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Deutsche Bank: "We Fully Understand Why The Authorities Wouldn't Want Free Markets To Operate Today"

Tyler Durden's picture


A brief stroke of brilliance from Deutsche Bank's Jim Reid:

Our opinion is that the BoJ is the latest runner with this demand baton which may in turn actually force others into the race (ECB in the future?), or encourage others to carry on QE for longer (the Fed?) thus reinforcing this artificial demand for fixed income. While such technicals remain in place its hard for defaults to rise significantly in the foreseeable future even with what is weak growth, average fundamentals, credit deterioration and a rise in more risky deals. However is it healthy that the default/insolvency cycle is being sedated in so many large economies? Surely the financial system and life in general has prospered through history on the basis of creative destruction. Indeed all the good looking and intelligent readers of this note are products of survival of the fittest. Economic growth over time is helped by a regular cleansing. So are low defaults helping to lock in low growth for years to come across many large economies? Clearly there are other factors at work here but we think that what's great for credit investors isn't necessarily good for the global economy. A bit of a paradox. We would stress that we fully understand why the authorities wouldn't want free markets to operate today as the risk of a huge global default and unemployment cycle would still be very high. However their intervention has a cost in our opinion. Socially this might be worth paying but we do think it exists.

Is it worth paying? Or is it just because the 64% youth unemployment in countries like Greece hasn't manifsted itself in social revolt yet, that economists believe that the current course of action, which anyone with half an ounce of common sense realizes is destructive, is sustainable? But at least day after day we get record high after record high. In that case perhaps the correct word is not "socially", but "marketly" (sic).


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Thu, 05/09/2013 - 09:08 | 3544129 Capitalist
Capitalist's picture

"Creative destruction" another Austrian term (google it).. It seems like the entire banking establishment secretly adheres to Austrian Economics.

Thu, 05/09/2013 - 09:12 | 3544146 Pinto Currency
Pinto Currency's picture


DBank, one of the key bullion banks involved in the central bank gold leasing scam, should "fully understand".

Thu, 05/09/2013 - 09:20 | 3544185 cynicalskeptic
cynicalskeptic's picture

Gold is the least of their problems.  Guess who has the lsrgest exposure to derivatives - more than even JPMorgan?

Talk about the potential for 'Creative Destruction'................

Thu, 05/09/2013 - 09:39 | 3544248 101 years and c...
101 years and counting's picture

at least they admit the CB's have killed capitalism and ushered in an era of communism.  everything the US hated 20 years ago has come full circle to our shores.

Thu, 05/09/2013 - 09:48 | 3544279 Badabing
Badabing's picture

Deutsche Bank: "We Fully Understand Why The Authorities Wouldn't Want Free Markets To Operate Today"

Do they take us for idiots?

The banks are the authorities!

Thu, 05/09/2013 - 09:57 | 3544326 Ghordius
Ghordius's picture

to put it in context, what Jim Reid is also ranting obliquely against is the increasingly "anti-megabank" attitude of eurozone authorities

time for an ad-hom: notice how German Jim Reid is, pontificating as "Global Strategist" of this "German" monstrosity that Deutsche Bank is

of course from his office in... London, having previously worked for... Barkley, after his studies in... Warwick

Thu, 05/09/2013 - 10:21 | 3544439 Terminus C
Terminus C's picture

But but, Anglo/Judeo mega banks good... European/Judeo megabanks bad...

Sometimes I wonder why people have trouble with this simple understanding, geeze.

Basically the elites have run out of muppets to slay, at least to slake their appetite, so they are beginning to cannibalize.

Thu, 05/09/2013 - 10:44 | 3544549 Ghordius
Ghordius's picture

imho all megabanks are bad. it would be interesting to see if we really can talk about "European/Judeo" banks, then after all the eurozone had a little... thing with Jews involving gas, ovens and lots and lots of refugees that never came back

but I presume you mean "moneylenders" - to which I have to note that generally speaking nobody forces someone to take up debt - this happens through cultural forces, like "you need to go to university" or "you need to be a homeowner"

basically I wonder about this quite new meme "the elites this and that" then after all history is just the recordings of squabbles between elites - and most ZH commentators are part of "the global elites" - even if they don't realize it, then the entry ticket to them is an income over 100k

having said that, yes, the megabanks and the sovereigns are both looking for muppets to fleece, generally speaking

Thu, 05/09/2013 - 11:01 | 3544617 walküre
walküre's picture

generally speaking nobody forces someone to take up debt

Tell that to the Kings, Queens, Chancellors, Members of Parliament and so on who were told to take the debt or else.

Banks always finance both sides of the trade to hedge their exposure. Even when that trade meant outright war.

Who had the money and the corrupt brains to figure out how to run this business?

Thu, 05/09/2013 - 11:11 | 3544657 Jack Napier
Jack Napier's picture

They have to understand Austrian economics. If they were stupid the Keynesian model would have fallen apart on its own years ago. The corrupt and usurious banking model is at least as old as Jesus, flipping over the tables in the temple, but probably much older. The love of money is the root of all evil afterall. There is nothing new under the sun, and a lot of forgetful memories.

Thu, 05/09/2013 - 11:53 | 3544785 Skateboarder
Skateboarder's picture

It aint the love of money that's so bad as compared to the "I want all the money. Ever. And no one else gets to have anything. Ever." train of thinking that should be disallowed from reaching the highest points of control.

I was talking to the dude sitting next to me at the bar last night, he works in the construction business, on the managerial level of making deals and sending out technicians to fix shit in the middle of the night, etc. He was telling me how much trust has gone down over the last 20 years. Says he used to make deals with a handshake all the time, and people used to follow through; nowadays he shakes somebody's hand and calls the next day to find some secretary or whoever telling him they aint interested.

The fundamental erosion is that of trust, at all levels.

Thu, 05/09/2013 - 13:27 | 3545160 Jack Napier
Jack Napier's picture

It isn't even that some want all the money. When you can buy everything in the world 10 times over money has lost all utility beyond the first time over. After that you need power.

They want everyone else not to have any, as you said, to enforce dependency and subserviency through the love of money.

Thu, 05/09/2013 - 13:38 | 3545198 Anusocracy
Anusocracy's picture

A symptom of devolution bringing about a decivilized society.

