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They Give Awards For That?!

Tyler Durden's picture




 

Submitted by Simon Black of Sovereign Man blog,

The “Ig Nobel Prize” is parody of the Noble Prize that is awarded every year for the most trivial scientific achievement. (‘ig’ is short for ‘ignoble’)

For example, the 2007 recipient for the ‘Ig Nobel Peace Prize’ went to the United States Air Force Wright Lab in Ohio, for proposing the development of a ‘gay bomb’ that could be dropped in hostile territory and make enemy troops sexually attracted to each other. Make love, not war?

(This actually happened. The proposal was part of a $7.5 million funding request in 1994 to develop non-lethal weapons, including one that would create “severe and lasting halitosis”, and “could be used on mixtures of enemy personnel and civilians.” Your tax dollars at work.)

So when I opened my email yesterday and saw the subject line: “Central Bank Governor of the Year”, I immediately presumed it was a similar satire. It wasn’t.

It’s bad enough that our modern society considers the hoodoo of economics to be “science”.

And that we award our most esteemed prizes for intellectual achievement to its master practitioners like Paul Krugman who tell us how bountiful our national wealth could be if we would only conjure more paper currency out of thin air.

These ‘scientists’ have managed to convince the entire world that it’s a good idea to award a tiny banking elite with supreme, totalitarian control over the money supply.

Frankly this idea is even dumber than the Air Force’s. And perhaps the framework of modern central banking will one day receive its own ‘Ig Nobel Prize’.

But for now, it’s taken very seriously. So seriously, in fact, that the Financial Times’ “Banker” intelligence service recently announced the aforementioned ‘Central Bank Governor of the Year’.

Guess who won?

Nope, not Ben Bernanke. You see, while Mr. Bernanke has spent the last several years aggressively expanding the balance sheet of the US Federal Reserve, he has been handily out-printed by some of his peers.

No, this dubious honor goes to Haruhiko Kuroda of the Bank of Japan (BOJ).

Mr. Kuroda’s claim to fame is pushing to double the BOJ’s monetary base within just two years, and joining Japanese Prime Minister Shinzo Abe to create more inflation.

He’s off to a hell of a start.

Since assuming office in March 2013, Mr. Kuroda has printed enough money to inflate his balance sheet by 35.5% in just 9-months. And the Japanese yen has plummeted along with it.

Despite obliterating his currency, the FT absurdly claims that Mr. Kuroda has “restored credibility to the Bank of Japan and inspired confidence in Japan’s economy.”

Bear in mind, the Japanese government is already in position where the NET government debt is over 140% of GDP.

And they’re spending a full 25% of its tax revenue just to make INTEREST PAYMENTS… at a time when interest rates are effectively ZERO.

If interest rates rise to just 1%, the Japanese government will go bankrupt. Yet this is exactly the direction that Mr. Kuroda is going.

His goal is to create inflation of at least 2%. But if inflation is 2%, who in his right mind would loan money to the government at 0.3%? You’d be losing money.

Interest rates will HAVE to rise. Investors will demand it. So Mr. Kuroda’s path will either bankrupt the Japanese government… or he will create a currency crisis by devaluing his currency to nothing.

It’s extraordinary how dire the situation is. Yet Mr. Kuroda is now considered by the grand wizards of the financial system to be the BEST IN THE WORLD. Incredible.

 

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Wed, 01/08/2014 - 16:28 | 4312724 machineh
machineh's picture

Financial Times’ “Banker” intelligence service recently announced the aforementioned ‘Central Bank Governor of the Year’.

'Banker intelligence' -- Oxymoron of the Year!

Wed, 01/08/2014 - 16:51 | 4312789 Pladizow
Pladizow's picture

Hey Ben, want a medal?

Sorry, shit dont hang!

Wed, 01/08/2014 - 16:30 | 4312728 pods
pods's picture

Sounds like Japan is doing swell.  Anything else that might threaten them?

When the world realizes the extent of Fukushima, this little currency collapse thing will be small taters.

pods

Wed, 01/08/2014 - 19:06 | 4313278 Hedgetard55
Hedgetard55's picture

The little yellow fucking monkeys will start off being glad to eat dog food and cat food from cans, then later, real dogs and cats, and finally each other. Fuck them.

