This page has been archived and commenting is disabled.
Larry Summers' "Make-Believe World"
Submitted by Bill Bonner via Bonner & Partners (annotate by Acting-Man.com's Pater Tenebrarum),
Former Top Obama Economist Is Living in a Make-Believe World
A family matriarch – such as JFK’s mother Rose Kennedy – may speak for her entire clan … former mayor William Donald Schaefer used to claim he spoke for all the people of Baltimore … French president Charles de Gaulle, grandly spoke for the French …
...but only a leading economist, or a complete lunatic, would claim to speak for the entire planet.
Meet the Great Fixer. Apparently, the Good Lord has bungled when he made the world, and has graciously sent us his personal assistant Larry to fix it up. Clearly, he is the right man for the job, since he knows everything there is to know.
Many adjectives can be applied to Larry Summers: pompous, foolish, asinine. But not small-minded. His brain is big… impossibly big. Go ahead. Ask him anything. Really, there is no subject so complex, so remote, or so gnarly that it can stump Mr. Summers.
MIT and Harvard alum… former president of Harvard… former secretary of the Treasury… former chief economist of the World Bank… Summers now writes for British newspaper the Financial Times.
In his columns, we find humankind’s problems fixed… the world’s challenges met… galactic issues resolved. Yes, Larry – one of President Obama’s candidates to replace Ben Bernanke at the Fed and the former director of the president’s National Economic Council – is the Great Fixer.
The savior of the planet and his former butler
Never has a situation appeared for which he had no fix. And never has one of his fixes failed so miserably to fix a problem that he didn’t come forth with yet another fix to fix the fix the faulty fix failed to fix.
We will come back to Mr. Summers in a moment. We pause, briefly, to have a look at what’s going on in the markets: “Wall Street indexes drop 1% as rate hike looms” says a Reuters headline. One percent doesn’t seem like very much. Not in a stock market that has gone up 210% since its low in March 2009.
It would take another 113 straight days of compounding that sort of drop to erase the gains brought by the Fed’s fix. U.S. stocks went up so much largely thanks to rate cuts and quantitative easing. Rate hikes are likely to send them in the other direction.
This will all probably happen the way it always seems to happen: gradually, then all of a sudden. Debt – particularly the weakest (subprime) links in the bond market – will stretch, and then give way. Stocks will lollygag around, not sure what to do. Then, investors will rush for the exits. At least, you should be alert to the possibility. No one really knows what the future holds.
No-one knows what the future will hold, but one thing is absolutely certain: the junk bond market doesn’t believe the constant “everything is awesome” drumbeat. It is telling us that things are dicey rather then awesome, and may soon get even dicier. Ignore at your peril – via StockCharts, click to enlarge.
The World’s Shepherd
But that must be why we have people such as Lawrence Henry Summers. He knows things that other mortals don’t. He has answers to questions the rest of us never even considered worth asking.
Take China, for example. Who knows what is going on in China? No one. Is that a problem? Not really. Why do we need to know?
The Chinese householder needs to figure out how to pay for his rice and fish eyes. The Chinese factory owner needs to bribe his local politician and put off paying his debt. The Chinese investor needs to guess which way markets are going – just like investors everywhere.
We all have our challenges, in other words… and tight limits on our range of competence.
Then, along comes Larry Summers. All of a sudden, the barriers of honest thinking and modest fitness are brushed aside. No problem is too big for Larry’s brain. And no detail is too small for his feet to trip over.
Lissen up pals … yeah, you there, over in China.
He is not even thinking for himself; he has become the brain, the voice, and the shepherd of the entire world. Here’s Summers writing in the Financial Times:
“[T]he world lacks shared understandings regarding goals for the evolution of the Chinese economy, the objectives of China policy in the short and medium term, and the institutional structures needed to manage both cooperation and inevitable tensions.”
We gasp for air! What manner of man is this? When did the world ever have a “shared understanding” of anything? How could you have a “goal” for the “evolution” of the Chinese economy? They let this guy into Harvard?
How could they not let him into Harvard? He’s the original Dude…he’s super-slick, a stone cold taker, a piggy bank shaker. Take a piece from the East, a piece from the West, put it where it feels good, let the Dude do the rest …
Cartoon by Mike Lane
Mythical Claptrap
Evolution happens without goals… without conscious thought. It is a trip without a destination. It is also the way economies work; they do not respond well to manipulation by self-important meddlers.
