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Biderman Blasts "Sequestration Bullshit" And The Government's Big Lie

Tyler Durden's picture




 

The sequestration bullshit is driving TrimTabs' CEO Charles Biderman nuts - and rightly so. As we showed recently, the actual scale of the earth-shattering cuts, while not insignificant, are small and if the shills on TV preaching the end of the world from sequestration did the math they would see it is a mere 6% drop in non-entitlement government spending that is set to destroy the economy. Biderman exclaims, "what is apparent to me is that our government is becoming very good at the big lie," as they exaggerate any and everything to their own needs. It is obvious, he adds, "that our government is deeply committed to not reducing the size of government, and is willing to outright lie," but he saves the epic rant that we come to expect for Paul Krugman. Just as Irving Fisher's infamous 1929 pre-crash call that equities have reached a permanently high plateau; Biderman suggests Krugman will be remembered as erroneously claiming that 'deficits don't matter', as he reminds us of Emperor Caracella's 268AD reign of insidious taxation and currency debasement that ended in 1000% inflation and the end of the Roman Empire. Well worth the price of admission...

 

 

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Tue, 02/26/2013 - 21:53 | 3280201 Ahmeexnal
Ahmeexnal's picture

COLLAPSE!
HOPE AND CHANGE!
FORWARD!

Tue, 02/26/2013 - 21:58 | 3280221 NemoDeNovo
NemoDeNovo's picture

MOAR Wars

McDonalds for LIFE

Horse Meat on sale @ Piggly Wiggly

Obama 2016

Tue, 02/26/2013 - 22:23 | 3280334 DJ Happy Ending
DJ Happy Ending's picture

Sounds like the average American's wet dream.

Tue, 02/26/2013 - 23:18 | 3280540 Xibalba
Xibalba's picture

Sounds like the average American politician's wet dream. <------fyp

Wed, 02/27/2013 - 02:07 | 3280897 RockyRacoon
RockyRacoon's picture

Loved the Freudian slip: "After Obama's reign ended..."   (See at the 5:00 minute mark.)

The truth slips out at the most inopportune time.

Just watched Larry Summers on Charlie Rose.  Could hardly keep my dinner down.  Both of 'em need professional help.

Wed, 02/27/2013 - 04:54 | 3281033 Falkor
Falkor's picture

Emperor Obama .. na, Caracella! 

 

LOL

Tue, 02/26/2013 - 21:57 | 3280216 tom a taxpayer
tom a taxpayer's picture

Surf's up! I have a Biderman board.

Tue, 02/26/2013 - 22:33 | 3280375 Ignatius
Ignatius's picture

Hey everybody, party at Biderman's.

 

Tue, 02/26/2013 - 21:57 | 3280218 chump666
chump666's picture

End of the empire?  America is post empire now, with the rest of the world adrift.

Tue, 02/26/2013 - 22:54 | 3280466 Crash Overide
Crash Overide's picture

Rome is burning again...

Tue, 02/26/2013 - 21:59 | 3280228 espirit
espirit's picture

The sequestration bs is just the new normal, a non-event.

Don't let friends drink the koolade.

Tue, 02/26/2013 - 22:00 | 3280235 Cdad
Cdad's picture

Why aren't there more guys like this in the financial services industry?  Everything contained within this particular rant is readily available information.  A dial up connection and a pinch of common sense and...viola...everything he says is OBVIOUS.  

The question, I guess, the important one that is implied but not stated is...WHO BELIEVES ANY OF DC's OR WALL STREET's big ass lie anymore?  Seriously, who is the demographic target for the idea that a 6% cut in discretionary government spending will destroy this so called GREAT RECOVERY?  Why do we even need Biderman here?  Who believes that an $85 billion dollar annual spending reduction matters...while Ben Bernanke is printing that very same dollar amount....every month? 

Damn, these rabbit holes run very deep.

 

Tue, 02/26/2013 - 22:14 | 3280294 kliguy38
kliguy38's picture

You're falling for this game. Don't take it serious....no one on the street does. They know the money boyz are just trying to run out the game enough to clear the table of the last chips before the lights go out. Just a guessing game until the music stops.....enjoy...you aren't going to like it when the music stops either

Tue, 02/26/2013 - 22:48 | 3280441 Cdad
Cdad's picture

Uuummmm...aaaahhhh...I'd be the polar opposite of "falling for this game."  As far as I'm concerned, and with Ben Bernanke's testimony today confirming, the lights are already out.  Now...the market itself...has truly "fallen for this game."  

