Tag Archives: Bullshit Artists

Ukraine protests increase risks of currency crisis

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“Massive protests against Viktor Yanukovich hammered Ukraine’s financial markets on Monday, increasing the risk of a currency crisis as the president tries to hold on until an election in early 2015.  Ukraine’s debt insurance costs jumped and currency traders increased bets on a devaluation after 350,000 people protested on Sunday against Yanukovich’s decision to ditch a trade pact with the European Union.  Central bank Governor Ihor Sorkin backed up foreign exchange intervention by vowing to do everything needed to uphold financial stability. In an online video message, he urged savers ‘to be confident in the banking system’ and not to withdraw their deposits.”

http://www.cnbc.com/id/101239135

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ObamaCare Deadline Kicked Back for the First Time, But Not Tax Deadline

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“It’s official. The Centers for Medicare & Medicaid Services (CMS), the government agency in charge of www.Healthcare.gov, has moved the deadline for signing up from December 15 to December 23.  This was not announced on the web page of the organization. It was made by a conference call to White House reporters.  The newly appointed head of the project, Jeffrey Zients, who has been on the job for a month, assures the public that ‘soon’ 50,000 people will be able to enroll at the same time. Soon. Any time now.  The agency says that it has no plans to move the deadline for imposing a tax for not having health care insurance beyond March 31, 2014. No plans at all.”

http://teapartyeconomist.com/2013/11/25/obamacare-deadline-kicked-back-first-time/

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Central Banking: Sterile as the Grave

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“Central banking is a modern religion, a technocratic one. The world’s top men, the ones who control banking, want to present central banking as a science. Any sense of spontaneity, gaiety or eccentricity is to be drained from the process. What is left is a dutiful acknowledgement that those minding the money store are the best of the best – and chosen for their fealty to honesty and their honest resoluteness in the face of the temptations of corruption. A straight-shooter, fearless, well-meaning, earnest … even a bit nebbish. That’s how the central banker is basically presented to the world. You don’t usually see them in relaxed environments. You hardly ever see them at barbecues.”

http://www.thedailybell.com/news-analysis/34797/Central-Banking-Sterile-as-the-Grave/

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ECB Warning: More Directed History

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“The idea that the ECB and the Fed are going to begin to quarrel or pursue separate policies is a ludicrous one. Yet we are being asked to believe it.  These people never let a good crisis go to waste. Part of the point of the lingering EU credit crunch is to create a necessity for a deeper union, monetarily and politically. ECB pols have said as much.  The goal of ECB bureaucrats is to further paste together the fraying EU and its even sicker euro currency. At this point, this policy is being pursued in direct defiance of EU citizens who have voted continuously, when they can, against a deeper union of any sort.  There are no rogue central banks. Everyone has a part to play.”

http://www.thedailybell.com/news-analysis/34787/ECB-Warning-More-Directed-History/

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Gold suffers worst November since 1978

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“A price fall of such magnitude hasn’t been seen in November since 1978, according to data from the World Gold Council, when prices plunged 20 percent.  Spot gold rested at $1,252 an ounce on Friday and was headed for its biggest monthly drop since June. It has lost over a quarter of its value year-to-date, putting it on track to post its first annual loss in 13 years.  Citi said this month that gold was about to enter ‘phase two’ of its bear market and its downside target for the metal is now $1,111 per ounce. Goldman Sachs, meanwhile, predicts a ‘significant decline’ in gold in 2014, with a fall of at least 15 percent.”

http://www.cnbc.com/id/101235384

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Australian central bank’s talk of intervention sends Aussie dollar down

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“The overnight fall in the Australian dollar shows once again that just a few carefully targeted words from Reserve Bank governor Glenn Stevens have the power to move markets.  While Mr Stevens did not say the Reserve Bank was about to intervene to pull the dollar down, his comment that the option was in the monetary policy ‘toolkit’ proves that words from the central bank governor can be timely bullets.  The impact-laden comments show the RBA’s frustration in its attempts to lower the dollar, despite 2.25 percentage points of cuts to the official cash rate since late 2011.”

http://www.abc.net.au/news/2013-11-22/glenn-stevens-jawboning-moves-currency-markets/5111212

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EU Seizes on Snowden Revelations to Justify a Deeper Union

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“The idea of Eurocrats posing as defenders of European democracy is ironic. A torrent of legislation spills from Brussels every year. And Brussels’s imperial yearnings are well known by now and include a standing army, a flag, an anthem, civil and military police and, of course, an internal spying mechanism that will do to Europeans what Eurocrats indignantly reject from the US. The EU is every bit as determined to build a Surveillance State like the US’s and, in fact, they are surely partners in such a venture. The indignation that European leaders now evince is for show only. The reality is an elite that has the same goals and intends to use the same methods and violations of privacy to get there.”

http://www.thedailybell.com/news-analysis/34762/EU-Seizes-on-Snowden-Revelations-to-Justify-a-Deeper-Union/

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Jeffrey Tucker: Has the Fed Met Its Match?

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“‘It is hard to imagine a world,’ says the unimaginative study, ‘where the main currency is based on an extremely complex code understood only by a few and controlled by even fewer, without accountability, arbitration, or recourse.’  Blink, blink. This is the Fed talking here. Talk about complex. When the Fed governor speaks in Congress, he (soon she) speaks in such a blithering array of econ-babble that no one dare respond, for fear of seeming ignorant. It’s like the first day of an Intro to Physics class. The professor asks if there are questions, and everyone sits in terror.  In a half-century of this nonsense, only Ron Paul ever really dared to ask serious questions of the Fed.”

http://lfb.org/today/has-the-fed-met-its-match/

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The Minimum Wage and Unemployment in Australia

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“In the USA, the youngest workers have a higher minimum wage than in Australia, but the wage then crosses over to a higher minimum in Australia once a worker reaches 18 years of age. By the age of 21 the minimum wage in Australia is substantially higher, but by then work skills have also grown substantially.  The simple comparison of the minimum wage in Australia with minimum wage in the USA tends to use the headline rate for adults over 21 years of age. This is quite misleading, because there is a large class of younger workers where the minimum wage in Australia is much lower, and these tend to be the workers most affected by minimum wage laws.”

http://www.internationalman.com/global-perspectives/1039-the-minimum-wage-and-unemployment-in-australia

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Bill Bonner: Aiming for Aristotle’s Head

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“Why a city state and not a country state? Why couldn’t people rule themselves? Who was to say who the ruler should be?  You could ask as many questions as you wanted. Aristotle would have just as many silly answers. But even the ancients were on to him.  ‘None of us knows anything, not even whether we know anything or not,’ said Metrodorus of Chios, aiming for Aristotle’s head. But it was the great Pyrrho from Elis who developed the philosophy we know today as ‘skepticism.’ Loosely, a skeptic is someone who suspects that other people don’t know nearly as much as they think they do. And when it comes to central banking and central economic planning, they are always right.”

http://www.bonnerandpartners.com/aiming-for-aristotles-head/

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