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Losing Control
By Guy Haselmann of Scotiabank
Losing Control
Markets are beginning to signal that policy makers are losing control. Many second-order-effects of the unprecedented and experimental global actions taken since the 2008 crisis are beginning to manifest. There are always causes and effects that develop; but they do so at different speeds. Many actions in recent years have prioritized 'benefits today' over 'consequences tomorrow'. 'Tomorrow' is approaching ever more quickly. There is no 'free lunch'.
Market damage and volatility due to policy interference, or due to the deliberate influence of security prices, are a shame. Markets should ideally operate with unencumbered fluidity. Markets should operate in a manner where adjustments to new information allow buyers and sellers to rapidly, and seamlessly, find a natural clearing price. Authorities and regulations should be like good referees in a soccer match; they provide the conditions for a fair match, and you rarely notice their presence.
- The beginning-of-the-end of official control happened earlier this year when the Swiss National Bank (SNB) retracted its currency-peg-promise, triggering a 40% move in the G-7 currency in 10 minutes.
- In early May, shortly after the SNB event and the launch of ECB QE and EU negative interest rate experiments, the EU bond market became dysfunctional. The absurdity of sustaining $4 trillion of negative rates came into focus. The German 10-year Bund moved from 0.05% to 0.75% in under a month.
- A series of Greek policy and troika bailout mistakes - actions that never resulted in a realistic and sustainable solution - are now culminating toward a tipping point.
- Chinese authorities that have allowed and encouraged an equity bubble to manifest (and other central banks for that matter) are starting to see how ‘bubble blowing’ typically ends. Other central banks are hopefully watching. Chinese equities have lost $3.2 trillion in value in 30 days. To put this into perspective, this is equivalent to the entire stock market capitalization of Germany and France combined.
After implementing numerous procedures that encouraged equity risk taking, Chinese officials this week seemed fraught to stop the free fall in prices before it began to affect the broader economy, or led to social unrest. Officials have cut bank reserve requirements and interest rates. They have advertised and published stories about the soaring stocks and upside potential. They have channeled pension assets into shares. They have targeted short sellers, suspended IPOs (to allay dilution), decreased trading fees, and loosened margin requirements. The Chinese central bank has also provided liquidity to state entities that make margin financing available to stock brokers. None of these actions are good for (free) markets.
- It appears China might not be learning from history. In 1999, margin debt ran amok in NASDAQ doubled the index - which was followed by a 78% crash. The subsequent FOMC easings and prolonged over-accommodation then fueled the housing and credit bubbles.
Too many central banks have entered into a dangerous trade-off: providing excessive monetary accommodation (despite questionable economic benefits -particularly at the Zero Lower Bound) in order to lift equity markets, versus allowing financial instability to cultivate and amass. This tradeoff embodies the fears of both FOMC camps: the fear of hiking too soon versus the risks of waiting too long. There are enormous consequences on both sides - all of which are poorly understood.
Even those who do not believe that US equities are in a bubble (or that moral hazard troubles are rampant) must admit that debt issuance from low interest rates are at colossal levels. The amount of debt issuance has broken a new record four years in a row. The last two quarters are the largest quarters ever.
This moonshot of global levels of indebtedness will be an economic headwind for decades to come particularly if and when interest rates rise. Maintaining a policy tool that encourages such massive indebtedness (public and private issuance) is imprudent long run policy. As mentioned above, it mortgages the future while attempting to immediately boast equity prices and economic activity. This trade-off has failed to play out as officials suspected; otherwise debt-to-GDP levels would have fallen.
It is the Fed’s zero interest rate policy foremost that has provided the opportunity for the debt issuance to occur in the first place. As the Volcker Rule launches on July 20th, market making and liquidity will soon deteriorate further; a troubling result of over-zealous regulators. In addition, a large portion of the debt issuance proceeds have gone into share buyback, further fueling the illusion of healthy EPS improvement.