Not sure what the point of your comment is.

Tue, 02/26/2013 - 22:57 | 3280478 kliguy38
kliguy38's picture

This is a CONfidence game. Biderman played in it for years and now he has a rant? Everyone you listen to on CNBS knows the con is on. None of them believe that Ben's going to nail it. They're trying to keep their jobs. Its called FEAR and its running fast and hard now. The big money is positioning, but anyone with a net worth of less than 5 or 10 mil know they're fucked. Fuck Biderman....he's on the con too.

Tue, 02/26/2013 - 23:20 | 3280555 Haole
Haole's picture

Charlie "I see FacePlant as a $1000 stock someday" Biderman...

What a consummate asshole.

Tue, 02/26/2013 - 23:44 | 3280655 kliguy38
kliguy38's picture

exactly

Wed, 02/27/2013 - 07:24 | 3281125 new game
new game's picture

i look to italy with delite and worry as the banksters(3 card monty) regroup.

they ultimatly have the power of purse.

can this populist movement spread?  anotherwards, people are waking up?

if italy leaves the euro, then hope and change can spread and the bankster rein

can be squestered...

wish/think/wake up and see it NOT happen again>more gold...

Wed, 02/27/2013 - 08:41 | 3281210 StychoKiller
StychoKiller's picture

Um, what is an EBT card holder?  Ignorati for $200, Alex.

"You can't make someone understand something when they're paid NOT to understand it!"

Wed, 02/27/2013 - 11:05 | 3281625 ElvisDog
ElvisDog's picture

You would be surprised (maybe not) how much of the public buys into the housing/auto/recovery meme. I hear it from my well-educated friends and family all the time. I've found it's not even worth questioning their belief system as I get labeled as a "reactionary" or "doom and gloomer". The mainstream financial also completely parrots the party line. Just listen to the Motley Fool podcast every week for an example.

Tue, 02/26/2013 - 22:02 | 3280242 Teamtc321
Teamtc321's picture

Mr. Biderman, I think you are being to nice on how Dr. Krugman is going to be remembered. I would wager to say he may very well  go down in history as being a complete FUCKING IDIOT!!

Tue, 02/26/2013 - 22:12 | 3280281 PersonalRespons...
PersonalResponsibility's picture

For an idiot, I bet he makes a lot of "money".

Tue, 02/26/2013 - 23:49 | 3280665 jerry_theking_lawler
jerry_theking_lawler's picture

nah, i'm thinking more like #247 at the gallows.....

Tue, 02/26/2013 - 22:05 | 3280254 PersonalRespons...
PersonalResponsibility's picture

Best shirt yet!

Tue, 02/26/2013 - 22:08 | 3280259 otto skorzeny
otto skorzeny's picture

why is this fucking yoyo even on ZH?

Tue, 02/26/2013 - 22:34 | 3280383 Charles Nelson ...
Charles Nelson Reilly's picture

Cause he has an incredible radio face

Tue, 02/26/2013 - 22:45 | 3280422 Stanley Lord
Stanley Lord's picture

Exactly, people with short memories forget his cheerleading for the bull market when the bullshit was staring us in the face.

Wed, 02/27/2013 - 01:37 | 3280876 candyman
candyman's picture

Pile on with Rose for keeping those shorts on in '09.

Wed, 02/27/2013 - 02:23 | 3280924 Freddie
Freddie's picture

Biderman, his klan, nor cal bagel munching pals and relatives probably all voted hope and change.  How you like them apples libtards?  Enjoying Hope and Chnage?

Tue, 02/26/2013 - 22:08 | 3280264 MrSteve
MrSteve's picture

so many calls now of the obvious that soon enough folks will realize the scam is a scam and something different next voting day.... you can't fool all the people all the time.

Then what? that's the 64 Trillion dollar question!

Tue, 02/26/2013 - 22:10 | 3280272 q99x2
q99x2's picture

Let me know when Xe demands payment in gold.

