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The Courage To Print Money
Submitted by Tim Price via SovereignMan.com,
If you’ve seen the movie The Usual Suspects, you know that wonderful line “The greatest trick the Devil ever pulled was convincing the world he didn’t exist.”
We believe the greatest trick central bankers ever pulled was convincing the world they were acting in the interests of anyone other than the banks.
With that in mind, it’s almost surreal to see former Fed Chairman Ben Bernanke making victory laps around the world to celebrate the launch of his new book, curiously entitled The Courage to Act.
Does it really take courage for unelected economic bureaucrats to print up trillions of dollars of taxpayers’ money in order to bail out Wall Street banks?
I’m sure it will certainly take courage if the taxpayer finally wakes up to the ruse before it fails.
And sooner or later, every ruse does fail, even when run by the world’s most powerful cartel.
The Fed, along with its cousins in Europe and Asia, is up against a force of nature in the form of the free market. A banking cartel can clearly achieve a lot in its own interest, but in the fullness of time, the market will win out.
To suppose otherwise is to believe that central planning works. As if putting Janet Yellen in charge of the Soviet Empire would have somehow averted the fall of Communism.
Here in the UK, we have a crime known as High Treason: the crime of disloyalty to the Crown. “Adhering to the sovereign’s enemies, giving them aid or comfort” is a High Treason offence.
So is “counterfeiting money”.
Destabilizing the monetary system to the point of potential collapse would probably qualify, we think, perhaps on both grounds.
So the next time a central banker (the Bank of England’s Chief Economist), or one of their banker buddies, proposes that the abolition of physical cash or the introduction of negative interest rates, is in the best interests of the taxpayer and not the banks, they should be grateful that we no longer have the death penalty for High Treason.
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Great title.
Print money to fund high paying jobs and together we shall usher in a new era of glory.
The people who are most afraid of ghosts, are those who don't believe in them.
When the time comes, the real courage needed will be that of the enlightened plebs to ruthlessly execute the parasitic usurers and confiscate all of their counterfeited wealth.
More like "borrowing trillions of future taxpayers' dollars"
When has borrowing become printing? Printing is when you print. Borrowing is when you borrow.
pods
There is no free market, hasn't been one of those in years. There is a central bank captured market that can be manipulated in any direction deemed necessary for the day. It seems the author is assuming that "the market" is not a controlled environ which is a mistake. The only forces that have any market moving ability left are the HFT guys that still operate independently and they are dwindling by the day. Plus with all the power they did posses they are still bottom line profiteers and don't go to do battle, they go with the flow. The market has been reduced to mythical status that most, if not all, middle class (and higher) participants still want the believe in. They want to believe in a way out, a rescue from mendacity, a saving grace by self flagellation through your local bank or brokerage savings plan. They want comfort without creation - they work their whole lives saving, planning, and never realizing that indeed they are, and have always been slaves. The value of our labor has been reduced to the point of nearly zero, until that changes, feudalistic we will remain.
I ain't going to work for Maggie's ma no more
AD
In the end, no matter how much control they have the free market will win out, although we will probably be a lot poorer by the time it does. By the free market I mean the idea that someone will find it more profitable to do something else then participate in one of their scams.
Such as the point when large numbers of people find it more profitable to not use the currency they abuse today, if we continue on this present course it will come, and the consequences will be nasty.
Print money to buy a FSA to protect your a$$. That's the protection racket they have built.
"Courage" is telling Hank Paulson to fuck off on national television when he puts a gun at the base of your skull and demands you give him 700 billion by tomorrow am or else.
"As if putting Janet Yellen in charge of the Soviet Empire would have somehow averted the fall of Communism."
No, but Paul Krugman could have. Just ask him.
Krugman would have saved the dinosaurs.
"No rate normalization during my lifetime"
~ B.S. Bernanke May 2014
And the B. S. doesn't stand for Ben Shalom.
No wonder he left.
He F'd things up so badly Yellen won't realize until there are people with pitchforks waiting for her.
"He (points to Bernanke) started it!"
- Old Yeller
It takes some heroic bravery to risk straining your finger hitting the print button.
"We believe the greatest trick central bankers ever pulled was convincing the world they were acting in the interests of anyone other than the banks."
