Sep 05

FYI.


Trump Slams Yellen: The Fed Has Created A “Stock Bubble” And “A False Economy” To Boost Obama:

One month ago, Donald Trump urged his followers to sell stocks, warning of “very scary scenarios” for investors, and accused the Fed of setting the stage for the next market crash when he said that “interest rates are artificially low” during a phone interview with Fox Business. “The only reason the stock market is where it is is because you get free money.”

Earlier today, speaking to a reporter traveling on his plane who asked Trump about a potential rate hike by the Fed in September, Trump took his vendetta to the next level, saying that the Fed is “keeping the rates artificially low so the economy doesn’t go down so that Obama can say that he did a good job. They’re keeping the rates artificially low so that Obama can go out and play golf in January and say that he did a good job. It’s a very false economy. We have a bad economy, everybody understands that but it’s a false economy. The only reason the rates are low is so that he can leave office and he can say, ‘See I told you.'” Continue reading »

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Aug 03

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Apr 18

FYI.

Related info:

SUPER SHEMITAH: Elite’s Jubilee Year Plan To Crash World Economy By October 2016 (Video)


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Apr 11

White House Issues Following Statement After Meeting Between Obama And Yellen:

The closed-door meeting between Obama, Biden and Yellen has concluded, and moments ago the White House released the following statement:

“The President and Chair Yellen met this afternoon in the Oval Office as part of an ongoing dialogue on the state of the economy. They discussed both the near and long-term growth outlook, the state of the labor market, inequality, and potential risks to the economy, both in the United States and globally. They also discussed the significant progress that has been made through the continued implementation of Wall Street Reform to strengthen our financial system and protect consumers.”

Of course, for the actual transcript of what was said, we will have to rely on some conscientious White House leaker putting it on BitTorrent, but here is our modest attempt at translating what was and what was not said: no market crashes allowed until November.

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Apr 08

Here Is What Janet Yellen Answered When Asked If The U.S. Is In An “Economic Bubble”:

Three weeks ago, when the Fed and Janet Yellen shocked markets with their extremely dovish statement in which they admitted the US Federal Reserve no longer is US data dependent, and instead is far more focused on global developments and especially China’s dollar-pegged currency (which makes it impossible for the Fed to be hawkish without causing further FX instability and leading to more Chinese capital flight), CNBC’s Steve Liesman asked Yellen point blank a question which would seem otherwise completely taboo: does the Fed have a credibility problem.

This was her response: Continue reading »

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Apr 01

Full article here:

Exposed – How Two Janet Yellen Phone Calls Saved The World:

Thanks to the just released February diary of Fed chief Yellen, we now know exactly when she called Bank of England Governor (and former Goldman Sachs employee) Marc Carney and ECB President (and former Goldman Sachs employee) Mario Draghi.

Can you guess when?

The answer:

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Mar 23

yellen deer in headlightsMario-Draghi-Just-EvilKuroda

YELLEN, DRAGHI, KURODA: DERANGED LAB RATS:

The stock market has regained all of its loses year to date as economic indicators continue to flash red, corporate profits continue to plunge, consumers continue to spend less at retailers, real wages continue to fall, and housing sales continue to decline. The entire dead cat bounce has been generated through corporate stock buybacks, Wall Street lemmings trying to make up for their terrible year to date investing performance, and central bankers who will stop at nothing to verbally manipulate markets higher – since their monetary machinations over the last seven years have been a miserable failure in reviving the real economy.

