New York Times
"When I was chairman, more than one legislator accused me and my colleagues on the Fed’s policy-setting Federal Open Market Committee of “throwing seniors under the bus” (to use the words of one senator) by keeping interest rates low. The legislators were concerned about retirees living off their savings and able to obtain only very low rates of return on those savings. I was concerned about those seniors as well."
- Ben Bernanke first blog post
In recent months, Facebook has been quietly holding talks with at least half a dozen media companies about hosting their content inside Facebook rather than making users tap a link to go to an external site. Given the enormity of what Facebook is trying to achieve - and since all of the leverage seems to reside with Facebook it is likely to succeed - this single company’s ability to control access to news and what is trending and deemed important by a huge section of humanity will be extraordinary.
As expected, the GOP is about to have a field day thanks to Hillary herself, whose actions have made her an easy comp to none other than than the most disgraced US president in recent history, Richard Nixon himself. From the Hill: Republican National Committee Chairman Reince Priebus blasted Hillary Clinton on Saturday for wiping her server and permanently deleting all emails. "Even Nixon didn't destroy the tapes," Priebus said in a statement.
Unless We Learn Our History, We're Doomed to Repeat It
The Sunlight is Fading … and America Is Falling Into Darkness
Did you know that the Russians have a massive underground complex in the Ural mountains that has been estimated to be approximately 400 square miles in size? In other words, it is roughly as big as the area inside the Washington D.C. beltway. Back in the 1990s, the Clinton administration was deeply concerned about the construction of this enormous complex deep inside Yamantau mountain, but they could never seem to get any straight answers from the Russians. The command center for this complex is rumored to be 3,000 feet directly straight down from the summit of this giant rock quartz mountain. And of course U.S. military officials will admit that there are dozens of other similar sites throughout Russia, although most of them are thought to be quite a bit smaller. But that is not all that the Russians have been up to.
- Germanwings Airbus crashes in France, 148 feared dead (Reuters)
- Greece promises list of reforms by Monday to unlock cash (Reuters)
- Merkel Points Tsipras Toward Deal With Greece’s Creditors (BBG)
- Banks Shift Bond Portfolios -Move to ‘held to maturity’ category aims to guard against rising rates, shield capital (WSJ)
- Beijing to Shut All Major Coal Power Plants to Cut Pollution (BBG)
- As Silence Falls on Chicago Trading Pits, a Working-Class Portal Also Closes (NYT)
- Oil below $56 as Saudi output near record, China activity slows (Reuters)
Krugman wants his US readers to believe that all proper economists now agree that cutting deficits was a bad mistake, and it’s only self-interested finance types and ideologically-motivated politicians and think-tankers that take a different view. But that’s nonsense. Just think about it: “Everyone agrees that austerity was a mistake”… apart from every government in Europe except the Greeks, and the economists and many of the civil servants that advise them. Krugman and his fan-club do not constitute all serious opinion, much as they might like to regard themselves that way. It’s all very nice sitting in a US university office preaching to the Europeans (or, indeed, preaching in the New York Times)
We begin to understand why the death of Ferguson, Mo, teen Michael Brown sent such shock waves through America last year. He truly symbolized our country: an overgrown, oafish, wannabe thug making one bad choice after another until his final, suicidal lurch against authority — followed by all the exculpatory lying on his behalf: the “gentle giant,” hands up, don’t shoot! This is exactly how America acts on the world stage these days. We are the Michael Brown among nations, high on exceptionalism, stoned on entitlement, swaggering moronically from one place to another grabbing what we feel like, smashing things up as we go.
Put together our 1% elections, the privatization of our government, the de-legitimization of Congress and the presidency, as well as the empowerment of the national security state and the U.S. military, and add in the demobilization of the American public (in the name of protecting us from terrorism), and you have something like a new ballgame.
The idea is that savings exceed investment, and that a negative real interest rate is required for bringing savings in line with investment. From the viewpoint of the Austrian school, the notion of a “negative equilibrium real interest rate” doesn’t make sense at all. To show this, let us develop the case step by step. To start with, one should make a distinction between two types of interest rates: There is the market interest rate, and there is the originary interest rate.
Presidents, Prime Ministers, Congressmen, Generals, Spooks, Soldiers and Police ADMIT to False Flag TerrorSubmitted by George Washington on 03/18/2015 13:33 -0400
Another Conspiracy "Theory" Admitted as Fact
Documented Corruption In Law Enforcement
Dr. Mark Skousen: I’ve Been Fighting a Battle Against these Ideas – the ‘Paradox of Thrift’ is a Myth (Sprott`s Thoughts)Submitted by Sprott Money on 03/18/2015 04:47 -0400
According to Austrian economists like Dr. Skousen, consumption and consumer spending are not the main drivers of economic growth. What really drives an economy are investments and innovation from businesses.
Here We Go Again: YouTube Clips Of Syrian "Chemical Attacks" Are Back - Meet The Man Behind The PropagandaSubmitted by Tyler Durden on 03/17/2015 09:19 -0400
US foreign policy is becoming so easy and predictable, even Derek Zoolander can do it.
Two weeks ago, when discussing the relentless attempts to provoke, or at least greenlight another quasi war with Syria's president Assad, we wrote "one can be confident that the ISIS "campaign" will continue and get ever closer to Damascus until yet another appropriately-framed YouTube clip appears and leads to another war with Assad." Moments ago Reuters reported that "a group monitoring the Syrian civil war said on Tuesday government forces carried out a poison gas attack that killed six people in the northwest, and medics posted videos of children suffering what they said was suffocation."