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Quote Of The Day: Fed's Fisher On Markets' "Monetary Cocaine" Addiction

Tyler Durden's picture





 

Hawkish Dallas Fed head Richard Fisher was relatively outspoken following a speech this morning in Toronto as some insightful truthiness leaked out. As Money News reports, Fisher exclaimed,

"we cannot live in fear that gee whiz the market is going to be unhappy that we are not giving them more monetary cocaine,"

adding that,

"only time will reveal the efficacy of current policy and whether the risks that I and more experienced observers like Paul Volcker fret over are as substantial as we surmise, or whether we have made much ado about nothing."

Time indeed...

 


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Thu, 06/06/2013 - 14:31 | Link to Comment SemperFord
SemperFord's picture

Cocaine is a hell of a drug!

 

http://www.youtube.com/watch?v=9PR_rzF8ofw

Thu, 06/06/2013 - 14:32 | Link to Comment Jason T
Jason T's picture

lol .. clip made that! 

Thu, 06/06/2013 - 14:35 | Link to Comment ACP
ACP's picture

"So Mr. Tyler, where did all that QE go?"

"Up my nose!"

http://www.youtube.com/watch?v=ldqAFhIdOL8

Thu, 06/06/2013 - 14:40 | Link to Comment franzpick
franzpick's picture

With inside information like this I could make a bindle.

Thu, 06/06/2013 - 14:51 | Link to Comment FL_Conservative
FL_Conservative's picture

Looks like the afternoon dead-cat rampathon is starting early today.

Thu, 06/06/2013 - 14:58 | Link to Comment NotApplicable
NotApplicable's picture

He don't lie.

He don't lie.

He don't lie.

Cocaine.

Thu, 06/06/2013 - 15:12 | Link to Comment Manthong
Manthong's picture

but at least price discovery in street drugs is subject to the law of supply and demand rather than some remotely located bald, bearded technocrat banker.

Thu, 06/06/2013 - 15:14 | Link to Comment NotApplicable
NotApplicable's picture

Well, except during election years.

Thu, 06/06/2013 - 15:16 | Link to Comment Manthong
Thu, 06/06/2013 - 15:26 | Link to Comment Divided States ...
Divided States of America's picture

I think the Fed (Bernanke and Yellen especially) get so fuckin high snorting cocaine from their assholes

Thu, 06/06/2013 - 15:18 | Link to Comment IndyPat
IndyPat's picture

I dunno. CIA prolly guilty of some manipulation when they step all over it and cut baking powder in it on the plane ride up. Ain't like I ever saw .999 blow, but that was a long time ago. Not sure what the cool kids and bankers are playing with these days.

Thu, 06/06/2013 - 15:01 | Link to Comment JohnG
JohnG's picture

 

 

I do NOT freebase cocaine:

http://www.youtube.com/watch?v=zMhgyzUC5S0

 

Thu, 06/06/2013 - 15:03 | Link to Comment Stoploss
Stoploss's picture

LOL!!  So they think 70's style inflation is coming, that's why the taper.  Now that's funny.  The difference is that back then the private sector had no debt compared to what is held today. So, when the "economy" became weak due to govt debt/spending, there was no private debt floating around to soak up the excess, which resulted in the bout of inflation, and the resulting need for sky high interest rates. Now we have massive private and govt sector debt combined into one GLOBALLY, and why these ignorant cock suckers cannot figure out why a deflationary black hole ready to engulf half the fucking solar system is roaming free on this planet is beyond me.

A few days ago, Abe took out the great deflationary sword of death, coated in liquid QE, took a swing, AND DREW BACK NOTHING BUT A MELTED FUCKING HANDLE...........

Now look at them. The only way to stop this is take out the debt that CANNOT be monetized away, ie HOUSES.......

Until that occurs (and it will) absolutely nothing will change, housing will get even worse due to rates, higher rates will blow out ALL existing owners of ARM loans, 90+ delinquency rates spike, and we start all over again.

======================== NO JOBS MEANS NO NEW HOUSES, NO NEW NOTHING ============================================

This little rate raising fiasco here, is going to have severe consequences, but, it needs to happen.

So be it.

Thu, 06/06/2013 - 15:25 | Link to Comment IndyPat
IndyPat's picture

God forbid...70s inflation. Next disco, then...fucking Carter. I can't bear it.

Thu, 06/06/2013 - 21:03 | Link to Comment AldousHuxley
AldousHuxley's picture

well you have obama ripping off blacks, worse than disco music, hidden asset inflation.

 

how are you bearing it out now?

