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Volcker On Bernanke's Grand Monetary Experiment: "Good Luck In That"
A week ago, in a very comic interlude, the hawkish head of the only G-7 country to have experienced hyperinflation in the recent past - Bundesbank's Jens Weidmann - had some sobering words of encouragement for his Japanese colleague Kuroda: "I wish them luck in their experiments."
Now, another former central bank head, the most famous one of the 1980s, and the man thanks to whom America did not implode in a depressionary puff of runaway inflation, Greenspan's predecessor Paul Volcker, has taken the podium and made a mockery of the entire fallback premise on which Bernanke's house of manipulated, centrally-planned cards is built: his assumption that no matter how much deferred inflation is injected, that Bernanke needs just "15 minutes" to take it away. Better yet, and as Japan has recently seen: the fact that central bank credibility is slowly but surely starting to slip away - first visible in rapid rises in bond yields, then in a surge in bond volatility, and finally: an all out inflationary conflagration.
“The Federal Reserve, any central bank, should not be asked to do too much to undertake responsibilities that it cannot responsibly meet with its appropriately limited powers,” Volcker said. He said a central bank’s basic responsibility is for a “stable currency.”
“Credibility is an enormous asset,” Volcker said. “Once earned, it must not be frittered away by yielding to the notion that a little inflation right now is a good a thing, a good thing to release animal spirits and to pep up investment.”
“The implicit assumption behind that siren call must be that the inflation rate can be manipulated to reach economic objectives,” according to Volcker. “Up today, maybe a little more tomorrow and then pulled back on command. Good luck in that. All experience demonstrates that inflation, when fairly and deliberately started, is hard to control and reverse.”
Hopefully Volcker can be cryogenically frozen because when the Chairsatan eventually - and it is only a matter of time - loses control and all hell breaks lose, none of the muppets in the Marriner Eccles building, no click-baiting Nobel-winning trolling Op-Ed writer with socialist delusions of grandure, will have any idea what to do, and it will be someone like Paul who will be needed to unleash his magic once more. Sadly, we have the sinking suspiction that not even thawed out of carbonite, will Volcker have any success when faced with the Frankenstein monster that the MIT central-banking braintrust have managed to unleash.
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Cage match Volcker vs. Bernanke!
Volck 'em up!
He's like 6'7", so I'd really like to see him stomp Bernanke's brains out...literally.
Bernankes is a PhD, one of the smartest people. Those gold pumper and dumpers, like Jim Sinclair, don't have such qualifications. Ergo, we should trust Bernanke!
Gold and Silver to ZERO!!!
Tall Paul's still got it :)
Paul Adolph Volcker, Jr.[1] (born September 5, 1927) is an American economist. He was Chairman of the Federal Reserve under United States Presidents Jimmy Carter and Ronald Reagan from August 1979 to August 1987.
.[4] Volcker grew up in Teaneck, New Jersey, where his father was the township's first municipal manager. As a child, he attended his mother's Lutheran church, while his father went to an Episcopal church.
Can you spot the 4 reasons why they will never let this man back into the helm of the Federal Reserve?...
(Hint: One is his age...)
The chances of Carter appointing another Fed Chairman are slim. I doubt he can beat Hillary in the primary.
His mother was jewish of Ashkenazi origin. Volcker's tribe will humor him while testing others who they place in his stead.
Three reasons then...
Schopenhauer said that we get our intelligence from our mother and our character from our father. German character is probably what kept Volcker honest.
Hahahaha, Zerohead, do a bit more digging in his past. He's a tribal member. The rest is a religious beard.
Just state'n da fax. Don't ban me bro!
Jim made an honest living working every day, for years in the Gold Mining and Marketing industry itself; instead of sucking off the taxpayers tit all his life and never learning anything about reality like our princess from Princeton; Ben Shalom Bernunclehead.
...
