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Direct Challenge To Federal Reserve & Irish Central Bank Bubble Blowers: Recovery Or Parlor Tricks, Boom Or Bust
I was recently alerted to an article in Business Insider regarding a Twitter battle between Nasim Taleb and fellow academics, analysts and financial journalists. What caught my attention was:
- Taleb called out the academics for charlatans, which I felt was quite bold.
- Two, I agree with him
- One of the academics, who presided over the US bubble at the Fed AND the Irish banking bubble at the Central Bank of Ireland is also the guy whose proclamations are the antithesis of my recent Irish banking research, see
- As Forewarned, The Irish Savers Have Just Been "Cyprus'd", And There's MUCH MORE "Cyprusing" To Come
- What Should The US Do If One Of The Biggest Banks In Ireland Blatantly Defrauded US Investors?
- If I Provide Proof That The Entire Irish Banking System Is A Sham, Does It Set Up A Much Needed System Reboot? Let's Go For It...
I attempted to join the conversation, albeit a little late. See below...
Hey @nntaleb @jsphctrl @dsquareddigest @jsphctrl @lorcanrk @dsquareddigest let's chat, starting with boombustblog.com/blog/item/9067… real talk not BS
— ReggieMiddleton (@ReggieMiddleton) April 25, 2013
@nntaleb @jsphctrl @dsquareddigest @jsphctrl @lorcanrk @dsquareddigest challenge mighty PhDs w/lowly BA, my credentials boombustblog.com/reggie-in-the-…
— ReggieMiddleton (@ReggieMiddleton) April 25, 2013
@jsphctrl @dsquareddigest @jsphctrl @lorcanrk @dsquareddigest So, I join tag team match on @nntaleb side let's dance boombustblog.com/reggie-in-the-…
— ReggieMiddleton (@ReggieMiddleton) April 25, 2013
As you can see, nobody wanted to chat with me, so the following day (this morning), I decided to force the issue with a barage of facts. You know how facts tend to get in the way of a good Twitter flame war, don't you?
@nntaleb @jsphctrl @mandycnbc @sullycnbc @cnbc renown for Irish econ @whelankarl says Ireland rebound? Facts disagree boombustblog.com/blog/item/9046…
— ReggieMiddleton (@ReggieMiddleton) April 26, 2013
@nntaleb @jsphctrl @mandycnbc @sullycnbc @cnbc @whelankarl I ask MSM 2 FORCE TRACK RECORDS 2 FOREFRONT! not PhD but boombustblog.com/reggie-in-the-…
— ReggieMiddleton (@ReggieMiddleton) April 26, 2013
If media pundits and government/Central Bank consultants were gauged (and paid) based upon thier track records and successes, methinks this would be a better world to live in.
@nntaleb @jsphctrl @mandycnbc @sullycnbc @cnbc I respectfully challenge @whelankarl to address Irish banks reporting boombustblog.com/blog/item/9063…
— ReggieMiddleton (@ReggieMiddleton) April 26, 2013
@mandycnbc @sullycnbc @cnbc New Theme! Banks BURN as parlor tricks turn to fraud? ie. sloppy reporting, hide/sausage boombustblog.com/blog/item/9066…?
— ReggieMiddleton (@ReggieMiddleton) April 26, 2013
@whelankarl @nntaleb @jsphctrl @mandycnbc @sullycnbc @cnbc really wanted to debate academics vs reality so I guess I have to force the topic
— ReggieMiddleton (@ReggieMiddleton) April 26, 2013
@nntaleb @jsphctrl @mandycnbc @sullycnbc @cnbc all due respect @whelankarl track record=bursting bubbles everywhere! Fed pre .com, banks!
— ReggieMiddleton (@ReggieMiddleton) April 26, 2013
@nntaleb @jsphctrl @mandycnbc @sullycnbc @cnbc Re: @whelankarl it could be bad luck, but it appears academic leaning collides with prudence
— ReggieMiddleton (@ReggieMiddleton) April 26, 2013
@jsphctrl @mandycnbc @sullycnbc @cnbc debate @nntaleb & @whelankarl shows Taleb with an unassailable point, academics not=to being right!
— ReggieMiddleton (@ReggieMiddleton) April 26, 2013
@nntaleb @jsphctrl @mandycnbc @sullycnbc @cnbc If results carried more weight than degrees then @whelankarl claim of Ireland collapse market
— ReggieMiddleton (@ReggieMiddleton) April 26, 2013
@nntaleb @jsphctrl @mandycnbc @sullycnbc @cnbc @whelankarlI send these series of tweets with the utmost respect & don't intend to be rude
— ReggieMiddleton (@ReggieMiddleton) April 26, 2013
@nntaleb @jsphctrl @mandycnbc @sullycnbc @cnbc I respectfully challenge @whelankarl to address Irish banks reporting boombustblog.com/blog/item/9063…
— ReggieMiddleton (@ReggieMiddleton) April 26, 2013
@nntaleb @jsphctrl @mandycnbc @sullycnbc @cnbc since I was respectful+evidentiary, we assume silence=acquiescence on part of @whelankarl, ok
— ReggieMiddleton (@ReggieMiddleton) April 26, 2013
Well, I haven't heard back from the man thus far, so....
