Tag Archives: History Repeating

Bill Bonner: A Crash Course in Money (Part III)

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“Economists gain jobs, fame and prestige by claiming to improve the workings of free markets. We see that their theories have clearly worked for them. They have improved their own position… and shifted trillions of dollars to their cronies in the financial industry.  But is there a clear, undisputed example in which they have worked for anyone else?  Again, none that we know of.  But there are plenty of examples of economies that have been severely damaged by overly ambitious central planners.”

http://bonnerandpartners.com/crash-course-money-part-iii/

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Charles Burris: Demonizing Putin Campaign Continues

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“Ambrose Evans-Pritchard himself provided a key piece of the puzzle with his important online expose’ article, ‘Euro-federalists financed by US spy chiefs,’ tracing the covert planning, manipulation, and financing of post-WWII European federalism to top tiers of the American intelligence establishment (which interlocked with key Wall Street investment banks and financial institutions, the major foundations which acted as covert funding mechanisms for these projects, the elite mainstream media which provided disinformation and cover for the endeavor, and entities of the foreign policy establishment such as the Council on Foreign Relations and the Atlantic Council).”

http://www.lewrockwell.com/lrc-blog/demonizing-putin-campaign-continues/

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Fannie, Freddie Officially Lower Mortgage Down Payment to 3 Percent

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“Following months of talk and speculation, both Fannie Mae and Freddie Mac announced on Monday they will begin allowing qualifying first-time borrowers to purchase homes with just a 3 percent down payment.  By lowering the down payment down to 3 percent, leaders from the GSEs and the Federal Housing Finance Administration (FHFA) hope to increase homeownership and particularly household formation by offering loans to those who can afford mortgages but lack resources to make a 20 percent down payment plus closing costs.”

http://dsnews.com/news/12-08-2014/gses-officially-lower-down-payment-to-3-percent-for-qualifying-first-time-homebuyers

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Argentina Is Getting Clobbered

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“A lot of investors were betting that 2015 would come around, and Argentina and the holdouts — led by Elliott Management founder Paul Singer — would sit down and sing Kumbaya. Instead Argentina is coming up with more creative ways to raise cash, like a recent debt swap plan the government has announced to raise $3 billion locally.  Argentina’s relies heavily on commodity exports like soybeans for revenue, and commodities are getting crushed.  It’s clear that the country’s 40% inflation rate is putting Argentines on guard. They’re carrying lots of cash around, and because they carry around all that cash, Argentina has become the robbery capital of Latin America.”

http://www.businessinsider.com/argentina-is-getting-clobbered-2014-12

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Ron Paul: House Chooses New Cold War With Russia

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“Last week the US House voted overwhelmingly in favor of an anti-Russia resolution so full of war propaganda that it rivals the rhetoric from the chilliest era of the Cold War. Ironically, much of the bill condemns Russia for doing exactly what the US government has been doing for years in Syria and Ukraine!  For example, one of the reasons to condemn Russia in the resolution is the claim that Russia is imposing economic sanctions on Ukraine. But how many rounds of sanctions has the US government imposed on Russia for much of the past year? I guess sanctions are only bad when used by countries Washington doesn’t like.”

http://www.thedailybell.com/editorials/35895/Ron-Paul-House-Chooses-New-Cold-War-With-Russia/

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Jacob Hornberger: Rand Paul Is Wrong. Leave Iraq Alone!

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“Senator Rand Paul now wants Congress to declare war against the Islamic State and engage in military action in Iraq. He says that ‘national security’ is at stake.  I’ve got a better idea: Leave Iraq alone! Hasn’t the U.S. government done enough damage already in Iraq?  Consider all the death and destruction that interventionists have wrought on this poor nation. Some people estimate that more than a million Iraqis have died as a result of the U.S. invasion and occupation of Iraq. The reason we don’t have a more precise figure is because the U.S. military announced at the inception of the invasion in 2003 that it would not keep track of Iraqi dead.  The number of Iraqis killed just didn’t matter.”

http://fff.org/2014/11/24/rand-paul-wrong-leave-iraq-alone/

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Federal Housing Finance Agency Unveils Plan to Loosen Mortgage Rules

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“Tight credit policies after the housing market crash have kept too many deserving people from qualifying for mortgages.  Now the government is taking steps that it says it hopes will allow more first-time buyers and lower- and middle-income Americans to get home loans at low rates.  On Monday, Melvin L. Watt, the nation’s chief housing regulator, announced a program offering more reassurances to mortgage banks that fear they could suffer unpredictable losses on the loans they sell to the government.  Separately, he disclosed that efforts are underway to allow borrowers to receive government-backed loans with much smaller down payments than are now required.”

http://www.nytimes.com/2014/10/21/business/economy/federal-housing-finance-agency-unveils-plan-to-loosen-mortgage-rules.html?_r=0

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Greenspan Sees Turmoil as QE Boost to Markets Unwinds

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“Former Federal Reserve Chairman Alan Greenspan said he doesn’t think the Fed can unwind years of extraordinary stimulus without causing turmoil in financial markets. ‘I don’t think it’s possible,’ Greenspan said during an event today at the Council on Foreign Relations in New York, responding to a question about the likely market impact of the Fed’s exit.  The program ‘hasn’t been a success on the demand side for one fundamental reason,’ Greenspan said. ‘What you’re basically seeing is an explosion of assets, an explosion of reserve balances, and that’s the only two statistics that are moving.'”

http://www.bloomberg.com/news/2014-10-29/greenspan-sees-turmoil-as-qe-boost-to-markets-unwinds.html

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What Happens When the Surf Is Down: Contemplating Stocks without QE

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“Since the financial crisis of 2008 stock prices have only risen when the Fed is either expanding its balance sheet, hinting that it will soon do so, or actively recycling assets to hold down long term interest rates. Absent any of these aggressive moves, stocks have shown a clear tendency to fall. Curiously, while most investors now believe that QE is in the past, and that the Fed will not even be hinting at a restart, few would argue that the current bull market is in danger. But a quick look at how much influence the Fed’s operations have had on market performance should send a chill down Wall Street.”

http://www.europac.net/research_analysis/newsletters/global_investor_newsletter_fall_2014

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Bank of Japan’s Kuroda’s Stunning, Doubled-Down QE ‘Experiment’

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“The unprecedented increase in ‘quantitative and qualitative monetary stimulus’ announced Friday, October 31, by Bank of Japan governor Kuroda Haruhiko is one of the most risky, if not reckless, and possibly disastrous actions in the history of world central banking. Japan is now conducting ‘a laboratory experiment’ and ‘Governor Kuroda’s monetary experiment has in effect morphed into a strategy of devaluation plus financial repression.’ [..] ‘it is well known that Prime Minister Shinzo Abe, who keeps a stock monitor in his offices, sees rising stock prices as critical to voter confidence in Abenomics and hence his own approval ratings.'”

http://www.forbes.com/sites/stephenharner/2014/11/04/reactions-to-bojs-kurodas-stunning-doubled-down-qe-experiment/

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