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Chuckie Evans Goes Full QEtard: Tells Hilsenrath Fed Needs To Do "Much More" Easing
Confirming that the Fed's doves, every single one of them, are genocidal sociopaths, we have a repeat appearance from Chicago's Chuckie Evans, who first sent stocks barreling in the latest algo driven, no volume meltup, earlier, this time dodecatupling down, by telling Fed lackey Jon Hilsenrath that "we need to do much more to increase the level of accomodation"... much more as in the ~$2.5 trillion of debt that needs to be monetized in the period before Obama's desperate reelection campaign. And by "we", he means the group of 12+1 madmen bundled up in a room in the Marriner Eccles building with or without padded walls, who unlike a simple unfunded blog, believed that Q4 GDP in the US would be about 4% instead of the negative print it is about to be in a few short months. Yes sure: lets give the sociopaths-cum-Econ Ph.D's another run at destroying the world: just because the Arab Spring was not enough to demonstrate just how efficient the Fed is at toppling regimes, this time around they will make sure that the revolutionary wave sweeps across Asia, through Europe, and ends on the banks of the Potomac. Of course, if in the process it also brings with it the much desired hyperinflation that will make the US banking sector whole, who cares if a few million people die - at least Wall Street, which has long since converted its fiat wealth into gold and other real money, will be spared, go on a 5 year vacation to non-extradition Libya, then come back when the shotguns have rusted, and the pitchforks have been dulled, and pick up where they left off. Because as we all know, nobody is more "intuitive" than an Econ. Ph.D, and nobody can create greater financial innovation, aka the primary export of the US, than someone from New York's Financial District.
More from the Fed's mouthpiece:
Mr. Evans, who stirred markets with similar comments earlier in the day on CNBC, said he felt the Fed needed to make an even stronger commitment to keep interest rates low. He worries the public has tended to be too quick to assume the Fed will raise interest rates whenever the economy perks up a little and says that view is undermining the recovery.
"I would want to nail down expectations about accommodation," he said. "By itself that would be very helpful."
Mr. Evans doesn't think the Fed should raise interest rates until the unemployment rate gets to 7% or 7.5%, or unless inflation threatens to move up to 3% in the medium-run. The Fed has a 2% long- run goal for inflation, but just as it undershot that by roughly a percentage point during the recession, he thinks it is OK to temporarily overshoot it, too.
A little hyperinflation never hurt anyone...
"Running a little bit above 2% is far from a catastrophe," he said, adding that the 2% goal is what inflation should average over time and it shouldn't be seen as an absolute ceiling.
Without stronger commitments to keep money easy or other efforts by the Fed to boost growth, there is a "tangible risk" the economy won't be any stronger two years from now than it is today, "and I think that would be a huge problem," he said.
Perhaps it is time to rename "doves" to "rabid middle class vultures"
Mr. Evans is part of a contingent of Fed doves -- officials who tend to be less worried about inflation and favor more action to boost growth and reduce unemployment. The hawks who worry about inflation and oppose more action tend to get a lot of attention because of their recent dissents from Fed decisions. Minutes of an August meeting by officials, released Tuesday, showed that the doves have been very vocal internally.
"A few members felt that recent economic developments justified a more substantial move at this meeting, but they were willing to accept (the measures taken) as a step in the direction of additional accommodation," the minutes said.
Mr. Evans declined in the interview to say whether he would support additional securities purchases by the Fed, also known as quantitative easing.
Of course he won't "support" it - he will demand it.
Next up: formal targets:
The idea of setting formal targets for the economy is an area that is getting more attention inside the central bank. Such a move, some argued in August, "would establish greater clarity regarding the (Fed's) intentions and its likely reaction to future economic developments," the minutes said.
Among the targets in question: gold in popular circulation in ounces: zero; middle east country to be nuked to prove Keynes was right after all: Iran; middle class expendable: 50-100 million (carry the 0); weapons to be confiscated: all; start-end curfew hours: 8pm - 6am, and so forth.
