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Jim Grant: "The Fed Owns The Stock Market"

Tyler Durden's picture




 

The dulcet tones of Jim Grant provided much food for thought on Tom Keene's Bloomberg Radio show this morning. While the interest rate observer did not change his tack on the extreme experimentation of world's central banks, he did have some new perspective on the incredible moral hazard (or unintended consequence) that is being created. One of his main criticisms is the incredible arrogance and conceit of a central banking system that believes it can see the future and thwart things before they come to pass, as he notes "I blame the central bankers for confusing the black art of central planning with the traditional art of central banking". He fully expects more easing by the Fed and its friends as he awaits their response to this latest stumble in the markets but what is most evident to him is that "The Fed owns the stock market" since they have financially repressed all investors into risky assets they now have been forced to have a moral responsibility to keep us safe in those assets - incredibly! The Fed is more likely than not to intervene with still more money-printing in any effort to keep this bubble afloat. What Jim focuses on is the morality in economics and the current immoral policies that have very bad consequences.

 

Jim's discussion of the Fed begins around 6:05 and he dives into financial repression at the 9:44 mark

Keene And Grant by user5452365

 

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Wed, 05/09/2012 - 12:19 | 2410232 EscapeKey
EscapeKey's picture

Bloody hell, is that guy trying to get censored from CNBS?

Wed, 05/09/2012 - 12:21 | 2410241 NotApplicable
NotApplicable's picture

Luckily for the sheeple, it's just Bloomberg radio. Last I checked, Stern was still on, so Grant's secret is safe.

Wed, 05/09/2012 - 12:26 | 2410255 bdc63
bdc63's picture

... ? ... Bloomberg has a radio show? ...

Wed, 05/09/2012 - 12:33 | 2410274 AldousHuxley
AldousHuxley's picture

for those who don't know yet....

GOVERNMENT OWNS EVERYTHING

  • largest land owner
  • controls industries
  • controls trade ("Free trade agreements" are all contractual party by party basis)
  • controls money supply and banks
  • controls laws
  • controls your travel
  • 401k, IRA, social security, medicare, schools, courts, roads, airwaves, police, military, native american reservations, federal reserve, forrest preserve, pretty much every god damn important thing
  • even your paid off home, government owns it too (what do you think real estate tax is? )
Wed, 05/09/2012 - 12:50 | 2410325 Bear
Bear's picture

Well if they own my home, at least they could fix my leaky shower ... Drip,drip,drip

Wed, 05/09/2012 - 12:56 | 2410332 Manthong
Manthong's picture

The subtext on this Jim Grant interview is that the Fed in now locked into some kind of moral responsibility.

Well, maybe that’s their thought, but if it is, then we are down to a good vs. evil proposition.

So, if you are for Fed policy then you are for financial repression and taking the people’s money and future productivity to reward failure and forcing people into the assets that suit your interests under a guise that this is in their interests. You are also for not allowing the market to determine price and to clear.

Therefore you are for financial slavery which is evil.

There can be no debate about this.

Wed, 05/09/2012 - 13:02 | 2410363 ndotken
ndotken's picture

Your thoughts are the only thing that the government doesn't own .............. yet

Wed, 05/09/2012 - 13:42 | 2410497 NotApplicable
NotApplicable's picture

A century of government schooling says you're wrong, statistically speaking.

Wed, 05/09/2012 - 14:06 | 2410600 ndotken
ndotken's picture

Maybe they own yours ... but I can assure you ... they don't own mine

Wed, 05/09/2012 - 16:05 | 2411166 Umh
Umh's picture

Check out fMRI and visual images. They can do a half ass job of knowing what you are looking at and what words you're thinking of.

Wed, 05/09/2012 - 12:55 | 2410345 markmotive
markmotive's picture

CNBC let ECRI on.

