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Progressive American Think Tank Begs Bernanke To Bail Out Spain

Tyler Durden's picture


It's one thing for liberals to demand one group of Americans pay for another group of Americans, with a third group's money of course (until it runs out), but when a progressive think tank actually has the temerity to tell Bernanke that Europe is not socialist enough, and thus needs liberal US support, that's when things just get plain old silly. Which incidentally, is precisely what the progressive brains of Mark Weisbrot and Dean Baker, co-directors of the liberal Center for Economic and Policy Research, have done. Naturally, we are all for a humanistic effort; we also believe in leading by example. If Messrs. Weisbrot and Baker would first be kind enough to divest themselves of all their earthly possessions and bank account contents, which should be Fedexed and wired in the direction of Spain post haste, it would make their transparently theatrical pursuit of pseudo-noble causes just that more palatable to the masses who already are on the verge of poverty, and are now being asked to bail out other countries. 

Just released from the CEPR

European Central Bank’s Inaction Could be Costly to U.S. and World Economy


Washington, DC– Center for Economic and Policy Research (CEPR) Co-Directors Dean Baker and Mark Weisbrot issued the following statement today, calling for action by the U.S. Federal Reserve to contain the eurozone crisis. Weisbrot just returned from Spain, where he observed the impact of the crisis firsthand.


The statement reads:


“The financial crisis in the eurozone, now centered on Spain, is contributing to the slowdown in the U.S. economy and opens the possibility of a worse financial meltdown, of the type that followed the collapse of Lehman Brothers in 2008.  This could tip the U.S. economy into recession.


“The European Central Bank (ECB) could put an end to the acute crisis by intervening in the Spanish bond market, as it has done in the past year, thereby stopping financial markets from driving these bond yields to levels at which Spain’s debt is seen as unsustainable.  But it has so far refused to do so.


“The Financial Times reported yesterday that ‘A widespread view within the [ECB’s governing] council’ is that prior interventions ‘simply reduced the incentive for governments to act;’ and that ‘the ECB also has to judge whether to take pre-emptive steps to prevent the situation spinning out of control at the risk of lowering the pressure for political reform or wait to see how events pan out before responding.’


“The ECB’s refusal to act, for political reasons, is reckless and inexcusable.  Since the eurozone crisis is affecting unemployment in the United States, and threatens to raise it further, it is within the Fed’s mandate to act in this situation.


“Past interventions by the ECB indicate that the amount of intervention would be relatively little.  According to press reports, the Fed is currently considering an additional $700 billion of quantitative easing in the United States; the amount necessary for intervention in the Spanish bond market would be a small fraction of this, and possibly have more impact on the U.S. economy.  Past actions indicate that private investors would move quickly to buy Spanish bonds on the heels of a central bank intervention.  Furthermore, the intervention would come at no cost to the U.S. taxpayer, and the Fed would accumulate foreign assets in its reserve holdings.


“U.S. Treasury rates fell to all-time record lows last week, as fear seized financial markets worldwide.  More than $100 billion left Spain in the first quarter of this year – nearly 10 percent of Spain’s GDP – and it is likely that capital flight accelerated in April and May.  This capital flight worsens the situation of the Spanish banks, as does the fall in the price of Spanish bonds, which are held mostly in Spain. All of this makes the banking and financial crisis worse.  The eurozone recession is deepening, and the financial crisis there is affecting many parts of the world economy.


“It is possible that action by the Fed would also cause the ECB to intervene. But in any case, it is within the Fed’s mandate and ability to contain this crisis.  It should act quickly before there is further damage to the U.S. economy.


“Other central banks with large reserve holdings may also want to consider intervening as well, if the Fed does not act, or in conjunction with the Fed if it does.”

So... it is within the Fed's "mandate and ability to contain" the European crisis? No, really, you just read that.

And by the way, just because there are idiots who believe this is sound policy, does not mean in won't happen. Of course the Fed will "rescue" Europe (if only for a few months). But not before the market is one towering inferno of 201(k) statements, and the S&P 500 has officially been rebranded the S&P 200 (and the XO is over 1000 bps). Only then will Bernanke reprise his November 30 global bailout and unleash more US taxpayer money loose in Europe.

Because this time it will be different.


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Mon, 06/04/2012 - 14:03 | 2492717 digitlman
digitlman's picture

No more bailouts.

Mon, 06/04/2012 - 14:05 | 2492726 easypoints
easypoints's picture

No, do it. The more Ben Bucks out there, the shinier my stack gets.

Mon, 06/04/2012 - 14:08 | 2492730 Ahmeexnal
Ahmeexnal's picture



small print on the bailout papers handed over to "king Juan Carlos": 


Mon, 06/04/2012 - 14:11 | 2492753 MillionDollarBonus_
MillionDollarBonus_'s picture

Libertarians are bullies. They constantly pick on people who simply disagree that the Government and Federal Reserve are evil. They have no respect for peoples’ feelings. Progressives around the world need to stand up for each other, and comfort each other in the midst of this appalling abuse.

Mon, 06/04/2012 - 14:15 | 2492782 Dumpster Fire
Dumpster Fire's picture

You could cash out your FB killings and lend a hand.

Mon, 06/04/2012 - 14:18 | 2492794 Everybodys All ...
Everybodys All American's picture

how do you quantify 'feelings'?

Mon, 06/04/2012 - 14:21 | 2492802 t_kAyk
t_kAyk's picture

You sound depressed, better refill your hopium prescription. 

Mon, 06/04/2012 - 14:29 | 2492843 Bartanist
Bartanist's picture

Weren't you a conservative yesterday?

Are you just trying to make trouble?

Mon, 06/04/2012 - 14:31 | 2492850 Dr. Engali
Dr. Engali's picture

If only they were bullies then maybe there would be some push back againt the encroaching police state.

Mon, 06/04/2012 - 14:46 | 2492899 eclectic syncretist
eclectic syncretist's picture

The premise of the Federal Reserve is that it is a stand alone entity with infinite credit, and that it will supply or withdraw said credit as necessary to ensure stable prices and maximal employment.

What could go wrong?

Mon, 06/04/2012 - 14:57 | 2492948 smb12321
smb12321's picture

Why do folks insist that using someone else's money is somehow moral? One can make a case for intranational funding (ND taxes pay for IL fire fighters) but thereis absolutely zero obligation to throw away money on other nations - especially when their problems are of their own making. We are by far the most generous nation when natural disasters occur but this is entirely man made.

