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Forget Operation Twist: Rosenberg Says Bernanke Will Shock Everyone With What Is About To Come
As we have been pointing out since the beginning of the week, the one defining feature of the past 5 days has been a relentless short covering rally. And while the mechanics were obvious, one thing was missing: the reason. Well, courtesy of David Rosenberg's latest, we may now know what it is. Bottom line: for all who think that Bernanke is about to serve just Operation Twist next week... you ain't seen nothing yet. "The consensus view that the Fed is going to stop at 'Operation Twist' may be in for a surprise. It may end up doing much, much more." Rosie continues: "Look, we are talking about the same man who, on October 2, 2003, delivered a speech titled Monetary Policy and the Stock Market: Some Empirical Results. I kid you not. This is someone who clearly sees the stock market as a transmission mechanism from Fed policy to the rest of the economy. In other words, if Bernanke wants to juice the stock market, then he must do something to surprise the market. 'Operation Twist' is already baked in, which means he has to do that and a lot more to generate the positive surprise he clearly desires (this is exactly what he did on August 9th with the mid-2013 on- hold commitment). It seems that Bernanke, if he wants the market to rally, is going to have to come out with a surprise next Wednesday." In other words, stocks are now pricing in not just OT 2, and a reduction in the IOER, but also an LSAP of a few hundred billion. There is, however, naturally a flipside, to Bernanke's priced in announcement: "If he doesn't, then expect a big selloff." In everything, mind you, stocks, bonds, and certainly precious metals. And, of course, vice versa.
Full note from Today's Breakfast with Dave:
The consensus view that the Fed is going to stop at 'Operation Twist' may be in for a surprise. It may end up doing much, much more. And this may be one of the reasons why the stock market is starting to rally (a classic 50%+ retracement, which always occur after the first 20% down-leg in a cyclical bear market would imply a test of 1,250 on the S&P 500 at the very least). Hedge funds do not want to be short ahead of next week's FOMC meeting, and who can blame them?
Here are 10 reasons why:
- Just go back to August 9th. The Fed was supposed to make a more emphatic comment in the press statement about "extended period" as it pertained to the length of time the Fed would stay ultra-accommodative on the rates front. Bernanke went much further than anyone thought with his pledge to keep the funds rate at the floor at least to mid-2013.
- Ben Bernanke has shown repeatedly that he is willing to take risks and be very aggressive.
- Everyone knows that the Dow finished the August 9th session with a huge 430 point gain after the FOMC press statement was fully digested. Not only that, but when Bernanke held his two-day meeting in mid-December of 2008 and unveiled QE1, the Dow soared 360 points. And last November, the day after that two-day meeting when Bernanke made it clear in his Washington Post op-ed article how key it was to ignite the stock market, the Dow jumped 220 points. It may all be just for a near-term trade, but in an industry where every basis point counts, who wants to be short knowing all that?
- At that August meeting, we know both from the statement and minutes that additional rounds of unconventional easing were discussed. And Mr. Bernanke made it very clear at Jackson Hole that they would be on the table again at the coming meeting
- The Fed would like to be out of the picture during the election campaign (especially if Richard Perry ends up winning the GOP nomination).
- The Fed has cut its GDP forecasts at each of the past three meetings.
- The stock market is actually little changed from where it was at the last meeting and we know based on that Washington Post op-ed, that it is equity valuation (specifically the Russell 2000) that Ben wants to see rally. Sanctioning lower bond yields is just a means to that end.
- There is no fiscal stimulus to bolster the economy, with the odds very high that the Obama jobs plan — some in his own party object to the package as per yesterday's New York Times — will be dead-on-arrival on the House floor. The Fed is the only game in town.
- Financial conditions have tightened nearly 100 basis points since the spring and deserve a policy response.
- Bernanke announced at Jackson Hole that this coming meeting was going to be a two-day affair, not one day. The last time he did this was back in December 2008 and that was when he invoked QE1. There has to be a reason why it is two days, and it must be because he wants to build the case for three dissenters. The Board is being sequestered for a reason!
Look, we are talking about the same man who, on October 2, 2003, delivered a speech titled Monetary Policy and the Stock Market: Some Empirical Results. I kid you not. This is someone who clearly sees the stock market as a transmission mechanism from Fed policy to the rest of the economy. Here is a key excerpt from that sermon:
Normally, the FOMC, the monetary policymaking arm of the Federal Reserve, announces its interest rate decisions at around 2:15 p.m. following each of its eight regularly scheduled meetings each year. An air of expectation reigns in financial markets in the few minutes before to the announcement. If you happen to have access to a monitor that tracks key market indexes, at 2:15 p.m. on an announcement day you can watch those indexes quiver as if trying to digest the information in the rate decision and the FOMC's accompanying statement of explanation. Then the black line representing each market index moves quickly up or down, and the markets have priced the FOMC action into the aggregate values of U.S. equities, bonds, and other assets.
Even the casual observer can have no doubt, then, that FOMC decisions move asset prices, including equity prices. Estimating the size and duration of these effects, however, is not so straightforward. Because traders in equity markets, as in most other financial markets, are generally highly informed and sophisticated. any policy decision that is largely anticipated will already be factored into stock prices and will elicit little reaction when announced. To measure the effects of monetary policy changes on the stock market, then, we need to have a measure of the portion of a given change in monetary policy that the market had not already anticipated before the FOMC's formal announcement [emphasis added].
In other words, if Bernanke wants to juice the stock market, then he must do something to surprise the market. 'Operation Twist' is already baked in, which means he has to do that and a lot more to generate the positive surprise he clearly desires (this is exactly what he did on August 9th with the mid-2013 on- hold commitment). It seems that Bernanke, if he wants the market to rally, is going to have to come out with a surprise next Wednesday. If he doesn't, then expect a big selloff.
What he is likely to do is another story, but here are some options:
- Expand the balance sheet further and simply buy more bonds (at the longer end of the curve).
