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Watch The Political Central Planners: We're Doomed
Mish posted a reference to a "Simulation of a US State
Defaulting" video for a panel of "luminaries" at the Buttonwood
gathering in New York. These are our leaders: From officials in the Bush and Clinton
administration, these are the "top" people that were in positions to
decide such things, including Robert Rubin, Josh Bolten, Glenn Hubbard,
Laurence Meyer, and Laura Tyson.
In their advisory role to the President, including roles
representing the US Treasury and the Federal Reserve, they discussed for a
couple hours what to recommend to the President regarding assistance to the
fictional US State of New Jefferson that will be unable to make a $1.5B
municipal bond payment in 48 hours.
Long story short: I
watched the whole thing. The entire
video. A couple hours. I am now faced with the irksome question as
to whether a "well adjusted" person would act out aggression upon
himself or upon those around him.
Summary: Although the
scenario at times had bits of interesting dynamics (if you're interested in
back-room discussion as to what happens in such meetings), after you lose a
couple hours of your life watching them banter, they decided to recommend to
the President (a fictional female in this scenario) that the US Treasury extend
a 30-day loan to the fictional state of New Jefferson in exchange for the state
promising to be good in the future, and possibly cede sovereignty to the
Federal Government.
My conclusions:
- After significant preparation time for this scenario, it
is clear they did not have mastery of the situation dynamics, liabilities, and
issues. They sure seem to love the
process, though, and the only thing missing from the meeting were delectable
snacks. - It is easy to conclude none of these persons are
geniuses. While geniuses are rare, they
exist; unfortunately, everyone on the panel ranks somewhere between Cliff
Clavin and Doctor Nick. - While this simulation is fictional, the panelists are
not. These are your actual political and
executive central planners, at work for all to see. - None of the individuals fundamentally understand the
problem, and no "actual" solution was proposed, nor even discussed,
nor even raised as a possible topic. - We're doomed.
The ZH readership includes healthy groups of individuals
that debate whether these financial crises are "planned", or are mere
consequences from permitting us all to be ruled by central planners with
child-like mental capacity and non-childlike neuroses and psychoses. However, whether planned or not, the
stochastic component has always been the random actions of political elites
(influenced by the electorate), and the (in-)competence of their administrative
staff. We see here those administrative
central planners on their full glory.
And, it is glory like a thousand setting suns.
The issue with New Jefferson (a fictional US State, holding
no resemblance whatsoever to California, New York, Illinois,
nor even the US Federal Government) is one of excessive leverage. The answer, of course, is more leverage. And, it would be really nice if the Federal
Reserve would simply print money to "clean it up". (Yes, they actually said that. Multiple times. Not a problem, though, the Federal Reserve
said it wouldn't. Unless it decided it
needed to do so.) Another panelist
proposed more US Treasury aid to all the States in the future, as that (of
course) would be spent wisely, helping other states avoid such problems in the
future. In fact, the problem with New
Jefferson now is merely that the US Federal Government didn't in the recent
past provide more money to New Jefferson.
None of them raised the issue of leverage. None of them discussed how extending further
leverage will actually make the problem worse.
Rather, like machinations regarding Greece, if we merely kick the can
out another 30 days, we will have time to appoint a task force to "deal
with it". (No suggestions are made
as to "how" to deal with it, because that's not their job, that would
be a job for the yet-to-be-appointed task force. Rather, the only job now is to decide whether
to extend 30-day loans to New Jefferson without Congressional input if we think
New Jefferson will in-the-future cede sovereignty.)
As much as it's fun to conclude an evil authority is
central-planning the worldwide march to a single world government and single world
currency, and as much as these panelists would probably support such a thing,
their painful-to-watch performance in these couple hours merely illustrate that
Dr. Evil would never ever ever ever ever ever ever ever ever ever invite them
to be a part of the plan.
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This all just raises the cost of living...
Vampire Squids - Halloween...Halloween...Halloween...
One knows of Bilderberg Group meetings, but they are never recorded.""
