (Ron Paul) and other free market economists (Peter Schiff)
on Mon, 11/30/2009 - 21:27
#147098
Larry Kudlow will be fired by CNBC if he continues down this anti-Fed path.
on Mon, 11/30/2009 - 21:35
#147104
That'd be a win-win.
on Tue, 12/01/2009 - 01:05
#147315
Nah, the Fed is a straw man. By bashing it, Kudlow et al. throw the public off the trail of the financial institutions who give Ben his marching orders.
on Tue, 12/01/2009 - 01:37
#147337
The Fed is the trail. Without the Fed, Treasury, and Congress, the banks have nothing.
Or rather, they would have to rely on providing actual service to customers. But that's less poetic.
on Mon, 11/30/2009 - 21:30
#147100
In. DEED!
on Mon, 11/30/2009 - 21:44
#147115
Yea, only Tiger's wife forfeits his wallet, not hers, then drives him (and his caddy) into a tree with a "U wood". Prenup anyone?
on Mon, 11/30/2009 - 22:10
#147145
Could Congressman Ron Paul put this any more succinctly for the American public?
Listen, I was not a “gold-bug” and I was not an monetary policy activist. I did not pay attention to the FOREX markets and I could care less about the Dow. The gold silver ratio was something for which I cared not. I simply wanted to raise my family in a comfortable home, pull a couple of bong rips every now and again, and go about my daily business as was expected of me by “society”. I would pay my taxes, I would invest in a 401K, and I would borrow as much as I could so the terrorists wouldn’t win.
Out of nowhere, this senile old Congressman had to go and start a talkin’ and ruin my was I was told to do. He started asking these crazy questions like “what is money?” and “who should control the value of money?” and all of this other nonsense. Poppycock I tell you. I didn’t learn none of that in High School nor did my Community College experience give me the insights I needed to understand this foreign tongue of a politician.
JESUS CHRIST!!!! Here I sit now. I read ZeroHedge every fucking morning on the shitter right after my home grown yellow and common blend tobacco smoke in the front of my McMansion. So now I am a “gold-bug” and now I attend End the Fed rallies and help with Press Releases and collateral materials as it relates to gaining insight on the workings of the Federal Reserve Bank. My car is a professionally designed traveling billboard and I am working to provide financial assistance in the lobbyist groups and legislative efforts as it relates to ridding us of this disease of cabal banking.
If my drunk, high, chain-smoking, gold buying, sound currency preaching-ass can understand that it is important to know who gets the fucking money first (as so eloquently detailed in this interview with Dr. Congressman Ron Paul), then the rest of the country is but a few steps behind my stumbling drunk ass.
Thank you for this site. I am now going to go and plan my strategic default with Citi and legally challenge them on the basis of fraudulent misrepresentation in disclosure of the source of the lending funds. Of course this is right after I call the corporation I pay my mortgage to and find out if they have record of the current promissory note holder of this account.
Bernanke is a distraction. The system is faulty and I won’t buy into their bullshit again.
P.S. Sorry bout the swearin’. My simplistic community college educated mind does not posses the appropriate vernacular to describe my feelings otherwise.
on Mon, 11/30/2009 - 23:32
#147234
So did Bernanke's wife brain him with a repo? The analogy escapes me otherwise.
on Tue, 12/01/2009 - 01:02
#147311
This bowtied jackass thinks it's a bad idea for the public to know when a bank hits the discount window because it might cause a run on the bank.
God forbid banks should be kept honest and have some accountability.
on Tue, 12/01/2009 - 01:43
#147342
Just 2 pfennig's worth from the ol' sub coach:
It appears to me that many of the contributors here at ZH calling for BB's head (or at least for his removal from the Fed), are the SAME folks who are calling for the elimination of the Fed altogether.
The problem to me isn't ol' Helicopter Ben - he's a trained, docile bearded monkey doing what his trainers and handlers want him to do. If you keep the Fed and toss ol' Ben out, all you're getting is the same circus act with a different monkey, probably not as skilled.
It appears to me now that to cure the problem the only way you have of getting rid of Huey-riding Benny is by pulling the plug on the entire corrupt apparatus.
But here is the question no one here seems to want to ask - which is, assuming we do "End The Fed" (and in so doing get rid of helicopter boy), what do we replace it with?
Tyler, Marla, make "The Structure, Organization and Mission of a new United States Central Bank" a topic for debate or discussion.
KptLt. laughing swordfish
9er Unterseeboote Flotille
on Tue, 12/01/2009 - 02:32
#147377
Completely agree and expressed this before, you need a shadow national bank to function for a while and perhaps provide competition to the fed - it needs to be staffed with professionals that we could pass the torch to. If you just eliminated the fed without an alternative we would have complete and utter collapse, it's a no brainer. The function the fed performs is absolutely essential, the point is the government could do the same thing without the interest cost we just need the structure in place. Politicians also need some form of protection for their positions (due to history of those that opposed the banks).
on Tue, 12/01/2009 - 08:12
#147485
The problem with central banking is that it seems to work for awhile before it fails and destroys everything. While it is working, nations without one would appear to be falling behind, and even worse would have difficulty funding wars to defend themselves against aggressors who had CBs. Other than that, I see no necessary function for CBs.
on Tue, 12/01/2009 - 08:13
#147482
Swordfish: Stood some watches in engineering spaces on the Tinosa (yard rat).
on Tue, 12/01/2009 - 15:02
#148169
637 Class boats were the best.
on Tue, 12/01/2009 - 04:08
#147431
Keynesian "experiments" didn't start until about a year ago (unless you're referring to the Keynesian policies of the Depression, but if you are, your point is bogus, as we have not experienced continual booms and busts since the 30s). If you think Alan Greenspan and George Bush were Keynesians, you need to read a little more history.
And if these recent experiments have already been shown to be a disaster, then you have some clever spinning to do to explain how the countries with bigger, quicker fiscal stimulus (relative to GDP) are coming through the financial crisis better.
Oh wait, you guys are all libertarians. You don't have to show evidence that any of your theories are valid. You just have to bag on the status quo, which works because (news flash) ... people are stupid, and any system devised by mankind will be highly flawed. Then, you get to extol the virtues of some hypothetical system that will never be implemented, just like the football fan that keeps rambling on about how it would all be different if they just let the backup quarterback start.
on Tue, 12/01/2009 - 06:19
#147454
Swordfish, Apocalypse...
Finally, something worth shooting for.
Something said that makes for the good.