They even let ECRI's Acuthan repeat his recession call (when they let him get a word in):

http://www.planbeconomics.com/2012/05/09/ecri%e2%80%99s-acuthan-are-we-heading-for-a-recession/

Wed, 05/09/2012 - 14:07 | 2410609 JailBank
JailBank's picture

I had the drip once. Turns out the government can't fix it. Penicilin did.

Wed, 05/09/2012 - 12:53 | 2410329 LasVegasDave
LasVegasDave's picture

Yes, but the Jews own the govt.

uh, right?

Wed, 05/09/2012 - 13:07 | 2410377 fuu
fuu's picture

No the jews own gold and garments.

Wed, 05/09/2012 - 13:10 | 2410383 LongSoupLine
LongSoupLine's picture

And I'll bet ol' Charlie Munger wishes he owned large ovens...

Wed, 05/09/2012 - 13:17 | 2410413 fuu
Wed, 05/09/2012 - 20:53 | 2411834 Umh
Umh's picture

Yeah. Old farts get cold in August.

Wed, 05/09/2012 - 15:06 | 2410915 RallyRoundTheFamily
RallyRoundTheFamily's picture

renters IMO

Wed, 05/09/2012 - 13:14 | 2410402 redpill
redpill's picture

And despite all that Aldous, some people still blame our current predicament on "free market capitalism!"

Wed, 05/09/2012 - 16:42 | 2411268 THX 1178
THX 1178's picture

Didn't free market capitalism generate the industrialists and other private sector so-and-sos who chartered the federal reserve. I mean-- people always say, "A central bank is a central plank of the communist manifesto... so the Federal Reserve is a communist socialist leftist liberal pinko commie institution..." and all this razzmatazz... But is was founded by big money. Who knows who was really there on Jekyll is. Rockefeller, JP Morgan, Jacob Schiff, Rothschild(s), Paul Warburg. These men were no bearded radicals and political strong men... They were businessmen who formed a cartel, not a central bank. Or at very least a hybrid of the two. And we know that the crash of 1907 was orchestrated or at least in part caused by Morgan flogging stories of bankruptcies-- this leads me to believe that private banks (today's BOA citi, JPM, and Goldman) are working with the FED. These banks I listed rose to the top because of free market capitalism. I'm not saying the government is any good, because it isn't and offers no solutions and wastes massive amounts of money (this is why I'm pretty convinced we are totally boned no matter what [and I support Ron Paul and his ideas, but am under no illusion-- he WILL NOT BE ELECTED]), but let's not act like the private sector gives us any freedom at all... It might have in the past, in 1776, before corporations took over and bought out the gov't... But now our planet is guided by a college of corporations. VP Cheney... VP Rockefeller... Obama's entire cabinet... does this not tell you al you need to know? Private and public have merged into one inseperable beast. 

Wed, 05/09/2012 - 18:57 | 2411541 Umh
Umh's picture

Most big business men are not free market capitalist. They may have been at some point, but after they get real big they would prefer not having to compete. They have the shear size that is required to deal with a monsterous government. This is why big government discourages small businesses; they can't hire specialist to lobby the government and battalions of lawyers, accountants and negotiators to deal with the gorilla's twitches.

 

It does seem like a moat:)

 

Wed, 05/09/2012 - 19:00 | 2411614 THX 1178
THX 1178's picture

I don't think big government discourages small business-- I think small businesses can't compete with big businesses because they don't have the money to influence policy. If government discourages small business it is because of the corps that influence them and the businessmen-become-politicians who are IN the positions of power.

Wed, 05/09/2012 - 20:44 | 2411637 Umh
Umh's picture

I don't think we are disagreeing. I mean that big government by it's very nature discourages small businesses. I've been on both sides; I've worked for the government and with it. A minor government functionary who acts in error is all it takes to put a small business in the hurt locker sometimes beyond recovery. I do know that defense contractors devote a sizable portion of their staff to negotiating with the gorilla. It's like the issue with all the 49 employee French companies; they are just unable to justify hiring 10 more people to hire the 50th one.

