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Helicopter Money——The Biggest Fed Power Grab Yet
Helicopter Money——The Biggest Fed Power Grab Yet The Cleveland Fed’s Loretta Mester is a clueless apparatchik and Fed lifer, who joined the system in 1985 fresh out of Barnard and Princeton and has imbibed in its Keynesian groupthink and institutional arrogance ever since. So it’s not surprising that she was out flogging—-albeit downunder in Australia—- the next step in the Fed’s rolling coup […]
Here We Go Again——August 2007 Redux
Here We Go Again——August 2007 Redux Nearly everywhere on the planet the giant financial bubbles created by the central banks during the last two decades are fracturing. The latest examples are the crashing bank stocks in Italy and elsewhere in Europe and the sudden trading suspensions by three UK commercial property funds. If this is […]
Bravo Brexit!
Bravo Brexit! At long last the tyranny of the global financial elite has been slammed good and hard. You can count on them to attempt another central bank based shock and awe campaign to halt and reverse the current sell-off, but it won’t be credible, sustainable or maybe even possible. The central bankers and their compatriots at the […]
In Praise Of Ignorant Politicians…..Unschooled In Beltway Delusions
In Praise Of Ignorant Politicians…..Unschooled In Beltway Delusions The Imperial City deserves to be sacked by insurgent politicians of the very ignorant kind. That is, outsiders unschooled in its specious groupthink and destructive delusions of grandeur. That’s why Donald Trump’s challenge to the beltway’s permanent bipartisan ruling class is so welcome. He is largely ignorant of the neocon and war hawk catechisms […]
A Palace For Fannie (Mae)—–Why The Imperial City Must Be Sacked
A Palace For Fannie (Mae)—–Why The Imperial City Must Be Sacked To hear the establishment media tell it, you would think that Attila the Hun was fixing to sack the Imperial City. Would that Donald Trump were that bold or dangerous. Then again, he is a showman of no mean talents. So if there is a maquette […]
Grinding In Harms’ Way——The Fed’s Sick Wall Street Puppies Will Self-Destruct
Grinding In Harms’ Way——The Fed’s Sick Wall Street Puppies Will Self-Destruct Whatever is going on in the daily stock market, you can’t call it “price discovery” or even remotely rational. In fact, it amounts to grinding in harms’ way, and measures the degree to which the Fed and other central banks have turned the Wall […]
Red Ponzi Update——-Gambling Like Never Before
Red Ponzi Update——-Gambling Like Never Before In the heyday of its incredible credit and construction boom, China was building two world-scale utility plants each week and opening up a new airport every day. Economic fiction writers like Goldman’s Jim O’Neill, chief propagator of the BRICs myth, declared the Red Ponzi to be the very second coming of capitalism. Now, by contrast, a Chinese billionaire […]
No More Twofers——Why The Vaunted “Clinton Prosperity” Of The 1990s Is A Risible Myth
No More Twofers——Why The Vaunted “Clinton Prosperity” Of The 1990s Is A Risible Myth That Hillary Clinton has—–unaccountably——stood by her man for 40 years is her particular foible. But now she wants 320 million Americans to stand by him, too, by electing her President so she can make Bill the nation’s economic czar: During a speech in […]
More Frogs Boiling—–Why Trillion Dollar Deficits Are Coming Back Soon
More Frogs Boiling—–Why Trillion Dollar Deficits Are Coming Back Soon Yesterday I noted that the frogs of Wall Street linger in the boiling pot because they are under the delusion that stocks are cheap based on the sell-side hockey sticks that always show $135 per share of S&P earnings and a 15X multiple in the next year ahead. Besides […]
The Central Bank War On Savers—–The Big Lie Beneath
The Central Bank War On Savers—–The Big Lie Beneath The central bank war on savers is rooted in a monumental case of the Big Lie. Here is what a retired worker who managed to save $5,000 per year over a 40 year’s lifetime of toil and sweat in a steel factory now earns in daily interest on […]
What Comes Next——Krugman’s Fiscal Equivalent Of War
What Comes Next——Krugman’s Fiscal Equivalent Of War Somebody must have reinstated Paul Krugman’s passport. He was recently back in Japan to meet with the world’s leading economy-wrecking triumvirate —-Prime Minister Abe, BOJ Governor Kuroda and Finance Minister Taro Aso—–to dispense some desperately needed advice. Japan is on the verge of a second recession during Abe’s tenure despite his plunge […]
Why Mario’s Got A Bee In His Bonnet
Why Mario’s Got A Bee In His Bonnet Mario had a bee in his bonnet this morning. Apparently, the chorus of German voices pointing to the obvious—- that his policies are killing savers, insurance companies, pension funds and banks—-got his dander up: “We have a mandate to preserve price stability for the whole of the euro […]
A Wall Street Witches Brew——Hockey Sticks And Financial Engineering Games
A Wall Street Witches Brew——Hockey Sticks And Financial Engineering Games In a nearby post Jeff Snider makes a clean kill of the sell side hockey stick. Just 22 months ago (June 2014), Wall Street projected GAAP earnings of $144.60 per share for the S&P 500 in 2015. Needless to say, that was off by a country mile. In fact, […]
The Keynesian House Of Denial
The Keynesian House Of Denial We use the term “Keynesian” loosely to stand for economic interventionists of all schools. The followers of JM Keynes and Milton Friedman alike fit that category. So do some of the more rabid supply siders who claim the power to stimulate ultra-high economic growth with the tools of tax policy alone. The […]