With the capital controls in effect via crimex gold and silver are effectivley at zero now at current spots so you are wrong, not to zero AT zero now! Eigen I get a bit of a synthetic feel from you are you organic? It would be a great acomplishment for you to openly admit you are a computer program. Perhaps created by APMEX as a shill for PMs judging by the sheer stupidity of your arguments? Prove to me you are human.
Thanks!
I'll take all I can get...
The PHD's have gotten us to where we are. I'd prefer a couple community college guys be put in charge for a while. How much worse could they do?
I have shredded people with Ivy League BAs, JDs and PhDs. Ivy League BAs are basically Jon Stewartites while the JDs and PhDs are more like Krugmans. You'll hear nothing from them that you won't see in a more or less dumbed down form on HuffPo. Yawn.
JD's are a favorite snack of mine as well :) Mba's too.
I have no doubts that you shred em. Been around a long time. Had to explain tax law to JD's on numerous occasions. Idiot convention x 10. And the stuff bores me to tears. Makes little sense, but it is what it is. And at the end of the day, I consider my knowledge a waste. Rather be a good fisherman. And a good dad. And a soccer dad is not what I have in mind.
Eigenvalue is a moron. The only thing the PhD's have done is to destroy the dollar, yen, euro, etc... You gotta remember that this debt must be paid off or written off. That's someones blood, sweat, and tears. Untold millions will suffer for the last 5 years of stupidity and greed.
Nooooooooooooo!!! LOL
Someone change the top line of Bernanke's next speech to:
"I am we Todd did. I am sofa king we Todd did."
Ah, oldies but goodies...
Other news about Volcker, is that he has become a US Government Oligarch Absurd Senile Shill ...
85-year-old Paul Volcker, was not only US Fed Chief 1979-87, he is also ...
Honorary Chairman of the super-creepy globalist Trilateral Commission (!) co-partner of the Bilderberg Group
And for those illustrious globalists
He has set up a 'Volcker Alliance' to try to restore 'trust in US government', worried about 'recent controversies' with the IRS and US Justice Dept etc.
Volcker wants to create a new marketing strategy to make people 'Believe in America' again
Jim Sinclair is, sadly, Volcker's old buddy, but even Sinclair seems to be sneering at him now
http://www.bloomberg.com/news/2013-05-29/volcker-sets-up-center-to-exami...
Nothing in that had any marketing, but research on improving policy.
Edit: A man is defined by his actions, what actions do you disagree with?
In the US now there is only worse, worser and worsest. I pick worse over the latter two.
I seem to recall that after Volcker jacked interest rates to 20%, they stayed there longer than 15 minutes, so The Bernank is talking through his hat!
Bernanke is the God Emperor of Finance. He WILL see us through, bitchez.
Indeed he will --- right through the destruction of the US financial system, the US economy, and the US dollar.
John Law, Von Havenstein, Ben Bernanke.
I'll take Famous Economic Charlatans for $1,000 Alex.
The way its working now, the velocity of money is dead. I believe the Fed is fully aware that it can not taper as the underlying economic data simply isn't showing growth. I only wonder if the Fed will turn to by the the Japanese Bond market to avoid global volatility especially when consdiering that the chances of Congress passing a budget much less raising the debt ceiling seems increasingly unlikely and the supply of treasuries seems to be diminishing.
The news in regard to the EU's position on "tapering" re-hypothecation seems as germane as anything, if only as it raises awareness of the underlying perils that the immense levels of re-hypothecation imply.
As for tomorrow, and Friday, do we get a ramp? I would think only if GDP comes in at concensus or better. Didn't one Fed member state that the Fed's participation in stimulus might be up or down depending on economic data. When I look at the underlying economic data, not that reported by the government, I don't see growth.
