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David Stockman: "A Gang Of Unelected PhDs Have Staged An Economics Coup D'Etat"

Tyler Durden's picture




 

Submitted by David Stockman via Contra Corner blog,

America is being run by an unelected gang of essentially self-perpetuating PhDs. The notion of an economics coup d’ etat is not so far-fetched. After all, the Eccles Building controls the levers of the nation’s fiscal policy; is the pied piper of the entire financial system; intentionally inflates financial bubbles which powerfully impact the distribution of wealth and income; and is the master builder of the nation’s towering edifice of $59 trillion in credit market debt that flattens growth, jobs and incomes on Main Street.

To take one case in point, consider further the matter of fiscal policy and the Washington machinery by which $4 trillion of economic resources are allocated directly, and countless trillions more indirectly owing to tax policy and Federal matching grants.

This entire apparatus is now frozen in place because the Fed’s QE policy amounts to a giant fiscal fraud. Even if it sticks to the taper, the Fed’s balance sheet will have expanded by 5X—from $900 billion to $4.5 trillion—in 70 months. Yet it has no intention whatsoever of unwinding this stupendous emission of fiat credit. Indeed, selling-down its massive piles of treasuries and MBS would ignite the mother of all melt-downs in the fixed income markets, which have gorged on over-valued paper that was priced by the Fed’s huge, artificial bid in the debt markets.

So if this $4.5 trillion balance sheet is permanent, then the Fed’s post-crisis money printing spree amounts to a massive monetization of the public debt. Too be sure, all of this was done in the name of rubbery abstractions like “accommodating” recovery, supporting the “labor market” and “stimulating” consumption and investment spending, but the real world effect was quite different and far more tangible: It allowed Washington to treat the financing cost of our $17.5 trillion national debt as a free good.

In a world in which even the official inflation rate (CPI) has averaged 2.4% during the last 14-years, there is no other way to describe a policy that actually drove the 5-year Treasury note yield to a low of 75 bps, and pulled the weighted average cost of the total Federal debt down to about 2.5%—which is to say, zero, nichts, nada or nothing in real terms.

And part of this fiscal scam is even more egregious than the Fed’s own acknowledgement that is artificially suppressing  the treasury coupons. What the Fed is also doing is issuing second-hand “greenbacks”— those notorious non-interest bearing IOU’s that financed the Civil War. Since the crisis the Fed has returned $400 billion of “profits”, including $80 billion each in the last two years, to the US treasury, thereby off-setting upwards of 25% of the interest cost on the Federal debt.

But then again, how is it that the Fed is more profitable than the  wholesale, retail, entertainment, food service and hospitality industries of America combined? Self-evidently, its the magic of printing press money: The Fed buys treasuries and MBS with a coupon; pays for them by issuing new liabilities without a coupon; collects the spread which gets recorded as a “profit”; and then returns this ‘profit” to Uncle Sam at year-end. Had the Treasury Department dusted off Lincoln’s playbook, instead, it could have simply issued “greenbacks”, and dispensed with the round trip. In less polite company it might be called a fiscal circle jerk.

Based on its historic rate of expansion the Fed’s balance sheet would be about $1 trillion today. So during the past 70 months, the monetary politburo has issued about $3.5 trillion worth of Abe Lincoln’s “greenbacks”.

But here’s the thing: Even as Lincoln took many matters in his own hands like suspending habeas corpus, closing newspapers and imprisoning dissenters, he did bother to get an act of Congress to print his paper money. And as much as the beltway bandits of today’s Washington have enjoyed the quasi-free financing of $9 trillion in new public debt since the crisis—even they would have never passed something called the “Greenback Authorization Act of 2009?.  We do indeed have a rogue central bank operating in the deep waters of extra-constitutionality.

Then consider the orgy of debt issuance in the business sector. During the last year, every single record from the 2007 blow-off top has been exceeded. This encompasses $1.1 trillion of investment grade corporate debt, including a staggering $49 billion issue by Verizon to fund what was essentially an LBO of its own subsidiary. Next in line is about $600 billion in leveraged loans—-more than 60% of which have been “cov-lite” style spit and prayer loans. And then there are $400 billion of new junk bonds proper, along with the return of that bell-ringer for speculative tops called leveraged recaps, wherein the LBO barons freight down their debt mules with even more debt in order to pay themselves a dividend.

In all, business sector debt stood at about $11 trillion on the eve of the 2008 crisis, and has now vaulted upward to $13.5 trillion. Yet nearly the entire gain has gone into the preferred financial engineering games of bubble finance—namely, LBOs, cash M&A deals and stock buybacks. Indeed, in the latter case the big corporates are now borrowing hand-over-fist to fund buybacks at nearly a $1 trillion annual rate. Compare that to investment in productive plant and equipment where real outlays are still running $100 billion or 8% below its late 2007 level.

Needless to say, this massive leveraging and stripping mining of cash from the business economy is not the unseen hand of the free market at work. It is the consequence of the Fed’s very visible pegging and rigging of the financial markets.

Fast money speculators are subsidized by the Greenspan/Bernanke/Yellen put, which drastically compresses the cost of market risk insurance and artificially fattens the margins on carry trades.  So enabled, the hedge funds then bray incessantly for M&A deals and stock buybacks, which option-gorged corporate executives are eager to undertake—especially with more borrowed money.

And then yield-chasing money managers scoop up the resulting junk bonds, cov-lite leveraged loans and investment grade issues alike because the Fed has bought out the belly of the treasury curve, meaning there is nothing else to buy that will keep the fixed income PMs employed.

Likewise, also comes the $5k Wall Street suits—streaming into America’s busted sub-prime neighborhoods fixing to become single family landlords. Yet without the Fed’s gift of cheap financing, there is not a snowballs chance that these clueless spread-sheet jockeys would own a single, single-family home— let alone upwards of 500,000 at last count.

In short, the Fed has interposed itself throughout the very warp and woof of the nation’s business economy. It does this in a manner that makes a mockery of our purported mechanism of economic governance—that is to say, the spontaneous actions and decisions by millions of producers, consumers, investors and savers on the free market in response to honest price signals arising from the vineyards of commerce and industry. Instead, in a manner like the “caribou” soccer of 6-years olds, today’s economic actors have no choice except to ceaselessly chase the Fed around the economic fields.

So where did the Fed get this mind-boggling grant of plenary power?  Fed Chair Yellen explained it succinctly in a recent speech:

The U.S. economy is still considerably short of the two goals assigned to the Federal Reserve by the Congress of low and stable inflation and maximum sustainable employment.

Yellen was obviously referring to the Humphrey-Hawkins Act of 1977—-one of the most pernicious pieces of legislation ever enacted, and one I am proud to say I voted against as a freshman Congressman. Yet even in those halcyon days of Keynesianism, few in Congress believed that they had mandated the Fed to pursue rigid quantitative targets for inflation and unemployment—let alone precisely a 2% annual gain in the PCE less food and energy or 6.5% on the U-3 measure of unemployment, which didn’t even exist then. By contrast even the voluble Senator from Minnesota saw the law as essentially an expression of congressional sentiment that it would be swell to have more jobs and less inflation.

