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David Stockman Debunks More Keynesian Rubbish From Europe's Jon Hilsenrath

Tyler Durden's picture




 

Submitted by David Stockman via Contra Corner blog,

Once upon a time Wall Street Journal reporters were economically literate. Now, apparently, when they muster-in for the job they get a Keynesian chip implant while signing their HR forms.

Otherwise, how can you explain the bolded sentence penned this AM by Brian Blackstone on the EU’s “disappointing” Q1 GDP report. He didn’t say Keynesian economists say you need more inflation to get jobs and growth. He just declared it!

The current bout of low inflation... appears to be weighing on the bloc’s more fragile countries such as Italy and Portugal. When consumer prices grow too slowly, or fall outright, it makes it harder to service debts and may weaken spending and profits.

Given this reflexive Keynesian axiom, it is not surprising that the Wall Street Journal is incapable of reporting anything about the ECB up-coming leap into the lunacy of negative deposit rates except to blather on with the party line. Yes, its all being done because there is not enough inflation in Euroland to hit the magical marker at 2% CPI.

ECB President Mario Draghi put financial markets on notice last week that new stimulus measures are likely next month, an expectation supported by the GDP figures, which analysts said are far from what is needed to bring annual inflation, which was 0.7% in April, closer to the ECB’s target of just below 2%.

Here was see yet another perversion of monetary central planning. Mr. Blackstone is an access journalist drop box and therefore dare not displease his sources inside the ECB—sources which leaked a story to him earlier this week on exactly the amount of sub-trend CPI the ECB staff needs to project for year-end 2016 in order for the Bundesbank to go along with more oomph at the printing press.

The truth of the matter is that other than the last few months Europe has had no want of inflation—even if depreciating money was some kind of growth elixir, which history proves rather decisively it is not. In any event, below is Europe’s CPI path during the era of the modern ECB.

Yes, in the last 12 months the CPI has clocked in a 0.6%, but in the year before that it was 1.7% and in each of the prior two years it was 2.7%. So in the 48 months ending in March 2014, Europe’s CPI came in at a compound annual rate of 1.9%. And if you want to dial back further, the CPI came in a 1.8% CAGR during the seven years since the pre-crisis peak.

Can you really get any closer to 2% than that?  Does an ultra short-term dip in the trend CPI really prove that Europe has some kind of calamitous “low-flation” problem? Even if inflation were a good thing, which it most definitely is not, isn’t it a bit early to declare a crisis given the trend path shown below?

And can it be that the dip in inflation may actually be having salutatory impacts on wage earners in the peripheral countries who had previously priced themselves out of the world market, and now find their nominal wages are stagnant or even being sharply pared back? “Low-flation” at least means that their purchasing power is being stretched further.

In other words, do Wall Street Journal reporters do anything other than post the official propaganda deposited in their drop boxes?  Most evidently, the don’t but in that modality of laziness and mendacity they can take one measure of comfort: The Reuters “reporters” are far worse.

Compare the above to the days of yore when Wall Street Journal reporters scoured the free market for actual economic information—knowing that there were unlimited news sources and that none needed to be placated at all costs in order to stay on the beat. Heck, there were even independent Wall Street economists back then like Henry Kaufman who cared not a wit about the Fed’s party line. Kaufman actually read and interpreted the economic and financial data because in those days that’s what economists did to earn their pay; there was no post-meeting statement to gum about.

To be sure, even in the pre-Greenspan era the WSJ editorial page and news page went their own ways. But during the regime of Robert Bartley, reporters might have at least noticed there were economic vantage points on the world other than the Keynesian catechism; and learned the reasons why the Great Inflation of the 1970s had been a thundering demonstration that the Phillips Curve and Full-Employment GDP were drastic errors.

Bartley would undoubtedly be rolling in his grave upon encountering the front page Keynesian gibberish that is the stock and trade of the Blackstone’s and Hilsenrath’s. Nor could he have much confidence that the editorial page might occasional rub-off on the news page drop boxes. The former is so busy promoting wars and denouncing taxes that a coherent non-Keynesian view of the world seems to have gotten lost amidst the bombast.

 

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Thu, 05/15/2014 - 21:11 | 4764893 km4
km4's picture

Once upon a time Wall Street Journal reporters were economically literate. Now, apparently, when they muster-in for the job they get a Keynesian chip implant while signing their HR forms.