In any case, if Japan and Europe do allright, I am guessing, betting that is, that the markets will rally Thursday and especially Friday. I am wrong so often that you should probably just bet the opposite of whatever I am doing. None the less, I would love to hear guesses, speculations and so forth as to what happens in the S&P the next few days and whatever crazy theory you might have. I've been a gold bull and market bear for so long it may be time that I just stay with that position. Just for the record, I'm long short term just based on the likely spin on GDP (and revisions). Why do I get the feeling I'm about to get smashed again? Anyway, comitted for the moment. Technicals say market top but recent history says technicals and even common sense don't matter any more.
Found the quote. Not much attention paid to the "up" aspect of this quote in the MSM or elsewhere. From Reuters:
"...The Federal Reserve will not hastily withdraw its policy stimulus for the economy, a senior central banker said on Thursday, while another stressed that it could adjust the pace of bond purchases both up or down according to the data...."
Maybe we should send him one of those gay butt plugs for Christmas, then he can see how much taper he can take.
are you joking? flirted with big down - closed down 1/2 that, it's a dip!! tomorrow, more promises of printing. and then going into a weekend of news articles of more printing. and then tuesday - EIGHTY tuesdays in a row GREEN print.
markets only go one way. up.
Sir Issac Newton would beg to differ.
mr. newton was also the first exchequer of the bank of england, surprisingly. physics and market prices are not the same thing.
it's cute to say what goes up must come down - but look at the value of the us dollar over the last 100 years.
and my waist line and my hairline. sure - it goes down - but that's when they close the lid on the coffin.
Isn't Friday a POMO day?
Long beans & rice.
+1. Virtually everything else is heading for a total wipeout at this point.
With that combo, you might want to go long toilet paper too.
At least a good air freshner, maybe Beano
I think Volcker understands just how fucked we are. My guess is after the 2008 fiasco where they used his name and put him in a corner, he'll say no if invited to fix things.
If he is invited to fix things, I think the fix will be to let it blow up, then rebuild on a sturdier foundation. As soon as he shares the method of repair, he'll be asked to resign and the blow up happens anyway.
Funny. Yeah, I don't think they'll be inviting him to "fix things". The fix is already in. Personally, I believe that because we are beyond the point of no return, the Fed just keeps increasing QE, war breaks out, and all hell breaks loose. At least that way, there is time for the Oligarchy to role into gold before all is said and done.
i wish i could post this everywhere, everywhere, a million times. at that point where people are looking at empty bank accounts and retirement funds because they pumped all the money into equities and the ones that didn't are looking at $$ in money markets worth nothing and the ones that bought deflationary assets like homes, because housing is 'fixed' will all be pointing at bennie boy bernake (big bad bama gets off because he will claim he was never a money guy, and he left it all to the princeton prof. with his noble prize friend at the ny times). bennie will simply say what really is the truth - i did everything i could to help blow the bubble up and make you rich, and if you were too stupid to get out on top - when you could have truly been rich, than i can't help you now. you should have known this doesn't last forever.
it's just that simple.
Volcker is a personal hero of mine; I was there and watched him force the government to pay-out money to bond holders in order to buy back credibility. You do remember he was hung in effigy on wall street? But; it's too late.
Paying bond holders? Such an old-fashioned sentiment.
(kidding)
I liked Volcker as well....getting 15% while taking little to no risk. Bernanke will end us.
Yes, and when his grandson got a wall street job a few years ago Volcker told the young man, get an honest job.
See what happened to Apple iBonds with a slight rise in interest rates.
See what'll happen to the bond market if interest rates really go up:
PANIC BOND SELLING.
Re: Liberty Reserve, Bitcoin
The feds stamp out innovative currencies that threaten their financial control
http://homment.com/fed-stamps-out
Not sure. LR had their hands in some pretty stinky pies.
The guys had prios stateside for M/L and did time a while back for it.
But I'm just curious, when does HSBC, Goldman, etc get raided?
If you reply to this shitty poster, you're getting fingered.
Difference is Liberty Reserve was centrally located. Bitcoin doesn't have the problem...
If you reply to this shitty poster, you're getting fingered.