And most certainly, the Congressional majority that passed the act did not in its wildest imagination foresee that the route to the quantitative inflation and unemployment targets it didn’t mandate would be through the canyons of Wall Street and the made-up monetary doctrine of “wealth effects” as the surest route to their achievement.

So the last 35 years have brought the greatest exercise in mission creep ever undertaken by an agency of the state. That explains why the monetary politburo persists in its absurd quest to force more debt into an economy which is already saturated with $59 trillion of the same. To pretend, as does Yellen and most of the monetary politburo that they must plow ahead printing money at lunatic rates because Congress so mandated it, is the height of mendacity.

The Fed has seized power and is not about to let go—-common sense be damned, and the constitution, too.

 

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Wed, 04/02/2014 - 20:23 | 4619379 LetThemEatRand
LetThemEatRand's picture

The coup d'etat was staged in 1913.   The PhD's are merely the latest in a long line of propagandists selling the New World Order.

Wed, 04/02/2014 - 20:32 | 4619415 weburke
weburke's picture

"this stupendous emission of fiat credit"    is there a spot to collect good lines from ZH? There should be, there are so many good ones.

Wed, 04/02/2014 - 20:57 | 4619532 max2205
max2205's picture

Well at least we know the truth

Wed, 04/02/2014 - 21:10 | 4619568 Deacon Frost
Deacon Frost's picture

The Structure of the World State via the rule of the PhDs.

Socrates’ question to Glaucon in Plato’s ‘Republic’: “Have we any greater evil for a city than what splits it and makes it many instead of one? Or a greater good than what binds it together and makes it one?” Socrates and Glaucon agreed “that the city is best governed which is most like a single human being.” The individual in the World State is “just a ‘cell’ in the social body.”

The necessity of eugenics is driven by a principle, that each cell in the social body has its specific work to do.

Wed, 04/02/2014 - 21:43 | 4619669 pods
pods's picture

I have still yet to see the amendment that allowed Congress to give away its responsibility to coin money.

Why do people act like the FED just started screwing us sideways?

It has always been to protect the banks by publicly insuring the banks (FDIC insures deposits, which are bank liabilities) while allowing private profits to be kept.

pods

Wed, 04/02/2014 - 21:13 | 4619573 The Gooch
The Gooch's picture

ZOG

Founded:1913

Unfounded: ? 

<bleat>

Wed, 04/02/2014 - 21:20 | 4619593 FinalCollapse
FinalCollapse's picture

Another great article by David Stockman. The problem is that these idiots and goat abusers at the Fed do not care. They don't understand logical thinking. They are patting themselves on shoulders.

Wed, 04/02/2014 - 21:49 | 4619681 pods
pods's picture

They know exactly what they are doing. Old Will had it spot on:

"And thus I clothe my naked villainy

With odd old ends stol'n out of holy writ;

And seem a saint, when most I play the devil."

Wed, 04/02/2014 - 23:06 | 4619901 FinalCollapse
FinalCollapse's picture

Pods: I haven't downvoted you. 

May be you are right - who knows. I tend to think that these idiot economists are being played by the TBTF banks. They probably cannot grasp the real economic impact of their failed policies. They destroy the economy while thinking they saved it by blowing multiple asset bubbles.

However, your position is plausible too: they are evil, evil people conspiring to suck us dry before the sheeple will understand the real game..

They are either evil or complete idiots. 

Thu, 04/03/2014 - 05:38 | 4620381 Canoe Driver
Canoe Driver's picture

When caught, such people always claim they did it to provide for their families in the best possible way. We, as a society, are therefore in the position of asking whether it is permissible to conscion any act, so long as the actor did it to improve the lot of his children. Even on this site, most people would and do openly state that they would commit any murder or theft whatsoever to provide for their families. Thus, a fundamental moral issue is presented, for if this is justified, then by simple logic, there is no way to prevent the eventual destruction of all.

Thu, 04/03/2014 - 10:03 | 4620968 detached.amusement
detached.amusement's picture

I dunno man, if everyday schmoes like us can look at data and see this shit clear as day...it just makes it seem well beyond any doubt that their salaraies depend on their ignorance of such.

Thu, 04/03/2014 - 02:17 | 4620219 putaipan
putaipan's picture

i'm pretty sure he just slipped in there a 5K an ounce true price of gold ....

Wed, 04/02/2014 - 20:38 | 4619441 Colonel Klink
Colonel Klink's picture

Ding, ding, ding, we have a winnar!  But the people pulling the strings are still the many of the same parasite families since before 1913, just new ones have been added.

Wed, 04/02/2014 - 23:22 | 4619944 TeraByte
TeraByte's picture

And already Henry Ford told it so. The situation is even more severe now, when these greedies are rapidly choking the host they are parasiting from.

Wed, 04/02/2014 - 23:38 | 4619983 Tapeworm
Tapeworm's picture

 i'D LIKE TO CALL ATTENTION TO A RECENT sTOCKMAN SIX PART PIECE ON THE CONSEQUENCES OF THE fed INTERVENING IN ww1 and what the followon really was.

 I find the address that he made to be amazingly well written and should be a printout for yourself and your family. I have seen nothing as concise as this for a history of what the FED started out as and why it has been such a disaster.

How World War I Paved the Way for the Warfare State By Mises Updates Saturday, March 15th, 2014

by David Stockman

Remarks To The Committee For The Republic, Washington DC, February 2014 (Part 1 of 6 Parts)

[From David Stockman's Contra Corner.]

http://bastiat.mises.org/2014/03/how-world-war-i-paved-the-way-for-the-w...

(I was writing code so I didn't bother to fix the caps until I saw it, so cram it.)

Fri, 04/04/2014 - 15:59 | 4622636 Radical Marijuana
Radical Marijuana's picture

Indeed, LetThemEatRand, that is now the first thing that comes to my mind whenever I read Stockman's articles, which are good enough, but in a superficial kind of way.

The original American money was supposed to be bimetallic, with the value of that gold and sliver set by Congress. The destruction of that system by the international banksters began the moment it was established. I regard the demonetization of silver in the 1870s as having been a significant episode in the history of Congress being effectively bribed by the international banksters. However, it was not until 1970s, after the last links to gold were abolished, that the almost perfectly exponential growth of American debt became possible.

The overwhelming vast majority of people deliberately do not want to understand that money is measurement backed by murder. The banksters' bullshit has become so totally dominant that almost everyone takes for granted the ways that the public "money" supply is being created out of nothing as debts by private banks. The deeper reasons for that were the ways that the banksters were able to apply the methods of organized crime to dominate the political processes. The covert murder systems backed up the money system so much, for so long, that it gradually became more and more overt, but still without most people noticing, nor thinking about that.