But if you are speaking for the entire planet, you have already gone way beyond the theory of evolution. You are in a world without theory… without science… without experience or history.
The only time when the economy is safe…
You are in a world of make-believe – where pundits pretend to know what they are talking about and newspapers fill space with mythical claptrap. Summers again:
“The world cannot expect economic cooperation from Beijing if its objective is to inhibit Chinese economic performance.”
Why would “the world” expect cooperation from Beijing? Why would “the world” have any interest in inhibiting “Chinese economic performance?” Why would “the world” give a damn about any of this?
What? He said what?
He also claims to know not only what is best for Larry Summers, the Summers family, the members of the Harvard faculty, the people of Brookline, Massachusetts, the Yankees north of the Mason-Dixon Line, the citizens of the United States of America, and all the residents of the Americas, north and south… but also all the people who live on Earth (presumably including its fauna, its flora, and its inanimate objects):
“The world is likely to benefit from recognizing that its deepest interests lie in China pursuing more not less reform, even at the expense of modest reductions in its contribution to global demand over the next couple of years, and possibly more exchange-rate depreciation than we would prefer.”
How does he know these things?
Summers only knows!
Don’tcha’ go makin’ no mojo moves ’round the dude.
»
- 281 reads
- Printer-friendly version
- Send to friend
- advertisements -
egad. enough with the pictures.
one picture of an infected horse's ass is enough, I agree
Summers should be ethanized.
Harvard B Schooler's = Destroyers of Dreams and Markets
Yes, we can thank him for the beginnimg of the downfall with the repeal of Glass Stegal...just don't know why some one as smart as slick Willy would have listened to this guy! ;-)
Good one
The whole "Committee to Save the World" should be convicted of crimes against humanity and killed.
But since the author did not bring up the other two thirds of the committee, I am left with the question of just what action he wants us to take after reading his rant against Summer?
That hairy mole made me urp up in my mouth.
It takes one to spot one.
Fraud from start to finish.
Duct tape and bailing wire forever......
https://youtu.be/2RfQyR59oiM
PEOPLE OF EARTH!! LISTEN AS I SPEAK!!
You can have your planet, it's broken beyond fixing so we don't want it anymore...
Who gives a fuck about this idiot who is a genius only in his own mind? Perhaps, Larry Summers does give a fuck, proving his judgment is fatally flawed
Summers blocked pre-crash regulation of Wall Street
Summers lost Harvard close to $2 billion on bad investments
http://www.motherjones.com/politics/2013/07/lawrence-summers-federal-res...
The problem with the world is we need more cow bell.
Edit: Besides clicking, I'm still trying to figure out the point of this article.
It's 'mor cowbell' for the several people who actually watch the TV programs these stuffed shirts frequent, it makes them feel like they have a handle on things.
"
A family matriarch – such as JFK’s mother Rose Kennedy – may speak for her entire clan … former mayor William Donald Schaefer used to claim he spoke for all the people of Baltimore … French president Charles de Gaulle, grandly spoke for the French …
...but only a leading economist, or a complete lunatic, would claim to speak for the entire planet."
This.
And this...
"Then, along comes Larry Summers. All of a sudden, the barriers of honest thinking and modest fitness are brushed aside. No problem is too big for Larry’s brain. And no detail is too small for his feet to trip over."
3 most evil "Public" figures in the world.
Summers, Rubin and of course the Irish Jesuit Sutherland who is in fact the real governor of the Irish jurisdiction.
Suds sold his soul to the globalist devil a long time ago.
The article does not get it.
He only appears to fuck up because he has different goals to people who remain attached to something or other.
The guy is doing a great fucking job.
Yes, which is why he needs to be executed right along with his masters.
https://www.youtube.com/watch?v=aAITxlCsj4Y
"Never has a situation appeared for which he had no fix. And never has one of his fixes failed so miserably to fix a problem that he didn’t come forth with yet another fix to fix the fix the faulty fix failed to fix."
This is the problem with the philosopher David Hume's pragmatism. Let a pragmatist get going, on some small problem, and soon enough, he'll have a fix that will require him being the ruler of the whole village, then the whole province, the whole country, the whole world, and eventually the entire Universe will need to be fixed by the pragmatists.
Pragmatism is the greatest witchcraft yet invented.
You're apparently not smart enough to leave it alone, Larry.
So...central planning doesn't work? Marx, Putin, Obama, Hillary, Xi Jinping, are going to be very upset.