Tue, 02/26/2013 - 22:15 | 3280298 magpie
magpie's picture

You'll probably live to see them paid in CAD or AUD i'd wager

Wed, 02/27/2013 - 08:58 | 3281235 espirit
espirit's picture

...Or Yuan backed by GOLD.

Tue, 02/26/2013 - 23:09 | 3280518 boogerbently
boogerbently's picture

Wouldn't there be a HUGE spike in the price of gold immediately preceding THAT transaction?

Wed, 02/27/2013 - 10:22 | 3281502 esum
esum's picture

Academia... new name

 

Tue, 02/26/2013 - 22:12 | 3280282 Hohum
Hohum's picture

What doesn't drive Biderman nuts?  Not that he shouldn't be driven nuts.

Tue, 02/26/2013 - 22:15 | 3280300 Fix It Again Timmy
Fix It Again Timmy's picture

“Every government is run by liars,” independent journalist I.F. Stone observed, “and nothing they say should be believed.”

 

Tue, 02/26/2013 - 22:16 | 3280301 lakecity55
lakecity55's picture

man the whole guvt is infiltrated with reds and mooselams!

Wed, 02/27/2013 - 08:59 | 3281238 espirit
espirit's picture

First the horse jokes, now the "moose" jokes?

Tue, 02/26/2013 - 22:17 | 3280307 j0nx
j0nx's picture

It's harrible! Harrible I say.

Tue, 02/26/2013 - 22:17 | 3280309 nmewn
nmewn's picture

But but but...the prisons will be emptied...teachers will be laid off and raped...David Gregory will smuggle contraband gun parts into DC...granny will be shoved over the cliff...32oz soft drinks will be sold in the streets!...and salt, the mountains of salt flowing across our borders...the seas will rise from this...Air Force One needs engine replacements from the wear & tear...Bush's Fault!...thousands of JDorners, millions of them...children will starve from the lack of USDA approved pink slime...oh god the humanity!!!

Tue, 02/26/2013 - 22:21 | 3280325 otto skorzeny
otto skorzeny's picture

I'd just be happy if they laid off half of the dickhead cops in my town

Tue, 02/26/2013 - 22:35 | 3280386 nmewn
nmewn's picture

Right now, they're probably fearing for their jobs where you are with all this bullshit...which just goes to show everyone how fucking stupid (the majority of) can be. Around here they must have went back and told their sergents people are glaring at them and not in a "nice way"...lol...so they lightened up from what I can tell.

In Florida, it's in the states constitution to balance the budget. Its what they get paid to do first, before anything else.

Its really a remarkable thing ;-)

Tue, 02/26/2013 - 22:59 | 3280485 HoofHearted
HoofHearted's picture

I got this. I can solve all of this. You see, we make a coin out of platinum and we write "$1 trillion, bitchez" on it. We foist this off on whatever dumb ass we can get to buy it. It's going to take one of us who can play poker really well and not snicker as we hand it to Bernanke. Then....oh shit...inflation again. Nevermind.

Tue, 02/26/2013 - 23:11 | 3280526 boogerbently
boogerbently's picture

Nope,

It's air traffic controllers and radiation safety officers....

Wed, 02/27/2013 - 09:52 | 3281395 goldfish1
Tue, 02/26/2013 - 22:26 | 3280346 Pure Evil
Pure Evil's picture

And just think, the TSA will no longer be able to grope and molest children on the same scale as before.

Tue, 02/26/2013 - 22:39 | 3280402 nmewn
nmewn's picture

Its awful...just awful...and to add insult to their injury, all those formally "lost in transit" rings, cameras, bracelets and necklaces will remain with their rightful owners!

Wed, 02/27/2013 - 03:20 | 3280958 Richardk888
Richardk888's picture

The TSA will be forced to do all pat downs without the one pair of blue latex gloves they are issued when they are hired.

Wed, 02/27/2013 - 08:47 | 3281218 StychoKiller
StychoKiller's picture

Shuddap and eat yer horseburger!  (would you like a supersized order of "freedom fries" with that?)

Wed, 02/27/2013 - 11:46 | 3281814 rustymason
rustymason's picture

Well, that all sounds great, but are you sure you aren't you making promises you can't keep?