...in the interest of BANKSTERS and the Deep State.
FIFY
It takes collasal courage to pay the debt back ... but don't hold your breath!
For those of us not economically inclined - why is the dollar so strong ?
As hard as it is to believe .. it is the cleanest of the dirty shirts! Almost all DM's have borrowed significantly in USD's (complients of our friends at Goldman BallSachs) & are now effectively short Amerikan bucks that they must pay back! Outperforming vs the YEN, CAD, various PESOS & EURO ain't sayin' much tho!
Is it that the dollar is somehow pegged to the cost of a barrel of oil - across all currencies ? If so how does that work ?
https://en.wikipedia.org/wiki/Petrodollar_recycling
I read that quickly - twice - but it seems that that should make the US dollar weaker ?
The USD has strengthened because the FED threatens to raise rates for the first time since 2006! All those short USD's are getting squeezed to death! America has been a net importer of oil and has for the past 50 years & historically has benefitted from lower oil prices.
I'm long pitchforks and torches. It's inevitable.
I'm long kevlar vests and asbestos undergarments. It's inevitable.
Crap... don't worry guys... the kevlar and asbestos will be as real as Obamas recovery.
I'll be a long, shortly.
It is financial acts by various banks like these that have started serious wars in the past!
If you are doing something that there's a vanishingly small chance of being punished for, I doubt courage comes into it.
"A banking cartel can clearly achieve a lot in its own interest, but in the fullness of time, the market will win out."
Uh... No, it won't.
Markets 'winning out in the end' assumes a clearing event, followed by the orderly liquidation of assets; a return of wages (overall) to a level commensurate with a stable cost of living; stable purchasing power of a currency and finally, that 'freedom' does actually prevail during this tumultuous phase within the body politic.
The sheer growth of government, corruption and cronyism essentially guarantees that not only will 'the market' Not win out, but that a hyper-fascistic, authoritarian top-down command & control nightmare is all but guaranteed.
Astute observation.
We are going to have to go through hell just in order to get back to awful...
Total bollox.
If you must pay tax when you print money then obviously it's not yours.
printing insane amounts of money always ended in hyperinflation....then comes the dictators.....
It's well known that the UK has been a hybrid bank / state since Tudor times.
The massive inflation seen during the Tudor / enclosure period is evidence enough for that.
Sovereign man is sponsored by the great bank in the sky......
kn
I wanted a four door but I wound up with a Tudor.
Crediting money to people living in a Industrial system.Leads to deflation as no energy is wasted seeking purchasing power......
The deflation is the result of mal over investment and resulting unnecessary over capacity. The brain trust politicians are desperately trying to stimulate the 'consumption gap' but they were dropped on their heads when they were babies and suffered significant cerebral damage! And now with record public and public debt levels the pointed headed types have literally painted themselves into the ultimate corner!
How come Says law has been violated in Ireland?
The demand and supply situation does not conform to DOGMA.
The lack of purchasing power in Ireland leads to massive inflationary wastage
We have the proof, 240,000 empty houses yet we have a "housing crisis"
In reality it's a purchasing power crisis
Printing money to absorb the present industrial surplus (nothing more and nothing Less) is actually deflationary
The banks are however enabling selective deflation for themselves and friends rather then universal deflation.
You forgot to mention that Irish politicians are probably the dumbest human beings on the planet!
Not so dumb.
They get huge pensions.
I am no longer a believer in ballot box democracy anyhow.
It's a fiction that finance capital introduced upon the destruction of feudalism.
Oh they are indeed corrupt but also as dumb as a bag of hammers! Must be the excess starch from the all the potatos eaten! Paracitical Central Bank micro & macro management has nothing to do with the operations or effectiveness of free markets. Zero! And now that they have reluctantly committed to the whims & leadership of the EU communists the poor but beautiful Emerald Isle has no chance!
Read Eimar o Duffys King Goshawk and the Birds ti understand Irish "politics"
At the end of the day their function is to reduce Garrison costs via the fostering of a illusion.
I think the top guys in the parties are aware of this.
