Presenting "Things That Make You Go Hmmm"

Tyler Durden's picture

With David Rosenberg's free economic updates soon to be a thing of the past, now that the Gluskin Sheff strategist has decided to go premium, it seemed there may be a large void needing to be filled in the economic commentary space. It appears said void may have already been filled, by Grant Williams, publisher of the fantastic Things That Make You Go Hmmm report which combines individual commentary and linked content in one delightful package, who after a brief hiatus is now back online and making readers go hmmm. Whereas Williams previously published within the editorial confines of bulge bracket wannabe Jefferies, he has since liberated himself (and his cynicism), and is now publishing, as he puts it, "under my own auspices and without any compliance filter." Zero Hedge agrees that those are certainly the best auspices and the best filter. So for those for whom TTMYGH is a new summary, here is your introduction.

Things that Make You Go Hmmmm (pdf)


Hmmm Mar 27 2011

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vast-dom's picture


Cindy_Dies_In_The_End's picture

Sorry to say but not many here are going to miss Rosie.

JR's picture

The money changing industry makes money by parasitic relationships. 

In most cases, their analysis is worthless.  Don’t ever ask a barber if its time for a haircut.

Rosenberg, a deflationist and leading bond bull whose bonds increase in value in a bull market when interest rates are declining and kept artificially low, talks his book.  When Charles Schwab wrote an op ed article in the WSJ (Enough With the Low Interest Rates!) urging that the target interest rate be increased now because savers were getting killed with inflation and without making credit readily available, Rosenberg discounted any help for savers:  “What is raising interest rates going to solve?  You can argue it’s going to help savers who have money in bank deposits.  If you start raising interest rates what is it going to do to the stock market? Because the stock market is part of saving as well.  If you raise interest rates what is it going to do to bonds?  The bond market gets clobbered.  A lot of people have their savings in bonds…” 


As Antal E. Fekete said in 2008: "Of course, the Fed will keep printing dollars like crazy… Bond bulls enjoy a pleasant tailwind. Bond speculation is virtually risk-free. Under our irredeemable dollar bond bulls have a built-in advantage. The Fed has to make periodic trips to the bond market in order to make its regular open-market purchases of bonds to augment the money supply. In order to win, all the bond speculator has to do is to stalk the Fed and forestall its bond purchases. This is the Achillean heel of Keynesianism: it makes bond speculation inherently asymmetric favoring the bulls, and that will ultimately derail the economy on the deflation-side of the track.”


But, as Doug Casey said recently, the clobbering Rosie fears is on its way:  “Bonds are so overvalued, they will turn into the next great graveyard of capital, after the ongoing real estate debacle. Prices are artificially high because central banks have been buying them, partly to keep long-term rates down and partly to increase the money supply – although these two intentions are ultimately completely at odds with each other… . As rates go up – and rates are headed higher – bonds will fall.”


Popo's picture

And as any economist who is worth his salt will tell you:  Deflation is the natural progression of all economies.  Rosie knows this well.  But that doesn't mean it is the vector at any given time (unless of course one looks at economies in the most macro sense.  "On a long enough timeline the survival rate for everyone drops to zero".  And as such, the natural order of economies is to deflate.)

But many will inflate, or even hyperinflate to stave off that ultimate reality:  In the end all economies eventually deflate.

The question for America is, where are we on that road right now?  One last crackup before we collapse?  Or do a generation of baby-boomer retirees eventually stop Bernanke from destroying a lifetime of earnings.

Rosie has it right in that macro sense.  He knows where it's all going. But his timing has been god-awful.  He's a smart economist and a sh*tty trader.




blindfaith's picture

Thanks to all about for intelligent postings and not personal rants or links to more youtube hype that has nothing to do with the subject.

Everywhere you look and everything you hear is circular reasoning.  Lies and half truths beget lies and half truths, and the general population is to busy watching their favorite 'brain-dead' TV show.  All there economists have a personal it a blog, newspaper column, hopes for a radio or TV special, book deal, name it.  Not one that I have read so far examines the big picture and looks forward (as opposed to describing what any half wit can see in his own rear-view mirror).  I supposed it any economist DID pontificate on 'what is around the corner' objectively, we would all go shoot ourselves.  Rosie...more worthless information about to try my imagination, and pry money out of my pockets.

EscapeKey's picture

Another thing that makes me go hmm...

The Labor Department said Wednesday that the Producer Price Index rose a seasonally adjusted 1.6 percent in February -- double the 0.8 percent rise in the previous month. Outside of food and energy costs, the core index ticked up 0.2 percent, less than January's 0.5 percent rise.

Ben Fleeced's picture

Are you advocating an interest rate increase? or just sayin'?

bankrupt JPM buy silver's picture

No body's going to be reducing anything anytime soon.  Austerity is like showing a male a picture of 10 hot broads, and telling him to go home and fuck him aint happening, you can fuckin forget about it.  Print print print....

SilverIsKing's picture

Do you mind calling my wife while I'm on my way home?  It may greatly improve my chances.  Thanks in advance.

I am Jobe's picture

Holy Shitz. So much for Peace I guess.


FranSix's picture

Notice the nuclear weapons are mostly used domestically, and never used against an enemy.  Maybe that's the secret of detente.

France & Britain are the only countries that manage to test weapons as far away as possible.

serotonindumptruck's picture

This is why I always click on your YouTube links, Rusty. This video should be a "must watch", and Tyler should create a dedicated post.

This 'fighter-jock-flyboy' spokesperson-puke is clearly in full panic mode. His Intelligence Quotient seems to drop by at least 50 points within the first 90 seconds. It is intellectually painful to continue watching this dickhead after the first two minutes.