One of the best openers ;-)

Thu, 05/15/2014 - 21:26 | 4764943 Greenskeeper_Carl
Greenskeeper_Carl's picture

I agree. The other day he said something was 'going full retard'. Me thinks mr stockman might have been reading the comments on ZH

Thu, 05/15/2014 - 23:34 | 4765313 buyingsterling
buyingsterling's picture

Methinks Stockman needs to run for president. He wouldn't win (America's not that smart) but it would be brilliant - he's basically an outsider now, and takes the piss out of the hacks any chance he gets. I would send him money.

Fri, 05/16/2014 - 10:15 | 4766330 t0mmyBerg
t0mmyBerg's picture

No sane person will run for President.  Politics is the most vain and inglorious endeavor out there.  I once went to a beauty pageant.  I got to go behind the scenes because I was with one of the contestants who went on to a modeling career in NYC.  It was the most horrifying thing ever.  The people are simply not real at all.  It is complete pompous tomfoolery and superficial bullshit.  Plastic people.  Politics is exactly the same thing only worse.

As for the WSJ, it is a statist neocon rag now.  An outright apologist for unlimited state power and a drooling promoter of the NSA.  I ended my very long time subscription a year or two ago.  Bummer really.  The Bartley years were pretty good.

Fri, 05/16/2014 - 11:14 | 4766600 TheReplacement
TheReplacement's picture

He just might be writing comments on ZH.

Thu, 05/15/2014 - 21:40 | 4764984 NoDebt
NoDebt's picture

I'd settle for critical thinking.  When it falls to a tinfoil hat-wearing fringe blog like ZH (and I mean that in the nicest possible way) to be the SOLE news entity to ask Draghi if there is a "Plan B" in the case of a Grexit, you know the rest of the "traditional" news outlets aren't just "main stream media", they're "main stream propoganda".  Bought an paid for, for a specific purpose.

Thu, 05/15/2014 - 22:54 | 4765210 BrosephStiglitz
BrosephStiglitz's picture

After tonight's Q&A with Draghi, ZH is now well on its way toward the WSJ.  It will (sadly) be firmly in the political spotlight.

WSJ is great.  Whatever those retards are saying regarding markets, do the opposite.  When they published an article on Bitcoin, I told my brother to sell that night.  He sold for max profit.  Bunch of saps bought into the crash.

Stockman is a boss though. 

Thu, 05/15/2014 - 23:57 | 4765266 All Risk No Reward
All Risk No Reward's picture

Stockman is a useful idiot or controlled opposition and it doesn't really matter which.

DEBT BASED MONEY IS A PRIMA FASCIA FRAUD - and Stockman won't go near THAT TRUTH with a 20 foot pole.

Debt based money is an articially induced zero sum game...  one person's "debt receipt money" (debt was issued to create it, after all!) is another person's INEXTINGUISHABLE DEBT.

Henry Ford tried to tell us...

“It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning. The one aim of these financiers is world control by the creation of inextinguishable debt.”
~Henry Ford

If I lend $20 ARNR into existence at 5% interest, in one year the borrower has $20 and I'm owed $21 due to double entry bookkeeping adjustments that create $1 interest liability for my borrower and $1 interest asset for me.

In other words, I HAVE 100% CONTROL AS TO WHETHER I BANKRUPT MY MUPPET BORROWER.  He's completely helpless and beholden to me.

Every $20 Federal Reserve Note has this EXACT SAME MECHANISM AT WORK AGAINST THE MUPPETS.

Democracy doesn't exist when you can't even learn about your weaponized Debt Star monetary system, let alone vote for how it works.

For those graphically oriented, here is a money flow chart expressing the same idea in graph form:

Debt Money Tyranny:

http://www.keepandshare.com/doc/4768883/debtmoneytyranny-6-1-pdf-60k?tr=77

We are all being punked.

The banquet of consequences has been prepared beginning over 100 years ago.

Anyone who doesn't go to the root cause mechanism at play is a useful idiot or controlled opposition.

Fri, 05/16/2014 - 08:29 | 4765876 OC Sure
OC Sure's picture

 

 

 

 

"DEBT BASED MONEY"

If what you are calling money is based on debt then you are in error by calling it money.

Money represents the measure of the labor done by the participants in the the exchange.

If the exchange is in essence of someone's labor exchanged for someone else's labor then you have an exchange of something for something.