Speaking of stamping out competing currencies; my friend who lives in BC, Canada, has been trying to buy a 1000oz. Silver bar from Scotia-Mocatta Bank; which should be normal bank business. He's a client of theirs and they sell Bullion; but all he's got has been a huge run-around. Finally, they told him; look there isn't any Silver; check back some other time. WTF? This just came to me in an e-mail today; this is what happened yesterday and today; actually he started working on them on Friday; but he just ran into a real weird run-around; one rule that calcelled out another rule; a new rule, a rule that the main Vancouver Bank said didn't apply, but the mothership back East, said oh yes it does, and on and on; but no deals. And today he called the main office on the phone and they told him; chill, dude; there isn't any silver. I guess they;re waiting for the mines to deliver and they probably have to make good on deliveries to London before they start servicing their own retail customers; but whoa. Nevah happen before.
If you reply to this shitty poster, you're getting fingered.
Yeah, you're pretty shitty.
You take other people's content, host it on a shitty site which has Java scripts that I do NOT like and claim the traffic. The orginal source is easy enough to find: WIRED, 18 hrs ago.
Fucktard.
Source
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ns-165.awsdns-20.com
Go die in a fire. 4chan is on their way (not your personal army). Oh, and I'd check your six for kiddie pr0n, I heard you raped and killed a small child in your host country recently.
A 13-year-old girl in Sri Lanka has identified four men including a local government politician who she says were involved in gang-raping her in the south of the country last month.
It is one of a series of alleged rapes, especially of children.
Such cases have recently been reported in alarming numbers - police say 700 minors have been victims since January.[BBC]
I'm not saying that you were involved, but I've heard you were involved.
Lions, Tigers and Bears.
Thread Jack...parents of kids in the Florida school system...BOLO.
Confirmed: Polk County, FL schools conducted iris scans on students without permission
http://teach1776.ning.com/forum/topics/confirmed-polk-county-fl-schools-conducted-iris-scans-on-students?groupUrl=the-coalition-against-common-core
A brave new Common Core world.
Polk County, FL is 25% black and Hispanic. See, that's how it works. They use black and Hispanic crime together with Islamic terrorism as an excuse to enact 1984 security measures on everyone.
Of course, the solution that is obvious to anyone with any sense is to segregate the people who are committing the overwhelming lion's share of the crimes/terrorism from those who are not, and having two sets of laws accordingly. Also--imagine this--stop allowing Islamic terrorists into the country.
But then, that would defeat the whole purpose of their plan, wouldn't it.
Arrest Henry Kissinger first. He has been the main waterboy for the Trilateral Commission, Rockefellers, Rothschild zionism - all of which owes allegiance only to its aim of new feudalism, a one world order ruled by technocrats, aided by pet intelligentsia in main scream media which they own and the indoctrinaire state school system which they direct.
Kissinger, the WWII double agent who assisted Nazis fleeing West; Kissinger the adviser to every President since Nixon; Kissinger whose war crimes and crimes against humanity were well documented in Christoper Hitchen's book about Kissinger, the man who enjoys lifelong diplomatic immunity, and refuses to travel to countries who want to arrest him for his hateful crimes, unAmerican crimes, AshkeNazi crimes.
http://connecticut.news12.com/news/preliminary-tests-letters-to-new-york...
dead link I/R. need un and pw to view.
Shite! Still developing. Bloomberg sent ricin.
Heard on news. Thanks
Preliminary tests: Letters to New York Mayor Michael Bloomberg contained ricin
Published: May 29, 2013
Mayor Michael Bloomberg
NEW YORK - Authorities say preliminary tests reveal the presence of ricin in letters containing anonymous threats to New York Mayor Michael Bloomberg.The letters were opened in New York City on Friday and in Washington, D.C. Sunday by the director of Mayors Against Illegal Guns.