Without the miraculous way that President Andrew Jackson was able to survive the efforts of the banksters to assassinate him back in the 1830s, before he could kill the 2nd banksters' central bank, then American finance would have already been destroyed a long time ago. However, there is no doubt that when the Federal Reserve Board was enacted in 1913, along with the income tax to back that up, then American democratic republic was already destroyed, albeit that took time to manifest, on an exponentially accelerating rate, as the powers of government, which were supposed to be controlled by "We the People" became more and more privatized, so that now the most important powers of government are about 99% privatized, and take the form of runaway systems of legalized lies, backed by legalized violence.

Guys like Stockman focus on the more recent history of the exponentially accelerating rate at which debt slavery systems are destroying American society. However, since he fails to penetrate any deeper into that dilemma, he provides a relatively superficial analysis, as well as shallow "solutions." The basic problems are that the vast majority of people do not want to understand that money is measurement backed by murder, and must necessarily be. Instead, they want magical solutions, through which that will no longer continue to be human reality.

My view is that the basic human systems developed to have the following four metaphorical groups: the ruling classes, the Vicious Wolves, and their Domesticated Dogs, vs. the masses of Zombie Sheeple, amongst whom are the Black Sheeple. More of those kinds of Black Sheeple, which are reactionary revolutionaries, are promoting the same old-fashioned false fundamental dichotomies and related impossible ideals, as the ruling classes operate behind, because, ironically the Vicious Wolves taught the Zombie Sheeple to bleat their morality. Metaphorically, the only good solutions would be for more people to become better Wolves, rather than for everyone to become better Sheeple. However, the controlled opposition groups are always promoting the latter, rather than the former.

The globalized ruling classes are able to advance their "New World Order" because they tend to only have to deal with controlled opposition groups who never provide better death controls, to back up better debt controls, but rather only propose the impossible ideals that there should not be any such controls at all. Tragically, therefore, we are most likely going to see the debt slavery systems generating debt insanity numbers provoking death insanities as their real result, since the realities are that governments are the biggest forms of organized crime, controlled by the best organized gangs of criminals, because they must necessarily be, due to the inherent ways that human civilization operate as general energy systems. In that context, those best organized gangs of criminals have become way too successful at brainwashing the vast majority of people to believe in bullshit.

In fact, citizens are members of an organized crime gang. However, they were taught to perceive in the world through systems of false fundamental dichotomies, and to believe in sets of impossible ideals, which always cause the opposite to actually happen in the real world. In that context, the Federal Reserve Board is manifesting how the top predators have become too successful, for too long, so that their prey has become too incompetent, which has gradually allowed those top predators to degenerate into become parasites, which are killing their host.

That is what is being described in this article by David Stockman: "A Gang Of Unelected PhDs Have Staged An Economics Coup D'Etat". However, his understanding of the human ecology that surrounds the current political economy is not enough to get that bigger picture ... But, then, after all, since the overwhelming vast majority of people (including even the relatively rare, more informed readers of Zero Hedge,) do not get that either, as well as that most do not want to get it. Indeed, the vast majority of people probably do not have the slightest clue about how they understand energy systems backwards, because the concept of entropy was inverted, by the biggest bullies' bullshit dominating the history of the philosophy of science, the same as it was able to dominate all other social enterprises.

The vast majority of Americans do not understand, because they do not want to understand, what it means that the public "money" supply is made out of nothing as debts, in ways where that "money" violates the basic laws of nature, such as the conservation of energy, and therefore, matter, as a form of energy. Money based on gold and silver was originally a way that the natural laws regarding the conservation of matter were supposed to prevent fraud. Many people still promote the nostalgic nonsense that we could and should go back to that sort of system again, as a "solution" to the problems that we now have a globalized electronic fiat fraud, backed by the force of governments with weapons of mass destruction.

However, the truth is that our problems have been amplified trillions of times by progress in science and technology, to enable there to actually exist electronic frauds, backed by the force of atomic bombs. That is now the reality of our globalized combined money/murder systems. By and large, practically nobody will face those facts, but rather, both the established systems, and their controlled opposition, get by with mostly being able to deliberate ignore those facts, which works all too well, since the overwhelming vast majority of people also manage to operate through their attitudes of even greater, and more collectively evil, deliberate ignorance.

Hence, the educated economists operating the Federal Reserve Board today have degenerated into being mostly morons, rather than the relative evil geniuses that they once were, a Century or so ago. They have degenerated into parasites that are killing off their host. However, there continues to actually be no better solutions to that runaway debt insanity situation than those which would depend upon better systems of death control sanity. Obviously, the kinds of intellectual scientific revolutions required to do that would require enough people understanding enough of that, which right now appears to be practically impossible.

Coping with science and technology amplifying our political problems trillions of times requires that we should go through paradigm shifts in the ways that we understand general energy systems, which includes enough recognition of the ways that we currently understand the concept of entropy backwards. That would be the minimum theoretical basis required to understand evil and ponerology better, so that we could operate better murder systems, to back up better monetary systems. Unfortunately, nothing less than that very tall order could be sufficient ...

Wed, 04/02/2014 - 20:22 | 4619381 wisefool
wisefool's picture

He is getting closer. There is only one (non-medical) degree that outranks a PhD. That is an LLM tax. I am not very smart, but even PhD math/C.S. is easy for me.

That 80,000 page tax code .. however ..

Wed, 04/02/2014 - 20:27 | 4619399 negative rates
negative rates's picture

Timers take care of the Fed too, have no fear, underdog is here.

Wed, 04/02/2014 - 20:30 | 4619400 khakuda
khakuda's picture

Unless something breaks soon, like oil prices skyrocketing, the show will continue. They are still dumping in an annualized amount of money that's greater than QE1 and employment has improved since then, markets have soared to record levels and house prices are booming again. Every goal and excuse they had for QE and ZIRP has been achieved. Yet they continue.

As the market continues higher, inflation continues to rise and employment continues to improve they will keep changing the benchmarks to keep money free to keep the governments cost of funds near zero so the debt can keep increasing.

Drive it into the wall Janet, drive it into the wall.

Thu, 04/03/2014 - 08:58 | 4620747 Comte d'herblay
Comte d&#039;herblay's picture

"..... employment has improved since then."

Sez who?

I'm from Missouri.  Act accordingly.

Wed, 04/02/2014 - 20:30 | 4619407 Gringo Viejo
Gringo Viejo's picture

Even Mr. Wu in "Deadwood" knew, though he spoke no English..

"COCKSUCKERS!"