Thu, 05/09/2013 - 11:22 | 3544697 Terminus C
Terminus C's picture

Don't get me wrong, I am not calling for the extermination of anyone. As for the gassing to which you refer one needs to only ask cui bono and one gets some... interesting... Possibilities as to who was behind this event. Speculation aside, there are elites and then there are elites.

Yes, we are among the elite of the world but that doesn't mean we want the current kleptocracy to thrive. Most of us want a return to rewarding the productive rather than the thieves.

P.s. thieves come from all groups of society... And they need to be punished, not rewarded, regardless of their... heritage...

Thu, 05/09/2013 - 11:46 | 3544764 Skateboarder
Skateboarder's picture

100k/yr lets you barely live in the Silicon Valley (with a family of four).

Thu, 05/09/2013 - 10:47 | 3544567 Bay of Pigs
Bay of Pigs's picture

"A brief stroke of brilliance from Deutsche Bank's Jim Reid"

Sorry, but there is nothing brilliant coming from this asshole or his firm.

Thu, 05/09/2013 - 11:00 | 3544621 Kirk2NCC1701
Kirk2NCC1701's picture

Will you settle for Faux Honesty?

Thu, 05/09/2013 - 09:48 | 3544280 SheepDog-One
SheepDog-One's picture

Yep it seems it was all just blustering, all the 'We hate them commies!' Red Dawn rah rah....absolute communism swept the nation overnite and the people grovel at it's feet.

Thu, 05/09/2013 - 11:06 | 3544639 Kirk2NCC1701
Kirk2NCC1701's picture

Ah, the "I was For the war, before I was Against it" routine.

Should be good for a promotion. -- it worked for (Hara) Kerry.

Thu, 05/09/2013 - 09:49 | 3544285 MillionDollarBonus_
MillionDollarBonus_'s picture

Austrian economists will often use sophisticated terms like  "the division of labor" and the "socialist calculation problem" to give a false air of credibility. What they don't tell you however, is that Austrian economics is not supported by any reputable economists or leading economics institutions.

Thu, 05/09/2013 - 09:59 | 3544332 Dangertime
Dangertime's picture

It sure isn't supported by those economists or leading "economic institutions".


The only thing supported by those economists and leading "economic institutions" are unemployment, socialism, alien invasions, wobbly sotck markets, bond prices, and claims that only people with doctorates in economics can make such statements as you are making right now.


Now, let's all go break some windows and improve the economy.  Leading economists and their institutions say this is the solution......who are we to argue with our non leading-institution logic?

Thu, 05/09/2013 - 10:01 | 3544340 Ghordius
Ghordius's picture

agreed... let's buy stocks of industries producing whalebone corsets and horse-drawn carriages, then creative destruction does not exist, and so they have a reason to be financed forever (/s, just in case someone does not get it)

Thu, 05/09/2013 - 10:04 | 3544363 eclectic syncretist
eclectic syncretist's picture

Kiss my big black ass Bernanke, you stupid motherfucker!  You are undoubtedly destined to go down in history as the most inept economist ever, whose grand experiment in counterfeiting only served to prove his dissertation thesis and entire life philosophy the delusional ravings of a madman.

Same goes for you too Krugman, you asshole!

Thu, 05/09/2013 - 10:24 | 3544446 Terminus C
Terminus C's picture

I think you need to tell us how you really feel...  Subtlety is not our strong point around here...

Oh, and be careful offering your ass to teh Bernanke, he may not use it in the way you intended...

Thu, 05/09/2013 - 10:09 | 3544386 auric1234
auric1234's picture

What they don't tell you however, is that Austrian economics is not supported by any reputable economists or leading economics institutions.

Which, given the sad state the world is in, speaks volumes in favour of Austrian economics don't you think?


Thu, 05/09/2013 - 10:14 | 3544405 SunRise
SunRise's picture

True; after all, if there are no reputable economists it's pretty tough for the zero-set to support anything.

Thu, 05/09/2013 - 10:44 | 3544548 Real Estate Geek
Real Estate Geek's picture

Well played!

Thu, 05/09/2013 - 10:20 | 3544427 Temporalist
Temporalist's picture

+1 MDB for brevity but I think you should use the word "disreputable" in the future as it connotates hucksterism, quackery and deceit. 

Thu, 05/09/2013 - 09:52 | 3544293 solgundy
solgundy's picture

Homer wrote about the US in the Odyssey,,,,from Book IX


"I was driven thence by foul winds for a space of nine days upon the

sea, but on the tenth day we reached the land of the Lotus-eater,

who live on a food that comes from a kind of flower. Here we landed to

take in fresh water, and our crews got their mid-day meal on the shore

near the ships. When they had eaten and drunk I sent two of my company

to see what manner of men the people of the place might be, and they

had a third man under them. They started at once, and went about among

the Lotus-eaters, who did them no hurt, but gave them to eat of the

lotus, which was so delicious that those who ate of it left off caring

about home, and did not even want to go back and say what had happened

to them, but were for staying and munching lotus with the

Lotus-eater without thinking further of their return; nevertheless,

though they wept bitterly I forced them back to the ships and made

them fast under the benches. Then I told the rest to go on board at

once, lest any of them should taste of the lotus and leave off wanting

to get home, so they took their places and smote the grey sea with their oars.

Thu, 05/09/2013 - 11:52 | 3544778 cynicalskeptic
cynicalskeptic's picture

"at least they admit the CB's have killed capitalism and ushered in an era of communism.  everything the US hated 20 years ago has come full circle to our shores."


Do not confuse crony capitalism where corporations use government to limit competition and enrich their coffers, offloading losses on taxpayers while bribing the masses with (in comparison, quite ) minor giveaways.  This is not a free market it is a manipulated one, controlled to benefit the large and wealthy at the expense of the many.  

It IS 'Communism" only in the sense that "Communism" as implemented exploited the mass of workers for the benefit of the few in the Nomenklatura (not at all different than other systems).  The problem was that they did so while claiming to work FOR the workers.  Such hypocrisy eventually leads to riots and revolution as many found out.  

The Communists eventually realized that "Capitalism" was FAR more profitable and held less risk.  Workers under Capitalism expected to be treated badly and were happy things had been 'better' than Marx predicted (at least for a time).  Workers under Communism were promised much and got less than their Capitalist counterparts - they felt betrayed.  Such people reach a boiling point and take real action.  Ceausescu could have been wealthier and still alive had he made he transition that others made.   