Tue, 02/26/2013 - 22:18 | 3280311 booboo
booboo's picture

I want to be a barbarian. Wear animal skins, eat roasted meat, have a pack of dogs, fart in public, take my woman on a whim, grunt out loud. OK, nevermind, I just realized I'm a barbarian, except for the "taking my woman" thing.

Tue, 02/26/2013 - 22:50 | 3280382 Teamtc321
Teamtc321's picture

Farting in public is over rated. I went into a shit hole walmart to buy ammo after OboMao election last fall, first time in years. I torched off a mega broiler in a open area with many people in sight. No one gives a shit, some started laughing. It was depressing to say the least, not 1 offended walmartite. 

Tue, 02/26/2013 - 23:40 | 3280636 Dane17
Dane17's picture

Damn dude! Did you have on a wife beater and leave your el camino double parked out front to achieve full effect for your crop dusting of said Walmart?

Wed, 02/27/2013 - 00:19 | 3280738 Teamtc321
Teamtc321's picture

No dude, I'm being serious! Besides, trust me, there is no growth in the trouser trout while looking at wallymite toothless loaded cart pusher's. After said crop dusting, more like a close up elk buggle actually, even the 120 pound, Kissinger horned rimmed glass wearer behind the sports counter seemed to go on bird dog point, trying to get a wiff.

Farting in public is over rated. The torched broiler was loud enough to piss even the pope off imo. Did nothing, nada. I bought a stack of 270 boxes, paid with my benny buck's, walked out and got in my dodge 1 ton flat bed, drove off pissed.

Farting in public is over rated, try it.  

Wed, 02/27/2013 - 08:26 | 3281182 SmallerGovNow2
SmallerGovNow2's picture

ROTHFLMAO...

"I torched off a mega broiler "

Laughing so hard I'm crying...  +1000

Tue, 02/26/2013 - 22:21 | 3280321 realtick
Tue, 02/26/2013 - 22:23 | 3280332 NoDebt
NoDebt's picture

Why do so many of these guys sound like they've starting reading ZH in the last 12 months?

All of this is just playing around the margins (discretionary spending) until entitlements are tackled.  It's the big dog of government expenditures.  It's where all the over-promising BS comes to a fine point and is not TOUCHED by sequestration cuts.  It's going to have to be cut eventually or we're cooked.  Period.  Unfortunately, I fear I will never see that day come, unless it happens to be the day before I become eligible to start collecting SS (mid 2030s).

Memo to self:  zero out anticipated government payments when doing personal financial plan.  In fact, start taking a serious look at other things that should be assumed zero in the future as well.  Ah, fuck it.  Spend it all now, screw retirement planning.

 

Tue, 02/26/2013 - 22:36 | 3280372 Pure Evil
Pure Evil's picture

The new retirement plan is to be deep in debt with little to no assets, 20 or more maxed out credit cards, leased vehicles with burned out engines, a mcmansion with no equity and filled to the brim with worthless junk, cat excrement and freezers filled with human body parts.

Force the assholes in the government to spend money cleaning up your mess after passing from the world.

Tue, 02/26/2013 - 23:03 | 3280498 JuicedGamma
JuicedGamma's picture

DOUCHED by sequestration.

There fixed it for ya.

Wed, 02/27/2013 - 08:52 | 3281226 StychoKiller
StychoKiller's picture

I keep overhearing conversations aobut having "paid into Social Security", in my little town, loaded with elderly, retired folks -- perhaps I'll start carrying my digital camera after The Great Implosion™ -- you know -- to get those deer in the headlights shots.

Wed, 02/27/2013 - 11:42 | 3281787 rustymason
rustymason's picture

Those old farts who hold onto their SS so righteously today are the same ones who complained loudly about socialism and welfare recipients in the 1960-80's. Total, self-absorbed hypocrites. There's a reason why these people have so few visitors come to visit them in the old folk's home, they are selfish, delusional jerkwads. Die off already, babyboomer scum.

Tue, 02/26/2013 - 22:23 | 3280338 Decimus Lunius ...
Decimus Lunius Luvenalis's picture

Don't lecture me about history.  This is the new normal.  We're making history.  Burn, baby, burn!