Mon, 06/04/2012 - 15:03 | 2492966 XitSam
XitSam's picture

Who took over your account? You used to be subtly clever, but now you're just boringly obnoxious.

Why should I be forced to pay for another's folly just to keep him from having bad feelings?

Mon, 06/04/2012 - 16:17 | 2493305 Bicycle Repairman
Bicycle Repairman's picture

The Greece bone is connected to the Spain bone.

The Spain bone is connected to the Euro bone.

The Euro bone is connected to the America bone.

And that's why they get bailed out by Bernanke.

Mon, 06/04/2012 - 17:09 | 2493542 Newsboy
Newsboy's picture



Mon, 06/04/2012 - 18:51 | 2493903 piceridu
piceridu's picture


Mon, 06/04/2012 - 17:16 | 2493559 Cadavre
Cadavre's picture

... of this appalling abuse.

You said "appalling" , he he - tacky attemp at skills beyond your current pay grade, but an almost acceptable placemnt of "appaling" in a 3 liner. You're getting close but no cigar - work a different part of the thesaurus for a while - see if it makes a difference to your love life - ya got nuthin to loose!

Tue, 06/05/2012 - 01:26 | 2494902 Bansters-in-my-...
Bansters-in-my- feces's picture


Fuck YOU,you tool.

Mon, 06/04/2012 - 14:14 | 2492755 GetZeeGold
GetZeeGold's picture



Huh? That green thing isn't helping out Spain?


Mon, 06/04/2012 - 16:07 | 2493249 Cadavre
Cadavre's picture

So how exactly would the Bershkank bail Spain - understanding there are still 12 days of "hopium" left until the next (forgot the count) Greek Referendum, and now the gab is Spain?

Ben would buy EUR from the ECB with USD's, right? And then that money would be given to Spain with the provision that Spain can only use the money to buy McDonald Burger Stands, and Coke `a Cola vending machines, and then, from the tax revenues Spain gets from all their new Big Mac parlors and Coke vending machines will be used to halp Spain claw it's way back into the "black".

Hmmmm ... has that ever worked before? NOT!!!!

It seem all that Sapnish Bail would do is artificially increase the "apparent" demand for EUR, thus, pushing the EUR higher against the USD, followed by USD price inflation, which means the Stock Ponzi will get a slight bump and establish enough headroom for the monthly option expirations short squeeze. Next month Ben could do the same thing to Portugal, and the following month he'd save Italy and the USD will finally cost two Euros/per, thus boosting the markets to that sweet spot, and, thus, encourage the shabby sheik born in the USA Wal Mart elite to push the button for Oromney in November.

Is that it (again)?

Sounds complicated - Ben should just bail everybody out across the board - maybe Microsoft will hit 30 bucks again, thus covering Microsoft's expense for the fake security tickets it created for StuXnet and Flame (thought the CIA already paid M$ for that effort by Microsoft's Core OS Security Kernel shops in Israel),

Ben has a lot to more to worry about than Maurice's playing it loose at the bathhouse!


Mon, 06/04/2012 - 19:36 | 2494011 nmewn
nmewn's picture

"Huh? That green thing isn't helping out Spain?"


It turns out subsidizing unicorn farts here was just as disastrous...whocouldaknowed ;-)

Mon, 06/04/2012 - 14:07 | 2492739 t_kAyk
t_kAyk's picture

Thingamajigs for the whole fucking planet!!!

Mon, 06/04/2012 - 15:10 | 2492988 Matt
Matt's picture

Only $21 Trillion to give a check for $3000 to every single human being. Just have the money on an electronic card that can only be spent in America (or American websites that pay taxes in America) on Certified Made in America goods.

This plan will help developing countries, bankrupt countries, underdeveloped countries, but most of all, it will help America. Do what's right, do what's patriotic, do what's best for America and support this plan.

(do I qualify for a governmental consulting position now?)

Mon, 06/04/2012 - 15:17 | 2493010 t_kAyk
t_kAyk's picture

Consulting position?  Screw that, here's your Nobel Prize!!

Mon, 06/04/2012 - 14:34 | 2492860 Offthebeach
Offthebeach's picture

Why don't lefties just buy with their trust fund money Spanish bonds, make a do-gooder profit and save Spain?

Mon, 06/04/2012 - 14:56 | 2492941 Overfed
Overfed's picture

Damn straight! All of the liberal Hollywood actors should start writing checks to bailout the EU and the US. Oh, but wait, they want to be philanthropists with our $$, not theirs.

Mon, 06/04/2012 - 15:32 | 2493077 blunderdog
blunderdog's picture

Bailing out banks isn't exactly a right/left kinda thing.

I don't think guys like Hank Paulson and Dubya qualify as "left" no matter how crazy your one-dimensional political scale is.

Mon, 06/04/2012 - 15:43 | 2493131 Offthebeach
Offthebeach's picture

I consider the GOP the go slow, " We can do socialism better, and classier " party. The Bush/Lott/Hasteret GOP was a big tax, bigger spending,bigger debt,bigger government administration. Ergo, lefties.

Mon, 06/04/2012 - 16:02 | 2493208 knukles
knukles's picture

It's not whether
They're lefties or righties
Or even Bawney Fwank
In his nighties

All they wants is
More this and that
Being Statists 
Is where they're at

Bawney Fwank/Larry Summers 2920

Mon, 06/04/2012 - 15:27 | 2493048 financial apoca...
financial apocalyptic contagion's picture

the system is so unfair!

People on the other end of the spectrum like Ron Paul are completely ignored where as these fucks are deemed "progressives" and will now be champions of this "save spain" movement.

Fuck it, A song of Ice and Fire is a much better read than some stupid economic research paper

Good catch TD- its very hard to find papers with such retarded ideas

I hope they don't get nobel prizes for this shit

Mon, 06/04/2012 - 16:05 | 2493222 knukles
knukles's picture

(snifflees and tears)

It's so unfair.




Mon, 06/04/2012 - 15:34 | 2493090 vocational tainee
vocational tainee's picture

Something dumb, as white bread,is asking the bakery to press the FED,to buy shitty real estate in SPAIN not to get caught at home?

Mon, 06/04/2012 - 19:51 | 2494045 Buck Johnson
Buck Johnson's picture

They will and it won't be pretty, because every time there is a QE3 it doesn't last as long in the help dept..

Mon, 06/04/2012 - 14:05 | 2492724 LeBalance
LeBalance's picture

This is Captain America callin'

i bailed you out when you were down on your knees

will you catch me now I'm falling.



