This page has been archived and commenting is disabled.

How A Handful Of Unsupervised MIT Economists Run The World

Tyler Durden's picture




 

Ever get the feeling that the entire global economy is one big experiment conducted by several former Keynesian economists from MIT with a bent for central planning, who sit down in conspiratorial dark rooms in tiny Swiss cities and bet it all on green until they double down so much nobody even pays attention to the game? No? You should. Jon Hilsenrath, of all people, explains why.

From the WSJ:

Every two months, more than a dozen bankers meet here on Sunday evenings to talk and dine on the 18th floor of a cylindrical building looking out on the Rhine.

 

The dinner discussions on money and economics are more than academic. At the table are the chiefs of the world's biggest central banks, representing countries that annually produce more than $51 trillion of gross domestic product, three-quarters of the world's economic output.

 

Of late, these secret talks have focused on global economic troubles and the aggressive measures by central banks to manage their national economies. Since 2007, central banks have flooded the world financial system with more than $11 trillion. Faced with weak recoveries and Europe's churning economic problems, the effort has accelerated. The biggest central banks plan to pump billions more into government bonds, mortgages and business loans.

 

Their monetary strategy isn't found in standard textbooks. The central bankers are, in effect, conducting a high-stakes experiment, drawing in part on academic work by some of the men who studied and taught at the Massachusetts Institute of Technology in the 1970s and 1980s.

 

"Will history decide they did too little or too much? We don't know because it is still a work in progress," said Kenneth Rogoff, an economics professor at Harvard and co-author of a book, "This Time Is Different," examining financial crises over eight centuries. "They are taking risks because it is an experimental strategy."

 

Three of the world's most powerful central bankers launched their careers in a building known as "E52," home to the MIT economics department. Fed Chairman Ben Bernanke and ECB President Mario Draghi earned their Ph.D.s there in the late 1970s. Bank of England Governor Mervyn King taught briefly there in the 1980s, sharing an office with Mr. Bernanke.

 

Many economists emerged from MIT with a belief that government could help to smooth out economic downturns. Central banks play a particularly important role in this view, not only by setting interest rates but also by influencing public expectations through carefully worded statements.

 

While at MIT, the central bankers dreamed up mathematical models and discussed their ideas in seminar rooms and at cheap food joints in a rundown Boston-area neighborhood on the Charles River.

 

Over Sunday dinners in Basel, which often stretch to three hours, they now talk of pressing, real-world problems with authority. The meals are part of two-day meetings held six times a year at the BIS. Dinner guests include leaders of the Fed, ECB, Bank of England and Bank of Japan, as well as central bankers from India, China, Mexico, Brazil and a few other countries.

The same BIS, incidentally, which is an employer of "The People Bringing You Currency Manipulation On A Daily Basis" whom we described in April.

The role of the Bank for International Settlements has broadened since it was formed in 1930 to handle reparation payments imposed on Germany after World War I. In the 1970s, it became the center of discussions on bank capital rules. In the 1990s, it became the meeting place for central bankers to talk about the global economy.

It is also the place where the coordination of all the real trading these days: that conducted by central planners of course. Most importantly, it is responsible for perpetuating the status quo.

As for our unsung MIT heroes...

The 18-member group, formally known as the Economic Consultative Committee, has only once issued a public statement: a two-line missive in September, promising to look for solutions in interbank lending markets, responding to allegations that some private banks had conspired to manipulate the Libor interest rate.

 

On Mondays after the dinner, the bankers join a larger group of central bankers at a large round table on a lower floor of the BIS building, which is shaped like a rook chess piece. Staff members sit nearby at desks decorated in white leather.

...

The Bank of England's Mr. King leads the dinner discussions in a room decorated by the Swiss architectural firm Herzog & de Meuron, which designed the "Bird's Nest" stadium for the Beijing Olympics. The men have designated seats at a round table in a dining area scented by white orchids and framed by white walls, a black ceiling and panoramic views.

 

"It is a way in which people can talk completely privately," Mr. King said in an interview. "It is a big advantage if you have some feel for how central banks think about questions, what they're likely to do in the future if certain events were to occur."

 

Serious matters follow appetizers, wine and small talk, according to people familiar with the dinners. Mr. King typically asks his colleagues to talk about the outlook in their respective countries. Others ask follow-up questions. The gatherings yield no transcripts or minutes. No staff is allowed.

The punchline: a handful of people from MIT, deeply steeped in economic theory (not practice), the same people whose actions incidentally were responsible for the first great financial crisis, and who yield more power than any potenate in the history of the world - people who, as the ECB showed in the case of Berlusconi, can take down presidents and PMs with the flick of a switch, meet in private. No transcripts or buttlers are allowed.

In other words, they are accountable to absolutely nobody.

Which is to be expected: after all they are conducting the greatest experiment in monetary, geopolitical and social history. If they fail... when they fail, everyone loses.

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Wed, 12/12/2012 - 10:18 | 3055491 WhiteNight123129
WhiteNight123129's picture

Experimental? It is well know, ask students of history, they know very well what happened with the first 400 million of assignats, then second, and third and fourth etc... Nothing new here.

 

Wed, 12/12/2012 - 10:19 | 3055492 Antifederalist
Antifederalist's picture

"If they fail, when they fail, everyone loses"

Yes and no.

Holders of gold, silver and real assets may see a net gain. Certainly a relative gain.

Wed, 12/12/2012 - 10:33 | 3055555 northerngirl
northerngirl's picture

They will make owing any real asset illegal.  It's been done before with gold, they will just expand the scope next time. 

Wed, 12/12/2012 - 10:39 | 3055594 LawsofPhysics
LawsofPhysics's picture

Yes, and the "success" in enforcing such a decree will be the same as before.

Wed, 12/12/2012 - 10:44 | 3055624 toomanyfakecons...
toomanyfakeconservatives's picture

Bullshit... everything is illegal... so many unenforceable laws that exist on paper.

 

"They" are the ones going to the FEMA camps in chains and orange jumpsuits. Get with the program. Revolution is in the air and our fragile, illegitimate government is on it's last legs.

Wed, 12/12/2012 - 11:07 | 3055738 trav777
trav777's picture

Drugs have been illegal for a long time, which is why you can't find them anywhere.

Fed Court just struck down IL's CCP ban, btw....the nation is presently fragmenting and the Federal Courts are often nearly at each other's throats in terms of jurisprudence.  The States have had enough of the Feds as well and are increasingly passing their own laws in direct opposition to DC's edicts.

Wed, 12/12/2012 - 13:02 | 3056209 DaveyJones
DaveyJones's picture

now if they could just move that to a currency

Wed, 12/12/2012 - 21:02 | 3057954 Mike in GA
Mike in GA's picture

Good points all..."the nation is presently fragmenting..." describes perfectly the early fracturing leading to breakdown of the complex system known as our Federal Gov't.

