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This Is Why The US Just Lost Its Superpower Status According To Larry Summers
If Larry Summers were a country, he would have joined the Asian Infrastructure Investment Bank. With a backpedalling Washington now completely isolated in its opposition to the China-led venture and with support and enthusiasm running so high that even Beijing itself is apparently surprised, none other than “the hawk” that was almost, kind of considered for the chairmanship of the Fed is out with a sharp rebuke of the US stance calling March “the moment the United States lost its role as the underwriter of the global economic system.” Of course we’ve been persistent in our contention that the AIIB represents much more than an attempt on China’s part to provide an alternative source of infrastructure financing to fill the gaps left by the ADB, and as is made abundantly clear by the following, the “secret” is certainly out...
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Time US Leadership Woke Up To New Economic Era, by Larry Summers
This past month may be remembered as the moment the United States lost its role as the underwriter of the global economic system. True, there have been any number of periods of frustration for the US before, and times when American behaviour was hardly multilateralist, such as the 1971 Nixon shock, ending the convertibility of the dollar into gold. But I can think of no event since Bretton Woods comparable to the combination of China’s effort to establish a major new institution and the failure of the US to persuade dozens of its traditional allies, starting with Britain, to stay out of it.
This failure of strategy and tactics was a long time coming, and it should lead to a comprehensive review of the US approach to global economics. With China’s economic size rivalling America’s and emerging markets accounting for at least half of world output, the global economic architecture needs substantial adjustment. Political pressures from all sides in the US have rendered it increasingly dysfunctional.
Largely because of resistance from the right, the US stands alone in the world in failing to approve the International Monetary Fund governance reforms that Washington itself pushed for in 2009. By supplementing IMF resources, this change would have bolstered confidence in the global economy. More important, it would come closer to giving countries such as China and India a share of IMF votes commensurate with their new economic heft.
Meanwhile, pressures from the left have led to pervasive restrictions on infrastructure projects financed through existing development banks, which consequently have receded as funders, even as many developing countries now see infrastructure finance as their principle external funding need.
With US commitments unhonoured and US-backed policies blocking the kinds of finance other countries want to provide or receive through the existing institutions, the way was clear for China to establish the Asian Infrastructure Investment Bank. There is room for argument about the tactical approach that should have been taken once the initiative was put forward. But the larger question now is one of strategy. Here are three precepts that US leaders should keep in mind.
First, American leadership must have a bipartisan foundation at home, be free from gross hypocrisy and be restrained in the pursuit of self-interest. As long as one of our major parties is opposed to essentially all trade agreements, and the other is resistant to funding international organisations, the US will not be in a position to shape the global economic system.
Other countries are legitimately frustrated when US officials ask them to adjust their policies — then insist that American state regulators, independent agencies and far-reaching judicial actions are beyond their control. This is especially true when many foreign businesses assert that US actions raise real rule of law problems.
The legitimacy of US leadership depends on our resisting the temptation to abuse it in pursuit of parochial interest, even when that interest appears compelling. We cannot expect to maintain the dollar’s primary role in the international system if we are too aggressive about limiting its use in pursuit of particular security objectives.
Second, in global as well as domestic politics, the middle class counts the most. It sometimes seems that the prevailing global agenda combines elite concerns about matters such as intellectual property, investment protection and regulatory harmonisation with moral concerns about global poverty and posterity, while offering little to those in the middle. Approaches that do not serve the working class in industrial countries (and rising urban populations in developing ones) are unlikely to work out well in the long run.
Third, we may be headed into a world where capital is abundant and deflationary pressures are substantial. Demand could be in short supply for some time. In no big industrialised country do markets expect real interest rates to be much above zero in 2020 or inflation targets to be achieved. In the future, the priority must be promoting investment, not imposing austerity. The present system places the onus of adjustment on “borrowing” countries. The world now requires a symmetric system, with pressure also placed on “surplus” countries.
These precepts are just a beginning, and many questions remain. There are questions about global public goods, about acting with the speed and clarity that the current era requires, about co-operation between governmental and non-governmental actors, and much more. What is crucial is that the events of the past month will be seen by future historians not as the end of an era, but as a salutary wake up call.
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If a pile of shit could be personified, it would look like Larry Summers.
That's unfair - to POS.
Larry, you pitiful pointless punk.
Obama's fault.
Needed to be said....
I'm not heartless however....I'm going to give you three words.....yes we can.
Just keep saying that to yourself.....over and over.
Exaxctly. Obama has been on a mission to reduce or destroy the USSA's influence on the world. Something so unthinkable that many have refused to consider it. OBAMA WINS OBAMA WINS
This is fucking hilarious!!
Larry Summers couldn't care less about the U.S.
A pile of shit make good manure.
"Largely because of resistance from the right..."
Summers is such an dangerous, sociopathic individual. However he does have the intellectual capacity to know there is no right and left, only us (elites) and them.
This puff piece is just chewing gum for the eyes and his feeble attempt at staying relevant.