Mon, 06/04/2012 - 14:17 | 2492789 macholatte
macholatte's picture


The mental illness known as the "Progressive Party" has captured the US government from White House to Congress to Supreme Court. It is the political cancer from the 20th century and is slowly killing the host.

Mon, 06/04/2012 - 14:42 | 2492887 FlyoverCountryS...
FlyoverCountrySchmuck's picture

THE MESSIAH, BLACK JESUS is endangered by this constant stream of bad economic news. this must not be allowed to continue, no matter the cost to the taxpayers.

What matter the Muppets, when compared to THE GLORY OF OBAMA?

And here, I thought the Messiah Obama told us that "THE ERA OF BAILOUTS IS OVER!", back in 2010? I must be a RASSIS!, or a phobe, or sumpin, for remembering that inconvient truth.


I hear a knock at the door. It looks like the Obama Truth Squad/Thought Police. Back in a moment....



Mon, 06/04/2012 - 15:05 | 2492975 kralizec
kralizec's picture

Hey?  Where'd ya go?!

Mon, 06/04/2012 - 15:17 | 2493009 Ahmeexnal
Ahmeexnal's picture

They took him to Lefortovo.

Mon, 06/04/2012 - 15:31 | 2493072 Calmyourself
Calmyourself's picture

+1 for the lefortovo reference..   He tried to warn us, Ivan that is..

Mon, 06/04/2012 - 16:07 | 2493247 knukles
knukles's picture




"It's not the people who vote that count. It's the people who count the votes." 
             -Josef Stalin

Mon, 06/04/2012 - 14:42 | 2492888 Uncle Remus
Uncle Remus's picture

World+dog to US Taxpayer: Bück dich!

Mon, 06/04/2012 - 15:03 | 2492970 Mugatu
Mugatu's picture

Why is the world so fucking scared of a Recession now?  Used to be one would come along every 4-6 years.  Just like a good storm, they clear away the dead and rotting branches and provide new life for many industries.  In college economics we all learned that they help redirect money to better endevours.  

Why does everyone fear them like the plague now?  Its natural.  They need to happen.  Don't fight it - embrace it.

Mon, 06/04/2012 - 15:07 | 2492979 Uncle Remus
Uncle Remus's picture

This is not your father's recession.

Mon, 06/04/2012 - 15:18 | 2493012 Matt
Matt's picture

This isn't a cyclical downturn. This is a secular end of global debt growth depression. I wonder if the economists and politicians running this gong show realize this and are choosing not to acknowledge it, or if they really believe in what they are doing.

Mon, 06/04/2012 - 16:22 | 2493318 knukles
knukles's picture


Last night on Bloomberg and CNBS during the early Asia hours it was fucking hilarious.  My wife was giggling while I was talking back to the people on the screen.

Them:  OMG, it's just amazing!  The markets are getting hammered!
Knukles:  A slip, a small drop, a slide.  A downtick.  You ain't seen hammered yet, dipshit.  Jesus H Fucking Christ on a Stick.  Try another 25%, then tell me if it hurts.

It:  Ah, leally gleat learnings at Dong Fong Motors, gleat crumpanie, penetlating many adishunnl malhets.
Knuks:  Yeah, unload that shit before you get penetrated anymore, dumass.  Maybe send the crap off to Kim Jong Dong Ill the 4th.  Like write it the fuck off right now.  Now.

Her: But will this really and truly sap any of the buying at the absolute pinnacle high end of the luxury goods market in China, the Aston Martins and gold and diamond encrusted iPhones, for example?
K:  Oh fuck no, but it'll get you summarily shot in the forehaed for flouting that shit pretty soon.

Ben Bernamoochie (AIG head):  After this shits over, 80 is gonna be the new retirement age.
K:  Ben, I got some news for ya'.  This shit is sooo fucking far from over, you're not gonna be retired, you're gonna be in the fucking nursing home drooling in the spit cup.  Over, before it's over, starvation is gonna be the main concern.

EU heads:  We promise to have a plan to solve this soon.
K:  I promise not to cum in your mouth.  Honey?  Honey!  Where'd you go?  No, I was talking to them, not you.  Whaddya mean I alwasy lie about that.  Oh come on doll...   OUCH!

Mon, 06/04/2012 - 15:35 | 2493091 Calmyourself
Calmyourself's picture

Notice how the constant media drumbeat of "recession' has dumbed down this probably very bright poster.  Obviously we have been in a recession for years, the media would like you to forget there is a "cession" with a DE in front of it at least as long as the bamster is in office.  Now once Mittens is in DEPRESSION will become quite popular as a description  of the economy.

Mon, 06/04/2012 - 15:55 | 2493168 Real Estate Geek
Real Estate Geek's picture

Why?  For the same reason we're now so scared of forest fires, which also used to come along regularly.  Too long without means that lots of deadwood has accumulated.  When it comes it won't be a fire, it will be a conflagration.  (Think Dresden in 1945.)

Mon, 06/04/2012 - 14:06 | 2492731 mrktwtch2
mrktwtch2's picture

why is it that if 310 million americans vanished tomorrow the world would collapse if 6.7 billion people vanished the us would still would not be easy but we have our own food oil and manufacturing ability..we should be using this truth to our advantage and stop electing politicians who are trying to turn this country into europe..

Mon, 06/04/2012 - 14:14 | 2492776 Everybodys All ...
Everybodys All American's picture

the globalist's are in every level of government and it unfortunately appears no amount of elections can remove them from there detrimental influence.

Mon, 06/04/2012 - 14:53 | 2492933 Vince Clortho
Vince Clortho's picture

Exactly.  Replacing one globalist Boot Licker with another Globalist Boot Licker is not going to solve anything.

People need to Wake Up.

The Dog and Pony show that is the two party system in the US is corrupt.  People who are ideological slaves to either party are completely missing the Big Picture.

The Christians never win against the Lions.  The only sane choice is not to play their rigged game.

Mon, 06/04/2012 - 15:03 | 2492968 smb12321
smb12321's picture

I am a libertarian but realize that with instant communication and trade we are all in a sense globalists. The trouble with progressives is that they want the world to be a mirror of their dream of an authoritarian nanny State. This explains their attempts at trying to instill guilt for not throwing money down the EU black hole of debt. That grip NEVER leads by example

Mon, 06/04/2012 - 14:07 | 2492732 ElvisDog
ElvisDog's picture

Furthermore, the intervention would come at no cost to the U.S. taxpayer, and the Fed would accumulate foreign assets in its reserve holdings.