- Eliminate the interest paid to commercial banks on excess reserves (to try to spur lending).
- Announce an explicit ceiling on the 10-year note yield (say 1.5%), which the Fed has done in the distant past. Based on Bernanke's prior rhetoric, this would seem to be a preferred strategy (though the Fed relinquishes control of the balance sheet).
- Buy foreign securities (bail out Europe and weaken the U.S. dollar — talk about killing two birds with one policy stone).
- Announce an explicit higher inflation target or perhaps a lower unemployment rate target (i.e. reinforce the DUAL mandate).
- As Mr. Bernanke stated for the record in November 2002, the Fed does have broad powers to lend to the private sector indirectly via banks, through the discount window. It could offer fixed-term loans to banks at low or zero interest, with a wide range of private assets (including, among others, corporate bonds, commercial paper, bank loans, and mortgages) deemed eligible as collateral. For example, the Fed might make 90-day or 180-day zero-interest loans to banks, taking corporate commercial paper of the same maturity as collateral. Such a program could significantly reduce liquidity and term premiums on the assets used as collateral. Reductions in these premiums would lower the cost of capital both to banks and the nonbank private sector.
Note that this is all for a trade. As we saw back on August 9th, we had a huge rally but the market is no higher today than it was then. All we have seen since is a huge amount of volatility.
Source: Gluskin Sheff
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...What have YOU dared?!
And yourself??
I like Ron Paul, but the other posters are right. RP got the chairmanship. He must have at least 40 congressional staff members assigned to his office working for him night and day in DC.
Where's the hearings? Where's End the FED? Where's audit the Fed? Where's audit Fort Knox? Where's audit NYFRB holdings?
I cut RP some slack for being busy running for President, but geez. Something. Anything.
If he doesn't get the nomination, he has already said he isn't running again for Congress. Either give him the wheel of the Titanic, or he is jumping off the ship. He has already said it is too late to prevent the collapse, so I am not really sure why he is running? Could be for the money? Maybe he will concentrate on his son, Rand's ambitions?
[He has already said it is too late to prevent the collapse...]---FEDbuster
Hi FEDbuster.
I agree with that statement. The economic catastrophe unfolding has been in the making for decades. Obama cannot prevent it. McCain would not have been able to prevent it. The winner of the upcoming 2012 election will not be able to fix or prevent it.
The ravages of this Depression will last long beyond the 4-8 year presidential term of the 2012 winner.
The only thing for sure about having Ron Paul lead us through the collapse is he wouldn't scrap the Constitution. I am afraid anyone else will declare martial law, and start by repealing the Bill of Rights. The Second Amendment was designed for times like this, but I am damn sure that it will be the first "right" to go.
is Gaddafi on the ticket yet?? at least he knows how to build infrastructure
I'm taking bets on the date Martial Law is declared here.
I think Petraeus will make a damn fine Administrator General.
The best thing will be the Army will be able to issue script. Yeah.
McCain would have done what Obama did because Bernanke would have told him the exact same stuff. Actually the ravages of this Depression could last until the 12th of Never or until Hell freezes over, which ever comes first.
just what amrka needs, more "ruling" families hangin' on the govt. tit, makes it easy for the habitual voting public, "why I've always voted this way, I'm not gonna change now!"
more of the same until it's over.
To severinshade
ROTHLMAO !!!!
That was fucking effective !!! LOL !!!!
To DoChenRollingBearing
If he does that (which he won't) he has a real shot at getting SHOT !
The guy is old and probably not that afraid of getting shot. Martyrs can be pretty powerful. They're likely more afraid of shooting him than he is of dying.
You know what works for me, might work for Dr. Paul. He needs to surround himself with beautiful women.
This will take the attention off of his age and put it in the primal pleasure centers of the brain, allowing his message to rise up so to speak.
There could be a national try-out to be his running mate which would fulfill the appetite for circus in the sheeple.
Think about, hot babe or Joe Biden?
Stay thirsty my friends.
I agree and disagree with your assertion.
Agree that RP could do more. Problem with that (and why I disagree as well) is Ron Paul isn't a dumb guy. How fast do you think Ron Paul would die of some surprise heart attack if he did everything you asked for? At this point it's essentially him (and a few others in the government) vs. the financial oligarchs. They had no qualms with taking out a sitting President (JFK). They had no problem taking out people like Malcolm X. Do you think they'd bat an eye at some 80 year old Congressman? I'm sure he sees and knows this. If America is to be saved, the PEOPLE have to stand up and save it. One man can't do it alone.
Now the question is, will the paper and electronic ballots actually count every Ron Paul vote if he wins the primary? My guess is not. But if it came down to Paul vs. Obama and on election day every poll out there showed Paul was way ahead of Obumma, only to have Paul lose the election, I'd be willing to bet that people would take to the streets. I certainly would.
So what.. Anyone takes that risk... He's in a position right now to expose a whole lot of BS and begin the reset that is needed. Like JFK, history will look upon him favorably.. Cheney.. on the other hand.. no so much..
Legacy matters.
Being killed hurts. Don't ask someone to take a bullet that you won't take yourself. Especially if it's just for show. Nothing sucks like dying for someone else's abstract sense of justice.
Hey fyrbird....Ron Paul is the one using the verbage....."REVOLUTION"
But it was your Founding Fathers who did put their lives on the line and some did die as well as 10,000's of Patriots for an abstract sense of justice that was codified in the Declaration of Independence
But Ron and libertarians and the Tea Party idiots should just shut the fuck up and never invoke the words REVOLUTION or TAKE BACK AMERICA if they are not willing to call for either extreme non-violent protest on a massive, nationwide scale such as calling for everyone to quit their jobs, do not pay taxes anymore, and peacefully resist all police foreces OR call for armed revolution.
Wait a minute......what was that sound.......Oh yeah....that was another Syrian hitting the dirt dead from another bullet during a protest.