If the exchange is in essence of someone's labor exchanged not for someone else's labor but only their claim that they have labored then you have an exchange of something for nothing.

Money = something for something

Counterfeit = something for nothing

Spit our the terms of tyranny, please.

Sun, 05/25/2014 - 12:55 | 4793434 All Risk No Reward
All Risk No Reward's picture

Hi OC,

I think you are splitting hairs that don't need to be split.

Words can, and do, have multiple meanings.

Regarding "money""

http://www.thefreedictionary.com/money

I chose the #1 definition...

"1. A medium that can be exchanged for goods and services and is used as a measure of their values on the market, including among its forms a commodity such as gold, an officially issued coin or note, or a deposit in a checking account or other readily liquefiable account."

So, yes, it is "money" according to the definition of "money" and it is created through the issuance of debt - aka, "debt based money."

I get your frustration with the whole hoax that's being perpetrated on use by these criminals...  I get it.

I also get your desire to mean something that can't easily be manipulated by crooks.  I get that, too.

But my guess is that our time fighting this beast is better spent than claiming a definition of "money" in the dictionary isn't accurate.  It is, as we say, "by definition."

Feel free to comment how the crooks running the system have rigged the debt money system to jack us...  we need to hear that trruth from as many angles as possible.

BTW, I agree that a positive money system has been COUNTERFEITED with a bad money system.  I just don't think being picayune with a general accepted definition of money add any value to the discussion.

Now, to make this message productive...

How to be a Crook
http://www.youtube.com/watch?v=2oHbwdNcHbc

Renaissance 2.0
http://www.youtube.com/watch?v=96c2wXcNA7A

The result of being controlled by a financial oliogarchy is that potential terrorists are protected while honest public servants are "Black Hawk helicoptered" and and 26 year old witnesses who filmed the event are dead within months.

Top Prioority: The Terror Within
http://www.youtube.com/watch?v=BWHrvvYaoxk

 

 

Fri, 05/16/2014 - 03:00 | 4765571 A Nanny Moose
A Nanny Moose's picture

It's Bidensoft subroutine 2.0

 

 

WHILE INSOLVENT

   SPEND MOAR

END WHILE

It's been a while since I have done any coding, so I am a bit rusty....or drunk....perhaps both.

Fri, 05/16/2014 - 08:15 | 4765826 old naughty
old naughty's picture

SPEND MOAR- doesn't compute.

Please do not use ZH terms.

Correct then re-submit.

Thu, 05/15/2014 - 21:15 | 4764907 Yen Cross
Yen Cross's picture

  Awesome!  Tell that a-hole Draghi "frontman" Edwald Nowotny, that I've picked out his "Lamp<> Post"!

  https://au.news.yahoo.com/world/a/23455840/nowotny-says-would-prefer-pac...

Thu, 05/15/2014 - 21:22 | 4764926 fonzannoon
fonzannoon's picture

They can go with negative deposit rates because people will put up with it. They won't riot. They won't have a run on the banks. Eventually when you withdraw funds from the atm they will shock your balls when you hit "withdraw" and some dude will come out and kiss your wife, and people will put up with it. Because we have become big dumb animals.

Thu, 05/15/2014 - 21:25 | 4764938 Grande Tetons
Grande Tetons's picture

Once the public has taken it up the ass...they are more apt to look the other way when the ATM fondles their nutsack. 

Thu, 05/15/2014 - 21:28 | 4764949 fonzannoon
fonzannoon's picture

we are way past fondling. It's not going to be pleasant. I love my dog as much as anything. I treat her like a queen. She sleeps at my feet. If I wound up and kicked her for no reason, a few mins later she would be sleeping at my feet again. That's what we have become.

Thu, 05/15/2014 - 21:30 | 4764961 Grande Tetons
Grande Tetons's picture

Ever seen Cujo? 

Thu, 05/15/2014 - 21:32 | 4764967 fonzannoon
fonzannoon's picture

actually no, i have not.

Thu, 05/15/2014 - 21:38 | 4764975 Grande Tetons
Grande Tetons's picture

Dumb docile dog gets rabies...seeks revenge on humans. Takes out bastard who keeps kicking him. 

Well, at least that is how I remeber it. 

Thu, 05/15/2014 - 21:42 | 4764988 NoDebt
NoDebt's picture

In the movie the kid in the car lives.  In the book, he dies.

Thu, 05/15/2014 - 21:57 | 4765021 Grande Tetons
Grande Tetons's picture

No spoiler alert before that post? 

