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Jim Grant On The Monetary Priesthood's "Atlas Complex"

Tyler Durden's picture


The bow-tie-and-bespectacled Jim Grant once again takes the centrally-planned 'Office of Unintended Consequence' (aka The Fed) to task in a thoughtful exchange with Capital Account's Lauren Lyster. Reflecting on his recent opportunity to speak directly to various Fed officials, he found one particular question (on the perceived 'mass starvation' that occurred in the brutal earlier Depression beginning in 1920 which ended rapidly without the need for monetary stimulation) most disturbing in its summation of the central bank's 'Atlas Complex' - or how would we get up and go to work in the morning without them. The attitude of our Monetary Priesthood, he analogizes, is that unless they are active in their prayers and devotions, who knows what might happen? Grant goes on to discuss the hypocrisy of Bernanke (noting the importance of free market prices to his students and yet controlling interest rates overtly in the market-place) and highlights interest rates role as the traffic light signal in a market economy providing a critical input to our perception of value in stocks, bonds, real estate, Silicon Valley Startups, and so on and because these rates are manipulated we live and invest in a hall-of-mirrors leaving us with a distorted vision of the real-world. He notes that Americans, as typically recklessly joyous investors in growth, "remain in a miasma of anxiety due to the extreme unpredictability of policy action and this is what creates the tail risk of doubt and apprehension." Looking to the future he sees the constitutionality of Obamacare and the elections as a critical test in the war against supply and demand that is being waged by our central bankers and government.


Starting at around 1:50, Capital Account's Lauren Lyster begins by introducing Jim Grant's reflexive perspective of the world in a rather eloquent brief on just how our centrally-planned economy has veered from any notion of true capitalism.

The interview with Jim Grant begins at around 4:30

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Thu, 04/26/2012 - 22:40 | 2379043 LetThemEatRand
LetThemEatRand's picture

Yeah Dawg!

I've read his trip for a year, Dawg!

Are you a rapper?  Or just a complete fucking idiot.  Wait, never mind. I know.

Thu, 04/26/2012 - 22:53 | 2379077 NewWorldOrange
NewWorldOrange's picture

That's his MONIKER idiot. Reading comprehension problems again eh? I think I'm beginning to understand the source of your intellectual inadequacies.

Hey, in Atlas Shrugged, as you know, John Galt gives a long speech toward the end of the book. Earlier in the book, another character gives a similar but far shorter "speech" at a cocktail party. What was that guy's name?

Thu, 04/26/2012 - 23:04 | 2379101 LetThemEatRand
LetThemEatRand's picture

I'll answer your question if you can tell me the significance of the color yellow in a book written by a famous American author who understood the problem with the oligarchs whom your God Rand worshipped.


Thu, 04/26/2012 - 23:41 | 2379173 NewWorldOrange
NewWorldOrange's picture

Couldn't say, I don't spout off about authors I've never even read. That's YOUR bag, miserable troll.

If you had read any Ayn Rand, you'd know that Rand did not worship ANY oligarch. She did find the heroic in entrepreneurs who made it on their own efforts, honestly and with hard work, and didn't accept or want help from bureaucrats.

And she is certainly not my God. Like I said, just one influence of many. The reason we are discussing her is bot because ehe's my God, but because she's your demon.

Thu, 04/26/2012 - 23:46 | 2379176 LetThemEatRand
LetThemEatRand's picture

Do yourself a favor and read more broadly.  You'll benefit.   You seem to be interested in a single point of view.  The only way to know if your point of view is correct, is to try another.  Try one before you decide.

Fri, 04/27/2012 - 00:13 | 2379234 NewWorldOrange
NewWorldOrange's picture

Wow, you're presumptuous as well as mentally ill (seriously, spending half your life on a blog for no other reason than to hate on some author?). Like I said, many influences, and Rand is just one. Like I said, certainly NOT an objectivist. I have always strived to expose myself to all points of view. You, on the other hand, have one VERY narrow viewpoint and it's clearly this: Ayn Rand is the source of all my problems and all that's evil in the world and I'm going to take here down if it takes blogging on ZH for my entire life!


Fri, 04/27/2012 - 00:19 | 2379241 LetThemEatRand
LetThemEatRand's picture

I'm mentally ill for spending too much time here but you're read my posts for months?

Fri, 04/27/2012 - 00:35 | 2379255 NewWorldOrange
NewWorldOrange's picture

I frequently read LOTS of posts here. You are here, a lot, It's all you have. Didn't you just say I should expose myself to a broader range of views? I've listened to yours often. Listening, and reading, is something you should try more of. In the the three years I've followed ZH, I've posted on maybe 20 days in all. You can learn a lot just listening (and reading, especially if it's something you wish to make a major part of your life, for good or bad. You should try it.)

