Napoleon

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Piketty: "Germany Has Never Repaid Its Debts; It Has No Standing To Lecture Other Nations"





"When I hear the Germans say that they maintain a very moral stance about debt and strongly believe that debts must be repaid, then I think: what a huge joke! Germany is the country that has never repaid its debts. It has no standing to lecture other nations. ... Germany is really the single best example of a country that, throughout its history, has never repaid its external debt. Neither after the First nor the Second World War. However, it has frequently made other nations pay up... "

 
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The Glorious Imbecility of War





Today, on the eve of the bicentennial of the Battle of Waterloo, we do not celebrate war. Only a fool would celebrate something so horrible. But we pay our respects to the glorious imbecility of it. War may be dreadful, little more than a racket in many ways, but it is also a magnificent undertaking. It engages the heart and the brain at once and exposes both the genius of our race and its incredible stupidity. But we are talking about real war. Not phony wars against enemies who pose no real threat. Phony wars earn real profits for the war industry, but only an ersatz glory for the warriors. Real soldiers take no pride in them. Instead, to a real hero, they are a source of shame and embarrassment.

 
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Animal Farm Was A Template (For The Fed)





We are more convinced than ever that the FOMC is simply trying to scare a recovery into existence. The Fed is going to raise rates (or, in actuality, make you think it wants to so bad that you think they actually might) in order to signal a strong economy, in order to get people acting like a strong economy, in order to create a strong economy. In June 2015, the commands of the central planners are almost openly mocking common sense. "No one believes more firmly than Comrade Napoleon that all animals are equal. He would be only too happy to let you make your decisions for yourselves. But sometimes you might make the wrong decisions, comrades, and then where should we be?"

 
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1812: The Inconsequential War That Changed America Forever





The “inconsequential” war certainly and drastically changed America, of that there is no doubt. Whether for the good, or bad, you’ll have to decide for yourself. On the positive side, the war did cement American independence. It proved that to defeat America on its home ground, a very, very large army, and a great commitment to prolonged and bloody war, was going to be needed. On the negative side; the war left the country with constitutional revisionism, centralized power, protectionism, mercantilism, expansionism, blind patriotism, and militarism. That decentralist small-government thingy conceived by the Founding Fathers didn’t last very long, did it? One must wonder “War, what is it good for? Was it all worth it?”

 
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A Portrait Of The Classical Gold Standard





"It was, at least in theory, simple enough in the old days," wrote a wistful W. Randolph Burgess, head of the New York Federal Reserve, in 1938. "In the present strange new world, where the old gold portents have lost their former meaning, where is the radio beam which the central banker may follow? What is the equivalent of gold?" The men of his era and of the late nineteenth century understood the meaning of such a question and, more importantly, why it is one that must be asked. But theirs was a different world, indeed — one without "QE," ZIRP," or "Unknown Knowns" as fiscal policy. And there were no helicopters, either.

 
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Here Is The Dollar Value Of Your State's Land





Ever wonder what the value of your state's land was? Or the average value per acre, and not just of your state but the entire United States? Here is the answer.

 
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The Fed's Big Problem: "De-Risking A Bull Market Is Very Different From De-Risking A Bear Market"





No one thinks this market is real. Everyone believes that it’s a by-product of outrageously extraordinary monetary policy actions rather than the by-product of fundamental economic growth and productivity, and what the Fed giveth … the Fed can taketh away. This is a big problem for the Fed, as their efforts to force greater risk-taking in markets through LSAP and QE (and thus more productive risk-taking, or at least inflation, in the real economy) have failed to take hold in investor hearts and minds. Yes, we’re fully invested, but only because we have to be. To paraphrase the old saying about beauty, risk-taking is only skin deep for today’s investor, but risk-aversion goes clear to the bone. It’s also the root of our current advisor-investor malaise. De-risking a bull market is a very different animal than de-risking a bear market. And neither is the same as diversification.

 
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Which New World Order Are We Talking About?





Those of us who are libertarians have a tendency to speak frequently of “the New World Order.” When doing so, we tend to be a bit unclear as to what the New World Order is. Is it a cabal of the heads of the world’s governments, or just the heads of Western governments? Certainly bankers are included somewhere in the mix, but is it just the heads of the Federal Reserve and the IMF, or does it also include the heads of JPMorgan, Goldman Sachs, etc.? And how about the Rothschilds? And the Bundesbank—surely, they’re in there, too?