Fuck Larry Summers and anything he has to say... He is one of the prime architects of the current derivatives nightmare that will crush the monetary system with Vegas style bets by all and assunder...
I remember Larry and the tribe went after Brooksley Born and they won. Go ahead and try to find one single person in that debacle aside from Born (the lone goy) that tried to put the brakes on that. They all accused her that she would cause a huge financial crisis. Ha! She was right but the tribe kicked her right the fuck out. It is simply incredible.
The Warning: Brooksley Born's Battle With Alan Greenspan, Robert Rubin And Larry Summershttp://www.businessinsider.com/the-warning-brooksley-borns-battle-with-a...
These people are evil. "Key economic powerbrokers" my ass...they are just plain evil monsters that will do this over and over again.
The US is going down the toilet politically, culturally and financially because of Larry Summers and his ilk handing over future of the nation to the psychopathic elite globalist financiers who derive satisfaction and profit from a lowest common denominator collectivist world that constantly lives in debt, chaos and fear.
Lets not forget that it was Rubin and Summers who were the guys responsible for massive amounts of physical gold being dumped (leased and swapped) into the markets back in the 1990's as well.
Track Larry Summers' writing about Gibson's Paradox (re. interest rates rise with gold) then his role at Treasury rigging gold with former Goldman Sachs chairman Robert Rubin.
Larry was at the focal point of rigging of gold and thus interest rates and financial markets for many years.
Summers knows what's coming and is getting a little itchy.
Not to get all left versus right, but I love it when one political ideology demands non-partisan politics only when they want the other side to agree with them. Clinton, Bush, and Obama all have a hand in this so blaming a specific political party for opposing your partisan solution of "more of the same" makes me chuckle.
Typical US arrogance #1: But I can think of no event since Bretton Woods comparable to the combination of China’s effort to establish a major new institution and the failure of the US to persuade dozens of its traditional allies, starting with Britain, to stay out of it.
Convincing Britian to "stay out of it" assumes status quo is better, you arrogant asshole.
Typical US arrogance #2: This failure of strategy and tactics was a long time coming, and it should lead to a comprehensive review of the US approach to global economics.
Ya, let's have a "review", meanwhile the world passes the US by, creating an economic system EXCLUDING the US, you arrogant asshole. But get congress involved, create a subcommittee, publish a paper, create useless and unproductive policies while the US stays mired in its failed social state, handing out foodstamps and crony capitalist favors.
US didn't die in March, it died a long time ago. Idiots like you, Larry Summers, couldn't see it coming because it is policies and actions taken by people like you that have set the US on a path of guaranteed failure.
When you stop joining in with new and exciting things that come along... That's when you start getting old.
the "new and exciting things" have come along because the People have allowed amerika to be ruled by a bunch of corrupt and uncool bullshitting pricks like Larry Summers.
No kingdom (national or global) can last forever though and good governance is generally the exception not the rule
Don't forget also, that Summers (along with Treas Sec Rubin) was one of the cabal that got Frank Dodd repealed so Citibank could buy Salomon Brothers ... and the rest is history
Larry Summers ....part of the problem, not part of the solution.
and let us not forget the repeal of Glass-Steagal under Clinton - Rubens - Greenspan - Sommers
While the top 0.1% enjoys their 7-course dinners, most of Merika wallows deeper into depression.
Baker Hughes to shutter Texas office, terminate employeesHouston-based Baker Hughes Inc. (NYSE: BHI) is permanently shutting down its Bryan, Texas, office, located just outside College Station....
http://www.bizjournals.com/houston/morning_call/2015/04/baker-hughes-to-...
Yet the Dow soars higher almost every day.
“I should have been there. Darkness is the absence of light and the stupidity in that instance was the absence of me.” -Larry Summers
Rawlins Wy. and too many other western oil and gas towns are dying. Six years ago the motel owners began to believe the American dream and replaced hall carpet, bought new beds for the rooms and chided their oil workers to take their muddy boots off in the lobby so as not to track into their newly decorated rooms. I watch these little towns and industrious small businesses die a slow death in America. Small businesses, small towns never make the news. My America is starving. Oil workers living in abandoned school busses next to the train tracks. Motels with hopeful vacancy signs lit and maybe one truck in the parking lot. America, I am with you. Hold on. It has to get better?
Foodstamps!? jeez blaming the weakest amongst us. ha! blame the real villians man! the warmaking machinery
He's just pissed because the "market" that his ilk have cornered since 1913 is now being cornered by distinctly alien parties that don't (thankfully) include them: yet. (But give it another 100 years and we'll see how the Jews of Asia and those other guys work it out.) Anyway, his usage of the term "U.S." in his opining should be interpreted as code for the Monopoly Masters that own that country, and not be mistaken for either the sovereign or it citizenry.
this piece also sounds like the stuff that the masters seep out when they have gotten pushed farther from the levers of power. his tears for the middle class are particularly crocodillian.
p.s. both the blonde and the brunette sheinside models are particularly fetching.