Yep, they are the real leaders. Bush and Obama both are just figureheads.
Funny but it looks like the New World Order is lost control over the events in todays world.
The whole thing is blowing up and their agenda is way off track.
The gold vigilantes are destroying their fiat currency and the Western world of debt backed paper money is popping. Gold will be the last man standing.
Congratulations! I've never seen so much disinformation crammed into one post here before!! You really need to get informed.
Bilderberg is merely a middle level management committee to diseminate policies and orders among selected chief executives of corporations and finance ministries. (It also makes said executives feel important). Such committees and think tanks simply work out the implementation details.
The NWO is firmly in control of events at the moment (though that could change at any time if a powerful leader goes "rogue").
The "gold vigilantes" are a group of wealthy private investors attempting to break the banking cartel's short positions on gold.
America is fucked unless we can force the states to live up to their constitutional responsibilites (on behalf of their people) and dismember the cancer that is Washington, DC.
I junked you. And it's symbolic for all you proponents of ridiculous mad prescient and central planning skillz theories. Billions of dollars are chasing the best market prognosticators on a daily basis and something like, what, 10% of them are right at any given time? The BIGGEST swinging dicks on Wall Street need to resort to latency arbitrage to make any kind of money and you think a tiny group of men can plan the course of world events across generations? Get serious.
I don't want to be purposely disagreeable, so I won't. The cart is before the horse in your comment, however. The "system" that the great powers (tongue firmly in cheek) have created has allowed the ages-old real money to rise to its normal prominence. No gold holder has precipitated these events, but they have recognized them and, in a manner of speaking, taken advantage of a gift of fate by holding more. I have yet to see evidence that the current "system" is not a contrivance on the part of the often spoken of secretive powers. They are the cream of the cream-skimming crop and their goal would always to be to amass the greatest amount of gold possible. Using the crashing of the fiat money system would be a natural vehicle to achieve that goal. Gold is a safe haven and I can't believe that the "smartest guys in the room" aren't in an acquisitive pursuit of same.
I'm inclined to agree. We will see a massive wealth transfer as fiat burns. After all if/when the dollar goes that should sent up a domino effect to topple all others, after all the dollar is the reserve. Makes one wonder what the narrative will be when a lot of old money not only survives but prospers in the paper collapse.
They milked the golden cow and now they get to skim the cream. They've done it so many times it's getting tiresome.
Yet the numbers who've noticed remain infinitesimal.
Kick the can is a time honored tradition and strategy among the political class. It gives them the appearance of solving the problem without all the painful work and cutbacks. After all they will soon hand off the problem to someone else who will kick the can.
The sad thing is at this point I would welcome an hereditary absolute monarch. Sure they will be villainous and corrupt (no different then our potential class), but less likely to loot and scoot, and it would do away with the pretense of having a "democratic" system.
An entire - influential - branch of economics is based upon kicking the can, after all "in the long run, we are all dead".
I have always believed that it is a mixture of "evil genius" and incompetence. I don't believe that there is a grand plan, instead there are greedy people who learn how to milk the status quo. Politicians are sociopaths - the position requires it - if you can get to a politican position of power by being honest and fair, I commend you - you are the exception. The rule of politics is saying what people want to hear. The sheeple have leaders they deserve. Since the 80's there has been people warning of what's coming but the majority of people don't care as long as they feel they are doing OK. By the time the consequences start to appear, it is too late.
When you think about it - it makes sense and is Karma. The baby boomers in their selfish drive of watching out for number one will have created an end game where the only way to surive is to watch out for number one.
We are doomed.
serious conundrum: robert rubin is involved in this panel. do we chastise the administration for involving someone with his 'credentials'? or do we applaud them for involving someone who has demonstrated expertise in destroying national economies?
"...or do we applaud them for involving someone who has demonstrated expertise in destroying national economies?"
But that's OK, for his own personal net worth exceeds the GDP of many struggling countries. So as long as he doesn't bankrupt himself, then there is no net drag on the world's well being.