And since gold is about to be 6102'ed very soon, we urge readers to make a map of where they bury theirs, memorize it, and then swallow it (the map, not the inedible gold).
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I got my wife a solar powered vibrator. It was our "solar" anniversary. But everybody knows I'm an old romantic.
B-B-B-B-io-D-D-D-D-iesellllllll!!!
After watching this sniveling, arrogant, politburo piece of shit on CNBC this morning two words came to mind;
terminally stupid.
It is amazing how much we now resemble the Soviet Union.
Apparatchiki everywhere you look.
Yes, there was something about looking this evil enemy of free markets in the eye and listening to him spew his vile devil talk that left me very taken aback. A frightening "a-ha moment" for sure.
Please keep him locked behind closed doors! I have seen the enemy and he scares the hell out of me. Especially since I (we) have ZERO control over his actions to destroy us.
According to the script I've read, the direction is the reverse: First topple America, then merge MENA and Eurasia into an expanded EU, then mop up (or anihilate) the stragglers later. Russia and China are already under control. Just sayin'.
As far as an executive order 6102ing gold, I don't think they have the balls for it.
The central banks and bankers are among the most hated people on the planet right now. They've seen what happened in MENA over food. If they tried confiscating assets and outlawing safe haven holdings, they ain't seen nothing yet. They're actually scared little bitches on defense trying to save their asses and their Rube Goldberg pyramid scheme. The last thing they need to do is to ignite a civil war, least of which, is because all those bonds they hold would go to shit, and they'd be kicked to the curb sooner, rather than later, with even a minor revolt in the Land of Liberty. They can't even handle a few million lazy Greeks.
There's no more threatening and frightening the public anymore from them. It is worth noting, however, "rational" thinking and sociopathy don't often go together, so I'll give you that...!
But recently, Rasmussen, or another pollster, actually called the current atmosphere "pre-revolutionary." I think the Fed is very aware of this. There are many among the unhappy public just waiting for the Fed to screw up so they can be shut down. If they try to outlaw/confiscate gold, or it's announced that the USD lost it's reserve status overnight and we all wake up in Belarus one morning, there would be immediate calls for an intervention of the sociopaths at the Fed.
Oh come on, how difficult would it be for the programming outlets to plant the meme that gold is nothing more than a plaything of "extreme right wing" and a novel form of domestic terrorism (ruh roh, that one has already been bandied about). After all every non-fringe knows that the only reason gold is in a bubble is that Glenn Beck used the public airways to pimp his products.
Evil, selfish gold hoarders are hurting "our" economy and such "our leaders" must take action to facilitate the learned Fed's pursuance of its dual mandate. Those extremists and their barbarous relic, let them hang if they resist.
I can say without hesitation that a large percentage of Amerikans would eat this shit up and cheer on the storm troopers. This bitch hit the iceberg long ago.
Paul Craig Robert's brilliant column on this subject helped me see the light, it's over:
http://www.lewrockwell.com/roberts/roberts305.html
Exactly. It will be done quickly, announced on the day its implemented so that there's no time for an organized dissent or to move assets. And it will be in the context of 2 or 3 other things done simultaneously - again to diffuse dissent. For example - huge foregin counterfeiting ring uncovered, emergency currency change, some banks nationalized, and, by the way, all gold sales subject to mandatory reporting and 40% windfall tax, exportation illegal.
Stated above, they've already confiscated most of the gold in 1933 -- diminishing returns this time around. More likely spot on with attempts at confiscatory taxes on gold and PMs, even metal miners, but they'd have to be able to enforce them -- and there's the rub. They failed during prohibition, the war on drugs, and they can't pay to start a war on gold.
With a gold standard looming, and remonetization of gold in all of our global futures, such a thing would now clearly be seen as a 'treasonous' act, and fighting words. Remember, the liberal congress backed off those 1099 reportings for transactions >$600. After the 2010 elections, statism has been in retreat, or has at least decelerated. That's why they hate the Tea Party so much. Agree, everyone should take all precautions against statist attempts at confiscation, I'm not certainly not saying to let your guard down. I'm not!