Thu, 06/06/2013 - 14:33 | Link to Comment Clueless Economist
Clueless Economist's picture

CNBS just aired a touching tribute from Bono to Warren Buffet .

Bono was serenading the Oracle of Omaha with a song.

I'm still a little misty eyed and that leg tingle just won't subside.

Thu, 06/06/2013 - 14:35 | Link to Comment knukles
knukles's picture

(rolling eyes)

Thu, 06/06/2013 - 14:39 | Link to Comment insanelysane
insanelysane's picture

Bono then went on to anally rape Warren's secretary kind of like the IRS does.

Thu, 06/06/2013 - 14:46 | Link to Comment The Thunder Child
The Thunder Child's picture

Bono holds the Guiness World Record for the the largest piece of crap weighing in at over 80 courics.....

Thu, 06/06/2013 - 14:50 | Link to Comment fonzannoon
fonzannoon's picture

i remember they would not let him fly during the turd trimester.

Thu, 06/06/2013 - 16:01 | Link to Comment TahoeBilly2012
TahoeBilly2012's picture

I blew off U2 about 1987. Everytime I think of Bono I think of Obama, and vica versa and then I want to slap all my Huffington Post friends nice and hard.

Thu, 06/06/2013 - 14:42 | Link to Comment krispkritter
krispkritter's picture

Bad?  Angel of Harlem? Crumbs from your table? Silver and gold?  I still don't have what Becky's looking for? 

Thu, 06/06/2013 - 14:51 | Link to Comment Hippocratic Oaf
Hippocratic Oaf's picture

'Bono was serenading the Oracle of Omaha with a song.'

Yep, I threw up in my mouth.

Where was Becky?

Thu, 06/06/2013 - 14:54 | Link to Comment Kiss My Iceland...
Kiss My Icelandic Ass's picture

 

 

I thought Sonny Bono was dead ?

Thu, 06/06/2013 - 16:07 | Link to Comment SAT 800
SAT 800's picture

I thought so too; something about running into a tree. But I don't really keep up on these things. I thought U-2 was an airplane.

Thu, 06/06/2013 - 14:57 | Link to Comment JohnG
JohnG's picture

LOL!

Thu, 06/06/2013 - 15:55 | Link to Comment Canadian Dirtlump
Canadian Dirtlump's picture

I buy blow and silver bullion on alternating fridays. To this point, you can guess which fridays I'm in a better mood for.

Thu, 06/06/2013 - 14:30 | Link to Comment alphamentalist
alphamentalist's picture

fed most be a boring place to work. all blow, no hookers.

Thu, 06/06/2013 - 14:41 | Link to Comment astoriajoe
astoriajoe's picture

given that its the secret service that looks into counterfeit currency, and there's so much money being printed by the fed, I'm sure that situation will soon be remedied.

Thu, 06/06/2013 - 14:58 | Link to Comment gatorengineer
gatorengineer's picture

I dunno know about that, cant imagine a place where people do more un natural things for money....

Thu, 06/06/2013 - 15:01 | Link to Comment Ignorance is bliss
Ignorance is bliss's picture

Sure the Fed has hookers, we just call them bankers.

Thu, 06/06/2013 - 14:31 | Link to Comment Hippocratic Oaf
Hippocratic Oaf's picture

Markets back up.

Happens when only the big banks are trading this shit

Thu, 06/06/2013 - 14:32 | Link to Comment pragmatic hobo
pragmatic hobo's picture

the daily 14:30 liquidity injection. I set my watch by it.

Thu, 06/06/2013 - 14:31 | Link to Comment alien-IQ
alien-IQ's picture

looks like someone just fed the algos a few kilos of crack.

Thu, 06/06/2013 - 14:31 | Link to Comment cnmcdee
cnmcdee's picture

CNBC will fearmonger the masses in to crying to their elected reps to refloat the DOW... It will come.

 

Thu, 06/06/2013 - 14:33 | Link to Comment pragmatic hobo
pragmatic hobo's picture

no one watches CNBC, certainly not the unwashed masses.

Thu, 06/06/2013 - 14:31 | Link to Comment IndyPat
IndyPat's picture

Well, I say pass that Bolivian Marching Powder this way, chief...cause this train is going off the fucking rails no matter what you do at the point in time.
Party down while you can for tomorrow you hang.

Thu, 06/06/2013 - 14:33 | Link to Comment JustObserving
JustObserving's picture

Fisher is prone to tell the truth.  He gave a speech on May 28, 2008 where he clearly explained the problem with US debt and unfunded liabilities:

Again, the math is painful. With a total population of 304 million, from infants to the elderly, the per-person payment to the federal treasury would come to $330,000. This comes to $1.3 million per family of four—over 25 times the average household’s income.