What's that sound.......that's gunfire as rebel forces oust Qaddafi from Libya.
What's that sound? Another America farting in his easy chair as he gets up to find the remote to change the channel from Nancy Grace to catch Fox News.
I'll have another cynicism and soda, please.
Talking of which.. I'm almost positive I saw that wheelchair-driving prick in the background at the economic conference in Poland when they showed it on the news earlier. WTF does Euro finance have to do with him?
Oh, wait... I remember now!
Its a wait and see from Ben.
AWESOME post idealMeat! Hey Ron Paul, wheres the BEEF! All we get is crappy all-you-can-eat beef bullion soup!
All we get is crappy all-you-can-eat beef bullion soup!
One of the better lines I've heard in while... LOL !
If you're looking for freedom, Ron Paul is your man. But not if you're looking for a free lunch.
CrockettAlmanac.com ,
If you're looking for freedom, Ron Paul is your man. But not if you're looking for a free lunch.
Ron Paul has as much chance being the Nominee as the Anti Christ has defeating Jesus Christ.
Thanks for sharing.
Bullshit.
You're already looking for a free lunch if you're waiting for a man to provide your freedom. Even Ron Paul.
Cracks me up how absoltely cannibalistic Libertarians are. There is a certain honesty to it though.
I'll enjoy watching the feeding frenzy. Save me the wishbone.
Libertarians often disagree but seldom will one try to force another to do his bidding at the point of a gun. We leave that to government.
that hits the nail on the head.
True libertarians position is, DO WHATEVER THE FUCK YOU WANT, just don't get the government to force me to pay for it, or to do what you do.
So if you're conservative and christian, if you're gay and liberal, both can be libertarian if they both agree to not enforce conservative christian or liberal gay views on each other.
True libertarians only agree on 2 issues.
1. no use / threat of violence
2. private property rights
that's it. Everything else is your choice.
Yeah, what a wonderful (dream) world that would be. Only problem is that you cannot protect "private property rights" w/o being able to back it up with violence (or threat of). And before anyone starts bellyaching about this just ask yourselves whether you've made the statement that you'd use your guns to thwart anyone trying to take anything from you (your property etc.). I have no issue with being responsible and having the responsibility of one's property (guns, land or whatever), but this logic contradicts, and I'd like it if this could be resolved: otherwise I'll stick with the "no govt" crowd, which would more likely ensure that it wouldn't be govt coming after me with its huge arsenal (like in Ruby Ridge and Waco).
The safety net is a dream. Freedom is as real and as necessary as the food in your belly and the roof over your head.
No logic is contradicted by natural law: Each person owns their own body and the fruits of their labor. Each person has a right to protect himself or his property in proportion to the force used against him.
Security and adjudication can be provided in the marketplace. The choice between big government enforcement and going it alone is a straw man.
or you can just go bowling? i lot of people just want to goof off in the most adult appearing way... i can't imagine there was endless entertainment mainlined into everyones brain back in the founding father's days...
Endless entertainment is a symptom of the welfare-warfare state. The fall of Rome put an end to bread and circuses and the gladiators went free. People lived longer and healthier lives after the fall and few missed the latest installment of Imperial Roman Idol.
No initiation of the use of force. Even an anarchist can defend himself.
both Republican and Democrat, just depends on the issue, but both have proven to be jack-booted thugs.
Libertarians often disagree but seldom will one try to force another to do his bidding at the point of a gun. We leave that to government.
Which is why the government points guns at you....because you won't point one back.
You aint seen shit yet, wait till the Obamatards start devouring each other in street riots and looting pretty soon!
Ron Paul's problem (if he has one) is that he's so far ahead of the curve. It's not his fault that regular folks are just beginning to wake up.
Ron consistently makes it known that the current pseudo-Keynesian policies will lead to failure. That's what he needs to do at this stage of the game. It puts him in an ideal "I told you so" position as these events develop.
Ron Paul is one man. There have been many others in government with far more power than Ron who have used means both fair and foul but who haven't been unable to achieve all their goals at the drop of a hat. Cheney never got to invade Iran, for example, and he wielded far more power than Ron ever can short of being elected president.
This anarchist will continue to root for Dr. Paul and I'll keep my options open for what comes next.
http://www.youtube.com/watch?v=3jNb5bUE2_8
you ever listen to uncle miltie? he's right you know. i can't argue with a thing he is saying.
So Ron Paul's bills will never pass but he should introduce more bills? You agree with that? And how does Ron Paul's statements regarding auditing the Fed and ending the TSA make him pro-Zionist?
If Ron Paul is a bad guy because he hasn't solved the world's problems all by himself then doesn't that make you a bad guy for the same reason? I mean, you haven't ended the Fed, have you?
Ron Paul knows that individuals have to change the way they think about government. He knows that change comes from the way people think about government, not from within government. He is out there every day campaigning, and every time he gets a few minutes on tv or an article, he uses that as a position to persuade people. He is also using that time/exposure as a way of showing what his efforts have come to (and which of his efforts have been ignored, and what THAT has come to, including his warnings about the Fed, real estate, cost of war, etc).
His efforts did uncover $16 billion in Fed secret bailouts.
And if you do a search on youtube you will find him on the floor of Congress standing up and speaking out and voting for what he believes in. He is not flying around the country campaigning to become president to cater to his own ego. He is campaigning and shaking hands with people and giving speeches in a hope that he can get Americans to participate and educate themselves. Election after election, knowing he will probably lose, he has tried to get people to back his cause. And they have.