Once begun, it's a safe bet the breakdown will be like cornering a wounded animal - unpredictable, violent and swift.

Wed, 12/12/2012 - 22:30 | 3058171 centerline
centerline's picture

You mean the cornered animal flips out and goes tazmanian devil on everyone?

I cornered a stray kitten once.  All cute and little.  The damn thing nearly shredded my hand once I grabbed it.  lol.

Wed, 12/12/2012 - 22:58 | 3058238 Mike in GA
Mike in GA's picture

LOL Yup, just like that.  Everything's cool until all of a sudden it isn't. 

Imagine worldwide chaos at the collapse of the world's reserve currency and largest economy.  Everbody acting like that kitten.  Ouch.

Wed, 12/12/2012 - 14:08 | 3056065 XitSam
XitSam's picture

No. The collapse of the economy will ensure a hard time for every regular citizen whether they own PMs or not. That they may be better of than the next poor schlub does not mean they won.

Edit: I phrased this to mean the opposite of what I wanted. Fixed now. Common people all lose.

Wed, 12/12/2012 - 10:20 | 3055493 LawsofPhysics
LawsofPhysics's picture

What an insult to true engineers who work in the real world.  ECONomics is not a science, it's a con game, pure and simple.  Does anyone really believe what these motherfuckers have "engineered" is a market that allows for true price discovery?

Hang ever single one in public and maybe, just maybe, market CONfidence will come roaring back.

Wed, 12/12/2012 - 10:40 | 3055607 WhiteNight123129
WhiteNight123129's picture

+2

Those guys are phony PhD. Fullartong advocated to put successful retired bankers and speculators in charge. To that extent the only central banker worth something was Armindo Fraga. It was a great move to put him at the central bank of Brazil back in 2002. This scared the shit out of the speculators on the other side, they knew that the other guy on the other side is tricky. Bernanke is bland and dull and easy to figure out. Fraga did the good old raise the rates to the moon to the defend the currency, 101 banking school principles and he restored the Real.

 

Wed, 12/12/2012 - 10:49 | 3055648 Enslavethechild...
EnslavethechildrenforBen's picture

ALL Bankers are TERRORIST'S. HANG EVERY SINGLE ONE OF THEM..

Wed, 12/12/2012 - 12:28 | 3056082 XitSam
XitSam's picture

A group of despised people regularly meeting at a known time and place. Sounds like a opportunity for someone that has nothing left to lose.

Wed, 12/12/2012 - 20:59 | 3057947 Dave Thomas
Dave Thomas's picture

Right after all when you engineer something, it actually has to work. Not just fool people.

 

Wed, 12/12/2012 - 10:49 | 3055649 Sean7k
Sean7k's picture

What an insult to your intelligence. Who's running the world? Mechanical engineers?

Economists. Bankers. Scientists that study the engineering of mankind. 

Hang 'em? Sure, but to deny their brilliance is sheer ignorance. 

The world is one of labor and lords. Wealth and debt. Predators and prey. Calling them names will not change their position nor their machinations one little bit. Average humans lack the education, will and resources to change the paradigm. Only nature is capable of bringing the sky down upon their heads. 

We have only the opportunity to temper their fascism with good decisions and real investment. To make our lives reasonable in the midst of slavery. 

Wed, 12/12/2012 - 11:23 | 3055812 LawsofPhysics
LawsofPhysics's picture

No shit, and when fraud becomes the status quo, possession becomes the law.  Sorry did you have a point?  Any real suggestions you have on capital/asset preservation would actually be useful.

Wed, 12/12/2012 - 11:38 | 3055873 JimBowie1958
JimBowie1958's picture

I dont think his intent was to make suggestions so much as to share observations from which the suggestions naturally come to a thinking person all of their own obviousness.

Hang the bastards high and let the crows remove them.

Wed, 12/12/2012 - 13:08 | 3056225 DaveyJones
DaveyJones's picture

most empires' banking and finance arena ballons before the empire collapses

Wed, 12/12/2012 - 11:23 | 3055814 A82EBA
A82EBA's picture

plus 10 for you sir

Wed, 12/12/2012 - 11:18 | 3055774 crusty curmudgeon
crusty curmudgeon's picture

Economics may not be a hard science, but it is a science--and a very important one at that.  Indeed, it underlies every political issue there is.  And at its most fundamental basis, it is what allows us to separate free men from slaves.  Either men own the fruits of their labors or they do not.

It is what passes for economics that is the con game. 

Fixed.

Wed, 12/12/2012 - 12:39 | 3056120 centerline
centerline's picture

Social science.  And one that is constantly evolving as well.

What is taught and practiced is closer to dogma though... and stale.

Wed, 12/12/2012 - 13:51 | 3056443 crusty curmudgeon
crusty curmudgeon's picture

Those who shrug off economics as unimportant do so at their peril.

The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed, the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually slaves of some defunct economist. John M. Keynes (The General Theory of Employment, Interest, and Money)

Wed, 12/12/2012 - 22:39 | 3058189 centerline
centerline's picture

Agreed.  Just in case my point was not clear, mislabeling or misrepresenting something is quite dangerous.  Selling economics as a pure science akin to physics or chemistry is suicide.  Likewise, treating economics like it is some sort of orthodox religion is equally suicidal.

Furthermore, I purport that most economists are sorely lacking in both the social AND the science backgrounds to be anything less than dangerous in any position of signficant influence - because, for too long the profession has been sold like it is some sort of holy gospel.

A few, like those mentioned here, are bit more scary.  These are some smart cookies who have an inside edge on how things really work.  Alot of good or alot of evil can enimate from that sort of knowledge when put in a position power.  As much as any nuclear scientist.

Wed, 12/12/2012 - 20:04 | 3057810 TheFourthStooge-ing
TheFourthStooge-ing's picture

Economics is to science as medieval barbering is to medical care.

"There's nothing wrong with the [patient|economy] that a little more [bloodletting|debt] won't cure."

Wed, 12/12/2012 - 19:19 | 3057696 hooligan2009
hooligan2009's picture

economics is an art not a science...

 

http://thepopulation.com/detail.php?PostID=159&PostCategory=5

Wed, 12/12/2012 - 10:35 | 3055497 Bicycle Repairman
Bicycle Repairman's picture

When I meet someone from MIT I am reminded of what George Carlin said"

"...people who are just smart enough to run the machines and do the paperwork. And just dumb enough to passively accept all these increasingly shitty jobs with the lower pay, the longer hours, the reduced benefits,..."

No common sense.  A beautifully programmed mind.

