Nov 11

gold-dollar

Related info:

- Alan Greenspan’s Stunning Admission: ‘Gold Is Currency; No Fiat Currency, Including The Dollar, Can Match It’

- Alan Greenspan: QE Failed To Help The Economy, The Unwind Will Be Painful, ‘Buy Gold’


- The Council Of Foreign Relations Apologizes For The “Greenspan Glitch” (ZeroHedge, Nov 10, 2014):

Last week, we brought to the public’s attention a controversial ‘missing’ section from the official transcript of Alan Greenspan’s interview last with the Council of Foreign Relations where he dared utter his honest opinion that, Gold is a currency. It is still, by all evidence, a premier currency. No fiat currency, including the dollar, can match it.” Well, it turns out the reason for the practically heterical section’s omission was “a glitch in the live stream” and CFR has apologized and posted the full transcript. Interesting coincidence that this gold-loving, Bernanke-denying section was the only one to be hit by the ‘glitch'; we are confident it’s mere coincidence…

CFR has apologized… Continue reading »

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Nov 08

As I’ve said many times … Physical gold and silver is the money of the TPTB.


- Greenspan’s Stunning Admission: “Gold Is Currency; No Fiat Currency, Including the Dollar, Can Match It” (ZeroHedge, Nov 7, 2014):

For some reason, the Council of Foreign Relations, where ex-Fed-Chief Alan Greenspan spoke last week, decided the following discussion should be left out of the official transcript. We can perhaps understand why… as Gillian Tett concludes, “comments like that will be turning you into a rock star amongst the gold bug community.”

Greenspan (Uncut):

TETT: Do you think that gold is currently a good investment?

GREENSPAN: Yes… Remember what we’re looking at. Gold is a currency. It is still, by all evidence, a premier currency. No fiat currency, including the dollar, can macth it.

Which is missing from the official CFR transcript…

Continue reading »

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Oct 30

alan-greenspan

- Alan Greenspan: QE Failed To Help The Economy, The Unwind Will Be Painful, “Buy Gold” (ZeroHedge, Oct 29, 2014):

It appears it is time for some Hillary-Clinton-esque backtracking and Liesman-esque translation of just what the former Federal Reserve Chief really meant. As The Wall Street Journal reports, the Fed chief from 1987 to 2006 says the Fed’s bond-buying program fell short of its goals, and had a lot more to add.

Mr. Greenspan’s comments to the Council on Foreign Relations came as Fed officials were meeting in Washington, D.C., and expected to announce within hours an end to the bond purchases.

He said the bond-buying program was ultimately a mixed bag. He said that the purchases of Treasury and mortgage-backed securities did help lift asset prices and lower borrowing costs. But it didn’t do much for the real economy.

“Effective demand is dead in the water” and the effort to boost it via bond buying “has not worked,” said Mr. Greenspan. Boosting asset prices, however, has been “a terrific success.” Continue reading »

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Aug 27

From the article:

“Rather than trying to spur private-sector spending through asset purchases or interest-rate changes, central banks, such as the Fed, should hand consumers cash directly…. Central banks, including the U.S. Federal Reserve, have taken aggressive action, consistently lowering interest rates such that today they hover near zero. They have also pumped trillions of dollars’ worth of new money into the financial system. Yet such policies have only fed a damaging cycle of booms and busts, warping incentives and distorting asset prices, and now economic growth is stagnating while inequality gets worse. It’s well past time, then, for U.S. policymakers — as well as their counterparts in other developed countries — to consider a version of Friedman’s helicopter drops. In the short term, such cash transfers could jump-start the economy…  The transfers wouldn’t cause damaging inflation, and few doubt that they would work. The only real question is why no government has tried them”…


- It Begins: Council On Foreign Relations Proposes That “Central Banks Should Hand Consumers Cash Directly”  (ZeroHedge, Aug 26, 2014):

… A broad-based tax cut, for example, accommodated by a program of open-market purchases to alleviate any tendency for interest rates to increase, would almost certainly be an effective stimulant to consumption and hence to prices. Even if households decided not to increase consumption but instead re-balanced their portfolios by using their extra cash to acquire real and financial assets, the resulting increase in asset values would lower the cost of capital and improve the balance sheet positions of potential borrowers. A money-financed tax cut is essentially equivalent to Milton Friedman’s famous “helicopter drop” of money