I just don't think they have the balls to outlaw gold because they are in fear for their own existence. Last option for them to survive is to let the gold price go much higher and then remonetize gold to back the USD, the USA being a gold super power, as is Europe (Rickards). If they want to leave their last credible option open they can't go a-confiscating the relatively little gold that remains outside their grasp.
I do think the TSA's stealth intent was for capital controls but, status-post a collapse, such a police state would require a lot of money to maintain, which they already don't have. They'll be too busy stopping food riots in front of the Fed building to dig up everybody's backyards. That is pretty much how things played out when the old Soviet Union collapsed. Paychecks were unpaid and pensions were gone, so the police took off their uniforms and joined the protestors.
It would be interesting to see how PMs are being handled on the ground right now in Belarus....
Oh, they could try, and I wouldn't put it past them, don't get me wrong. But right now it'd be an admission of failure and igniting a fire.
They'd have to wait for the circumstances for a collapse, which is perhaps the sort of thing your referring too. But by then everybody would already be in the streets after them. The bankers are already on the hook, so it's too late for them to try to scapegoat anybody else, that's the point. If it goes tits up from here, and it will, it goes from bad to worse for the "evil greedy bankers." And Obama has taken sides with the MB, so it's already against the law to be Jewish, among other things.
Besides, they already got most of the gold in 1933, what is left would likely cost them more to try to obtain. FDR never even went door to door, not by a long shot. Pardon the pun.
I was wondering when the discussion of confiscation was going to be addressed. I agree that it won't happen -- this time. Gold is under owned and not money like it was in 1933. Even then it was done with the certainty that people would hand it in. Not now. No way. 500 tonnes was turned in back then. There isn't a tonne in the hands of any group of people who constitute a threat today. Most people would turn to their neighbors on the subway and say, "Whuhhh?" Those who have it ain't letting go of it. Period.
"how difficult would it be for the programming outlets to plant the meme that gold is nothing more than a plaything of "extreme right wing" and a novel form of domestic terrorism "
Blood diamonds, anyone?
If not for a popular movie by the same name, nobody would even know about blood diamonds. Who's gonna give rat's ass about gold when nobody even has any? Gold is fungible and diamonds are not. Each one is different but gold can be divided into nearly microscopic amounts and/or reformed into any shape. It's just not an item that can garner attention unless the CNBS folks actually turn into traitors. Wait.... did I just say that?
Pitchfork an Oligarch lately?
This will be a consumer catastrophe!
"...sociopaths..."
Said perfectly.
Far be it from even intelligent folks, apparently, to extrapolate the end results of such a simple truth.
From 2-3% in fake inflation. Then real would be at least 15-20% from ~11% today. That would be fun for the rice eating people on this planet.
Hey - Bernanke didn't ease in Jackson Hole. The economy is doing better than we thought. This is bullish!! Wait, what? They're going to meet for 2 days in September instead of 1? Totally bullish! Wait, now they're saying we need more QE and lots of it? Big time bullish!!
im being dragged to a nascar event this weekend..first time ever, this should be an enlightening experience. Ill let you guys the if the sheeple are still completely blind.....i figure nascar races are always good contrarian sentiment indicators.
Tyler
I hope you are wrong man. Your track record makes this scary.
it is refreshing to know that someone gets it. one massive dose of inflation now will do what .gov and the banksters refuse to do which is to flush the system out, swirl it around the toilet and flush it out to sea. after the billion casualties are counted all will be right with the world and hopefully the christian zionist peace plan for the middle east be achieved.