Wed, 04/02/2014 - 20:33 | 4619422 Squid Viscous
Squid Viscous's picture

why his sudden "I see the light" moment, he was part of the same fraud/theft/lies under Reagan... something smells gvelte-fishy

Wed, 04/02/2014 - 21:28 | 4619627 rubiconsolutions
rubiconsolutions's picture

"why his sudden "I see the light" moment, he was part of the same fraud/theft/lies under Reagan... something smells gvelte-fishy"

I couldn't agree more. Just another in a long line of bureaucrats who when in a position to actually affect change are part of the problem. Then when they leave the District of Corruption they have a sort of religious epiphany and begin to criticize. They write their books, make the rounds on the lecture circuit and make a lot of money. Ya gotta love that kind of capitalism.

Thu, 04/03/2014 - 08:37 | 4620665 artless
artless's picture

"why his sudden "I see the light" moment, he was part of the same fraud/theft/lies under Reagan... something smells gvelte-fishy"

@vicious and rubicon

Yes Stockman was Reagan's budget wiz kid (and I say kid purposesly) cause that was over 30 years ago. If you remember (and I do) he was unceremoniously fired (he "resigned" cough) when it became apparent that he was a true believer and wasn't down for playing the game. I believe he was gone in under two years but I'd have to look that one up. From there he went back to the private sector (albeit with some questionable players) but perhaps-and I believe this-that's where he began to see the true damage of the ways of the system.

I'm thinking that Stockman like a great many other folks has completed or is nearing completion of an intellectual journey.  Tell me. Were you both down with Austrian Economics right outta high school? I doubt it. Admit it. Most of us writing here are newbies. MAYBE with five-ten years under our belts. ANd the ones that continue to work in finance and profit from the criminal edifice? Is their sincerity to be questioned in regard to similar views as Stockman as the continue to participate in the folly and farce?

Several current public figures have transitioned over the last couple decades. If a guy like Stockman with his resume can defect to the side of economic liberty, anarcho-capitalism, libertarianism, or whatever, I'll take it.

Unlike many he is actually attacking the power center rather than just blaming political enemies. Read the book. The Great Deformation spends the nest part of 300 PAGES laying the groundwork of the argument. No one is sparred. It is politically athiest in that matter.

At some point each and every one of the people who continue to take part in this corrpy system MUST be convinced to abandon it. From the top CEO of TBTF banks to the VERY LAST SOCIAL SECURITY RECEIVER have to "see the light" or nothing will change for the better. What are we just gonna put everyone in prisons? Sorry the traditional way of killing all your enemies is repunant to me.

It has to be one Stockman at a time. Then you, then your neighbor and so on.

Were you all ssntimonious whe Ron Paul put out End The Fed as well? 

Wed, 04/02/2014 - 20:36 | 4619435 TN Jed
TN Jed's picture

All we have to do is vote for the right one this time right?  What's a pleeb to do?

Wed, 04/02/2014 - 20:37 | 4619436 RafterManFMJ
RafterManFMJ's picture

To be fair, the garbage that gets properly elected isn't any better...

Wed, 04/02/2014 - 20:39 | 4619452 Colonel Klink
Colonel Klink's picture

The garbage you refer to are just the maggots doing the flies bidding.

Wed, 04/02/2014 - 21:25 | 4619615 NickVegas
NickVegas's picture

We pick em, you elect them.

Thu, 04/03/2014 - 08:33 | 4620650 Abaco
Abaco's picture

How can anyone be "properly elected" if there are no actual proper elections?

Wed, 04/02/2014 - 20:39 | 4619450 francis.sawyer001
francis.sawyer001's picture

3 Letter Alien Mneumonics Invade AmeriKKKa

Yesterday they told us that HFT was the cause of ameriKKKan decline,

Today we're told that the PHD is the fault of ameriKKKan demise,

We know the CIA stole the MH-370

We know the NSA listens to our every word, and analyzes our shit after we flush it down the toilet.

But one 3 letter word that shall never be spoken is ZIO-

*

To know who RUN's our lives, you must only know that Mneumonic that cannot  be mentioned.

Wed, 04/02/2014 - 20:40 | 4619456 Colonel Klink
Colonel Klink's picture

Daily quiz, how many words can you make from: cheesepope?

Wed, 04/02/2014 - 20:51 | 4619502 francis.sawyer001
francis.sawyer001's picture

We know the CIA stole the MH-370, eyewitnesses at KLM saw known CIA(MOSSAD) agents board the airplane.

The revision in the 'good night' message was because the earlier released 'good night' was not from the pilot in command.

Malay security is now requiring 3 men in the cockpit two at all times and one armed to prevent another CIA(MOSSAD) takeover of a Malaysian flight.

*

Pope Francis Sawyer says "CHEESE".

 

Wed, 04/02/2014 - 20:59 | 4619527 VD
VD's picture

EDIT: AND BANNED!

Wed, 04/02/2014 - 21:22 | 4619600 LetThemEatRand
LetThemEatRand's picture

Not clear if he's banned, though some of his posts were wiped.  The post above survives.  I'd still rather his posts be scrutinized in the sunlight.   He's saying what a lot of people think, sadly. 

Wed, 04/02/2014 - 21:24 | 4619611 Pure Evil
Pure Evil's picture

And, apparently reincarnated like a Phoenix.

Anyone want to start a pool to see how long this version lasts?

Wed, 04/02/2014 - 21:29 | 4619632 VD
VD's picture

he's gone.

Wed, 04/02/2014 - 21:34 | 4619642 fonzannoon
fonzannoon's picture

I'm not saying I agree with everything FS says. Buit I find it amazing that FS keeps getting banned and yet I see this on TV all the time.

https://www.youtube.com/watch?v=wX7wxnMHWUM

Wed, 04/02/2014 - 21:40 | 4619657 Pure Evil
Pure Evil's picture

That was hilarious and sounded exactly like Francis.

Wed, 04/02/2014 - 21:43 | 4619667 LetThemEatRand
LetThemEatRand's picture

Francis is the diabolical baby.

Wed, 04/02/2014 - 21:46 | 4619675 pods
pods's picture

Francis was still kicking around, and it wasnt that guy.

pods

Wed, 04/02/2014 - 21:50 | 4619685 LetThemEatRand
LetThemEatRand's picture

I meant the diabolical baby on Family Guy.  Stewie.

Wed, 04/02/2014 - 23:14 | 4619922 pods
pods's picture

Understood.  Humor seems to be the only way things get out nowadays.

The old days people understood the evils and power associated with bankers be they jew, gentile, or martian.

Now, bankers rule the world and are exalted as saviors, and those who say anything about them are ridiculed and stomped out.

pods

Wed, 04/02/2014 - 21:54 | 4619699 VD
VD's picture

fonz that's brilliant!

Wed, 04/02/2014 - 22:11 | 4619734 pods
pods's picture

And you're an asshole snitch VD.

You know what they say about snitches don't you?

pods

Wed, 04/02/2014 - 22:11 | 4619737 VD
VD's picture

you're myopic and have no clue. think about why Tylerz ban that bigot, then revise ur limited viewz, if you can....

Wed, 04/02/2014 - 22:29 | 4619784 Pure Evil
Pure Evil's picture

How could VD be a snitch. Everything FS said was out there for everyone including God to see and read.