Wed, 01/08/2014 - 16:33 | 4312730 Occident Mortal
Occident Mortal's picture

The "New Normal" is just like the "End of History" it will last for about a decade before being utterly obliterated by a 'shocking' event.

Wed, 01/08/2014 - 16:33 | 4312731 NOTaREALmerican
NOTaREALmerican's picture

You've got to read between the lines here.

The world is run by the smartest-n-savviest most duplicitous humans.   The secret of success is duplicity.

So, it stands to reason that the FT would "award" somebody for being a very smart-n-savvy and duplicitous human.  

Wed, 01/08/2014 - 16:46 | 4312749 Kirk2NCC1701
Kirk2NCC1701's picture

My advice... Join the PARALLEL ECONOMY:  Barter + PM + Crypto-Currencies.  In whatever combination and allocation that makes sense to you and your situation.

Keep some fiat to give Caesar his dues.  If you can't win on Principle (Constitution), play the Procedure game (Jiujitsu their fiat laws to your benefit).

p.s. It seems that the FSA (EBT crowd) has already figured this out and "gone Galt" well before all the "informed" Austrian Economics Libertarians, who are still trying to fix the unfixable.  The 1% don't seem to give a crap either.  Are the Libertarians too damn 'compulsive' or too 'Christian', to know when to quit, bulldoze the place and start anew?

Wed, 01/08/2014 - 16:59 | 4312822 Musashi Miyamoto
Musashi Miyamoto's picture

+1

Did you know that to get a job these days you got to file with homeland security? Fuck that shit. work for cash and bit-coins. I don't pay taxes and I'm not going to start now.

https://pathofmusashi.wordpress.com/2014/01/08/how-to-get-square-and-ret...

Wed, 01/08/2014 - 17:20 | 4312892 kchrisc
kchrisc's picture

"My advice... Join the PARALLEL ECONOMY:  Barter + PM + Crypto-Currencies.  In whatever combination and allocation that makes sense to you and your situation."

Hey, that's "laundering." "Punishable up to 5 years..."

And don't forget, according to the rulers in the "land of the free," barter is a taxable transaction. For not "declaring" (testify against self) such transactions, one could be "punishable up to 5 years..."

"I'm as free as they'll let me be."

Wed, 01/08/2014 - 17:34 | 4312959 Musashi Miyamoto
Musashi Miyamoto's picture

Catch me if you can. Its a big pool of people out living the same. I know where your coming from but at the end of the day 5 years for laundering is the easy time.

If you are serious about the revolution than you have to accept that you might die or go to jail for the rest of your life. From there things get easier.

https://pathofmusashi.wordpress.com/2014/01/08/how-to-get-square-and-ret...

Wed, 01/08/2014 - 16:45 | 4312771 Dr. Engali
Dr. Engali's picture

It amazes me how many people tie the performance of the stock market, any stock market, to the economy. Just because the policy tool once know as a market is ripping, it doesn't mean the economy is following suit. Another thing that gets me is how many people believe that debt= wealth. In any other place besides bizzaro world it's just the opposite.

Wed, 01/08/2014 - 17:59 | 4313072 texas sandman
texas sandman's picture

So, I take it you don't buy Bernyankme's "wealth effect" gues....err...theory?

Wed, 01/08/2014 - 16:52 | 4312790 Al Huxley
Al Huxley's picture

Propaganda at its best - War is Peace, Slavery is Freedom, 1 + 1 = 3, and we've always been at war with Eastasia.  Does everybody love Big Brother yet?

Wed, 01/08/2014 - 17:34 | 4312962 Musashi Miyamoto
Musashi Miyamoto's picture

Doubleplusluv

Wed, 01/08/2014 - 16:51 | 4312791 101 years and c...
101 years and counting's picture

so basically, its an award for the dumbest of the dumb? 

Wed, 01/08/2014 - 16:51 | 4312795 y3maxx
y3maxx's picture

""Mr. Kuroda’s path will either bankrupt the Japanese government… or he will create a currency crisis by devaluing his currency to nothing.""