Perhaps the subject's alleged educayshun was similiar to:
https://www.youtube.com/watch?v=iKcWu0tsiZM&feature=youtu.be
[ Warning: Dangerous to have hot coffee on your desk while viewing this video! ]
Lawrence 'Henry' Samuelson Summers did spot the 'Secular Stagnation' that is about to devastate the entire planet. In my book he gets credit for that, but he is most assuredly so full of hot air that he needs to be tethered like the Raytheon Spymaster's helium blimp before he literally floats away up into the sky to be raptured by Jesus Christ, and all the angels.
The implimentation of "mark to fantasy" was in large part due to this fucknut.
How is mark-to-fantasy treated tax-wise? Like a 1256 contract or simply like an equity-based security?
How does one determine the fantasy value? Is there a guideline or does one simply pull one out of the air?
How ironic. Larry is one of the academic shills that has promoted/facilitated the greatest FRAUD in the history of the planet!!
execute these fucks already, nothing changes otherwise!
Here are more pictures of Larry:
https://en.wikipedia.org/wiki/Penis
Summers = the most pompous egotistical arrogant ALWAYS WRONG asshole in the regime
let me repeat, capitalism is not feudalism
They have no fucking skin in the game of a local area, a nation or anything permanent as they do not own equity
It a debt Based system of continual (Pointless) motion.
It becomes a simple question of keeping the big wheelturning, however pointless it may seem to simple and indeed wise peasants..
en
The bloated, bloviating, banal, bifurcated, brainless, buffoon of bullshit...Larry Summers.
He is proof positive that someone who leads with his resume....does not know shit.....he thinks the plaque on the wall shows how smart he is....it does not..but some stupid people think so...
Second Photo of Larry from the top caption; ( Lips ) I'm a piece of shit.
At least Larry Summers has some background in the monetary system.
Tim Cook however is another know-it-all but his background?...not sure but he has just announced that in a generation kids in England won't know what money is.
Now I think he meant 'cash' not money but when one is making such pompous predictions you'd think one would have the right vocab. Not Cook. He knows about the environment too.
If Apple has a good quarter he feels like a genius, like the crowing cock who believes he has made the sun rise.
Saints save us from these blowhards.
And he knows about ass bandits.
I'm trying to keep my slander civilized. No need to invoke sexuality when intellect alone sinks Mr. Cook.
If he's such a genius why has he f*cked up everything he's turned his hand to? He has you know.
Summers is a has-been blow hard, but he's better than this snarky article.
Would you let him manage your portfolio?
Harvard University did. Larry's genius cost them a lot of money.
http://blogs.reuters.com/felix-salmon/2009/11/29/how-larry-summers-lost-...
Harpoon.
This article is a fucking stupid speed bitching rant about no one.
Therefore, like one graduate stated, "Having a Harvard MBA is now like a scarlet letter."
No wonder. See definition of "crimson" and then this:
http://www.theweek.co.uk/business/24431/mba-letters-spell-financial-ruin...
If these Jew elites coached college and pro football teams with their records they would have been canned long ago.
Ahhhh, Larry Summers.....sleeping Jewty! Go fuck yourself you piece of shit. Make it sound like you're all concerned about the lies being spewed by you and your ilk.
Will someone ask Larry if his support for the repeal of Glass Steagal was an effective policy? A very simple question indeed.
http://www.reuters.com/article/2015/11/12/us-g20-turkey-imf-idUSKCN0T11X...
The U.S. Federal Reserve should wait to see firm signs of rising inflation as well as a stronger labor market before hiking benchmark interest rates, an International Monetary Fund paper said on Thursday.
In a report prepared for the upcoming Group of 20 meeting in Turkey, IMF staff said spare economic capacity and very low inflation justified keeping monetary policy loose in most major advanced economies.
The contrast between rising U.S. rates and probable further easing in other developed countries was one risk overshadowing the global outlook, along with a shift in gears in China and an end to the commodities super cycle, the surveillance note said.
"The Federal Open Market Committee’s (FOMC) decision should remain data-dependent, with the first increase in the federal funds rate waiting until continued strength in the labor market is accompanied by firm signs of inflation rising steadily toward the Federal Reserve’s 2 percent medium-term inflation objective," said the note, which does not necessarily reflect the views of the Fund's executive board.
A Reuters poll published on Tuesday showed a 70 percent chance the U.S. central bank would raise its short-term lending rate at its Dec. 15-16 meeting, after a stronger-than-expected jobs report last week.