And as you've proven tonight, I can learn a lot from a dummy. One thing I've learned from you tonight is that you're a troll and nothing more.I'd figured that already, but thanks for all the confirmation. Not a common troll, and definitely a very weak troll, but still a troll.

Whatever has happened to you that has made you so bitter, angry, and miserable, it can be overcome. Talk to a professional who can help you sort it all out. Reconnect with some family or get out and try to make some friends (and if you spend the whole time spouting off obsessively about some author they've probably never heard of, they'll think you batshit nuts and shun you. I suspect that's a big part of your problem now. End the obsession and you'll be a lot happier.)

You should feel well-fed, troll. Heh.

Fri, 04/27/2012 - 00:41 | 2379267 LetThemEatRand
LetThemEatRand's picture

You are obsessed with a sociopath writer from fifty years ago, but I'm crazy?   Good night, Gracie.

Fri, 04/27/2012 - 00:53 | 2379284 NewWorldOrange
NewWorldOrange's picture

So you hate her because she's dead?

The profile of a sociopath:  http://www.mcafee.cc/Bin/sb.html

Almost every point there describes you and your behavior here (for a year) to a T. Pure T Troll.

You believe everything you read about something, or someone, without even looking directly at them yourself even when doing so would be as easy as...sitting at a PC. But you choose to ignore the source, and instead, believe what you heard and maybe read second-hand.

Pathetic. Intellectually, that's about as weak and ineffectual as you can get. I pity you, I really do. Goodnight Jethro.

Thu, 04/26/2012 - 23:49 | 2379186 A Nanny Moose
A Nanny Moose's picture

Misdirection. At this point you debate the ideas. Perhaps you could use the ideas from your favorite author and his book about yellow oligarchs created by government growing out of control.

Thu, 04/26/2012 - 23:56 | 2379203 LetThemEatRand
LetThemEatRand's picture

Well said.  Yellow oligarchs.

Fri, 04/27/2012 - 00:18 | 2379240 NewWorldOrange
NewWorldOrange's picture

Misdirection. At this point, why don't we simply debate the ideas of Ayn Rand? You see, lter has spent a year here, day after day, spouting off about something he hasn't even attempted to study. I challenged him to a debate on her works and ideas. He made it clear, he's not interested. At this point, I'm basically bored (in a hotel room far from home and it's cold and rainy as hell outside), and after almost a year of reading his absurdities, sincerely curious as to what makes a person like that tick, and spend what is probably every spare minute he has outside of work (?) and sleeptime hating on one author he's never even studied. My curiousity is wearing thin, though. Several hours of communication with this nutjob is enough for one year.

Fri, 04/27/2012 - 00:22 | 2379246 LetThemEatRand
LetThemEatRand's picture

"I challenged him to a debate on her works and ideas. He made it clear, he's not interested."

Finally you said something honest.  Thank you.

Fri, 04/27/2012 - 00:37 | 2379263 NewWorldOrange
NewWorldOrange's picture

Everything I've said was "honest" even if you didn't like it.

So you're not interested in dicussing her ideas, just spouting off about them and no more.

Troll, by definition.

Thu, 04/26/2012 - 22:50 | 2379069 WonderDawg
WonderDawg's picture

I know, I've read some of your other posts, actually checked out fxcm.com on your recommendation. I've never done any forex trading, so I'm studying it and if I get to feeling comfortable with it, might take a shot at it.

I'm also a Rush fan and appreciate the links.


Thu, 04/26/2012 - 22:59 | 2379091 NewWorldOrange
NewWorldOrange's picture

That's awesome! Always nice to be appreciated, and I appreciate your comment. I love Rush. Neil Peart was heavily influenced by Ayn Rand and it really shows in their early albums (70s)

2112 is a virtual retelling of "Anthem."

Got any good links for Rush? I'm a BIG fan so I enjoy even stuff like this, where they're having dinner together:


Say, did you know Alex and his son got beat up by cops about ten years ago in Florida just for clowning around harmlessly in a bar? Tasered until they went into convulsions too. Seems to be a growing trend.

Thu, 04/26/2012 - 23:07 | 2379113 LetThemEatRand
LetThemEatRand's picture

Idol.  Worship.

Thu, 04/26/2012 - 23:09 | 2379120 WonderDawg
WonderDawg's picture

How 'bout a little something different...