The Gods of ZH decided they had enough of his impertinence and sent a lightening bolt to zap his ass.

Its not as if he wasn't warned, many times in online comments and probably a few times in emails.

ZH is pretty tolerant of most of the comments on their website, but when you keep poking the bear, you better believe you're gonna get mauled.

Maybe there's a lesson in their somewhere for Obama and Kerry.

Wed, 04/02/2014 - 22:35 | 4619799 VD
VD's picture

correct Pure Evil. but pods is quite limited in his basic comprehension of this here community. but alas, f_s has been DEADED and for good reason.

Wed, 04/02/2014 - 22:58 | 4619883 pods
pods's picture

Oh please enlighten me oh exalted one. Nevermind.  

And f_s can never be "deaded" because you cannot kill an idea, thought, or argument by merely saying you cannot say it.

He was acerbic, sure, but your ragged ass fun police attitude and walking around all BMOC because TYLERS banned him is just plain smarmy.

I can understand that Tylers do what Tylers want. Their house.

And if the Irish Anti Defamation League were all over my ass like Caucasian on rice I would be clamping down too.

That is what happens when you speak about things that people don't want you to speak about.

So, pat your pompous ass on the back there VD, some of us ARE smart enough to know that users come and go, but ideas remain.

pods

Thu, 04/03/2014 - 02:43 | 4620251 ThroxxOfVron
ThroxxOfVron's picture

"...users come and go, but ideas remain."

Exactly.  Sometimes the whole point is to goad the bear into showing that it is in fact a mean old carnivore bear and not a fucking candy christmas unicorn.

Getting thrown out of some places is validation of why you ventured therein to begin with.  

Two types of uninvited guests.  I'd rather be ejected like Satan's flaming vomit than cover under the table until the waitstaff gather the stained napkins.

Wed, 04/02/2014 - 22:36 | 4619803 fonzannoon
fonzannoon's picture

I think you are missing the lesson. Obama and Kerry have the NSA watching everyone's ass like a hawk. you see they are pretty tolerant, but push the envelope with your constitutional bullshit and free speech agenda and they won't hesitate to maul your ass.

now back to your usual fonestar bitcoin hijack. 

Thu, 04/03/2014 - 05:48 | 4620387 FredFlintstone
FredFlintstone's picture

Maybe Mossad took im out?

Thu, 04/03/2014 - 11:27 | 4621285 Comte d'herblay
Comte d&#039;herblay's picture

I'm totally missing this point of this string.

Who was banned, why, and when??

What kind of 'bigoted' remarks were made and where were the warnings??

Am  living in an alternate blog?

Thu, 04/03/2014 - 08:55 | 4620734 Comte d'herblay
Comte d&#039;herblay's picture

Whatsa, Tango, Fredo?

Thu, 04/03/2014 - 08:53 | 4620723 Comte d'herblay
Comte d&#039;herblay's picture

..welll....ZIO can be mentioned as evidenced here.  I've mentioned it many times in The Daily Beast.  

But it has no 'traction' here in the U.S.  European and Sandinavian, Asian countries as well acknowledge it somewhat.

But you have to wonder how it is perpetually kept out of the narrative that surpassethes all propaganda here in AmeriKKKa. 

Wed, 04/02/2014 - 20:41 | 4619460 asteroids
asteroids's picture

I encourage everyone to google "Fall of the Roman Empire and Economy" and read about how the rich and powerful really screwed things leading to collapse. It's not too late to stop the FED.

Wed, 04/02/2014 - 21:42 | 4619626 Pure Evil
Pure Evil's picture

That is a nice fairytale dream, well the part about ending the Fed, but like the movie Speed, if this bus slows down the whole thing implodes.

Do you really want to be around when over a quadrillion in derivatives comes falling out of the sky.

Will make the apocalypse from Revelations look tame in comparison.

Wed, 04/02/2014 - 21:52 | 4619692 tunnelvizn
tunnelvizn's picture

Really, Why ?  Derivatives are figments of the abhorrent system .  Will they really make a material difference in the world .  Only if you will them .  They are as meaningless as dust .  The dust that is the foundation of the absurd . 

Wed, 04/02/2014 - 22:34 | 4619792 Pure Evil
Pure Evil's picture

Yeah, good luck with that.

Here's hoping you live on a farm hundreds and hundreds of miles from all the major population centers and are 100% self sufficient.

As the ole saying goes, money makes the world go round, and systemic collapses of abhorrent systems aren't pretty.

Wed, 04/02/2014 - 20:43 | 4619461 AdvancingTime
AdvancingTime's picture

Years ago many of us criticized Japan for failing to own its problems. Many people thought Japan should face up to the mess it had created and do the right thing. Broadly accepted was the concept that only by letting its zombie banks and industries fail could Japan clean out the system and move forward. Instead the Government of Japan ran huge deficits and ran up massive debt.

As we measure the results of the Bernanke policy it seems they may not be much different than those achieved by Japan over the last few decades. In many ways our course is very similar to the one that Japan embarked on and is now being  blamed and labeled as the reason Japan remains mired in slow growth and deflation. More on this misdirected policy in the article below.

http://brucewilds.blogspot.com/2013/11/we-are-on-path-to-lost-decades.html

Wed, 04/02/2014 - 21:29 | 4619635 suteibu
suteibu's picture

Not that it makes a shit difference because the false narrative has been accepted as truth in the West, but Japan's biggest problem from the mid-80s to 2000 (and possibly til now) has been the US.  Japan saw that its economy was overheating in the early 80s, due in part to the Fed's actions which strengthened the USD.  They proposed to increase their interest rates to cool down their economy but the US, which blamed a lot of its own economic problems on Japan (and everyone was worried Japan might take over the world's economy), had another idea which led to the Plaza Accord, effectively strengthening the Yen (along with other European currencies though no to the extent of the Yen) by 50% over a two-year period.  This pretty much triggered Japan's asset bubble.

As for owning it, Japan was unfortunate to rely on none other than Paul Krugman who advised Japan to pursue an aggressive fiscal policy and unconventional monetary policy (sound familiar?).  For the big-government socialists in Japan, not unlike those in the US, the advice was too juicy to ignore. 

Of course, nobody is without blame in Japan's case.  That said, it sure seems like Japan was a test case for Keynesianism and, yet, despite its failure, was adopted by the geniuses running the US economy.

Thu, 04/03/2014 - 08:38 | 4620666 Comte d'herblay
Comte d&#039;herblay's picture

Not to excuse the FED's Jewish bankers from their behavior to assure the 1% (curiously dominated, per capita, by their fellows and ladies in the FED) remain so, But.....

...The essential problem with Japan and the first world economies (temporarily) generally,  is a multigenerational out of balance phenomenon:   "too few good paying jobs for far too many people".

