• Steve H. Hanke
    05/04/2016 - 08:00
    Authored by Steve H. Hanke of The Johns Hopkins University. Follow him on Twitter @Steve_Hanke. A few weeks ago, the Monetary Authority of Singapore (MAS) sprang a surprise. It announced that a...

Word Cloud Of Trichet's Disappointing Jackson Hole Speech: "Inflation" Mentions: 10; "Deflation" And "Gold": Zero

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Sat, 08/27/2011 - 15:10 | 1607798 props2009
props2009's picture

Here is another one:

Jackson 2010 vs jackson 2011 for bernanke

http://capital3x.com/?p=387

Sat, 08/27/2011 - 15:27 | 1607851 spiral_eyes
spiral_eyes's picture

biflation, bitchez.

Sat, 08/27/2011 - 15:44 | 1607900 Fish Gone Bad
Fish Gone Bad's picture

Fuck Trichet.

Sat, 08/27/2011 - 16:41 | 1608007 knukles
knukles's picture

"technical progress" John-Luc's bye word for progress.
Sadly, it's temporarily transitory.

Sat, 08/27/2011 - 16:59 | 1608058 bankrupt JPM bu...
bankrupt JPM buy silver's picture

"We should work hard to maintain momentum."

 

Yup straight off a cliff fuck face.

Sat, 08/27/2011 - 15:46 | 1607899 RemiG2010
RemiG2010's picture

@props2009

OMG! Now we know what Jackson Hole is all about!

http://i55.tinypic.com/2wbuiqg.jpg

 

BTW. http://webcache.googleusercontent.com/search?q=cache:335qJYvr6UQJ:www.10...

 

Sat, 08/27/2011 - 15:13 | 1607809 Newsboy
Newsboy's picture

CONTRACTION.

How do you build a nice word cloud around that reality?

Sat, 08/27/2011 - 16:44 | 1608013 hedgeless_horseman
hedgeless_horseman's picture

Bankers don't make bonuses with contraction.  We must have growth...at ALL costs.

This is the dawning of the age of the Euro Bond.

Sat, 08/27/2011 - 19:13 | 1608357 Newsboy
Newsboy's picture

Agreed, "must have growth at all costs".

However, costs are in fiat money and billed to somebody else, and that arrangement won't buy growth in saturated-debt-bubble-expensive-oil-world.

Therefore, in chronic recession/contraction mode, banks will have to revert to the "foreclose on all the stuff" strategy of the late 1800s.

That's why central bankers want gold. gold is what you need to have in contracting economy world. If you don't have the gold to repay your loans under a gold standard, the bank takes your stuff. that's what the American Revolution was about (more or less).

Sat, 08/27/2011 - 18:55 | 1608306 MsCreant
MsCreant's picture

I'll try.

Contractions happen before birth. There is pain, there is bearing down, and there is the moment you are just not sure you can do it, it is so overwhelming. Then you look at your progress and then you look around you and realize it is you and no one else, no getting out of it. And then the next contraction comes, and the next, until finally, you give birth.

Contractions are a natural part of the cycle, does not matter if it is squeezing out a new baby, or an economy, birth involves pain and avoiding the pain interferes with natural feedback processes that contribute to the health of that which is being given birth to.

Sat, 08/27/2011 - 19:07 | 1608344 Newsboy
Newsboy's picture

Exemplary effort, Ms.C!

Sat, 08/27/2011 - 15:15 | 1607818 IMA5U
IMA5U's picture

stocks are higher monday.  hurricane wont be as bad as forecasted.  al queda leader nabbed.  more progress in lybia.  barron's puff up piece on bofa preferred.

Sat, 08/27/2011 - 15:18 | 1607828 vote_libertaria...
vote_libertarian_party's picture

Lagarde tells Germany to raise $5T ASAP and Trichete says "whatever, I'm outa here"

 

So Mondays rally will be 2-3%

Sat, 08/27/2011 - 15:19 | 1607830 Spitzer
Spitzer's picture

The ECB will squeeze the dollar system for all its worth because that is what it was designed to do.

http://fofoa.blogspot.com/2011/07/euro-gold.html

Sat, 08/27/2011 - 15:25 | 1607844 Long-John-Silver
Long-John-Silver's picture

Any reference to Gold and Silver will be dealt with harshly. Ask them about Gold and you'll get the standard answer.

Gold is a Barbarous form of money that we, as modern humans, have progressed past it's practical use. Is is not money and no one will willingly return to it's use as money.