Policymakers, who have held benchmark overnight rates in a zero to 0.25 percent range since December 2008, are split over whether inflation is likely to rise from the current 1.3 percent under their preferred measure, which excludes food and energy.
IMF staff urged G20 nations to back China's efforts to liberalize its economy and accept that the transition to slower but more sustainable growth would likely involve some hiccups.
G20 leaders will have an in-depth discussion about migration at their Nov. 15-16 summit, and the IMF note said this was a pressing economic issue for both sending and receiving countries.
Increasing violence in the Middle East and Africa has driven waves of migrants into Europe, but neighboring countries such as Lebanon, Pakistan and Turkey are also struggling to cope with an influx of displaced people and need international support.
Upcoming IMF research showed that the costs associated with asylum seekers in the European Union could rise by a cumulative 0.15 percent of gross domestic product (GDP) in 2015–16 from 2014, the note said.
But since 80 percent of migrants were of working age, continued migration could offset population aging and cut age-related spending in advanced economies by 1 percent of GDP by 2050.
The note suggested host countries could increase the economic contribution from migrants by offering benefits such as permanent residence to those with in-demand skills.
https://www.imf.org/external/np/g20/pdf/2015/111515.pdf
Group of Twenty IMF Note — G-20 Finance Ministers and Central Bank Governors Meeting
IMF Note on Global Prospects and Policy Challenges
November 15-16, 2015
He may be worthy of this condemnation, but I still think he got a raw deal at Harvard. Which only goes to show that the ultra liberal arrogance of college professors and administrators is even worse than Summers.
Fomer Obama advisor? are you nuts? this guy and his mentor rubin discovered and created obama and are the pilots in this sh$tshow manipulated market and media control/spin world.
Jumbo Jet Janet took over for Helicopter Ben because Cargo Plane Larry had a wingnut and a screwloose!
Who is Larry Summers?
Anyhow Economics should be forbidden as an academic science.
Larry Summers is a former chief economist to the World Bank; ex-Secretary of the Treasury; and an economic advisor to two Democratic presidents. As such, Larry Summers was one of those who designed the American legislation and governmental policies that eventually resulted in the financial crises in 2008, which were an inside job, designed to advance an overall global agenda.
Economics is a science in the same way as warfare is a science. Indeed, warfare is the oldest and best developed form of social science and social engineering. However, that science is intensely paradoxical because its social successfulness depended upon deceits and treacheries. As symbolic information became more important than physical power, successful warfare based on backing up deceits with destruction morphed to become successful finance based on enforcing frauds.
That long history of successful warfare based upon deceits, becoming the history of successful economics based upon frauds, has resulted in almost everyone taking way too much for granted the degree to which they are living inside of Wonderland Matrix Bizarro Worlds, where they think about everything regarding "economics" in the most absurdly backward ways possible.
Production of destruction controls production.
Money is measurement backed by murder,
since debt controls depend on death controls.
All private property is based on backing up claims with coercions, and there is no private property outside of some system of public violence. Human beings and civilization operate as entropic pumps of environmental energy flows. Natural selection pressures drove the development of artificial selection systems operating with the most social successfulness through the maximum possible deceits and frauds.
Economics should NOT be forbidden as an academic science, but rather, should go through radical paradigm shifts, in order for the deeper reasons for how and why political economy developed inside of human ecology. At the present time, the international bankers, with figureheads like Larry Summers being one of the spokesmen, almost totally get away with spouting their bullshit view of economics, that economists who are intellectual mercenaries within those systems also proportionately spout. That is especially the case because articles like the one above tend to have only a relatively superficial understanding of the degree to which we are living inside of a "make-believe world."
Economics SHOULD be an academic science which becomes more consistent with the physical science of environmental ecologies. HOWEVER, that would not be possible unless there were sufficient paradigm shifts to rectify the degree to which there are now Wonderland Matrix Bizarro Worlds, where governments are the biggest forms of organized crime, controlled by the best organized banksters, through those institutions being able to promote the social stories of presenting everything as diametrically opposite to what it actually is.
Since all of the established political economy is based upon governments ENFORCING FRAUDS by privately controlled banks, and that has worked due to the history of POLITICAL FUNDING, socially successful "economists" are so to proportional degree that they are able to operate as the best available professional hypocrites. More importantly, the degree to which the economy is based upon successfully ENFORCING FRAUDS, almost everyone lives INSIDE of those systems, and has done so for generation after generation, so that almost everyone has attitudes based upon deliberately ignoring the principle of the conservation of energy, as well as deliberately misunderstands the concept of entropy in the most absurdly backward ways.
