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Jim Grant Slams Steve Liesman "The Fed Can Change How Things Look, But Not What They Are"
"I got up this early to talk, not to listen," Jim Grant berates Fed-apologist Steve Liesman as the two go head-to-head over the fallacy that QE has been a success. "The Fed can change how things look, it cannot change what things are," is the single-sentence summation of the mirage that the Fed's "dangerous monetary manipulation" has created.
Arguing that Grant is wrong because, as we saw this morning with CPI, there is no inflation, Grant blasts back pointing to the massive inflation in asset prices, art, farmland, ferraris as indicative of who the Fed's policies have helped. Grant adds to the list of obvious bubbles and even Joe Kiernan jumps in on his side against Liesman's insistence that the Fed is omnipotent (because the currency hasn't crashed... yet).
150 seconds of perfect disequilibrium at the pretense of central planning...
And, as we noted previously, here's why..."The Rich Hold Assets, The Poor Have Debt"
This chart from Citi's Matt King pretty much sums it up (and contrary to what Magic Money Tree growers will tell you, debt is not wealth).
Why is it important? Simple - contrary to the Fed's flawed DSGE models, it is the poor who are more likely to consume. And logically with their purchasing power being funneled to the rich with every $85 billion in monthly debt monetization, they purchase less and less. As the slow but steady contraction in the economy over the past five years has proven beyond a reasonable doubt.
But hey: at least Hamptons' houses have never been more expensive and the Russell2000 keeps on hitting daily all time highs. Thank you "wealth effect."
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The inflation is all over countries pegging their currency to King Dollar you asshat. The Arab Spring was NOT a product of people being fed up by dictatorships, they have been sick of them for decades already, it was because of rising food prices due to the US's #1 export: inflation.
Now queue up James Rickards to finish the guy into a pulp.
Grant should have asked Liesman to see his grocery bills, fuel bills, insurance bills, clothing bills, travel expenses, from 2008 and 2013. That would have shut the beligerent little troglodite right down!
Steve Doucheman at it again
Grant was wasting his time talking to Steve Liesman, the Wall Street carnival barker.
Only a true apparatchik like Liesman can claim that the Fed's QE is a "success" because the (government manipulated) inflation data says so! Wow.
And CNBC wonders why their ratings are in the dumps...and yet they employ propagandists like Liesman to spew out government-speak all day, every day.
I love seeing LIESman get bitch-slapped.
Thank you Jim Grant.
Hey LIESman you complete fucking idiot - the FED is RAPING the Middle Class, punishing savers, rewarding the malfeasant skullduggery of utterly corrupt banks/insurers/corporations while debasing the currency and allowing .gov to spend us straight into the bowels of Hell you irreparably naive hack!
How do you really feel?
These guys are not idiots...they are the product of a system that is working for the 1%.....don't waste your time on these news hacks - the real changes that need to be made are political and have a lot to do with people taking back the control of their government. It is astounding that we are subject to the whims of the Fed.....a pathetic time in history that (I hope) people will look back on in wonder......how did an entire population allow itself to be controlled by a group of bankers?
Sooner or later this path leads to only one thing: Revolution, either manageable (although is somehow contradicts with the term revolution itself), unmanageable one or some kind of morphous option, witch is, probably, the most likely one.
In my personal opinion this concentration (holding) of resources leads to the unmanageable having increased probability in the morphous option.
Is it wrong for me to dream of stuffing this annoying little mofo into a port o' toilet's blue liquid ooze; for eternity?
No, I'll help.
will add
a high fiber diet
contribution
CBNC strikes GOLD with Palooka fights. Get a real person to play whip-the-gimps! Sell Tickets! Col. Tom Parker had Elvis for 50%.
Go Big Media Daddy, or go home.
The one thing that I wish waould have happened is to have Santelli sitting on the opposite side of Liesman so he could get it in Stereo!!
Hey Liesman. Chill .....The little guy is not in the market.
What does a guy do when his wife walks in the bedroom and sees him on his knees blowing another guy.
Especially when the cock he is sucking is black and pockmarked.
Its obvious , he pretends it was an accident, he was saving his life, he was sleepwalking, he just bumped his head, he was abducted by aliens who forced him to do it.
Or you look like that cocksucker Liesman and have the same stupid expression on your dumb face
I had this same question on my CIA entrance exam.
It's easy; you fuck the black guy in the ass, then make your wife suck you clean; then you kick her out.
for 1/2 oz. of weed a week the black guy will not only be a more fun and convivial companion, he'll get wet on demand.
btw, the CIA rejected my application. said i was "highly intelligent, capable of running his own agenda and most of his answers to the psychological profiling were extreme. this prejudices his employment with the agency in any role whatsoever"
Fucking corrupt Liesman, Tobacco commodity is up every year since 1971 while it was flat in bewteen 1950 and 1965, and do not come with the bullshit argument of demand, Tobacco prices were plunging after the demonetization of Silver in 1873 while demand was expanding by 10 times in the 1890s....