You got that right ... politial parties.. you mean the ONE party system .. all bought and paid for all the time .. both politicsl parties is one of the top five reasons we are screwed.
Larry and his pals have completely subverted politics to the point where average people have zero influence. He knows this and even the slowest of pokes is realizing it.
There aren't too many ways that I can think of to stop their massive, non-stop, criminal fraud that one could call "civilized". As a matter of fact I can't think of any.
Maybe there's a tiny bit of concern things might get radical and could possibly cost them their heads. Why else the lip service about the middle class all of a sudden "counting the most"?
Sorry... please clarify... what do you think is coming? (Not bitching at you by any stretch... just trying to get your perspective.)
summers is dealing total fake info. there is no threat. this is all an orchestrated convincing of us that we have no option but to submit to the IMF tyranny. It is fiction.
<i>This failure of strategy and tactics was a long time coming, and it should lead to a comprehensive review of the US approach to global economics. With China’s economic size rivalling America’s and emerging markets accounting for at least half of world output, the global economic architecture needs substantial adjustment. Political pressures from all sides in the US have rendered it increasingly dysfunctional.</i>
Shorter, more and more Jews are realizing that they may need to move to China.
<i>....handing over future of the nation to the psychopathic elite globalist financiers...</i>
Shorter, Jews and shabbos goyim. It remains to be seen if they will try to make antisemitism a capital offense like they did when trying to centralize power based on tribalism and ethnic networking in the USSR.
It's just the climate of a hate speech crime to be policed by the ADL/SPLC for now, I suppose. They surround themselves with gays and rainbows and disabled children but it's not about all that anymore than the revolution in Russia was actually about helping poor Russian peasants.
It generally seems to be about subconscious tribal power. And that may be something that can only be matched by a tribe/mafioso or organized crime of another tribal brand. Who knows... regardless, they're clearly in power now. And it seems unlikely that trying to play with rainbows is any way to run a nation.
Of course they went after her. Viciously. She was proposing scuttling their grand plan which they profit amazingly from.
They never could have built up the massive levels of derivatives with no underlying capital requirements in a regulated environment.
Make no mistake about it. Derivatives as currently used, are financial weapons of mass destruction that can destroy nations and corporations.
"...can destroy nations and corporations."
Replace "can" with "will" and your 100% on the money. We shall soon see what happens when Greece finally defaults and all the derivatives tied to Greek debt obligations are triggered. I´m expecting it will be the long awaited black swan event that starts the chain reaction. The only way to avoid it is if all of Greece´s debt payments are taken over by the EU, or most to all of the debt is written off...leaving black financial holes all over the place, and is itself another black swan event. The game will be over soon.
It's an interesting point. My view is Greece won't leave; because Germany will end up forgiving a bunch of debt - by tying it back to WW2 reparations; and the rest as you say will go to the EU. I feel pretty sure it's the only reason that WW2 debts narrative is on the table. Sure Germany takes a hit - but if the derivatives market is a bomb, then it's like blowing the det cap without setting off the main charge. Bit noisy, bit scary, but everyone gets to keep their arms & legs. Win.
.
Absolutely, and another name for "evil monsters" is "The Great Red Dragon," the "Snakes In Suits" that think they can "own the earth in fee-simple." They're like Lublitzs piloting our financial world into oblivion.
This coming from the architect of the repeal of Glass Steagal. What douchebag Summers thinks is that we we must be the number one economic power in the world, even if our society suffers to achieve that distinction. This fucker ought ought to be drawn and quartered in the public square for the suffering he and his liberal friend have wrought on our population. Sure one can argue with out changes we would not be as competitive on the world stage, but personally I would be fine with that if 10m people could get their homes back and if the wealth disparity was not what it is. This dickwad ought to shut his mouth before it gets him in trouble. He is a shill of the TBTF banks.
"He is a shill of the TBTF banks" - need to add their true goal of a New Feudal World Order. That's the upshot of his entire rant. Middle class my ass.
Larry Summers only cares about the banksters he represents.
super power status; with 160 billion increase of dod budget, it can be safe to say "tryin hard to maintain super power status". we superpowered some folks. economically fading fast whilst being offset by 20 percent of overall expenditures going towards future death and destruction. and that is what the rest of the world sees and observes. by seeing usa from a foreign perspective, it becomes aparent who is the the true threat...
I was thinking the same thing. The US is still a super power at least militarily.
As long as "they" can keep collecting from "it's" tax base..............
As long as they can keep terrorizing the subjects to take the FRNs. Same deal Kubla Khan used when the Mongols were running China.
"You give me what I want for these pieces of paper or my men chop you up into little bits. OK?"
Unless the Russians have a EM weapon that can shutdown an Aegis ship.
http://www.voltairenet.org/article185860.html
Shovel ready jawbz
Is,nt he one of those chosenite citizens whose primary loyalty is to that little country no where near America ? just asking
"Larry Summers couldn't care less about the U.S."
or the world we all have to live in....