FWIW: my father ran a small business in the DC area and just flat out refused to do business with them. He had prior experience working for a large company that did work for the government.

Wed, 05/09/2012 - 21:54 | 2411957 Peter Pan
Peter Pan's picture

Recession, depression, repression, repossession and so on until the funeral procession.

Wed, 05/09/2012 - 13:15 | 2410407 DCFusor
DCFusor's picture

http://www.bloomberg.com/radio/

TV is online too - same people but different programming at different time of day.

http://www.bloomberg.com/tv/

Wed, 05/09/2012 - 13:21 | 2410428 redpill
redpill's picture

Their radio feed is mildly amusing; if the market is in the red at all that day, they magically have a special guest on to talk about anything but the equity market for 2 hrs.

Wed, 05/09/2012 - 13:49 | 2410530 NotApplicable
NotApplicable's picture

I used to watch some of their early-morning Aisan market coverage. Except for Monday mornings, that is. It wasn't quite as important as "Book Talk" (or whatever they called it). Nope, Asia could be in full meltdown mode, yet they're running the most boring hour on TV.

Perhaps Bloomie isn't allowed to compete against "60 Minutes?"

Thu, 05/10/2012 - 14:02 | 2413952 Larry Dallas
Larry Dallas's picture

Up Arrow +1000.

Ha.

Wed, 05/09/2012 - 12:22 | 2410245 Chief KnocAHoma
Chief KnocAHoma's picture

Yes he best be careful. The managers of the "Temple" don't like carpenters to come in and disrupt their money magic process.

That will get you nailed to a cross.

Wed, 05/09/2012 - 12:38 | 2410295 AldousHuxley
AldousHuxley's picture

government owns the land the temple sits on, the education received by the carpenter, the road carpenter traveled to get to the temple, the house carpenter lives in, the schools carpenter's kids are in,.......even the forest where the cross material came from, government controls it.

 

That's why the richest of the rich when they made enough billions, they all try to get to the next best thing.....government power.

Wed, 05/09/2012 - 13:07 | 2410322 Chupacabra-322
Chupacabra-322's picture

@ AlsousHuxley, "That's why the richest of the rich when they made enough billions, they all try to get to the next best thing.....government power."

Actually it's Total Complete Full Spectrum World Domination/Control NWO.  Coporpate Control + Government Power = Fascism. 

Wed, 05/09/2012 - 12:20 | 2410233 NotApplicable
NotApplicable's picture

Those consequences are far from unintended.

Wed, 05/09/2012 - 12:19 | 2410234 Zen Bernanke
Zen Bernanke's picture

Grant's right.  But anyone who knows anything is well aware of this fact and is clearly more than happy to play along.  

Wed, 05/09/2012 - 12:20 | 2410235 midgetrannyporn
midgetrannyporn's picture

so btfd then?

Wed, 05/09/2012 - 12:45 | 2410236 Mercury
Mercury's picture

"I blame the central bankers for confusing the black art of central planning with the traditional art of central banking".

That should all be in bolded red. That just nails it.

He acknowledges that there's an important role for a central bank...but also shows how they've just been swept away by hubris this time around and painted themselves -and us all- into a corner.

 

Wed, 05/09/2012 - 13:18 | 2410411 akak
akak's picture

I disagree.

Central banking IS, by definition, "central planning".

There is NO moral, economic, or most of all monetary need for central banking!
Anyone buying into the banksters' self-serving lies and propaganda is just another victim of Stockholm Syndrome.

Centralized power is ALWAYS evil!

Wed, 05/09/2012 - 15:55 | 2411122 XitSam
XitSam's picture

If it is centralized, can we bury them in concrete like Chernobyl?

Wed, 05/09/2012 - 16:01 | 2411145 akak
akak's picture

You could try, but being the ultimate maggots, they can chew their way through almost every physical (and non-physical) impediment to their insatiable appetites.

Wed, 05/09/2012 - 16:11 | 2411187 Umh
Umh's picture

To the guy with a hammer everything looks like a nail. And it's hard to keep driving the nail in when it's already flush with the board.