Our past and future catastrophes could be cured overnight with hunnerts of millions, billions of new JOBS, CAREERS, and new Businesses.  An explosion of meaningful, productive employment, application of our best brains not to Goldman Sucks where they will do god's work, but creating new industries that demand the skills, education, and experience of the people. 

That's the only solution that would necessitate the FED being relegated to the back of the room, where they would sit down, look straight ahead and shut the fuck up, rendered impotent.

As nutsy as it sounds the fatal problems we face come down to a first-learned economic principle: Supply and Demand. 

No demand for people who either feed themselves, or be fed, drunk, housed, cell-phoned, Satellite TVd, and commuted to work. 

 

Wed, 04/02/2014 - 20:44 | 4619471 lasvegaspersona
lasvegaspersona's picture

Be strong little Timmy, it will be all over real soon.

Wed, 04/02/2014 - 20:52 | 4619506 TeraByte
TeraByte's picture

Soviet´s Dying Years in the eighties: When those few, who saw the severity of their economic problems, realized it was too late to avert the inevitable and therefore just kept on repeating the mantra.

Wed, 04/02/2014 - 20:53 | 4619509 fauxhammer
fauxhammer's picture

What is this un-Eleccted Building I keep hearing about?

Wed, 04/02/2014 - 20:53 | 4619510 I Write Code
I Write Code's picture

PhD my AsS.  A few rocket surgeons are just used for window dressing.

This is more like wolf of wall street characters.

Wed, 04/02/2014 - 20:54 | 4619516 rosiescenario
rosiescenario's picture

Pretty simple....just follow the money....the beneficiaries of the Fed's largesse make large political contributions...as they say, one hand washes the other.

 

Those leaving the SEC go to work for those they were supposedly regulating.

 

I really wish that Texas would move toward seceding...it would focus a bit of attention to the problem that D.C. has become.

Wed, 04/02/2014 - 21:37 | 4619653 Pure Evil
Pure Evil's picture

Didn't you put two and two together when Gov. Rick Perry started demanding that Texas' gold be returned to the state.

The powers that be dropped a neat little package on some fertilizer plant to show who really controlled the universe.

Also amazing was that Gov. Rick Perry stopped demanding that Texas' gold be returned from the NY Fed right after that explosion at the fertilizer plant.

And still to this day, nothing but crickets when it comes to returning Texas's gold from both sides in this little power play.

If anything, with so many Mexicans inhabiting Texas I'm afraid once Texas succeeded from the Union they would be calling for annexation by Mexico similar to what happened to Crimea.

Wed, 04/02/2014 - 21:42 | 4619664 fonzannoon
fonzannoon's picture

Both Rick Perry and Germany have been quite silent ever since their requests.

Wed, 04/02/2014 - 21:47 | 4619678 Pure Evil
Pure Evil's picture

Well, it is strange that they told the Nazi's, oops, I mean Germans that they would have to wait, while who knows what was said to Perry privately to shut him up. Either that or he was smart enough to figure it out and accepted the message being dropped, I mean delivered, oh hell, being exploded in his face.

Message sent, delivered, and accepted.

Thu, 04/03/2014 - 07:39 | 4620531 Comte d'herblay
Comte d&#039;herblay's picture

bingo!  Sportsguychestbump!!

This is precisely the first step.  Removing, one by one, the states under the power of the FED to the point that they cannot dominate from D.C.

Separate countries is the Only way some semblance of power will be returned to the people. 

 

Wed, 04/02/2014 - 21:01 | 4619540 Marina
Marina's picture

If I understood this, I'd be so angry! Sounds very bad.

Wed, 04/02/2014 - 21:13 | 4619574 Clowns on Acid
Clowns on Acid's picture

Ok so... we all know what the Fed is and has become.... only Ron Paul wanted to audit the Fed....what happend to the rest of Congress?

All gov't orgs get audited.. why not the Fed? Oh thats right it is a private company..... Stockman didn't go that deep into the fraud. he also didn't mention how many dual passport holders have been Fed Governors. Is that a bad question to ask ?  

Wed, 04/02/2014 - 21:23 | 4619607 Reaper
Reaper's picture

The sheeple have always craved a good king, good government planing, a mastermind with credentials. What the sheeple never learn is that power, money and ego always corrupt. What the sheeple, who know themselves ignorant, believe is that some beneficent god or a beneficent destiny will choose their king and masterminds. Worse still, the sheeple, hope and expect that the office and their trust empowers whoever is chosen. The only functioning masterminds they get are master psychopaths and master narcissists. Only total failure instructs the sheeple in their delusions.

When will they ever learn? Never.

Wed, 04/02/2014 - 21:26 | 4619619 DOGGONE
DOGGONE's picture

Just look at what is kept out of sight!!
The Public Be Suckered
http://patrick.net/forum/?p=1230886

Wed, 04/02/2014 - 22:00 | 4619712 RaceToTheBottom
RaceToTheBottom's picture

I propose that the FED go full retard and do away with taxes.  With the printing press, no taxes need be charged again, ever.

Wed, 04/02/2014 - 22:06 | 4619725 Aquarius
Aquarius's picture

"Economists" are merely meal-ticket true believers and loyal sword wielding priests of a cult created to run interference for and to support the Banking System.

There is no currency in believing me so you could read Rothbard and a lot of others; start with Hayek, Mises and evolve yourself through to the current day. You, if you can think, can only convince yourself. My work is just an evocation, perhaps. If not, you are truly lost.

http://verbewarp.blogspot.com.au/2011/08/delusional-economics.html

 

"All that needs to be said, has been said." Pallas Athena

That Economists are the pithe of societal banality and thoughtless servants for the high bankers is not in question; what is also not in question, is that our elected "leadership" are permitted to Recursively Scam the Public Purse, in return for strengthening the Laws for and on behalf of the Bankers open-system ravaging of wealth creation through productivity; productivity provided by the general populace.

As to that which is exciting the West and its insanities is "extremis" or the flayings in the death throes of the certainty of Maximum Entropy.

"Normally organizations or organisms escape the Second Law, that is, Maximum Entropy which says that in closed systems, organisms are attracted to equilibrium, otherwise known as, in the case of life systems, "thermodynamic equilibrium" or better "maximum entropy". An organization or organism which is dead or has become inert, failed, lifeless, inanimate has reached this state of maximum entropy. But, life is different as they exist in open systems; organizations/organisms in open systems can escape this state of maximum entropy, and they do by feeding on "free energy", aka negative entropy and or exergy, so that their pollutants or exports are minimized in comparison. Input > output. But the game must, a priori, continue in this contango; or dance of the devil, ad infinituum. Hence the US is / has been increasing its entropy to delay the day of it's reckoning of maximum entropy, by feeding on outside of its own borders, exogenously , on 'free energy', negative entropy or 'exergy', or that which belongs to others."

http://verbewarp.blogspot.com.au/2013/04/to-be-or-not-to-be.html

 

and

 

"There are only two conclusions I can come to: Either the entire economist membership is totally incompetent, or they are united in their efforts to prevent the panic that will surely come when the public finds out. In the words of Jacques Rueff 1961:

"It is the product of a prodigious collective error which will remain in history and, will eventually be recognized as an object of astonishment and scandal:"

What is most astonishing is that intelligent people are still listening to these of the Economist cult. Still asking permission from these ghouls of the Court, and kneeling before the alters of their Temples while appointing them to speak with God on our behalf. These Merchants of Venice Death, who take both a pound of flesh as well as a pint of Blood.