Thu, 05/09/2013 - 14:00 | 3545285 Altavoz-de-Verdad
Altavoz-de-Verdad's picture

You are confusing late stage capitalism (full control of the means of producition, governance, et al by the monopolist class) with communism.  The two couldn't be more different.

Thu, 05/09/2013 - 09:46 | 3544276 markettime
markettime's picture

Does anyone have an upadated list of derivative exposure by the top banks in the world? 

Thu, 05/09/2013 - 12:03 | 3544830 cynicalskeptic
cynicalskeptic's picture

No worldwide summary found but   $72.8 trillion for DB     $69 trillion for JPMorganChase


Thu, 05/09/2013 - 09:16 | 3544166 kliguy38
kliguy38's picture opposed to simple math wifes brother is a perfect analogy.....if he can lay his hands on credit he will find a way to burn it ho' instead of bankrupting this POS ....we now create more credit for him to "invest" in cars..blow...and ho's......  maybe its good for hookers and coke dealers but its called MALINVESTMENT for our childern's future.......

Thu, 05/09/2013 - 09:21 | 3544192 pepperspray
pepperspray's picture

My wife's brother is the same way- add to it he's a civil servant by day and MMA fighter by night. Guy's living his own fantasy life at 36.

Thu, 05/09/2013 - 11:03 | 3544636 walküre
walküre's picture

The banks love him! That is the kind of client they want! They don't want prudent customers who are able to manage their finances well and get in and out of debt and create wealth for themselves in the process.

The banks want debt addicts.

Thu, 05/09/2013 - 13:18 | 3545131 Ghordius
Ghordius's picture

+1 now who is to blame? The pusher? The addict? Both? Or the assumption that life is not worthwhile without a degree and a house?

Thu, 05/09/2013 - 09:42 | 3544263 DaveyJones
DaveyJones's picture

a blow ho sure does take a whale of credit

Thu, 05/09/2013 - 09:35 | 3544238 Skin666
Skin666's picture
Schumpeter and capitalism's demise [edit]

Schumpeter's most popular book in English is probably Capitalism, Socialism and Democracy. This book opens with a treatment of Karl Marx. While he is sympathetic to Marx's theory that capitalism will collapse and will be replaced by socialism, Schumpeter concludes that this will not come about in the way Marx predicted. To describe it he borrowed the phrase "creative destruction", and made it famous by using it to describe a process in which the old ways of doing things are endogenously destroyed and replaced by new ways.

Schumpeter's theory is that the success of capitalism will lead to a form of corporatism and a fostering of values hostile to capitalism, especially among intellectuals. The intellectual and social climate needed to allow entrepreneurship to thrive will not exist in advanced capitalism; it will be replaced by socialism in some form. There will not be a revolution, but merely a trend in parliaments to elect social democratic parties of one stripe or another. He argued that capitalism's collapse from within will come about as democratic majorities vote for restrictions upon entrepreneurship that will burden and destroy the capitalist structure, but also emphasizes non-political, evolutionary processes in society where "liberal capitalism" was evolving into democratic socialism because of the growth of workers' self-management, industrial democracy and regulatory institutions.[17]

Schumpeter emphasizes throughout this book that he is analyzing trends, not engaging in political advocacy. In his vision, the intellectual class will play an important role in capitalism's demise. The term "intellectuals" denotes a class of persons in a position to develop critiques of societal matters for which they are not directly responsible and able to stand up for the interests of strata to which they themselves do not belong. One of the great advantages of capitalism, he argues, is that as compared with pre-capitalist periods, when education was a privilege of the few, more and more people acquire (higher) education. The availability of fulfilling work is, however, limited, and this lack, coupled with the experience of unemployment, produces discontent. The intellectual class is then able to organize protest and develop critical ideas.

The man knew his onions...

Bit sketchy on praxeology and all round economics though...

Thu, 05/09/2013 - 10:15 | 3544413 shovelhead
shovelhead's picture

Joey was a clever rascal insofar as he understood the 'intellectuals' would persuade voters they needed to 'protect' themselves and erect barriers to capitalism.

They needed protection from cronyism, not capitalism.

Thu, 05/09/2013 - 11:23 | 3544696 Kirk2NCC1701
Kirk2NCC1701's picture

Cronyism became the official national religion, when the system's Checks & Balances were removed piece by piece in the 80's and 90s.

The Neocon propaganda machine gave this process the noble sounding name of "Deregulation". Something they concocted, and used a perfect Useful Tool to promote it: Ronny Raygun.

Ronny was the puppet, Bush was the puppet-master, pulling the strings from the Shadows of Power.

Since then this runaway Crony Island train has only picked up speed.

Thu, 05/09/2013 - 10:36 | 3544503 Acet
Acet's picture

It is the nature of the greediest men to be corruptible and it's the nature of the corruptible to seek positions where they can maximize their take.

So in a Capitalist system, the more capital you have, the more enforcers you can convince to turn a blind eye on your activities, the more legal power you can pay for and the more rules and regulations you can buy to help you protect and extend your wealth.

A couple of iterations of this and there is nothing left of Free Markets. Instead there is a thick web of rules and regulations that protect the established capital and hinder new creators of capital, a system where success does not come from flawless delivery, ruthless competitivity or superior efficiency, but instead comes from Legal and Legislative support and protection: Socialism for the Rich.

Add to this the buying of the masses with Welfare at the other end of the spectrum and what you end up with is what we see all around us: a thoroughly corrupt system where the middle classes are squeezed to support the elites and the welfare-dependent.

Capitalism, if it ever existed, has long been perverted into something else, even if an immense propaganda machine and modern marketting (with it's base in psychology and mass manipulation techniques) has kept the sheeple believing otherwise.

Thu, 05/09/2013 - 10:45 | 3544557 Ricky Bobby
Ricky Bobby's picture

Fantastic Book! Schumpeter was a wise and thoughtful scholar. I have read it twice and could read it again.

Thu, 05/09/2013 - 11:27 | 3544710 Thisson
Thisson's picture

Wow, that is quite excellent.  It describes almost exactly the political situation what we have now, except that it omits the crony capitalists/fascists.

Thu, 05/09/2013 - 11:51 | 3544773 Kirk2NCC1701
Kirk2NCC1701's picture

IMO, the term "Austrian" economics is no longer useful.  Originally it was attached to the 'school of thought', as formulated by a couple of Austrians.  But, if you really think about it, "Austria" is a political entity, not an economic entity. 