...Probably quite smart.....may as well get whatever value there is left in the Jap currency because once the real news comes out, Japan being a Nuclear wasteland deathtrap, its currency goes to zero regardless.

Wed, 01/08/2014 - 16:52 | 4312797 Fix-ItSilly
Fix-ItSilly's picture

World trade needs steroids while  Japan needs a funding source for its new and increasing trade deficit.  Hence Kuroda's decisions which have been blessed by all CBers whose raison d'etre won't exist without ever increasing world trade to trump Western World demographic trends.  One can survive a winter by roasting one's furniture in the fireplace.

Wed, 01/08/2014 - 16:53 | 4312798 Canuckistan Al
Canuckistan Al's picture

Greater fool theory..........why shouldnt it apply to central bankers too! Central Banker Academny Awards

God. Just think how excutiating long THAT award show would be

Wed, 01/08/2014 - 17:09 | 4312854 Spungo
Spungo's picture

Maybe Mr. Kuroda is actually Chinese, but they can't tell because they all the same :P

Wed, 01/08/2014 - 17:10 | 4312855 SmittyinLA
SmittyinLA's picture

"Air force"? 

Homosexuality is a major pillar of the Democrat platform, their agenda is a hostile weapon of war. 

Wed, 01/08/2014 - 17:13 | 4312866 farmboy
farmboy's picture

bankers intelligence is a contradictio in terminis

Wed, 01/08/2014 - 17:42 | 4312994 highwaytoserfdom
highwaytoserfdom's picture

Neo con banksters post party ride home...

http://www.youtube.com/watch?v=wcW_Ygs6hm0

Wed, 01/08/2014 - 18:23 | 4313162 shovelhead
shovelhead's picture

A gay bomb?

 

Beam me up Scotty...I've seen enough.

Wed, 01/08/2014 - 18:39 | 4313209 Flakmeister
Flakmeister's picture

From Jeff Masters over at WeatherUnderground:

Not a Historic Cold Wave
As notable as this week's cold wave was--bringing the coldest air seen since 1996 or 1994 over much of the nation--the event failed to set any monthly or all-time record low minimum temperature records at airports and cooperative observing stations monitored by NOAA's National Climatic Data Center. As wunderground's weather historian Christopher C. Burt summed it up for me, "The only significant thing about the cold wave is how long it has been since a cold wave of this force has hit for some portions of the country--18 years, to be specific. Prior to 1996, cold waves of this intensity occurred pretty much every 5-10 years. In the 19th century, they occurred every year or two (since 1835). Something that, unlike the cold wave, is a truly unprecedented is the dry spell in California and Oregon, which is causingunprecedented winter wildfires in Northern California." Part of the reason that this week's cold wave did not set any all-time or monthly cold records is that it is becoming increasingly difficult to do so in a warming climate. As Andrew Freedman of Climate Central wrote in a blog post yesterday, "While the cold temperatures have been unusual and even deadly, climate data shows that intense cold such as this event is now occurring far less frequently in the continental U.S. than it used to. This is largely related to winter warming trends due to man-made global warming and natural climate variability." For example, in Detroit during the 1970s, there were an average of 7.9 nights with temperatures below zero. But this decade, that number has been closer to two nights.

Wed, 01/08/2014 - 19:25 | 4313342 s2man
s2man's picture

My favorite Ig Nobel prize went to a guy who proved, mathematically, "If it can get tangled, it will".  I quote that very often, every time I or my stuff get tangled.

Wed, 01/08/2014 - 20:14 | 4313489 angryBuddhist
angryBuddhist's picture

When trying to decide how affairs at the top levels of government and banking will be managed and who will be doing the management, simply look at all the available applicants and choose the one least qualified who will make the worst possible decisions that will result in the most disasterous outcome. Stupidity and insanity is epidemic across the globe! Survival today is not a matter of changing the system (waste of energy) but more a matter of staying out of the line of fire and being one of the few who are still standing after the whole mess blows its top and the dust settles.

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