Wed, 05/09/2012 - 12:21 | 2410242 Silver Dreamer
Silver Dreamer's picture

"The banksters own the stock market."  There, I fixed it for him.

Wed, 05/09/2012 - 12:32 | 2410270 NotApplicable
NotApplicable's picture

Yet some believe they cannot further expand their balance sheets to absorb even more tangible wealth secured by paper. To that I say: LOL, WUT?

Then I quote El-Erian: "Welcome to the new normal."

Wed, 05/09/2012 - 20:56 | 2411841 Umh
Umh's picture

It breaks sooner or later, but trying to time it is more than I am worth.

Wed, 05/09/2012 - 12:51 | 2410326 Chupacabra-322
Chupacabra-322's picture

@ Silver Dreamer,

The City of London where the Banksters reside own everything.  Wall Street is just an extension of the City of London.

Wed, 05/09/2012 - 12:25 | 2410250 PeeramidIdeologies
PeeramidIdeologies's picture

The TSX has been getting thrashed, but bounced back nicely today. Is the scared money starting to get the picture that Canada is the western worlds Great White Hope, or am I still too early on this one...

Wed, 05/09/2012 - 12:43 | 2410312 The Fonz...befo...
The Fonz...before shark jump's picture

Peer

 

I would agree with you but I fear that the bank owned consortium who want to buy the TMX (TSX/TSXV) is A WRONG MOVE THEY ARE GOING TO DESTROY THE CANADIAN MARKETS DO NOT LET THE BANKS BUY THE FUCKIN STOCK EXCHANGE

Wed, 05/09/2012 - 13:01 | 2410361 PeeramidIdeologies
PeeramidIdeologies's picture

Fuk it, let em buy. There is very little competition in Canadian industries so it won't be too hard to figure out where the money will go. The more they buy the more I make, with a few early bets that is.

Wed, 05/09/2012 - 14:37 | 2410762 DosZap
DosZap's picture

PeeramidIdeologies

Bro, Canada has its own set of MAJOR leauge issues about to hit, their screwed too, but just behind the curve.

Wed, 05/09/2012 - 16:08 | 2411174 PeeramidIdeologies
PeeramidIdeologies's picture

Ahhh but they are the best amoung the worst, and have everything the world needs. Fresh water, food, oil, metals, wood, cheap land with lots of development potential. Pretty decent infrastucture as well... The only downside is the neighbors and their cheap money. And winter. Attractive after a global shakedown? I think so...

Wed, 05/09/2012 - 12:26 | 2410254 El Oregonian
El Oregonian's picture

Duh, do you think???

Wed, 05/09/2012 - 12:29 | 2410263 SheepDog-One
SheepDog-One's picture

Stock and bond markets now fully MONETIZED, owned outright by the global central banksters. What comes next is not nice, I guarantee that.

Wed, 05/09/2012 - 12:34 | 2410280 NotApplicable
NotApplicable's picture

"Hot rice," you say? Lucky me, my bowl's about empty.

Wed, 05/09/2012 - 19:55 | 2411707 Umh
Umh's picture

Keep your stops in bubba.

Wed, 05/09/2012 - 12:31 | 2410269 i love cholas
i love cholas's picture

I have a man crush on Jim Grant.

Wed, 05/09/2012 - 12:34 | 2410277 worbsid
worbsid's picture

Well, they sure don't own much.  Notice the volume is still in the toilet and getting worse. 

Wed, 05/09/2012 - 12:46 | 2410316 SheepDog-One
SheepDog-One's picture

Right! But see the thing with monetization is the PRICE doesnt matter, just OWNERSHIP!

Wed, 05/09/2012 - 13:02 | 2410368 worbsid
worbsid's picture

Oh, now I understand, like all the people here that own gold paper.