It would be better and more accurate to either name it after its two leaders -- and call it Hayek-Mises economics (HME?) -- or, as I prefer to call it "Natural Economics"

Thu, 05/09/2013 - 12:56 | 3545047 alangreedspank
alangreedspank's picture

Bankers and Wall Street stock flippers aren't the same. Bankers have to understand fundamentals better than Wall Street muppets, hence why you'll find bankers with a somewhat more Austrian view of economics.

Thu, 05/09/2013 - 09:08 | 3544135 becky quick and...
becky quick and her beautiful mouth's picture

i don't feel tardy.

Thu, 05/09/2013 - 09:27 | 3544218 Lets_Eat_Ben
Lets_Eat_Ben's picture

" Or is it just because the 64% youth unemployment in countries like Greece hasn't manifsted itself in social revolt yet..."


Thu, 05/09/2013 - 09:45 | 3544270 DaveyJones
DaveyJones's picture

Caught that too. Do you ever get the feeling that these guys say this stuff just to be on record when they finally come - see guys, I was always on your side.... 

Thu, 05/09/2013 - 09:11 | 3544142 W T F II
W T F II's picture

exponential function is comin' up on the outside...!! EXP will win the Belmont...

Thu, 05/09/2013 - 09:11 | 3544147 Seasmoke
Seasmoke's picture

Normandy Invasion

Thu, 05/09/2013 - 09:11 | 3544150 Dr. Engali
Dr. Engali's picture

The pigs might talk a good game , but they won't take their faces from the feed trough.

Thu, 05/09/2013 - 09:14 | 3544157 Cognitive Dissonance
Cognitive Dissonance's picture

Mama pig (Fed) always told me not to talk with my mouth full.

"Chew each bite 10 times before swallowing your QE." - Mama CD

Thu, 05/09/2013 - 09:30 | 3544229 Bay of Pigs
Bay of Pigs's picture

Pig? You rang?

Thu, 05/09/2013 - 09:34 | 3544237 Cognitive Dissonance
Cognitive Dissonance's picture

Where's the beef lipstick?    :)

Thu, 05/09/2013 - 09:49 | 3544286 DaveyJones
DaveyJones's picture

Mamma Pig always told me not to look into to the eyes of the sun. But mamma, that's where the Hun is.

Thu, 05/09/2013 - 09:12 | 3544152 Cognitive Dissonance
Cognitive Dissonance's picture

"Our opinion is that the BoJ is the latest runner with this demand baton which may in turn actually force others into the race (ECB in the future?), or encourage others to carry on QE for longer (the Fed?) thus reinforcing this artificial demand for fixed income."

And it has begun. The ECB lowered rates last week. And now Australia and South Korea have followed. The race to the bottom of the toilet bowl is in full swing.

"Let the games begin."- Caesar

Thu, 05/09/2013 - 09:52 | 3544296 DaveyJones
DaveyJones's picture

"The fault dear Brutus is not in the stars, but in ourselves"

Thu, 05/09/2013 - 09:13 | 3544155 Umh
Umh's picture

Free markets are against the religion of bureaucrats. Bureaucrats would rather die a sure slow death than live in a undictated environment.

Thu, 05/09/2013 - 09:14 | 3544160 slaughterer
slaughterer's picture

We close red today.  

Thu, 05/09/2013 - 09:35 | 3544241 freewolf7
freewolf7's picture

I could only hope.

This is like hearing the gas leak in the kitchen,
while candles burn in the dining room.

Thu, 05/09/2013 - 10:05 | 3544370 Cobra
Cobra's picture

As long as you aren't in this mess (market), you aren't the one handcuffed to the stove, at least...

Thu, 05/09/2013 - 11:48 | 3544765 OneTinSoldier66
OneTinSoldier66's picture

Unpossible. Didn't you get the memo? The Stock Market is the new American Dream and it will never go down, just like real estate prices!

Thu, 05/09/2013 - 09:14 | 3544161 Dr. Engali
Dr. Engali's picture

It looks like Chanos is ahead of the curve on China:

Thu, 05/09/2013 - 09:18 | 3544177 W T F II
W T F II's picture

He's been ahead of the curve. His peeps added up all the square footage of Chinese commercial real estate a few years ago and figured it was @ 4-5x even the most optimistic growth assumptions.

Hey, copper goes into wires and wires go into buildings...OK, I get it now...!!

All levered in unreported "Shadow Banking" deals. Should work out great.

"Hey Ming, Can I Get Another 'Lamb' Skewer"...??

Thu, 05/09/2013 - 09:22 | 3544199 fonzannoon
fonzannoon's picture

that article is frightening on so many levels. holy shit.

Thu, 05/09/2013 - 09:31 | 3544230 Dr. Engali
Dr. Engali's picture

I was thinking the same thing when I read it.

Thu, 05/09/2013 - 09:14 | 3544162 W T F II
W T F II's picture

It's pretty funny commentary coming from a 'state-supported enterprise', which would have been toast already, but for the German government...!!

Thu, 05/09/2013 - 09:17 | 3544175 WSP
WSP's picture

The central bankers use these people as "useful idiots" to keep the public distracted and dumbed down.  Make no mistake, this guy is either a useful idiot or simply parroting what he is being told to write----the bankers know EXACTLY WHAT THEY ARE DOING----world domination once and for all.

Thu, 05/09/2013 - 09:24 | 3544165 Mercury
Mercury's picture

 We would stress that we fully understand why the authorities wouldn't want free markets to operate today as the risk of a huge global default and unemployment cycle would still be very high.


And yet every day they stand athwart free markets yelling: "STOP!" the potential energy behind the inevitable reset becomes that much greater.

You can only resist equilibrium for so long...

Thu, 05/09/2013 - 09:16 | 3544167 WSP
WSP's picture

While it is admirable that the Jim Reid acknowledges the moral hazards of the criminal banking cartels actions, he is still not thinking outside the box.  The Central Bankers know exactly what they are doing----the hazards that result from their actions is the desired outcome----to consolidate and lock in the wealth of the world into their fabian socialist hands so that they can reshape the world the way they see fit---NOT THE WAY NATURE SEES FIT.  Survival of the fittest only applies to the "little people"---anybody who is "not them".

The whole point of this excercise by the Central Bankers is to consolidate wealth at the top for their New World Order---it is not the result of any policy mistake----what is taking place now is the "End Game" of the central bankers and has been in the works for many centuries.   These criminals who truly believe they are god are seizing the day with their friends in technology and the military industrial complex to create absolute rule over populations for their own sick agenda's.  

