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Guest Post: Stanley Fischer Speaks - More Drivel From A Dangerous Academic Fool
Submitted by David Stockman via Contra Corner blog,
With every passing week that money markets rates remain pinned to the zero bound by the Fed, the magnitude of the financial catastrophe hurtling toward main street America intensifies. That’s because 80 months—– and counting—–of zero interest rates are fueling the most stupendous gambling frenzy that Wall Street has ever witnessed or even imagined. Sooner or later, therefore, this mother of all financial bubbles will splatter, bringing untold harm to millions of households which have been lured back into the casino.
The truth is, zero cost in the money market is irrelevant to main street. As we have repeatedly demonstrated the household sector is stranded at “peak debt” and, consequently, there is no interest rate low enough to elicit a spree of pre-crisis style consumer borrowing and spending. Based on the clueless jawing that occurred this weekend at Jackson Hole, the following simple chart that I laid out last week bears repeating:
On the eve of the financial crisis in Q1 2008, total household debt outstanding—including mortgages, credit cards, auto loans, student loans and the rest——– was $13.957 trillion. That compare to $13.568 trillion outstanding at the end of Q1 2015.
That’s right. After 80 months of ZIRP and an unprecedented incentive to borrow and spend, households have actually liquidated nearly $400 billion or 3% of their pre-crisis debt.
Likewise, zero money market rates are irrelevant to legitimate business finance. That’s because no sane executive would finance the life blood of his enterprise—–the working stock of raw, intermediate and finished goods——in the overnight money market; and, self-evidently, free overnight money is beside the point when it comes to funding long-term, illiquid but productive assets such as plant, equipment and software.
In fact, the only impact that free money market funding has on corporate America is round-about and perverse. To wit, it flushes money managers into a desperate quest for yield and provides stock speculators with endless opportunities to load up their trucks with zero cost carry trades, thereby driving the stock averages to lunatic heights.
As a result of this double-whammy, the C-suites of corporate America have been turned into glorified gambling parlors. The stock option obsessed executives domiciled there are endlessly and overpoweringly presented with the opportunity to sell cheap corporate credit to yield-hungry fund mangers and use the proceeds to buyback their own over-priced stock or to acquire at a hefty premium the equally over-priced stock of their competitors, suppliers and customers, or any other company that Wall Street bankers happen to be peddling.
Again, as I demonstrated last week, after 80-months of the absurd proposition that money has no natural and inherent economic cost the pettifoggers who held forth at Jackson Hole betrayed no clue whatsoever that they are aware of the obvious:
On the margin, all of the gains in business debt since 2008 has been flushed right back into Wall Street in the form of stock buybacks and debt-financed takeovers.
The evidence that zero interest rates have not promoted business borrowing for productive investment is also plain to see. During the most recent year (2014), US business spent $431 billion on plant, equipment and software after depreciation. That was 7% less than net business investment in 2007.
And these are nominal dollars! So all other things being equal, net business debt could have fallen over the past 7 years. The actual gain in net debt outstanding shown above self-evidently went into financial engineering—-that is, back into the Wall Street casino.
Here’s the thing. You don’t need fancy econometric regression analysis or DSGE models to see that ZIRP is an macroeconomic dud. Simple empirical data trends show that it hasn’t goosed household borrowing and consumption spending, nor has it stimulated business investment.
So this is how it boils down. The only thing zero money market interest rates are good for is to subsidize financial market speculation. ZIRP means that the speculator’s cost of goods (COGS) is essentially zero whenever yielding or appreciating assets are funded in the repo market or its equivalent in the options pits and Wall Street confected OTC trades.
Accordingly, after 80 months of showering Wall Street with what is a wholly unnatural and perverse financial windfall—-that is, zero cost in the money market—–the Fed has ignited a rip-roaring inflation. But the inflation is in the financial market, not the supermarket.