Today the number is $460,000 per citizen - the debt and unfunded liabilities per person.

http://www.dallasfed.org/news/speeches/fisher/2008/fs080528.cfm

Thu, 06/06/2013 - 15:13 | Link to Comment Bay of Pigs
Bay of Pigs's picture

"Hawkish Dallas Fed head Richard Fisher"

Yeah, after 5 years of QE (which he has supported), Fisher is about as believable as Bart Chilton. 

 

Thu, 06/06/2013 - 14:32 | Link to Comment Jason T
Jason T's picture

these guys are scared to death of rising rates.. they do not want to see inflation or we are fouled.

Thu, 06/06/2013 - 14:39 | Link to Comment fonzannoon
fonzannoon's picture

who exactly is fouled? I think we have all lost sight of what the gameplan was all along.

who gets stung when inflation hits? The rich? You gotta be kidding.

The banks have printed money out the ass and bought everything in sight. At some point, they sit back, let inflation hit and torch the dollar. Then, as the dollar is burning to shit, they come out and tell us all it's time to take the real medicine. Spending cuts up the ass. Tx increases, you name it.  Blame whatever or whoever you want.

Then, as inflation eats the middle and probably upper middle class alive, the big money comes in and buys everything that was left to buy.

 

Thu, 06/06/2013 - 14:40 | Link to Comment IndyPat
IndyPat's picture

You keep saying that word. Middle class.
I do not think that word means what you think it means.

Thu, 06/06/2013 - 14:47 | Link to Comment PiratePawpaw
PiratePawpaw's picture

Enigo Montoya reference +1

This market is only mostly dead....

Thu, 06/06/2013 - 14:59 | Link to Comment IndyPat
IndyPat's picture

Thanks, i do what i can here
I was actually trying for a R.O.U.S's reference, but I couldn't bend it enough to make it work

Thu, 06/06/2013 - 17:07 | Link to Comment NihilistZero
NihilistZero's picture

"But what about the B.F.L.T.???"

"A Banker Fueled Liquidity Trap???  I don't think it exists..."

Thu, 06/06/2013 - 15:02 | Link to Comment insanelysane
insanelysane's picture

Ben is truly a ROUS.

Thu, 06/06/2013 - 15:28 | Link to Comment IndyPat
IndyPat's picture

That's an image begging for the WB7 treatment...

Thu, 06/06/2013 - 16:50 | Link to Comment EINSILVERGUY
EINSILVERGUY's picture

Inconceivable!

Thu, 06/06/2013 - 14:45 | Link to Comment Dr. Engali
Dr. Engali's picture

The way to crush the bourgeoisie is to grind them between the millstones of taxation and inflation.

       ~Barack Hussein OLenin~

Thu, 06/06/2013 - 14:38 | Link to Comment krispkritter
krispkritter's picture

Ben Bernanke is Tony Montana; "Say Hello to my leetle printer!"

"Monetary Cocaine" Mountain of QE

Thu, 06/06/2013 - 14:35 | Link to Comment HpDeskjet
HpDeskjet's picture

.... And green

Thu, 06/06/2013 - 14:35 | Link to Comment DOGGONE
DOGGONE's picture

Asset price histories that look like cocaine intoxications:
http://patrick.net/forum/?p=1223928

Thu, 06/06/2013 - 14:37 | Link to Comment Major Major Major
Major Major Major's picture

I used to do drugs, I still do, but I used to too.

 

-Mitch

Thu, 06/06/2013 - 14:39 | Link to Comment IndyPat
IndyPat's picture

Until he didn't

Thu, 06/06/2013 - 14:40 | Link to Comment Major Major Major
Major Major Major's picture

Funny how that works, eh?

Thu, 06/06/2013 - 14:42 | Link to Comment IndyPat
IndyPat's picture

Well, he was a funny guy.
Until he wasn't.

Thu, 06/06/2013 - 14:44 | Link to Comment Major Major Major
Major Major Major's picture

Well, the market will be a fun ride.

Until it isn't.

Thu, 06/06/2013 - 14:48 | Link to Comment IndyPat
IndyPat's picture

Tain't fun when that dip don't rip no mo

Thu, 06/06/2013 - 14:38 | Link to Comment PiratePawpaw
PiratePawpaw's picture

Gee Whiz Wally! When I snort coke the bubbles burn my nose something awful!

Thu, 06/06/2013 - 14:38 | Link to Comment IndyPat
IndyPat's picture

You can turn your back on a person, but never turn your back on a drug, especially when its waving a razor sharp hunting knife in your eye.
(Or when it has a printing press)
Apologies to the good doctor. Had to bring it into the current context.

