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Is Bernanke Preparing to Jump Ship?
The Fed meets today and tomorrow. The ECB meets on Thursday. Those will be the defining market forces for the next three trading sessions.
There is little if any point in trying to trade this week (at least until Thursday). The Fed is notorious for leaking info to the well-connected. The most recent “accidental” sending of a report a day early is just the latest example.
In simple terms, the market will be even more of an insider’s game today and tomorrow than usual. No point trying to open a new position in that window.
However, against this backdrop the big picture for the markets is growing worse and worse.
The US is almost assuredly back in recessionary territory. This is coming on the back of the weakest recovery (if you can call it that) in post-WWII history.
The Feds hide this economic nightmare by simply not counting those who are unemployed (lower the denominator in the fraction and your unemployment ratio falls), and by using bogus deflators in their GDP growth numbers (the current CPI is 2.1%... but the Feds calculated the first quarter GDP growth numbers use an inflationary measure of 1.2%).
Change your measurements and BOOM you’ve got a recovery. It works if you’re a Government bean counter trying to keep your job. It doesn’t work so well for everyone else.
However, there are clear signs we’re heading back into recessionary territory. I think the first quarter 2013 GDP growth print is the best we’ll see all year. And it’s very possibly things will get ugly before the year ends.
Speaking of which…
Ben Bernanke has announced he won’t be attending this year’s Jackson Hole meeting. A Jackson Hole meeting without the Fed Chairman is like having a performance of Hamlet without Hamlet himself in it. Why would the single most important Central Banker not attend one of the biggest economic meetings of the year?
He claims it’s due to scheduling conflicts. As if he didn’t know about this meeting in advance.
The fact is Bernanke is likely going to step down at the end of this term in January 2014... which means the markets will be losing one of their biggest props, the famed Bernanke Put.
God help whoever fills the role in the future. Assuming things hold together until next year (a BIG assumption) the new Fed Chairman will be inheriting one of the worst messes in history.
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Best Regards
Graham Summers
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No Bernanke at Jackson Hole? What a tragedy.
The next chairman of the federal reserve:
Paul Krugman.
Some enterprising photographer should snap a pic of Krugman sneaking in the back door at the meeting.
So the Bernank is going to pull a Greenspan and retire, passing the hopeless mess onto some sucker who it will collapse upon, just like "The Maestro," later better known as "The Moron" did. But, but, but, "I made a mistake in presuming that the self-interests of organizations, specifically banks and others, were such as that they were best capable of protecting their own shareholders and their equity in the firms." Not like there aren't entire books written on that topic many years prior to The Moron's epiphany!
The Moron should have paid attention to William K Black. Same for the Bernank.
Who will be Ben's bag man?
what will happen when the bernank quits?
here is a short history of the modern era of the fed. burns took martin's place in 1970. nixon went off the gold standard in1971. miller took burns place in 1978 at the cusp of stagflation.. volcker took miller's place in 1979 and crushed the economy with 18% interest rates. greenspan took over from volcker and the dollar was devalued by 40% over night instigating the first flash crash. bernank took over from greenspan in 2006 and the real estate bubble burst soon afterwards.
so what is in store for bernank's successor? the great reset?
I nominate Robert Rubin for new Chairman.
He started it, he should be left holding the baby when it poops all over him,.
I nominate Donald Duck - There all a bunch of quaks anyway!
If you want to get out of the mess you better ask Dagobert.
I can't tell if it's going to be Janet or not.
Straddle Suburus, Flannel shirts, U hauls and Diesel baseball hats.
i wonder what ben thinks? he must see a lot of this stuff. wm banzais visual combat. there he is at home, after a long day, pours himself a scotch, and thinks, i saved the world from economic collapse, and they hate my guts. i don't need this.
The Great Chairsatan is more than welcome to jump right into the infinite abyss...
Great Chairsatan = FVCK OFF
So what's Plan B then?
Yeh Bernank will pass the poison chalice onto some other immoral creep soon. As noted in posts earlier Janet Yellen is the trial balloon. Yellen is a committed socilaist from Berkeley. She would s ream at the term socilaist but Yellen stands committed to redistributive policies, high taxes, and absolutely moar printing. She is from that background.