Needless to say, there was not even a faint trace of recognition of this fundamental reality in Stanley Fischer’s much heralded Jackson Hole speech on inflation. As usual, it was an empty bag of quasi-academic wind about utterly irrelevant short-term twitches in various inadequate measures of consumer inflation published by the Washington statistical mills. Indeed, Fischer went so far as to acknowledge that one of the more plausible consumer prices indices—–the Dallas Fed’s “trimmed mean” measure of the PCE deflator—–was up 1.6% in the past year.
Here’s the thing. No one except the modern equivalent of medieval theologians counting angels on the head of a pin could think that the difference between this reading and the Fed’s arbitrary 2.0% inflation target is of significance to any economic actor in the real world. That fleeting and miniscule difference would never in a thousand years impact the wage and price behavior of firms competing in the world market for tradable goods where cheap labor and mercantilist FX and subsidy policies drive the competition for customers.
Nor would it alter the behavior of the overwhelming share of purely domestic service firms that inherently face an elastic supply curve owing to low entry barriers. There is an unlimited supply of nail salons and yoga studios because folks need work and the Fed’s financial repression policies have fueled a fantastic over-expansion of strip mall real estate.
Likewise, firms with deep brand equity everywhere and always try to raise prices to capture the heavy marketing and other investments which go into creating their brands’ value and consumer franchises. But only clueless academic modelers like Fischer would ever think that 40 basis points of shortfall in the short-run consumer inflation trend would impact the pricing strategy of brand name service firms——-such as Amazon and Wal-Mart, for example.
In short, Fischer’s entire meandering discourse on this and that inflation index and his speculations about immeasurable “inflation expectations” was irrelevant drivel. It could have been delivered by any student who had passed Economics 101 at Podunk College.
And besides that, the man has the gall to cite the “Survey Of Economic Projections” (SEP) as one key indicator showing that inflation expectations have remained “anchored”. For crying out loud, the SEP is the quarterly stab in the dark about the inflation outlook concocted by the 19 members of the Federal Reserve itself!
In fact, the only real value of Fischer’s pretentious bloviation was that it was a reminder that the financial system of the world is in thrall to a tiny, insuperably arrogant posse of Keynesian academics who have invented from whole cloth a monetary theory of plenary control. They have effectively ended free market capitalism in the financial system and beyond and made democratic fiscal governance essentially irrelevant.
Here’s why. It all starts with the Fed’s specious mantra that the “Humphrey-Hawkins” dual mandate makes them do it.
No it doesn’t! Nowhere does it instruct the Fed to keep its fat foot on the neck of liquid savers and depositors for 80 months running.
In fact, Humphrey-Hawkins is a content-free expression of Congressional sentiment crafted under the far different economic conditions of the mid-1970’s. It essentially says price stability and fulsome employment are devoutly to be desired national objectives ranking right up there with motherhood and apple pie.
Indeed, the Humphrey-Hawkins Act, which I voted against in 1977, is no more meaningful than the plethora of “captive nations” resolutions, which I voted for that same year——-and just as archaic, too.
In today’s globalized economy, the Fed’s ballyhooed 2% inflation target is no more warranted by the statute’s rubbery language on “price stability” than is 3%, 1% or 0%. And the Fed’s preference for the PCE deflator index of consumer inflation, as measured over a never explained or defined period of time, is no more mandated by the Act than is use of the Cleveland trimmed median or the indices of the MIT Billion Prices Project, as measured monthly, quarterly, yearly or for any other arbitrarily defined period.
In short, the Fed’s 2% target as practiced in the Eccles Building and gummed about by Fischer last Saturday is nothing more than the arbitrary concoction of one demonstrably erroneous and obsolete school of economics. Over the past two decades these Keynesian statist throwbacks to the 1930s have infiltrated the boards and staffs of most of the world’s central banks——and have used their unlimited resources to hire most of the worlds so-called “monetary economists” to write self-justifying studies and perform “research” that is more in the nature of what used to be called “agit prop”.
At the same time, how could the legions of financiers, fund managers, economists, strategists and traders who inhabit Wall Street possibly object——-even if they have no use whatsoever for the Keynesian religion of Fischer and his sidekicks?