Tue, 02/26/2013 - 22:24 | 3280343 besnook
besnook's picture

biderman lies. the 85 bil and the 850 bil numbers are taken from projected increases in the federal budget. they are not reductions in the federal budget as most people and the dictionary defines reductions.

he lies about krugman, too. cheney famously said deficits don't matter. krugman has said deficits do matter but now is not the time to worry about it.

on the rest of it biderman is right. but since the dollar has no intrinsic value, except for the coins which actually have some metal value, increasing the supply will debase the value of the dollar. the question is how will it be debased. it can be debased in one of two ways or both. it can be debased due to lack of interest as another currency or commodity is substituted as a measure of value or it can be physically placed into the hands of the people actually using the money. the deficit is actually a wash since .gov spending has not really increased much so the amount of money in actual circulation from deficit spending is about the same. the fed activities have been used to prop up the banks, substittuting good money for bad money without much real new lending(creating money) going on.

the real danger is lack of interest in the dollar, which greenspan warned about more than ten years ago. if the dollar loses it's reserve status then the dollar loses value and inflation will pound the usa.

of course, bernank may finally realize he should have made cash drops directly into peoples' wallets from the beginning and convince congress to start up the helicopters.

Tue, 02/26/2013 - 22:35 | 3280378 Keith Piccirillo
Keith Piccirillo's picture

Good catch by Besnook.

Tue, 02/26/2013 - 22:36 | 3280389 ebworthen
ebworthen's picture

So you are saying he is wrong even though you agree he is right?

For so many words and such nonsensical rambling you should have at least used correct grammar (capitalization and punctuation) to bolster the nearly non-existent content of your post.

Tue, 02/26/2013 - 22:53 | 3280463 besnook
besnook's picture

maybe you'll understand when you get your next stripe, soldier.

Wed, 02/27/2013 - 00:09 | 3280713 ebworthen
ebworthen's picture

You make no sense, and I'm nobody's damn soldier.

Tue, 02/26/2013 - 22:32 | 3280363 ebworthen
ebworthen's picture

Spot on.

The FED will spend $850 BILLION+ in ten months to benefit banks via MBS purchases.

Why is this fact nowhere in the MSM?  Where are the journalists?

We are Rome, circa 200 A.D.

Tue, 02/26/2013 - 22:41 | 3280412 Pure Evil
Pure Evil's picture

The whole purpose of this secastration cluster fuck is to get the sheeple to start bleating in unison: Save us big government, save us.

Tue, 02/26/2013 - 22:50 | 3280446 nmewn
nmewn's picture

Best one I've seen so far...

1. Sequestration cuts of $85 billion are impossibly painful, the equivalent of asking Uncle Sam to perform an appendectomy on himself with a nail file, but

2. ObamaCare adding $6.2 trillion to the deficit - nearly 75 times the size of the sequester - is no big deal... and even that new projection might under-estimate its cost, because

3. ObamaCare includes a massive expansion of Medicaid, which reluctant states like Florida, and now New Jersey, have been bribed to accept with bags of federal money, and

4. We're about to extend citizenship to a huge new population of people who will soon enough qualify for this expanded Medicaid coverage - it's inconceivable that their "access" to such programs will not be swiftly demanded, but

5. Obama's releasing waves of illegal immigrants from detention because he says that tiny sequestration spending cut makes it impossible to keep them in custody.

Take a bow, Mr. Alinsky.

http://www.breitbart.com/InstaBlog/2013/02/26/Take-a-bow-Mr-Alinsky

Tue, 02/26/2013 - 22:54 | 3280462 TruthInSunshine
TruthInSunshine's picture

As President Barack "Deficits & Debt Don't Matter" ObaMao tours the country on his campaign to scare the bejeezus out of the sheeple over 85 billion USD in sequestration cuts, every rational, thinking American (or anyone else) ought to keep in mind:

"The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. Increasing America’s debt weakens us domestically and internationally. Leadership means that the buck stops here. Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better."

Senator Barack Obama (D-IL)

Speech Given on U.S. Senate Floor Objecting To Raising Debt Ceiling Limit

March 16, 2006

Official National Debt at that time: 8 trillion USD

Tue, 02/26/2013 - 23:05 | 3280509 Crash Overide
Crash Overide's picture

I wonder if Senator Obama is related to President Obama...