Thanks for the link. Passing it on.

Ben Fleeced's picture

Radiated every day and sill going!

Vegas hookers are some tough broads!

Long hookers!

Ben Fleeced's picture

Radiated every day since 1945 and still going!

Vegas hookers are some tough broads!

Long hookers!

buzzsaw99's picture

I'm all for austerity, for billionaires and maggot banksters.

buzzsaw99's picture

Pay the welfare moms to hunt maggots.

gall batter's picture

First, bzsaw, go after the deadbeat maggot ex-husbands or ex-boyfriends of those welfare moms.

buzzsaw99's picture

Pay baby-daddy a big fat bonus for every maggot they bag then deduct back child support.

Cleanclog's picture

Gotta love the Dutch.  Inflamed that CEO of ING was awarded a Million Pound bonus, people hit the social networks - twitter, Facebook etc. - and threatened to close accounts at ING, try to cause a run on the bank, and the CEO waived his award and asked his directors to do the same.

Politicians there recently voted in a 100% tax on all bonuses paid to execs at institutions that received state aid during the financial crisis.  ING made 3 Bil Euros in profit 2011, but still owe Dutch  taxpayers 5 Bil Euros.

Egyptians, Dutch, Tunisians, Iranians can use social networks for social improvement.  UK, USA? Dancing with the Stars and Idol votes.  Urgh.  Well, maybe a little anarchy in London yesterday, and Wisconsin got something going.  But banker bonuses?  Nah.

Natasha Fatale's picture

Gives "Dutch Courage" a whole new meaning, doesn't it?

Yen Cross's picture

Cute Femme Fatale. I wouldn't want to meet you in a dark alley. It must be the Spelling? The French Hyphen?

Itsalie's picture

Ever wonder how a few thousand brits were able to subdue the Indians and Chinese? Yup, narcotics. Just feed them fat what their lazy bones can chew, and the rest is up to you. An empire in a sad state of disintegration and dancing to more of the same. Not sure why Grant is based in the far east, where one of Krasting's jobless commenters call land of the rice eating Mother#$@! who stole his job. Whatever his reason, I bet Jim Rogers is over there for the same reason as Grant.

Gordon Freeman's picture

Good God!  Who's the avatar??

Cleanclog's picture

You will flip out when I tell you the truth.  They're real

Seasmoke's picture

what the heck is that Shakespeare guy talking about ?

LoneStarHog's picture

It is from Romeo & Juliet.  Juliet was telling Romeo not to swear their love based upon the Moon, since the Moon is always changing and their love should be constant.


LivermoreJim's picture

Makes me go ....zzzzzzzzzzzzzzzzz.....

brxn's picture

Are we going to get a summary of this? Started to read but couldn't get past the first few pages, just bleh.

augie's picture

yeah dancing with the stars was on, i got distracted too.

Selah's picture




Armstrong intends to post new articles.
We have been advised that he is prohibited from publishing during the term of his home confinement (thru SEPT.2.2011) and that he is requesting a waiver.

Why can't he publish his doubleplusungood articles?

RobotTrader's picture

PigMen and Plutocrats get richer.

Little guy gets screwed.

Guys like Glenn Beck and Gerald Celente continue to operate convenient profiteering rackets, feeding off the poor schlubs who are constantly getting hosed by Wall St. crooks.

Same story has played out though every generation, nothing ever changes.

2% of the winners profit off of 98% of the losers.

Nothing is ever going to change.

New Ponzi Pyramid Schemes re-invented over and over by the chemists on Wall St.

Infinite Fiat is here to stay, as long as Fractional Reserve Lending continues unabated.

spacecadet's picture

I know about Beck but what racket does Celente run?

Cindy_Dies_In_The_End's picture

RT- leave Celente out of it. Seriously. atleast he will waive the costs of his newsletter if you show him your economic hardship.


Besides, the guy has been pretty reliable lately, you gotta admit, albeit its a matter of degrees.

Mr Lennon Hendrix's picture

Don't mean to patronize, but if lately is for the last several decades, then yes, he is reliable.  Robo is just jealous.  It is like how the Narrator is always trying to stop Project Mayhem.  Robo is the Narrator.

Look at you!  You''re running around in ski masks, exploding things....

lieutenantjohnchard's picture

ok, since you made enough money to "retire" to your 600 square feet los angeles apartment i guess you're saying you're one of the great 2% winners profiting off the loser 98%.

then pray tell how did you possibly lose money - your words, not mine - if you're such a great investor in the silver and gold market given the advance of gold for 10 straight years and silver being up 120% in the past year or so?

btw: are lehman, c and bear sterns pigmen / plutocrats or little guys that got screwed?

RobotTrader's picture

Yep, my stock trading fortunes changed dramatically after 2004, when I finally figured out how to trade with the house, not against it.

And I finally proved that I could trade for a living in 2008 - 2009 after I lost my job, and I was forced to follow the tape and not my opinions.



Cindy_Dies_In_The_End's picture

Working for some slob is illusory. If everyone here had sense, unless its a totally cushy job, they should go work for themselves.


Keep being a player, but you know ZHers hate the game

lieutenantjohnchard's picture

trading for a living and retiring from vast profits made in the market are two different things. what you're saying today is that you're trading for a living, and to pay the rent. but before you've said you made enough money in the market to retire.

lawton's picture

Celente at least tells the general truth about the banksters...

InfinityZero's picture

The problem is not fractional is cheap credit and unregulated markets and unbalanced budget and trading.