Chukie Evans is full of it. I've seen no evidence that Fed easy money policies do anything to help the productive economy. The Fed had easy money policies throughout the 70/s and the economy remained in the dump the whole decade. And in fact it only recovered in the 80's after Volker instituted a tight money policy. QE1 and QE2 don't seem to have had any effect on the unemployment rate. I cannot remember a time when long term interest rates have been as low as they are now, but unemployment remains stubbornly high. The idea that the Fed can magically fix the economy with a quick injection of liquidity is a total crock.
But what today's super-low interest rates are doing is enabling a huge buildup of debt. When interest rates rise (as they will eventually) this is going to cause enormous problems.
"Running a little bit above 2% is far from a catastrophe"
And that's how it starts. Then when it's 3% and the economy still sucks, it will be okay to go to 4%. On and on until the end... Anybody who thinks the 2% mandate will limit the Fed to conduct QE infinity is more naive than a 12 year old girl in love.
And the spineless shill Liesman fails to ask the logical follow-on, with CD rates below 1% and given your omniscient centrally planned rate of inflation at 2%, what do you say to the retirees and savers out in the Amerikan hinterlands who out of good sense, habit or necessity refuse to buy into your centrally planned HELOC world of let them eat iPods?
There is no forum left for truth.
Everybody wants QE because they believe they know what to expect. They believe they will make a lot of money and to hell with all the righteous indignation. They'll get rich and live like kings while the little people grovel for crumbs. The politicians, including Fed Govenors, are merely trying to plot a work around, entertain the MSM with theater and drama while they try to come up with an excuse, a justification, a way to do what they know they're going to do, what they are convincing themselves they must do, and maintain that all important plausable deniability.
Let us hope that when this thing does a "6102" the level of compensation will be a bit more than $35/oz.
History is an account, mostly false, of events, mostly unimportant, which are brought about by rulers, mostly knaves, and soldiers, mostly fools.
Ambrose Bierce
A child of five would understand this. Send someone to fetch a child of five.
Groucho Marx
Between two evils, I always pick the one I never tried before.
Mae West
Get your facts first, then you can distort them as you please.
Mark Twain
Mr. Evans, it is not your intentions to accomodate that we doubt; it is their efficacy, fuck-for-brains.
But, but as Nobel Laureate Paul Krugman has taken great pains to explain, despite the protestations of the extreme fringe, it has simply been accommodation of insufficient quantity that explains the lack of efficacy, for after all everyone knows such policy must be efficacious.
Unintended consequences? Bullocks, this is simply the product of a super duper infinite global economic growth story with the greedy actions of evil speculators thrown in for good measure.
You might benefit from learning the difference between monetary and fiscal stimulus...and also how to spell bollocks.
http://krugman.blogs.nytimes.com/2011/04/24/qe2-disappointment-wonkish/
The spelling of bollocks, this is the best you can do, a fucking typo?
Are you actually defending Krugman? I assume that you detected the sarcasm and that you are. That said did you even the read the fucking article you linked to? Krugman points toward a monetary stimulus plan laid out by some fucking communitarian pimp named Gagnon as being "worth a try" and in hindsight; "So what we’ve had is a much downsized version of the policy, more than offset by other government actions"
So the policy is nifty and could work, it just wasn't executed to a sufficient degree.
Wasn't this the point I made satirically in the initial post, asshole?
Instead of addressing the second point, the unintended consequences of QE2 you focus on a typo. Nice bitch.
Exodus 32:31 So Bernanke returned to the Obama and said, ‘Alas, this people has sinned a great sin; they have made for themselves gods of gold.’
They do whatever the fuck they want. No matter who is in office, the banks own the bastards. Glad football is starting. Now we will have our opiates for the masses.
fuck, months ago all you heard on these comment boards was btfd and don't fight the fed.
you think anything has changed?
the trend is your friend. and the trend is manipulation. not a technical or quantitative stat. it is consistently corrupt human behavior. bet with it and win.
"...Wall Street, which has long since converted its fiat wealth into gold and other real money, will be spared, go on a 5 year vacation to non-extradition Libya, then come back when the shotguns have rusted, and the pitchforks have been dulled, and pick up where they left off."