Tue, 02/26/2013 - 23:10 | 3280523 magpie
magpie's picture

sounds like a political dynasty in the making

Wed, 02/27/2013 - 01:23 | 3280847 Beam Me Up Scotty
Beam Me Up Scotty's picture

He's related just like Senator Palpatine was related to Emperor Palpatine.

Tue, 02/26/2013 - 23:20 | 3280554 BeansBulletsBandaids
BeansBulletsBandaids's picture

He has his little minions in his cabinet doing the same thing.

For the last couple of weeks we've been getting emails from the Sec. Of Interior about the doom and gloom in our dept and agency if the sequestration goes through. how we should contact our congressman, etc.
Blah, blah, blah bs.

Today's was the worst so far. It started out like this:

"It is with a heavy heart that I write this memo......"

I almost smashed the computer with a pulaski. I'm so fed up with this crap.

Yeah, let's solve any budget issues by cutting the pay of folks that make 30-50k by 20%. That makes perfect sense. If I wasn't a man of integrity and character, I'd..... Well hell, I don't know what I'd do - but damnit it pissed me off. Not the sequester crap (we need responsible spending cuts - even if it affects me); but the crap I have to listen to and read everyday that anyone in DC gives a tinker's damn about me. Heavy heart, my ass.....

Tue, 02/26/2013 - 23:42 | 3280644 nmewn
nmewn's picture

"Yeah, let's solve any budget issues by cutting the pay of folks that make 30-50k by 20%."

This is when you know its bullshit...a facade...a contrivance.

A leader, any leader (senator/congressman/president/colonel) a real leader, leads by example. When the chips are down, he eats what the soldier eats, sleeps where they sleep.

I now call on all "leaders" to take a miniscule two percent cut (like the wage earners did) in their salaries and pensions, to show...their leadership ;-)

Wed, 02/27/2013 - 09:36 | 3281340 overmedicatedun...
overmedicatedundersexed's picture

nmewn, o bum a is exempt from pay cuts, just like our leaders who pass laws they (ACA) are exempt. anyone see a problem there?

Wed, 02/27/2013 - 00:11 | 3280714 Law97
Law97's picture

Hear! Hear!  The furlough as part of sequestration is REAL and will affect many, many formerly middle class people, many of whom I know personally.  The sequestration cuts are a drop in the bucket but are going to be a gut-punch to what's left of the middle class.  If they want to cut wasteful government spending, then CUT THE F-35!  Even as a military man myself, I must say that the F-35 is about the worst rathole of taxpayer money I've ever seen, and I've seen a lot.  The damn thing costs $400 million per plane (when all costs are properly included) and it can't even get off the ground, much less help us do anything but fight the Soviets.  It was just grounded for yet another design flaw, this time with the engines.  But corrupt Congress won't cut it because of the defense dollars it sends to defense contractors in their districs, and the campaign contributions ity sends back into their campaign coffers. 

The middle class is getting screwed over even harder while the worst criminal element in our society make off with even more ill-gotten trillions. 

Wed, 02/27/2013 - 00:21 | 3280743 BeansBulletsBandaids
BeansBulletsBandaids's picture

I was saying the same thing today at work.

What really torques me off is that I'm sure we (my colleagues and I) will be used even more as pawns in this political dog and pony show.

"We're so sorry that your house burned down, but you know it's the Republicans fault for not compromising."

Wed, 02/27/2013 - 02:39 | 3280808 Freddie
Freddie's picture

If the Pentagon, Joint Cheifs and brass defended the Constitution as much as the defended $$$$ for new weapons systems.  Instead we get traitorious cowards like Betrayus who wanted to chase nasty islmo honey pots and that lefty with implants.  It is shame our military did not hav ethe guts some Latin American generals have in taking out the trash. 

You have the brass hanging out in Tampa country clubs looking for islamo matta haris with cheap boob jobs.  These ***king little full bird colnel and genrrals could defend the PX for cheap booze and smokes but shrink from defending The Constitution against all enemas foreign and domestic.

Cowards.

Wed, 02/27/2013 - 03:51 | 3280981 NoWayJose
NoWayJose's picture

If the Republicans would have run this speech as the only campaign ad, they would now occupy the White House, and control both the Senate and House. Nothing else they used or said is even memorable, except for gaffs.