Thu, 04/26/2012 - 23:51 | 2379192 NewWorldOrange
NewWorldOrange's picture

They're terrific. Had heard of them but never tuned in. Will listen to more for sure.

Uh oh. Mr. Miserable is gonna' accuse me of idol worshipping them. Ah well, better to worship idols than hate on and fear one "demon" so much it has you blogging about her half your life without ever having read her. You gotta' kind of feel sorry for that guy. I mean, seriously, there's no way he could be anything but miserable, and have no friends or family to care for and care for him. I guess it's better he blows off his steam here on anonymous strangers from the safety of a lonely apartment than with random strangers in real life.

Fri, 04/27/2012 - 00:41 | 2379266 A Nanny Moose
A Nanny Moose's picture

New album this summer! Wewt!! I grew up a huge Rush fan. Neil's distillation of the human experience, always made sense to me. It was not until I read Rand, that I truely began to understand why.


Thu, 04/26/2012 - 22:32 | 2379024 NewWorldOrange
NewWorldOrange's picture

Okay, I can see you're scared to chat. So, let's spar here? No one else around this late anyway, or not many.

In one of Rand's novels, there is a character who is the epitome of the nanny state bureaucrat, a really foul SOB who would say and do anything to destroy entrepreneurs and funnel all wealth to the State. There is no other character quite like him in all of her works. Which novel, and which character? (this is an easy one)

Thu, 04/26/2012 - 22:35 | 2379033 WonderDawg
WonderDawg's picture

Oh, I know, I know! But I won't be a spoiler.

Thu, 04/26/2012 - 22:41 | 2379045 LetThemEatRand
LetThemEatRand's picture

Dick Cheney?

Chimp Diaries?

Thu, 04/26/2012 - 22:53 | 2379075 WonderDawg
WonderDawg's picture

I'll throw his initials out there, see if I'm right. I'm not an Ayn Rand student, but I've read a couple of her books and slogged through some of her objectivist writings.


Thu, 04/26/2012 - 23:02 | 2379097 NewWorldOrange
NewWorldOrange's picture

Of course, and as you know my description was quite vague and he might have had a hard time figuring that out even if he'd read some wiki articles or something. Only someone who knew her works well would know I was describing Ellsworth Toohey, from "The Fountainhead."

Egggggzulent ;)

Thu, 04/26/2012 - 23:19 | 2379133 WonderDawg
WonderDawg's picture

Your description captured the essence of Toohey's character. I haven't read Anthem but definitely plan to. Rand is an incredible writer. I write fiction myself (amateur with a dream), and I definitely appreciate quality writing. Classic faves are Mark Twain and Raymond Chandler, current faves are Elmore Leonard, George Pelecanos, among others. While their works aren't quite as profound as Rand's, I read them primarily for entertainment. I get a steady diet of "profound" just watching the TPTB trying to keep the plates spinning.

Thu, 04/26/2012 - 23:34 | 2379156 NewWorldOrange
NewWorldOrange's picture

Haven't read any Pelecanos. I read "The Big Sleep" long ago but barely remember it, though I was impressed with Chandler's writing.


Twain is my favorite writer. No doubt lter will now become a Twain hater too, and has probably never read any Twain. I wonder if he's ever even read a book?

Thu, 04/26/2012 - 23:56 | 2379199 WonderDawg
WonderDawg's picture

Twain's writing is genius. He had some incredible insights into the human condition.

Raymond Chandler is like the original pulp fiction/noir guy. I love his dry, hardboiled prose, you crack a tooth on it. His similes are priceless. "As dangerous as a broken mousetrap". Genius in his own way.

Fri, 04/27/2012 - 00:21 | 2379243 NewWorldOrange
NewWorldOrange's picture

Agree on all of that. In fact, if I had to say who's more profound, Rand or Twain, I'd have to go with Twain.

Thu, 04/26/2012 - 23:08 | 2379116 NewWorldOrange
NewWorldOrange's picture

CHIMP diaries? How ironic that YOU would say that ;)

Thu, 04/26/2012 - 22:21 | 2379016 NewWorldOrange
NewWorldOrange's picture

Incredible. Absolutely amazing. The guy who's devoted half his life for almost a year to disparaging Ayn Rand and her ideas and works, has never even READ one of her works.

Paid shill, or idiot coward?

Thu, 04/26/2012 - 22:27 | 2379021 LetThemEatRand
LetThemEatRand's picture

I was never a big fan of your Mission Impossible series.  The original was better.  But thanks for equating Tom Cruise and Ayn Rand followers for the world to see.  