@nntaleb @jsphctrl @dsquareddigest @jsphctrl @lorcanrk @dsquareddigest nothing scream credentials better than results boombustblog.com/reggie-in-the-…
— ReggieMiddleton (@ReggieMiddleton) April 25, 2013
@nntaleb @jsphctrl @mandycnbc @sullycnbc @cnbc 1 more thing, respectfully challenge @whelankarl to address this video youtube.com/watch?v=7gwCdg…
— ReggieMiddleton (@ReggieMiddleton) April 26, 2013
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Why not just challenge the leader of the O'Bowel Movement to a debate, and Reggie, I believe you could even allow OBowel to use his teleprompter..........
Liars and cowards( trash democrat Socialists) just spew the lies (repeatedly) they never back them up.
I have no way of checking this out but someone is saying the banksters are supposed to attack the US with nukes on May 5th.
http://americanholocaustcoming.blogspot.com.au/2013/04/navy-seal-sniper-reveals-nwo-nuke-plan.html
Reggie is it time to short PEI now?
Wow - Reggie talking with that low voice and making sense. How dare you!
Say it ain't so, Reggie. I seen you on CNBC while I was working out. I think you were flogging your Google pick (no sound). Don't go over to the dark side.
You have to remember there are two kinds of economists. The kind that are paid to produce short term political outcomes, and the kind that are actually doing economics.
Of course the guys in high office are not doing any sort of economics at all. They are doing politics.
Reggie,
As Gates and Zuckerberg did not even complete an Associates at the local Community College, you are WAAaay overqualified to debate this shuckin' and duckin' Ass-Clown, Dr. Whelan.
Can you imagine his dissertation..??
@Cheyeene
It was all about making those false credit inflated assets real.
retail deposits should have become national equity tokens while the debts considered null and void. ...(As Ireland as a total unit still has massive value in a positive money envoirnment)
Reggie, that video at the bottom of your post does a great job explaining how FUBAR those Irish banks are. In it you mention you'll be releasing a list of similarly situated U.S. banks. When are you planning to do that?
Don't know any of the high and mighty within Dublin castles Imperial walls but I did not think Whelan worked for the Fed.
Thought you got him mixed up with this guy who I believe wielded far more influence.
http://www.nuigalway.ie/staff/alan_ahearne/index.html
He kissed Greenspans ring or something back in the day.
Heard him giving bad advice to Irish farmers one morning - telling them to believe in the power of machines rather then labour.
He never responded to my questions on the Irish economy blog at the time.
Junk economics that avoids debt and the costs of intermediate consumption caused by banks giving credit rather then national credit (not national debt which aherene likes so much) to build real long term capital.
http://www.rte.ie/radio/utils/radioplayer/rteradioweb.html#!rii=9%3A20124232%3A0%3A%3A (give it about 20 ~ seconds to start)
Reggie - listen to above crap , you will fucking love it
Now irish farming is in a epic intermediate consumption crisis..............
Listen Reggie.
The Irish state asked a Fed guy to come up with their monetary system back in the early days .......
Enough said really.
But if you look at European council documents they do not even refer to this sod as a republic - which is fair enough as it portrays reality on the ground here.
A real state would simply print real money or military fiat (not monetary double entry stuff that is not spent into the economy to maintain the previous claims on wealth ) to achieve real goals.
In the above interview he wants labour intensive thingies , but how can you do this within the Euro ? - it will always select the machines first.
Handling costs within a rail hub are too high within the Euro.
But fuel prices are also too high within the Euro............
It will destroy what little remains of Irish domestic primary and secondary industry.
A rail hub coming out of Waterford port with rail hubs / spurs in Cahir , Silvermines etc etc is needed.
"But we must remain competetive" ( which is code for extraction of labour value which has been used especially since we left the sterling peg in 1979 for the euro soviet)
PS
The growth he talks about in the above interview is really energy growth...............oil consumption has declined 34 % from max in 2005 to 2012 and its still falling.
You cannot have growth of the machines when their fuel / food is fucking gone.
You issue money into existence and you pay labour to reduce energy fucking consumption.
1 euro a ticket rail
insure that farmers get subsidised labour.
pay fork lift drivers to transfer stuff from truck to rail etc etc etc
You tax new private cars off the road or prevent free banks creating credit to buy BMW ireland cars (farmers cannot buy feed because the banks won't give them credit)
BMW are first up to destroy our energy ration.