Wed, 02/27/2013 - 11:34 | 3281760 rustymason
rustymason's picture

Like that would make any difference to the economic outcome.

Tue, 02/26/2013 - 22:45 | 3280423 Caracalla
Caracalla's picture

Wrong emperor referenced in the article.  Caracalla reigned from 211-217 and did debase the currency to some extent, however, the hyperinflation that marked the apex of the Crisis of the Third Century started in the reigns of Valerian (253-260) and his son, Gallienus (253-268), Claudius II (268-270), Aurelian (270-275) and the multiple successors of Aurelian who ruled until 284 when Diocletion came to power.  Diocletion enacted the Edict of Maximum Prices about 302, which set the costs of thousands of items offered for sale in the Empire and set the death penalty as the punishment for violators.  Everyone traded on the black market anyway and it was a complete failure.  Only with Constantine (306-337) was a credible currency reintroduced in the Empire.

Wed, 02/27/2013 - 08:08 | 3281156 SmallerGovNow2
SmallerGovNow2's picture

Exactly what Biderman said, listen again...

Tue, 02/26/2013 - 23:12 | 3280529 Segestan
Segestan's picture

Once again Roman History is misplaced. Rome at that time was at constant war with the Goths . This was known as the age of thirty tyrants, only 19 of whose names are recorded in history. Most of Romes leadership was from obscure origins who were models of virtue, and possessed vigour and ability;but they were chiefly of obsured birth and elevated on the battlefield. Not one died a natural death.

Once again Rome's true cause of collapse is not told.

Wed, 02/27/2013 - 00:40 | 3280768 MagicMoney
MagicMoney's picture

Roman collapse was result of socialism, and inflation. Even lead pipes could be argued part of the collapse. To put it in a nutshell, Roman monetary policy is based on this advice Emperor Septimius Severus gave to his two sons, Caracalla and Geta. This is supposed to be his final words to his heirs. He said, "live in harmony; enrich the troops; ignore everyone else." This was Roman monetary policy. Rome went through around 5 currency reforms due to inflation as far as I remember.. Socialism grew in Rome as well, where trade within the empire was stiffled by Roman government. During the 5th century, Roman peasants actually were alienated from the Roman Empire, and actually thought they would be better under the barbarians they were invaded by,

Wed, 02/27/2013 - 01:29 | 3280860 Beam Me Up Scotty
Beam Me Up Scotty's picture

"This was Roman monetary policy. Rome went through around 5 currency reforms due to inflation as far as I remember..."

How old are you anyway??

Wed, 02/27/2013 - 11:30 | 3281748 rustymason
rustymason's picture

I understand that the taxation and economic conditions became so bad that laws had to be passed in some provinces to keep Roman citizens from selling themselves into slavery.

Wed, 02/27/2013 - 03:53 | 3280984 NoWayJose
NoWayJose's picture

Rome was at constant war with the Goths - sort of like Iraq, Afghanistan, and Iran???

Tue, 02/26/2013 - 23:22 | 3280569 devo
devo's picture

I mean he's right in theory but has the timing wrong and is pissed off about that.

Tue, 02/26/2013 - 23:31 | 3280588 newengland
newengland's picture

Hey ho. Biderman is right to rant, in my opinion. Meanwhile, buy gold, silver and land if you can or reduce your debt if you can.

I like him for his personal honesty. The government tells big lies, and cloaks it in little truths. Very Goebbels.

Tue, 02/26/2013 - 23:36 | 3280619 hardcleareye
hardcleareye's picture

I like Biderman.

However, he loses creditability in my view, because of the vitriol in his communications.

Further, he tends to present his opinions, as FACTS....  never a good thing.

Wed, 02/27/2013 - 11:22 | 3281699 NitneLiun
NitneLiun's picture

We could use a bit more vitriol. Congeniality and civility have gotten us nowhere. Obama is a bully. Bullies understand only thing -- a punch in the nose and a kick in the ass. Stand up to a bully and he will back down. Appease a bully and the bullying will never stop.