Lets not ignore what this man HAS done, against extremely tough odds. And like CrockettAlmanac says, what the hell are you all doing to help him out? He is just ONE MAN, and look how much he has done. If most of us on this website had the balls he had, we might actually get somewhere.
well the video wasn't about ron paul was it? what is the big picture? the vote is a wasted effort. tell me. how can someone fix something in a broken system by using that same system to fix it? it cannot be done and never has been done. the system is broken. it cannot be fixed. perhaps it always was broken. the only people who can fix it are you and me and everyone of us and we have to do it soon. this is what i am talking about . ron paul knows too well who is running things in washington dc. he knows. yet he plays this game about politics and the vote. yet he knows it is all a waste of time. how can he not know? he also knows about 911 too, but he won't touch it with a ten foot pole and if he thinks some arabs with box cutters did it, then he is the last person i want in the oval office. i hate to continually rain on the ron paul parade, after all he is from texas like me. but the facts are the facts. when ron paul gets shot down again metaphorically speaking, then they will send you all another hero to worship. this is the way it is. this is the way it was. this is the way it always will be until that day comes when we control our own money. if a country cannot control its own money, then how in the hell can it expect to vote in qualified candidates for a office, that is now nothing more than a projection of foreign powers , powers that cannot be seen by us, but are there nevertheless and always have been there. the founding fathers knew they were there. oh yes they did......washington needed money to pay his troops. who did he call? ghostbusters? nope. jewish bankers? yep....mistake number 1.........and so it began here as it has been in europe for all these years......jewish collaborators and infiltrators are all over the ron paul campaign and always were from the start. stuart rhodes , a jew, who used to work for the ron paul campaign went off and formed a organization called oathe keepers. which is nothing more than a honeypot operation to collect names of people in the military who don't have their minds right. the infiltration is everywhere. in any rebellion here, if there ever is one, the groups involved will be full of spies and infiltrators. that is the way it is. nathanael kapner is a jew and for some reason he went against them. you listen to him and you get kind of a bird's eye view into the jewish mindset about this kind of stuff. everyone should listen to him and harvest the nuggets of truth while you still can.
Get a grip.
http://www.youtube.com/watch?v=0BaMLlnb_KI
tell you something crockett. when you see these bootlickers in there clapping and giving standing ovations like this, i ask you. who is in control of them? who owns them? who is their daddy? you and I? hardly. now the question begs to be answered. how can this be changed? how? the answer cannot be fathomed by most on this board. one thing for sure. it will not be pleasant nor will it be very nice.....but it must be done, for you and me, for your heirs, and their children and their children's children......or else.........i hope everyone understands the gravity of this situation. i hope maybe it is starting to sink in nowadays. this is not some joke. it is not some bullshit. it is very serious stuff and very serious business.
You trick them into dropping their masks and showing their teeth. -- the way they do when Ron Paul talks about foreign policy.
Folks can see that Ron Paul is a decent, honest guy and even if they don't see eye to eye with him they understand when he's being railroaded. Ron Paul is kind of like the Cindy Sheehan of liberty. She rubbed a lot of people the wrong way but she never backed down and she prevailed in turning around the sentiment about war in this country. Ron Paul is similarly acting as a catalyst not only for peace but for freedom.
Well, you can start by following the lead of Greece. They demand retirement @55 and avoid taxes like the plague...and therein lies the answer. Stop FEEDING THE BEAST. Like others (and myself) have been saying all along: 'If you are too skeered to quit paying taxes, you definitely won't pull that trigger when the time comes. Rioting in the streets plays into the hand of the TPTB. They have the firepower to outlast all the Ruby Ridgers in the country. If RP got up and asked the citizenry to 'quit paying taxes this Q4, and it actually happened, the PTB would shit a brick and immediately change their tune.........especially if we threatened to do it again Q1'12.
you there, go onto the msnbc or huffpost webite to see how MANY liberals think it is actually and i quote "all the governments money in the first place and they are doing you a favor just by letting you keep ANY of it". Now these people are so brainwashed that they are not going to quit paying taxes. that is your problem. Not some JEW BOY
High Plains Drifter ,
Thanks Bro for the FANTASTIC EYE OPENER!!
My Best to You and Yours as Always, JW
jw, i know i don't have to tell you too much. i think you pretty well got things figured out. in the truth business i can say this and i am sure you know this. you do not hear too many people saying nice things to you.......that is for sure. i used to go out and have a few pops every week. i said to myself, well i need a break from all of this truth and so i would go out and get buzzed , thinking it would give my mind a break. but as you probably know, the truth is a fire that burns inside of the man who is a awake and it never goes away no matter what we do. so i idscovered that alcohol and truth can be a problematic combination. instead of unwinding, it made my evangelistic tendencies even worse....oh boy....so i quit drinking the bubbly and i stay home now like the good little boy that i am.........
Ronnie Boy is a zoinist with a different pitch.. thats why we seen very little of Bernake getting his ass kicked.. it is all singing and no dancing with Ron Paul!
go ahead and down vote instead of doing the research to figure out what this guy says is EXACTLY TRUE! idiots! enjoy more of the same! change you can believe in! Ron Paul!
http://www.youtube.com/watch?v=ihgdjeIOqdI
i think "they" kept this guy on the back burner until they really needed him. the same old left right paradigm is getting kind of old now and many sheep are getting tired of it, so they bring this guy out and he says things that make the ears of the idiots relax and since they are fools and easily fooled, they swallow the show hook line and sinker. the sleeper agent may lay in wait until he is called for most of his life. that is the way things work. when he is called, he is called and he must obey. for paul his "work" , his real work, did not begin until late in life it would appear. i mean why would someone his age who supposedly is a libertarian and hates government continue to hang around the cesspool known as washington dc for this long of time. many here in texas wanted him to come here and run for governor and abandon the silly idea of trying to change what goes on in the ten mile rectangle known as district of columbia. but no, he won't..i stongly feel that he is controlled opposition. for anyone who disagrees. let me ask you a question. you say well the media is against him. well if the media were against him he would never be anywhere on any media and that includes alternative media which also is controlled. ron paul is a stalking horse. in this entire time in congress not one of the many bills he has proposed has been passes. if this man was dangerous he would be dead. look at what happened to Joerg Haider in austria. popular poltician. wanted to do things that certain people didn't like and all of a sudden he has a wreck...imagine that...
http://articles.nydailynews.com/2008-10-11/news/17907687_1_stefan-petzner-austria-freedom-party
THANK GOD someone gets it.