As John Hussman points out, the market is poised to deliver nothing over the next decade, with a 40% to 55% “dip” in the foreseeable future. I wonder how many barely sentient, iGadget addicted, non-questioning, normalcy bias dependent zombies are prepared for a third Federal Reserve generated market collapse in the last 15 years? Continue reading »

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Feb 11

And yes, the Fed is above the law

Flashback:


Here Is The Exchange That Left A Stunned Janet Yellen Looking Like A Deer In Headlights:

Update: DJIA FUTURES AT DAY’S LOW, FALL 361PTS; S&P -38, NASDAQ -91

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For nearly one year, Wisconsin Rep. Sean Duffy has been Janet Yellen’s nemesis over the ongoing  probe into Fed leakage of material inside information via Medley Global and any other undisclosed channels, one which has seen subpoeans be lobbed at the Fed which has been doing everything in its power to stall said probe, and which cost Pedro da Costa his job when he dared to ask questions at a Fed presser that were not precleared by his WSJ “Fed mouthpiece” peers.

Today, during Yellen’s appearance before the House Financial Services committee, Duffy finally had enough, and in a heated exchange asked Yellen what on legal authority is the Fed exerting privilege to ignore a Congressional probe into what is clearly a criminal leak, one which has nothing to do with monetary policy and everything to do with the Fed providing material, market moving information to its favorite media and financial outlets.

The exchange highlights are below: Continue reading »

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Nov 07

What Janet Knows:

What Janet knows, as The Burning Platform’s Jim Quinn exclaims, is that a 1% increase in interest rates would increase the interest on the National Debt from $400 billion per year to $600 billion per year, a 50% increase.

Janet-Yellen-debt

Source: Ben Garrison

Interest rates back at NORMAL historical rates that we had as recently as 2007 would increase the interest on the National Debt to $1 trillion per year, a 150% increase.

Plus, the National Debt increases by $1.5 billion per day, so our interest bill goes up by $35 million per day already.

Do you really think Yellen is going to be increasing interest rates?

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Nov 04

Yellen Says Negative Rates On The Table “If Outlook Worsened”:

As the market now diligently calculates the suddenly surging odds of a December rate hike, here’s Yellen with a preview of what will happen once the rate hike cycle is aborted…

  • YELLEN SAYS IF OUTLOOK WORSENED FED MIGHT WEIGH NEGATIVE RATES

… just as it was aborted in Japan in August of 2000 when the BOJ also decided to send a signal how much stronger the economy is by hiking 25 bps, only to cut 7 months later and to proceed to monetize not only all net Japanese debt issuance a decade later, but to hold half of all equity ETFs.

The good news: Continue reading »

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Sep 26

Fed Refuses To Comment On Yellen’s Health:

While the world was focused on the content of Yellen’s Thursday speech in Amherst for clues on whether the Fed Chair would back off her disturbingly dovish outlook on the world, what was the real surprise was the delivery: as we showed previously, there was a very troubling 100 second interval at the very end of the 50 minute, 5,000+ word speech, in which the 69-year old Yellen suddenly seemed unable to read the words on the page, was rereading the same phrase over and over, paused for long stretches at a time, and then had a violent reaction that forced her to end her speech prematurely. Watch it again below.

In the aftermath of the incident, a narrative was quickly cobbled together that Yellen had suffered from dehydration, but based on her actions and behavior, that seems improbable. Continue reading »

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Sep 24

Janet Yellen Falters During Speech, Receives Medical Attention, All-Clear Given:

Yellen faltered at end of her speech. Last page was agonizing. I don’t think she felt well but she seemed better when she left the stage.”


The One Phrase That Actually Matters In Yellen’s Speech: “Nominal Interest Rates Cannot Go Much Below Zero”:

“…the federal funds rate and other nominal interest rates cannot go much below zero, since holding cash is always an alternative to investing in securities. … the lowest the FOMC can feasibly push the real federal funds rate is essentially the negative value of the inflation rate. As a result, the Federal Reserve has less room to ease monetary policy when inflation is very low. This limitation is a potentially serious problem because severe downturns such as the Great Recession may require pushing real interest rates far below zero for an extended period to restore full employment at a satisfactory pace.

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Sep 08

Sep 5, 2015

Description:

In this special episode of the Keiser Report from New York, Max Keiser and Stacy Herbert discuss the never seen before triple category four hurricanes heading for global financial markets caused by injection of too much hot air from central bankers. In the second half, Max interviews Gerald Celente about Rule 48, volatility and invasions.