Thu, 04/26/2012 - 22:40 | 2379041 NewWorldOrange
NewWorldOrange's picture

Your reading comprehension is very lacking. I did no such thing and never will. They are virtually opposites.

Straw man all you got pussy? Can't answer that question either huh?

Go ahead if you'd like WonderDawg.

Thu, 04/26/2012 - 22:56 | 2379084 WonderDawg
WonderDawg's picture

I'm thinking Ellsworth Toohey in The Fountainhead?

Thu, 04/26/2012 - 23:03 | 2379102 NewWorldOrange
NewWorldOrange's picture

Yep (longer answer above, just didn't see this til just now.)

Seems like we've got a bunch of ET's running the gov/fed these days eh?

Thu, 04/26/2012 - 22:51 | 2379072 disabledvet
disabledvet's picture

I read The Fountainhead. That one was pretty good...being about "crazy architects" and all. Frankly i thought Atlas Shrugged was a piece of crap. Sex on railroad tracks? Ick!

Thu, 04/26/2012 - 23:06 | 2379108 NewWorldOrange
NewWorldOrange's picture

Kudos to you for having read them. Have you read "Anthem"? Her best novel in my opinion. Not as influential for sure, but a great book. It's pretty short.

Thu, 04/26/2012 - 23:10 | 2379121 LetThemEatRand
LetThemEatRand's picture

So sad.

Thu, 04/26/2012 - 23:22 | 2379139 NewWorldOrange
NewWorldOrange's picture

Awww... read "Anthem" - you're first reading of Ayn Rand - and maybe you'll feel happier. It's very uplifting.

Maybe you just haven't read her novels. Maybe you can answer this. Philosophy is commonly broken down into several broad categories. Ayn Rand primarily works with two of them, and in one, she often uses the term "umbrella" as a sort of analogy. What branch?

Thu, 04/26/2012 - 23:31 | 2379154 LetThemEatRand
LetThemEatRand's picture

Hypocritical sociopathy.

Thu, 04/26/2012 - 23:54 | 2379198 NewWorldOrange
NewWorldOrange's picture

No you poor fool. That's not a branch of philosophy, it's refers to the frontal portion of YOUR brain. Not everything is about you lil' fella.

Thu, 04/26/2012 - 23:58 | 2379208 LetThemEatRand
LetThemEatRand's picture

Do capital letters make you feel bigger little guy?

Thu, 04/26/2012 - 22:10 | 2378979 NewWorldOrange
NewWorldOrange's picture

C'mon sissy! I created the room (Ayn Rand) and threw the first punch. Why do you fight like Ghandi but bark like a dog?

Thu, 04/26/2012 - 22:36 | 2379035 brewing
brewing's picture

i'm starting to think lter is a tyler/mdb troll.  no one that visits this blog could be _______________...

Thu, 04/26/2012 - 23:18 | 2379047 NewWorldOrange
NewWorldOrange's picture

I've long thought that lter is a shill or something. It's just bizarre. Why would someone spend half their life hating on something on a blog that they know nothing about? Or otherwise for that matter? Just pure common trolling? Truly bizarre. Been on the internets since day one and I've never seen a troll quite like him.

Pretty sure he's just a socialist or pro-establishment (yeah, I know, pretty redundant) loser who's miserable and heard somewhere Ayn Rand strongly influenced libertarianism, which he clearly equates with the "right wing" (LOL) and this is just his way of blowing off steam over his own failures.

Thu, 04/26/2012 - 23:27 | 2379149 LetThemEatRand
LetThemEatRand's picture

"Not looking for an argument, just a spirited, honest debate with someone who has really studied her but takes the "other side". Nothing you could say would "offend" me or anything. I'm not an "objectivist" by any means. Just leave a day/time here. Will check back later."

Your words.  Honest NewWorldOrange.

Thu, 04/26/2012 - 22:45 | 2379048 LetThemEatRand
LetThemEatRand's picture

Economics 1996.  A government contractor.  It really will never get old.

Thu, 04/26/2012 - 22:47 | 2379059 NewWorldOrange
NewWorldOrange's picture

Making it off the gubmint, huh? I figured that. A shame you didn't know who that character in Rand' novel was. You'd probably bend over and willingly play his assbitch.

Thu, 04/26/2012 - 22:52 | 2379071 LetThemEatRand
LetThemEatRand's picture

You're talking to your purple friend.  Aynd you don't even know it.  He's a government contractor.   Do as I say, not as a I do.  Right?

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