(Gurgling, gagging, choking sounds followed by primal scream)
Is it a rumor, or do we get to vote again, soon?
[They sure seem to love the process, though, and the only thing missing from the meeting were delectable snacks.]
Thanks for the article, Mikla.
Mikla,
I don't recall ever enjoying a post more! Bravo!
I think what you're saying is:
Those that can't do, teach.
Those that can't teach, teach gym.
Those that can't teach gym, teach economics.
Those that can't teach economics, serve on advisory boards to the President...
Ugly girls need love too.
Trickle down?
The persons that appear at such events and are recorded are the chosen brain addled puppets of the next higher level managers, most of whom are never seen.
One knows of Bilderberg Group meetings, but they are never recorded. One does not know of the even higher level management team meetings and those are certainly never recorded. We have never seen the Owners or their immediate representatives.
They do not want to be know because being known would lead to being targeted.
In conclusion, I agree the vast majority of the "known" leaders are or act with zero level of credibility with respect to their chosen subject material. But they do not create the policy or guide it. They are mere conduits for the actions of others: Puppets.
If you would think yourself doomed then it will be so.
Potent. Directors. Fallacy.
There is no super genius board of directors in charge. There is no shadowy group of owners out there.
There are only idiots who've been sucked up to by yesmen their entire lives. How "in touch" you suppose the Barons de Rothschild really are?
You watch too many movies about super clever NSA and CIA people when in reality they are all out surfing for porn. They're a bunch of government idiots who cannot solve tough problems. Same as the Bilderbergers...
They are arrogant, not intelligent. Great patriarchs who do *not* enshrine their estates in foundations realize that their offspring will blow the whole damned load within 2 or 3 generations.
You obviously don't understand power structures and their subordinate [incompetent] management committees (eg. CFR, Bilderberg, TC).
Fair point. I should have said, "The Republic is doomed."
Then, I could follow it up with, "Long Live The Republic." ;-))
If you would think yourself doomed then it will be so.
Exactly. I think that's something they can competently arrange . . . with our resigned acceptance, of course.
It's so popular to scorn the "sheeple" for their ignorance and apathy, but surely that is a more defensible and redeemable position than being well-informed and resigned to failure.
These central planners are the party kiss-ups who have never had a real job in the actual economy.
Usually, if they have run a company, it's because the board president or chair can control their words and actions.
If they have been in government, they've been career leaches on the taxpayers accounts.
If they have been anywhere in state government, they are mid-20 year olds with size 4 dress and b or c cup size (females) or polished shoes (guys) thinking they're hot stuff but having no real world experience.
Usually, if they have run a company, .... Their efforts have been best described as: Controlled Flight Into Terrain, or CFIT as in the air-accident reports.
I notice f.ex. that Carly Fiorina (converted HP from a leading US technology business to a pusher of Chinese rip-off hardware) and Meg Whitman (used USD 4 Billion of eBay's money to buy Skype, except she did not buy it - she paid for a time-limited license) are both running for election. With their unique record of achievement, they will no doubt serve the taxpayers in the way that they deserve.
Dr. Evil would never ever ever ever ever ever ever ever ever ever invite them to be a part of the plan.
still think there are things that go bump in the night. while malice should not be assigned to these folks' actions (or lack of brain power, strategic thinking, critical thinking, etc.) and incompetence is more their speed, to me those type of dolts would be the exact kind of puppuets I would try to utilize (channeling Dr. Evil of course). The dumb, yet strong ones..tee hee..happy halloween.
It is quite frightening that this group represents Beltway establishment "thought", using the word loosely of course.
Indeed. This is something that the "useful idiots" carrying out the orders from afar will never comprehend. They think that by doing as they are told they will be in on the final solution. They won't be. The oligarchs fully recognise their cowardly weakness and will dispose of them, one by one, as soon as their usefulness has expired.
Yes they are like pitbulls with one task: keep the machine alive.
A Confederacy of Dunces, a Union of Simulcrats, a Conflaguration of Sophist Idealogues.