Larry Summers

Chris Hedges: Elites "Have No Credibility Left"

"...commercial broadcast networks, like CNN and MSNBC, are not in the business of journalism. They hardly do any. Their celebrity correspondents are courtiers to the elite...They sacrifice journalism and truth for ratings and profit... they've embraced identity politics. We saw where that got us with Barack Obama, which is worse than nowhere..."

Is Kevin Warsh The Ultimate Chicken-Hawk? (And Why Gold $1275 Will Hold)

"The current front-runner for the next Fed Chair is Kevin Warsh, who seems to have all the prerequisites that Trump idolizes. He’s connected. He’s not an academic. He has conservative leanings. But most important, he’s rich. I mean really rich. You see, Kevin married the granddaughter of the founder of the Estee Lauder company..."

Albert Edwards "Fed Is A Slave To The S&P 500": Would Kevin Warsh Change That?

"Rather than admitting they are wrong, this groupthink of academics led by Larry Summers - who failed to predict the current economic malaise - have constructed this theory to explain why ever more stimulus is required... In particular, Warsh warned that the Fed had become the slave of the S&P."

The Real Story Behind America's New $20 Trillion Debt

"The national debt is now $20.1 trillion. That’s larger than the size of the entire US economy... but, the real story isn’t the number or the size of the debt itself. It’s the trend. And it’s not good."

Goldman Interviews Former Head Of The Plunge Protection Team

"Purchasing a wider set of assets—as do some other central banks—might enable the Fed to have a larger effect on financial conditions and promote faster recoveries. But it would also involve putting more taxpayer money at risk and having an imprint on a wider set of risk premiums in the market."

The Broken-Window Fallacy Is Still Alive And Well

As in the wake of every disaster, pundits and politically biased economists - including Larry Summers who declared Japan's 2011 Tsunami would boost economic growthwill wax elequently on how Harvey will end up being a boon for "the economy." As usual, these types of talking heads forget Frederic Bastiat at their own peril...

The Secret History Of The Banking Crisis

"Accounts of the financial crisis leave out the story of the secretive deals between banks that kept the show on the road. How long can the system be propped up for?"

Central Bankers 'Are' The Crisis

"If there’s one myth - and there are many - that we should invalidate in the cross-over world of politics and economics, it‘s that central banks have saved us from a financial crisis. It’s a carefully construed myth, but it’s as false as can be. Our central banks have caused our financial crises, not saved us from them."

Weekend Reading: Yellen Lets Doves Fly

The problem for the Fed remains the rising risk of a monetary policy error against a backdrop of an over valued, over leveraged and overly bullish financial market. Historically such combinations have tended not to turn out well.