Wed, 05/09/2012 - 13:18 | 2410416 SheepDog-One
SheepDog-One's picture

There are no central bankers here, monetizing the deed to the nation for free....no idea how you figure 'paper gold' equals anything. If you cant figure out what has been going on is printing free money to buy all the stocks and bonds for themselves, and that the ownership is all that counts then I dont know what to tell you.

Wed, 05/09/2012 - 13:52 | 2410543 worbsid
worbsid's picture

sorry, I forgot the "/sarc"

Wed, 05/09/2012 - 12:33 | 2410278 ArrestBobRubin
ArrestBobRubin's picture

You don't say.... Cupie Doll for the dweeb in specs and bowtie!

As least Senor Dweeb gets this, as he simply cannot wrap his egg-shaped head around gold suppression.... even now.

Silly twat.

Wed, 05/09/2012 - 12:33 | 2410279 orangegeek
orangegeek's picture

Just another day at the Fed.  Control-P enter.

Wed, 05/09/2012 - 12:34 | 2410282 booboo
booboo's picture

"The Fed owns the stock market" since they have financially repressed all investors into risky assets they now have been forced to have a moral responsibility to keep us safe in those assets - incredibly! The Fed is more likely than not to intervene with still more money-printing in any effort to keep this bubble afloat."

Yea, that worked out real fucking well for the fed created housing bubble didn't it.

Wed, 05/09/2012 - 12:42 | 2410307 Boilermaker
Boilermaker's picture

Worked out pretty damn well for the bank executives.

Didn't it?

Wed, 05/09/2012 - 12:48 | 2410318 11b40
11b40's picture

Actually, their attempts to drive all investors back into the markets have been a huge failure.  The individual investor is still sitting on the sidelines, scarred to death to get back in.  I know I am.  I believe the average small investor has zero faith in this market.  there may be a Benake put, but who knows when it will be pulled....or blow up.  Even stops are not safe in a mass exodus, and algos pick off all the tight stops anyway.  The message from the choir is a loud collective "screw it".

Wed, 05/09/2012 - 19:57 | 2411713 Umh
Umh's picture

What makes you think that they want people in the market. They'd love to have you invest in treasuries.

Wed, 05/09/2012 - 13:11 | 2410390 SheepDog-One
SheepDog-One's picture

Booboo yea its ridiculous, people still believe the Fed's purpose is to make sure their stock portfolios remain pumped up. Man a lot of people are going to get eviscerated real soon they dont see shit coming at all.

Wed, 05/09/2012 - 13:44 | 2410500 DCFusor
DCFusor's picture

It sure did, that fed-created housing bubble saved us from the burst fed-created tech bubble which saved us from...

 

Oh, wait.

Wed, 05/09/2012 - 12:37 | 2410293 Bastiat009
Bastiat009's picture

Maybe it's time to move. Many people in Europe saw the Jews go and never come back but did nothing. All the people who know the Fed is destroying the global economy ought to act. If you have access to the media, say it loud and clear and support Ron Paul. End the Fed.

Wed, 05/09/2012 - 13:02 | 2410353 Quinvarius
Quinvarius's picture

As long as the free gold for dollars give away is being sponsored by the clowns in the US government and banking system, I will stay and load up.  After they wise up, I will leave.  I don't think anyone is going to want to be here when the Gov is forced to back all the dollars in circulation with the 3 ounces of gold they still have in Ft Knox.

Wed, 05/09/2012 - 12:40 | 2410302 Boilermaker
Boilermaker's picture

I can see an unfortunate and abrupt accident in his future along with the kiddie porn they find on his computer.

Sad.  Really.

Wed, 05/09/2012 - 12:43 | 2410308 Cursive
Cursive's picture

I wouldn't bet that anyone in government or the Federal Reserve shares Jim's view on their "moral responsibility."  As we said about Hurricane Katrina, if you are waiting for the government to save you, you're already dead.

Wed, 05/09/2012 - 12:48 | 2410320 SheepDog-One
SheepDog-One's picture

No shit. And look around, EVERYONE expects the 'govt' to save them in one way or another whether its food stamps, unemployment check, or bailout, everyone sits assured they will surely be saved.