Wed, 12/12/2012 - 10:47 | 3055637 SoNH80
SoNH80's picture

Not all.  One friend went there (mechanical engineering), was put to work at General Lockheed McDonnell-Boeing Dynamics desiging plastic mines or some such thing for the Viet Nam war.  He quit, and has worked as an expert machinist in the woods for 40 years.  Never regretted it.

It's a good place, MIT, but harnessing their work for the good is the challenge.  The best college course I ever had was with an MIT visiting econ professor--but she was a former Western Electric assembly line employee, not a nerd with a pocket protector.  Cue Van Halen's "Hot For Teacher..."-- she could plot a curve with me ANYTIME... (sigh) School Daze...

Wed, 12/12/2012 - 10:19 | 3055498 EscapeKey
EscapeKey's picture

“[T]he powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent private meetings and conferences. The apex of the system was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world’s central banks which were themselves private corporations.”

Carroll Quigley; "Tragedy and Hope"

Wed, 12/12/2012 - 10:44 | 3055619 bunnyswanson
bunnyswanson's picture

It is amazing, isn't it?  The havoc and chaos this group of men have bestowed upon the planet in order to control the money supply.  And they do not stop.  Their success is our failure.  These sheltered little bankering minds, seemingly spared from the visual assaults of the struggle now called a life of the common man, have miscalculated and will be imprisoned, confiscated wealth returned and their "financial system" left in ruins before in under a decade.  

 

Yes fed up middle class human beings with a new lease on life will make this unfold.  The 5 stages of loss

denial, bargaining, anger, despair and acceptance - and then, which Americans are EXPERTS AT, solutions.

http://www.alexaobrien.com/secondsight/ndaa_hedges_et/ndaa_letter_to_my_friends_and_family.html

In The Meantime, Mutherfuckers, help this young journalist in link above who exuberantly and with good intentions began a crusade and is now one of the first victims of aforementioned orgasmless dicks, held in detention without charge for trying to stop what started all this - big money interests in politics.

 

 

Wed, 12/12/2012 - 12:35 | 3056106 NotApplicable
NotApplicable's picture

You could distribute that quote along with all the things Bill Clinton's said about him being such a major influence on him to every person in the country, yet it still wouldn't stop Hillary's ascension next selection.

Wed, 12/12/2012 - 10:20 | 3055500 zilverreiger
zilverreiger's picture

The Jews Dunnit

Wed, 12/12/2012 - 10:30 | 3055541 helping_friendl...
helping_friendly_book's picture

exactly

+1000

Wed, 12/12/2012 - 10:20 | 3055502 Jayda1850
Jayda1850's picture

A nice list of those who should be hanged in the street first for all the suffering they continue to cause through their arrogance that complex systems can be centrally planned and that economics is science with exact equations and formulas. Sadly, it is this belief, that economics follows set and certain rules and is therefore predictable, will be the downfall of us all. Fuck the whole lot of them.

Wed, 12/12/2012 - 10:40 | 3055602 Dr. Engali
Dr. Engali's picture

I respectfully disagree. They will never be forced to pay for the consequences of their actions. The people of the world are being effectivelly divided agaist each other so we don't focus on them. If there is any doubt...I give you Lancing Michigan.

Wed, 12/12/2012 - 12:41 | 3056133 NotApplicable
NotApplicable's picture

Yet not once has their been a single terrorist attack directed at the true rulers of the world. Funny how all of these terrorists can't manage to locate real targets of value, but rather, always go after targets that only serve to create public outrage against them and their cause.

It's almost as if someone were engaging in false-flags...

 

Wed, 12/12/2012 - 10:21 | 3055504 chinaboy
chinaboy's picture

Can MIT put their "money printing 101" course online so we can understand how this monkey business does not hurt the real economy?

Wed, 12/12/2012 - 10:22 | 3055506 SheepDog-One
SheepDog-One's picture

Really sick world. 

Oh wait, I almost forgot...FUCK U BERNANK!

Wed, 12/12/2012 - 10:22 | 3055507 azengrcat
azengrcat's picture

If the Bernank was so smart why did he have to refinance his house? I guess he didn't factor the housing bubble he created and the subsequent QE++ infinite loop. I ain't listening to some wizard that was upside down on his house and is trying to re inflate his Princeton Pension LOL.

Wed, 12/12/2012 - 10:24 | 3055515 fonzannoon
fonzannoon's picture

He refi's his house so that he can relate to the common man. It's all part of the pretty portrait. NOW STOP QUESTIONING IT.

Wed, 12/12/2012 - 13:37 | 3056359 Diogenes
Diogenes's picture

He refi'd his house @ 2 1/2% (0% after inflation plus he gets a tax deduction) to buy more gold.

Wed, 12/12/2012 - 10:23 | 3055509 semperfi
semperfi's picture

Marxist Institute of Tyranny ?

Wed, 12/12/2012 - 10:40 | 3055596 GetZeeGold
GetZeeGold's picture

 

 

Oh.....that MIT.

Wed, 12/12/2012 - 10:43 | 3055511 scatterbrains
scatterbrains's picture

This guy Stanley Fischer, he must be hell bent on stopping Iran from using gold as money I would imagine.

Wed, 12/12/2012 - 10:24 | 3055514 thesecondslowes...
thesecondslowestantelope's picture

Where did the guys from the Canadian Central bank go?

Wed, 12/12/2012 - 10:25 | 3055522 marginview
marginview's picture

Bernanke's model wasn't working too well when it told him that the housing downing wouldn't spread to the broader economy. Let's hope the adjusments he made to the forumla justify his confidence.

Wed, 12/12/2012 - 10:27 | 3055525 mess nonster
mess nonster's picture

The money and the juice go together.

 

Wed, 12/12/2012 - 10:28 | 3055528 Village Smithy
Village Smithy's picture

The decline of every great enterprise in the last century has begun with meetings like these. A bunch of pompous old white guys sitting around smoking expensive cigars and patting themselves on the back congratulating themselves for being "so fucking awesome".

Wed, 12/12/2012 - 19:12 | 3057679 hooligan2009
hooligan2009's picture

i almost thought you were talking about bloggers...but then i put my cigar out :)

Wed, 12/12/2012 - 10:28 | 3055531 Chupacabra-322
Chupacabra-322's picture

CRIMINALS which make up the Global Crime Syndicate.  The Criminals need to be rouded up, arrested, tried, convicted, hung upside down in public and have their throats slit.  My hypothetical wet dream.

Wed, 12/12/2012 - 10:39 | 3055595 toomanyfakecons...
toomanyfakeconservatives's picture

It's not a wet dream. It's about honor and love of country more than money for some highly motivated and patriotic Americans. The U.S. military and U.S. Marshalls will soon do their job and arrest them all... http://www.youtube.com/watch?feature=player_detailpage&v=4s24QXWdo6o#t=3855s

Wed, 12/12/2012 - 16:54 | 3057221 Cathartes Aura
Cathartes Aura's picture

how soon is now?