Exactamente.
After QE3 fails, the Fed PhDs. can repeat the old Russian phrase - 'We tried our best, but results were as always'.
The central planning of the economy doesn't seem to be going so well.
"He worries the public has tended to be too quick to assume the Fed will raise interest rates whenever the economy perks up a little and says that view is undermining the recovery."
Really? That's his worry?
I am not sure if this post will appear next to the comment I want to respond to..That being said, at what point does someone with real power send a message to TPTB that liquidating the Worlds savings is NOT acceptable? Brilliant point that I have never thought of. When does China, Russia, Brazil etc.. send a message to the paper printers that this will no longer be acceptable..I mean a real message! Not a press conferences but a lead conference..of which there is no negotion and only one person leaves the meeting...Time will tell, but I suspect that such a meeting is soon on the horizon. Call it Jackson Hole in the head!
http://www.youtube.com/watch?v=cbwwfNL4QUM
...Israel and the Muslim world are going to have it out. It does not matter if the Russians and Chinese use the Muslims or America and Europe use the Israelis as part of the battle plan for their respective claims and geopolitical efforts. We are all going to be in the shit in the next few years as a result. This market is nothing more than the image of that fact. http://www.youtube.com/watch?v=PRGx2JDRRV4&feature=related
Indian make small fire, sit up close.
Cowboy make big fire, sit way back!
""Running a little bit above 2% is far from a catastrophe,"
Oh yeah? Not when the interest rate is near zero and you are a saver who is seeing your wealth stolen from you. I just Tyler hadn't held back what he really feels.
I'm going long on lampost manufacturers. The time is coming.
Rentier capitalism form of capitalism must be eliminated. There further along than you think. Obama mentioned how many more regulations today? Just as warned if you ask for darkness those who looked ahead warned of that just thought and consequences . Vote wisely is a mortal plea to those with a sluggash spirit given by whom? Warn the cheerfull idiots and usefull idiots since that is your reasonable service.
I hate to agree that most Americans are in the dark about all of the activities of the Fed, Treasury etc, but it is true. I have tried to alert family and friends to prepare, maybe get some inexpensive silver coins and crisis food and have been laughed at. I am the tin foil hat gloom and doomer, not really the life of the party. I also spent years examining failed regimes in graduate school so I have an idea of where money mischief ends up.
When things finally collapse it will not be Mr. USA driving up in "Grave Digger" with a can of Brawndo and a 12 gauge to the rescue, it will be more like the London riots. When people can no longer flip on American Idol and eat a bucket of KFC with a supertanker of Coke they will hit the streets and go after who ever is easy to blame. It will probably be who ever the MSM can make a case against.
I like the online tough guys who say "well the government better come locked and loaded if they are coming to take my stuff away." Dude, you won't even see it coming if it gets that far, it will be a neighbor, family member, co-worker who turns you in and you will get black bagged in you P-Js. Lets just hope it doesn't
The fall of the modern Roman Empire is on its way.
i'm not ashamed to say that i agreed with everything he said on cnbc
i've felt from the beginning that things were so fubar that it would take tens of trillions to fix the problem
unless the preferred solution was a debt implosion, they'd better make sure there enough currency to service the debt.
as criminal as this ponzi is, all that's required is an accelerated level of new math that everyone has already had to get used to for the last century
no better reason to own real money
Spot on ZH.
Glass-Steagall
For those that understand the fundamentals...this is checkmate. It may take a few months, but this is the most significant PM news of 2011.
http://www.goldmoney.com/video/naylor-leyland-turk-interview.html
http://www.cheviot.co.uk/content/488767_the-page-and-hugo-chavez-a-curious-meeting-of-minds.pdf
Have faith folks, if a 22 year old college senior can find your website and tell others about you guys, then hope is still there. I've been purchasing silver (any recommendations for someone on a minimum wage job to acquire silver? I've already got 4 oz), and I plan on buying some ammo for my AR-15 along with food, bottled watter and some things to make us self sufficient. I do agree that 2012 will be a turning point. I back Ron Paul and I believe this election will let us have a clear choice. Do we decide to come clean, fess up and start becoming more responsible? Perhaps we reject him and continue with the same. I truly believe we will be given over to our desires if we choose to continue. I hope that America makes the right decision, but I'm worried that we are so busy watching dancing with the stars that we will wake up when it's too late and the car is already in free fall off the edge...