Ben Bernanke, Deflation: Making Sure “It” Doesn’t Happen Here, November 21, 2002

time-man-of-the-year-helicopter-ben-bernanke

A year ago, when it became abundantly clear that all of the Fed’s attempts to boost the economy have failed, leading instead to a record divergence between the “1%” who were benefiting from the Fed’s aritficial inflation of financial assets, and everyone else (a topic that would become one of the most discussed issues of 2014) and with no help coming from a hopelessly broken Congress (who can forget the infamous plea by a desperate Wall Street lobby-funding recipient “Get to work Mr. Chariman”), we wrote that “Bernanke’s Helicopter Is Warming Up.” Continue reading »

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Aug 22

Federal-Reserve-Bernanke1

- The Italian Job: How Borrowing And Printing Lead To An Economic Dead End (David Stockman’s Contra Corner, Aug 21, 2014):

Earlier this week Bloomberg published a devastating chart showing real hourly wage growth for the first 60 months of every cycle going back to 1949.  The 11 cycle average gain was 9% and the largest was 19% a half century back.

Fast forward to the 60 months of ZIRP and QE since the Great Recession officially ended in June 2009, however, and you get a drastically different picture: Real hourly wages have risen by just 0.5%, and in the great scheme of things that’s a rounding error.

wage growth bbg

Surely the above chart is also flat-out proof that massive money printing doesn’t work. After all, reflating wages, jobs and incomes is what the monetary politburo claims it’s all about. Indeed, the Fed has insouciantly cast a blind eye to the massive bubbles building everywhere in the financial system, and has kept money market rates relentlessly at zero for six years running on the grounds that it is not yet done “stimulating” the labor market.

So why does this abysmally failed and dangerous experiment continue unabated—as Yellen will undoubtedly confirm at Jackson Hole?  Self-evidently, it is irresistibly convenient to both Wall Street and Washington. The former gorges on a massive diet of carry trade gambling windfalls thanks to ZIRP and the Greenspan/Bernanke/Yellen “put”; and the latter gets a fiscal get-out-of-jail-free card owing to the Fed’s massive repression of interest rates. Indeed, with the public debt now topping $17.7 trillion, the implicit (and fraudulent) debt service relief from current ultra-low interest rates amounts to upwards of $500 billion per year. Continue reading »

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Jun 02

Alan Greenspan:

“There is no other agency of government which can over-rule actions that we take.”

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Jan 02

- Could the Fed Lose Control of the Frankenstein Economy It Has Created? (OfTwoMinds, Jan 1, 2014):

What if there are tail risks present in the Fed’s Frankenstein Economy of the same sort that Greenspan et al. failed to identify in 2008?

A longtime correspondent emailed me last week about the apparent contradiction between a Federal Reserve that has had the power for five years to counteract any decline and my call for a market decline in 2014: why would the Fed allow a market it has pushed higher for five years to ever fall?

Federal Reserve-ultimate-power

It’s an excellent question, as it summarizes the key question: is there any limit on “don’t fight the Fed?” Can the Fed push assets higher essentially forever? And if so, why did it fail to do so in 2008?

Continue reading »

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Dec 24

- 100 years of economic turmoil: Is it time to ‘End the Fed’? (RT, Dec 23, 2013):

Since the magical moment of its inception on Dec. 23, 1913, the Federal Reserve System has been a source of controversy and even contempt for a growing number of Americans, many of whom are still feeling the sting of the latest financial crisis.

A large part of the discomfort with the Federal Reserve System can be traced back to a dusty document known as the US Constitution, a historic manuscript that predates “The Fed” by 125 years, in which it clearly states (Section 8, Article 5): “Congress shall have power to coin money, regulate the value thereof.”

Yet, despite its officious-sounding title, the Federal Reserve System is not an actual branch of the US government, nor does the US government have any control over its monetary monkeying, which involves the printing of money as well as setting interest rates.

These awesome powers were admitted by no less a respectable figure than Alan Greenspan, who served as Chairman of the Federal Reserve from 1987 to 2006.