The answer is in the chart below. Under the guise of its silly and arbitrary Humphrey-Hawkins targets the academic fools and crony capitalist opportunists who inhabit the Fed have been delivering a relentless drip of monetary heroin to the casino gamblers 80% of the time over the last 25 years.
The Fed’s Addiction To The ‘Easy Button': Rates Falling Or Flat 80% Of The Time Since 1990 – Click to enlarge
So with academia on its payroll and Wall Street on its gift list, there is no one left to state the obvious. Namely, that by fueling the most fantastic inflation of financial assets in world history the Fed and its convoy of global central banks have sown its opposite in the real main street economy.
To wit, there is now a massive deflationary tidal wave cresting on the planet, and it was manufactured entirely by the central banks. In the DM world, consumers and governments are stranded at “peak debt” and can no longer live beyond their means by leveraging their balance sheets to the breaking point, as they did in the 30 years leading to the financial crisis.
Likewise, the EM world has buried itself in “peak investment”. This condition is owing to the massive repression of capital costs instituted over the last three decades by their mercantilist central banks in the process of buying dollars and euros to peg their exchange rates, thereby flooding their economies with cheap domestic credits.
As a consequence, the world economy is drowning in malinvestment and excess capacity for virtually every commodity from oil to iron ore and for every stage of downstream industrial production from refineries to blast furnaces, pipe and tube mills, ship-building facilities, car plants and container ships, ports and warehouses.
Moreover, two decades of lunatic money printing have also drastically roiled the global capital and currency markets. During the last 20 years of financial inflation, the Keynesian central bankers have forced DM world money managers to scour the globe looking for yield regardless of risk——a toxic form of malinvestment which is now violently reversing.
That is, credit-saturated EM economies are now imploding, causing their exchange rates to crash, as in Brazil; or is forcing their governments to dump massive amounts of dollar assets——accumulated over the long decades of monetary inflation—–in desperate efforts to prop-up their currencies, as is now happening in China.
Yet the clueless academic who has spent a lifetime contributing to this disaster—–first at MIT where he superintended Bernanke’s misbegotten thesis claiming that the Fed’s failure to massively crank up the printing presses during 1930-1932 was the cause of the Great Depression, through his work as a certified monetary apparatchik at the IMF, the Israeli central bank and now the Fed——effectively confessed in his Jackson Hole speech that he can’t see the forest for the trees.
Well, goodness, gracious. Yes, tumbling commodity prices and the on-going scramble to cover the massive global “dollar short” is roiling the sundry US consumer prices indices. But that is simply the feedback loop of central bank monetary repression and systematic falsification of financial asset prices.
Yet central banker obliviousness to these self-created interferences with and repudiation of their Keynesian bathtub models of macroeconomics knows no bounds. So they continue to equivocate, bloviate and insist that they will keep subsidizing the casino——presumably until it finally blows sky high so that they can resume tilting at “contagion”, which is to say, the violent re-pricing of asset bubbles that they caused in the first place.
Here is Fischer’s concluding paragraph. It leaves no doubt that he is oblivious to the financial firestorm brewing everywhere in the world, and that he is one of the most dangerous academic fools every to gain immense power over the fate of millions of ordinary citizens:
The Fed has, appropriately, responded to the weak economy and low inflation in recent years by taking a highly accommodative policy stance. By committing to foster the movement of inflation toward our 2 percent objective, we are enhancing the credibility of monetary policy and supporting the continued stability of inflation expectations. To do what monetary policy can do towards meeting our goals of maximum employment and price stability, and to ensure that these goals will continue to be met as we move ahead, we will most likely need to proceed cautiously in normalizing the stance of monetary policy………
When the next financial bubble crashes it can only be hoped that this time the people will grab their torches and pitchforks. Stanley Fischer ought to be among the first tarred and feathered for the calamity that he has so arrogantly helped enable.
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Throw that treasonous bastard into prison and don't let him out.
pet·ti·fog·ger = Fischer ?pet??fô??r,-?fä?-/ nounarchaic
Another Dually come to poison the well.