Oh, that is hilarious. The Fed would acquire ownership of some vacant Spanish housing worth 1/10 of its mortgage value.

Mon, 06/04/2012 - 14:22 | 2492810 narnia
narnia's picture

Dean Baker has an audience because self-interested Democrats & Keynesians like what he has to say, not because what he says has any merit. 

Mon, 06/04/2012 - 14:07 | 2492733 ultimate warrior
ultimate warrior's picture

This is the only friend the end.....

Mon, 06/04/2012 - 14:07 | 2492736 LFMayor
LFMayor's picture

 Messrs. Weisbrot and Baker should hold Ebay auctions for all their organs to raise money, too.  Now THAT would be progress!  We'd finally get something of value out of those hipster assholes.

Mon, 06/04/2012 - 14:09 | 2492742 FL_Conservative
FL_Conservative's picture

This is why I hate liberals and there cannot be "compromise" in economic policy.  Half a cup of poison will kill you just the same as a full glass.  Only the pain will last a lot longer.

Mon, 06/04/2012 - 14:10 | 2492751 GeneMarchbanks
GeneMarchbanks's picture

Not surprising really. Zbig has been calling for this for some time now.

Mon, 06/04/2012 - 14:11 | 2492754 ziggy59
ziggy59's picture

"Temerity"? How about king kong sized testicles?

Mon, 06/04/2012 - 14:44 | 2492894 FlyoverCountryS...
FlyoverCountrySchmuck's picture

Thanks for the applause, I've been calling this one, FOR WEEKS.

The MESSIAH is endangered by the bad economic news, and the FED is the Bank-Of-Last-Resort.

What's a little inflation, compared to the GLORY of Obama's reelection, anyway.

Mon, 06/04/2012 - 14:11 | 2492757 El Viejo
El Viejo's picture

Can we buy jobs for the Spanish unemployed? 

Mon, 06/04/2012 - 17:13 | 2493142 Normalcy Bias
Normalcy Bias's picture

Well, somehow it costs this Govt about $2MM to create a $50K job, so what would that work out to?

Mon, 06/04/2012 - 14:12 | 2492761 Everybodys All ...
Everybodys All American's picture

and it would be worth discussing if it had a snow balls chance in hell of working.

Mon, 06/04/2012 - 14:12 | 2492763 brooklynlou
brooklynlou's picture

Mark Weisbrot and Dean Baker = Long Spanish Bonds

You two are sooooo screwed ....

Mon, 06/04/2012 - 14:13 | 2492764 sockratte
sockratte's picture


Mon, 06/04/2012 - 14:13 | 2492766 Essential Nexus
Essential Nexus's picture

So who here is short the markets?

Mon, 06/04/2012 - 14:55 | 2492937 CPL
CPL's picture

Who would be with those clowns in charge.


Physical silver and gold.




CTRL C for Copy bad Strategies!!

CTRL P for Victory!!!!!!


Let the fools print, we'll be reading about how their security teams turned on them and kill them in good banana republic fashion.


Mon, 06/04/2012 - 15:25 | 2493037 resurger
resurger's picture


no otherway out sir


Mon, 06/04/2012 - 17:46 | 2493670 reTARD
reTARD's picture

I shall invent the 2-key keyboard and it shall only have CTRL and P.

Mon, 06/04/2012 - 14:14 | 2492773 surf0766
surf0766's picture

I'll see your $4.00 gas and raise you $10.00 gas


Mon, 06/04/2012 - 14:14 | 2492778 Sancho Ponzi
Sancho Ponzi's picture

I saw a feed a few days back that said Geithner had promised the Spanish Assistant Finance Minister (or some similar title) that Spanish banks, no matter how insolvent, would have unrestricted access to cash. 

Mon, 06/04/2012 - 14:22 | 2492809 phalfa5
phalfa5's picture

"...  that Spanish banks, no matter how insolvent, would have unrestricted access to crash. "

There ....  fixed for you .

Mon, 06/04/2012 - 14:33 | 2492855 Sancho Ponzi
Sancho Ponzi's picture

...if only

Mon, 06/04/2012 - 14:26 | 2492824 Sancho Ponzi
Sancho Ponzi's picture

Ahh, found it.

'Soraya Sáenz de Santamaria, Spain’s deputy prime minister, said after a meeting with Mr Geithner that the two had discussed proposals to recapitalise Spanish and other European banks “without state intervention and without conditions,” a clear reference to Madrid’s wish to get EU bailout assistance without strings attached.'

Mon, 06/04/2012 - 14:15 | 2492779 q99x2
q99x2's picture

Arrest them. I mean if I walk into JPM and say, "Hi, could you tell Jamie Dimon to come down. I'm here to arrest him" they will not listen to me. So, somebody please arrest them. They won't listen to me.

Mon, 06/04/2012 - 17:39 | 2493640 Impotent_Smurf
Impotent_Smurf's picture

I'll do it for a 100 milligrams of viagra.

Mon, 06/04/2012 - 14:16 | 2492783 barliman
barliman's picture


Bernanke - Spanish term for sociopath?

Or is Bernanke really just a redneck at heart?

"Hey! Y'all watch this!"


When Bernanke does throw gasoline on the EU fire, you will want to be at a safe distance from any major city.

Global Financial Collapse - because why spend money on neutron bombs and delivery systems when you can use the Self Cleaning Oven approach?


Mon, 06/04/2012 - 14:16 | 2492787 midgetrannyporn
midgetrannyporn's picture

I would approve the use of CEPR's funding for this purpose.

Mon, 06/04/2012 - 14:17 | 2492788 Tsunami Wave
Tsunami Wave's picture

So... Remind me.. what does the Constitution say about bailing out other countries? And to clarify again.. what about bailing out domestic and foreign financial institutions?

Mon, 06/04/2012 - 15:37 | 2493102 goldinpenguin
goldinpenguin's picture

Bernanke did it last crisis, remember the huge amounts that went to various Euro banks? All they needed was a US branch, it came out after the Bloomberg FOIL lawsuit

Mon, 06/04/2012 - 14:17 | 2492792 LongSoupLine
LongSoupLine's picture

Fucking assholes with no moral compass...period.

Mon, 06/04/2012 - 14:45 | 2492799 Dr. Engali
Dr. Engali's picture

Fuck I hope we do it. Just fucking blow up the dollar and get it over with. I'm tired of this slow motion wreck. Take your foot off brake and hit the accelerator...full speed ahead and the consequences be damned.