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Jun 22

The Fed Confirms It Is Above The Law: Yellen Tells Hensarling “No” On Leak Probe Documents (ZeroHedge, June 22, 2015):

Just a few days after Jeb Hensarling accused The Fed of “willful obstruction” in the Congressional leak probe, demanding “immediate compliance” with the subpoena seeing “no legal basis to withhold records from Congress,” Janet Yellen has responded in a letter: YELLEN REPEATS FED CAN’T PROVIDE DOCUMENTS ON LEAK PROBE. If this does not confirm The Fed is utterly above the law, we are not sure what it will take to convince skeptics of the need for an independent audit. As Hensarling previously noted, this appears to be “vigorous and coordinated obstruction.”

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Flashback:

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May 31

“The Fed Has Been Horribly Wrong” Deutsche Bank Admits, Dares To Ask If Yellen Is Planning A Housing Market Crash (ZeroHedge, May 31, 2015):

When the “very serious people” start to admit that the entire house of cards was held together with nothing but bullshit and propaganda, it may be a time to panic…

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Apr 30

Guess Who Predicted The Failure Of QE (ZeroHedge, April 30, 2015):

Janet Yellen:

As Japan found during its quantitative easing program, increasing the size of the monetary base above levels needed to provide ample liquidity to the banking system had no discernible economic effects aside from those associated with communicating the Bank of Japan’s commitment to the zero interest rate policy.

I think my views on this mirror those that you expressed in your opening comments, Mr. Chairman.”

– FOMC Minutes from Dec 2008

yellen-qe

How did that work out? Continue reading »

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Apr 08

FYI.


Elvira Sakhipzadovna Nabiullina

Russia’s Central Bank Governor Is Way Smarter Than Ours (The Automatic Earth, April 8, 2015):

It wouldn’t be a first, but it would certainly be a – bigger – shock. That is to say, the Bank of England hijacked the head of Canada’s central bank some time ago, but, while unexpected enough, that would pale in comparison to the US hiring the present Governor of the Russian central bank, Elvira Sakhipzadovna Nabiullina. It would still seem to be a mighty fine idea, though.

Not that I think it will happen, not to worry if you think Yellen is just what it takes at the Fed. But Nabiullina is both razor sharp and fiercely independent. Yellen is obviously neither; she’s a cog in a machine that huffs and puffs and pumps and dumps to make sure her overlords in the blissful world of US finance make ever more profit no matter how bad things get in American society. Continue reading »

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Mar 28

ben-bernanke-janet-yellen

Santelli Stunned As Janet Yellen Admits “Cash Is Not A Store Of Value” (ZeroHedge, March 28, 2015)

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Feb 27

Great-Seal

Janet Yellen Is Freaking Out About ‘Audit The Fed’ – Here Are 100 Reasons Why She Should Be (End Of The American Dream, Feb 24, 2015):

Janet Yellen is very alarmed that some members of Congress want to conduct a comprehensive audit of the Federal Reserve for the first time since it was created.  If the Fed is doing everything correctly, why should Yellen be alarmed?  What does she have to hide?

During testimony before Congress on Tuesday, she made “central bank independence” sound like it was the holy grail.  Even though every other government function is debated politically in this country, Yellen insists that what the Federal Reserve does is “too important” to be influenced by the American people.  Does any other government agency ever dare to make that claim?

But of course the Federal Reserve is not a government agency.  It is a private banking cartel that has far more power over our money and our economy than anyone else does.  And later on in this article I am going to share with you dozens of reasons why Congress should shut it down. Continue reading »

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Feb 14

H/t reader squodgy:

“How funny is this….”


Picture of the Day – The Moment Janet Yellen Figured it All Out… (Liberty Blitzkrieg, Feb 10, 2015): 

Janet Yellen realizes that you can’t taper a ponzi.