 

Sat, 08/27/2011 - 15:30 | 1607865 spiral_eyes
spiral_eyes's picture

i asked a question about the international-basket standard once at a panel consisting of people from the bank of england, imf, and world bank.

something like 2 days later bob zoellick came out and suggested the exact same thing.

spiral_eyes, bitchez.  

Sat, 08/27/2011 - 15:34 | 1607876 Spitzer
Spitzer's picture

They cant throw together a "basket standard" or an "SDR standard" or anything like that in one or 2 years. Replacing the USD as the world reserve currency takes decades. It has already been done. Its the Euro.

Sat, 08/27/2011 - 18:13 | 1608205 Smiddywesson
Smiddywesson's picture

They needn't have gone to the pains they did to hold down gold prices and stack gold just to switch to the Euro.  

Sat, 08/27/2011 - 16:09 | 1607957 theMAXILOPEZpsycho
theMAXILOPEZpsycho's picture

I'm waiting for the day a central Banker throws himself to the wolves, develops a consience (or perhaps seeks to save himself in the post banker paradigm from a new Hitler type figure set to take control) and says! "Gold! Silver! We're fucked, there's nothing we can do! Just everyone buy up all the gold and silver you can!"

Sat, 08/27/2011 - 16:47 | 1608028 knukles
knukles's picture

Ah, Ben, Jean-Luc, a question. 
So if it's useless crap because it's not made in Scotland or for any other reason, why do you fellas go to all the expense to vault it and protect the stuff?  And as a follow up, why do the BoE and Fed, through HSBC and JPM respectively spend so much time and effort to manipulate the gold market and for what end?  

Huh?  Guys?  Where'd you go?  Fellas!  Hey, I got a question!  Hey, come back here!

Sat, 08/27/2011 - 15:26 | 1607845 Yamaha
Yamaha's picture

+1  and BAC is OK!  Correct?

Sat, 08/27/2011 - 15:27 | 1607855 wandstrasse
wandstrasse's picture

I think it is a good speech. Great arguments, lots of dedication, sound reasoning, fair conclusions. I acknowledge the challenges but I look to the future with confidence. <\sarc>

Sat, 08/27/2011 - 15:33 | 1607873 PulauHantu29
PulauHantu29's picture

Considering almost the entire GDP of the USA IS consuption (Not production and Not capital investment), many economists (such as Addison Wiggins) see a dismal growth outlook. Given the enormous trade deficits and currecnt account deficits, it even looks bleaker.

 

If someone has a solid discussion on the relationship between deficits and inflation please provide the link. Alternatively, if you can suggest a book, etc....I have not seen one despite this being central to our problems.

 

Thanks!

Sat, 08/27/2011 - 15:33 | 1607875 PulauHantu29
PulauHantu29's picture

BTW, thank you for this ZH article...excellent!

Sat, 08/27/2011 - 15:35 | 1607878 adeptus
adeptus's picture

Can whomever made this thing yesterday for Bernanke, come up with a Trichet one? I need to laugh some more.
http://i56.tinypic.com/yphmf.jpg

Sat, 08/27/2011 - 15:40 | 1607891 Rodent Freikorps
Rodent Freikorps's picture

I want to know who thought it was a good idea to let the French run everything.

Sat, 08/27/2011 - 16:52 | 1608046 knukles
knukles's picture

Robespierre?
De Gaulle?
Bridget Bardot?
The Jerry Lewis Fan Club of Paris?

OK, I give? 
Who?

But more importantly, why?

Sat, 08/27/2011 - 18:03 | 1608163 Problem Is
Problem Is's picture

Bridget Bardot -- Hubba Hubba

I'd follow Bridget Bardot off a cliff like a bunch of idiot QE'd, Ponzied up central Bankers...

And with my dick in hand like a moronic politician named "Weiner"...

But that's just me...

Sat, 08/27/2011 - 15:45 | 1607903 zorba THE GREEK
zorba THE GREEK's picture

Looks like the the focus of policy in the EU is still on the medium and long term, so they will be

reacting to crisis after crisis in the short term just like in the U.S. No one has the political will to 

do what is necessary to stem the tide of near term emergencies and can only react to each event

to stop a catastrophe .

Sat, 08/27/2011 - 15:46 | 1607904 Sudden Debt
Sudden Debt's picture

Just a heads up boy, the European industry will show a very nice upside in Q3.

estimates are about +5%

 

Sat, 08/27/2011 - 15:55 | 1607920 Black Forest
Sat, 08/27/2011 - 15:52 | 1607915 Fuh Querada
Fuh Querada's picture

"Greece, Portugal and Ireland, in particular, had progressively lost competitiveness vis-à-vis their main trading partners in the euro area. They are now engaging in catching-up, adjustment strategies."