I dont need to listen to his drivel to know hes a lying effer who is out to screw me over...I just need to look at his nose and his last name.
Pour cement statues for these wizards of our financial world... then encase them with cement shoes for the trip to the bottom of the bays...
Academic Fool or Academic Tool?
Another clown for the circus clown car.
verb (used without object), pettifogged,pettifogging.
1.to bicker or quibble over trifles or unimportantmatters. 2.
to carry on a petty, shifty, or unethical lawbusiness. 3.
to practice chicanery of any sort. q99x2, pick #3 above to understand the point Stockman's assistants' selection of words to describe US monetary policy.
He was also Ben Bernanke's, Mario Draghi's and Greg Mankiw's Ph.D. thesis advisor.
Need we say anymore?
Plus, he was vice chairman of Citigroup.
He's always vice chairman, fer crissakes??????
Can't he ever make the effing chairman?
Then he would be Chairman Scam.
Don't forget AIG
same reason Cheney wasn't president, they don't need to be in the "top job"
many "top jobs" are showposts for clowns
put your hand down fischer, we already know you are lying
Isn't that some sort of oxy-Moron?
No, the really dangerous ones title their economic PhD thesis. "How to sell large quantities of fraudulent paper into an illiquid market that does not want it without depressing the price you receive" I translated the title as I learned executive management doublespeak when I worked for the C-suite.
But but but...he's their "Main Boy"
or main buoy
No, he's their main "oy" (oy vey!)!
Stockman is a very distinctive and good writer. Unfortunately the banksters have taken over Washington D. C. and they make the rules now. What are we supposed to do?
Resist! (not the same as revolt) ..
How to resist? Thus, your toolkit ..
https://app.box.com/s/hfgvcqg7gqh7i27at6sv53ywu87lwarp
Knowledge is power. Then power action!
"What are we supposed to do?"
Hmmm....since the Big Four investment firms: BlackRock, Vanguard Group, State Street and Fidelity (FMR LLC) are the majority shareholders in the majority of major corporations in North America and Europe, I would assume they would be the logical targets?
Well, we know Mr Fischer's argument : Its not us, we carry the bag; its those other guys.
Shamans and the string pullers who make them dance.
Mr Stockman should know as he was carrying the bag for Ronnie 35 years ago.
And you don't know a thing about Ronnie. Do you? Especially that one that carried the bag containing $150 BILLION USD. And what then what he did with it, after returning the entire $150 BILLION to the US Treasury, within 6 months of receiving it. I really do tire of this selective and willful ignorance .. (don't exclusively blame the MSM and/or Soetoro)
https://app.box.com/s/hfgvcqg7gqh7i27at6sv53ywu87lwarp
I'll fill in for LOP... "Roll out the guillotine".
Get all Zionist Jews out of banking. Hitler had the right idea.
Get all statists out of banking.
And don't kid yourself about the Zionists; they were headed by the perpetrators of the second "Final Solution," i.e., the Allied victors' decision to invade Palestine in order to rid Europe of as many Jews as possible.
Just like Lincoln wanted to do with America's Africans:
http://www.telegraph.co.uk/news/worldnews/northamerica/usa/8319858/Abrah...
Don't like ZIRP? How about NIRP?
Yahoo finance today reports that the yield on 3 month treasury bills was -0.01 percent. ( MINUS 0.01 percent).
He's been promised protection for his part in the propaganda...
Yup. Part of the machine. Playing his role.
Maybe Forbes magazine was right for once?
http://www.forbes.com/sites#/sites/jessecolombo/2014/06/14/why-the-feds-new-vice-chairman-will-be-a-disaster-for-the-u-s-economy/
Kanye Kardashian is running for president.... weep for your country
http://fortune.com/2015/08/31/mtv-vma-kanye-west/
By the time the current occupant leaves office, you won't see another coon in the Out House for a generation. Even the SHWD (self-hating-White-Dupes) crowd that got him elected in the first place aren't going to allow it.