While people publicly debate Central Bank policy, these criminals sit around and laugh as they further consolidate their rule and power over mother earth. 

Thu, 05/09/2013 - 09:54 | 3544315 fiftybagger
fiftybagger's picture

6 I have said, Ye are gods; and all of you are children of the most High.

7 But ye shall die like men, and fall like one of the princes.

Psalm 82
King James Bible

Thu, 05/09/2013 - 09:18 | 3544168 Schmuck Raker
Schmuck Raker's picture

I'm good looking. I'm intelligent. Yay.

Why are my savings losing purchasing power?

Thu, 05/09/2013 - 09:24 | 3544204 Olephant
Olephant's picture

Maybe follow a crash course sociopathy for dummies. 

Thu, 05/09/2013 - 09:26 | 3544213 cynicalskeptic
cynicalskeptic's picture

How are your savings measured?  If in dollars or any other mesurement of fiat currency (save a VERY few nations), you have your answer.

Funny how Norwqay, with far less natural wealth than the US has managed to build a substantial sovreign wealth fund from only their share of North Seal oil and gas.   You think the US - with far greater natural resources - might have managed to keep a small percentsge of teh wealth extracted for the national good instead of (often literally) giving that publicly owned wealth away.

Thu, 05/09/2013 - 09:45 | 3544274 mess nonster
mess nonster's picture

Why is it that the only times I KNOW I'm both good-looking and intelligent are when a woman, who is not quite as good-looking or intelligent as myself, declines a date with me?

"But... I'm both good-looking AND intelligent!" I whine... "How could she say no???"

Unrelated...but (loosely) on-topic (for once).

Thu, 05/09/2013 - 10:11 | 3544393 Cobra
Cobra's picture

Answer: she's a muppet, and probably senses something odd about you because you're not. Feel better?
+1 for good music!

Thu, 05/09/2013 - 09:16 | 3544169 ak_khanna
ak_khanna's picture

The prime reasons of the global financial crisis were the following activities engaged in by the financial institutions for the sole motive of profit maximisation

  • Lending money to borrowers (individuals, corporates and governments) who had insufficient income or assets to pay off the loans undertaken.
  • Engaged in and encouraged massive speculation in the currencies, bonds, equity and commodities exchanges.
  • Use of leverage in the form of Derivatives and High Frequency Trading to game the process of price fixing on electronic exchanges.

Thu, 05/09/2013 - 09:18 | 3544170 newworldorder
newworldorder's picture

Translation - The hungry consumers of the world can not and should not be trusted to govern themselves. The banksters need friendly overseers to steer the serfs to greater production and consumtion goals without protest.

Thu, 05/09/2013 - 09:17 | 3544171 andrewp111
andrewp111's picture

They will get their destruction eventually, and it will be epic. The Central Banks have their foot on the gas, all the way to the metal, and they will keep the engine red-lined until it blows a piston. The DOW will be 36000 or higher by then, and when this sucker blows, prices will fall so fast that only the HFTs will trade during the brief millisecond intervals between circuit breakers. 2008 will look like a minor test run in comparison when the Great Bernanke Bubble finally blows.

Thu, 05/09/2013 - 10:01 | 3544348 mendigo
mendigo's picture

That is what I am thinking.
Those who could withstand it would benefit greatly from a massive dip assuming they are prepared.
The global injection may kill volatility - heat death.

Thu, 05/09/2013 - 09:17 | 3544172 ekm
ekm's picture

What have I been telling you? The Gov controls the banks, not vice versa.


It's like drug cartels. They luuuuuuv war on drugs, so they stay in business. If the Gov legalized drugs, they're screwed.


Same with banks, if they merged with the gov, which has practically happened, they're out of business.

Thu, 05/09/2013 - 09:18 | 3544178 ptoemmes
ptoemmes's picture

Authorities...who are these authorities they speak of?  


Thu, 05/09/2013 - 09:18 | 3544179 george1982
george1982's picture

ZH what a load of bollox, you all must be broke by now, i stopped following this website over a year ago, nothing but doom and gloom. PERMA bears!!! price action says it all.

Thu, 05/09/2013 - 12:06 | 3544233 cynicalskeptic
cynicalskeptic's picture

Ben et al at the Fed will be happy to know that MOPE is working for at least one person - unless you're one of the paid trolls used to promote MOPE.

I suspect that managing people's perspectives would work FAR better if you just took ALL the money given to the banks and Wall Street and split it up among the whole populace.  Just pay everyone off DIRECTLY. View it as one massive bribe.  Gov does it all the time with tax 'rebates'.   At least individuals might do somethign productive with the money instead of playing at the casino like the banks and Wall Street.   Hell, they'd benefit because people migh actually PAY OFF some of the debt they hold, stay in houses and make good some of the financial derivative trash the banks hold - oh wait, they sold all that to the Fed...   

Thu, 05/09/2013 - 09:48 | 3544282 Spastica Rex
Spastica Rex's picture

Yet here you are.

Thu, 05/09/2013 - 10:00 | 3544338 W T F II
W T F II's picture

hey George,

Why are you back then..?? A bit nervous are we..?? Or is your nose starting to bleed up here..??

Thu, 05/09/2013 - 10:30 | 3544484 Cobra
Cobra's picture

I still have every ounce of money I purchased with my labor...

Thu, 05/09/2013 - 11:54 | 3544790 OneTinSoldier66
OneTinSoldier66's picture

And that's how ounces work. When the fruits of your labor are stored in ounces, that's a measurement and unit of account that can actually be understood!

Thu, 05/09/2013 - 10:25 | 3544455 Vooter
Vooter's picture

I'd rather be broke than licking Ben Bernanke's asshole...

Thu, 05/09/2013 - 11:19 | 3544686 dolph9
dolph9's picture

Believe me I'm anything but broke.

I very much credit zerohedge for my financial awakening.

Thu, 05/09/2013 - 09:19 | 3544183 francis_sawyer
francis_sawyer's picture

We're jew bankers... Trust us ~ we know what's best for you all...