Everyone who thinks Ron Paul is going to 'solve' all the issues haven't HEARD HIS MESSAGE.
If YOU WANT CHANGE, it starts with YOU. The individual. Rights are individual. Responsibility is to the individual.
Ron Paul can only help to get government out of your way, he cannot solve ANY of the issues in the USA, and he's not suggesting he can. He's suggesting he can stop the rot, and let the free market clear up the rest.
Those who are posting Ron Paul should 'do more' probably expect him to issue thousands of executive orders to 'right' the system when he's president.
But as he said, he WON'T. Because that is not the correct use of presidential power.
He's like Morpheus in The Matrix. He can show us the door, he cannot walk through it for us. We have to be the change we want.
man, its like george carlin said. they parade all of these people out there for you to vote on and you are made to think you have a choice. you don't have a choice. you are owned and you are a slave and you don't even know it..........part of waking up is realizing its all one big lie......
If voting could really change anything, they'd outlaw it.
Which is why voting will never be outlawed.
@ iDealMeat-Obviously you know it is not that easy. I no longer want Ron Paul to win for the following reasons:
1. I don't want him to be blamed when the economy falls apart
2. More importantly, the dumb, fucking idiotic American people do not deserve him.
The economy IS falling apart, at an accelerating pace..
1. Ron Paul is currently a congressman and currently serves on the House Committee on Foreign Affairs, the Joint Economic Committee, and the House Committee on Financial Services, and is Chairman of the House Financial Services Subcommittee on Domestic Monetary Policy and Technology.
He, arguably, more then others are exactly who we should be blaming. Simply voting no on some things doesn't cut it.
2. Dumb, fat, fuck 'mericans deserve the very shitty system we have.
PS: You (avatar) are one ulgy SOB.. and I mean that in a loving ZH kind of way.
FTW!
I miss the bank closure announcements that used to be reported every Friday after the close. What's up?
"Fuck you Ron Paul.. Quit wasting your time getting ignored before,
during and after the debates.. Do your fucking job and stop this
senseless presidential pursuit. You have what you want RIGHT fucking
NOW. use it..
Right now you have the opportunity of your lifetime to tilt the county
to that you wish to preside over. You should be hauling in EVERYONE
in front of your Subcommittee for questioning. Daily... All day.. Every
day..
Subpoena EVERY SINGLE individual at the Fed. Separately..
Ben is obviously well practiced at blowing smoke under scrutiny. But,
the rest of the board isn't. One or two of them will trip up, go off script,
and spill out some truth. Do it to TBTF too.. At the very least it will
scare the shit out of them.. Deservedly so.."
Let's say he does just that. ( I am not against it mind you.) He'll have to step on a lot of toes, Dem's and Rep's alike. What chances do you see he'll get after that to get even close to the nomination of his own party? None I'd think.
Yeah, throw all the weight on the old man shoulders. He should do more!
What the fuck have YOU done for Liberty, you fucking whiny bitch!
GET OFF YOUR FAT ASS.
All I need to know about you..
I completely agree with Ron Paul's concentration on ending legal tender laws. That's the substantive fight.
Getting into an ongoing pissing contest over what you are suggesting would be a huge distraction. Focusing on this crap rather than the systemic flaws of central economic planning opens the door towards the standard DC response which is more Dodd-Frank esque counter-productive regulation.
@idealmeat
He's been been shedding light on the Federal Reserve for 30 years to no avail. Bringing each member of the Federal Reserve in front of the subcommittee would be the biggest waste of his time imaginable. What's would possibly come from it? They go in front of a judge that they probably golf with on the weekends only to be found not guilty after a lengthy trial where the taxpayers foot the bill for the prosecuation. That's assuming the near inmpossiblity that they would ever let it get that far.
Now ask yourself the following two questions: How many people do you personally know that watch sub committee hearings? How many people do you personally know that watch presidential debates, cnn, fox news, and or msnbc? His job is not to personally take down each scum banker by himself. Nobody can do it alone. He's tried and failed. However, waking up the sleeping public to all the currutption destroying our country through debates and interviews granted to him solely based on the fact that he is running for president is exponentially more effective than any of your suggestions.
We're just asking Congressman RP to do his job. Whether it wakes up the public or not. He may or may not be my representative, but it's my tax dollars paying for his salary and benefits.
+91 for "Fuck you Ron Paul" is a real bad indicator.
"Fuck you" to the guy who gives a damn -- the only guy who gives a damn -- puts you in Entitled Land.
We were designed, specifically, such that one voice doesn't mean anything.
We were designed, specifically, such that a man like Ron Paul cannot accomplish much on his own.
Be wary of your "Fuck you's."
Embrace the lonely man who cares.
We're primed, after all, for much worse things, when we've finally squelched the remnants of what Ron Paul (still) stands for.
Wake up, get out of your Entitled mode, and stop the "Fuck you" crap.
It serves no one.
Ron Paul is controlled opposition. He's globalist, 33rd degree Rosicrucian, satan worshiping scum. Wake the fuck up,people.
Ron Paul is controlled opposition. He's globalist, 33rd degree Rosicrucian, satan worshiping scum. Wake the fuck up,people.
where do you get your misinformation? At least provide a link or something
if you were genuinely curious you would do your own research, and trust your own conclusions.
Rosicrucians have nothing to do with satan worship. Nothing.
Sorry you are unable to read symbols, but that doesn't make everything you don't understand evil.
hear hear! Especially given the large body of support he has with other members of the subcomittee~
http://www.youtube.com/watch?v=_B6Rt1AL8cU&feature=related
"But wait, there's more!"
So it was a freaking research project trying to figure just what the heck the deal is with this latest sleight of hand, smoke and mirrors, rabbit out of the hat “policy” trick.