A Sociopath is 'possessed' in believing his chosen path is the correct path even if it means the obliteration of millions of others; worst case scenario 9/11, Iraqi War. . . . COUNTLESS ENGAGEMENTS to retain their Grip on Power.
When the Sheeple awaken . . . . sorry, the cocktail of drugs and propaganda will ensure that this never occurs. Furthermore, if a Nuclear Weapon wiped out a US/UK city the Shadow Government would have them believe Saddam or Osama Bin Laden DUNNIT
. . . . . meanwhile Uncle Ben sits in his smoking jacket in his hotel sipping his malt and chewing on his cigar as he awaits a high end hooker, reciting tomorrow morning's self congratulatory speech to a 'bevy of good old boys' ( that he's done favours for )in the bedroom mirror.
Inflation and deflation arguments generally miss the point anyhow.
Under a equity capitalist system production equals real consumption.
Under a usury based finance capital system most of the production is flared.
Real human consumption is a tiny absorber of total production.
You are dealing with a very sick society when the function of production is not consumption but power concentration
If on
In my simple mind real production only facilitates & satisfies real demand. It does not create demand! Compressed & controlled interests rates & debt created stimulus creates misguided artifical mal over-production & resulting chronic over supply & lower (deflationary) prices. In an era of epic mind boggling private & public debt levels lower deflationary prices is an anathema & significant threat to financial markets & economies! Yet wrecklessly printing more & incurring more debt only fuels the deflationary momentum. At some point interest rates have to be set free once again to float to find their natural levels and to cleanse the system of all excesses as it had done so well in the past! This recent global central bank EXPERIMENT over the past 10 years will go down in history as the dumbest and most painful strategies as any legislation that any dopey Irish politician has ever enacted! And that saying something!
<< You are dealing with a very sick society when the function of production is not consumption but power concentration >>
Indeed. Fascism is fashionable in the contemporary era.
Nobody hates these moneychanger faggot fucks more than myself, but if by "usury" you mean interest, well, you are pretty damn economically illiterate (note that I used illiterate, not uneducated).
Dear Sir,
I respectfully believe that you have also missed the point. Perhaps I am wrong in my understanding of your viewpoint.
I believe the point is not merely that under a debt-based monetary system production flares, but in the understanding of why it flares, and what other effects that fundamental root cause must trigger.
The word you've chosen "Flares" is appropos. It implies a smaller level of production both before and after. And if we dig deeper we can note that the production in the 'after' stage is less than in the 'before' stage. Both tapers, and the flare itself are themselves features of inflation and deflation. For this reason I cannot agree with you about inflation and deflation arguments' general significance.
The explanation commonly offered for the 'flare' as you put it is simply that plentiful credit blew a bubble. This explanation is inaccurate in its simplicity.
The real answer is not merely that the volume of credit deceives actors as to the value of things as numerated by a currency but also the relative values of things, as numerated by each other. This is the real vice of a credit based monetary system. Those distortions of price structure cause pure capital destruction, as items are produced which have no utility to the real economy, but only seem to in the context of the distorted prices.
Then it follows that as one sector overproduced, and received too much capital investment, another will have recieved too little.
It is a recipe for capital destruction.
Looking at Europe and the US, the stage seems well set to realize a great deal of said destruction.
Just like Mr. Pink in the movie " Billy Madison", Im working on my kill list too.
Epic capital goods overproduction (see cars Etc) is a hallmark of our current system.
I watch energy balance sheets a lot.
During the 2005 to 2007 period transport as a % of Irish total final energy consumption reached 40% of total and beyond.
Double it late 1980s level.
Transport is essentially distribution costs.
Under a perfect capitalistic system distribution should be essentially nearly frictionless....
Forget about the money and look at the real econpmy
Again after the 2010 bailout of the consumer war economy in Ireland transport energy as a % of total has risen beyond 40%... THIS ALWAYS AND EVERWHERE CREATES A MASSIVE DOMESTIC PRODUCTION CONSUMPTION CRISIS.
Much of this energy via mercantalism,
For the real Irish domestic economy this means tourists rather then the multinational sector which adds more costs then it gives.
Jet Kerosene consumption has exploded upwards again, partly for geopolitical reasons.
But this adds nothing to domestic production consumption of residents.
Globalisation is now net negative on living standards.