Thu, 05/09/2013 - 09:25 | 3544211 jjsilver
jjsilver's picture

"The only statement I care to make about the Protocols of Zion is
that they fit in with what is going on. They are sixteen years
old and they have fitted the world situation up to this time.
They fit it now.
Henry Ford in the New York World, February 17th, 1921

Thu, 05/09/2013 - 09:39 | 3544235 francis_sawyer
francis_sawyer's picture

Yeah well... They're the smartest guys in the room... It's that way because they did all that studyin' & homeschoolin' & shit instead of sitting around like the poor black kids worshipping the black NBA players who wouldn't come along for another 30 years... They're so smart, they produce Nobel Prize winning eCONomists like Paul Krugman & great policy thinkers like Larry Summers & Bob Rubin... Oh, but actually, Krugman & Co "used" to be smart & righteous... But then one day their utter brilliance [developed as result of that homeschooling], gave them the idea to chuck their heritage out the window & become 'Luciferians'... They were then initiated into the cult in a ceremony with Douglas C. Neidermeyer whacking their diapered asses with a cricket bat... Only then, did they start behaving badly...

Just turn on the TV & you'll learn all about it...

Thu, 05/09/2013 - 09:44 | 3544269 Bingfa
Bingfa's picture

+1    You definitely have got a way with words....LOL

Thu, 05/09/2013 - 09:58 | 3544322 francis_sawyer
francis_sawyer's picture

Yeah well ~ francis_sawyer gets criticized on these boards for beating the same drum over & over... I said the other day that it's not because I want to, but because I'm just RESPONDING to the news events that are candy coated for human consumption... They can put all the lipstick on all the pigs they want... I guess that's enough to turn pigs into beauty queens [in the minds of some]...



"We would stress that we fully understand why the authorities wouldn't want free markets to operate today as the risk of a huge global default and unemployment cycle would still be very high"

Utter bullshit... The "WE" in that phrase are jew bankers... The "authorities" in that phrase are governments... The "global default" means that the former isn't getting paid... The "high unemployment" IS NOT CONCERN for the people, but rather, FEAR that when the people revolt, they'll toss the government [as well as the bankers] out on their ass...

Thu, 05/09/2013 - 12:13 | 3544866 Thisson
Thisson's picture

This is a german bank, you dipshit!  How has the Jewish experience in Germany been?  Clearly they control the entire country /sarcasm.

Thu, 05/09/2013 - 12:52 | 3545035 francis_sawyer
francis_sawyer's picture

It's been fine & dandy... Rothschild cut his teeth in Germany...

Thu, 05/09/2013 - 13:28 | 3545161 Thisson
Thisson's picture

You're an idiot.  Rothchild's property was seized by the Nazis, and some of them were also imprisoned.

Thu, 05/09/2013 - 09:48 | 3544284 mess nonster
mess nonster's picture

The Protocols... the cleverest, most prophetic forgery ever written.

If the Protocols didn't exist, we would have to invent them, in order to explain what is really going on.

Thu, 05/09/2013 - 10:03 | 3544354 fiftybagger
fiftybagger's picture

The Papacy giving you a heads up on their plans and providing a scapegoat to boot.  Why should the devil come up with a new plan when the old one works so well over and over again?

Thu, 05/09/2013 - 09:19 | 3544184 Big Corked Boots
Big Corked Boots's picture

"Economic growth over time is helped by a regular cleansing."

Exactly. The time to take out the trash was 5 years ago... it's really starting to stink up the planet.

Thu, 05/09/2013 - 09:19 | 3544186 astoriajoe
astoriajoe's picture

I've often heard of some people on their deathbed, a short time before they pass, will experience a moment of clairity and alertness that will often make family members feel that the patient has turned the corner to recovery.

So we've got that going for us.


Thu, 05/09/2013 - 09:51 | 3544290 Bastiat
Bastiat's picture

Terminal lucidity.

Thu, 05/09/2013 - 09:22 | 3544197 DeadFred
DeadFred's picture

If one were to take the devil's advocate position one might say that we can only guess at the costs if they had allowed a market cleansing. A few dozen nukes might have been worse than decades of Japan style stagflation. There was and still is a good deal of social and political tail risk to the downside and I would prefer decades of trying to get along to Mad Max. Yet I have a sneaking suspicion that the motives for how the economy has been managed has more to do with Goldman's bottom line than with social stability.

Thu, 05/09/2013 - 10:01 | 3544344 mess nonster
mess nonster's picture

There si some chick who murdered someone (Jodi Arias), and she, being convicted of the crime, wants the death penalty, preferring a quick end to life in prison.

It is essentially the same choice faced by the financial Elite in 08, only they chose "life in prison". "Market cleansing" is also spelled "deflationary depression". The banksters decided that a few years of illusion was preferable to sudden death, and who can blame them really? I'll take inflation and expensive bread any day over deflation and no bread at any price.

Other hidden benefits of the current ponzi- ZH style entertainment

                                                               Lie-detection as sport (9-11, Sandy Hook, Boston)

                                                               In state gun manufacturing. Really, if you live in Montana or Tennesee, NOW is        the time to invest in a gunsmithy. Guns are ridiculously easy to make, and if you stamp "Made in Montana" (for ex.) on it, you have guaranteed sales in-state. Keep making guns, and independent smuggling will spontaneously help expand markets as out-of-state demand sucks up as many guns as you can possibly produce. MADE-IN-STATE ammo will also have an irrepressable demand.

Quit bitching and see the opportunity!


Thu, 05/09/2013 - 09:23 | 3544202 jjsilver
jjsilver's picture

Preview of Bill Still's new movie regarding the criminal central bankers


Thu, 05/09/2013 - 09:43 | 3544264 blindman
blindman's picture

link that ! thanks

Thu, 05/09/2013 - 10:09 | 3544383 fiftybagger
fiftybagger's picture

Still is a communist

Thu, 05/09/2013 - 09:23 | 3544203 Che Guevara is Dead
Che Guevara is Dead's picture

Reminds me of the "zero burn" policy in American national forests whereby every fire, including smaller ones that clear out deadwood and brush, is fought.  Sure Smokey the Bear is happy for a few years as every little fire is stomped out, but eventually you end up with a conflagration. 

Thu, 05/09/2013 - 09:26 | 3544216 Quinvarius
Quinvarius's picture

When the Fed is ready, it will turn the bankers loose with blow torches.

Thu, 05/09/2013 - 09:34 | 3544239 cynicalskeptic
cynicalskeptic's picture

A lot of deadwood there.....