Interest on excess reserves and large scale asset purchases my ass.
But, I did manage to come up with one analogy for the new Fed stunt that is appropriate to the topic, this forum and a Friday afternoon.
You all owe me for this one.
Speaking of rabbit tricks and ass…
http://www.youtube.com/watch?v=KU4vDD0vC8g
To upswaller
"It's the Cone of Silence !"
from Twister
As an ex-Meteorologist that comment was bullshit in the movie but it makes a apt metaphor non-the less here.
I have a feeling this is bad for my dodectuple inverse ETF's?
Only for about 6 hours.
Am I getting over paranoid or does anyone else think this Rosenberg article (and a litany of others lately) is designed to get us to join the bull parade? Or is just meant to drive gold? Whatever, I guess. Works for me.
From research I looked at, Municipalities have 35-50% of their investments in the US Stock market. The possibility exists that they will buy every share that is being sold in a decline and put it on the Fed balance sheet to stop them from becoming almost instantly insolvent.
We aren't in a fiscal mess, we are a fiscal joke. So what's to do? Take away people's liberties to a greater extent by strip searching them at NFL games.
I'm 55 and got to see America. I feel sorry for you guys under 40 who really never did. But there have been many of us who have worked tirelessly to stop these bastards. But under cover of law, we could do nothing.
Bernanke and Fascism - perfect together
Man. I'm 31. It's been fun to come here and soak up all the sarcasm and snarky witticisms but I've got to tell you, beneath that veneer I find this whole situation infuriating and sad. The worst part is having to keep my mouth shut about what I see coming, as trying to get the message through to people that we're headed for a totally unprecedented disaster avails me of nothing--other than making me look like a raving lunatic. I really wish I had seen more America".
Wait till you're 47 like me. Sarcasm and snark turns into full bore 100 proof cynicism.
You may be jumbo, Jumbo, but at 47 you're still in Pampers.
.. and at 74 you're in depends?
Just a couple of times a week. : >)
From what you wrote, I suspect that looking like a raving lunatic is, in a roundabout way, a virtuous thing.
Keep up the good fight.
The only rewards will be that oh-so-out-of-style sense of doing the right thing.
Anyone know if this will be bad for gold stocks and miners? I have some physical but more paper precious metals.
Maybe the obligatory Kumbaya rally and accompanying gold attack.
But I'm guessing that within weeks (or days) of the initial high, reality will set in as an epic downer and anything that even slightly glimmers will take off like a Saturn V.
Even starry-eyed liars standing next to holes in the ground will benefit.
This looks as good a shopping list as any to me,
http://www.insidermonkey.com/hedge-fund/sprott+asset+management/238/#/
You know what they say about repeating the same thing over and over, and hoping to get a different result.
And I'd still like the Fed to explain what the exit strategy and timing is for this Luny Moon inkpress these past few years. Just for the Fed to say they have the tools to unwind says nothing about the consequence. And this next QE is like taking a commercial aircraft rated for 42000 feet, to 70,000 feet and hoping it doesn't pop on the way up or down. Oh well, I am pretty sure Benny will be teaching at Princeton again. He's got HIS exit strategy in the bag together with his high altitude parachute and insulated skin suit.
As far as equities go, - we are setting the stage for the big drop. This is exactly how it happens. Suckers get sucked in = greed = $$$ in their eyes = eazzzy money = just like before = dreaming about it at night right after they say their dreams and get tucked in.
Meanwhile, at the horse races, Black Swans lurking in the shadows. HFTs algos ready. Spark, Fire. Boom, look out below, we're crashing, MayDay MayDay. Or should we say OctoberDay October Day!
Ah, the past - 50's, 60's and 70's, those were the days. Here's something for us all to help soothe our trading mania and calm the soul. Hope you appreciate it.
Summer Breeze. http://www.youtube.com/watch?v=mPLfDBcu_U0
Remembering days gone by, when the Federal Reserve essentially just had a factory base to re-invigorate. But with that essentially and relatively gone, shipped off to China together with a lot of engineering and manufacturing know how, ..... oh well, like TD says, eventual trade wars. How else? Joe Sheople Public WILL INDEED RIOT, JUST LIKE HE IS IN THE REST OF THE WORLD. "Tea Party" is just a seed barely germinating.
Think about it, instead of just gambling your money on SMAs trending and the greater fool theory. So let' say the stock market rallys to 14-17000 in the next 12-18 months, and Joe Public is still without a job or just working for near minimum wage, - the public sees the elitist aristocrats and banksters making money hand over fist, yet they are just barely eaking it out, or hoping for a handout from their 'government'.
Do you really think that QE is going to help the masses??? Ha ha ha ha ha.
Wait till something like a 9/11 domestically happens in our own backyard, but this time from within by American sheople and not by "Islamic extremists". You laugh? Remember Rodney King, and the riots in LA? That was nothing compared to what may happen.
here's to another episode of Binnie and Cecil
And if the MAD ChairSATAN does any more juicing of prices, the price of coffins will soar because of the massive surge in demand
Dear Cdad,
This is what I was waiting for. Fireworks! Wow! If any of this is done, we're off to the races. A ceiling on the 10yr?! Wow. Just...wow.
ZIRP4EVA!
It's the only way for their game to continue (until of course, it can't). In the process, all banks will be nationalized (i.e., Fed "zombietized") as they die off from their carry-trade starvation.
I only wonder whether they'll roll out 50 yr bonds before or after the 10 yr. drops below 1%.
The language is what really bothers me the most "expansion of the balance sheet" & "accommodate".
We'll all be a little pregnant before it's all over.
Too stupid not to be prescient.
Thinking out of the box again. What if... there was a way to bundle the $1 Trillion in overseas multinational profits in such a way that they are repatriated to the US as part of a bond purchase program. Zero sum game and no harm / no foul to the Euronations.
Just thinking out loud - ouchie that hurts.
Oh yeah - Buy the rumor, sell the news.