Despite various attempts at redistribution, policies have also widened wealth inequality. As this gap widens and the underlying problems in the economy merely get patched-over with temporary remedies, social unease builds, giving rise to fringe political parties.
Today, China’s extraordinary market meddling resulted in a one day reprieve from the recent implosion in various commodity, currency, and equity markets. However, it is likely to prove temporary. Where there is smoke there is fire, especially in China. Typically, official information and data is often disregarded because it is taken with a healthy dose of skepticism. In contrast, the magnitude of the drop in commodity and Chinese equity index prices is real and should be taken as a warning sign.
Chinese build-up of imbalances probably has much further to run after years of gargantuan stimulus. Recent policy actions are likely to prove insufficient to arrest those adjustments. Chinese troubles are likely to prove more important to markets in the near term than Greece. Chinese troubles are unfolding now, they are immediate, and they are vast. The Greek tragedy will continue to unravel but do so more slowly with fits and starts, via false hopes, humanitarian aid, misinformation, and political posturing (more on Greece tomorrow).
It has yet to be seen how the aggressive policies of the Fed, BoJ, and ECB eventually play out, but there are plenty of signs that markets will not be as composed and containable as they had hoped.
“The government solution to a problem is usually as bad as the problem”.
– Milton Friedman
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A drowning person panics and pulls down those who try to save them.
We're gonna need a lot more nailguns.
The DHS has billions of bullets.....zero nailguns....how is that good planning?
From Scotiabank that is some hypocricy! If they were to stop manipulating the precious metals markets with naked paper shorts (And together with JPM, they are amongst the worst offenders) they might then have more of a platform to criticise "Market" manipulation by the Central Planners?
If you will give me your gun and bullets I will give you a "free" meal.
But don't ask again or you may be the meal.
... ... meanwhile the Greek FinMin has a sub-conscious message to Greeks willing to bendover ...>>> http://rt.com/news/272857-greece-tsakalotos-signature-phallus/
Does anyone else get the shivers when you see the bedrock currencies of the world make 2% moves in a day?
I get a kick out of reading this kind of stuff that comes from a money center bank as it they are not a major part of what will cause the come to Jesus moment.
I will glady pay you on tuesday, for a hamberger today.
lesson...don't save drowning people: http://vimeo.com/132616261
Don’t save anyone!
Like on the airplane, when the oxygen masks fall, they tell you to put yours on first as if you do not and pass out, you can be of no help to those who might actually need it.
If we do not save ourselves, who will survive to help those who cannot?
As I see programs like "no child left behind" I think of the school bus who sets at the curb refusing to depart until every last child is on board. This of course would imply that no one advances unless the last child actually shows up. How are the childrens futures advanced by this mentality. To live in a world where losses are not tolerated, are there any advances??
As always, it is moderation we seek and this moderation is the fuzzy zone that those who seek to alter our world work in....constantly pushing, attempting to move the Overton Window of perspective.
Think about gay marriage. Something that virtually zero gays were asking for or expressed any desire at all for ten years ago. Only asking for legal rights, Today, you will lose your job and be classified as homophobic if you suggest it is wrong.
The media holds the lense and decides what is in focus and what is blurred.
not the media. the oliygarchs. Yes they are oily. But I like your point on the push of "moderation" aka "balance" onto the masses.
http://www.rense.com/general87/communit.htm
What does it mean to have a civil society, when the only remaining valid form of civil investment is the investment in military R&D and its production, through taxing civilians, with no fucking lives left because the govt and bank took that too?
Technocrats are busy sacrificing EVERYTHING that we built and payed for, to banks, via govts enabling it and pretending BANK LOANS are not the actual ONE AND ONLY MAJOR PROBLEM that civil society faces.
Are we at war or something?
We must be, right? I mean, this couldn't happen if we we're not being overrun by someone or something pretty damned awful, right? I mean, there would have to be a rational justification for this nightmare world the FED and DC have now created, and now replicated in the EU, and China as well, right?