Wed, 12/12/2012 - 10:28 | 3055533 mayhem_korner
mayhem_korner's picture

 

 

I used to work with - and still keep in touch with - a number of MIT-ers (and LSOE, Stanford, Chicago, and Fuqua grads) who effectively rejected the ideologically-skewed economic theory and modelling they were taught.  Very bright people who saw through the smoke and persistently challenged the meme - especially the quantitative stuff where the equations were mired with inconsistencies and inexplicable residuals (QF people will know what I mean).  So they (and I) made a living in the "underground" working with execs that wanted to understand how to navigate the imposed but faulty monetary and economic systems.  When you work in that "counterculture", you realize that you are up against an incredible mass of mis-information and campaigning - ultimately to defend both the flawed economic system and the flawed higher-education system that feeds it.

The question I'm always left with is how can people so capable of decomposing complex math/logic questions be so inept at seeing the faults in the underlying premise?  How can they be so "smart" and yet so "stupid."

My rant is done.

Wed, 12/12/2012 - 10:35 | 3055569 piliage
piliage's picture

>How can they be so "smart" and yet so "stupid."

For the same reason they can let people starve in Greece chasing a 50% internal deflation rather than simply let their Euro experiment stop and do the right thing and let PIIGS devalue. Ideology is blind, and the state is more important than the individual.

The US, until post WWII, had the opposite philosophy, the individual was more important than the state. Those days are LONG gone.

 

 

Wed, 12/12/2012 - 10:43 | 3055620 Tsar Pointless
Tsar Pointless's picture

The US, until post WWII, had the opposite philosophy, the individual was more important than the state.

Really?

Let's take a trip back through time and ask slaves in the 1850s what they think about that assertion.

Or those people who inhabited the land we violently conquered and named the United States of America. Let's go and ask them.

Wed, 12/12/2012 - 10:58 | 3055694 Lebensphilosoph
Lebensphilosoph's picture

White guilt anyone? Slaves weren't citizens and their enslavement was not due to statism. Nor was it so in the case of 'those people', the defeat of whom, I might add, was nothing new or unique in the history of the world. If your ancestors hadn't fought, killed, conquered and pillaged for the benefit of themselves and their own people you wouldn't even be standing here to blather your oh-so cliche moralising blather like the intellectual parrot you are.

Wed, 12/12/2012 - 11:04 | 3055721 Tsar Pointless
Tsar Pointless's picture

Wrong, you goddamn idiot.

Slaves were "3/5" citizens. Or at leas that's what the white supremacists who ran this country back then saw them as being.

"White guilt" is a term invented by those who still hang onto the idea of the white people being the superior race.

And, I wouldn't mind not being here in return for the useless, wanton slaughter of people who did nothing wrong but be born with a "less inferior" skin color.

Ass.

Wed, 12/12/2012 - 11:27 | 3055833 mayhem_korner
mayhem_korner's picture

 

 

Like so many, you misunderstand the "3/5 citizens" issue.  It was not to discount the worth of the slaves (the fact that they were slaves had, sadly, already done that).  The 3/5ths citizen was put in to dilute the apportionment of representation by slave owners.  If the owners' slave count was included 100%, then those owners with the largest slave holdings would have the greatest voice in the lawmaking process.  The sponsors of the 3/5ths language did not want that.

So...believe it or not, the 3/5ths law was anti-slavery in its intent.  It is misconstrued as something attached to the slaves themselves, which it wasn't.  It was attached to the slave owners.

Wed, 12/12/2012 - 11:45 | 3055902 dscott8186
dscott8186's picture

Spare us the faux self righteousness of your low self worth seeking some long past sin to rail over.  

Instead of railing against a country that repudiated slavery over a hundred years ago, why not actually be against a country that legalizes it today?  No, why not? Search your own empty soul.

Human Rights Day Marred by Election of Slave-holding Mauritania as VP of UN Human Rights Council

http://www.canadafreepress.com/index.php/article/51661

UN Watch condemned today’s election of Mauritania, a country that allows 800,000 of its citizens to live as slaves, as Vice-President of the UN Human Rights Council.

Why aren't you libs condemning the UN for its utter hypocrisy?  Like with Obama's incompetence, you avert your eyes believing the ends justify the means thus supporting the very odious things you condemn.

Now as to the 3/5ths comment, obviously you know very little of US history other than the glib one liners.  For what it's worth, I agree that the people who formed the US considered it's formation of higher priority than of slavery.  For this they should be faulted, however, in context the 3/5ths personhood for slaves was a compromise the North allowed to bring in the Southern States to form the union. Were it up to the Northern States at the time, slaves would have NOT been counted AT ALL. The Southern States wanted the slaves to be counted equally to free people.  The whole 3/5ths issue was about representation in Congress not the individual value of a human being.  I suppose that understanding is lost on self righteous people like yourself.  Just as it is lost to you that black people sold black people to the white slavers who brought them to the New World.  But then people like yourself typically ignore the millions murdered under Socialism and Communism.  It's all a part of your trendy empty faux self righteousness.

Wed, 12/12/2012 - 11:30 | 3055843 Vooter
Vooter's picture

"White guilt anyone?"

Yeah, white guilt--as in WHITES are GUILTY of enslaving black Africans and of intentionally wiping out most of the North American indigenous population. What are you, fucking stupid? LOL..at least have the balls to own it, you coward (and yes, I'm white).

"...the defeat of whom, I might add, was nothing new or unique in the history of the world..."

Well, there's nothing new about murder, rape and robbery, either--but they still put people in prison for it. What's your point? That everyone should just ignore it because it always happens? LOL...how convenient for you. I think you may be the most intellectually lazy human being on the face of the Earth, or at least on these boards...

Wed, 12/12/2012 - 11:39 | 3055880 mayhem_korner
mayhem_korner's picture

 

 

So because you are white, you "own" the misdeeds of other, prior generations simply because they, too, were white?  Does that mean that the NY Jets are the Super Bowl Champions because of what Namath did in 1968?  Where's your logic, bub?

Wed, 12/12/2012 - 11:55 | 3055944 Vooter
Vooter's picture

You "own" it by admitting that it happened, that it was a crime, and that it can't be sloughed off by lazy, facile excuses like "white guilt." If I point out that white people lynched lots of innocent black people during Reconstruction (and well beyond), does that mean I'm exhibiting white guilt, or does it mean that I'm stating a fact? "White guilt" simply means "Please stop mentioning an inconvenient and unpleasant truth."

