• Gold Standard I...
    07/07/2015 - 02:32
    In hyperinflation, the currency's purchasing power collapses. Many Fed critics have predicted this will come soon, though it hasn't happened yet. However all is not well with the dollar.

Maynard Keynes

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The Fourth Turning – An Interview With Neil Howe





"...If the S&P500 were to come down by 50% look at the bright side. The Millennial generation can finally buy into America’s future at a good price. Look at what they are facing right now: very little return on their savings and very lofty prices that they have to pay to invest in their future.  So we often forget that these wrenching dislocating financial events, particularly for older generations, can create opportunities for the young, and often create space for something more durable for the times to be built. So I’ll just summarize it with Schumpeter’s phrase: creative destruction. That’s how I prefer to see what happens in a Fourth Turning."

 
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Keynes, The Great Depression And The Coming Great Default





Ideas Have Consequences... In Nazi Germany and Fascist Italy, in Great Britain, in Japan, and in the United States, there was a shift of opinion away from the free market in favor of government economic planning. The supreme mark of this transformation was the acceptance of John Maynard Keynes' unreadable book, The General Theory of Employment, Interest, and Money, which was published in 1936. A new generation of younger economists adopted this book and its outlook, which prevails today. The fascist economic idea of an alliance between government and business became almost universally accepted.

 
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Jim Grant Explains "Our" 3 Biggest Financial Mistakes





Speaking at Russell Napier’s Library of Mistakes in Edinburgh earlier this month, Jim Grant of Grant’s Interest Rate Observer was asked what financial mistakes we’re making today that future generations will regard as the most ridiculous. If you’re familiar with Grant’s writing the short answer won’t surprise you...

 
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George Soros Warns Washington To "Mend Relations With China" Or Face World War 3





"Both the US and China have a vital interest in reaching an understanding because the alternative is so unpalatable," Soros wrote in an article for the New York Review of Books, with the danger imminent if Chinese economic reforms fail forcing President Xi Jinping to "foster some external conflicts to keep the country united and maintain himself in power." These "conflicts" would present themselves in the form of a Sino-Russo alliance which could draw the entire world into war.

 
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Falling Yield, Rising Asset





There's little interest, forcing retirees to spend down their principal. It's no accident, as Keynes called for the “euthanasia of the rentier.” Fed Chair Yellen is a New Keynesian.

 
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"The People" Vs. Piketty





We have rich people, poor people, right-wing economists, left-wing economists and even revolutionaries, all contesting Piketty’s argument. It seems we the People do have a point against him. But will it prevail? We’re not optimistic on this one. It is far more likely that Piketty's ideas will gain traction rather than fade away. Why? Because it gives politicians and their Keynesian consorts yet another framework and justification as to why the state should be the key allocator of resources in society.

 
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Global Deflation & Credit Spreads





The results of the latest FOMC meeting confirm that most of the media and investor communities don't get the joke on Fed policy since the crisis.  No change in '15

 
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China's "Animal Spirits" May Call For "Draconian" Measures To Curb Rally, UBS Says





“It’s absolutely possible we’ll see some draconian measures from the regulators,” a UBS strategist tells Bloomberg, referring to steps Beijing may have to take to curb China's equity mania. Meanwhile, in a new note, the bank says that "the challenge with almost all retail-driven liquidity rallies (like this one) is that they generally don't abide by the more fundamental rules we follow." It's all liquidity and "animal spirits" in China folks — look out below.

 
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A Practical Utopian’s Guide To The Coming Collapse: David Graeber On "The Phenomenon Of Bull$hit Jobs





Since the 1970s there has been a shift from technologies based on realising alternative futures to investment technologies that favoured labour discipline and social control. Hence the internet.

“The control is so ubiquitous that we don’t see it.” We don’t see, either, how the threat of violence underpins society, David Graeber claims.

 
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The Euthanasia Of The Saver





American banks have largely gained from low interest rates, British banks have suffered losses as a result and in the Eurozone they have been hugely detrimental to banks’ profitability. The ones who have undoubtedly lost out were those quintessential Keynesian villains: the savers. The medicine prescribed by the central banks to correct their “bad” ways has cost them billions. And given that yields have continued to go down since McKinsey's report was published, their misery has only increased. More high fives from Keynes! And yet, even within those groups the impact has been uneven. Who in the household segment is suffering the most because of ultra-low interest rates? The retirees, of course.

 
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The Crowning Glory Of Keynesianism





Many have forecast the creation of a new monetary system by which governments and banks gain total control over all monetary transactions. On the surface of it, this may seem an impossible goal, as it would be so all-encompassing and would eliminate economic freedom entirely. Surely, it would not be tolerated. However, we believe that it’s not only relatively easy to create, but it will be sold in such a way that the public will see it as an absolute panacea to their economic woes. Only those who are far-sighted will understand its level of destruction in advance of its implementation.

 
Gold Standard Institute's picture

Ben Bernanke Now Blogs





Bernanke drove interest down to zero, where it has stayed for over 6 years. In his rationalization, he concedes an importantg point that undermines his argument (and the Fed).

 
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Why We Feel So Poor (In Two Charts)





Among the many things that mystify economists these days, the biggest might be the lingering perception, despite six years of ostensible recovery, that the average person is getting poorer rather than richer. Lots of culprits come in for blame; but one that doesn’t get much mention is the changing nature of the bills we’re paying...

 
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President Of Euro Parliament Warns Greece Risks National Bankruptcy; Varoufakis Replies: "Greece Already Is Bankrupt"





With the ECB escalating matters this afternoon, the craziness of European leaders talking past one another in an effort to create the next headline-driven narrative continued to gather pace today. That idiocy was nowhere more obvious than when EU President Martin Schulz warned ominously that Greece risks national bankruptcy if it continues down the path of non-agreement when Greek finance minister Yanis Varoufakis has previously explained quite clearly that "Greece is already bankrupt."

 
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