Thu, 05/09/2013 - 09:44 | 3544268 Quinvarius
Quinvarius's picture

I can't wait to hear the excuses they use to do it.  Like Cyrpus was just a bunch of Russian mob money.  LOL.  Maybe they will say the only way to stop Americans from buying drugs is to take away all their money and destroy the economy that makes it possible.

I am so grateful for them knocking down the gold price.  I know they did it for themselves, as I can see all the gold disappearing.  But from a macro point of view, it is like getting a month of Christmas in Spring.  We should not be getting physical metal at these prices.  I guess that is something that gold bears will never understand.  They are selling people cheap home insurance while their homes are burning down.  I am not complaining.  

Thu, 05/09/2013 - 09:26 | 3544214 Yes_Questions
Yes_Questions's picture




I said, War, Huh

Good God Y'all

What is it good for

Creative Destruction...

Thu, 05/09/2013 - 09:27 | 3544217 venturen
venturen's picture

"We would stress that we fully understand why the authorities wouldn't want free markets to operate today as the risk of a huge global default and unemployment cycle would still be very high"

should read

"We would stress that we fully understand why the authorities wouldn't want free markets else our company would be bankrupt and I wouldn't be pulling down these obscene bonus while being a clueless twat"

Thu, 05/09/2013 - 09:39 | 3544247 Benjamin Glutton
Benjamin Glutton's picture

exactly...I see deadbeat depositors blaming the least powerful among us meanwhile they are made whole on unsecured loans(otherwise known as deposits) given to irresponsible Banksters.


all hail the partial reset!

Thu, 05/09/2013 - 09:32 | 3544231 Apostate2
Apostate2's picture

Burn baby burn. The only creative dstruction is this POS analysis.

Thu, 05/09/2013 - 09:37 | 3544246 Peter Pan
Peter Pan's picture

Greek youth have not revolted yet because the tight knit family unit keeps them at home where they have a roof over their head, meals and even pocket money although that has shrunk markedly.

What does Germany expect the Greeks to do when they cannot compete industrially with the Germans and have an incredible debt as well to service?

Thu, 05/09/2013 - 09:39 | 3544250 Bingfa
Bingfa's picture

All digital communications in the US are being captured....

"You may be reading this article in the privacy of your own home, but somewhere in a National Security Agency control center your every move is being tracked. What time you logged on this morning, the web site you visited, how long you stayed and even what you said in the comments section – all of it – has been cataloged and possibly even flagged for suspicious activity."



Thu, 05/09/2013 - 09:56 | 3544321 Mr. Hudson
Mr. Hudson's picture

People need to start looking at the different FEMA camps and deciding where they would like to be incarcerated. Otherwise, they will be sent somewhere that they don’t like. There is one FEMA camp in Alaska that has a small lake for fishing and a beautiful view of the mountains. Get on the waiting list now!

Thu, 05/09/2013 - 10:51 | 3544585 edifice
edifice's picture

Can I go to the one with the fancy wrought iron gate that reads, "Work Makes You Free?"

Thu, 05/09/2013 - 10:21 | 3544438 Vooter
Vooter's picture

Blow me...

Thu, 05/09/2013 - 10:32 | 3544499 edifice
edifice's picture

This has been captured and flagged for further analysis.  Terrorist.  :)

Thu, 05/09/2013 - 10:37 | 3544515 edifice
edifice's picture

What's new?  Since the first telephone rang, the government has been capturing private communications.  Having everything digital just makes it easier for them.

Honestly, what are you going to do about it?

Thu, 05/09/2013 - 10:43 | 3544536 De minimus
De minimus's picture

Yes it has.

For the express purpose of using it against you, when they need to. Say a friend of a friend is a target they can't reach the way they want to, they've got you and others to manipulate in order to get him or her. Unless you don't have any skeletons in your closet. In that case they will create them but that's done primarily by another section, using available information.

That's how it works and is the exact reason (not of course the stated reasons) they are doing it, and they have so many other good ideas which benefit them and not you as well! Enhancing your servitude and not your freedom or liberties, which incidentally makes you a potential competitor and they really aren't into that at all.

Thu, 05/09/2013 - 09:39 | 3544251 Bay of Pigs
Bay of Pigs's picture

Deutsche Bank? The poster child of Fraud and Corruption. Yeah right, a fantastic source on the financial problems plaguing the world.

Thu, 05/09/2013 - 09:44 | 3544266 Shell Game
Shell Game's picture

I'm so glad the scourge of Survival of the Fittest has been eradicated. Whew..  I mean, the last thing we want is 'unfair' pressures on the economy, on money and especially on our species.   Now, if you'll excuse me I have to go shop for trophies for my kid's 7th place soccer team...

Thu, 05/09/2013 - 09:46 | 3544277 FranSix
FranSix's picture

You just can't have rich men panicking, it's like perspiration.

Thu, 05/09/2013 - 09:51 | 3544289 RaceToTheBottom
RaceToTheBottom's picture


Thu, 05/09/2013 - 10:03 | 3544359 AynRandFan
AynRandFan's picture

Some day, people will recognize that this central bank modulated world economy was the beginning of a new world order in which private property and individual liberty were subsumed to government control.  The best outcome of the current Great Recession would be an abject failure of these government efforts.

Thu, 05/09/2013 - 10:05 | 3544372 Catullus
Catullus's picture

The key phrase is "artificial demand for fixed income". Every time someone who actually buys and sells fixed income securities utters the phrase, it slaps the likes of Krugman directly in the face. He continues to claim that because interest rates are low, there can be no inflation. It's not some dogmatic thing. You're seeing and hearing for actual market participants. Not some right wing, Glenn beck loving, conspiracy theorists and anti-humanists. Securities dealers.

Thu, 05/09/2013 - 10:14 | 3544378 Element
Element's picture



"... which anyone with half an ounce of common sense realizes is destructive, is sustainable? ..." - Tyler


Delusion is so deep-set in the EUSSR true-believers that rationality is out the window, get a load of this twat from just two days ago:


Because when you get to here, there's no 'plan-B', they have then shot their load an all that's left is nothing they every planned on:

"... Or is it just because the 64% youth unemployment in countries like Greece hasn't manifsted itself in social revolt yet, ..."

Barroso is a walking-talking clusterfuck.




Thu, 05/09/2013 - 10:15 | 3544411 tip e. canoe
tip e. canoe's picture

OT brief threadjack, just found this in the Telegraph


Thu, 05/09/2013 - 10:14 | 3544402 eclectic syncretist
eclectic syncretist's picture

Yay!  Another 31 tonnes of silver left the warehouses yesterday.  And JPM dropped another 2 tonnes of gold.  Maybe if there were more armored vehicles the vaults could be emptied faster.