However Yellen is merely the misdirection. As REPs protest vociferously, the Obama will pretend to stand firm, then "compromise" of course with someone else who is viewed with equal contempt, but perceived as not as much a printard.
Maybe he'll really just jump off a ship...
hope the fuck he doesn't forget his concrete boots!
Printer ink poisoning...
Like rats jumping ship alright. Many of them are realizing the show is over when they can no longer push the lies and false flag events onto the awakening world. As fast as these babylonians put out the tripe and extra ripe bovine excrement, the light shines to expose these lies and dis/mis-information. The truth is sustainable and will always be engraved in Stone. The lies and dis/mis-information is continuously morphing into a side street of distraction from the original focus. Here now are these two fairly recent truths that have come into the light.
Proof that all the money they spent on homeland defense is just a waste, because they have to go to isreal for protection.
Boston Bombing – DHS Contracted Security out to Israelis:
http://www.veteranstoday.com/2013/04/24/boston-bombing-dhs-contracted-se...
(Read the comments)
And now the really sad part of the latest revelations around the false flag drill in boston. These kids were trying to give up as the bloodthirsty boston police keep shooting at them. Little wonder these kids were being targeted with shoot on sight orders. This is darn tragic to know that in America, anyone can be singled out and framed like these youngsters were.
http://www.youtube.com/watch?v=UoRs72KACgU
Many others like the bernank are jumping ship because after all, EVERYBODY KNOWS!
http://www.youtube.com/watch?v=4gbgNVorou0
the ship is the oligarchy flag carrier; Bernanke is just the captain of the Titanic; who will be told to get off the ship into a lifeboat and whisked off to mainland... "thank you and now go work in academia or in a PE like General Petraus or John Major and earn your bonusssss...bye bye friend, like Tim who did his job as well."
The oligarchy loves ya!
Bernanke's replacement will be at Jackson Hole; he knows it, and his replacement knows it.
They may tip their hat by having the replacement make a statement and answer questions (about the summit, the economy, policy, etc. - NOT of who will be the next Banker Lackey in Chief).
Whoever it is will be a follow on identical to the Greenspan/Bernanke school; bail out banks/bankers & punish the average citizen, especially the responsible.
I am sticking with - His daughter is getting married.
... and the Chechens threatened the disrupt the wedding.
Obviously the only prudent course was to withdraw.
Just announced...another $44B of your hard earned buying down the interest rate and up the stawks in May:
http://www.newyorkfed.org/markets/tot_operation_schedule.html
If Ben Bernanke is Hamlet, I suppose the middle class is Ophelia. Scorned by Uncle Ben's policies and a pawn to all, madness followed by suicide ensues.
"... there's rue for you, and here's some for me; we may call it herb of grace o'Sundays; O, you must wear your rue with a difference."
I hear he is retiring because he has worn his fingers down to the knuckle hitting the ZERO button on his computer.
They need a new FED Chairman with some fingers left.
Not that it'll ever happen, but I'd like to see if he got the guts to call on Republican bluff and nominate Ron Paul for the chariman of the Fed.
Screw Ron Paul . . . Trillion dollar coins for all!
Jeremy Stein it may well be. He was appointed by Obam and will have an easier time getting through congress.
You will know the time has come when the new Federal Reserve chairman isn't a member of the tribe.
Hello? The market only loses the put if Bernanke's replacement isn't a dove. And if you believe his replacement will be anything but a dove, I've got a world class portfolio of bridges to sell you. The current test balloon is Janet Yellen. She's probably even more dovish than Ben. You can google the list of other frontrunners yourselves, but, again you won't find anything but doves on the list.
While many may suppose that the expiry of the "federal reserve" mandate this year is a mere co-incidence...
there are in truth very few accidents in the numerology of the cabbalist kind. One hundred years has been sufficient to bring the country to it's knees...and no extension of the mandate will be required. The dual-citiiZened denizens of the seats of corrupted power who you've hosted for so long will be bidding you adieu shortly...
and there's not much point in moaning about the missing silverware. All was announced far in advance, in accord with the laws of kleptocratic necromancy.