Jesus H. Christ, what a euphemism. Tree-shay is just a clapped-out old fart ekeing out his time until handing over to Drag-Hee on Oct 31st, 2011

Sat, 08/27/2011 - 15:53 | 1607916 Yardstick of Ci...
Yardstick of Civilization's picture

Yep, if they know the problem is inflation, then it is disappointing.  S&P will probably rally to 1,300 + now that we know that they know printing to infinity won't work.

Sat, 08/27/2011 - 15:55 | 1607919 blindman
blindman's picture

growth. i'm too old and i'm shrinking. do i have a termination
date? so, is inflation a good thing or is it stealing? or,
is stealing now systemically sanctified?
.
board up all the openings to your primary residence and
places of business. when the storm passes, leave the plywood
screwed in where it is.
.
peas.
ps.
times square cam.

http://www.earthcam.com/usa/newyork/timessquare/

wet & wild nyc.
ji.

Sat, 08/27/2011 - 16:03 | 1607940 ArmchairRevolut...
ArmchairRevolutionary's picture

Off topic: why is no one on the site talking about the proposed "Protecting Children from Internet Pornographers Act of 2011?"  Like the patriot act has nothing to do with patriotism, this bill is has nothing to do with protecting children.  It has become standard practice in DC to name bills in such a way that no one would want to oppose it if its name were representative of its intention.

This act requires ISPs to record your IP address for a year when you log in through them. This information can be subpoenaed by law enforcement for suspicion of any crime (not child porn related).

http://www.npr.org/2011/08/24/139875599/child-pornography-bill-makes-pri...

Sat, 08/27/2011 - 16:29 | 1607987 DosZap
DosZap's picture

Armchair,

Dude your ISP's have been doing that for YEARS..........................

Sat, 08/27/2011 - 18:00 | 1608178 Problem Is
Problem Is's picture

Protect Children from Internet Pornographers Act of 2011...

By voting out every worthless, corrupt, bribed, bought and sold, pederast, pedophile, left or right, Democrat or Republican, piece of shit INCUMBENT politician in sight, regardless of party in 2012...

That is how you protect children from pornographers and pedophiles, Charlie Brown...

Sat, 08/27/2011 - 16:06 | 1607948 Joebloinvestor
Joebloinvestor's picture

Sounds like his cure for failing socialism in the EU is to have world socialism.

Sat, 08/27/2011 - 16:30 | 1607988 gwar5
gwar5's picture

He should save his breath and just take down the Jolly Roger and run up the White flag.

 

Sat, 08/27/2011 - 16:30 | 1607989 gwar5
gwar5's picture

He should save his breath and just take down the Jolly Roger and run up the White flag.

 

Sat, 08/27/2011 - 16:34 | 1607996 PulauHantu29
PulauHantu29's picture

Who cares about The Fed?... the ECB?....Bernank? ...China's GDP?......MENA riots?......Chilean protests?....monetary this and that?......

Who cares?

Lets get down to what's important!

Who got kicked off the Island yesterday?

Did Rhianna really go swimming in her dress?

Did you know Steve Jobs picks his nose with his left little finger....

..and how about that funny referee?

Will the Octomom have another set of government supported octuplets?

Will Kim Kardashian wear a blue or red dress this Sunday?

..and finally....

 

"Think your way to Happiness!"

Hey, man, important things are important!

 

 

Sat, 08/27/2011 - 16:49 | 1608036 Segestan
Segestan's picture

I think the word cloud should include ... BS!

Sat, 08/27/2011 - 17:08 | 1608077 Caviar Emptor
Caviar Emptor's picture

We are Biflating our way to oblivion. As it stands, GDP is barely 1% (nominal) but core PCE is over the Fed target at 2.2%. Annualized, core CPI over the past 3 months is 3.6%. Real wages and house prices (and personal net worth) are deflating along with anticipated retirement funds. margin squeezes are hitting small and now even larger businesses. 

The contagion has spread across the globe to all developed countries. So even multinationals are not immune to the squeeze. 

I think the Fed is beginning to see and understand biflation. They put out a research paper earlier this summer. And it showed a clear shift in understanding the new situation. And I think it explains why they're putting their foot on the brake as far as more QE. Another wave of easy money would just sour the global economy further

Sat, 08/27/2011 - 19:09 | 1608348 MsCreant
MsCreant's picture

If we give them credit for anything (which I am hesitant to do) all they can do is try to land the plane without killing as many. I agree with you about pols only because I know that there is no way to work the numbers (no matter who is in office) where we get a good solution. The numbers are beyond absurd, and there is worse hiding that we don't know about. Mark to market and it all caves in. It is already insolvent. It's all about breaking the news slowly and hoping they don't get killed.