Asset prices must go higher or else the whole FIRE (Finance, Insurance, and Real Estate) Economy will tank. Let's look at some rather obvious though ignored examples. As real estate assets move higher, more people cannot afford homes, so they must rent from the enabled (through zirp) asset acquireres. 2. Insurance provides a subsidized requirement to extract more from the masses by creating large pools of investable float which can be used to buy assets. The requirement to have insurance on homes, real estate, autos, health promotes higher asset prices and extracts savings from the masses in favor of the few. Finance provides a means of moving the acquisition of unnecessary goods into the present at the expense of the future. The game almost ended in 2009 when debts could not be paid and asset prices started to drop; that could not happen, because the Banks' models would implode for they cannot lend money of depreciating assets or no one would take out loans and they would be stuck with collateral that was worth less than the loans. Viola, print money drive up assets, and create new games of wealth for the corporate insiders to issue options on their stocks before they authorize buy backs (insider trading?).
And the major securitized categories presently in the US economy:
Student Loans
Auto Loans
Credit Card Receivables
Heaven forbid we could have just a tiny bit of capitalism for a change, Americans bloviating about their "capitalist" system should just STFU. The day they handed Citi $174 billion they could have purchased 100% of the common for $47 billion, I get they couldn't have lines down the street in front of Citi waiting to get their money out because it's not there, but a real workout with helicopter money for debtors not predators and we'd be in far better shape today. THAT is directly on the Community organizer and Timmah, they had the historic opportunity. Watch the insurers for they are well and truly screwed by ZIRP, Switzerland almost lost theirs so they had to drop the peg (and still got f'ed anyway). Bretton Woods III is going to be a shitstorm indeed...and at that big boy table we are going to have Jack Friggin Lew and a bunch of Chanel-suited Berkeley-ites, at least guys like Kissinger and Volcker knew the rules of the game and how the pieces moved on the board and weren't going to get advised by hedge fund super-predators and completely rolled by some arrivistes in Mao jackets. WW III here we come
Go for the gold reserves before the pitchforks, Z/Hers!
Remember Kelly's Heroes?
Does this mean I'll be able to buy a Chinese made car for $400? Solar powered house for $100?
Do I have to work for someone when I have a self sufficient house and enough land to grow my own food?
Back to the land!
Won't the government workers come after me for stuff? Remember that? George Washington going to war against "whisky tax" evaders.
Hook these idiots up to a lie dectector when they come out to spew their propoganda. Hook another electrode to Doz Nuttz and whenever they lie, give them a nice charge.
Will have very short press conf going forward.
If I had a magic wand I'd wave it so that all FED members (and Bernanke and Greenspan) would have to listen to Stockman read this to them with slides - all ball-gagged, strapped to a chair, and eyelids held open (a la "Clockwork Orange).
What is amazing to me is that its two weeks until they are supposed to make a decision..and they still dont know what they are going to do....what a way to run an orginization or anything....we could do the same much cheaper by just flipping a coin....
That's 'cause China just effed them up with the combo of dumping US Treasuries and devalueing their currency.
Wait, this is David Stockman. Didn't one of Nixon's bagmen want to drive a screwdriver up Stockman's nose? Good thing Stockman didn't work for Clinton.
("Bagman", excuse for not looking up the guy who went to prison, then had his own radio show. Halderman came to mind, but I'm sure it wasn't him.)
The same David Stockman that defaulted on his student loans. That David Stockman.
G. Gordon Liddy
G. Gordon Liddy, who never served out of mainland USA when he was a military police officer in the Army, but first claimed to be Special Forces in Vietnam, than later a Korean War vet.
So full of bullcrap he isn't easily distinguished from a pile of feces.
His relatives first obtained a job for him at the CIA, but he was so pathetic even for that crapfest they shipped him over to the DOJ, where he then would claim to be a FBI agent?
Guy is chronically full of crap!
Prideful and arrogant
It's in the genes
"Another fine mess you got us into... Stanley!"
Always so impressive, David Stockman's depth of understanding of the economic situation and his ability to express it in clear and erudite language.
