Aug 22

The Newsweek cover should read:

Hit The Road, Congress

Why we can’t afford to be ruled by criminals, lobbyists, banksters, traitors and elite puppets.

See also:

Now Paul Ryan Admits He DID Ask For Millions In Obama Stimulus Money – After TWICE Denying It

Barack Obama And Mitt Romney Are Essentially The Same Candidate … 40 Facts

Here is one of those few people who get it:

– Former Assistant Secretary of the Treasury Dr. Paul Craig Roberts: The Election Of The Next Puppet President: High Stake Outcomes Based On Non-issues.

“The selection of the next president of the US will depend on one thing alone–which of the two candidates financed by the ruling private oligarchy has the most effective propaganda.”

“Whether you vote Republican or Democrat, the oligarchs will win.”

Dr. Paul Craig Roberts: The Dispossessed Majority – ‘The US Is Ruled By A Private Oligarchy. The Government Is Merely Their Front.’

“If americans had any sense, they would stay home and not vote.”

Dr. Paul Craig Roberts: ‘War Criminals Run The State Department And The Entire US Government’


Niall “Hit The Road Barack” Ferguson Responds To The “Liberal Blogosphere” (Zerohedge, Aug 21, 2012):

Two days ago, historian Niall Fergsuon had the temerity to voice a personal opinion, one which happens to not exactly jive with the rest of the media’s take on current events, on the cover page of Newsweek (Newsweek is still in print?) titled, succinctly enough, “Hit the road Barack: Why we need a new president.” The response was fast, furious, and brutal, particularly emanating from what Ferguson has dubbed the “liberal blogosphere.” Naturally in an election year, said blogosphere has much CPM-generating rumination to do (after all who knows what happens to all those ad revenues if the US corporate base implodes and all that cash on the sidelines stays there due to “policy uncertainty”), so Ferguson merely provided the chum in the water (once the time comes to pick up the calculators again after the presidential election, things will immediately quiet down but until then there is, sadly, at least two more months of ever rising cacophony). So did Ferguson back off having said his piece? Hell no. In fact, he has just made sure that the “liberal blogosphere” is will be burning the midnight oil for weeks to come engaged in completely meaningless point-counterpoint between itself and the historian, when, in reality nothing changes the simple fact that come August 2016, the US will have a simply idiotic 130%+ debt/GDP completely independent of who is in the White House, or in other words, there very well may not be another presidential election. For now, however, we have much needed bread and circuses. Below is Ferguson’s just released interview from Bloomberg TV in which he responds to the salient accusations that have been leveled at him (a more essayistic version can be found here).Ferguson on whether he’s surprised by the response to his story:

“No because the liberal blogosphere has a very tried and tested method of attacking an argument it disagrees with. That’s what has happened in this case. The first tactic is to ignore completely the arguments of the piece. The second is then to engage in nitpicking and claim to be fact checking when in fact all you’re offering is a series of alternative opinions. And then you round it off by making hysterical calls for the office resignation. This is such a tried and tested method and I was fully expecting it. The usual suspects, led of course by Paul Krugman, have obliged. But they have not addressed any of the arguments I have made in the piece so I will dismiss them pretty briskly today.”

On why it makes sense to compare the net cost of the Affordable Care Act vs. the gross cost: Continue reading »

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May 27

Are The Europeans About To Start The Second Half Of Our Great Depression? (ZeroHedge, May 27, 2012):

“Just when we think the worst is over – and let’s face it we have been in this crisis for five years – we get the second half; are the Europeans about to start the second half our Great Depression with massive bank runs” are the Jaws-music-inspired words that recent media-favorite (yes, us too) Niall Ferguson uses in an interview with CBC. His main concern is that this kind of (bank-run) event can quickly spiral out of the control of even the ECB as he uncomfortably conjures the image of the initial US stabilization that occurred in 1930 to May 1931 only to be knocked back into a greater depression by the failure of Credit-Anstalt, which set off bank failures and eventually defaults in 1932 on many government debts. The deposit run potential is the single-biggest reason to care about Greek-exit – in itself it is not large enough economically to interfere with global growth but it is the message and contagion that it sends that is critical in bringing forth a pan-European banking crisis and implicitly spilling over to the US and Asia via global trade and banking transmission channels. An excellent brief interview that summarizes the exact fears that face Europe and implicitly the US, explains the rather simple solution of fiscal federalism and the fact that today’s German politik is very different from 1989’s Helmut Kohl-era with regard to their commitment to the Federal outcome. His conclusions are worrisome. Germany is the key – and there is not a good understanding of financial markets in Berlin.

Six minutes well-spent on a Saturday evening…

Europe is a part of North America’s destiny because the financial systems are so intertwined – and remember even the all-knowing Fed massively under-estimated the second-order effects of Lehman.

“It’s a total fantasy to think that the meltdown that I am discussing that could happen in a matter of weeks would not have a major impact on North America’s prospects of sustained recovery.”

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Jul 13

Rome is already burning. Prepare for the worst.

With The US Still Trapped in Depression, This Really Is Starting to Feel Like 1932

Howard Davidowitz: Obama is ‘Mr. Mass Destruction’ – US Economy ‘Is a Complete Disaster’


harvard-professor-and-author-niall-ferguson
Harvard professor and author Niall Ferguson speaks about the financial crisis during an opening session of the Aspen Ideas Festival on Monday afternoon.

Harvard professor and prolific author Niall Ferguson opened the 2010 Aspen Ideas Festival Monday with a stark warning about the increasing prospect of the American “empire” suddenly collapsing due to the country’s rising debt level.

“I think this is a problem that is going to go live really soon,” Ferguson said. “In that sense, I mean within the next two years. Because the whole thing, fiscally and other ways, is very near the edge of chaos. And we’ve seen already in Greece what happens when the bond market loses faith in your fiscal policy.”

Ferguson said empires — such as the former Soviet Union and the Roman empire — can collapse quite quickly and the tipping point is often when the cost of servicing an empire’s debt is larger than the cost of its defense budget.

“That has not been the case I think at any point in U.S. history,” Ferguson said. “It will be the case in the next five years.”

Ferguson was conscious of opening the Ideas Festival on such a stark note. Continue reading »

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