Let me cut to the chase, in order to be clear: Economists are charlatons and Economics is the greatest Fraud perpertrated on Global Humanity, apart from the Banking System which was always designed to enrich itself - and in the hands of cannibalist vermin and parasite with no social responsibility and no concern with that which they do. Feral.

if the reader doesn't comprehend, or even under-stand what it is that I write here, or has doubts as to the veracity of my statement, then I suggest, that you are, a priori, looking after your own interests and the World be damned. That you will obediently, willingly and eagerly send your own children to War; to kill and be Killed on the word of a Banker, Politicians and Economist, so that you personally will profit, whatever the result. - did I forget the thoughtless Bureaucrat?

WTF are you all talking about? Rape and Pillage is the game and you and yours represent fresh meat; the kill.

Ho hum


Thu, 04/03/2014 - 03:35 | 4620297 NuYawkFrankie
NuYawkFrankie's picture

rock on!!!

Wed, 04/02/2014 - 22:22 | 4619769 moneybots
moneybots's picture

"So if this $4.5 trillion balance sheet is permanent, then the Fed’s post-crisis money printing spree amounts to a massive monetization of the public debt."

 

Isn't all debt monetized?  A home loan is created out of thin air.  The public debt has to be repaid by the tax payers.  It wasn't a free gift from the FED.

Wed, 04/02/2014 - 22:23 | 4619774 Spectre
Spectre's picture

Finally, someone who is more clued in than me: David Stockman

Thu, 04/03/2014 - 07:33 | 4620516 Comte d'herblay
Comte d&#039;herblay's picture

It's not remotely enough for Stockman to point out what most here, and anyone else paying the slightest attention to what has been going on----have known for decades.

He has no solutions to it. None that are workable, able to be implemented and enforced.

Until the first step is identified and then taken, executed, and followed thru, those claiming to know what's wrong but not how to fix it, are mere ranters. 

And the First step is to recognize that One country on this part of the Continent, The United States, needs to be disintegrated and a dozen or more countries permitted to spring up from this ash.

Good luck with reigning regimes going along with sabotaging their own pot of gold.

Wed, 04/02/2014 - 22:26 | 4619783 moneybots
moneybots's picture

"Needless to say, this massive leveraging and stripping mining of cash from the business economy is not the unseen hand of the free market at work. It is the consequence of the Fed’s very visible pegging and rigging of the financial markets."

 

In other words, the FED is attacking the middleclass and the poor.

Wed, 04/02/2014 - 22:36 | 4619801 rsnoble
rsnoble's picture

This entire planet is one huge fucking circus there's no need to go to the movies just an understanding of what's going on will haunt you 24/7.

Wed, 04/02/2014 - 23:33 | 4619976 Wilcox1
Wilcox1's picture

Shouldn't this go to the top for awhile?

Wed, 04/02/2014 - 23:51 | 4620024 Downtoolong
Downtoolong's picture

In less polite company it might be called a fiscal circle jerk.

In truly honest company it's known as counterfeiting.

Thu, 04/03/2014 - 00:59 | 4620123 Incubus
Incubus's picture

All you have to do is stop pretending.

 

That's it. If everyone stopped pretending, and set up a logical and ethical system of the 21st century, we could. 

 

But that's ridiculus.  The show must continue.  I've got my lead; come what may.

Thu, 04/03/2014 - 01:04 | 4620133 Sambo
Sambo's picture

What is the point of this article? and many like this one in the past?

If main street thinks it has been ripped off by a small 1% elite group who dont give

a damn about the other 99%, then what is stopping them?

Through this evil system created by the money changers, goldsmiths & banksters into deep space.

Start afresh!

For god's sake stop whining like dogs on leash!

 

Thu, 04/03/2014 - 01:05 | 4620134 Sambo
Sambo's picture

That should have been 'Throw' not 'Through'....

 

Thu, 04/03/2014 - 07:28 | 4620502 Comte d'herblay
Comte d&#039;herblay's picture

The whole point 300,000,000 can't scrap the system, and toss it into Deep Space.

The Vote?  Armed revolt?  

What method do you see that you or I can implement to do so?

Yours is a useless point.

Thu, 04/03/2014 - 01:14 | 4620150 illmatic
illmatic's picture

But, but, the Federal Reserve Board of SF said that the Fed wouldn't monetize the debt. Nor would it cause any losses to the balance sheet: http://shitcentralbankerssay.com/?p=885

Thu, 04/03/2014 - 02:00 | 4620199 spekulatn
spekulatn's picture

Speaking of the US Constitution,

 

A very interesting political development has taken place, but you can bet the Democrats will fight tooth-and-nail to prevent it. This week the state legislature of Michigan became the 34th state to demand a “Constitutional Convention” in the United States.  Pursuant to Article 5 of the US Constitution, if 2/3rds of the states call for such a convention, (meaning 34 states)  it MUST take place. We will see if this is actually honored. At the very least, there is no time requirement so this could be dragged out for years.

Nevertheless, in such a convention, the ENTIRE Constitution is subject to review and can be altered and changed. This could be everything from installing “social justice” to the dissolution of the federal government. Everything is on the table as if we were back in 1776 Philadelphia.

This is an unprecedented event to amend the U.S. Constitution emerging from the states. Normally, Congress proposes a bill to amend the Constitution as was the case with income tax. Keep this one on your radar – we are looking at the potential for real change good or bad.

 

http://armstrongeconomics.com/2014/04/02/constitutional-convention-2016/

Thu, 04/03/2014 - 07:28 | 4620498 kurt
kurt's picture

Amen

Kill the Fed, move electioneering to "free" TV bandwidth, ban lobbying, term limit supreme court, no dual citizens in any position, tax ngo's and churches, severely curtail non profits, eliminate PAC's, reverse ruling that a corporation has right of speech, one PERSON one vote, stop all off shoring of profits, tax corporations, tax capital gains @ 30%, re-write tax code, re-establish states rights, severely limit executive branch, reverse most executive orders, disband "Homeland" and ilk. Limit congress to ONE TERM. Severely restrict and limit military industrial complex. Outlaw DOD's use of propaganda on american citizens; no longer allowed to use Movies and TV. Break up media and news monopolies, take immediate action against 1%'s influence.

Thu, 04/03/2014 - 19:02 | 4623093 MEAN BUSINESS
MEAN BUSINESS's picture

 

 

The constitutional guarantee to a national convention is currently suffering subordination. Based on the rule of law the Article V Convention is mandated, which means every Congress is in violation of the U.S. Constitution until the Article V Convention is convoked.