Mon, 06/04/2012 - 15:05 | 2492974 TrainWreck1
TrainWreck1's picture

You know, there's some merit in that approach. Not only in monetary policy, but also politics.

Re-elect the teleprompter, and put in as many far left people as possible, and let the economy seize up altogether.

It might be 5 or 10 years of brutal oppression, but all those high-tech toys, won't fix themselves, and spares are hard to come by when workers have a cold war soviet work ethic.

Let the chicoms punt our birds out of orbit, or just let them decay. Change the Navy over to E85, and watch the tubs plug along @ 8 kph, before the engines fail.

Raise the next generation with pitchforks and slings and let them deal with the problem old school.



Mon, 06/04/2012 - 15:54 | 2493173 jumbo maverick
jumbo maverick's picture

Yes as you smash the foot down on the Prius accelerator don't forget to yell "America!"

Mon, 06/04/2012 - 14:21 | 2492800 lolmao500
lolmao500's picture

Can't these people just MOVE to Europe or BE DEPORTED there already???

Mon, 06/04/2012 - 14:21 | 2492801 Miles Kendig
Miles Kendig's picture

One cannot be socially responsible without first being fiscally responsible.  This concept is completely lost in a world where politicians are elected, and their supporting cast of pay-per-squawk shills engaged to ensure a continually increased state support of someones "essential" cheese.

Mon, 06/04/2012 - 14:22 | 2492806 ArrestBobRubin
ArrestBobRubin's picture

Calling the God-awful CEPR a "Progessive American Thinktank" is like calling Richard Perle, Paul Wolfowitz, or Doug Feith an American Citizen. Not hardly.

Do you guys do any, you know, background checks before you go and help reinforce blatant Orwellian bullshit with lines like this?

Mon, 06/04/2012 - 14:23 | 2492813 Pairadimes
Pairadimes's picture



Fashionable liberal loonies. Hand them a loaded firearm. Within thirty minutes, they will have accidently killed themselves. Problem solved.

Mon, 06/04/2012 - 14:24 | 2492814 vincent van goo
vincent van goo's picture

Hooboy!  How much printing gets Spain in the clear?  500 billion?  1 trillion?  Can't do it, how much will be needed to print our way through the mess that is California?

Mon, 06/04/2012 - 14:24 | 2492816 SheepDog-One
SheepDog-One's picture

'Kin we haz da free moneez PLEEEEZ??'

Mon, 06/04/2012 - 14:25 | 2492820 Piranhanoia
Piranhanoia's picture

Is it fair to say that this is isolated or just liberals?   If Boehner represents the conservatives,  then it is certain that they want Europe bailed out too, because the alternative is that no one,  liberal or conservative, is going to collect on the worthless paper.   This is just like D and R,  no difference,  no conscience, no scruples.   It's all about the money.   Will Bony cave when it comes to the debt ceiling?  Of course.  Always has, always will.  There would be no difference at all if there was an R executive and a D congress,  R/R,  D/D.  That crap never mattered.

Money, Get your hands off my stash.

Mon, 06/04/2012 - 14:28 | 2492834 Bartanist
Bartanist's picture

If it is within the Fed's mandate (and most likely in the most liberal and unintended way) then the Fed's mandate needs to be drastically altered.

Better yet, end the Fed ... and figure out who is paying the salaries of a bunch of useless think-tank-propaganda-machines and politely ask them to stop.

Mon, 06/04/2012 - 14:28 | 2492835 Cranios
Cranios's picture

They could have just issued s statment that read: "Please Mr. Bernanke, pull Obama's ass out of the fire" since that's what they're really concerned about!

Mon, 06/04/2012 - 14:29 | 2492840 pods
pods's picture

Can't do this.  Cause then somebody might just ask where the FED is getting all this money to bail people out.

When it is done inside the US, people tend to give the FED some slack, as they (wrongly) assume it is part of the government.


Mon, 06/04/2012 - 14:44 | 2492864 Dr. Engali
Dr. Engali's picture

You mean the Fed  isn't part of the government? So does that mean that Federal ammunition isn't part of the government either?

Mon, 06/04/2012 - 14:53 | 2492932 pods
pods's picture

Hope not, as those are the slugs I run through my Deerslayer.  Really tosses em well, smoothbore and all!


Mon, 06/04/2012 - 14:59 | 2492957 Dr. Engali
Dr. Engali's picture

I prefer my Hoyt. I like the thrill of a silent kill.

Mon, 06/04/2012 - 15:26 | 2493042 pods
pods's picture

Bowhunting is my first love when it comes to deer.  PSE was my bow.  Kids cut into that though.

Had wanted a Hoyt Spectra Eclipse many moons ago, settled on a golden eagle pro turbo cam though.  The Hoyt was sold before I got there.  Nifty bow!

Now everything is single cam,  let off of a wheel, speed of a cam. Gotta get back in soon!


Mon, 06/04/2012 - 15:20 | 2492985 Uncle Remus
Uncle Remus's picture

[strikethrough no worky]

Nickeled and dimed to death.

Mon, 06/04/2012 - 14:30 | 2492846 Bruce Krasting
Bruce Krasting's picture

CEPR is "highly respected" by liberals. Paul Krugman quotes from them all the time. Look at the garbage they come up with.

There is not one America in 1,000 who would agree with this. If the Fed did it, the stock market would fall 10% in a week.

The good news about this is that the idea is so fucking stupid that Dean Baker and CEPR will be recognized for the fools that they are.

Mon, 06/04/2012 - 14:39 | 2492878 TheFourthStooge-ing
TheFourthStooge-ing's picture

Good points all, Bruce. You're absolutely right.

The good news about this is that the idea is so fucking stupid that Dean Baker and CEPR will be recognized for the fools that they are.

The bad news is that this recognition will only occur outside of the I-495 beltway.


Mon, 06/04/2012 - 14:57 | 2492949 Dr. Kananga
Dr. Kananga's picture

I just checked in with the liberal base and they think these guys are f'n crazy, too.

Mon, 06/04/2012 - 16:15 | 2493292 Carl Spackler
Carl Spackler's picture

Amen, Bruce.

Opening their mouths (i.e., the CEPR liberal nutcases), just proved out to the world that they are quite naive.

Amazing, how some people can get PhDs without ever having to fully think matters through before they opine on a subject.



Mon, 06/04/2012 - 14:32 | 2492853 Rastamon
Rastamon's picture




ummmm Tyler... those AREN'T progressives.... those are LIBERALS


i know it's hard for libertarians to see through the HAZE of their STUPIDITY and CULTISM .... but... if you're going to wear a political asshat, then, at least put it on straight !