Kinda like watching the Passion of the Christ with a stupid chick who keeps asking....what happens in the end? 

Thu, 05/15/2014 - 22:32 | 4765138 Mistress Raindrop
Mistress Raindrop's picture

I like David Stockton.  What he says makes sense.  Bastards.

Thu, 05/15/2014 - 22:37 | 4765154 NoDebt
NoDebt's picture

"No spoiler alert before that post?"

After 30 years??  You just made my day.  I actually am LOL'ing.

Fri, 05/16/2014 - 03:05 | 4765576 A Nanny Moose
A Nanny Moose's picture

We all have our crosses to bear.

Thu, 05/15/2014 - 21:47 | 4764994 Dr. Engali
Dr. Engali's picture

Your dog reminds me of a story about the difference between a dog and a cat. A dog is pampered, fed, and loved by its caretaker and the dog thinks to himself, " this person must be some kind of god to take such good care of me". A cat is pampered, fed, and loved by its caretaker and it thinks to itself "I must be some kind of god to be taken care of in such a manner."

Clearly we have become the dogs, waiting to be pampered and loved, and the elites are the cats.

Thu, 05/15/2014 - 21:51 | 4764996 Greenskeeper_Carl
Greenskeeper_Carl's picture

Unfortunately I think you are right about a huge majority of the population. But, at the same time, I think you are underestimating the number of people who wont tolerate what you describe, and while it won't be all that many, with our fractional reserve system, it really wouldn't take all that many people to cause a bank run, prob less than 5% of the population going in and demandong large ammounts cash. and once it starts, it would spread quick, and would be difficult to stop. And I don't see this happening any time soon in the US for one reason, as I've said here before: they have to get the guns first.

Thu, 05/15/2014 - 21:52 | 4765010 fonzannoon
fonzannoon's picture

I dunno man. I honestly think they will never get the guns. They may try to bankrupt us into coughing them up like many have ended up at the cash for gold store. But the risk there is that people lose their mind (or wake up if that can happen simultaneously) and end up using  those guns on someone before they decide to pawn them.  As for the bank runs, I am well past the point of believing they will happen from an uprising. I speak to a lot pf people in a lot of different walks of life, and I get the sense that they are almost willing to chalk up a negative deposit rate as a form of insurance policy on their deposits.

Thu, 05/15/2014 - 22:01 | 4765034 Grande Tetons
Grande Tetons's picture

Gimme a negative deposit rate on my deposit or let me buy physical gold trading in a range. Tough call. 

Add land to the mix as well...or...pre Fukushima wine. 

Thu, 05/15/2014 - 22:05 | 4765045 fonzannoon
fonzannoon's picture

I'm drinking kirin light tonight. I give up on the pre fukashima idea. I need to pull myself together. I'm a mess.

Fri, 05/16/2014 - 09:17 | 4766069 shovelhead
shovelhead's picture

My dog farts loudly and goes to his own bed.

Thu, 05/15/2014 - 21:33 | 4764968 Yen Cross
Yen Cross's picture

     Lies,lies,lies and MOAR lies.  The Fed, got exposed supporting "Fractional Reserve Currency"

  The euro isn't shit without the Fed.  Welcome to ROME, bitches

  Hey Fonz I loaded up on usd/jpy . I figure if the 100.70 area goes we're all FUCKED!

Thu, 05/15/2014 - 21:37 | 4764976 fonzannoon
fonzannoon's picture

good luck man. I feel like the line in the sand at 2.50 on the 10yr has been drawn. We steadily drop below that and fireworks start going off across the board. The usd/jpy is one of them. I am curious if this PIIG yield blowout is a temporary phenomenom or if it's part of a bigger plan.

Hey Yen, you seen chump666?

Thu, 05/15/2014 - 21:40 | 4764985 Yen Cross
Yen Cross's picture

  I have. He's running around here some-where, in good heath and idea.

Thu, 05/15/2014 - 23:37 | 4765321 BeanusCountus
BeanusCountus's picture

Went to Europe once. You are right. They will put up with it. Asked a guy why the hell they drink warm beer. The brit said it's better cold and nobody likes it, but its always been that way. Nuff said. I'm never going back.

Fri, 05/16/2014 - 05:55 | 4765661 what's that smell
what&#039;s that smell's picture

people? what people?

do you mean the undead?