Tue, 02/26/2013 - 23:48 | 3280663 Victor Berry
Victor Berry's picture

In regards to the sequester, Dems say you can't cut your way to prosperity.  But Repubs say look at GM, Chrysler, and AIG which supposedly cut their way to prosperity.  Assuming those companies are now prosperous, the question remains as to who would be the sugar daddy with deep pockets to back up the United States government?  By the way, it will be most revealing if Ted Cruz or Rand Paul lets any sequestration solution bill escape the Senate without a filibuster. 

Tue, 02/26/2013 - 23:52 | 3280676 sitenine
sitenine's picture

I never pass up an opportunity for a gratuitous FUCK YOU to Paul Krugman! Thank you Biderman.

Wed, 02/27/2013 - 00:13 | 3280719 Never One Roach
Never One Roach's picture

Let them drag the trembling, stuttering Hank Paulson back on stage, waving his shaking hands in the air, threatening the world will end if "we" don't keep printing moar and moar, and Bailing out moar bankers, and handing moar to the Parasites.

 

 

Wed, 02/27/2013 - 01:00 | 3280815 analyzer_66
analyzer_66's picture

inflation, the cock sores are coming, pull it out big ben and dont ask mr. whobiturcokov

what went wrong, it was you that used the sand in the vaseline, now no one can sit down

Wed, 02/27/2013 - 03:02 | 3280949 The Heart
Wed, 02/27/2013 - 03:19 | 3280956 Peter K
Peter K's picture

"Those who do not remember the past, are doomed to repeat it".

Wed, 02/27/2013 - 04:08 | 3280996 MarcusLCrassus
MarcusLCrassus's picture

Good.  Bring on the sequestration.  These are much needed slashes in military spending.  And finally the GOP has been tricked into thinking that cuts in military spending are a good thing.  Before Obama, no other politician has been able to convince the GOP of this. 

 

Obama: master troll.

Wed, 02/27/2013 - 06:42 | 3281102 slingblade
slingblade's picture

Turning and turning in the widening gyre
The falcon cannot hear the falconer;
Things fall apart; the centre cannot hold;
Mere anarchy is loosed upon the world,
The blood-dimmed tide is loosed, and everywhere
The ceremony of innocence is drowned;
The best lack all conviction, while the worst
Are full of passionate intensity. ~ Yeats

Wed, 02/27/2013 - 08:27 | 3281189 q99x2
q99x2's picture

Got a funny feeling that B is hiding something big behind his back.

Wed, 02/27/2013 - 09:04 | 3281250 wonderatitall
wonderatitall's picture

listen to our daddy. end all pasrties but the obama party of theft, pedophilia,murder and racism. also, DROME THIS GUY

Wed, 02/27/2013 - 11:28 | 3281736 Opinionated Ass
Opinionated Ass's picture

He is. Notice the hydro wires that go into his head? He's trying to block the unsightly pole I guess. Either that or they're mind control wires from TPTB.

Wed, 02/27/2013 - 09:14 | 3281277 proLiberty
proLiberty's picture

I seem to recall that Dick Chaney also said that deficits didn't matter in response to a question about the cots of going to war in Iraq, a war that cost us approximately $1 trillion.

Wed, 02/27/2013 - 10:05 | 3281449 ElvisDog
ElvisDog's picture

Caracalla was an interesting dude. Was co-emperor with his brother, Geta. They hated each other and spent most of their joint reign plotting ways to kill the other. Caracalla eventually murdered his brother in front of their mother. He was only really interested in the army, and he was generally popular with his soldiers. He was murdered himself by one of his officers while taking a piss by the side of the road.

Wed, 02/27/2013 - 10:26 | 3281512 rsnoble
rsnoble's picture

They'll shove the lie down your throat.  You know it's a lie, I know it's a lie, they'll do it anyway.  And what are you going to fucking do about it?  Not a fucking thing till it's too late.  We'll decline and go straight to hell and by the time we rise the option of bringing out the drones will no longer be an issue.

Wed, 02/27/2013 - 10:49 | 3281563 The Count
The Count's picture

"...Emperor Caracella's 268AD reign of insidious taxation..." 

Are you kidding me? Roman history? The current generation is so freakin stupid most can't find the capital on a blank map of the U.S. Ask them amout Snookie and they will know everything there is to know about somebody so unimportant it boggles the mind. The MSM is in cahoots with the rulers to insure people don't spend their precious spare time thinking about how they are getting shafted every day.

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