Wed, 12/12/2012 - 13:28 | 3056313 dscott8186
dscott8186's picture

Since when are the children guilty of the sins of the fathers?  But thanks for playing because you just admitted that you are a racist bigot precisely because you accuse the current generation of wrong doing because of their great, great, great grandfathers.  You are doing exactly what all bigots do, assigning bad motives and inferiority because of someone's genetic heritage.  

How inconvenient was that unpleasant truth?  So much for your empty self serving faux moral superiority.  You are exactly what you hate, a bigot.  In other words, you demonstrate you hate yourself by projecting your hatred on others.

Wed, 12/12/2012 - 17:09 | 3057276 Cathartes Aura
Cathartes Aura's picture

the poster you berate said quite clearly in his post that acknowledging what history shows is the aim, not obfuscating the narrative with "white guilt" nonsense - merely nodding to the records.  if we don't acknowledge what apparently happened, then of course things cannot "change" going forward, and the game is perpetuated.

if we cannot acknowledge what the pictures and stats in the OP have in common, and what those who meet in closed rooms to discuss the global webbed system that is capturing us all have in common, even at the fringes - then how can we eradicate that same system? 

and of course, "we" won't.  but some of us can see the obvious patterns, and some of us might strive to protect ourselves and those we care for, against the obvious predators.

the same ones who have history of these actions, acknowledged.

Wed, 12/12/2012 - 13:45 | 3056412 Diogenes
Diogenes's picture

You've got it backwards. Slavery was normal. Conquest and plunder were normal. Read any good book of history, or even your Bible. You will find slavery was normal and accepted all over the world, for thousands of years, and was never questioned. Then, for the first time, certain European thinkers dared to say that slavery was wrong.

Old white men were the first people in the history of the world to do something to END slavery. They largely succeeded. Today, slavery is only practiced in the most backward parts of the world, by Muslims and brown and black people.

Wed, 12/12/2012 - 14:58 | 3056742 Jugdish
Jugdish's picture

Diogenes: I agree with the first part of your post but we need to be realistic about the second part. Two-thirds or more of the 6 billion people on the planet live today as slaves. Maybe that seems relativist but if you work in a sweatshop for a dollar a day you are a slave. If you work at Mcdonalds for minimum wage you are a slave. You will never own anything and your prospects for ever owning anything are far off if ever in your future. The fact that the blacks were freed in the south in 1863-65 means very little. Like everything legal, it's just a play on words. Slavery is very much alive, a more corporatized-humane form, more psychological in nature than physical perhaps.

Wed, 12/12/2012 - 17:14 | 3057308 Cathartes Aura
Cathartes Aura's picture

perhaps we can come to understand "corporations" as a form of slavery, given how they've evolved and the under-lying control they appear to wield over nationstates.

what is the history of corporations?  where do they originate?

Wed, 12/12/2012 - 19:54 | 3057782 tip e. canoe
tip e. canoe's picture

From Rome, the trail of the corporate form becomes easier to track, leading, as with many Roman institutions, into the formation and development of the Catholic Church. The dean of English law, Blackstone, shows us the way, pointing to the Roman, “corporations of trade, the universitates, which form then became the basis for the ecclesiastical system.” Indeed, scholars have identified the use of the corporate form in almost every aspect of the development of the Roman Catholic Church, including the monasteries, convents, cathedrals, universities, and, significantly, the military-colonial orders that formed the basis for the Crusades. And while the modern corporation may also have had certain origins in Jewish law, a limited inquiry seems to suggest that the very idea of the corporation was anathema to early Islamic law.

https://www.movetoamend.org/essence-corporation

Wed, 12/12/2012 - 20:35 | 3057887 Cathartes Aura
Cathartes Aura's picture

uh huh.

so it looks more like the dudes in the picture?

and less like the people being murdered in the new crew-sades?

just trying to line up my ducks.

Wed, 12/12/2012 - 23:35 | 3058319 tip e. canoe
tip e. canoe's picture

maybe it's deeper than duck skin?

Wed, 12/12/2012 - 11:09 | 3055746 Umh
Umh's picture

Neither of those groups were "people" then.

Wed, 12/12/2012 - 11:21 | 3055795 piliage
piliage's picture

OK. For the sake of argument, slavery was enforced by states rights, exercised by individuals more often than not at the state or territorial level (certainly in the case of slavery). It was the lack of centralized federal authority that let slavery continue.

Wed, 12/12/2012 - 13:26 | 3056311 piliage
piliage's picture

Yes, that's right. I said I'd rather have states rights than a bloated central government. It's called accountability, and it may lead to stupid shit being done locally. Oh well, down arrow for individual liberty, for fuck's sake some people are begging to be treated like the gimp in pulp fiction by the government...

 

 

Wed, 12/12/2012 - 12:10 | 3055997 Colonial Intent
Colonial Intent's picture

The question I'm always left with is how can people so capable of decomposing complex math/logic questions be so inept at seeing the faults in the underlying premise?

It's called cognotive dissonance.

Wed, 12/12/2012 - 13:00 | 3056203 Pareto
Pareto's picture

Greed, and unaccountable greed, evidently, is good.  As someone already noted, that greed will drive the economy into the fucking ground.  And the experimental pinheads who thought that they could count the number of fairies that dance on the head of a pin will quietly disappear into the night.

Wed, 12/12/2012 - 17:15 | 3057317 Cathartes Aura
Cathartes Aura's picture

greed, and power over.

fist in glove.

Wed, 12/12/2012 - 10:30 | 3055538 Cursive
Cursive's picture

Would self-respecting people let a secret society of private bankers control the national money supply?  The answer is no, but Americans, for all of our false bravado and faux freedom-loving, are not a self-respecting people.

Wed, 12/12/2012 - 10:38 | 3055587 Tsar Pointless
Tsar Pointless's picture

Right-o.

+Infinity

Amerikkkans have no respect for themselves, or their "culture". No shock that they have no respect for others or their cultures.

They hate themselves. It stands to reason, they hate everyone else.

And, yes, I know I live in Amerikkka. I just don't consider myself to be Amerikkkan.

Wed, 12/12/2012 - 10:31 | 3055545 piliage
piliage's picture

How badly have these guys fucked up the markets? Germany announces today they are dropping back into recession and industrial output is circling the drain, and the DAX rallies half a percent on the hopes of more free money from the Bernanke.

Can we practice forced sterilization on these assholes?

 

 

Wed, 12/12/2012 - 10:30 | 3055546 buzzsaw99
buzzsaw99's picture

god will kill all but 144k

Wed, 12/12/2012 - 10:35 | 3055579 mayhem_korner
mayhem_korner's picture

 

 

Negative.  You need to read the next verse of that chapter, BS.  It's Revelation 7:9, btw...