Continue reading »

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Dec 23

New-World-Order-13

- On The 100th Anniversary Of The Federal Reserve Here Are 100 Reasons To Shut It Down Forever (Economic Collapse, Dec 22, 2013):

December 23rd, 1913 is a date which will live in infamy.  That was the day when the Federal Reserve Act was pushed through Congress.  Many members of Congress were absent that day, and the general public was distracted with holiday preparations.  Now we have reached the 100th anniversary of the Federal Reserve, and most Americans still don’t know what it actually is or how it functions.  But understanding the Federal Reserve is absolutely critical, because the Fed is at the very heart of our economic problems.

Since the Federal Reserve was created, there have been 18 recessions or depressions, the value of the U.S. dollar has declined by 98 percent, and the U.S. national debt has gotten more than 5000 times larger.  This insidious debt-based financial system has literally made debt slaves out of all of us, and it is systematically destroying the bright future that our children and our grandchildren were supposed to have.

If nothing is done, we are inevitably heading for a massive amount of economic pain as a nation.  So please share this article with as many people as you can.

The following are 100 reasons why the Federal Reserve should be shut down forever: Continue reading »

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Dec 21

Related info:

- 200 Years Of Dollar Debasement: A Century Without The Fed And A Century With … Which Would You Prefer?


dollar all seeing eye

- The Hidden Motives Behind The Federal Reserve Taper (Alt-Market, Dec 21, 2013):

“The powers of financial capitalism had (a) far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland; a private bank owned and controlled by the world’s central banks which were themselves private corporations. Each central bank… sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world.” – Carroll Quigley, member of the Council on Foreign Relations

If one wishes to truly understand the actions behind private Federal Reserve policy, one must come to terms with a fundamental reality – everything the Fed does it does for a reason, and the most apparent reasons are not always the primary reasons. If you think that the Fed simply acts on impulsive stupidity or hubris, then you haven’t a clue what is going on. If you think the Fed only does what it does in order to hide the numerous negative aspects of our current economy, then you only know half the story. If you think the Fed does not have a plan, then you are sorely mistaken…

Continue reading »

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Dec 05

- Video of the Day: Greenspan Calls Bitcoin a Bubble (Liberty Blitzkrieg, Dec 4, 2013)

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Nov 28

- Greenspan #Timestamped – “Dow 16,000 Is Not A Bubble” (ZeroHedge, Nov 27, 2013):

The maestro clarifies his ‘experienced’ perspective of spotting bubbles in the following quote from his interview with Bloomberg TV’s Al Hunt:

“This does not have the characteristics, as far as I’m concerned, of a stock market bubble,”

Of course, as we noted here, some would beg to differ; but perhaps what would be useful is for the former Fed head to explain what ‘characteristics’ do constitute a bubble…

Nope, no bubble here…

And here’s his explanation… Continue reading »

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Oct 10

- Peter Schiff Warns Yellen’s Nomination Means Any QE Taper Expectations Are “Delusional” (ZeroHedge, Oct 9, 2013):

Submitted by Peter Schiff via Euro Pacific Capital,

Now that Janet Yellen has been named to lead the Federal Reserve the global financial markets should factor out any possibility that the Fed will diminish their Quantitative easing program anytime during her tenure. In fact, financial forecasts should assume that not only is a taper off the table, but that the QE program is now more likely to be perpetuated and expanded.

Unlike her predecessors, Janet Yellen has never had a youthful dalliance with hawkish monetary ideas. Before taking charge of the Fed both Alan Greenspan, and to a lesser extent Ben Bernanke, had advocated for the benefits of a strong currency and low inflation and had warned of the dangers of overly accommodative policy and unnecessary stimulus. (Both largely abandoned these ideals once they took the reins of power, but their urge to stimulate may have been restrained by a vestigial bias against the excesses of Keynesianism). Janet Yellen, who has been on the liberal/dovish end of the monetary spectrum for her entire professional career, has no such baggage. As a result, we can expect her to never waver in her belief that stimulus is the answer to every economic question. Continue reading »

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Jul 12

- Fed’s Plosser Admits Fed Was Responsible For Last Housing Bubble, Doesn’t Want To “Create Another” (ZeroHedge, July 12, 2013):

The “mutinying” half of the Fed – that which the FOMC minutes indicated wanted an end to QE by the end of 2013 - is not going to take Bernanke’s Wednesday steamrolling lying down. Enter Charles Plosser, who becomes a voting member next year:

  • PLOSSER SAYS FED SHOULD HALT QE BY END OF THIS YEAR

Good luck there. But here is the punchline: Continue reading »

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Jul 09

- 1994 vs 2013: Spot The Carbon-Copy Similarities (ZeroHedge, July 9, 2013):

The only thing that is necessary for something to happen, is for everyone to say it can’t possibly happen. Such as a carbon copy replica of the 1994 bond crush. Presenting: 1994 vs 2013, or as it is better known “It can’t happen… It can’t happen…It can’t happen…  It just happened”

And some rather spot on commentary on just this from Guggenheim’s Scott Minerd, who just like us, sees the inevitable outcome of the upcoming taper (which is coming), as the untaper, i.e., even moar printing by the Chairman (or woman as the case may be in 2014).

From Guggenheim‘s Scott Minerd

The Fed’s Bind: Tapering, Timetables and Turmoil

Continue reading »

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May 09

“The real hopeless victims of mental illness are to be found among those who appear to be most normal. Many of them are normal because they are so well adjusted to our mode of existence, because their human voice has been silenced so early in their lives that they do not even struggle or suffer or develop symptoms as the neurotic does. They are normal not in what may be called the absolute sense of the word; they are normal only in relation to a profoundly abnormal society. Their perfect adjustment to that abnormal society is a measure of their mental sickness. These millions of abnormally normal people, living without fuss in a society to which, if they were fully human beings, they ought not to be adjusted.”
Aldous Huxley – Brave New World Revisited

“If you want a vision of the future, imagine a boot stamping on a human face – forever.”
- George Orwell

“There will be, in the next generation or so, a pharmacological method of making people love their servitude, and producing dictatorship without tears, so to speak, producing a kind of painless concentration camp for entire societies, so that people will in fact have their liberties taken away from them, but will rather enjoy it, because they will be distracted from any desire to rebel by propaganda or brainwashing, or brainwashing enhanced by pharmacological methods. And this seems to be the final revolution.”
-
Aldous Huxley, 1961

- ABNORMALCY BIAS (The Burning Platform , May 9, 2013)

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Feb 16

You can’t make this stuff up!


- Greenspan: Ignore The Economy, “Only The Stock Market Matters” (ZeroHedge, Feb 15, 2013):

Starting at around 1:50, Greenspan states the odds of sequester occurring are very high – in fact, the playdough-faced ex-Chair-head notes, “I find it very difficult to find a scenario in which [the sequester] doesn’t happen” But when asked how this will affect the economy, Awkward Alan is unusually clearly spoken – “the issue is how does it affect the stock market.”While not so many of our leaders have taken the path to direct truthiness, Greenspan somewhat shocks a Botox’d and babbling Bartiromo when he admits “the stock market is the key player in the game of economic growth.”

Continue reading »

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Jan 29


YouTube Added: 17.01.2013
Description:

Jan. 17 (Bloomberg) — In today’s “Single Best Chart,” Bloomberg’s Scarlet Fu displays how inflation has increased in the 100 years since the creation of the Federal Reserve. She speaks on Bloomberg Television’s “Bloomberg Surveillance.”

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Dec 15


YouTube

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Dec 14

- Marc Faber: “Paul Krugman Should Go And Live In North Korea” (ZeroHedge, Dec 13, 2012):

If there is one thing better than Marc Faber providing a free, must-watch (and listen) 50 minute lecture on virtually everything that has transpired in the end days of modern capitalism, starting with who caused it, adjustable rate mortgages, leverage, why did the Fed let Lehman fail, why was AIG bailed out, quantitative easing, Operation Twist, where the interest on the debt is going, which bubbles he is most concerned about, a discussion of gold and silver, and culminating with his views on a world reserve currency, is him saying the following: “The views of the Keynesians like Mr. Krugman is that the fiscal deficits are far too small. One of the problems of the crisis is that it was caused by government intervention with fiscal and monetary measures. Now they tells us we didn’t intervene enough. If they really believe that they should go and live in North Korea where you have a communist system. There the government intervenes into every aspect of the economy. And look at the economic performance of North Korea.” Priceless.

50 minutes of Faberian bliss:


YouTube

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