No remaining valid markets seems to suggest that we sure aren't in a peaceful civil society anymore, as the system is now clearly set up for Govt and banks to be happy, as pigs in shit, and the civilian can shut the fuck up and go to hell! ... apparently.
Civilians don't need valid real markets or banks which are not just massive criminal networks protected by govt and CB. We can just pay the taxes, and the Govt can build the weapons, and we can all go kill terrorists!
Yippeee!
And no, this is not the plot from the movie 'Brazil', or '1984'.
There's nothing to see here ... move along citizen ..
That about sum it up, Scotiabank?
Ground Contol to major Tom
https://www.youtube.com/watch?v=AFks9A9TCF0
Yellen's song: She's Lost Control
https://www.youtube.com/watch?v=7PtvIr2oiaE
Everything's fixed!
That's why when you go out to save a drowning person, it's best to bring a gun or a machete.
Trump 2016 Bitchez
You see how proud that lady S.C. governor is taking down that flag. LOL
The South will Never rise again! Lincoln sure did a number on them.
The MSM calls them undocumented.....I just call them illegal.
Deal with it bitchez.
PS....go to hell GOP.
The media refuses to use the term "illegal" and with each disparaging remark about some conservative bemoaning the damage illegals impose, they are labeled as haters of ALL immigrants. Progressives have always seen the control of language as there greatest tool. This is why they have worked so hard to control both education and media. When you have those, you have it all.
I think you mean the oligarchs have always seen the control of language as their greatest tool.
Estate Tax = Death Tax
Getting the people with nothing much riled up by a tax they will never be subject to, the repeal of which really only affect the very wealthy.
End of Life Counseling = Death Panels
Absolutely believe that one should be free to choose to fight on, or go gently into that good night. But who profits on that massive spending for care when the end is assured, just being (perhaps) delayed?
Patriot Act, Free Trade Agreements, Homeland Security, Affordable Care Act, etc.; pick your poison.
I will not deny that all who seek to dominate or just plain rob us will use language as a weapon. I will simply state that the proof of my assertions are for all to see. The agenda has continually moved to the left. Yes,,,death panels...death taxes...exactly, but to what effect? What did they stop from happening? NOTHING, because while they attempted to use language to change the perspective, the one thing that they did not have was the MEDIA.
And you are an IDIOT if you think there are ANY taxes we will not all be subject to. If you live, eat and breath you are contributing to ALL taxes. The reason why business has conceded to continual taxes is that they can pass them on to their customers. Business has been forced to collect employee taxes...not because they want to but because the government can more easily crush them if they don't. Government understood that they were largely powerless to chase down every errant taxpayer to collect. Instead they make it the employer's job and punish them harshly for any infraction. The big lie is that it is always someone else who pays the taxes yet we see our income, our prosperity, our future slowly sliding away, just as we watch tax revenues at record levels and still pushing for more. All on the rich of course. The truly rich don't pay the taxes as they own and produce everything we consume and pay for.
THINK!
You mean taxes TRICKLE DOWN? What a concept.
Well unless I win the lotto I feel pretty safe on skipping the estate tax. But I do recognize that taxes are passed on as an expense.
If we had a single simple to understand tax people would protest, plus the burden might be fairly shared, so not much chance of that. We get taxed when we earn, gain, spend, and for real estate and vehicles "own".
Sales tax is regressive and hard to keep track of. Income tax is clouded by having part paid by the employer in most cases.
I like the idea of making corporations act like the persons they claim to be and retire/die after 40 -45 years or so. If the dying corporation had to pay estate tax that would encourage the creation of children beforehand...give them the opportunity to spin off independent businesses until a few years from their demise, limited size and scope so that it isn't just a renaming shell game. Reduce the tendency we seem to have now toward monopolies.
People are getting pissed about illegals. When the FBI informant Hal Turner published politicians contact info ahead of a vote on amnesty, the threats from the public scared away support for the bill.
The media needs another decade of bunk feeding to get the public onside. Not that public support matters in these times. See Greece for example.