Fuck you Lies - MAN
One man's debt is another man's asset. When one man's debt is too high another man's asset is too .......
What a name, Lies man, decribes him perfectly.
Maybe that's why CNBS hired him.
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The fact that ANYONE can actually argue ANY point in reference to these RIDICULOUS inflation numbers is beyond me. As soon as someone justifies their argulent with the government's bogus inflation numbers it negates any point they are trying to make and in fact negates their entire arguement. Anyone who actually thinks that inflation is running at 2% is not only grossly wrong but in actuality is a friggin FOOOOOOOL.
The fact that Lies-man just ingnores the fact that the Fed is literally THROWING TRILLIONS of dollars at the banks is astounding. Anyone who can say that the "economy" is FUNDAMENTALLY improving when the Fed is just stuffing money in the banksters pockets and manipulating the market higher is a fool or a liar or both.
Best econ that U of Buffalo English Department can buy.
English? He spent time in Russia learning Russian!
Playing of the Fiddle over at CNBS I See.
Mr. Grant: you should have stayed in bed, less of course you got your bread for this circus.
up front.
This clip ends 10 seconds too soon, after Jim Grant says " general stochastic equilibrium model" Lies-man says " I don't know what that is"
What a fool, finally some truth from Lies-man's lips!
I was watching this this morning. Liesman didn't know whether to shit or get off the pot.
I liked what Grant said to Liesman, "what is the theory behind your model?"
(EDIT) [that part wasn't in the clip]^^
At one point, Grant and Santelli were tag teamiong Liesman. I know during the break Liesman went backstage and started praying to the ghost of Keynesinaism Past.
respect
Jim Grant..
does anyoe have liesman's email so we can mock him directly?
Maybe it is similar to joe.kernen@nbcuni.com
Jim Grant is thinking "I wish I wore a straight tie so I could strangle this motherfucker."
ANYBODY that says QE has been a sucess obviously works for CNN or CNBC
what a boob
Perhaps Mr. Grant, if not under CNBC's snipet time constraint and the onslought from the Fed mouthpiece that Mr. LIESman is would have suggested that:
there is no "cpi" inflation because a) all the tweaking of cpi done of the past twenty years, b) the naturally deflationary impact of technological advances and globilization and, more pertinent to the discussion, c) if inflation is a monetary phenomenon, then it shows up where the money goes, right. With excess reserves now at 2.5 trillion, the Fed conjured (Mr. Grant's word) money is not getting into the real economy, which is the flaw in qe. Rather the printed money is going to financial assets, then leaking to high-end real-estate and collectibles. There is massive inflation. It is just not the historical wage push variety. https://ssl.gstatic.com/ui/v1/icons/mail/ellipsis.png); height: 8px; opacity: 0.3; width: 20px; background-position: initial initial; background-repeat: no-repeat no-repeat;" src="https://mail.google.com/mail/u/0/images/cleardot.gif" alt="" />As we reach year end its nice to take stock of how that UNIVERSAL yardstick of well being of the financial community has evolved in 2013 and what was predicted in Jan 2013 by the gurus.
Evolution since Jan 1 2013 :
Stock Indices Currency rate wrt $
DJIA +21%
S&P + 25%
Nasdaq + 33%
Dax + 20% Eur/$ + 12%
Nikkei + 50% Yen/$ -20%
Conclusion : All exchanges have shown an improvement of around 25-30% expressed in constant $ terms.
Its a far cry from what was predicted in Dec 2012 where the Doomers saw the exchanges if anything stagnant or even regressive. Even the most optimistic Bulls saw the S&P at 1600, whereas it nearer 1800.
And so where will these indices be in Dec 2014???
Meltdown or not?
Even Faber, the prime bear, now is pea-shooting saying it'll go up 20% in 2014 and then Maybe come down 20%!
Yikes the Bears are now changing their skins into those of glistening bulls !
Battle of Bull run coming up ! Unless Yelen yells : Taper on !
I used to make sure that CNBC was on. Now, I don't give a rip if the channel is even there.
Hanging Liesman is too good for him.
Procure a long rope, string him up by his balls and then pour sand up his ass until the rope breaks.
Better than hanging and more fun.
the basic unit of measure is a scam,
good luck with that predicate demanding doom.
jim grant has eyes to see it.
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The Creature From Jekyll Island (by G. Edward Griffin)
http://www.youtube.com/watch?v=lu_VqX6J93k
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Tae per or not tae per
Posted on December 17, 2013 by Jonathan Davis
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http://www.maxkeiser.com/2013/12/tae-per-or-not-tae-per/