Tag Archives: Bullshit Artists

What Happened to the Fed’s Trillions? Back on Deposit…at the Fed!

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“So you can understand why they wanted to have the tool. Now the question is whether or not this tool as it was implemented throughout this financial crisis, and aftermath, has exacerbated the problems with the credit channel. A bank can decide, ‘Do I want to give a three-year loan to a risky borrower, or do I want to get 25 basis points at the Federal Reserve? I’m really risk averse right now. I don’t really want to lend to anybody so I’d rather take my 25 basis points.’ So I believe that at the margin, this has affected the credit channel, the effectiveness of the credit channel.”

http://www.pbs.org/newshour/businessdesk/2013/12/what-happened-to-the-feds-tril.html

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House Votes to Repeal Sequester, Give Obama Relief

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“House Republicans fell in line. They voted to drop the sequester that Obama had agreed to in 2011.  This was a major symbolic victory for the Democrats. The Republican leadership is no longer a threat on the deficit issue.  With the deficit massive, the spending out of control, and the Federal Reserve pumping in $1 trillion a year, the vote in the House was symbolic. It was a bunch of drunken sailors voting for 150-proof white lightning rather than 90-proof Jack Daniels.  The public does not care. Neither do the economists. As long as interest rates are low, and the economy is growing, the voters are uninterested. They respond to pain. So does Congress. There is not much pain these days.”

http://teapartyeconomist.com/2013/12/13/house-votes-give-obama-relief/

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Paul Craig Roberts: More Misleading Official Employment Statistics

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“How it is possible for the economy to have been in recovery since June 2009 (according to the National Bureau of Economic Research) and there are 1,277,000 fewer jobs today than existed six years ago prior to the recession?  How has real Gross Domestic Product recovered when jobs and real consumer incomes have not?  These are among the many questions that go unasked and unanswered.  Statistician John Williams says that the economic recovery is a statistical illusion created by deflating nominal GDP with an understated measure of inflation.”

http://www.paulcraigroberts.org/2013/12/10/misleading-official-employment-statistics-paul-craig-roberts/

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Bitcoin and Intrinsic Value: a Layman’s Response to Alan Greenspan

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“Once upon a time, at the end of the last millennium, I founded and led the first games company to sell virtual goods or virtual currency for real money.  We sold (and still sell) ‘credits’ – virtual currency that is bought for real money, which players can use to buy other things in our games.  When I first started selling credits, a lot of people, including almost everyone in the games industry who was aware of what we were doing, thought it was ridiculous. The general criticism was along the lines of: ‘Why would someone pay real money for a fake sword?’  16 years later, people are still buying these credits, and they’re even used to pay other people for third-party services around our games.”

http://www.coindesk.com/bitcoin-intrinsic-value-alan-greenspan/

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The Dialectical Pomposity of the Tapering Promotion

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“We might taper, he tells us, if the economy seems strong. We might not if the economy seems less strong.  Maybe we will, maybe we won’t.  And to ascertain the strength of the economy, Bullard and his noobs will parse notoriously unreliable government data. They will make decisions on how much money to print at what price. This is price fixing and price fixing never works. They will use the loony-tune statistics provided to them by the US government. Good luck. They will make determinations about the level of the price fix they shall levy based on these flawed numbers.  This is YOUR economy. This is YOUR money.”

http://www.thedailybell.com/news-analysis/34819/The-Dialectical-Pomposity-of-the-Tapering-Promotion/

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Don’t Let the Fed Pick Your Pocket

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“If you are one of those who believe that rates will rise when Ben Bernanke leaves office in January, think again. The new Federal Reserve chief, Janet Yellen, has no intention of boosting rates. She will certainly not be a friend to savers.  During Yellen’s confirmation hearings on Capitol Hill, she acknowledged that seniors are hurt by low interest rates that are a matter of policy. However, the incoming Fed chief believes the greater good — the health of the U.S. economy — takes precedence over savers.  This means that if you’re still relying on CDs and interest-bearing accounts to generate income, you’ll be slaughtered.”

http://thesovereigninvestor.com/2013/12/09/dont-let-fed-pick-pocket/

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Analysts: ‘Gold miners drop over 50% with no bottom in sight’

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“Many major gold companies have lost at least half their value this year after a more than 25% plunge in gold prices, but analysts aren’t convinced that miners have hit bottom — and tax-loss selling may further the declines.  The losses for the gold miners aren’t much of a surprise given the hefty declines in gold prices, which are poised to log their first loss in 13 years. But shares of the gold miners have suffered a drop that’s roughly double the year’s price loss for the metal.  Still, given the plunge in so-called paper gold, investors can’t help but wonder whether it’s a bargain now. It isn’t — at least not yet, according to some analysts.”

http://www.marketwatch.com/story/gold-miners-drop-over-50-with-no-bottom-in-sight-2013-12-06/print?guid=B31CC1CE-5DE9-11E3-88A2-00212803FAD6

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Everyone Is Baffled By Alan Greenspan’s Comment About Bitcoin

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“‘You really have to stretch your imagination to infer what the intrinsic value of Bitcoin is. I haven’t been able to do it. But if you ask me, ‘Is this a bubble in Bitcoin?’ ‘Yeah, it’s a bubble.’  People are baffled by this remark.  That’s because Greenspan refused to call the housing bubble a bubble, and presided over the dot-com bubble despite seemingly having recognized it as such as far back as 1996, when he made his “irrational exuberance” speech.”

http://www.businessinsider.com/alan-greenspan-bitcoin-comment-reaction-2013-12

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“Close Guantánamo Prison!” — Karzai’s Ultimatum to Obama

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“Afghanistan’s leader, Hamid Karzai, has told Obama that he will not sign an agreement that will let Obama keep troops in Afghanistan unless Obama agrees to close the prison on the island of Cuba.  Here is his threat. Either Obama does what he told the voters in 2008 that he would do if they elected him, or else Karzai will not sign an agreement to let Obama keep American troops in Afghanistan after 2014, as Obama says he is ready and willing to do.  So, Obama has a choice: (1) close the 12-year Bush-Cheney prison or (2) end the 12-year Bush-Cheney war.”

http://teapartyeconomist.com/2013/11/26/close-guatanamo-prison-karzai-ultimatum/

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America’s Afghanistan Troops: “Home by Christmas . . . 2014”

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“Karzai has announced that he will not sign a deal until next April, when there will be elections in Afghanistan.  The elections are very important. They will decide which political faction will surrender to the Taliban.  The Obama administration says it really will pull out all troops by the end of 2014 if Karzai does not sign the agreement this year.  ‘They are bluffing,’ he says.  ‘We’re not,’ an unnamed American official says.  After the Taliban retakes control, what will be the official response of the President of the United States? How will he spin the story? Will he use the tried and true: ‘It was Bush’s fault. He got us in there.'”

http://teapartyeconomist.com/2013/11/25/americas-afghanistan-troops-home-by-christmas-2014/

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