Bernanke Shills for El Militario-Industrio Complexo
The bail out is a cynical ruse, not to benefit Greece as a whole, but to benefit the banks and other creditors (the ECB and the IMF) who should take their medicine and move on. The one thing keeping the whole blighted euro project in place is an arrogant denial of the facts. A loss of political face now is a small price to pay for a much better outcome that will disadvantage far fewer people than the disorganised chaos into which Euroland will descend if the current bunch of lunatics are not put back in the asylum. Is this a Europe we want to be part of?
- Deadline Draws Near for Puerto Rico (WSJ)
- U.S. to defend Syrian rebels with airpower, including from Assad (Reuters)
- Alpha Natural Resources to Seek Chapter 11 (WSJ)
- Iran’s Rouhani Says Nuclear Deal ‘More Than What Was Imagined’ (BBG)
- Cables Show Hillary Clinton's State Department Deeply Involved in Trans-Pacific Partnership (IBTimes)
- Win or Lose, U.S. Stocks Get Biggest Earnings Bang Since ’12 (BBG)
- Weaker China factories argue for more policy support as stocks swoon (Reuters)
The global financial system desperately needs a big, bloody sovereign default - a profoundly disruptive financial event capable of shattering the current rotten regime of bank bailouts and central bank financial repression. Needless to say, Greece is just the ticket: A default on its crushing debt and exit from the Euro would stick a fork in it like no other. But don’t count on the Greeks.
Nobel Prize Winning Economists, Federal Reserve Chair and Other Top Experts: War Is BAD for the Economy
In Reality, War Will Bring An End to the Petrodollar, and Impose Hardship on the Average American ...
Military Keynesians Are Full of Sh ... (Cough) ... Shallow Myths
With the "inmates in charge of the asylum" during this holiday shortened trading week it seemed to be an apropriate opportunity to share a virtual cornucopia of topics to consider while enjoying the delicious delicacies, and subsequent tryptophan induced comas, of a traditional Thanksgiving.
“Humanitarian” War Contradicts 200 Years of Liberal Thought
We skipped the first part of today's hearing by the Ron Paul-chaired Domestic Monetary Policy and Technology Subcommittee titled “Improving the Federal Reserve System: Examining Legislation to Reform the Fed and Other Alternatives” as one of the two panelists was Barney Frank, which immediately meant it would be a complete and utter waste of time, and everyone would walk away far dumber from it, with god likely not having mercy on anyone's soul. The second part however promises to be far more interesting featuring such names as John Taylor (not the FX Concepts Taylor or the musician), Peter Klein, James Galbraith and Alice Rivlin. While everyone knows wha has to be done about the Fed, the likelihood that this will happen before the Big Reset is zero, but at least people can talk, dream and speculate. Watch the live webcast for more of the latter.
Fraud ... What Fraud?
Anyone Who Thinks that War Is Good For the Economy Has One Eye Covered ... And Is Only Looking At Half the Picture ...
Economists are individuals who study the production and consumption of scarce resources amongst societies. They refer to marginal utility and subjective value theories in analyzing the choices individuals make in their patterns of production, consumption and exchange to arrive at conclusions about economic efficiency and the economic value of courses of action pursued by the various actors within an economy. Galbraith does none of these things. In fact, he explicitly discounts the value of studies of economic value, in favor of his "social value" and "social rate of return" on investment. Galbraith, then, is not an economist studying the economy but rather a socialist studying society and how it responds to the various arbitrary dictates of the political elite that have captured it. Yet, "study" is perhaps too kind a word to describe what Galbraith does on an intellectual level, because it implies something academic or scientific in nature when the truth is that Galbraith, as a socialist, is a politician, not a scientist.
Some appear to believe that "confidence in the banks" can be rebuilt by a new round of good economic news, by rising stock prices, by the reassurances of high officials – and by not looking too closely at the underlying evidence of fraud, abuse, deception and deceit. As you pursue your investigations, you will undermine, and I believe you may destroy, that illusion. But you have to act. The true alternative is a failure extending over time from the economic to the political system. Just as too few predicted the financial crisis, it may be that too few are today speaking frankly about where a failure to deal with the aftermath may lead. In this situation, let me suggest, the country faces an existential threat. Either the legal system must do its work. Or the market system cannot be restored. There must be a thorough, transparent, effective, radical cleaning of the financial sector and also of those public officials who failed the public trust. The financiers must be made to feel, in their bones, the power of the law. And the public, which lives by the law, must see very clearly and unambiguously that this is the case. Thank you. - Professor James Galbraith