• Pivotfarm
    05/30/2015 - 08:32
    Warren Buffet isn’t one of the richest men in the world with the flair for making a fast buck or two for nothing.

Hank Paulson

Hank Paulson
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Elizabeth Warren Needs You To Help Her "Blow Debt Free College Wide Open"





"Our goal is simple: Get Congress on record in support of debt-free college and spark a movement to make it a reality. This resolution can be the start of something big -- but we need your support to blow it wide open. Are you with us?"

 
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Why Markets Are Manic - The Fed Is Addicted To The "Easy Button"





Honest price discovery is essential to capitalist prosperity since it is the miraculous mechanism by which capital is raised from savers and investors and efficiently allocated among producers, entrepreneurs and genuine market-rate borrowers. What the central banks have generated, instead, is a casino that is blindly impelled to churn the secondary capital markets and inflate the price of existing assets to higher and higher levels - until they ultimately roll-over under their own weight. The Easy Button addiction of our central bankers is thus not just another large public policy problem. It is the very economic and social scourge of our times.

 
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Hillary Clinton Is Grooming A Former Goldman Banker To Become America's Next Treasury Secretary





Should Gary Gensler truly be Clinton's chief financial officer, and should Hillary become America's next president, then ladies and gentlemen, in the fine tradition started by Hank Paulson who nearly brought the entire wastern world to ruin, the next US Treasury Secretary will be the following fine former Goldman Sachs employee and "champion for everyday Americans."

 
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Days Of Crony Capitalist Plunder - The Deplorable Truth About GE Capital





GE’s announcement that its getting out of the finance business should be a reminder of how crony capitalism is corrupting and debilitating the American economy. The ostensible reason the company is unceremoniously dumping its 25-year long build-up of the GE Capital mega-bank is that it doesn’t want to be regulated by Washington as a systematically important financial institution under Dodd-Frank. Oh, and that its core industrial businesses have better prospects. We will see soon enough about its oilfield equipment and wind turbine business, or indeed all of its capital goods oriented businesses in a radically deflationary world drowning in excess capacity. But at least you can say good riddance to GE Capital because it was based on a phony business model that was actually a menace to free market capitalism. Its deplorable raid on the public purse during the Lehman crisis had already demonstrated that in spades.

 
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"Cancel All Student Debt" - The Petitions Begin





"Dear President Obama, Senators, and Members of Congress:

Americans now owe $1.3 trillion in student debt. Eighty-six percent of that money is owed to the United States government. This is a crushing burden for more than 40 million Americans and their families.

I urge you to take immediate action to forgive all student debt, public and private."

 
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A Complete Preview Of Q€ — And Why It Will Fail





To be sure, we’ve written quite a bit lately about the ECB’s upcoming plunge into the world of 13-figure debt monetization (or as we call it, Draghi’s Waterloo), and while we hate to beat a dead horse, the sheer lunacy of a bond buying program that is only constrained by the fact that there simply aren’t enough bonds to buy, cannot possibly be overstated. Here is everything you need to know about Q€ ahead of the ECB's Thursday meeting.

 
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Troika "Happy" With Revised List Of Greek Reform Promises: Full Varoufakis Letter





What happened over the past week to the Syriza "mandate" is that the new government's list of unfulfillable promises to the Greek people has been replaced with a new list of unfulfillable promises to the Troika.

Update: EU COMMISSION SAYS GREEK LIST `SUFFICIENTLY COMPREHENSIVE'

 
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Audit The Fed - And Shackle It, Too





The monetary politburo has every reason to fear Rand Paul’s demand for a “policy audit” of the Fed. An honest one would show that its so-called “independence” has been monumentally abused in a manner which is deeply threatening to both political democracy and capitalist prosperity. Needless to say, we can’t have that audit soon enough. In short, what the nation really needs is not an “independent” Fed, but one that is shackled to a narrow and market-driven liquidity function. The rest of its current remit is nothing more than the self-serving aggrandizement of the apparatchiks who run it; and who have now managed to turn the nation’s vital money and capital markets into dangerous, unstable casinos, and the nations savers into indentured servants of a bloated and wasteful banking system.

 
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How Wall Street, In Broad Daylight, Took Over The US Government





... And all of this takes place in broad daylight, in front of the entire American population, which is too bored, too lazy, and far too distracted by collecting the government handout equivalent of plastic beads, spending on 99 cent apps and watching the Grammys to care.

 
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2014 Year In Review (Part 2): Will 2015 Be The Year It All Comes Tumbling Down?





Despite the authorities' best efforts to keep everything orderly, we know how this global Game of Geopolitical Tetris ends: "Players lose a typical game of Tetris when they can no longer keep up with the increasing speed, and the Tetriminos stack up to the top of the playing field. This is commonly referred to as topping out."

"I’m tired of being outraged!"

 
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Presenting The $303 Trillion In Derivatives That US Taxpayers Are Now On The Hook For





Courtesy of the Cronybus(sic) last minute passage, government was provided a quid-pro-quo $1.1 trillion spending allowance with Wall Street's blessing in exchange for assuring banks that taxpayers would be on the hook for yet another bailout, as a result of the swaps push-out provision, after incorporating explicit Citigroup language that allows financial institutions to trade certain financial derivatives from subsidiaries that are insured by the Federal Deposit Insurance Corp, explicitly putting taxpayers on the hook for losses caused by these contracts.

 
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UK In "Full Panic Mode", Rains Brimstone, Bribes On Scotland As "Yes" To Independence Poll Crosses 50%





All pundits who over the past few months have been saying the possibility of Scottish independence as a result of the September 18 ballot, is at best a pipe dream got a rude wake up call overnight, when Scottish YouGov poll for the Sunday Times put the "Yes" (for independence campaign) on top for the first time since polling began, with No below the majority cutoff line for the first time, at 49, when undecided voters are excluded, and even when including undecideds "Yes" is still ahead by two points at 47-45. As the Spectator reports, "in the space of four weeks, "No" has blown a 22-point lead."

 
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"A Printer And A Prayer" - The Three Problems With The Fed "Liquidity Coverage Ratio" Plan





Today we learned that as part of the domestic "macroprudential" effort to ensure firms don't run out of cash in a crisis, the so-called Liquidity Coverage Ratio, US regulators said banks likely will have to raise an additional $100 billion to satisfy the new requirement, the WSJ reported. The disclosure is part of the final draft of the so-called Liquidity Coverage Ratio, released by the Fed earlier today, and which was promptly passed on a 5-0 vote Wednesday that will subject big U.S. banks for the first time to so-called "liquidity" requirements. The Federal Deposit Insurance Corp. and the Treasury Department's Office of the Comptroller of the Currency adopted the rules later in the day.  On the surface, this is all great macroprudential news: forcing banks to hold even more "high quality collateral" is a great idea, to minimize the amount of money taxpayers will have to fork over when the system crashes once again as it certainly will thanks to the unprecedented Fed micromanaging interventions over the past6 years. There are just three problems...

 
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"There Is No Honest Pricing Left" - The Epochal Error Of Modern Central Banking





"The system we have now is one in which the Fed decides, through a Politburo of planners sitting in Washington, how much liquidity is necessary, what the interest rate should be, what the unemployment rate should be, and what economic growth should be. There is no honest pricing left at all anywhere in the world because central banks everywhere manipulate and rig the price of all financial assets. We can’t even analyze the economy in the traditional sense anymore because so much of it depends not on market forces, but on the whims of people at the Fed."

 
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