Wed, 05/09/2012 - 12:50 | 2410328 valley chick
valley chick's picture

don't forget those college kiddies that are drowning in debt. 

Wed, 05/09/2012 - 12:54 | 2410334 resurger
resurger's picture

CB

Wed, 05/09/2012 - 12:55 | 2410351 valley chick
valley chick's picture

and also disability....heck...who's working?

Wed, 05/09/2012 - 12:45 | 2410317 Dingleberry
Dingleberry's picture

Remember when those of us that said for years that all markets (esp. the stock) were rigged by the fed and their primary dealers? We were called "tin-hat-wearing-conspiracy nuts".....good to see even the MSM hinting at the truth now, albeit ever so rarely.

Wed, 05/09/2012 - 19:27 | 2411656 Umh
Umh's picture

Are tin foil hats any good against drones?

Wed, 05/09/2012 - 12:48 | 2410324 valley chick
valley chick's picture

no doubt this is no longer a market...heck....APPL is green today....lets see...PM's or APPL....think I will stack some more.

Wed, 05/09/2012 - 12:53 | 2410331 Quinvarius
Quinvarius's picture

The Fed only cares about stocks if banks own them.  If banks did not own stocks, the Fed would pull the rug out faster than you can clap your hands twice to turn out your lights. 

That was a clapper reference BTW.

Wed, 05/09/2012 - 13:19 | 2410423 Vince Clortho
Vince Clortho's picture

 How about the " ... moral responsibility to keep us safe in those assets" ...

Huh?

Choked just a bit on that one.

These are not the Central Planners I am familiar with.

Wed, 05/09/2012 - 12:55 | 2410341 Snakeeyes
Snakeeyes's picture

Agree. Market is totally captured by The Fed.

Wed, 05/09/2012 - 12:55 | 2410343 RWR
RWR's picture

PLEASE WATCH! SOMETHING EVERY TAX PAYING US CITIZEN SHOULD KNOW. THIS WILL BLOW YOUR MIND!

 

http://www.wthr.com/video?clipId=7054149&autostart=true

Wed, 05/09/2012 - 12:56 | 2410348 New American Re...
New American Revolution's picture

You need look no further than AIG and Maiden Lane sales that were dying when word hit the street that if you would take the pig, you'd get a shot at Facebook early so that you could have something to sell to the suckers,... ah hem, public at its inflated value and make back your losses on AIG and Maiden Lane.  That is how the FED & their 2B2Fail Banksta owners package that, and that is a fact based upon 1st hand knowledge from the players.   So you damn skippy the FED owns and operates equities, and damn near everything else.   Time for la revolucion', yes?   See www.nar2012.com   Serfs Up America!!!

Wed, 05/09/2012 - 13:01 | 2410364 Quinvarius
Quinvarius's picture

So you are saying that if Facebook IPO gets delayed or cancelled, Wall Street will implode?  I think that kid running Facebook should take them all for a long ride.

Wed, 05/09/2012 - 14:41 | 2410793 DosZap
DosZap's picture

You forgot that JEWISH kid taking them for a ride.

Wed, 05/09/2012 - 12:57 | 2410352 Bwahaha WAGFDSMB
Bwahaha WAGFDSMB's picture

"moral responsibility" ha ha ha good laugh there.

Wed, 05/09/2012 - 13:04 | 2410369 YesWeKahn
YesWeKahn's picture

And banks own the FED.

Wed, 05/09/2012 - 13:13 | 2410392 SheepDog-One
SheepDog-One's picture

Or the banks IS the Fed....however you want to look at it still the same mess.

Wed, 05/09/2012 - 13:13 | 2410395 lizzy36
lizzy36's picture

Bernankes very own reverse massage, double touch (penis and anus) to equity markets.