Yet another of a series of great rants, Dave. So what happens next? I mean, like, next month?
Zionist tool and grifting bankster.
The guillotines await.
Zion is a scheme, not an ethnicity..
info / we're living in the information age : Dr. Fischer was governor of the Bank of Israel from 2005 through 2013.
So what, he was the thesis advisor for Bernanke who wrote this high schoolish paper on the Great Depression which was totally fucked up (hint: caused by Andrew Mellon and JP Morgan).
Bernanke (and probably Fischer) still doesn't understand that they had mortgage CDOs back then (called mortgage participation certifications, if memory serves), along with securitization, which began in 1907 (I think the dood who started it was Samuel Straus, but I could be mistaken) and really took off in the Roaring 1920s, leading up to the Great Crash.
Sound familiar?
Send the criminal back to Israel.
That's just he foreplay, right Stockman? What's the full coitus for Fischer et al?
Seriously David ..
You were there in the first 100 days. Your boss didn't give you an inkling about the Deutsche Vereinigung für Datenschutz? (not exactly)
http://www.veteranstoday.com/2015/05/04/neo-so-much-more-than-nukes/
Dude spent his whole life being a parasite.
Tapeworm, Round worm or Flat worm.
All the same.
Bubble? Or inflationary reset?
academics are just used as a cover for maggot looting
Appointed the wrong Fisher.
Should have been Richard Fisher.
Naaaah....should have been Carla Fisher:
http://www.carlafisher.tv/
Stockman is spreading confusion with his rants against Keynsian academics:
insuperably arrogant posse of Keynesian academics
Stockman was part of the crew under Reagan who did several things to improve productivity: 1) The government deficit spent. 2) Cut the rates so that Industry would invest 3) Did some forms of protectionism.
Deficit spending is Keynisan...it is counter spending and puts money into households and savings. A quick glance at Wynne Godleys sector equations shows that government spending IS the private sectors savings and money used for transactions.
In U.S. fed rebates, therefore deficit spend money is debts that are ignored or rebated; this type of debt money looses its debt associations.... it is not recalled.
Stockman must know this, he lived it. If he doesn't know it, then shame on him for not learning money mechanics.
QE is a liquidity swap, where the money aims at banks reserves primarily. FED takes TBills or MBS from private bank reserve accounts and swaps for money. This does not put money into the circulating supply as would deficit spending. It is a liquidity swap of debt instruments for reserve dollars.
Does Stockman know these fundamentals on how the debt based money system works? He sounds confused to me. He also attributes to Keynes what Keynes would never do...more confusion.
Supply siders figured out that marginal rates were such that many doctors and other high income labor just said "screw it" it is not worth it for me to work as I will be taxed for working. Instead of working, I'm going golfing.
So the rates were lowered, and hence productivity went up. Supply of goods and services then went up to then match the increased money as demand.
It worked.
(If Stockman were really alert, he would have advocated for rent taxes rather than lowering marginal rate. But, I don't think he is alert to these type of nuances.)
Supply siders also increased the rate that Capital (machines for industry) could be depreciated. This also front loaded the supply chain, so more good and services could be made to match the increased money in supply.
Increased money in supply also meant that people did not have to go out and take out new loans and go into debt, which then leads to debt deflation.
Reagan and crew were even protectionist to keep foreign predators at bay. For example, Harley Davidson motorcycles came under protection from Japanese onslaught. Japanese manufacturers were trying to copy HD right down to their offset crankpin engines.
During this period Japan used credit windows to guide their economy and they were super competitive.
Watch the movie "princes of yen" to understand that dynamic.
The insuperable academics are those neo classicals who think that money is a neutral veil. It is also those from the Chicago School...not the old Chicago school, but today's Chicago School after it got invaded by Rockefeller and usury banking funded ideology (Yes our Jewish friends and sayanim once again at their game. Turn over a rock and find the rent seekers. Fischer is a dual citizen, and was in on the BOJ bust out of Japan while at IMF. He was rewarded afterwards with the usual sweet deals.)
the constitution of the united states of america
is entirely incompatible with the aims and
purposes of the owners of the federal reserve,
"its" central bank. "it" has become subordinated
for the use of a utility, currency.