Civilian personnel who came in contact with the letters in both cities are not experiencing symptoms. Members of the NYPD Emergency Service Unit are being examined for minor symptoms of ricin exposure, which have since subsided.Officials say the letter writer threatened Bloomberg and referenced the debate on gun laws.The FBI Joint Terrorism Task Force and the NYPD Intelligence Division are investigating the threats.
How very convenient for Boomberg's agenda. A cynic might think his friends want to paint him as the victim, and discredit his rivals.
gold bitchez!
Hey, it's been awhile since we had a "bichtez day"; so I'll chime in with Silver, Bitchez!
What does Paul care? He's got his.
True story: PV was sitting on a board of a company I worked for, and at one point he had to sit out in the reception area due to a conflict of interest. I was sitting in the same area to be on call in case one of the executive directors needed info that, apparently, only I had. So PV looks at me sitting on the opposite sofa and says, "Nice to see I'm not the only one doing nothing here," and I said, "Oh, I'm working here ... I'm providing peace of mind for the guys who are afraid to let you into the room until they can figure out what to tell you."
Nice.
"no click-baiting Nobel-winning trolling Op-Ed writer with socialist delusions of grandure"
This is pulitzer prize winning stuff. I love it. Keep it up Ty
Get to work......
(Chuck Schumer to Bernanke)
I still haven't forgotten that shit display. Never did I even consider I would think someone was a bigger shitbag than Ben, but on that day Schumer topped my list. If Schumer was on fire, I wouldn't stop to piss on him.
that's ok. i wanted to punch something also when i saw that - and bernake knows his masters - so he didn't even have the whatever he doesn't have to say - go fck yourself chuckie boy.
he just nodded and printed. so - if you think that's cool. just wait. because chuckie shumer's golden boy has a big weiner - and seriously - if you think bloomberg is an idiot (and he's not - he's a self-made billionaire) wait until weiner is mayor of new york. with his pal chuck wanting to retire and be taken care of.
What you say makes a lot of sense. Hope and Change for New York coming soon. Apparently they have a pecking order in the Synagogue, too.
They don't come much worse than Schumer. That guy receives satanic directives through the atmosphere like a cell phone tower.
Volker is obviously a right-wing nut job.
Krugman, come on. Rewrite another history for us.
Surely, you jest.
Left/Right false dichotomy and invoking Krugman the bearded potato?
PPT's will need quite a few MORE PLAYERS!!.....Form a LEAGUE.....every "TEAM" must choose a moniker of Money Center and "Former IB"now Bank Holding Companies!!
Uniforms.....hot MBA Cheerleaders.....Single Malt Scotch breaks........Free "Get out of Jail" cards!!
WELCOME TO AMERICA!:)
NIKKEI already taking a pounding on the Open!!! Any links to REAL TIME JGB feeds out there? Anyone?
I think Bernanke might have a bit more on his plate than P.V. ever did.
Self inflicted, with a little help from the previous guy, who's policies Ben agreed with and continued.
Volker '75-20% CDs and a toaster! Bankrupt developers and real estate lenders! That's how The Tall Man handles inflation. Bring him back to shut down and reboot the system.
You might be surprised how many very educated, in the best sense, people believed our ass was toast in 1979. When Volcker took over the Fed. he just told everyone else, okay; sit down and shut up, because we're gonna do it my way. they don't make them anymore. And; it's too late. I'm sorry to say. He gave us our second chance, and now even God must be disgusted with this criminal enterprise we forced to call a government. Nobodies gonna save us this time, folks.
Things are so bad that the other day I remembered my favorite childhood cartoon, "Mighty Mouse." "Here I am to save the day...Mighty Mouse is on the way." Anyone else remember him?
Bernanke even killed Mighty Mouse.
Maybe I'll go check YouTube and see if I can find Mighty Mouse.
http://www.dailymotion.com/video/xi2h1n_andy-kaufman-performs-mighty-mou...
http://www.dailymotion.com/video/xi2h1n_andy-kaufman-performs-mighty-mou...