 

Wed, 05/09/2012 - 13:19 | 2410421 riphowardkatz
riphowardkatz's picture

he had a classic quote

Treasuries "return free risk" 

Wed, 05/09/2012 - 13:20 | 2410425 DOT
DOT's picture

The "Great Repression".

 Sounds familiar some how.

Wed, 05/09/2012 - 19:52 | 2411699 Umh
Wed, 05/09/2012 - 13:22 | 2410430 ActionFive
ActionFive's picture

Hard times- all the acknowledgments now.

Fake markets

Fake statistics

Elections?

PPT

Currencies printed

States/munis/TBTFs

Time to buy-off the entire crowd.

Wed, 05/09/2012 - 13:58 | 2410563 razorthin
razorthin's picture

"Immorality" of the Fed (e.g. Granny's cat food).  You don't hear that often enough.  If only our patriot congressmen (RP and a few others) would wave that banner high, maybe the zombie sheep would listen.  Hell, maybe even Granny would listen.  Poor thing probably doesn't even realize why she's suffering.

Wed, 05/09/2012 - 13:58 | 2410569 lincolnsteffens
lincolnsteffens's picture

If anyone knows Jim Grant's private office number you better give him a heads up to start burning his paper and computer files. It looks like 3 swat teams just converged on his building. Two on the ground floor checking their gear and another is just setting down on the roof.

HURRY!!!!!!!!!

Wed, 05/09/2012 - 14:00 | 2410572 Bastiat
Bastiat's picture

 Grant's been at it for quite a while:  here's to his continued good health!

Mr. Market Miscalculates: The Bubble Years and Beyond [Hardcover]

James Grant 

(Editor)

http://www.amazon.com/Mr-Market-Miscalculates-Bubble-Beyond/dp/1604190086/ref=sr_1_1?ie=UTF8&qid=1336586023&sr=8-1

Wed, 05/09/2012 - 13:59 | 2410579 JasperNewtonDaniel
JasperNewtonDaniel's picture

Europe is closed and like clockwork, US equities turn green.  Congratulations Ben, you saved us again.  They will open tomorrow so have CTRL+P on standby.

Wed, 05/09/2012 - 14:00 | 2410580 JasperNewtonDaniel
JasperNewtonDaniel's picture

dup

Wed, 05/09/2012 - 14:34 | 2410746 DosZap
DosZap's picture

Thanks Jim, but at least tell us something WE DID NOT know.

Wed, 05/09/2012 - 14:44 | 2410774 earleflorida
earleflorida's picture

jim grant is but a modern, mythological Cheshire cat preaching from a Cassandra's limb -- showering the non-sequitur below, teetering, and confused on a circled chessboard with reason for doubt -- unfortunately, the audience is deaf, dumb, and with blinder's on inhaling the euphoric caterpillar fumes - protecting their myopic eyesight from the blinding, and so  illuminating,'cassandra's feline smile' -- whence, the path they chose was coarse`d with shards of fool's gold.      http://www.youtube.com/watch?v=WANNqr-vcx0    

Wed, 05/09/2012 - 14:46 | 2410818 gangland
gangland's picture

jim grant is pesudo-intellectual parrot douchebag perfect for this site.

Wed, 05/09/2012 - 23:59 | 2412192 Cosimo de Medici
Cosimo de Medici's picture

Is pesudo that new common currency of Spain and Portugal?

Wed, 05/09/2012 - 15:30 | 2411000 dcb
dcb's picture

They have the most beautifultheory because it's flawed enough that they can always say we didn't print enough

Wed, 05/09/2012 - 15:43 | 2411059 DosZap
DosZap's picture

OT,  but here is who owns the Occupy movements............and why their being pushed.Anyone with half a brain should figure that out.

http://washingtonexaminer.com/local/dc-news/2012/05/union-obama-ties-rents-offices-occupy-dc/588636

Wed, 05/09/2012 - 19:42 | 2411680 covert
covert's picture

the fed owns all the usa.

http://expose2.wordpress.com

Do NOT follow this link or you will be banned from the site!