Wed, 12/12/2012 - 10:39 | 3055593 buzzsaw99
buzzsaw99's picture

the vast majority end up in hell that's all i know for certain. that surely includes ALL joos, bankers, and billionaires ;)

Wed, 12/12/2012 - 11:36 | 3055861 mayhem_korner
mayhem_korner's picture

 

 

No one ends up anywhere based on what they "do".  And you and I are no different than "bankers" and "billionaires".  There is no difference (Rom 3:23).

Wed, 12/12/2012 - 10:33 | 3055558 proLiberty
proLiberty's picture

And the moral framework of the operative economic theory is that government owns the citizen, if not literally than at least to the extent it has the power to manipulate the value of the money he holds, the power to tax away his assets and all future income, and the power to manipulate the time value of the money it forces him to use.   In a different context these people would be dangerous pirates who were hardly worthy of the Hellfire missile we would happily launch at them the next time they huddled to plan their next attack on our wealth and prosperity.

 

 

Wed, 12/12/2012 - 10:33 | 3055562 orangedrinkandchips
orangedrinkandchips's picture

No matter how much money they have, they die the same way we all do!!!

 

 

Wed, 12/12/2012 - 10:35 | 3055574 buzzsaw99
buzzsaw99's picture

thanks, that cheered me up :)

Wed, 12/12/2012 - 10:34 | 3055563 MajorWoody
MajorWoody's picture

Oh and the Chicago school of IMF is soooo much better, puh-leeze

 

Wed, 12/12/2012 - 10:36 | 3055572 toomanyfakecons...
toomanyfakeconservatives's picture

MIT (and Harvard among others)... educating and empowering enemies of the Constitution for the longest time.

Wed, 12/12/2012 - 10:36 | 3055582 PUD
PUD's picture

MARKETWATCH...U.S. stocks rise on thoughts of Fed move ahead

FROM "HOPE" TO "THOUGHTS"

SOON IT WILL READ "STOCKS RISE ON HOPE OF THOUGHTS"

Wed, 12/12/2012 - 10:39 | 3055591 Tsar Pointless
Tsar Pointless's picture

You got a click on the green arrow from me.

Now that's fucking funny.

Wed, 12/12/2012 - 10:38 | 3055588 riphowardkatz
riphowardkatz's picture

Say what you will

"
Bernanke Critics Can’t Fight Bonds Showing No Inflation"

http://www.bloomberg.com/news/2012-12-12/bernanke-critics-can-t-fight-bo...

Wed, 12/12/2012 - 10:46 | 3055601 piliage
piliage's picture

Ask the Chinese and those in the west on a fixed income having to spend most of their disposable cash on food how there is currently 'no inflation'.

http://www.thepeoplehistory.com/pricebasket.html

Our real world Price basket of goods shows an increase of over 45% from May 2008 to September 2012 far above published inflation figures.

 

 

 

Wed, 12/12/2012 - 10:40 | 3055598 janchup
janchup's picture

I feel better. They are all so smart.

Wed, 12/12/2012 - 10:51 | 3055644 Tuco Benedicto ...
Tuco Benedicto Pacifico Juan Maria Ramirez's picture

These guys are all puppets.  Overeducated globalist puppets who renounced their U. S. citizenship when they started performing fillacio on the Rothchilds and the rest of the demonati!

Tuco

Wed, 12/12/2012 - 10:40 | 3055604 holdbuysell
holdbuysell's picture

Good article.

The BIS being the central banks' bank, I'm surprised that so little is mentioned about it (or perhaps I shouldn't be in retrospect). Someone posted this link here before, which is an intro to what it is.

http://www.bibliotecapleyades.net/sociopolitica/sociopol_globalbanking04...

Wed, 12/12/2012 - 10:43 | 3055617 dcj98gst
dcj98gst's picture

Market watch wants you to ask Bernanke a question.  See here:

 

http://www.marketwatch.com/story/whats-your-question-for-ben-bernanke-20...

 

Mine was the following:

When the current bond bubble bursts and the american economy is destroyed, what color would you like your jail cell to be painted?  Believe me you will want to be there.  The citizens will want your head on a stick

 

Wed, 12/12/2012 - 10:43 | 3055618 negative rates
negative rates's picture

I think they meant to say "run the world, into the ground." It's the cold hard truth.

Wed, 12/12/2012 - 10:46 | 3055621 Rose_Colored_Glasses
Rose_Colored_Glasses's picture

reads like a Ian Fleming novel - is bernanke Blofeld?

Wed, 12/12/2012 - 10:47 | 3055631 caShOnlY
caShOnlY's picture

A Handful Of Unsupervised MIT Economists Run The World

..... and one drone floating nobel peace prize winner.

Wed, 12/12/2012 - 12:01 | 3055973 Colonial Intent
Colonial Intent's picture

Obama runs the world?

In your dreams maybe.

 

Wed, 12/12/2012 - 14:56 | 3056731 koncaswatch
koncaswatch's picture

O is our present day "enforcer" (US military)  for ....

Wed, 12/12/2012 - 10:47 | 3055636 Lebensphilosoph
Lebensphilosoph's picture

Hmmm ...  those last names ...

 

Bernanke ... Fischer ... Kamin ... Stein ...

 

I think I'm seeing a pattern here, but I just can't put my finger on what it is.

Wed, 12/12/2012 - 11:25 | 3055813 buzzsaw99
buzzsaw99's picture

zh explicitly points out they are from mit but merely alludes to the obvious. LMAO!

Wed, 12/12/2012 - 11:47 | 3055910 falak pema
falak pema's picture

mit = mutually interested tribe. But not necessarily one that adorns the kippa!

Tribes come in all shapes and sizes and display all blends of pungent creed; including a penchant for cosy, rancid apartheid, like for mildew grapevine of white anglo saxon protestant concoction.

Makes for toxic wine, I'll grant u that! 

Wed, 12/12/2012 - 10:49 | 3055651 MyBrothersKeeper
MyBrothersKeeper's picture

I guess they are Technocrats but considering where many central bankers worked (goldman Sachs) you'd have to call them "TechnoSachs"

Wed, 12/12/2012 - 11:00 | 3055704 Lebensphilosoph
Lebensphilosoph's picture

Goldman ... Sachs ... there it is again.

Wed, 12/12/2012 - 10:49 | 3055652 supersajin
supersajin's picture

The current system was not built to last centuries, I’d say it was built to last ONE CENTURY!! Doesn’t the Fed charter run out in a few weeks/months??

Wed, 12/12/2012 - 10:53 | 3055672 Tuco Benedicto ...
Tuco Benedicto Pacifico Juan Maria Ramirez's picture

The privately held federal reserve was created in December, 1913 for whatever that is worth.  Oh, and the fiat Federal Reserve Note has lost 98% of its purchasing power in those 99 years.  Man, these guys are good!