Standard parliamentary procedure is not some sort of chaos. Someone proposes an idea, it suffers debate, the question is called, and it's voted up or down. The Article V Convention does not and cannot rewrite the Constitution because whatever is proposed must be agreed to by a majority of the delegates, and then agreed to by 38 states. If someone or some group did want to re-write the Constitution, they'd first have to propose an amendment allowing for that, get it ratified by 75% of the nation, then come back and propose their new constitution, and then get that ratified. The Framers did not leave a self-destruct button in their masterwork.

The constitutional process of convoking/convening a federal convention would elevate political discourse above corporate sound bites because discussion will be about first principles, amending the Constitution--a profound task. Any insincerity will be seen and exposed. The convention itself creates a dynamic that corporate interests can't control, its procedures contrast sharply with the modus operandi within Congress: a convention is a unicameral assembly with no conference committees required to reconcile divergent House/Senate bills. There are no labyrinths of autonomous standing committees with autocratic chairpersons to pass through, and no filibuster to overcome. A convention will initiate reforms Congress never will. Indeed it's the great fear of corporate interests: a runaway convention of the people, by the people, for the people.

Delegates to the convention are not there to reinvent the wheel, but simply to propose amendments. Delegates will have a fresh point of view, the election they come from will have been specifically targeted to deal with what should be done. They're there to propose amendments and then return to civilian life, so they won't be studying polls nor looking for future campaign contributions. More importantly, whether or not delegates reach consensus on amendments today, it's the constitutional process which will save us. It will create a dynamic the same as telling a corrupt accountant an outside audit is to begin, which is really all a convention is, a second opinion. At the same time it will re-educate the nation about the Constitution itself, and why it was written the way it was. It will awaken a sense of confidence and participation in the people, which will flow back into and reinvigorate the regular political process, while at the same time calling the bluff on those who only talk about the Constitution.

For those who don't understand it, it's clear now to many that America is in the hands of a corporate syndicate which controls everything and even writes laws or deregulates law through the legislatures they put in place. This makes what they do "legal" and makes it impossible for the people to hold them responsible. They own everything, including the media, the nation's only source of information, so it's easy for them to brainwash the public. They tell people that any attempt for the government to assist its citizens, in any form, is socialism but they give themselves tax breaks, atop the billions they siphon, and when their businesses run aground, they get billions of government dollars to help them out. They're so brazen that it's clear they've realized we can't do anything about it. The question is, are they right?

We're all taught that the Declaration Independence and Constitution are our two most important founding documents, what we're not taught is that the former was written into the latter. The genius of the Constitution is that it provides for a peaceable break from the inevitable consequence of institutionalized corruption. Whether or not 38 states can agree to any one idea for a 28th Amendment, it's the constitutional process of convoking and convening a convention which will deliver us.

(source) also, Lawrence Lessig 

 

 

Thu, 04/03/2014 - 02:12 | 4620210 SharkBit
SharkBit's picture

I like Stockman.  Smart and honourable chap.  Fed using JPM and bitch banks to suppress gold and Treasury yields which frankly would be costing any normal hedge fund billions through basically poor trading strategy.  "the Fed has returned 400 billion in profits, including 80 billion in each of last two years".  That is a lot of trading losses to be able to absorb.  So only pay Treasury $50b this year, bad year, who cares, cannot audit the Feds book anyway.  The ultimate money machine.  Keep going Stockman.  Perhaps a Michael Lewis book will galvanise the lemmings interest.

Thu, 04/03/2014 - 02:57 | 4620270 q99x2
q99x2's picture

Arrest them. Throw them into prisons for treason. They know beyond doubt that they are destroying the United States of America.

Thu, 04/03/2014 - 07:05 | 4620465 kurt
kurt's picture

Quick

What does the Fed and the Supreme Court have in common?

Thu, 04/03/2014 - 07:24 | 4620343 falak pema
falak pema's picture

the horse and cart come to mind.

The FED works for the Oligarchy who own all the privately held wealth, all the while the FED generates DEBT on the public ledger.

This is a TYPICAL FALSE FLAG ANALYSIS.

The whole fundaments of Reaganomics were to create a supply side MONOPOLY culture -- power to the elites-- and to destroy the Keynesian welfare state demand side construct.

They have succeeded but at AN INORDINATE PRICE IN A GLOBAL WORLD-- thru slave labour meme and Bubbleonomics debt--- WHERE THE BLOWBACK TO THIS "COUNTER REFORM"-- initiated by the New Catholic Kings of Neo-liberal West --- WILL BE AS AWESOME, AS WAS THE 16 TH CENTURY reaction to Reform and Renaissance in the WARS OF  Italy and religion in olde Europe.

The 21 st century will rhyme with the 16 th big time but all over the "global village"; whence Putin...

 

Thu, 04/03/2014 - 07:22 | 4620487 Comte d'herblay
Comte d&#039;herblay's picture

..And it's mere coincidence, happenstance, the way the cookie crumbles, purely an accident that 4 Jews have seized that control, and as well, now the control of Treasury covering 40 years if Yellen completes her undefined term.

Greenspan, Bernanke, Yellen, Geithner, Lew.

Pretend for a moment that this gang of 4 are instead named: Corleone, DeLucia, Bonanno, and Caputo.

What do you suppose the reaction of Media would be?

"Conspiracy is not a theory, its a Felony"

 

Thu, 04/03/2014 - 08:33 | 4620652 manich
manich's picture

Phds just doing what BO's "handler$" tell them to do. It certainly isnt the "academics" driving this train(wreck).

Thu, 04/03/2014 - 09:51 | 4620928 Last of the Mid...
Last of the Middle Class's picture

"low sustainable inflation and stable employment" Under that directive what would keep them from rounding up thousands and putting them in camps  apart from society where they disappear  in order to increase employment numbers. Oh wait they alaready do that, it's called false flag wars.

Thu, 04/03/2014 - 10:03 | 4620969 Gaurden
Gaurden's picture

Soldiers often realize that to win evil wars they have to sacrifice their humanity.

so it doesnt matter what the new world order does, for whats left over wont be worth saving as to achieve victory they will be forever changed into monsters, and monsters can only create destruction.

Whether or not you believe in abraham or jesus or allah or budah anything else is not so important as to understand the core teachings of respect for other people and for yourself. Once youve lost that, you are are worse than animals because you have the choice. Doesnt matter what religion.

What i see now is a bunch of animals that have lost their humanity. They are so practiced in the arts of death, cruelty and deception for so long that there will be no way to back. I feel sorry for them.  

 

 

Thu, 04/03/2014 - 13:13 | 4621614 Ned Zeppelin
Ned Zeppelin's picture

FedFolk are either idiots or malignancies. Mr. Stockman makes a convincing case for the latter.

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