"i smell dead people."

Thu, 05/15/2014 - 21:23 | 4764934 intric8
intric8's picture

EU - please re-assess your fucked up definition of 'inflation'

Thu, 05/15/2014 - 21:25 | 4764939 Cliff Claven Cheers
Cliff Claven Cheers's picture

Lets make a list of all the spelling variations of Obama's name.  I'll go first with a few:

Oliar

Obowel

Odummy

Obomba

Ogolfer

Oteleprompter

Thu, 05/15/2014 - 21:39 | 4764981 razorthin
razorthin's picture

Oshomeyourbirthcertifcate

Thu, 05/15/2014 - 21:26 | 4764944 philipat
philipat's picture

Perhaps the change in ownership might have some relevance?

Thu, 05/15/2014 - 21:35 | 4764952 razorthin
razorthin's picture

Another asshole (Hilsenrath).  Until you have wage inflation (SOME) + employment participation, you can get no growth.  Its called the fucking economic cycle - that which no fiat pump can overcome.  But for your class of leaches, this upside down system is working out just swimmingly, isn't it.

Thu, 05/15/2014 - 21:29 | 4764956 Prairie Dog
Prairie Dog's picture

This sentence is put in bold:

When consumer prices grow too slowly, or fall outright, it makes it harder to service debts and may weaken spending and profits.

But I can't see that he addresses it anywhere in his subsequent rant. It's a statement of fact. So much for "debunks"!

 

 

Thu, 05/15/2014 - 22:00 | 4765028 potato
potato's picture

it's a non sequitur.

Thu, 05/15/2014 - 22:40 | 4765162 Prairie Dog
Prairie Dog's picture

Deflation increases the real value of debt, therefore makes debt harder to service. This is a statement of fact. Anyone who understands basic arithmetic can understand this. But apparently not Stockman, nor most of the people commenting here! Why am I not surprised?

 

Thu, 05/15/2014 - 23:26 | 4765276 Umh
Umh's picture

Sounds like a very good reason to not be in debt.

 

 

Fri, 05/16/2014 - 05:51 | 4765654 new game
new game's picture

i have the best reason - owned by a master...

Thu, 05/15/2014 - 21:54 | 4765014 Charles Wilson
Charles Wilson's picture

The WSJ even let Jude Wanniski have some time off to do research into Great Depression and Classical Economics.

Thu, 05/15/2014 - 22:00 | 4765029 Dr. Engali
Dr. Engali's picture

Critical thinking in journalism has been put on the back burner in order to gain access. It's gotten so bad in the MSM that they can only be considered entertainment at best, and a propaganda arm of the existing power structure at worse.

Thu, 05/15/2014 - 22:04 | 4765041 Ban KKiller
Ban KKiller's picture

"Infotainment" at its best...all media today, correct? Wall Street urinal...not original but seems to fit. Oligarch rag! Have you seen those ads for watches? Sheesh!

Thu, 05/15/2014 - 22:23 | 4765104 BrigstockBoy
BrigstockBoy's picture

The journalist's creed was penned in 1914. It includes the following two tenets:

I believe that the public journal is a public trust; that all connected with it are, to the full measure of responsibility, trustees for the public; that all acceptance of lesser service than the public service is a betrayal of this trust.

I believe that clear thinking, clear statement, accuracy and fairness are fundamental to good journalism.

As far as I can tell, the only financial journalism taking place today is at ZH.

Fri, 05/16/2014 - 05:22 | 4765163 Wait What
Wait What's picture

in a world where 'perception management' is more important that the reality staring everyone in the face, asking the tough questions is a challenge to the perception they're trying to create, which means it must be supressed, if not made to disappear. we're lucky ZH hasn't disappeared yet, but you'll know SHTF the moment it does.

Thu, 05/15/2014 - 22:34 | 4765145 Wait What
Wait What's picture

it's all propaganda Mr. Stockman. every media outlet.

i made the mistake of picking up a copy of the San Francisco Chronicle while in the Bay Area recently and it read, line for line, i shit you not, like it was written by the DNC. i could care less about the GOP/DNC bullshit distinctions, but it was astonishing how tightly they stuck to the party line.

it's like news without an ideological bent doesn't exist today, if it ever did. journalists either walk the party line or they get fired and replaced by someone who will. they know how their bread is buttered.