Tuco

Wed, 12/12/2012 - 10:51 | 3055660 WaEver
WaEver's picture

"Econned"   Yves Smith

Wed, 12/12/2012 - 10:52 | 3055667 optimator
optimator's picture

We're getting closer and closer to finding out whom Mr. Big. is, and that's progress.  Not that anything can be done about it.

Wed, 12/12/2012 - 22:44 | 3058200 Angus McHugepenis
Angus McHugepenis's picture

Don't bother trying to find Mr. Big. He is too well hidden. This is a situation where it requires cutting of the snakes tail, rather than its head. What you need to start doing is this:

1 - Find out which of your neighbors work for gov't agencies, etc. You know, the employees at the court house where they drag you in to pay fines that were levied on you at the point of a gun and under duress. The miserable fucker behind the bullet proof glass that takes your money as you pay the fine.

2 - The majority of tax collectors, public servants (lol) and other bottom feeders do NOT get paid enough or have the resources to separate themselves from the communities that they subject their "authority" on. They are literally your neighbors, so start finding out who your neighbors are and what they do.

3 - When you find one of these bottom feeders, give them a fair warning that you will out them and include photos of their house with full address online (warn them without fucking up your own security for you idiots out there).

Let's see how many of these bottom feeders truly love the head of the snake when their own life is pulled over in a random check stop by their pissed off neigbors.

 

Wed, 12/12/2012 - 10:56 | 3055679 Bastiat
Bastiat's picture

 

 

On the B.I.S.

"It is like a sovereign state.  Its personnel have diplomatic immunity for their persons and papers. No taxes are levied on the bank or the personnel's salaries.  The grounds are sovereign, as are the buildings and offices.  The Swiss government has no legal jurisdiction over the bank and no governement agency or authority has overisght over its operations." 

Crisis by Design:  The Untold Story of the Global Financial Coup and What You Can Do About It, James Truman Wolfe

Wed, 12/12/2012 - 11:00 | 3055703 toomanyfakecons...
toomanyfakeconservatives's picture

For the moment.

 

The BIS, like the FED and our fragile, illegitimate, about-to-have-it's-ass-kicked federal government is about to go the way of the dinosaur.

Wed, 12/12/2012 - 10:56 | 3055682 caimen garou
caimen garou's picture

should be titled, how mit economist run the world into the ground

Wed, 12/12/2012 - 11:00 | 3055706 Diogenes
Diogenes's picture

So the world's economy is managed by a bunch of eggheads who aren't sure what they are doing but hope everything works out ok this time. Nice.

Wed, 12/12/2012 - 11:05 | 3055725 slackrabbit
slackrabbit's picture

Ben: Let us work on fixing the ecnomy together!

Merv: Yea, we can do more damage that way!

Wed, 12/12/2012 - 11:10 | 3055744 Bastiat
Bastiat's picture

A good book title would be "The Mathematics of Delusion."  Math is exquisite and wonderful, unfortunately it is used in economics and increasingly in science in the same way as magic invocations are used: to create the illusion of clarity or of understanding where none exists.  Consider LTCM as described in When Genius Failed.  The thing that jumped out was the unexamined assumptions under the mountains of math.  In Astronomy we have "black holes" "dark matter" which are entirely mathmatic/theoretical constructs of "things" that cannot ever be observed directly; in Physics "string theory" unobservable, untestable  but certain in its logic.

Wed, 12/12/2012 - 11:51 | 3055926 Tuco Benedicto ...
Tuco Benedicto Pacifico Juan Maria Ramirez's picture

Bastiat, it is good to know that not all intelligent Americans sold their souls to the globalists!

Tuco

Wed, 12/12/2012 - 12:59 | 3056198 Bastiat
Bastiat's picture

So many just need to have their steenking badges.

Wed, 12/12/2012 - 12:04 | 3055970 epwpixieq-1
epwpixieq-1's picture

If we make a fundamental assumption that economics is a (sort of) science ( and this is a BIG assumption ), than we can quote Tesla:

Today’s scientists have substituted mathematics for experiments " reality observations ( my insertion )  ", and they wander off through equation after equation, and eventually build a structure which has no relation to reality. Nikola Tesla

Wed, 12/12/2012 - 12:12 | 3056009 Bastiat
Bastiat's picture

 

. . . and it only got worse after he wrote that.  Tesla was amazing.

Wed, 12/12/2012 - 22:20 | 3058148 Angus McHugepenis
Angus McHugepenis's picture

So what you're saying is that The Bernank is no Tesla? Is that maffmatically correct?

Wed, 12/12/2012 - 11:10 | 3055748 illyia
illyia's picture

ZH - it would be extremely considerate of you to leave this up for several months as it does seem to be the crux of the matter.

Wed, 12/12/2012 - 11:20 | 3055796 dscott8186
dscott8186's picture

The role of the Bank for International Settlements has broadened since it was formed in 1930 to handle reparation payments imposed on Germany after World War I.


 

Yeah, that would be a second punchline.  The BIS was the institution that precipitated the Hyper inflationary episode in post WWI Germany and then brought Hitler to power.  

 

So a new group of egg heads not having learned anything from history are diligently preparing the ground to start another economic debacle on a greater scale making the soil fertile for another yet to be named monster to slaughter millions.

 

Leave it to the busy body meddling know-it-alls to make things just right...

Wed, 12/12/2012 - 11:22 | 3055803 frenchie
frenchie's picture

hmmm

they all look jewish to me, that is for sure

Wed, 12/12/2012 - 11:54 | 3055804 Manthong
Manthong's picture

They are not conducting an experiment to see what works best for the US or global economies, they are conducting an intervention to suit specific interests.

They will only fail if the result of the intervention is a return to personal responsibility, relative financial freedom and the principles of the United States Constitution.   

Wed, 12/12/2012 - 11:25 | 3055823 tnquake
tnquake's picture

Every two months, more than a dozen bankers meet here on Sunday evenings to talk and dine on the 18th floor of a cylindrical building looking out on the Rhine. After lap dances, dinner, and drinks, they then decide who to stick with the check.

Fixed it...

Wed, 12/12/2012 - 11:27 | 3055831 falak pema
falak pema's picture

why call them Keynesians?

Why not Oligarchians? They are just voodou doctors. And Keynes is just a shadow of the past to hang your hat on! 

Wed, 12/12/2012 - 11:28 | 3055838 Brokenarrow
Brokenarrow's picture

Where is SIrhan Sirhan when he is most needed?

Wed, 12/12/2012 - 22:20 | 3058145 Yes_Questions
Yes_Questions's picture

Sharing boat drinks wiht Lee Harvey O.