The essential issue is that, after life exists, then the death controls direct the evolution of that life. The death control systems were always central to natural selection pressures, and therefore, must necessarily be central to artificial selection systems within that. Therefore, intense paradoxes, as sets of consistent contradictions, have created ways of "understanding" the world based upon "make-believe" in the form of all the publicly significant religions and ideologies. Human beings and civilization necessary live as entropic pumps of environmental energy flows, which have necessarily developed to become publicly presented through the dualities of false fundamental dichotomies and the related impossible ideals, which deliberately ignore and/or misunderstand everything in the most absurdly backward ways possible.
Economics should be based upon perceiving that there is nothing else than the dynamic equilibria between different systems of organized lies operating robberies. However, economics has actually developed to be presented by professional hypocrites in ways which are as deceitful and fraudulent as humanly possible, due to those being selected through the history of warfare and economics to become the most socially successful strategies. Hence, the ways that almost everyone thinks about "economics" operates inside of the Wonderland Matrix Bizarro Worlds. As far as I can tell, the author of the article above also is mostly doing that, but only notices that Larry Summers is even more egregiously doing that.
Radical, thank you for your thoughts, it is good to reflect upon and offers a good perspective.
The reason why I make my statement is that I have not met many intelligent economists that can think about outside the box and stick/believe in their dogma's. They are the simple food soldiers.
As such economics as it is now is for me a joke and is abused by the manipulators to control the masses. They are the masters.
However I have no hope this will change unfortunately.
Regarding mr Summers he is the proverbial type that will hang himself with the rope he has sold. The system he is trying to protect will fall because of men like him.
Txs
"I have not met many intelligent economists that can think outside the box."
For sure!
That is why the following quote from Upton Sinclair tends to get repeated fairly often by people posting comments on Zero Hedge:
A Canadian perspective
on Summers' influence:
Prime Minister Trudeau II, replacing Prime Minister Harper, can be compared to President Obama replacing President Bush II. Canadian politics has had a thorough cosmetic makeover of the way its government superficially looks, which is along the lines of putting lipstick on a pig. Superficially, it looks very different, however, it is actually more of the same, as Canada deteriorates from being Colonial towards being NeoFeudal.
It was Justin Trudeau's father, when Prime Minister in 1974, that agreed to the Washington Consensus, to stop using the Bank of Canada, but rather "borrow" Canadian "money" made out of nothing from privately controlled banks, and in all other ways agreed to follow the directions of the international banks' organizations:
http://www.comer.org/
Of course, all of those sorts of political events are possible because of the degree to which more than 99% of Canadians always act like Zombie Sheeple. For instance, after the financial crises in 2008, the government of Canada transferred more than a hundred billion dollars in various ways to its biggest banks, resulting in that government suddenly having its reported deficit increase by about fifty billion dollars. However, those events were barely reported upon by the Canadian mass media, and never became election issues.
Within that context, the more one learns, the worse it gets, especially because nothing can be done to change it! The banksters are the most Vicious Wolves, which are able to publicly present themselves as being "The World’s Shepherd." Meanwhile, they can count on the majority of the world's people continuing to act like Zombie Sheeple, being fleeced to exhaustion, and set up to be slaughtered, while nothing effective can be done to change the dynamics of those social pyramid systems, which have been developing for thousands of years.
The current government of Canada is using Larry Summers as their economic guru, because Summers is a figurehead spokesman for the international bankers, which are the best organized gangsters, the banksters, that are controlling the governments of North America, as well as all other NATO countries. Larry Summers is necessarily one of the best available professional hypocrites, who was recruited by the new government of Canada to improve their ability to be professional hypocrites.
Overall, like President Obama turned out to actually be worse than President Bush II, so too, Prime Minister Trudeau II will necessarily, from any relatively objective point of view, regardless of the beautiful cosmetic makeover of the public appearance of the new Liberal government, turn out to actually be worse than Prime Minister Harper's Conservative government. One the strongest indications of that is Larry Summers "is now the intellectual guiding light for Mr. Trudeau and his key advisors."
I wonder if summers cheers when companies he owns shares of aggressively dilute shares to raise cash for bullshit purposes. Its the exact same thing as printing money.