Mon, 06/04/2012 - 14:58 | 2492951 Tyler Durden
Tyler Durden's picture

The ALL CAPS as an EXPRESSION of LACK OF STUPIDITY and CULTISM INDEPENDENCE is a nice touch. Does it work for you?

The Center for Economic and Policy Research (CEPR) is an American progressive economic policy think-tank based in Washington, DC, founded in 1999. CEPR works on Social Security, the US housing bubble, developing country economies (particularly Latin America), and gaps in the social policy fabric of the US economy.

Mon, 06/04/2012 - 15:04 | 2492971 Dr. Engali
Dr. Engali's picture

I love it when a libtard gets the smack down.

Mon, 06/04/2012 - 16:34 | 2493156 Normalcy Bias
Normalcy Bias's picture

There is such a thing as too much chronic...

Mon, 06/04/2012 - 16:38 | 2493429 Lednbrass
Lednbrass's picture

Congrats Rasta, this is one of the stupidest things Ive seen here in awhile. Thats not an easy thing since GW brought an influx of the DKos "I love the state" crowd, but you did it.

Just for giggles, can you clarify the difference between a prog and a liberal? I could use a good chuckle right about now, how does the far left distinguish betweeen the two ideologically these days?

Mon, 06/04/2012 - 14:35 | 2492865 goldinpenguin
goldinpenguin's picture


Free markets have to , at least, be guided in the right direction and Ben Shalom provided enormous amounts of funds to Euro banks the last crisis - as well as non-banks - so why wouldn't he do it again? As long as he only breaks the law with good intentions nobody is going to get technical about ignoring the Fed's mandate

Limiting Ben's Fed to US banks is so 90s y'know.

Mon, 06/04/2012 - 14:35 | 2492866 ArrestBobRubin
ArrestBobRubin's picture

Oh and guess what?! Turns out the Truth Tellers at WSJ have even MORE great financial advice for us:

How Much Gold Do Investors Need? Zero Should Suffice Wow! Way to "report" fellas! The name of the bankster's presstitute gaper who wrote this? Jack Hough. I believe it's pronounced "HO". It sure will be now :-)
Mon, 06/04/2012 - 14:38 | 2492874 Clayton Bigsby
Clayton Bigsby's picture

I saw that too - blew my fucking mind...

Mon, 06/04/2012 - 15:02 | 2492965 Uncle Remus
Uncle Remus's picture

Mmmmm - bullish.

Mon, 06/04/2012 - 15:33 | 2493053 brandy night rocks
brandy night rocks's picture

"Hey guys! People who aren't self-proclaimed progressives said something you might disagree with, too!  Haw Haw!  So stupid!  Pffft, Right Wingers, amirite folks?  See?  Progressives are okay after all, see?"

Mon, 06/04/2012 - 14:37 | 2492868 Jacque Itch
Jacque Itch's picture

A new low for liberal economists... and the bar wasn't set too high

Mon, 06/04/2012 - 14:37 | 2492870 Clayton Bigsby
Clayton Bigsby's picture

Does anybody actually listen to dean baker?  Seriously, this guy is a big fucking bucket of dumb...

Mon, 06/04/2012 - 14:41 | 2492884 Joebloinvestor
Joebloinvestor's picture

Ben is still scouting locations in Madrid for that statue of him to reside....

Mon, 06/04/2012 - 14:41 | 2492885 debtor of last ...
debtor of last resort's picture

Money flow out of Spain to, for example Germany, was in the 8 o clock prime time news in Holland. Ding dong.

Mon, 06/04/2012 - 14:44 | 2492895 pcrs
pcrs's picture

I started to lose touch when the communist party of the usa claimed the usa was too communistic

Mon, 06/04/2012 - 14:48 | 2492910 Gringo Viejo
Gringo Viejo's picture

I've never questioned the intellect of "Progressives". That being said, I've yet to meet even one, that didn't have the emotional maturity of a college sophomore. They're about "feelings" not reality based critical thought.

Mon, 06/04/2012 - 14:56 | 2492945 DanDaley
DanDaley's picture

You hit the nail on the head.  It's all about feelings and good intentions...never question the goodness of their intentions.  Life could be so beautiful if everybody (fascist notion right there) would just...blah, blah, blah.  

Mon, 06/04/2012 - 14:53 | 2492931 Big Ben
Big Ben's picture

I've always wondered who funds those think tanks. Could it be that the "Center for Economic and Policy Research" is ultimately funded by large banks and financial institutions?

Mon, 06/04/2012 - 14:58 | 2492946 Uncle Remus
Uncle Remus's picture

The pain in Spain is shifted a-gain.

Mon, 06/04/2012 - 14:57 | 2492947 Jim Billy Bob J...
Jim Billy Bob James IV's picture

...and yet there are still millions of Americans who want Obama for four more years

Mon, 06/04/2012 - 15:00 | 2492958 Uncle Remus
Uncle Remus's picture

That's what they wanted the first time, but didn't get.

"This is not the Obama we voted for."

He is, however, the droid TPTB were looking for.

Mon, 06/04/2012 - 14:58 | 2492953 SqueekyFromm
SqueekyFromm's picture

There once was a country called "Spain"

Whose economy swirled down the drain.

Some said the FED

Could bring back the dead,

But the Germans said "Nicht!!!" with disdain.


Squeeky Fromm, Girl Reporter

Mon, 06/04/2012 - 16:05 | 2493223 skepticCarl
skepticCarl's picture

Great limerick, Squeeky.  But the lack of profanity limits the UP arrows that you are due.

Mon, 06/04/2012 - 15:02 | 2492962 Overfed
Overfed's picture

To go with that gold and silver, may I suggest some iron, too? Maybe a Saiga? An AK? Buy Russian!! :-)

Mon, 06/04/2012 - 15:05 | 2492973 Uncle Remus
Uncle Remus's picture

So, to sum up, when progressives think, things tank.

Mon, 06/04/2012 - 15:14 | 2492993 Lore
Lore's picture

"Think Tank" is a rather loose epithet. Shouldn't thinking be prerequisite? Shouldn't anyone who proposes new debt to remedy old debt, or increased spending to remedy a deficit, be caned and sentenced to manual labor in a chain gang at a gold mine?

Mon, 06/04/2012 - 15:52 | 2493001 Die Weiße Rose
Die Weiße Rose's picture

to all the Arrogant ignorant Greedy " more QE " hopium addict Fools

and of course there are none ever to be found right here on the ship of ZH ( ahem )

well FUCK me DEAD !