Thu, 06/06/2013 - 14:59 | Link to Comment Bastiat
Bastiat's picture

The bathtub scene made me laugh till I had tears . . . "when it gets to part where the rabbit bites its own head off, throw the radio in the bathtub"

Thu, 06/06/2013 - 15:06 | Link to Comment IndyPat
IndyPat's picture

It was. That was one scene that really exceeded my expectations and was just how I imagined it when I read it years ago. Another was the scene in Circus Circus....when Oscar asks the trapeze girl if she fucked the bear...oh shit, that's good stuff...
And Flea licking LSD off his sleeve was nice touch, too.

God, I wish Hunter was here. So much grist for his mill in the current climate. Another funny guy, until he wasn't.

Thu, 06/06/2013 - 15:07 | Link to Comment tip e. canoe
tip e. canoe's picture

let's get down to brass tacks.

how much for the ape?

Thu, 06/06/2013 - 15:40 | Link to Comment IndyPat
IndyPat's picture

“With a bit of luck, his life was ruined forever. Always thinking that just behind some narrow door in all of his favorite bars, men in red woolen shirts are getting incredible kicks from things he’ll never know.”

? Hunter S. Thompson, Fear and Loathing in Las Vegas

The real story here...

http://articles.latimes.com/2005/feb/27/books/bk-hunterthompson27

Thu, 06/06/2013 - 14:39 | Link to Comment W07FP4X
W07FP4X's picture

Ben the snow tubing Bernake might be the biggest pusher in the world.

http://www.businessinsider.com/look-around-your-office-at-least-one-pers...

Thu, 06/06/2013 - 14:42 | Link to Comment FreeBull
FreeBull's picture

Fisher and the rest of the those at the Fed know they won't be stopping the supply of cocaine anytime soon to WallStreet.  He just honest in saying how addicted they are to it.

Thu, 06/06/2013 - 14:42 | Link to Comment francis_sawyer
francis_sawyer's picture

As long as the 'spice' flows to the cheesepopes of the world, the facade of 'order' will be visible...

Thu, 06/06/2013 - 14:44 | Link to Comment IndyPat
IndyPat's picture

Awesomeness, pure awesomeness, FS.
Wish I had said that

Thu, 06/06/2013 - 14:42 | Link to Comment FieldingMellish
FieldingMellish's picture

The Fed will be force feeding the market until it keels over from a heart attack. Even then, it will be stuffing nickel bags into its twitching corpse...

Thu, 06/06/2013 - 14:42 | Link to Comment Dr. Engali
Dr. Engali's picture

Driving that train, high on cocaine,
Big Ben YOU BETTER, watch your speed.

 

https://www.youtube.com/watch?v=rLs_0h9_wXM

Thu, 06/06/2013 - 14:48 | Link to Comment Nue
Nue's picture

We are long past any Economic Cocaine comparisions. People on cocaine are still reasonable and can be reasoned with. This Economy got bored with cocaine somewhile back and moved onto meth. It's now toothless luntic robbing school kids at knife point for their lunch money.

Thu, 06/06/2013 - 16:16 | Link to Comment SAT 800
SAT 800's picture

People on cocains are still reasonable and be reasoned with" The Fuck you say ! You sure didn't know the same people on cocaine I did ! When you have to point to the lead lumps in the front of the revolver you have aimed at their face and remind them they're bullets to get them to back off, I don't call that reasoning with.

Thu, 06/06/2013 - 14:48 | Link to Comment cnmcdee
cnmcdee's picture

Has anyone tried the Zerohedge Chat function.. I had no idea we could do live chat. In your profile if you enable it.. Very nice feature for like minded people

Thu, 06/06/2013 - 15:10 | Link to Comment insanelysane
insanelysane's picture

you're not supposed to mention it lest the govmint gets a search warrant for any and all chat records.

Thu, 06/06/2013 - 14:49 | Link to Comment Caput Lupinum
Caput Lupinum's picture

Benny's a hustler baby, QE 4 Life

Thu, 06/06/2013 - 14:49 | Link to Comment Dewey Cheatum Howe
Dewey Cheatum Howe's picture

Off topic but next up on GMO scandals. Ingesting human DNA over a long period of time has known health risks aka we know it from cannibalism, this may not be human flesh but the same risks should apply.

http://worldtruth.tv/human-genes-engineered-into-experimental-gmo-rice-b...