I still say Binny will borrow against the IOU's in the Social Security locked box! Just keep your eye on the El Al ticket counter outgoing flights, that'll be your first clue.
NOOOOOOOO WAYYYYYYYYY OPERATION TWIST IS COMING. NO WAY.
Oh yeah..they will at least do that. The only thing that the "twist" will do is to keep the government's interest payments low so they can keep on borrowing. If the Fed owns the higher rate long bonds then that keeps anyone else from owning them. By law the Fed has to kick back interest paid to them to the Treasury every year. Get it?
Exactly! But...
The rest of the world no longer has the capacity to keep the US propped up. There's no choice. It falls back on the US to eat it's own dog food.
Not sure I agree with no LSAP being announced correlating with a decline in PMs. Europe is still about to blow up. If Bernanke doesn't surprise the market I'd wager that a lot of money that flows out of equities will go into gold (and silver to a lesser extent). There may be a short-term drop off, but I don't think we're going to fall of a cliff to sub $1700 or sub $35.
Although you never know. Maybe Bernanke doesn't surprise the market. The following sell off then FORCES Bernanke to announce LSAP.
If he is going to do something doesn't it make sense to wait and see how the Greek default plays out so he can step in at some point and save the day ? In fact it would make sense for him to wait for the 800 area on the /ES when everyone is panicked for him to get the best bang for the buck no ?
I'd bet my life that if one of the safehaven currencies sink, a lot of money will flow into gold. Oops, after the SNB intervention it looks like I already lost that bet.
Anything that is good for gold can attract irresistable manipulation. Anything that is great for gold is guaranteed to attract it.
If we are predicting a situation next week that is great for gold, buy the rumor and sell the news.
O.K. Ben, more duct tape, bailing wire and chewing gum.
can you please let this thing die naturally.....
Die? It died on Aug. 25th, 1971, after bleeding to death from wounds sustained in the Coup of 1913. What you're seeing is a zombie.
Yup. Time for Dead Reckoning to load both 6-packs.
No F'ing Way! Larry was right???
http://www.xtranormal.com/watch/12373724/q-and-a-w-slash-with-larry
Fuck me - Bernanke is a financial Mohammed Atta.
You mean he burned his hands with Anthrax and was treated at Ft Lauderdale's Holy Cross Hospital 1 week before 9/11? Not likely.
Agreed. Both in cahoots with the CIA.
Bernanke has people calling what he aready did treason. Do you think he is stupid enough to repeat the same policies that have already failed to do anything except kick the can?
Green=yes
Red= no
As many here have said before. Repeat after me.
Everything Ben Bernanke and the Federal Reserve does is intentional.
Bernanke doesn't give two shits about a real economic recovery. His job is to destroy the system. Everything he's done since becoming Fed Chairman has done just that.
SeverinSlade we'll KNOW the end is officially here if next week Ben comes out with some $3-$4 trillion QE...we will know its the sign they have decided to pull the system down. Time to head for the hills.
Yes. That is the only plausible explanation.
It doesn't matter what Bernanke thinks. Obama wants a recovery, and goddammit right now. Or at least something that looks like one enough to get hizelf relected.
Folks, that's all there is to this Kabuki play. Elections first, and then whatever comes after that.
You wanna know why it's not working? I'll tell you why it's not and will not, ever:
Because they can't pull this bitch out of its dive. Fact. If they could they would but they haven't so it means they can't. And they aren't going to. Ever. It's going down and all they can do is fight the controls and maybe level it out for a few days or weeks at a time, but the ground is coming at us all the time and they are going to crater this fucking thing screaming in denial the whole time.
BB isn't trying to destroy jack. He's simply powerless to do anything about anything of importance, and he knows it and Obama knows it and Merkozy knows it and evey dumb shit on the planet knows it.
You think he's doing it all on purpose because you think someone else will fix it.
No no, not happening. Get any man Jack you want in the cockpit of this plane wreck economy and guess what happens: The fucker craters, all the same. Maybe the crater is shaped a little different, maybe it's not quite as deep or not as badly blackened around the edges. Good job there! Dumb ass, doesn't matter for shit.
It's fun to sit around and bullshit about who might have been the better pilot as the bitch spiraled into a crater. Sure go ahead, what the hell it doesn't matter so go ahead. Distract yourself for a while, have fun. Laugh about it later.
But it's going into the ground -- at speed -- and we're all going to be blown to rat shit when it does. So will Democracy. And Capitalism. And who knows what else we take for granted today. Just gone, my man. And it's just you and your hands and maybe some tools and this big, smoldering, scorched crater where your entire life used to be.
Sucks to be us.
It will suck harder to be whoever comes after us. We had some good, for a while. Whoever comes after gets 100 years of eating rats.
Second half gets a little over the top for me--denial? Maybe--but I agree on the point about Ben. E last fed speech said it all we just weren't listening. He sai pd guys, this is on your leaders now, monetary policy can only take us so far... He said clear as day, I belove there's a lot of good happening in this country and we can probably figure a way to survive this IF (remember the capitalized if?) washinton doesn't fuck it up. I remember this perfectly well because it wasmthat sentence that convinced me were totally fucked...
That about sums it up, fyrebird.
Many organizations, groups, factions who are aware of this are positioning themselves for the post-crash era.
Rats! the Chicken of the Sewer!!
And also behind the scenes murmurs of Ben will soon be gone, with a lot of legal problems trailing him too!
WHAT can he do at this point? Say he says 'We're printing $3 trillion dollars'...then what? Its already priced in, so whats the author here claiming, much MORE than that? Chaos would ensue!
This article says 'Ben has to surprise', yea well he's a man painted into a corner and hes damned if he does, damned if he doesnt...face plant next week, youll see he can ONLY dissapoint!
easy, start a war and the corner goes away... reminds me of rumsfeld's big annoucement about the trillions lost at the pentagon on September 10, 2001... bet on something very bad happening soon.