... " ... I just call them illegal."
... and some people just call them wetbacks ... or even kenyan/indonesian/alohan without amerikkkan birth certificate ... :)
Most of the right people don't....but that would be one hell of a talking point.
You should apply to the MSM.
There are so many different debates regarding illegal immigration, policies and walls and such. The one question I want any politician to answer regarding this issue is this:
Please explain in detail what exactly is required, what legal infraction is needed to trigger deportation?
There is no deterrent that would be 100% effective that most freedom loving people could accept.
So, who would be deported and who would be allowed legal status?
Only those who also broke laws other than immigration? Identity theft?
Tax evasion?
Been her two days?
Two years?
Two decades?
Married? In a serious relationship?
gay?
Transexual?
Please tell me exactly what the rules are. But of course none will do that. For one they don't want to commit to anything but love of Hispanics. Also, as long as no real rules exist, there is no accountability.
We have lots of laws, laws that could work if actually enforced. What we have is deliberate non enforcement of the laws to deliberately create confusion and a common rationalization of the invalidity of law itself.
They passed laws on 06 to build a wall, and regardless of if it was a good idea or not, have done virtually none of it as they have refused to fund it. Reagan agreed to amnesty on the grounds that congress would end illegal immigration by securing the border...and they never funded it. Obama pushed through ACA and congress could have stopped it by refusing to fund it....and did not.
No thinking person believes that regardless of how strong a comprehensive immigration reform bill was passed, that only those parts of the bill that fulfill the progressive agenda will be implemented. Obama himself has told us repeatedly that he will not enforce ANY law he does not agree with. It is tyranny, and laws are their weapons.
Being from the wrong side of some imaginary line makes a person legal or illegal.
Let that shit sink in for a couple of weeks.
Oldwood, who profits?
Just trying to broaden your perspective.
Who benefits from easily exploitable cheap labor?
Who benefits from divisiveness?
D/R, or progressive/conservative, doesn't really matter. Each says what their base wants to hear, but serve the same masters.
If TPTB really wanted to stem the tide all it would take is tougher ID requirements for employers. As in require employers to get a copy of an original raised seal birth certificate to prove citizenship or government issued papers giving said employee the legal right to work in the US, or else face massive fines.
Yes, there could still be some cash under the table work, but probably only on a small scale.
I worked as the payroll clerk for a nursery. Guys would come and work, leave in winter and then come back in spring, sometimes with different names. I was told we just had to have ID and were not responsible for it being legit.
Much cheaper than a wall.
And remember that a wall also keeps people in.
My teenaged Amish neighbors don't have any ID's at all: no birth certificate, SS #, driver's license, passport, family Bible record, absolutely nada. I want to help them get their birth certifcates, but don't know how to start. They were born in rural Ohio.
Anybody know what to do?
... "Most of the right people ..."
... lol, you mean... 'most of the white people' from the "early 'murican settlers" who stole the land from the north american native indians, destroyed, detained and policed them in 'legal' reservations, ... and 'legal settlers' who declared themselves 'legal' owners of the USSA by order of a limey king from Fuckingham palace, ... and those 'legal white settlers' from europe who forcefully brought in 'legal' slaves from Africa to work without pay and get raped in tobacco and cotton plantations, ... and those 'legal white settlers' who declared a 'legal' constitution on a piece of 'white' paper and fucked it up so badly, then decided to fuck the world with numerous military and economic wars that genocided millions of innocents ... yeah, those 'right' people? ... now that would be one hell of a talking point ... you guys deserve your corporation-controlled congress and your some-people-say-almost-legal-because-he-produced-a-long-form-birth-certificate-that-appeared-photoshopped presidency ... you guys elected them; I didn't ...
... and no thanks, you can have your lamestream, presstitute media ... heck I don't even have a blog nor facebook nor twitter ... I'd bet a north american Indian penny you have one of those nsa-contracted social 'media' experiments ... why don't you apply yourself since you're so 'right'eous ...
I don't understand??