Fri, 05/16/2014 - 00:29 | 4765431 A Dollar Short
A Dollar Short's picture

You outta read the Press Democrat in Sonoma County, just a few miles north.  

 

UTTER BUNK and BS!

 

Straight out of the DNC playbook.., and it's the only paper around.  No matter Republican's are rarely on the ballot.  You get 8 choices of either Dem or Green whackos.

Fri, 05/16/2014 - 09:41 | 4766015 withglee
withglee's picture

In the olden days virtually all towns had two dailys (usually one with a morning edition and one with an evening edition). Go to the library and read the microfiche. At least now we can ignore the media and go to the internet for our news. There we can get far more than two versions of the story. And we can get them much quicker and follow them much longer. We're making progress.

Fri, 05/16/2014 - 00:49 | 4765459 Moon Pie
Moon Pie's picture

"it don't mind...and I don't matter.." - Street Urchin

-or-

"The smoker you drink...the player you get." - Joe Walsh

I'd vote for Stockman.  Fuck yeah.  Player.

Fri, 05/16/2014 - 07:30 | 4765739 realWhiteNight123129
realWhiteNight123129's picture

Keynes had only 1 semester of economics at Cambridge using Marshall economics (poor). He admitedly conceaded that he never read Thornton , Fullarton, Tooke. Keynes came up with writings on inflation thinking he had found something, while in fact Tooke had laid out the concepts a century before but with much more accuracy. 

Fri, 05/16/2014 - 07:46 | 4765773 AdvancingTime
AdvancingTime's picture

It appears the central banks of the world have made the crux of their existence a balancing act. You can almost imagine these bankers standing atop a fence. On one side lays a field of inflation and on the other a deep pit of deflation. A new round of easing by central banks to combat a slowdown in growth may again be in the cards but do not be surprised if this time it is less successful. The magic of this policy is losing its luster. More on this subject in the article below.

http://brucewilds.blogspot.com/2013/11/central-banks-try-to-balance-on-f...

Fri, 05/16/2014 - 08:24 | 4765855 Duude
Duude's picture

To his credit, Keynes never proposed we just keep throwoing money at the economy. He thought it was something to do when the economy contracted but that it should be offset later with cuts when the economy was running full tilt. We never seem to remember the 2nd part. 

Fri, 05/16/2014 - 15:15 | 4767391 DerdyBulls
DerdyBulls's picture

To his CREDIT... wow.

It doesn't matter. What we see is a natural outcome. Keynes was a fuse. When you're spending other people's money it becomes an addiction. It isn't the fall that hurts. It's the sudden stop at the end.   

Fri, 05/16/2014 - 12:48 | 4766921 Herdee
Herdee's picture

Somehow I feel Mario Draghi has a tone that fits into a U.S. Fed agenda.Look at Canada as well.There's now a common theme in the G7.Harper is a far right leaning trained economist of Keynesian beliefs.Simply a dependant puppet or stooge that will even support a corrupt war on a plant in Afghanistan that could never win in the first place because the CIA uses that illegal money to finance the network of drug operations that keep it going in order to get rid of government leaders worldwide.Money is used to corrupt and overthrow.The Bank of Canada is openly touting a 2% inflation target while the banks lower interest rates on mortgages in an overheated housing sector along with record high household debt that would embarass any American in 2007 by far.They're trying to copy the Keynesians in England that Max Keiser describes and their example of what high housing costs can do for you and your society.Harper just waited  to pull the plug.His conservative Finance Minister Jim Flaherty had passed away and so Harper gave the order to let'r go inflation wise come hell or high water due to the fact that Harpers rating in the poles is at the lowest ratings and the Conservatives are on their way out in the next election.But,getting back to Super Mario is easy.He's going to give his OK to go along with England,the U.S.,France,Canada and the rest of the crooks to go the next step to punish Russia.Mario is talking the way he is because he knows natural gas coming from Russia is going to get really expensive very quickly when they go the nect step so he's scared of the consequences.Can't be too safe when you go onto the inflationary spiral upwards can you?When they all got caught backing right wing neo-con nazis that overthrew the Ukrainian government,the whole gang of criminals will now stop at nothing in order to look good and demonize Russia.The whole scheme will backfire.

Fri, 05/16/2014 - 15:18 | 4767398 DerdyBulls
DerdyBulls's picture

I think in a race between Paul Craig Roberts or David Stockman I'm taking Stockman. Of course I think voting nationally is a waste of time. Localism.

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