 
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The Math Doesn't Add Up





Oh, you didn’t notice that World War Three is underway, actually has been for more than year? Well, that’s because most of it has been taking place in the banking sector, which for most people is just an alternative universe of math. The catch, which many people either miss or don’t care about, is that the math doesn’t add up.

 
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Putin's Top Security Advisor: "Current US Approach Leads To Inevitable Confrontation With Russia And China"





The current US approach will lead to inevitable confrontation with Russia and China.... Beginning with the global financial crisis in 2008, the U.S. decided to recover at the expense of others, including with the help of military adventurism and the destruction of full governments, employing the theory of ‘managed chaos.'

 
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The Keys To The Gold Vaults At The New York Fed ‘Coin Bars’, ‘Melts’ And The Bundesbank





 

‘Coin bars’ is a bullion industry term referring to bars that were made by melting gold coins in a process that did not refine the gold nor remove the other metals or metal alloys that were in the coins. The molten metal was just recast directly into bar form. Because it’s a concept critical to the FRBNY stored gold, the concept of US Assay Office / Mint gold bar ‘Melts’ is also highlighted below. Melts are batches of gold bars, usually between 18 and 22 bars, that when produced, were stamped with a melt number and a fineness, but were weight-listed as one unit. The US Assay Office produced both 0.995 fine gold bars and coin bars as Melts. The gold bars in a Melt are usually stored together unless that melt has been ‘broken’.

 
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Apocalypse Now & Forever





The Super-bowl halftime show the best concise index of how psychotic American culture is becoming from year to year, and the 2015 version signaled a complete break from reality, a nightmare of twerking robots in a hall of mirrors, as if America had utterly surrendered its tattered soul to some rogue motherboard pulsing deep within Dr. Evil’s subterranean palace of sin. Hence it is the perfect analog for understanding otherwise incomprehensible happenings such as the USA’s role in fomenting further chaos and mayhem in Ukraine.

 
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Art Cashin On The Anniversary Of The Unsolved Murder Of A Banker With "Too Many Enemies"





On this day in 1955, the police were called to the five story, Fifth Avenue, mansion of Serge Rubenstein. There they found the corpse of the controversial 46 year-old "Financier." He had been strangled with a curtain cord. Rubenstein embodied in one man everything that would later be called "the sins of the eighties." He was greedy. He was flashy. He was a raider. His operations were shrouded in mystery and covered by dummy companies. And he used the press to exaggerate his wealth, so that he could bump up his credit with gullible bankers. He had been the guest of presidents and potentates. And through it all most folks thought he was a real slime ball. In covering his murder, Time magazine felt he had so many enemies that, with only a little tongue in cheek, Time congratulated the New York City police on having "....narrowed the list of suspects down to 10,000." It never got narrower.

 
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What Happens Next In Russia - A 6-Step Recipe For Western Disaster





In comparing pre-collapse USSR to Russia today, commentators and analysts showcase their ignorance. Recent events, such as the overthrow of the government in Ukraine, the secession of Crimea and its decision to join the Russian Federation, the subsequent military campaign against civilians in Eastern Ukraine, western sanctions against Russia, and, most recently, the attack on the ruble, have caused a certain phase transition to occur within Russian society, which, I believe, is very poorly, if at all, understood in the west. This lack of understanding puts Europe at a significant disadvantage in being able to negotiate an end to this crisis.

 
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Piketty Rejects Award: "It's Not Government's Role To Decide Honorability," Just Everything Else





The author of what Paul Krugman called "the most important economics book of the year - and maybe the decade," has turned down a prestigious award from the French government because, he does "not think it is the government's role to decide who is honorable." The irony of Thomas Piketty's revulsion at the Legion d'Honneur award is juxtaposed with his socialist epithets that government should decide everything else... like confiscatory taxes, big government, and, as Mish perfectly describes it, the "save the local bookstore mentality." Even more ironic though, Piketty's rejection of the award occurred on the same day that Hollande finbally gave up on his 75% supertax scheme (which has led to record unemployment).

 
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