The Memo
DATE: December 12, 1991
TO: Distribution
FR: Lawrence H. Summers
Subject: GEP
'Dirty' Industries: Just between you and me, shouldn't the World Bank be encouraging MORE migration of the dirty industries to the LDCs [Less Developed Countries]? I can think of three reasons:
http://www.whirledbank.org/ourwords/summers.html
Larry Summers’ War Against the Earth
http://www.counterpunch.org/1999/06/15/larry-summers-war-against-the-earth/
Larry Summers doesn't care about the US- only himself. However, in the interest of "self preservation" and his "elite club membership" that which displaces the US as hegemon or renders the US as something less than top banana in a multilateral hegemon of banana republics - is a "stupid" idea, since the powers that will be will have less use for him in any New World Order.
Larry is not dumb - he's a narcissist, a lair, and a psychopath.
It was a refreshing read, sort of like Kissinger railing against US imperialism in Ukraine. Obozo is continuing to drive the US into a ditch, just as he accused Dubya of doing, and he will take a good chunk of the elite with him. They realize the wheels are about to come off the bus, and their back channel communications are proving ineffective with their Dear Leader/Lawn Jockey, hence the public temper tantrums. It's just too bad Larry does not get beyond the false paradigm D/R stuff that he knows is bullshit and instead continues to feed it to the masses.
No wonder Obummer wouldn't crown him Treasury Secretary....they are two of the same mold: narcissists, liars, and psychopaths...but Barry is the boss NLP so he shitcanned Summers the NLP.
Got Hegemony?
The world banking elite have no nationality. Same as it ever was.
Interestingly and related to that point, Herr Bloomberg looks like he's going to be running for mayor....of London.
Go figure.
Voters are a bit shorter there......
He will show them something about law and order and juicing their RE markets to even more ridiculous heights.
Certainly not about the vast majority of U.S. citizens---working or retired from working people.
No doubt, he, Timmy and Hank are all cut from the same cloth and no different at all than Obama and crew ? Just a different flavored fucking from control freak elitist's !
"Larry Summers couldn't care less about the U.S. "
Sure Larry Summers cares about the U.S. He loves how much money he can get away with stealing here.
Greenspan, Rubin, Summers, Slick Willie, Lord Darth Cheney and a handful of their cronies and contemptuous contemporaries are what finally brought the US to it's knees...
Thankfully the Republican controlled senate and congress are actively opposing Obama at every turn and are not either being conspicuously silent, or supporting Obama directly.
Republican controlled senate and congress are actively opposing Obama
Heh heh.....good one!
My friends only truly started to listen to me as my predictions about the so-called Repubs. not repealing or even interfering with Obamacare proved correct.
They got real interested when my predictions about how the Tea Party was really another Zionist smoke screen, and that some of the Tea Party candidates would eventually sell out. That one hurt, as so many had such hope. But, hey, at least they know who the Koch Bros. are now.
My point: The only thing transparent is their lies and script.
The banksters need to repay us.
They still shake their heads about my proclamation in November 2008 that CIA-Obama would NOT close Guantanamo. They had a good laugh when he signed an order to close it, and I insisted on standing by my prediction. They aren't laughing now. The reason for my accurate prediction: CIA-Omaba is Bush Jr. II, and tyranny is not about to close their gulag, as what is a tyranny without a gulag?!
"Largely because of resistance from the right, the US stands alone in the world in failing to approve the International Monetary Fund governance reforms that Washington itself pushed for in 2009."
I am not shilling for the false left right paradigm, but Larry is late to the party in his recognition of the ability of the US to underwrite a failed global fiat system. I can't speak for TP leadership but the rank and file has the right idea, starve the Cloward-Piven monstrosity that is destroying them.
No need to apologize. Too many people on ZH take the "false paradigm" meme to an extreme. Yes, Reps and Dems are one in the same. Left-right are not. At their extremes, the far far left is defined as those who prefer totalalitarian government control, the far far right zero government control.
To argue otherwise and say left and right are the same is not only false on its face, but it also makes any kind of rational debate impossible.
EDIT: It's no wonder almost all politicians today are to at least some degree, leftists.
Now THAT'S funny!
Wait a second... you actually believe that any of this political theater really matters?????
I amazed at the mental disconnect required to be a card-carrying statist voter.
Voter = deluded
you will find out soon enough if any of it matters
The definition of a Republican: 95% of a Democrat.
If you enjoy watching the puppet shows
I like to reveal the puppeteers to the audience
Just wait until this shit show gets under way. Ukraine getting ready ti enact legislation that initiates martial law and arrest russian citizens. Jade helm 15 is a premptive for the coming market crash. Shits getting insane. The middle east is getting ready to implode with US troops on standby...
Come join us for free at www.gunsgrubandgold.com
Survival links, food calculators, financials, etc!!
All kinds of bought and sold critters coming out of the woodwork to tell us what is wrong with a system that they themselves created.
Summers has been asked to say all this. These are the warnings we are always given.
It's time to be heretical, to realize that all this matters little if at all in the grand scheme AND in our own lives to begin with, to start calling a spade a spade...