Thu, 05/09/2013 - 10:15 | 3544412 realtick
realtick's picture

does watching Ben Shalom demonstrate his incompetence ever get old? hell no

Heeere's Benny!

Thu, 05/09/2013 - 10:28 | 3544471 Fezter
Fezter's picture

Free Market....???? What's a Free Market.....??? Is that where you get stuff for free....??? Me like free stuff....

Thu, 05/09/2013 - 10:49 | 3544527 Widowmaker
Widowmaker's picture

Pure horseshit.  The author misses the forest for the trees.

Creative destruction has been contained and monopolized.

Smart money knows destruction is profitable too, and by isolating and insulating it in the financial racket of fraud, so too is the profit from said destruction -- held out of reach of everyone else, protected by Fascist-justice.  

All one has to do is open their eyes and NOT listen to a fucking banker.  Mark to bullshit, QE, you name it, it's all fraud to fuck over anyone not in the racket.

"Markets" are dead.

"[fraud] Money" is dead, too.

Shills and pundits simply argue over what kid of fruit is served in the Titanic buffet.

Thu, 05/09/2013 - 11:06 | 3544545 Aurora Ex Machina
Aurora Ex Machina's picture

The fact Jim Reid doesn't understand the theory of evolution is fucking terrifying, although not surprising.


The phrase "survival of the fittest" is not generally used by modern biologists as the term does not accurately convey the meaning of natural selection, the term biologists use and prefer. Natural selection refers to differential reproduction as a function of traits that have a genetic basis. "Survival of the fittest" is inaccurate for two important reasons. First, survival is merely a normal prerequisite to reproduction. Second, fitness has specialized meaning in biology different from how the word is used in popular culture. In population genetics, fitness refers to differential reproduction. "Fitness" does not refer to whether an individual is "physically fit" – bigger, faster or stronger – or "better" in any subjective sense. It refers to a difference in reproductive rate from one generation to the next.

An interpretation of the phrase "survival of the fittest" to mean "only the fittest organisms will prevail" (a view sometimes derided as "Social Darwinism") is not consistent with the actual theory of evolution. Any individual organism which succeeds in reproducing itself is "fit" and will contribute to survival of its species, not just the "physically fittest" ones, though some of the population will be better adapted to the circumstances than others. A more accurate characterization of evolution would be "survival of the fit enough".[Wiki]


Unless he's going for satire, that's a good way to announce to the world you're a muppet. (Hint: Spencer is thoroughly discredited & was using it as tool of political oppression very deliberately. A German bank espousing racist Eugenics? Great PR Jim, fucking well done, I'm sure that's just the image you want to be advertising. HR is on line #2 btw)


Edit: naughty naughty ZH - I can't trace it to a genuine source barring recursive spam. That's not playing by the Queensberry Rules old chap. I will junk myself if you can supply it, of course.


/need more coffee to notice the snark, although you're showing too much ankle on how you seed the story via tertiary sites / aggregators; you're also lucky you're not living under UK libel laws

Thu, 05/09/2013 - 11:13 | 3544665 Village Smithy
Village Smithy's picture

That's not my interpretation. In my opinion Mr. Reid is implying that a normal free market requires participants to constantly but incrementally improve, in order to remain viable over time. What is going on now is allowing for a huge misallocation of resources which will not end in an incremental adjustment but rather a seismic shift and its accompanying devastating displacement of people and property. Besides that, the point of the article is to draw attention to the fact that even groups that are benefiting from the current misallocation are beginning to question the outcome. Perhaps the banksters are finally becoming concerned about the world they will be leaving for their progeny.

Thu, 05/09/2013 - 11:22 | 3544694 Aurora Ex Machina
Aurora Ex Machina's picture

I'm not convinced he actually said it yet; I'm happy to be proven wrong. If he did, it doesn't matter what he intended: Spencer's history is very well known, "Social Darwinism" is heavily frowned upon and Germany is quite rightly very wary of such stuff. If he said it, he can expect HR to have a word, I'd imagine, especially since he linked it to being good looking and genetic "good" traits in humans.


ZH is all fun and all, but this article has the potential to end his career. If it's true.



Woof woof.

Thu, 05/09/2013 - 14:41 | 3545477 Ghordius
Ghordius's picture

Woof, woof! Now that would be fun...

Thu, 05/09/2013 - 10:56 | 3544604 shovelhead
shovelhead's picture

Pendantic people must have a very low threshold for terror.

Thu, 05/09/2013 - 11:11 | 3544659 q99x2
q99x2's picture

Gyft and BitPay Open 50,000 Retail Locations to Bitcoins

Thu, 05/09/2013 - 11:21 | 3544692 saycheeeese
saycheeeese's picture

sucker... Te DB's and other banksters who are on top of the receiving end of QE  should be held part of the "socially it might be worth paying"

I always say.. before the end of this crisis, w'll see bankster, politiciens, judges and...  hanged in public places

Thu, 05/09/2013 - 11:29 | 3544715 falak pema
falak pema's picture

Pax Americana today is the exact opposite of its liberal ideals built on the enlightenment meme. This crisis is centered in DC and nowhere else.

Its become a world oligarchy empire that now wants to save its own neck; by strangulating its own invention : the capital market, now totally imperially controlled, as Marx had predicited. 

How pure ideals gone wacko through human greed beget in deeds the mirror opposite of the initial the recurrent lesson that history teaches us. 

Thu, 05/09/2013 - 12:08 | 3544814 JR
JR's picture

Survival of the fittest? The fittest for the future will not be cheaters and nonproducers, and bank renegades and oligarch tyrants. These will be the has beens; the fittest will be the entreprenuers, the industrious, and the visionaries and the savers.

Thu, 05/09/2013 - 12:22 | 3544911 Shell Game
Shell Game's picture

+1   There are many things history is clear on, what you said is one of them.

Thu, 05/09/2013 - 13:24 | 3545151 jjsilver
jjsilver's picture


Thu, 05/09/2013 - 17:45 | 3546231 thisandthat
thisandthat's picture


Indeed all the good looking and intelligent readers of this note are products of survival of the fittest.

All you need to know about the "character" of the asshole.

Do NOT follow this link or you will be banned from the site!