Wed, 12/12/2012 - 11:31 | 3055844 JimBowie1958
JimBowie1958's picture

who yield more power than any potenate in the history of the world

I think the author meant to say 'who WEILD more power...'

just a nitpick, because words often time do matter

Wed, 12/12/2012 - 11:32 | 3055850 Winston Churchill
Winston Churchill's picture

Scares the shit out of me.

My brother was a visiting Prof at MIT.

Cannot remember if he got his doctorate before, or after he mastered making coffee.

Have a distant cousin that still on faculty there.Ke's not much better.

They at least have a real science speciality.

Wed, 12/12/2012 - 22:17 | 3058139 Yes_Questions
Yes_Questions's picture

I came () this close to going there, but didn't have my own printing press for the co$t.

 

Now I schlepp without any degree, and don't find it a problem fortunately.

Wed, 12/12/2012 - 11:34 | 3055858 sasebo
sasebo's picture

The only question is, who's going to get to stick the hot poker up barnanke's ass?

Wed, 12/12/2012 - 11:41 | 3055887 walcott
walcott's picture

They think things that make a billy goat puke!

They are pretty freakn' bright at MIT.

Wed, 12/12/2012 - 22:14 | 3058131 Yes_Questions
Yes_Questions's picture

Ben Rambo.  Didn't Mr7 do something like that visually once?

Wed, 12/12/2012 - 14:13 | 3055921 Colonial Intent
Colonial Intent's picture

MIT have a plan to save the USA economy.

 

Its called the death star...

 

https://petitions.whitehouse.gov/petition/secure-resources-and-funding-a...

Wed, 12/12/2012 - 11:53 | 3055935 Shizzmoney
Shizzmoney's picture

You'd think that a bunch of guys who went to a mathematically based college would do a better job creating economics based on balancing a fucking budget.

Wed, 12/12/2012 - 11:55 | 3055948 cxp
cxp's picture

ERMANY SCHAEUBLE: HOPE FOR BANK SUPERVISION DEAL BY XMAS

http://tickwatch.com/?page_id=178

Wed, 12/12/2012 - 11:59 | 3055961 NidStyles
NidStyles's picture

No one believes me when tell them the best way to rule the world is to become a Technocrat from MIT.

Wed, 12/12/2012 - 12:39 | 3056125 JR
JR's picture

Actually, the “best way to rule the world” is to recruit puppets such as Bernanke -- to be observed while at an institution as MIT or Harvard or Princeton or Yale on your performance and then selected and trained for a puppet central banker position. Bernanke, after being observed, was trained by banker operative Stanley Fischer while at MIT.

In short, it’s not officials such as Bernanke who own the estates and the corporations and run the world; Bernanke is a representative of these owners, beginning with the Rothschilds and the other private owners of the Fed.

Wed, 12/12/2012 - 22:12 | 3058127 Yes_Questions
Yes_Questions's picture

I wonder how many (astute) comments like yours were kept off the WSJ online version of this story?  I read and chuckled at the print version, (comes to the office, someone else's subscription) and don't have an account with WSJ.

Viva La Zero Hedge!

Wed, 12/12/2012 - 12:01 | 3055971 cxp
cxp's picture

US TSYS/10Y: Traders expect reasonably good demand at US$21B 10Y 
note reopening auction despite the challenges. PROS/CONS LIST: PROS: 1) 
US duration buyers and also Japanese investors such as portfolios and 
insurers were expected to be in as WI 10Y is now in their range of 
buying from Japanese clients of 1.65%-1.70%; 2) European bid could be in 
too as higher yields wanted vs. EGBs; 3) Mild price concession CONS: 1) 
Of course this all occurs right before 12:30pm ET FOMC meeting 2) this 
auction raises all new cash; 3) Mideast accounts said to be hoping for a 
rally so they can let a chunk of Tsys go at a profit (though still hold 
Tsys as core holding), and then parlay such proceeds into riskier stuff 
such as peripheral EGBs; 4) Yields still around historical lows; 5) Lots 
of supply this week in 3Y,10Y, 30Y and then next week whole new blast of 
coupon supply in 2y, 5Y, 7Y and 5Y TIPS reopening too;

 

http://tickwatch.com/?page_id=1037

Wed, 12/12/2012 - 12:10 | 3056000 XitSam
XitSam's picture

How A Handful Of Unsupervised MIT Economists Ruin The World

Fixed the title for ya.

Wed, 12/12/2012 - 12:14 | 3056016 JR
JR's picture

Has America become so dominated and so re-educated that we are left with no resistance to fight? We must fight or be enslaved. The international bankers are poison: they begin by demanding little and end by demanding all. They can kill us and other peoples but to kill them is a sin.

They are rabid, destroying everything they touch. They created 9/11, they created the war in Iraq, they created the war on terror, they created the conflagration in the Middle East, they created the one-party takeover of Congress with Republicans and Democrats now working shoulder to shoulder in banker common cause.

They have ripened the world for takeover. Now, those of us with a desire to resist tyranny must think of how to defeat them.

If we will not save ourselves, who will?

Pat Buchanan today: “Our economic course is unsustainable. And our regnant elite are more arrogant than the establishment of the 1960s, though less able to satisfy the clamors of their bawling constituencies for more from a country that is approaching an end of its tolerance and an evitable crash.”

Wed, 12/12/2012 - 12:42 | 3056028 cranky-old-geezer
cranky-old-geezer's picture

 

 

these secret talks have focused on global economic troubles and the aggressive measures by central banks to manage their national economies.

Manage their economies?

How 'bout LOOTING their economies?  

$11 trillion printed since '08?  Given to whom?  Governments?  Banks?  That's it? 

NONE put into ANY economy at all?  And they're trying to fix economies?

Nope, they're LOOTING economies, LOOTING people in those economies via currency debasement ...from all that printing. 

USD has lost 50% of its purchasing power since '08.  That's not helping an economy, it's LOOTING an economy.

ZIRP since '08? And far out as we can see?  Stealing from savers so governments and banks can borrow printed money at 0%?  That's LOOTING the people.

PhD doesn't mean morality.  It doesn't make someone honest and caring.  You can have a PhD and be a morally bankrupt white collar criminal all day long.  Get a cushy job with some govt or big bank and that's your stay-out-of-jail card. 

Wed, 12/12/2012 - 12:36 | 3056110 ShortTheUS
ShortTheUS's picture

If the boring and uninformative MIT Economics lectures on OCW are any indication, the education they all got was a waste of time:

http://ocw.mit.edu/courses/audio-video-courses/#economics

Wed, 12/12/2012 - 12:42 | 3056143 IamtheREALmario
IamtheREALmario's picture

The BIS; where satan's  desciples go to take direction. Look at the design of the BIS buildings and see if you can come up with any conclusions.

Wed, 12/12/2012 - 12:45 | 3056152 Madcow
Do NOT follow this link or you will be banned from the site!