New age, it's true...also the apocalypse....which may mean something very different from what we understand...
https://aadivaahan.wordpress.com/2012/11/05/apocalypse-now/
Yea, Larry is on script:
I am shocked, shocked to find there is gambling going on in here!
Your winnings, sir.
Oh, thank you very much.
Everybody out at once!
Will they step up to the other responsibilities of that, will the be and pay for being the world police.
China owning our paper has never helped us just China.
No one will admit that while they oppose and block everything and claim deficit reduction.
It seems some are on two different teams at the same time.
Agreed. Summers is a sack of shit, but for once he is speaking truth instead of uttering his typically conventional wisdom drivel.
The USSA took a huge hit with the founding of the AIIB, since the USSA is no longer the only game in town. Too bad the chickenhawks wasted resources on useless wars, such as the Ukraine, instead of focusing on keeping the USSA dominant over global governance financial institutions. The USSA could have thrown China a few bones but greed and lust for power overwhelmed better judgement.
Personally, I am thrilled by the founding of the AIIB since it means the beginning of the end of predatory IMF style financing. I'd be even happier if the members of the AIIB pulled their commitments from the IMF and reallocated them to the AIIB.
Exactly Like Madeline Albright last week he's playing both sides, thats what the rich criminals do. Again to quote mafia kingpin Sam Giacano ...
"The rich play both sides, that way they are well thought of by who ever wins ".
I don't hear much praise for the "Rich" around here ?
It wasn't just the wars. It was everything. Spying on our "allies" and generally pissing them off at every turn had a lot to do with it. We have become a bunch of back-stabbing, double-dealing, duplicitous bastards on the world stage. We come into a situation, fuck everything up and then, when we grow bored of it, we walk away and act like we had nothing to do with it. It's not like we even get much for ourselves from the venture. We just do it over and over again like we're addicted to chaos and can't stop ourselves.
Name one good reason for a country to be a US ally right now. Cause, see, I can't think of one. In fact, I think you'd be far better off as one of our enemies.
America just got it's hair caught in the blender, no big deal, we'll have ya untangled here in just a short while, by the way, what was in that blender at the time?
Millions of corpses!
Alot more than 9 million have died in bankster wars over the past 2 centuries.
.
Exactly correct. And nobody likes a bully.
Larry Summers is off the mark by 23 years. The US lost its superpower status when the Wolfowitz Doctrine was taken seriously and embraced by the "left" and the "right" in Vichy DC.
It's been downhill ever since.
You mean that's when you felt the status was lost. Meanwhile, I feel that it's a moot distinction, as the US lost anything it ever had in 1910, or 1861, or even 1787 for that matter (as the convention was but another coup by a different name).
Where was his criticism when FATCA was passed?
The Foreign Account Tax Compliance Act (FATCA) requires foreign financial institutions, such as banks, to enter into an agreement with the IRS to identify account holders suspected to have indicia ofbeing a US personand to disclose the account holders' names, TINs, addresses, and the transactions of most types of accounts
Capital flight. The primary mechanism for enforcing the compliance of foreign financial institutions is a punitive withholding levy on U.S. assets. This may create a strong incentive for foreign financial institutions to divest (or not invest) in U.S. assets, resulting in capital flight.
Foreign relations. Forcing foreign financial institutions and foreign governments to collect data on U.S. citizens at their own expense and transmit it to the IRS has been called divisive. Canada's former Finance Minister Jim Flaherty raised an issue with this "far reaching and extraterritorial implications" which would require Canadian banks to become extensions of the IRS and would jeopardize Canadians' privacy rights. There are also reports of many foreign banks refusing to open accounts for Americans, making it harder for Americans to live and work abroad.
Extraterritoriality. The legislation enables U.S. authorities to impose regulatory costs, and potentially penalties, on foreign financial institutions who otherwise have few if any dealings with the United States. The U.S. has sought to ameliorate that criticism by offering reciprocity to potential countries who sign intergovernmental agreements, but the idea of the U.S. Government providing information on its citizens to foreign governments has also proved controversial. The law's interference in the relationship between individual Americans or dual nationals and non-American banks led Georges Ugeux to term it "bullying and selfish." The Economist has called FATCA's "extraterritoriality stunning even by Washington's standards."
They need your money
And everybody else's that they can get ahold of.
Just not gonna play anymore.
I see FACTA as a typically British type move, but I don't speak other European Languages. Like the Stamp Act, Tea Tax, or forcing US Colonist to pay in gold or silver instead of colonial script.
You know like Lords making decisions for what peons owe the King.
Looks like the language, tools, schemes, and banking of England were already screwed up by 1776. You can blame the Rothschild or Lords or whatever.
We never got free of Europe or England. Just like Latin America and the Caribbean.
He is just another balloon trial for the collapse.
When the consensus becomes the loss of dollar fiat status no one will be "surprised". Then TPTB can point to all the "experts" warning us and move ahead with whatever agenda is in store.
not an end of an era, but a wake up call..well i have been calling for a wake up for a long time..eyes wide shut to the economic hit men, and the fact the USA is ready to carved up like a well done turkey. oh did i say turkey?