Did we not simply redistribute the wealth of those greedy Indians holding vast tracts of land that they were hording and depriving them from hungry immigrants only coming here for a better life and willing to do the work (farming) that the rich Indians were unwilling to do?
And did we not bring all of those slaves to America to provide them a better life and rescue them from the evil Africans who were the ones who were actually enslaving them? Did we not provide them housing and food, something many lacked in their native lands? Are they not hugely better off that their historically relatives still in the homeland? Was this not institutionalized job training?
Are you actually refuting the progressive agenda????
Great post. Love your humor.
That is really hilarious.
What comes around, goes around.
Bitchez.
She is a native-born daughter of immigrant Sikhs from India.
Do you really think that Trump got personally wealthy by being a great humanitarian who cares about people other than himself? He is as much a slave to the debt-money powers as the rest of them and maybe moreso.
"Do you really think that Trump got personally wealthy by being a great humanitarian"
What does being a humanitarian have to do with being president? The most damage done by government has been done under the guise of humanitarianism. I'm sick of government being "charatible" with my money.
Remember, the baker need not do any act of charity. The village is already full on bread thanks to him.
What has Trump said about the Fed? And alternatives?
Lost control bitchez. Quiz later
Execute the banksters.
Needed to be said.
I am sure you mean, after a fair trial, of course.
At least as fair as a trial in an IRS court.
Educate idiots who will believe every lie that tells them what they want to hear.
We are in this situation, are ALWAYS in this situation, because people are weak and fall for this shit every fucking time. If people, if parents, could teach their kids anything at all it, would be this.
My parents who were both from the first great depression, did all they could to teach me, but it still didn't take until my later years. I do believe it prevented me from making some of the larger mistakes, but for parents today, it appears they are full fledged "consumers"who will encourage their children to borrow massively for everything from education to a shiny set of wheels.
Just stupid and it matters not how many bankers and politicians you kill. Idiots represent the vacuum that nature will fill with more liars.
I wonder what percentage of ZH commenters had extended relationships with Great Depression survivors. My grandparents all came through it and I lived near all 4 of them and spent more time with my father's parents than with my father.
The thing I notice is that the parents who came from the great depression evolved into two extremes. One was very conservative, intent on work and savings and low risk. The others were like survivors of near death experiences who felt bulletproof and threw all caution to the wind or simply decided it could end at any moment and lived for the moment. Debt was not a threat and saving was pointless as the future was completely unclear.
The thing that always makes the difference is those who will seek to profit from our emotional perspectives. Its a lot harder to swindle a conservative who does not believe in risk and debt and something for nothing than those who will throw all caution away.
Think progressive.
Another vein was the bat-shit greedy kleptomaniacs with starvation syndrome.
I would contend that these are of the group that sees no future. The starving dog is convinced each meal is potentially his last. Those who cannot acquire enough wealth are the starving dog who never wants to be at the whim of another.
Same here. Now I understand what my grandparents were talking about.
see my post to old wood above.
It almost hurts to agree with you.
People have been able to get by and seemingly do OK without the need for critical thought for over three decades now. Until we move deeper into the next depression most will see little need to look outside the mainstream.
At some point the privation will create the cognitive dissonance so that folks stop listening (obeying) and start thinking. That is a few years out yet....sorry to say.
Many ZH's are the exception but we are really a small minority.
I believe EVERY living person WANTS to believe the lies. It just takes strength and a social support network (family and friends) to resist it. I have found that who we choose to associate with makes a big difference in our ultimate direction. In my early twenties i found myself in a social circle of people who had no goals other than the next high. They were what we would call "good people" in that they would give you the shirt off their back. I'm sure it was a coincidence that they had no shirt to share. While I cared for these people I found no one to emulate to see as a mentor....so I left. I moved 600 miles to another city and started a new life, new friends. I moved on, found something to aim for besides a buzz.