The Moment Janet Yellen Figured it All Out…

In Liberty,
Michael Krieger

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Jan 02

US-ECONOMY-IMF-WB-FISCHER

Top Israeli Central Banker is The Real Power In The Federal Reserve (Blacklisted News, Jan 2, 2015):

 Source: Politico

Fed Chair Janet Yellen pushed for him to be her No. 2 in a move that was viewed as a show of confidence and strength as she prepares to lead the Fed through one of it most challenging periods, managing the wind down of massive stimulus programs put in place following the financial crisis.

The pairing was dubbed a central banking “dream team” by Fed watchers. Continue reading »

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Dec 04

Related info:

PIMCO Paid Bill Gross & Mohamed El-Erian Over $500 MILLION Dollars In 2013 Bonuses


–  It’s All Coming To An End, Bill Gross Warns (ZeroHedge, Dec 4, 2014):

Say what you want about Bill Gross, but the legendary bond investor is absolutely spot on in the following paragraph from his latest, December, investment outlook:

How could they? How could policymakers have allowed so much debt to be created in the first place, and then failed to regulate their own system accordingly? How could they have thought that money printing and debt creation could create wealth instead of just more and more debt? How could fiscal authorities have stood by and attempted to balance budgets as opposed to borrowing cheaply and investing the proceeds in infrastructure and innovation? It has been a nursery rhyme experience for sure, but more than likely without a fairytale ending.

Here is the full letter (link): Continue reading »

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Nov 07

And The World’s Most Powerful Person For The Second Year In A Row Is… (ZeroHedge, Nov 6, 2014):

When it comes to the second coming of the cold war, things are not looking good for the leader of the “Free World”, because for the second year in a row, at least according to Forbes editors, the person whom they have chosen as the world’s most powerful in the world…

Putin-Obama

… is not the lame duck on the left.

From Forbes: Continue reading »

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Oct 18

Yellen Translated: “Let Them Eat Cake”  (ZeroHedge, Oct 17, 2014):

ECRI’s Lakshman Achuthan is not happy at Janet Yellen’s speech this morning

According to the Fed’s triennial Survey of Consumer Finances, the top 10% of U.S. families are doing just fine, and those in the bottom fifth are essentially being kept afloat by transfer payments; but the inflation-adjusted median family income has shrunk by one-eighth since 2004. Quite simply, middle-class incomes are being gutted. Continue reading »

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Oct 18

Define Irony: Janet Yellen Talks Inequality, Has Some Advice – Start A Business, Get Rich Parents (ZeroHedge, Oct 17, 2014):

With no mention of the current turmoil in markets – or suggestion of QE99Janet Yellen’s speech this morning on “Inequality and Opportunity” in America explains how the poor can get rich. After admitting that widening inequality resumed in the recovery (and “greatly concerns” her), as the stock market rebounded (driven by Fed’s free money) and cost-conscious share buying-back companies defer wage growth as the healing of the labor market has been slow; she turns her attention to how the poor can beat the vicious cycle. Rather stunningly, she notes the 4 sources of income opportunity in America: The first two are widely recognized as important sources of opportunity: resources available for children and affordable higher education (so more student debt and servitude). The second two may come as more of a surprise: business ownership and inheritances. As she concludes, “this is how individuals and their families can improve their economic circumstances.

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Sep 18

The Trolling Continues: Fed Chairwoman Expresses Her Condolences To America’s Poor (ZeroHedge, Sep 18, 2014):

As we discussed earlier in the week, Janet Yellen has released a speech this morning explaining how sorry she is about ‘the poor’ and why they need to get rich. In the speech below, she stresses, “how important it is to promote asset-building, including saving for a rainy day, as protection from the ups and downs of the economy,” despite falling incomes, rising costs, and extending credit, we assume she means. The Fed Chairman has some words of encouragement for the tens of millions of Americans who live at or below the poverty level, including that threatened with extinction class, affectionately known as “the middle.” Her message? It is important to build assets, or said otherwise…  get rich and she promises to “continue to promote asset-building.”