Walmart, offshoring manufacturing jobs, politicians of all stripes letting China into the WTO- all greased by Larry's ilk- the Clintons. And Larry says the China based AIIB is now an issue ?
That isn't cheek- that is pure evil.
" I'd be even happier if the members of the AIIB pulled their commitments from the IMF and reallocated them to the AIIB"
Yes, That's the plan. That is why Australia and South Korea input heavily in the accounting structure.
The IMF is now nothing but an asset grabbing foreclosure facility as both Greece and Ukraine have recently discovered.
There are now 3 Asian facilities AIIB, BRICS dev Bank, BRICS CRA, along with Russian and China SWIFT alternatives.
Can you say "the writings on the wall",
Let the Chinese be the SuperChumps .... for a change .... maybe they can turn Venezuela .... into a productive Socialist workers paradise .... like so many other Latin/African/Muslim shit holes !
"Personally, I am thrilled by the founding of the AIIB since it means the beginning of the end of predatory IMF style financing."
Call me cynical, however I think we'll just be calling it predatory AIIB style financing in a decade or so... personally, I'd like to see a world without 'sovereign funds', 'central' banks and bullshit ngo 'lenders'.
Payback can be a bitch.
False flags and proxy wars
Spying on everyone and everything world wide
FACTA (great post above by Max Cynical)
Peddling MBS time bombs with AAA ratings world wide.
FED's "back to the wall" policies.
Meddling in many nation's finances (Greece/Goldman but there are many, many more)
World is sick of it.
Again, like Greenspam, and others who find truth after they leave the mothership, Summers is trying to frame the crash so he will not be blamed for the mess.
Scumbags rats now recognise the ship is going down and are all abandoning ship.
He is as wrong now as he ever was.
LS.: Luciferian Scum.
Ka Baal worshippers (since the days of Babylon), the lot of them.
Unfair to Timmy G!
It appears that Summers, just like Bernenke, is speaking out now stating obvious truths we all know purely out of concern for his legacy...
Legacy building, sociopath diagnostic clue # 13.
Building your own legacy, psychopath diagnostic clue # 2.
Their legacies should end punctuated by: guillotined, heads piked up and down the streets of financial districts around the world.
I like the way you think.
Speaking of those two asshats, here is what they were up to when they were in the service of the gov't. Lest we forget, Summers wrote "Gibsons Paradox and the Gold Standard". Here's an excerpt from an article dealing with these 2.
http://www.gold-eagle.com/article/gibsons-paradox-revisited-professor-summers-analyzes-gold-prices
"
Due in no small measure to articles he wrote as a young economist, especially his 1966 essay "Gold and Economic Freedom" (reprinted in A. Rand, Capitalism: The Unknown Ideal), Fed chairman Alan Greenspan is widely recognized as quite an authority on gold. Far less widely known are professional articles on gold by another young economist who also went on to serve until quite recently in some of the nation's top economic policy positions.
Not long before joining the new Clinton administration as undersecretary of the treasury for international affairs, Harvard president and former treasury secretary Lawrence H. Summers, then Nathaniel Ropes professor of political economy at Harvard, co-authored with Robert B. Barsky an article entitled "Gibson's Paradox and the Gold Standard" published in the Journal of Political Economy (vol. 96, June 1988, pp. 528-550). The article, which appears to draw heavily on a 1985 working paper of the same title by the same authors, is an excellent technical piece, revealing a high level of expertise regarding gold, gold mining, and the interconnections among gold prices, interest rates, and inflation.
Indeed, for any administration concerned that the bond vigilantes on Wall Street might thwart its economic policies by pushing up long-term rates at inopportune times, the article is must reading and qualifies its authors as attractive candidates for government service. Of even more interest looking at the Clinton administration retrospectively, the article provides strong theoretical evidence that since 1995 gold prices have not acted as would normally be expected in a genuine free market, but instead have behaved as if subject to what the authors describe as "government pegging operations."
Lord Keynes gave the name "Gibson's paradox" to the correlation between interest rates and the general price level observed during the period of the classical gold standard. It was, he said, "one of the most completely established empirical facts in the whole field of quantitative economics." J.M. Keynes, A Treatise on Money (Macmillan, 1930), vol. 2, p.198. And it was a paradox because contemporary monetary theory, largely associated with Irving Fisher, suggested that interest rates should move with the rate of change in prices, i.e., the inflation rate or expected inflation rate, rather than the price level itself. Yet when Keynes wrote, data for the prior two centuries showed that the yield on British consols (government securities issued at a fixed rate of interest but with no redemption date) had moved in close correlation with wholesale prices but almost no correlation to the inflation rate.
Economists have long tried to find a theoretical explanation for Gibson's paradox. Professors Summers and Barsky provide the following executive summary of their contribution to this debate (at 528):
hehe, Larry 'Bitch Tits' Summers
What a cute couple.