Yea no doubt a war is right under the surface, on US soil at that. Thats what no one is taking into account.
well, if its between americans, i'm not playing. i will not fight.....
i will defend me and my brothers, but i'm not going to look for something new and better....
it aint there
you guys do what you want...
Me either re fighting Americans. Unless they come for me...
amen , bearing,
how you been?
im just getting over another bout with the
'syndrome'
god, its great to be alive,
hope your 'better half' and kids are well.
see ya, bro.
You know how it works these days. At the first sign of trouble some divisions are moved in. German divisions in America. American divisions in France. French divisions in Russia. Et cetra. Et cetra.
It's so much easier to put down an insurrection with foreign troops than with your own.
Before we were at war with Eastasia, we were at war with the troublemakers at zerohedge.
"no one is taking into accout" insurrection. Excuse me??? No one? How about "Homeland Security" (sounds like a stupid type of label government would have thought up in the 1950s. This new department includes FBI, BATFE, DEA, State Police and your local police. If you think there is little preparation to put down riots, insurrection and outright REVOLUTION then you haven't been paying attention to anything but financial stories. I''' bet the entire government is more prepared for riots breaking out than they are for any natural disaster.
Come on man....they can't even get a grip in Afghanistan. What are they going to do against the most armed population the World has ever seen? Not to mention all the pissed off vets that realize that they fought a worthless, unConstitutional war? I will be the first to tell you that if this population gets mad enough, there will not be a damned thing this government can do! You heard it here first!
FYI, they have built a robotic flying army. If people take to the streets in mass, I will be fleeing to the mountains.
They have to be flown from somewhere! Bet your ass someone will find that pilot!
biowarfare. best keep up on the latest techiniques.
http://www.davesweb.cnchost.com/wtc6.html
your armory won't help you when they start playing their hand.
All great thoughts Sheepdog. Any LSAP will be disappointing but as you said: he's boxed himself in. So what will do? He's not going to do a 3 trillion QE. That would be the end game. But he can say he'll do 25 billion a month as it is needed (giving the market supposedly, and I say that with a lot of reservation, what it wants and also giving the appearance that he's got some kind of prudence in mind in that he could stop at anytime).
It's a tough call with the corner he's boxed himself in, which is why they're gonna take two days to mull over all their worthless "tools" that he keeps waving around the markets---which is nothing short of treason, yep sorry, when we all know damn well he's got nothing but grenades.
The man who called it treason himself is a pawn. Same man rightfully calls SS a Ponzi scheme. Why now?
Haven't you seem the script? It's time for shit to break.
Remember the "choose your own adventure" books we had as kids (of course I don't know how old you are... but anyway)... that's the script I see. I see a number of paths, all of which support the same interests, but paths that are packaged differently depending on the circumstances. But it could be Perry in charge when the SHTF... that would make sense to me.
Yes. Great analogy...loved those books!
To make people think that those are extreme views. Discrediting the truth by having someone perceived as extreme speak the truth.
Yup. That's how I see it. Sarah Palin was recently quoted with lucid thoughts about a system that has been hijacked by the ruling elite. She serves a purpose, it's beginning to make more sense. A friend of mine said to me, "she's starting to sound like you". Not that I care too much, but I'm certain that his view of my views dropped a notch or ten.
@"Discrediting the truth by having someone perceived as extreme speak the truth."
And that was Ron Paul's purpose for the first few decades of his political career: he was far more wacky and extreme back in the day (especially as presented by the media), which served to discredit the reasonable things he was proposing, such as going back to a gold standard.
All of a sudden, the mainstream media (as well as all the COINTRELPRO pukes like Alex Jones) has switched to constantly portraying RP as the guy who is 'ignored' by the mainstream (Orwellian doublespeak, anyone?). Clearly, the US dollar is going to be hyperinflated and destroyed, only it certainly won't be replaced by anything like a gold standard, even when Ron Paul is 'miraculously' chosen to be our next President.
Just like the guy won't question 9/11 or speak of our wars in the proper tone (war crimes), there is no way he will turn out true later on. And to all the trolls who argue that he's just biding his time, playing the game in order to reach a position of power: as the previous "Fuck you Ron Paul" post so ably presented, the guy is already in a position of immense power and yet HE ACHIEVES NOTHING! How much longer will the guy make us wait? If he really wants to be elected, then he should show us how he is able and willing to get stuff done NOW.
My red is not because of domestic pressure but because of yesterday's subtle 'hint' by the Chinese of liquidating treasuries. Continued QE will piss them off. I believe they will do it, the question is whether Ben believes it. If he blinks the market tanks, if the Chinese retaliate the market dies. The only way for the rally to continue is if the Chinese are bluffing (or if the story was a plant).
Every story is a plant. Some stories contain some pieces of some amount of truth, whether intentional or not.
Oh, that would be lovely... another week of melt-up caused by the market pricing in unicorn farts.
I watched an episode of "The Mighty B" with the kids yesterday that featured a unicorn that farted rainbows that smelled like apple-cinnamon. My kids asked me if that was real, I replied, "Of course not... unicorn farts smell like skittles!".
and the other option is??? when you are all in, there is no going back!
Bernanke has people calling what he aready did treason. Do you think he is stupid enough to repeat the same policies that have already failed to do anything except kick the can?
He was successful in kicking the can to allow the central banks to buy up cheap gold. He will continue this campaign, there is no alternative.
having the public buy something of value for private entities with something that is worthless and a public liability seems a pretty good deal...for BB and the few.
Then where is the junk button?
Time to print up them moneyz and pass dem out. PDs already had their turn. Now it is time to turn on the spigots and hand out Federal Reserve Notes to every man, woman and child that draws oxygen in the USSA.
Let's have a going away party, since the dollar and economy are doomed no matter what policy option is pursued at this juncture.
agreed, baby, anything to hurry this along.....
Awwww. Can i call you Baby too? And you have your sad picture back too.