.
how could so many brilliant and intelligent people be so
stupid? (intellectually lazy)
.
Hoagy Carmichael - Lazy River (1930)
https://www.youtube.com/watch?v=rQwCi8f3iuk
It's not just the central banks that are the problem - it's that the central banks conspire with the media, war machine, government and the elite to shift the world economy from production and trade pre-911 to one of fear and distrust of others, and aggressive war. The solution to everything now is the military. Haiti has an earthquake, don't send doctors, send soldiers. ebola breaks out in Africa - don't send doctors, send the military. This seismic shift from production to destruction is now coming home to roost in the form of a collapse in overall world economic activity.
what oath does a Fed official take?
http://www.c-span.org/video/?191059-1/bernanke-swearingin-ceremony
FEBRUARY 6, 2006
Bernanke Swearing-In Ceremony
.
..." so help me god."
.
..."alan greenspan is perhaps the only
central banker ever to achieve, what one publication
called, Rock Star' status.' g.w.b.
.
this is followed by resounding applause from the
many esteemed among the audience for this honorable
swearing in ceremony.
.
there ya go ....
rock and roll hall of fame baby.
and now you want to talk about qt, raining rates
or some betty ford trip, please ......
queen of england 4 is in the cards, the queen of hearts.
.
Dave Edmunds - Queen Of Hearts (Top Of The Pops 1979)
https://www.youtube.com/watch?v=qy2HdKaP1EU
https://www.youtube.com/watch?v=uWktoG5DU_4
Dave Edmunds - I Hear You Knocking
Dave Edmunds - "Girl Talk" 1979
https://www.youtube.com/watch?v=TTkhBuNdMgY
.
United States Federal Reserve chair For Janet Yellen
https://www.youtube.com/watch?v=DQ69DQGnTHg
.
Elvis Costello – Girls Talk Lyrics
There are some things you can`t cover up with lipstick and powder
I thought I heard you mention my name, can`t you talk any louder?
Don`t come any closer, don`t come any nearer
My vision of you can`t get any clearer
Oh, I just want to hear girls talk
I got a loaded imagination being fired by girls talk
But I can`t say the words you want to hear
I suppose you`re going to have to play it by ear
Right here and now
Girls talk and they want to know how
Girls talk and they say it`s not allowed
Girls talk, if they say that it`s so
Don`t you think that I know by now
That the word up on everyone`s lips
Stick that you`re dedicated
Though you may not be an old fashioned girl
You`re still going to get dated
Was it really murder?
Were you just pretending?
Lately I have heard you are the living end
Girls talk and they want to know about her
Girls talk, they want to know if I care
Girls talk and they want to know where
Girls talk girls talk
Songwriters: COSTELLO, ELVIS
Girls Talk lyrics © Universal Music Publishing Group
two more for fun and prophet. ;0.
.
NICK LOWE - CRUEL TO BE KIND - HQ Best Version New Audio.
https://www.youtube.com/watch?v=b0l3QWUXVhoy
.
yet, cruelty is no substitute for kindness.
we are talking about a modicum of discipline
here, no? some freakin' judgment, estimations in
the face of paradigm failure on the verge
of further failure, the extension
of failure, the projection of failure to
encompass the far flung globe. it a military
"intelligence" con-un-drum i guess?
.
The One and Only
https://www.youtube.com/watch?v=kNICF-CxG7w
.
wake up to your'self'.
Tarred and feathered would be a little tough to do. Watered down molasses and feathers would be a good laugh though. What happened to those protesters that used to throw red paint on people wearing fur? Would be a good exercise for that type.
Stanley Fischer saved the Israeli economy and it's currency, which is now called the New Israeli Shekel (NIS). Under his Chairmanship Israel's economy boomed and their exports went meshuga.
A committee of American Grand Rabbis went to Tel Aviv to persuade Dr Fischer to come to Washington and work his central bank magic for the US.