 

Human Genes Engineered Into Experimental GMO Rice Being Grown in Kansas

Unless the rice you buy is certified organic, or comes specifically from a farm that tests its rice crops for genetically modified (GM) traits, you could be eating rice tainted with actual human genes. The only known GMO with inbred human traits in cultivation today, a GM rice product made by biotechnology company Ventria Bioscience is currently being grown on 3,200 acres in Junction City, Kansas -- and possibly elsewhere -- and most people have no idea about it.

Since about 2006,Ventria has been quietly cultivating rice that has been genetically modified (GM) with genes from the human liver for the purpose of taking the artificial proteins produced by this "Frankenrice" and using them in pharmaceuticals. With approval from the U.S. Department of Agriculture (USDA),Ventria has taken one of the most widely cultivated grain crops in the world today, and essentially turned it into a catalyst for producing new drugs.

 

Originally, the cultivation of this GM rice, which comes in three approved varieties (http://www.aphis.usda.gov/brs/biotech_ea_permits.html), was limited to the laboratory setting. But in 2007,Ventriadecided to bring the rice outdoors. The company initially tried to plant the crops in Missouri, but met resistance fromAnheuser-Buschand others, which threatened to boycott all rice from the state in the event that Ventria began planting its rice within state borders (http://todayyesterdayandtomorrow.wordpress.com).

So Ventria's GM rice eventually ended up in Kansas, where it is presumably still being grown for the purpose of manufacturing drugs on 3,200 acres in Junction City. And while this GM rice with added human traits has never been approved for human consumption, it is now being cultivated in open fields where the potential for unrestrained contamination and spread of its unwanted, dangerous GM traits is virtually a given.


"This is not a product that everyone would want to consume," said Jane Rissler from theUnion of Concerned Scientists(UCS) to theWashington Postback in 2007. "It is unwise to produce drugs in plants outdoors."

Though receiving tens of thousands of public comments of opposition, many rightly concerned about the spread of GM traits, the USDA approved open cultivation of Ventria's GM rice anyway. This, of course, occurred after the U.S.Food and Drug Administration(FDA) had refused approval for Ventria's GM rice back in 2003 (http://www.kansasruralcenter.org/publications/PharmaRice.pdf).

GM 'pharmaceutical' rice could cause more disease, suggests report

Besides the threat of contamination and wild spread,Ventria's GM rice, which is purportedly being grown to help third-world children overcome chronic diarrhea, may conversely cause other chronic diseases.

"These genetically engineered drugs could exacerbate certain infections, or cause dangerous allergic or immune system reactions," said Bill Freese, Science Policy Analyst at the Center for Food Safety (CFS), who published a report back in 2007 about the dangers of Ventria's GM rice.

 

You can view that report here:
http://www.centerforfoodsafety.org

Sources for this article include:

http://www.organicconsumers.org/ge/humangene042505.cfm

http://www.washingtonpost.com

http://www.worldwatch.org/node/4956

http://todayyesterdayandtomorrow.wordpress.com

http://www.naturalnews.com/035745_GMO_rice_human_genes_Kansas.html#ixzz1tqzFZAjZ

 

Thu, 06/06/2013 - 15:12 | Link to Comment IndyPat
IndyPat's picture

Geez, do they have to fuck with beer, too?
I'm gonna have to rethink a lot of shit if Anheuser-Busch manages to save us from GMO

Thu, 06/06/2013 - 15:03 | Link to Comment ebworthen
ebworthen's picture

Crisp Ben Franklin $100's rolled really tight are the best, especially in batches of a Billion straight from the FED.

Thu, 06/06/2013 - 15:26 | Link to Comment Dewey Cheatum Howe
Dewey Cheatum Howe's picture

Did your mothers warn you about cheap and easy things whether it be money, whores, drugs etc........  Apparently the socialist state mother is the most dysfunctional parent of them all.

Thu, 06/06/2013 - 15:43 | Link to Comment boeing747
boeing747's picture

I thought Ben will larger and larger dosage of Tylenol to treat the cancer in us economy.

Thu, 06/06/2013 - 16:11 | Link to Comment SAT 800
SAT 800's picture

Well, I'll be the muppets have bid up their precious again; 1622. Lucky for that message that made it through my tin-foil hat this morning telling me to close my shorts at 1595. You can't fault these people for their enthusiasm; brains, maybe; but not enthusiasm.

Thu, 06/06/2013 - 23:22 | Link to Comment Uncle Remus
Uncle Remus's picture

Cocaine Decisions. FZ

Thu, 06/06/2013 - 23:42 | Link to Comment IamtheREALmario
IamtheREALmario's picture

At some point you have to just say: "what the fuck?!?"

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