Exactly. The rules of kleptocratic necromancy state that the dickheads must tell us their intentions in advance, and it's "not their fault" if we are too dumb to figure it out (even if they stirred in a heaping helping of bullshit as an extender). And any form of non-total reistance gets marked into the universal matrix as free will acceptance.
you guys should write a Rodgers and Hammerstein type song n dance show; on how the world works to preconceived scripts like a Nostradamus prophecy, with an anointed villain wearing a K yellow star label hanging around his neck; a Iago type stereotype from Othello.
Me thinks a patsy is the works. Go long until the patsy is in place, then things will start happening rapidly.
Patsy name: Janet Yellen. NYT already floated the trial balloon. She stupid enough to take the job.
THE most surpirsing thing would be for Draghi and the Chair to crack this Humpty-Dumpty...but, trust me. they have their reasons...and those reasons are well-reasoned...!!
Here, Here, the man in the moon is....
Oh I think even larry summers, or ttttt..timmy will manage to find the print button. Being a primate is the only qualification for the fed chairmanship from now until the federal reserve system implodes.
"from now until the federal reserve system implodes."
Give it three years. By then the NatDebt will be $20T and the Euro will be ready to crater.
It's been rumored that he's not going to attend because the federal reserve it's finally going away. lmfao, yeah, ok....and I thought I had delusions of grandeur. I'm all for a good conspiracy theory, because a lot of them seem to have credibility, but the whole "Federal Reserve is going to be abolished to make room for the treasury to actually do their job for once and start backing our money with gold; commencing with the destruction of fiat frn's to be replaced with new treasury dollars" isa little bit too far out there.
The federal reserve isn't going anywhere but up and they surely aren't giving up the choke-hold they put into place oh so long ago. Although Aaron Russo's "Freedom To Fascism" may haves opened up some sleepy eyes, those in power, along with their militarized police force, will make sure the masses choke down moar medicine, willing or not.
tips@alexjones.com
Bernanke under Bush became under-Secretary of the Treasury, was required to go cabinet meetings, repeat their corporate media talking points, his tenure is really a bridge between the independent Fed and the transfer of Fed responsibilities to UST. the question remains how can they do this stuff inhouse without going off balance sheet, but after running a trillion dollar war off balance sheet, that isn't really an ideological problem. UST can back the currency with gold, but what gold? and a gold standard without redemption rights is no standard.
P.S. FUCK YOU BERNANKE! Please set an example for the rest of your criminal friends. When you go home tonight, after soaking in the tub from so much hard work, throw on some bloodhound gang, do the world and society as a whole a favor, and "lift your head up high and blow your brains out." It really is the only honorable thing you have left to do, and we could use the extra oxygen.
No big deal for the rest of the participants, unless there is an FBI terrorist drill scheduled during that time....
Obama would have the privilege of choosing the next Fed head but deep into his second term the GOP congress would likely give him plenty of fight. As long as the position is viewed as a friend of the encumbency then it shouldn't matter much. the GOP isn't ready to draw a line in the sand on this (claiming that Bernanke is a secret enabler of the endless debt ceiling charade - maybe they like the charade? it keeps them in the news - who cares if we really cut spending as long the public thinks we believe in it) who was the guy who ran second to Bernanke the first time around? was that Krugman?
Repubicans always talk a good game when not in power. But when they take power you get pronouncements like, "deficits don't matter". It happens Every time. What also happens every time is Right wingers wrap themselves in the flag and see no evil in there hero's. In 3...2...1... some winger will pop up and say, " well, democraps do it too". I laff.
In addition to his other munificent duties, obama will probably take the reigns of the Fed, too! Ha! Double-douche!
At this point Krugman is the only one that makes sense for the job
I heard Baghdad Bob is looking for a gig, he'd give krugman a run for taxpayers money.
"At this point Krugman is the only one that makes sense for the job"
I'd like to see Jim Cramer in there. That would be awesome.
Cramer running the FED on a dirty linoleum floor with a bottle of scotch in his hand is still better than Yellin.