Larry looks like he just got a little 'Popeye' action from Timbo.
'Ugh, ugh, ugh, 's me Oyl !'
Correction: personification already exists - the fudgepacker
Larry Summers is a jew... From Wiki: Summers was born in New Haven, Connecticut, on November 30, 1954, into a Jewish family, the son of two economists, Robert Summers (who changed the family surname from Samuelson) and Anita Summers (ofRomanian-Jewish ancestry)... https://en.wikipedia.org/wiki/Lawrence_Summers
What do you expect from a jew...?
fucked up economic theory
Jaba the Hut in a suit
Okay, we lost our status; now if we could just lose ole Summers.
This is the dipshit that cost the Harvard student body their free hot morning breakfasts? (No, maybe he wasn't so bad after all --- just kidding!!!!!!!!!!!!!!!!)
So Summers, who had to resign from Harvard because public exposure was starting to happen surrounding the insider trading of Harvard Corporation, involving Summers and his cronies!
So Summers, who fired the first Black-American woman to receive a Ph.D. in math from Harvard, Iris Mack, because she questioned their derivatives position, which they then lost $1 billion on, necessitating university cutbacks (free morning breakfasts, etc.), should be taken seriously?
So Summers, who worked diligently to be sure that the Fifth Protocol was included in the WTO's Financial Services Agreement (allowing for foreign ownership of a country's banks, plus their acceptance of credit derivatives as valid financial instruments) should be taken seriously?
I don't think so . . . .
Start working at home with Google ! Its by-far the best mixed bag of goods I've had. Last Thursday I got a trademark new Bmw since getting a check for $6474 this - 4 weeks past. I began this 8-months ago and immediately was coming with house at least $77 per hour. I work through this connection, go.to tech marker for work detail.... www.globe-report.com
http://www.forbes.com/sites/stevekeen/2015/04/04/the-inbred-bernanke-sum...
ushering us into the imf sdr, which means the us goes on the imf allowance plan. Well, the serfs do.
Are we going full on soviet? Privatized facist industries, soviet style elites http://en.wikipedia.org/wiki/Nomenklatura
And/Or, is this a ruse, ropeing in all the nations under the imf, while they think they are going to a "democracy", the belly digestive juices of the imf inform them they are consumed, while the "head", remains the elites who dole out funds on the surface seemingly "fairly" but totally funding regions they like the way they want, leaving the rest to eat their allowances (and poisons).
If Larry Summers were a country, he'd be building a wall around it, sending artillery over the wall to kill little brown people, actively supporting a global spy network, complaining about nukes, and meddling in other countries foreign policy ~ Oh wait!
No to mention sleeping:
http://images.nymag.com/images/2/daily/2009/04/20090423_agoodsummernap_5...
& farting in your general direction...
http://images.sodahead.com/polls/000338033/polls_6a00d8341cc90353ef01116...
in a way, he is throwing Hitlary under the bus -
He doesn't give a shit about anyone but himself... He's just bitching because he sees his little franchise money counterfeitting scheme getting a curtain call...
he is throwing Hitlary under the bus
I've got so much crap on her.....I'll probably be Vince Fostered within a week of her getting the nomination.
But what a fun seven days it will be...
I can hear it now -
ahhhh, we Vince Fostered some folks -
Imagine for a moment pouring honey and fire ants all over Larry Summers body, and the subsequent sounds of his screams.
It will be my new mantra.
Damn! Now you really got me excited and seriously thinking about that one!
I will lend you money at negative 2% if you will shut up and take Obama with you.
An academic lecturing the world - and just what was it Summers did to the Harvard Endownent fund a few years ago?
its Trust is invested in a zombie hedge fund which it can't get out of last i heard
bad typo - meant to say ENDOWMENT Fund...
No you got it right....
End-own of Harvard $....
What took so long to realize that US rating agencies are instruments of US economic power? Another nail in the coffin:
Experts from BRICS countries are discussing the creation of a new independent rating agency to counter the geopolitically-biased economic assessment by Western ratings agencies, the Russian sous-sherpa for BRICS said Friday.
China’s rating agency Dagong is currently holding talks with economic experts in Russia regarding the creation of a new independent agency, the Russian official said.
After sanctions had been imposed on Moscow by the West over Russia’s alleged role in the internal conflict in Ukraine, the Big Three credit rating agencies — Fitch, Moody’s and Standard & Poor’s – downgraded their rating regarding Russia’s creditworthiness
“After the recent cases with Big Three rating agencies issuing politicized and biased assessments of the state and development prospects of Russian economy, this issue is of particular relevance,” sous-sherpa Vadim Lukov told journalists, adding that Russia is not the first country to suffer from “rating aggression and rating dumping.”
The Big Three have also published negative outlooks for Mercosur countries for 2015. Mercosur is a sub-regional economic bloc comprising Argentina, Brazil, Paraguay, Uruguay and Venezuela alongside associate countries Bolivia, Chile, Colombia, Ecuador and Peru.
