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Steen Jakobsen Sums Up In 1 Word What We've Learned In The 7 Years Since Lehman
"Nothing... We've learned nothing since the collapse of Lehman Brothers seven years ago today," according to Saxo's Steen Jakobsen.
He argues the emergency measures brought in in 2008 have been in place for far too long and, like a broken arm that's kept for too long in plaster, economic muscle has withered.
Jakobsen predicts lean times ahead, but that's not necessarily a bad thing as central bank funding has acted like a sugar diet on the global economy. Reforms to improve productivity are desperately needed and he considers whether an imminent interest rate rise in the States could be catalyst for a new normalisation.
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"They" know exactly what they are doing and why they are doing it.
The fact that they don't give a fuck who gets hurt in the process doesn't make them stupid, it makes them sociopaths.
pods
"We" as I, Blopper & others?
Or "We" as the Fed and the bankers?
Because I bet that's a very significant difference, a world apart kind of difference.
So please get this clear and avoid making false accusation.
Behold - a banker who gets it. One of the few I actually listen to.
This guy acts like the leaning down will be a positive, like starting cardio and cutting calories.
More like death camp starvation lean and then the CB's try their hardest to stuff us with f(i)at until we burst.
It's all going to be a total surprise to our leadership, at least that'll be their excuse on the way to the gallows......
wrong. they learned that the stock market must always go up forever.
This article fails to explain the real reason the Fed Funds Rate can't increase which is they have effectively eliminated the traditional and time tested time value of money principal that the fiat money systems were created for in the first place.
Wake up folks, if they can't raise rates now they can't ever. They need basically free money to keep things on life support and kick the can down the road. But we are quickly running out of road and you should really let that sink in as you do more BTFD.
See the New York Federal Reserve and how much they charge banks for borrowing money, it is a joke. See 9/11/15 they were actually charging .14 instead of the Fed target of .25.
That means for every $1,000,000 borrowed by a bank the borrowing bank would have to pay $1,400/12=$116.66 per month. Now if they moved it to 50 bps or 0050 it would be $5,000 per million borrowed by the bank so $5,000/12=$416.66 per month. However just because they move the target to 50 bps doesn't mean a Federal Reserve Bank like NY below would charge that they'd probably charge 25 bps so that monthly cost of borrowing 1 million would be $208.33.
https://apps.newyorkfed.org/markets/autorates/fed funds
Jin Sinclair has been barking "QE Infinity" since the start of QE1. He explained back then that it's a one way road. He's still right.
when business cycles come to an end,... it is delib`erate'd by nuture?
the parts are worth moar than the whole!
They learned the following -
There is no enforcement of the law.
Don't be the next sacrifice on the alter of satan.
I suggest you learn the same.
Not true. There was something that some could have learnt for the second time:
Dont fight the Fed.
Rubbish. Why did "emergency measures have to be taken at the time"?
Fake wealth is still fake wealth and can't ever be "made real" with time.
Re: "Fake wealth is still fake wealth and can't ever be "made real" with time."
Yeah, but it can be converted into real wealth. But since no real wealth is actually created by printing money, what it really does is shift wealth from those at the back of the line to those at the front.
Which I guess is kinda the whole point.
"...it can be converted into real wealth..."
Only as long as there are twits out there willing to take paper currency in payment for real stuff...and, so far, there are still a lot of them...figure.
Soon: the bull market in commodities as stores of wealth.
Most of the "twits" out there, as well as the rest of us, have no real choice in the matter. Thin-air or not, dollars are legal tender, and the US$ is one of the best ones out there. Scary thought.
Down the road, commodities may be a good bet. Recently, though, they've been doing even worse than dollars, and not many people are up to the rigors of that kind of marketplace. Gold may also be a good bet, but it's difficult to safeguard and move around, so it does better as a store of wealth than a medium of exchange.
The problem is that the thin-air money is indistinguishable from money that was earned through a productive enterprise. So I'm just going to go out on a limb here and state that when it comes time to sell the house, most people are going to take cash, even if it's thin-air money.
Thus the wealth-transfer effect. The first guy in line got to buy a house -- something of real value -- with thin-air money -- something of no intrinsic value other than what's agreed on by society and which may have been obtained despite him engaging in no real productive enterprise. From the buyer's point of view, buying the house essentially "laundered" the money. The seller, of course, essentially broke even in the deal.
I was sure we all learned BTFD !!!!
Since Lehman, I've never heard from any of their former investors.
Were they all eliminated, or no one wants to talk?
It's like it never happened.
Yeah but Steen, raising rates means the economy is ready for it. <sarc> It would be funny if China restarts its devals after the hike!! NOT!
Please allow me to reply to my own,,,,,,btw, this is the reason why no rate hike,,,because China must cut.
"They've" learned that the only thing left TO DO is kick the can.
Fixed it.
I'm an automated algo trading 30 sec charts since 2010, who's this "Lehman" guy?
“Can’t we all just get along”, has been replaced with
“Can’t we all just be Banksters?”
Of course we can't all be banksters! Predators need prey. Rapists need victims.
Nonsense. TPTB, the 1% learned that they could do it all again and again, and will do it again. THey will do this until the rest of us are debt serfs (if only through the burden of .gov) existing and living by the 1%-imposed rules; controlled; bent; broken.
It's the 0.01%, actually.
The 0.99%, and really, the 4.99%, are the sacrificial lambs. Don't get me wrong, they live nice lives. But they're being eaten alive from both ends, the oligarchy and the FSA.
Since I leveled Bear Stearns, & Lehman Brothers Inc., I have realized that the giant vampire squid is much craftier than I had assumed pre-2008. Like the damn mouse I have under my buffet in the dining room, I have been waiting forever for it to move into the checkmate position, but the little fucker keeps procrastinating, and even licks the peanut butter off of the mouse trap without tripping the hair-trigger mechanism that was engineered to provide the mouse with his Last Supper. Just like the vampire squid the little bastard is dancing on the head of a pin and consuming my God damned peanut butter every effin' day!
Up yours, Goldman, you are vermin.
Put some bacon in that peanut butter.
:)
I'm going to fry up some bacon and wedge it into the trap trigger plate as you suggest. I hope you are right cuz I'm fed up with this vermin in my house. cheers!
we learned that by mainupling rates, markets, the scams can continue to extract wealthy from the citizens around the world .
What they really learned is that the public will just bend over the next time they come around.
So in fact the FED is the perfect show about Nothing! https://www.youtube.com/watch?v=jt377DV2BKs
Seinfeld – The Nothing Pitch https://www.youtube.com/watch?v=EQnaRtNMGMI
Seinfeld – The Show About Nothing https://www.youtube.com/watch?v=jUWiv5r_CZw
That's horse crap. WE learned, again, as we have for decades, that the really big crooks can destroy a big portion of our economy, walk away with billions and never, ever get prosecuted for anything. That's what we learned. And we learned that the real law enforcment is on their side, not ours.
Go ahead, miss 500.00 income on your tax returns, see who gets audited.
While Dimon and Corzine ride back to their 30 million dollar mansions in the hamptons in their shiny new Bentleys.