Angela Merkel was right after all !

AUSTERITY was and always will be the only way out of the Global Financial Crisis.

this whole Crisis had started because People took on TOO MUCH DEBT !

The DEBT BUBBLE was even more inflated by the " US-FED Quantitative Easing Insanity "

that led to the downward "buggar thy neighbor" nationalistic and fascistic protectionism Spiral

and the resulting violent and dangerous times, we are now witnessing (both politically and socio-economically).

Next will be a TOTAL LOSS OF CONFIDENCE in all the post-war economic models and principals

of the so-called OECD countries, including ALL the REST !

Like it or Lump it:

All that is wrong with the economy was and still is getting worse : DEBT and even MORE DEBT !

- including all the senile World Central Bankers DEBT induced Financial and fiscal - Economical Insanity.

The only way out of any Global Financial Crisis was and always will be the best cure:

AUSTERITY ( remember that word ? )

As long as 1+1 equals 2  or 1 - 2 equals -1

(btw-minus one means you are in DEBT by minus one)

therefore, the best and only cure still is:

A U S T E R I T Y !!!

and NOT 0% - 15.7 trillion Debt !!!


Mon, 06/04/2012 - 16:22 | 2493342 Lore
Lore's picture

Um.. Who makes it their business to peddle all that debt, again?

Mon, 06/04/2012 - 17:35 | 2493627 Questan1913
Questan1913's picture

to all the Arrogant ignorant Greedy " more QE " hopium addict Fools

and of course there are none ever to be found right here on the ship of ZH ( ahem )

well FUCK me DEAD !

Angela Merkel was right after all !

AUSTERITY was and always will be the only way out of the Global Financial Crisis.

this whole Crisis had started because People took on TOO MUCH DEBT !

The DEBT BUBBLE was even more inflated by the " US-FED Quantitative Easing Insanity "

that led to the downward "buggar thy neighbor" nationalistic and fascistic protectionism Spiral

and the resulting violent and dangerous times, we are now witnessing (both politically and socio-economically).

Next will be a TOTAL LOSS OF CONFIDENCE in all the post-war economic models and principals

of the so-called OECD countries, including ALL the REST !

Like it or Lump it:

All that is wrong with the economy was and still is getting worse : DEBT and even MORE DEBT !

- including all the senile World Central Bankers DEBT induced Financial and fiscal - Economical Insanity.

The only way out of any Global Financial Crisis was and always will be the best cure:

"Die WeiiBe Rose" said:

AUSTERITY ( remember that word ? )

As long as 1+1 equals 2 or 1 - 2 equals -1

(btw-minus one means you are in DEBT by minus one)

therefore, the best and only cure still is:

A U S T E R I T Y !!!

and NOT 0% - 15.7 trillion Debt !!!


Very creative use of bolding capitalization, equations, exclamation marks, etc., all proving what? 

That the victims of a crime of theft be forced to make restitution to those that robbed them? 

 Can you really be this moronic? 

No, I think not.  A paid troll working somewhere within the banking establishment?  Ah, that seems to fit.

Thanks for the laughs though!

Mon, 06/04/2012 - 19:19 | 2493930 Die Weiße Rose
Die Weiße Rose's picture

Questan 1913 wrote in a rather dull and unimaginative way :

"That the victims of a crime of theft be forced to make restitution to those that robbed them?"

and then thanks me for his laughter though!....

methinks laughing Questan 1913 is obviously NOT a victim of Theft and Robbery then?

Following my simple method of arythmetic deduction - it therefore makes good elementary sense that there is a very high probability that Questan 1913 is really a Thief, who is only posing as a Victim -

(obviously-in order as to rob and steal even more from those poor and unsuspecting Victims of Restitution,

who had become accustomed to a Life-style they could never efford but became victimized into.

(if you get my drift...) 

however when pay-back day arrived

the Thiefs were no-where to be found-

instead there were only Victims of Restitution,

a little bit like us Germans back in 1945...

but I guess that is another funny story, ey Questan 1913 ?

We are still laughing all the way to the bank!

So Questan 1913, who really are the Thieves,

and who really are the Victims of Restitution ?


Tue, 06/05/2012 - 11:41 | 2496074 Hopeless for Change
Hopeless for Change's picture

CONGRATULATIONS!!!!!!!    YOU win the award FOR THE MOST ANNOYING changes in FONT and use of ALL CAPS!!!!!!!!!!



Mon, 06/04/2012 - 15:15 | 2493003 theriddick
theriddick's picture

He's an Ashkenazi jew......what do you expect.

Mon, 06/04/2012 - 15:30 | 2493063 Pumpkin
Pumpkin's picture

Fuck Spain!  Bail me out for a measily .5 billion!

Mon, 06/04/2012 - 15:33 | 2493082 Sandmann
Sandmann's picture

You owe Spain for the Spanish-American War it Reparations !

Wed, 06/06/2012 - 23:55 | 2502144 monad
monad's picture


You are so right. We should have let the Germans do to the Spanish what the Spanish did to the native Americans, then now we would only be doing business with the Germans instead of these corrupt banksters, monarchs and their welfare people farms.

Today is D Day, and by my reckoning Spain still owes me reparations for what my grandparents had to sacrifice & put my parents through.

Maybe you can get work in Germany.


Mon, 06/04/2012 - 15:40 | 2493111 columbo
columbo's picture

Here's what you do with these PIIGS.  The only assets they have that are worth anything anything are their vacation spots.  So, let's put Seville out for auction or maybe Tuscany on the block.  

Mon, 06/04/2012 - 16:14 | 2493272 Die Weiße Rose
Die Weiße Rose's picture

columbo - obviously you have never visited Spain or Italy

since you would know that Seville and Tuscany have already been Auctioned off !

to all those hoarding whores of expat-british subjects

who escaped years ago from the crumbling and not so Greater British Empire,

while taking out ever larger amounts of DEBT in the UK and making a run for it:

to finance their Dream in the Sun that turned into a blooming Nightmare on Scid Row.

oh dear, how do you think Spain and Italy got into this mess in the first place ?

somehow...I wonder how...the holiday housing boom

turned to shit !

oh dear...


Mon, 06/04/2012 - 15:43 | 2493130 proLiberty
proLiberty's picture

Socialism is the belief that we each can live at the expense of others.  Putting aside how that must directly violate two of the Ten Commandments (coveting and theft), we are told that we all will be better off if we allow government to threaten us with death if we do not allow others to live at our expense.   