These steps and other questionable actions have prompted criticism from numerous experts and lawmakers worldwide, who believe that the proprietary ratings by the three primary western credit rating agencies are largely based on their interpretation of geopolitics and do not reflect reality.
http://sputniknews.com/business/20150403/1020420455.html?utm_content=buf...
Didn't Fitch, Moody’s and Standard & Poor’s grant their highest ratings to AIG and other junk bond peddlers? Remember how that worked out?
How does the USSA with 18 Trillion in debt compare to Russia with,say, less than 300 billion? The USSA rating agencies today are little more than extensions of state department foreign policy. The Asians know they are playing in a rigged game, and are starting to withdraw their chips.
I'm sure the Asian rating system will be just as unbiased. How will they view the risk of their own organizations?
Biased in their own favor then you take a ratings agency non Asian and have them asses their risk and vice versa. To reduce agency bias in general you have their clients Asian and non assess each also then you average it out to remove the bias and publish all the rating numbers (etc) and let the market transactions decide which rating it wants to use or use them all but with different terms and conditions tied to each rate to reflect any bias of that rate. This requires open sourcing of information and methodologies to all parties including the buyers. It ultimately instills trust and accountability in the whole ratings system.
Good point Dewey. Imagine, the market determining which ratings are to be used, who would have thunk it?
Snoopy: I won't claim that the asian ratings won't be biased, but it is obvious that the USSA troika of agencies opinions are not worth a damn when their political bias is dedicated to them by the USSA state department. Remember what happened to Moody's when they downgraded America's debt?
Agreed. I was just making the point that none of these ratings systems can be trusted - it's all corrupt.
Our Global trade partners understand the military advantage of US Defense spending and capability to exercise foriegn dominance, but also understand the financial weakness created by deficit spending and carrying massive deficits in order to maintain power and artificial economic growth. Undermining existing financial institutions therefore becomes an easy target. Cheney's proposition that "deficits don't matter" is being challanged.
Relying on ratings agencies will leave you dead and broke in the gutter with bankster minions abusing your corpse.
How about some (formerly AAA rated) MBS' at a really steep discount?
The only way a ratings system works globally is you need rating agencies that are biased and the bias is known exactly what interests they lean towards. So Russia/US etc. then you take the average of their ratings of the same thing and use that. You expect self interest so don't even bother trying to piss against the wind as long as the information and methodologies are out in the open for everyone to use. Doesn't matter what ratings the banks want to use then the buyers will say fuck off we want the average rate and if enough do then that what gets adopted in markets that want to give off the air of fairness, self interest at play again here for the buyers business.
Taking an average is not likely to cut it when you're looking for (economics) reality. More rating agencies will result in more confusion, and that's about all.
Don't be so rough on shit, it serves an important function.
"Don't be so rough on shit, it serves an important function."
Of course....as opposed to Larry Summers...
to mislead?
a keynesian who is supposedly defending the middleclass commenting on the largest keynesian experiment in the history of the planet while the middle class has gotten absolutely hollowed out the last 20 years (exponentially the last 8-10).
priceless.
Off topic, but
http://www.theguardian.com/world/2015/apr/05/greek-finance-minister-info...
Ruh-roh. Could you imagine a coalition government in Greece right now?
This is surprisingly accurate.
So fucking what if it is?
Any goddamned MORON could have figured it all out 50 years ago... In fact, Eisehower spoke of the dangers as he left office...
The piss & vinegar around here is PRECISELY because assholes like Summers [& friends], have been parabolic beneficiaries of policies that have gone on during the same timeframe [while leaving scorched earth for everyone else]...
& WHAT, NOW he wants to shake a finger at it and lament [only because now the private gravy train that he & his friends have enjoyed is all coming to an end]?
Piss off Larry Summers...
Beware the Mulatto Indigent Complex MIC !
What's to be surprised about?! Summers is one of the people who caused all this shit!
Really, I see this as merely taunting.
https://www.youtube.com/watch?v=wSGkBWYDmrM
Now can we arrest the neocons and banksters?
Arrest Summers and prosecute him for treason.
Its funny to see the US government trying to desperately convince others against the turning tide in Asia.
No dont join the Chinese-run AIIB its not pro-American enough!! We want to dominate Asia! Never mind us being 8,000 miles East of Asia, we still cling onto imperialism!
Hopefully more initiatives like these start propping up all over the world to show the US government where to stick it.
That is what the ignorant and depraved electorate voted for.
Fuck you Larry
No matter what comes out of his mouth, THIS^ should be the response.
The British decision to join the AIIB was a pivotal one, just like during the run up to the proposed war with Syria which they vetoed. This gave the weak kneed nations the cover they needed to jump ship on their U.S. masters. The AIIB offers brow beaten and bullied countries a way of sticking it to their pedophilic uncle without suffering otherwise horrific consequences. Treasuries and the big buck next.
Right. This is the City of London trying to emerge from the impending collapse with some relevence.
Is this why he turned down the Fed Chair ???
/s.