  • *YELLEN SAYS FIGURES ON POOR AMERICANS’ ASSETS IS `SOBERING’ (indeed! but not the rich eh?)
  • *YELLEN SAYS HOUSING CRISIS LEGACY STILL HURTING POOR AMERICANS (need another bubble)
  • *YELLEN: HOUSING IMPROVING, WILL STAY KEY FOR FAMILY ASSETS (as homeownership tumbles)
  • *YELLEN SAYS AMERICANS NEED MORE DIVERSIFICATION OF ASSETS (buy stocks too)
  • *YELLEN SAYS FED WILL `CONTINUE TO PROMOTE ASSET-BUILDING’ (count on the Fed to lift prices)
  • *YELLEN: CRISIS SHOWED VULNERABILITY OF LOW-ASSET HOUSEHOLDS (poor people should save more!)

Remember, one of our favorite charts, showing that while the rich hold assets, the poor are merely drowning in ever more debt: 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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May 09

When Asked if the U.S. is a Capitalist Democracy or Oligarchy, Janet Yellen Can’t Answer… (Liberty Blitzkrieg, May 8, 2014):

During yesterday’s Senate hearings, Janet Yellen was asked by Senator Bernie Sanders if the U.S. was a capitalist democracy or has morphed into an oligarchy. While readers of this site already know the answer to this question, which was recently proved empirically by a Princeton and Northwestern academic study, it was still stunning to note her unwillingness to answer the question.

I will give her some credit for not flat out lying about it. She inherently understands that the U.S. is a corrupt, shameful oligarchy, but as head of the institution most responsible for this transformation she simply cannot tell the truth. It is incredible that things have fallen so far that a U.S. Senator felt compelled to ask such a question, and even worse that such a powerful official couldn’t vehemently and decisively deny the claim.

Where I take exception with Sanders, is that he appears to live under some strange sort of hypnosis that makes him think only Republican oligarchs are problematic. Of course no sane person should draw any serious distinction between establishment Democrats or Republicans. Furthermore, he also makes the mistake of focusing on the 1%, when the real problem resides in a far smaller  0.01%, which I described in my post: Where Does the Real Problem Reside? Two Charts Showing the 0.01% vs. the 1%.

See for yourself:

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May 07

David Einhorn “I Asked Bernanke Questions, And The Answers Were Frightening” (ZeroHedge, May 6, 2014):

Ben Bernanke may be gone from the helm of the world’s most centrally planned economy, but his ample cluelessness remains. David Einhorn, president of Greenlight Capital, better known for comparing QE to jelly donuts and who recently confirmed what we have been saying for a long time that the second dotcom bubble is here, spoke with Bloomberg TV covering a wide range of topics, but what caught our attention was his synopsis of a private dinner he had with Chairsatan-emeritus Ben Bernanke, on March 26.

What he found, in his own words, is disturbing. Continue reading »

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Mar 06

Fed’s Fisher Admits Stocks Are At “Eye-Popping Levels” /ZeroHedge, March 6, 2014):

While Janet Yellen fell back on the ubiquitous central banker statement that she “would do all that [she] can” it was Dallas Fed’s Richard Fisher who raised the most eyebrows yesterday. In a speech in Mexico City, the central banker said he was concerned about “eye-popping levels” of some stock market metrics warning that the Fed must monitor the signs carefully to ensure bubbles were not forming. While other Fed members have paid lip-service to bubbles, Fisher explicitly discussed stocks in the context of the dot-com boom of the late ’90s warning of “the ghost of ‘irrational exuberance'” and worried about corporate bonds too.

Via Fox,

In his speech in Mexico City, Fisher said some indicators like the price-to-projected forward earnings, price-to-sales ratios and market capitalization as a percentage of GDP, are at levels not seen since the dot-com boom of the late 1990s.

Continue reading »

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