But but Hayek and von Mises proved in different ways that socialism as an sustainable economic system was IMPOSSIBLE.    It only persists as long as it has assets that it can consume, because it cannot, on net balance, create wealth.   

Fiat money is a funding mechanism for socialism because it enables government to embezzle wealth from the holders of its currency when government dilutes the quantity of currency in private hands.   Socialist government would have a much more difficult time acquiring assets to "spread around" when they cannot print money.  In short, fiat money is an enabling technology to impose socialism on a country.


Mon, 06/04/2012 - 15:44 | 2493135 goldinpenguin
goldinpenguin's picture

Many foreign banks, such as Deutsche Bank, Barclays, and Credit Suisse Group...ranked near the top

 the Fed did not release details of discount window lending during the crisis to the public until the U.S. Supreme Court ruled that it was required to do so. In March 2011, the court let a lower court's orders stand that required the Fed to release the discount loan data in response to the lawsuits by Bloomberg and Fox News. In doing so, it overruled objections lodged by the Clearinghouse Association, an organization containing the largest commercial banks, which had appealed the lower court's decision. Later that month, the Fed released the data, in the form of 894 PDF files on two CD-ROMS--an awkward format to manipulate and analyze.

Bloomberg News later published an exhaustive analysis that included emergency loan and discount window data here. It showed that the nation's largest financial institutions--Morgan Stanley, Bank of America, State Street Corp--benefitted the most from the extra help. Many foreign banks, such as Deutsche Bank, Barclays, and Credit Suisse Group also ranked near the top

Mon, 06/04/2012 - 15:48 | 2493154 goldinpenguin
goldinpenguin's picture

Euro banks received huge amounts last crisis and Bernanke didn't go to jail for exceeding the Fed mandate, he even had the chutzpah to ignore the freedom of information law for years. 

Why do you expect he will not lend to Euro banks again? This proposal is not far fetched at all. Ben Shalom is an R but he's comfortable with his policy fit with Geithner AND O'B did reappoint him!

Mon, 06/04/2012 - 15:58 | 2493193 Conax
Conax's picture


I agree with that and also would say that this is the reason the ECB hasn't made a move.

They're going to let the Fed suck up the pain. The FRN is rising as the Euro declines anyway, it would help rebalance the two. I think old Ben's helicopter will need a bigger gas tank to make it over there, it is probably getting drop tanks as we speak.

And I'm sure it won't cause any inflation, printing trillions never does.

Only gold bugs cause inflation. 

/sarc  (as req'd)

Mon, 06/04/2012 - 17:19 | 2493573 Questan1913
Questan1913's picture


You are a perfect example of moral vacuity.  And your television education has spawned a less than third class intellect.  You msy have already been a simpleton before you received the revealed truths of the vidiot box, so it's probably not your fault.   Nevertheless I find your synthesis of mental retardation and smug arrogance slightly offputting.

Mon, 06/04/2012 - 15:54 | 2493177 pissing_excellence
pissing_excellence's picture

So... it is within the Fed's "mandate and ability to contain" the European crisis? No, really, you just read that.

I think those two men date.


Mon, 06/04/2012 - 16:42 | 2493423 Questan1913
Questan1913's picture

This demand by the "progressive" think tank is very illuminating and makes perfect sense.  First, progressive=socialist=communist.  Got that? They are all one, and the same. 

Second, the author of "The Road to Serfdom", the definitive explication of socialism, written by F. A. Hayek had this to say about who was behind the push to achieve totalitarian socialism.  He stated that the two primary groups fighting to overthrow  represenative type governments were "organised Labor and organized Capital".  If you ever do one thing in life sear that quote into your psyche.  If you want to understand who it is that is behind pervasive surveillance, diminishment of basic rights and the stamping out of Freedom, enforced, ultimately, by armed killer drones in the air and nazi like storm troopers on the ground, look no further than JP Morgan, Goldman Sachs, and the other owners of the Federal Reserve, a private corporation run by the TBTF banks.  Of course it is the same in Europe and Asia or anywhere there is an oppressive fiat money regime in place.  The left leaning "think tank" (you are supposed to be impressed, and awed) is just another water carrier for organised capital, along with all of the lamestream media.  We should rejoice when desperation forces hidden enemies to remove their masks. 

 Finally, fiat money is an enforced regime of continual theft, a device so ingenious that not one in 10,000 can detect its operation.  I view it as essentially a gravity system represented by an upside down pyramid with the swindle class esconced at the very bottom and the swindled class above.  A painful truth?  Yes, if you do nothing. 

Mon, 06/04/2012 - 19:11 | 2493946 dcb
dcb's picture

sounds nlike a few people are searching for either government (fed jobs)nor wall street positions. I vote those people with their views be sent off on a leaky boat in the nort sea during winter. FUCK THAT!!!



Mon, 06/04/2012 - 21:46 | 2494438 Red Sole Shoes
Red Sole Shoes's picture

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Mon, 06/04/2012 - 22:00 | 2494505 Red Sole Shoes
Red Sole Shoes's picture

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Mon, 06/04/2012 - 22:13 | 2494554 Red Sole Shoes
Red Sole Shoes's picture

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Mon, 06/04/2012 - 23:12 | 2494690 Elvis is Alive
Elvis is Alive's picture

Mark Weisbort will publish anything that gets him a check. He is an economic whore and one of his johns is Hugo Chavez.


"The last man standing, in the closely knit circle of Americans-for-Chavez propagandists, is one Mark Weisbrot, highlighted in the picture above. Rumour in Washington has it that this man got $100,000 for writing the script of South of the Border. There is evidence that this individual has lied -on record in the senate of his own country- to the effect that Eva Golinger never got a penny from Venezuela. He is quoted in some publications as being the "architect" of the Bank of the South, one of Chavez multiple hare brained projects that never materialise. He has gone to extreme lengths in defending Chavez over the years in the USA, publishing -in his own website- 'papers' that never undergo peer-review processes, even entering into academic debates where his views have been properly discredited. The last set of accounts of the organisation he co-chairs with another hack-for-rent (Center for Economic and Policy Research or CEPR) are from 2009 (this organisation is not to be confused with London-based CEPR). The organisation got $1,219,461 in "Gifts, grants, contributions, and membership fees", while it does not disclose sources of funds and related amounts."


Ahh, maybe I was being too harsh... to whores. I shouldn't compare them to slime like Weisbrot.


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