Graduate.
One more semester to go thank God (this is the last one). Thinking of pursuing IT certifications or starting to work in some sort of sales job since I have some background in that. Grateful for my history knowledge that I have gained and I hope I can use that to show others what is going on. Just hoping the collapse doesn't happen within a year's timeframe.
tell family that DOES have wealth about what you have discovered
PiousPriest - that's a tough question for a minimum wage paycheck.
Here's my suggestion for one w/very short FRNs.
Go to banks and ask for rolls of nickels and go thru them in the hope you find pre-'64 - it works!
Then turn in the duds. Casinos can offer a source too.
Currently, nickels dated past '64 are worth almost 7 cents in silver content.
Do the math. That's a 30% + increse in your investment I do realize this is slow going but it's an option.
After Nov.,2011 any new nickels will be devoid of silver per Obama new regulations.
In a SHTF scenario ANY nickels will have a better value than 5 cents.
The above info was gleaned from SURVIVALBLOG.COM.
Look on lefthand side of webpage to find this and more info.
May be slow going w/no gaurantee of sucess but i've found siver @yard sales as jewelry cheap.
Hope this is of some help to you and yes ,as i've seen you post here before, you do offer a level of encouragement!
Mmmm....got any more of that weed there amigo??
Nickels were/are always nickel/copper mix except for 42-45....those have some silver in them.
Pre 65 dimes/quarters - silver
Pre 71 half dollars - silver
http://www.coinflation.com/silver_coin_values.html
I do agree that checking rolls is best way....stick with dimes and half dollars...quarters are waste of time imo.
Meanwhile, Dr. Copper isn't feeling so well:
http://www.bloomberg.com/news/2011-08-31/copper-in-london-declines-first-time-in-six-days-on-global-growth-concerns.html
Always pay attention to Dr. Copper
From an establishment perspective, why is Evans wrong? Why not say fed funds rates will be at zero, IOER will be at zero, a quadrillion of debt will be monetized.... until unemployment reaches whatever the Fed determines it should be? There are HUGE deflationary headwinds (namely American labor is vastly over-priced), so let the monetary games begin... like a small child- you, the parent, won't sleep until the conditions are met. Classic psyops.
I know I'm crazy.
But i still see a deflationary nightmare on the horizon.
Humpty Dumpty and all that jazz.
Peace.
http://geraldcelente.proboards.com
Self-exile in Lybia? Why not Israhell?
"c'mon, you can't spend your whole life worrying about your mistakes. You f'cked up, you trusted us"
http://www.youtube.com/watch?v=zOXtWxhlsUg&sns=em
"c'mon, you can't spend your whole life worrying about your mistakes. You f'cked up, you trusted us"
http://www.youtube.com/watch?v=zOXtWxhlsUg&sns=em
Inflation = 4%
Doctor copper has that "rampier than thou" look....Bataan death march before the breakout (down)
I can't give away the Breakpoint Trade secrets but they won't mind if I show you where the main indicators are pointing. One more Nasdaq led bounce and then down? Sure think so.
Here is Gold priced in real money, Gold. This is obvious a Wave 3 event, now forming a spastic diamond, which is a continuation pattern most times. That means down.
http://oahutrading.blogspot.com/2011/08/doctor-copper-says-ramp-then-die...
Question: to what extent is the delay in QE3 tied to EU problems rather than our native concerns exressed here at ZH? Is the fed delaying with expectation that money shifts from Europe(both US money markets and EU money) Any one have any numbers as to the shift of $$?
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