We see this in much more drastic situations, especially regarding crime. No person or government can fix this. It is up to us individually. The best we can do is provide a good example for others, but today anyone who would dare to work and become successful is in disdain, seen as corrupt. This is the end. We can only redistribute what is produced and if production stops....we stop. Maybe the brave new world see progress as all of us living as subsistence farmer and street beggars.
"...My parents who were both from the first great depression..."
Yes, Me too Old Wood. My father was born 1900 my Mom 1914. Me 1952.
They lived thru the depression and it's indelible mark was imprinted on me.
Don't trust banks, Learn skills, Save, Reuse, fix things yourself. You only have you and your family to trust. Don't trust the Gov... etc.
The people who are under 50 don't know any of that first hand....
And you and I and others with second hand knowledge of hard times(depression) are getting fewer and fewer everyday.
My daughter and son in law are building a farm, free range chickens, pigs and beef. They know what's happening and are setting things up and preparing...
I am proud the message and knowledge was passed down...
Good Luck Old Wood, keep posting...
Just hope China doesn't execute investors!
Since the people paying haven’t been born yet, let’s double down. More Cores!!!
Folks must now start admitting that HANK PAULSON SAVED AMERICA!
That's just my usually unpopular view...can't argue I'm being inconsistent either.
AND DISABLED VET HAS DONE HIS PART TO SAVE YOU TOO
I might add...
Guess that's why he walked with $500 million tax free.
$500 million and he only had to bow down to Nancy Pelosi.
I think we can cross shame off the list.
Oh, come on. You have to admit that Ben Bernanke did plenty to "save" us too.
He was right there with Hank when they marched up Capitol Hill and said "We need about a Trillion dollars by Wednesday or we're all dead."
Financial terrorists.
And if he did not save America, we would not be in this central controlled mess, with massive spying, endless wars and we would have already been well on to the road of recovery, if not already recovered.
Of cource, we would have had to think about restarting industry and restoring our infrastructure, getting out of all of these foreign nations and stop warring ... because the people would have been needed at home.
Hank Paulson saved the banks, nothing more. He subjected the US people to a prison where they are slowly wasting away. Paulson is a criminal of the worst sort. May God have mercy on his soul.
bopeople, what makes you think god is not on the side of the winners?? maybe it's you who god should give mercy to.
It's all Bullshit!!!
And if you like your Bullshit, you can keep your Bullshit, Mr Winkle.
Time to repeat history y'all!
Those who don't repeat history are doomed to study it.
Ummm.....close enough.
I think its "Those who are doomed to study history are bound to repeat it."
Maybe: "those who write history have doomed us to repeat it."
This was a brilliant and eloquent piece. Thank you.
The free market is dead, long live the free market!
Van Halen - Women and Children First - Loss Of Control
https://www.youtube.com/watch?v=iotqohL6E5wMr. Yellen needs this on her office wall...
http://theawesomer.com/photos/2010/09/092410_problem_solving_flowchart_1...
The Central Bankster technocrats will drive the 90% into poverty until people put a stop to it.
“The government solution to a problem is always worse than the original problem”.
Now it makes sense. FIFY.
It sounds to me it's more -a wishfull thinking of ZH....
Unfortunately central Banks are still in total control....
Manipulation is the game.
When it stops working.....usually millions of people die....nothing to worry about.
Billions.
Starve the elderly, disabled, children...send the able bodied to war to kill each other.
Or just hit the big red button.
Sad that the first option is preferrable because the relatively new second option is so much worse.
When people hate themselves they take it out on others.
People who see humans as a virus on the planet will have no mercy for them. These people, while seeing themselves as superior or enlightened are still the same humans they despise. They do hate themselves, only they hate everyone else even more.
I'd like to have you as a next door neighbor. There is no one to sling the hash with around here. Thanks for your thoughts.
COMEX gold says you are correct, sir!
Oooo, look! Another smash out of no where!
The central planners murdered the market to save the market. They made it simply a vehicle for policy, theft and fraud. In the process of doing so they removed risk (for them) and at the same time grossly misallocated capital to completely useless things, such as spying on people.