One of the more colorful stories of the 90's speculative boom was of what we call here in the States "electrical co-ops." these are AWESOME businesses that supply dirt cheap electricity to small towns and small businesses "without all that corrupt political pay off pricing" that exists in the bulk of energy pricing in the USA. This story has to with a small Montana energy co op that had operated profitably for well over century "before Mr Wall Street arrive and said the big bucks were in telecommunication" thus saddling the tiny business with a mountain of debt and bankrupting the business within a year. Needless to say everyone lost their jobs, electrical rates soared and no one sat next to the guy and his wife in Church anymore. "the plan is always the same"...just bankrupt them by whatever means. Insodoing prices themselves remain usurious and the banker could care less about the interest rate. I really fail to understand what the politicians feel they are "bringing home to their constituents" when they create a bailout regime. ("pure hell" comes to mind though.) clearly We The People are not any safer as Boston has the biggest terror attack since 9/11 and "nobody really cares actually." anywho as was famously said in Apocalypse Now "one day son this war is gonna end." (meaning no...it never will. Ironically that one did actually. But this Clash of Civilizations thing is looking like it could last a century or more to me.)
http://www.businessinsider.com/nassim-taleb-lashes-out-on-twitter-2013-4#it-all-started-with-a-simple-generalization-as-twitter-conversations-often-do-1
As we say in Ireland – a mad laugh of a thing..
Talebs paper looks promising…..
Fragility defined ?
https://docs.google.com/viewer?pid=explorer&srcid=0B_31K_MP92hURjZxTkxUTFZnMVk&docid=6d0d22672412ae213208b9d127b6693e%7C2abc11c9d7a0c9e9ea5c49627c4d332a&a=bi&pagenumber=5&w=800
Actually one of the terrifying aspects of the 2008 collapse is not the collapse of industry in the USA (not hiring fer sure...but expanding massively courtesy of the Far East) but the collapse of agriculture. It will be interesting to see if the USA becomes a net importer of food soon. The irony that it would be happening in a place that has a billion acres of arable land is not lost on me. We have a massive food stamps program...my view is the Government should require all us based farmers to be enrolled in the program first to start getting as many Americans back in the agricultural business as soon as possible.
Reggie, if you ever arrange a debate with any of these guys it will sell out quicker then the UFC fights. I will grab a handful of ticket for front row, Reggie.
These guys dare not debate Reggie. It could be career ending. They debate other Phd's and stroke each other silly. I think that's along the lines of Reggie's point.
say it......."I'm not going to fall for the old banana in the tailpipe trick"
c'mon say it!!!!!!
reggie i dig your style. brass balls. do you hire people to start your car in the morning? honestly dood you got to be getting a shit ton of blowback. ala chinga amigo
Reggie,
You know we don't poke sharp sticks at the inmates in the hospital anymore, even
the criminally insane ones.
Going to have to call you Bedlam Reggie in future.
B.S., P.H.D. ....piled higher and deeper......with respect
Reggie. The Banks are still hiding huge losses. They are a law unto themselves. Soon Irrland will need another bail in and then we most definitely WILL BE GREECE ! As you pointed out Richie Boucher lied about the Capital in BOI but Wilbur insisted that he remain at the helm. A deal is a deal and he is now getting handsomely rewarded as the highest paid bank head in Ireland. To quote Sheakspeare " something rotten in the state of .........'
Reg - methinks you got a complex about no PHD. Who cares mate - you are one of the few shining lights in this whole shitfest. If you never went to college id still have no problem with your researsh - IT IS THOROUGH!
No complex at all, just a disdain for those who believe that PhDs mean something other than the amount of schooling that you received. I say we start making pundits to market!
PhD...Piled higher and Deeper
Ha! Then throw an undeserved Nobel prize in with a BS PHD, and you have a narcissist who thinks their shit don't stink- and is still totally clueless- or a shill.
Wrestling with pigs will get you nowhere. The instant I read the line where you were challenging them, my first thought was, "prepare to be ignored."
Sophists exist to provide sound bites to the masses dumb enough to latch onto them. They will never, EVAR, engage in any sort of debate that isn't merely more disinfo mixed in with ad homenim attacks. Given the Twittergasm you just put out, you've given them all the ammo they need (if they ever feel compelled to address you at all).
Most likely, the only result will be your lack of future CNBS appearances.
In other news, thanks for knocking that idiotic MonetaryMetals article off of the top of the page.
Reggie, you are a smart guy who likes data and you have access to data that I do not. I am curious, do you ever worry? about the possibility of a financial catastrophe that causes supply chains to break? http://www.investmentcontrarians.com/stock-market/u-s-pension-crisis-a-huge-obstacle-for-the-economy-2/1925/
And on the homefront:
http://dailybail.com/home/watch-elizabeth-warren-kicks-bank-regulators-ass.html