Overtaxed, over regulated, their lips move and we know we are being lied to..As much as I'd like to see a flat tax or a sales tax, and a gold standard currency of some sort, I fear those solutions will only be implemented after a massive extinction of the rent seekers....."Harsh words to follow."
I believe the basic disconnect in Washington is that they believe they can just keep giving away the store to their fellow travelers and getting their payoffs in their secret bank accounts; and they will never kill the golden goose. But like any goose, it can be killed; and I believe we're going to witness it. I don't they understand that they can actually run the whole country into the ground.
Metaphorically speaking, we have all killed that goose in one way or another at one time or another. I've done it, you've done it, we've all done it - it is an inate flaw in the human character that drives us to take a thing and go too far, because we never know its too far until its too late. That tale is ancient.
Strange how Nikkei is down nearly 3% right now but S&P futures just went positive in the pre-market
Jobs and GDP in the AM. Futures don't matter at this point.
reboot.................reboot.........................reboot......there, is it fixed?
Volcker is right and it's why I've been saying that although the braintrust says they want inflation/higher rates etc because it will contribute to escape velocity in the economy etc.......the truth is they know higher rates will make debt unmanagable, hurt the housing recovery, and other unintended consequences and thus will do whatever it takes to prevent that from happening. So what they really want is real inflation (which we already have) to be outpaced by growth to the point where tax revenues become so large that it can offset the burden of debt and unfunded liabilities. What they must know or choose to ignore is that scenario is now mathmatically impossible.
And yet they wonder why the artificiial stimulation doesn't create real growth? Logic will tell you the only good inflation is wage inflation and if good inflation isn't leading the economy forward (with all other inflation to follow) than no other kind will be able to do so. Wage inflation beyond bad inflation in nonexistent in the current economy. Nobody cares if wages are highest ever on a nominal basis when REAL inflation has outpaced wage growth for at least a decade. Don't believe me? Go look at price of food, gas, healthcare, and education prices from 10 years ago...compare them with today's prices and see if your income has kept pace. It reminds me of the old Police song "Wrapped Around My Finger". The Fed/other central banks want you to believe that everything is under their expert control...that they can manage inflation, rates, equity markets, currencies, and the mountain of debt....until they realize they were never in control and get punished as all interventionalists eventually do.
You can just drive a car on gasoline Ben. You need oil to....
long oxygen
Volker is unaware that Ben can(will) raise rates in 5 minutes.............hahahahahahahahahahahahahahahahahahahahahahahaha
Yes another fucking lizard thingie.....
How many do we need to add to our collection. ?
http://www.youtube.com/watch?v=C2vv_wp1hk0
?
Great comments from Volcker. But where was he five years ago when it could have made a difference ?
They muzzled him, but he started speaking up 2 years ago:
http://www.nytimes.com/2011/09/19/opinion/a-little-inflation-can-be-a-da...
SItting in a corner.
They invited him to help in 2008, used his name to convince the population that the best people were working to fix things, and as soon he spoke the truth, they hid him away and removed any power he might have had, and he ended up leaving. Politicians don't want a man with a real plan that speaks the truth when it interferes with their plans.
No room for thought and common sense in this clusterfuck.
"QE to infinity and beyond!"
Ben "Buzz" Bernanke.
the bernank is laughing. the volcker era had wage inflation. with the new fed class warfare tactics general wage inflation will never happen again. only executive wages go up, everyone else gets laid off. the fed is now the guarantor of the global uber-wealthy, a guy like volcker could never work there ever again.
The old men of the BIS indulged the Bright Young Things of financial engineering far too much, and created Frankenstein, again.
I notice that this Administration brought in Volcker to given them some credibility some years ago - then discarded his advice. More fool them.
Seen Corzine lately? Or will Holder be left taking the blame on his own?
If Voldemort keeps shooting his mouth off like this he might just find himself suicided.