The Head Grand Rabbi was quoted as saying: "we know what Fischer did for Israel's economy.
We can only pray that Jewish lightening will strike twice."
"...Jewish lightening will strike..."
Seriously?
And right at the same time it's also drowning in debt that will not be 'repaid'.
But given it was just fractional-reserve invented imaginary money, that was 'loaned', logically, nothing also needs to be 'repaid'. Maybe they can just imagine they were 'repaid'?
the true debts are irredeemable and cannot
be paid, they are dead as the true creditors.
.
NRBQ IN FULL HD "Things To You" Fredericksburg, Virginia 1-14-2012
https://www.youtube.com/watch?v=ZEPyaygGUW8
.
The Sixth Sense ..... I See Dead People ...scene
https://www.youtube.com/watch?v=QUYKSWQmkrg
.
ed norton and bruce willis killing it.
oh, the kid isn't the actor, ed norton,
of 'fight club' fame? a dead ringer i say.
Much as I admire David Stockman for his insightful and experienced-based analysis, for this item I have to accuse him of demagogic inconsistency and factual defects. In this item he criticizes the actions of the Fed in the early 30's in expanding the money supply, which he attributes to "Keynesian" theories, while in other items he correctly blames the Fed for prematurely tightening credit in 1937 and 38, thereby renewing the depression. Which is it Dave?
Similarly, in describing current conditions, he accuses the Chinese of initiating a currncy war in devaluing its currency by 4%. I am sure that he knows that the rapid increase in the value of the dollar put the yuan peg into an unsustainable position, and the Chinese devaluation was far less than the dollar's appreciation of 17%.
In his penchant for blaming the central banks for every economic mischance, he also overlooks certain obvious facts:
The Fed cannot dictate the destination of the liquidity it creates in the face of perverse decisions in hundreds of corporate boardrooms. If the latter decide to line their pockets with buybacks and mergers, the only effective remedy is Federal charter of all corporations and strict rules governing the use of buybacks and treasury stock. But such measures are anathema to Stockman who is a devoted disciple of the "free market."
It is interesting to learn that Stockman voted against the Humphrey-Hawkins act. I might agree with him on this item depending on his reasons for doing so. If, at the time, he voted against it as a generalized criticism of "government interference in the 'free market,´" then I would , of course, disagree with him. But if his objections related to asking the Fed to do what it was not able to do, and might even contradict its assignment to price stability, then I would agree.
There are two basic defects in the current economic arrangements in the US about which the Fed can do nothing:
No one is facing up to the limits of a growth-based regimen. The big challenge for the future will be to insure fair prices and wages in a deflating world economy, while maintaining employment. Neither the Fed nor private corporate management can meet this challenge. Only government can do so based on a program mandated by the citizenry. (Quel horror!).
No one is facing up to the wage suppression currently enforced by corporate management by union suppresion and relocation of production to low wage countries. They are importing to the US the very conditions that enable these countries to maintain low wages. The various trade agreemnts represent government action on behalf of corporate management to the detriment of the citizenry.
No one is facing up to the mal distribution of income described above, reducing the role of consumers in any attempted recovery.
No one is facing up to the diversion of vast rsources to "defense" at the pentagon and its private sector dependents - a diversion into a sector bloated with waste and no economic multipliers.
Kunstler today:"All the grand movements of stock indexes and central banks are just a diverting sort of stagecraft within the larger pageant of this contraction. The governors of the Federal Reserve play the role of viziers in this comic melodrama. That is, they are exalted figures robed in magical Brooks Brothers summer poplin pretending to have supernatural power to control events. You can tell from their recent assembly out west — “A-holes at the J-hole” — that they are very much in doubt that their “powers” will continue to be taken seriously. This endless hand-wringing over a measily quarter-point interest rate hike is like some quarrel among alchemists as to whether a quarter-degree rise in temperature might render a lump of clay into a gold nugget http://kunstler.com/clusterfuck-nation/say-goodbye-to-normal/ of clay into a gold nugget."