Personally, I will not participate in something like that. Money is not important enough to completely give over my free will to the central planners and have them "take care of me". So called "money geniuses", disagree. To them money is everything and so they gleefully participate and support the centrally planned faux-market, becoming fiat-riche. May God have mercy on their souls.
Is this not want the majority of people want though? The world economies are on fire, the governments have become so corrupt and reliant on lies and propaganda they are throwing more and more fuel on the fires keeping them burning?? soon there will be nothing left but a bunch of numbers meaningless to the people on the street, only those stupid enough to become enslaved by them.
It's friday, +200 roughly.
Record # of shorts.
I have a short, couple second long video regarding todays action, in a comical nature worth your viewing:
https://www.youtube.com/watch?v=2TnkJ8_BmSI
For many people, even those in the US, trying to survive on this planet is like an episode of The Living Dead. Everyday is fucking nightmare and battle for survival.
just print the fucking $$$ & drop it out of helicopters already. thats what they want/need to do at this point given their "plan". quicker way to get the $$$ into "the peoples" hands. more 3-card monti with more debt, debt forgiveness, blah-blah-blah just lines the pockets of the governments. inflation or deflation - all roads lead to helicopters dropping buckets & barrells of $$$ on "the people". such a fuck-tarded market. SPYs ripping this morning on further acknowledgement the planet can't pay its debts so we'll issue more debt that we know we will have to eventually forgive. comedy routine in full-swing.
They cannot. The money would go to the wrong people. To have slaves, they need people in debt. They do not say that is why they are doing things this way, but it is true.
Yes, of course. No cash will be dropped from helicopters. No wealth will be given away. They will not give you anything without taking MORE from you (or you children) in return! And when you have nothing left that they want, you will be eliminated.
Government?, Government? Are you freaking kidding me? What can we expect from a bunch of bozos that can't even upgrade their computer systems? A government employee [porn surfer] is a person who pushes the same button as the person before him and keeps the seat warm for the next person who will push the same button. And when they retire, they do so with a fat ass and a fat pension and they didn't even have to think for the 20-30 years of employment. What a pathetic joke....
Guy must be really pissed about his incorrect interest rate calls. Eloquence like this only comes from mega pain.
The Real story is the destruction of the Rule of Law. Obama, Islamic "Manchurian Candidate", non-Citizen and LOTUS (Liar Of The United States), has ushered in the era of Politics as Law. Obama allied with internal enemies has destroyed the Constitution. Law Enforcement are now nothing but updated versions of Hitler's Brownshirts.
Saying they are "losing control" implies that they HAD control. They had a few ways to manipulate the outcomes and the aesthetics, but they never had control.
As the Volcker Rule launches on July 20th, market making and liquidity will soon deteriorate further; a troubling result of over-zealous regulators...
OH FUCK OFF
seriously, the only liquidity now is from central banks and megabank trading houses.
After brushing up on the current state of Dodd-Frank and Volcker that seems to be the case.
From Goldcore today:
______________________________________________________
Bail-Ins Likely In Greece and Indebted Western Nations - Question Is When?
- Governments move toward ever greater financial repression
- Repression includes suppression of rates, capital controls, outlawing of cash and bail-ins
- Finance ministers discuss cashless society, giving banks total control over public’s money
- Bail-in legislation is at advanced stage internationally
- Bail-ins coming to indebted western nations - question is when …
- Legislation is devised to protect larger banks
- Ramifications of bail-ins have not been thought through
- Bail-ins will be destructive and may contribute to deflationary collapse
- Diversification both in asset classes and geographical diversification essential
______________________________________________________
"You never had control, that's the illusion!"
The spotlight turns to the 800 pound turd in the punchbowl known as Dodd-Frank.
Such a tragic comedy..........
"On some great and glorious day, the plain folks of the land will reach their heart's desire at last and the White House will be occupied by a downright fool and complete narcissistic moron."
-H.L. Mencken