Volcker will be humored. His mother was an Ashkenazi, and he is part of the global fiat elite, now desperate to find a way out of their failed unregulated otc derivatives equal to more than the world's gdp before it kills them and their latest fiatsco.
I don't think the elites are desperate. They're ready for the crash. Fortunes are made in depressions.
The politicians are scared. They'll be blamed by the serfs. Long torches and pitchforks.
"Credibility is an enormous asset".
Indeed.
The fall of America.
"The Myth of American Meritocracy"
http://www.theamericanconservative.com/articles/the-myth-of-american-mer...
The System is corrupted to the core.
I don’t think I’m the only one to feel that I’ve lost control of the narrative; I think the elite feels that way, too. We have, once again, the spectacle of an elephant being stampeded by a mouse. Leaving aside the human tragedy, in historic terms, the Boston Marathon bombing was not the Battle of the Somme, the Blitz, or (as Yves points out) the IRA bombings in London. Somewhere in their withered, austere souls, the powers that be must know this, and sense the shoddiness of their performance. Macbeth:
Yes, I’d say Macbeth lost control of the narrative in a big way. Fortunately, most of us don’t feel that way. That’s because we aren’t elite sociopaths.
http://www.nakedcapitalism.com/2013/04/boston-bombing-linkfest-and-zeitg...
Credibility is a huge asset the US has lost in all levels.
Sad is it was lost not even as an error in defending US freedom and liberties but as a tribute to an élite which members aren't even all americans.
Do orange jumpsuits and leg irons really seem that far fetched for Obama, Holder, and everyone on Capitol Hill above the rank of file clerk? It's gonna come to that. It MUST come to that. The only question is will bullets fly in the process, and if so, how many.
McCain was consorting with al-CIAda terrorists in Syria this past week. Shall we send him to jail or torture him?
Kissinger is wanted for crimes against humanity, and serves the international financiers rather than the Constitution. Shall we remove his diplomatic immunity and prosecute him and the Rockefellers who fund his sort?
They all admit foreign allegiance: pursuit of a new world order - the Internationale as Rothschild Zionism used to call it before it was re-branded as globalist - and use U.S. troops to achieve their fascist aims. Shall we jail them for crimes against the American people, and the world?
No. We will have our vengence - in this world or the next.
Why not all of the above?
As much as those amoral ass holes belong in chains, it will not happen without a revolution which overthrows the current masters. Bullets will definitely start flying. But the war will be a tool to distract the sheep and thin out the ranks of the unemployed youth. We are very close to war right now. The ball is currently in Israel's court. I do not think they have the testicular fortitude to strike Syria's shiny new Russian missles at this point. Afterall, they actually have no testicles really, they merely borrow the USA's on occasion. Now Russia...... under Putin they definitely got some gonads. I hope they slap Israel and the USA in the face hard with them. I am a US citizen and despise Obama for the lying sack of excrement that he is. Putin, on the other hand, while hardly a faultless leader, has earned my respect.
no, i think there's a recovery going on. the trickle down is starting to work.
thank god we only had to go to the quadrillions.
:)
These words:
are very significant.
One of the most important things that set apart Ponzi schemes from other ventures/organizations/etc. is what the operators' intention is regarding credibility. Ponzi schemes can be thought of as tools to thoroughly and irreversibly liquidate (monetize) trust, reputation, credibility. Those aren't normally marketable assets, and are best kept for eternity.
Once an entity starts viewing credibility as an asset to draw money from on demand, rest assured its days are numbered.
Volcker's words tell me that the FED (not to mention BoJ et al.) is now deeply and irreversibly in Ponzi territory.
"Inflation is like toothpaste - once out of the tube, it is impossible to get it back in."
"When Money Dies: The Nightmare of Deficit Spending, Devaluation, and Hyperinflation in Weimar Germany" by Adam Fergusson is a superb read. That is what is going to hit the G20 and when it does, even Volcker will be powerless.