You could not pay me to take Bernanke, Timmy, or Obamas' jobs. No way. There is no one who can make this okay. This is damage control.

Sat, 08/27/2011 - 18:02 | 1608141 Problem Is
Problem Is's picture

"Alertness against savings and trade imbalances... Alertness means alertness."


"BE ALERT!
We need  more Lerts."

Bumper sticker on a hippie vw bus, Willits Ca circa 1972...

Sat, 08/27/2011 - 18:01 | 1608182 A Lunatic
A Lunatic's picture

Economic theory Vs. Economic reality = Day of reckoning.

Sat, 08/27/2011 - 18:52 | 1608185 Use of Weapons
Use of Weapons's picture

If we're doing word clouds, I'll up the ante and throw you a Saturday night 'down the rabbit hole' moment. Grab your hats, this ain't Kansas anymore.

If you've not watched Slavin's talk on Algos, you might want to - http://www.ted.com/talks/lang/eng/kevin_slavin_how_algorithms_shape_our_... It gives a back drop to this flight of fancy (and it is very interesting - he's heavily into the people from Nanex).

Now, someone emailed Slavin's tumblr blog [http://slavin.tumblr.com/] hinting that they'd played around, and used the names of the algos identified in the talk in Gematria [http://en.wikipedia.org/wiki/Gematria]. Actually, what they did was just pure genius - look it up, but it ends in finding youtube song links (sound familiar? ;) ) The post is still on the front page, so take a look for background - but the upshot is that you get a chain of very interesting (and mystical) songs.

Soooo.. I was bored, and had a tinker. Turns out, the results are more than a little interesting. http://www.gematrix.org/?word=zero+hedge+on+a+long+enough+timeline+the+s...

ZH + motto results in only 4 matches - taking two (cutting out the Religious and Germanic ones)

Unless you people see signs and wonders, you simply will not believe

and

Twelve golden sun discs being activated into twelve helix spirals

The first is a nice summary, and a Biblical quote, but the second was a bit odd. So I did a google. Turns out, we just hit a motherload of hypersition. http://envisionanewworld.forum777.com/t207-the-earth-ascends-and-ascensi... [If that is her real photo, I wish to meet her]. There's an entire slew of this material - all kicking off on 11/11/11 of course. So far, oh so very normal - google anything, you'll hit the weird. Better yet, google that phrase and discover an entire belief system.

It gets better though - not only do the original Gematria hits for the algos hit the same meme ("a light code that can only exist in the 5th dimension or above" - a direct portion of it) but the substance of the meme is that on 11/11/11 we enter the crystalline phase of humanity - where the move from the carbon to the silicon crystal is started. Where did I see that recently... hmm. Schrödinger's Crystal, perchance?

You can play with it even more - the ZH+motto english gematria comes out with the poetic gem: "we always think about words, but what about the stars, the waters and the others" which is touching, given that Zero Hedge on its own throws out its own gems: my favorite, "Cthulu" being one of them. (Other nice ones - "The poor and deaf, Goddess", "In reality", "The Word", "The truth a code" and so on - "End of Days" being the best English gematria). For the long form, "you will find that some things speak to the left hand, some to the right" was quite poetic.

 

Anyhow - have fun. I've not yet run ZH through the chain to get the definite list of youtube songs, but I might do it for amusement. Pattern recognition - awesome way to have fun (but keep earthed).

 

p.s.

Two things -

ZH is not the number of the beast, its 664, the neighbour of the beast [using house numbers that alternate odd/even to side of street] and one of the algos' originating gematria? "I warned you several times". Take that Dell flatline to heart. 

The other - Of Course I Still Love You & other ships. And why the world thinks the USA is nuts - http://calamitiesofnature.com/archive/?c=559

Sat, 08/27/2011 - 18:51 | 1608292 valuetrader
valuetrader's picture

Wow, I get it why he gets paid the big $ (or is it EUR). Given that the ECB is buying PIIGS bonds and funding European banks like there is no tomorrow, I would suggest to him (because I am so kind) to exchange his EUR into gold even at current levels. By the way, I would love to see what US FED members do with their savings. Greenspan is another interesting example. I would love to see what he has in his portfolio. I don't think he is stupid and it is difficult to understand why he deliberately damaged the US economy beyond repair but maybe he is just another politician and had to do what he had to do.

Sat, 08/27/2011 - 18:53 | 1608304 Use of Weapons
Use of Weapons's picture

Ask Ayn Rand.

Or search out "All watched over by machines of loving grace".Srsly.

 

 

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