Tag Archives: Meet The New Boss

Janet Yellen: “A Wise and Humane Policy Is Occasionally to Let Inflation Rise”

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EPJ13

“Yellen comes out of the economic school of thought that holds the view that printing money can somehow boost the economy. In essence, she holds the thought that the economy can somehow at times get stuck, that prices at such time don’t adjust to supply and demand and that thus money needs to be printed by the Fed via Wall Street cronies to distort prices via monetary and price inflation and fool the public into doing transactions they wouldn’t do without the distortions. This is what is held these days as ‘utterly unquestioned credentials.'”

http://www.economicpolicyjournal.com/2013/08/janet-yellen-wise-and-humane-policy-is.html

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Anti-government protest rallies thousands in Tunisia

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“Tens of thousands of protesters marched peacefully in the Tunisian capital on Tuesday evening demanding the resignation of the Islamist-led coalition government as the political crisis in the north African country grew.  Around 40,000 people took to the streets of Tunis, according to police, while opposition leaders put the protest figures between 100,000 and 200,000.  They waved Tunisian flags and chanted slogans against the moderate Islamist movement Ennahda that heads a three-part government coalition. The protesters were largely middle-class Tunisians from the capital, according to the Sunday Times.”

http://www.france24.com/en/20130807-tunisia-protest-thousands-opposition-ennahda-constitution-murder-brahmi-belaid

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Four Centuries of Surveillance: From Privy Councils to FISA Courts

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“Letters to or from England were carried by private ship captains, who often hung a bag in the local coffeehouse to receive letters for shipment. The price was generally a penny for a single letter and two pence for a double letter or parcel.  In 1591 the Crown had issued a proclamation granting itself the monopoly of all foreign mail, and in 1609 the Crown’s proclamation extended its own monopoly to all mail foreign or domestic. The purpose of this postal monopoly was quite simple: to enable governmental officials to read the letters of private citizens in order to discover and suppress ‘treason’ and ‘sedition.'”

http://mises.org/daily/6498/

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Bill Bonner: What if Mr. Summers weren’t so brilliant, after all?

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“We read Mr. Summers’ commentaries regularly, in the Financial Times. We don’t recall a single insight worth repeating or a single proposal that merits further discussion. Like Tom Friedman, he sees problems everywhere and finds solutions for them readily. And every solution he comes up with would be neat, logical, and disastrous. Unintended consequences? Has he ever heard of the concept? For him, reason has no limits…intervention has no risks…and the world has no black swans. Seeing no danger to further monetary stimulus, he will put the pedal to the metal and run at full speed…right into a brick wall.”

http://www.equitymaster.com/dailyreckoning/detail.asp?date=08/07/2013&story=10&title=What-if-Mr-Summers-werent-so-brilliant-after-all

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7 surveillance reforms Obama supported before he became president

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“As a senator, Obama wanted 1. to limit bulk records collection;  2. to require government analysts to get court approval before accessing incidentally collected American data.  3. the executive branch to report to Congress how many American communications had been swept up during surveillance;  4. to restrict the use of gag orders related to surveillance court orders;  5. to give the accused a chance to challenge government surveillance; 6. the attorney general to submit a public report giving aggregate data about how many people had been targeted for searches;  7.  the government to declassify significant surveillance court opinions.”

http://www.rawstory.com/rs/2013/08/07/7-surveillance-reforms-obama-supported-before-he-became-president/

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Obama’s abuse of the Espionage Act is modern-day McCarthyism

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“President Obama has been unprecedented in his use of the Espionage Act to prosecute those whose whistleblowing he wants to curtail. The purpose of an Espionage Act prosecution, however, is not to punish a person for spying for the enemy, selling secrets for personal gain, or trying to undermine our way of life. It is to ruin the whistleblower personally, professionally and financially. It is meant to send a message to anybody else considering speaking truth to power: challenge us and we will destroy you. Only ten people in American history have been charged with espionage for leaking classified information, seven of them under Barack Obama.”

http://www.theguardian.com/commentisfree/2013/aug/06/obama-abuse-espionage-act-mccarthyism

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Marc Faber: The Fed Will Increase QE

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“Marc Faber was characteristically pessimistic during his interview with Sprott Money late last month. ‘I don’t think they will end QE. I rather think they will have to increase it, because as you print money or as you purchase assets, from a central banking point of view, it loses its impact over time. In order to keep the impact going, you have to essentially increase it. I believe that the dovish members of the Fed will print more money. Especially after the resignation of Mr. Bernanke early next year, when he will be replaced, there will be even more dovish members.'”

http://dailyreckoning.com/marc-faber-the-fed-will-increase-qe/

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Bill Bonner: The worst candidate to replace Ben Bernanke

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“Ben Bernanke is leaving the Fed at the end of the year. The leading candidates to replace him are all fully committed to continuing his policies, which consist of providing as much credit rope as you need to hang yourself.  People come to think what they need to think when they need to think it. When they approach the ‘end of their rope’ phase of a financial catastrophe they need to believe that they have no choice but to play out a little more line. Doubts give way to desperate faith. Reflection is abandoned for action. All of the announced candidates for Bernanke’s job — Yellen, Summers and Kohn – are believers.”

http://www.equitymaster.com/dailyreckoning/detail.asp?date=08/05/2013&story=11&title=The-worst-candidate-to-replace-Ben-Bernanke

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Obama Narrows Field for Fed Chairman to 3

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“The proof that none of them deserve the job is that they all want the job. Given that interest rates are climbing, that price inflation is not far behind, that we are likely headed for stagflation and that there is  $2 trillion in excess reserves overhanging the economy, you really have to be clueless to want the job. There is no way the next Fed chair is going to look like anything other than a bumbling incompetent. It is dumb to want the position.”

http://www.economicpolicyjournal.com/2013/08/nyt-obama-narrows-field-for-fed.html

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Bernanke: A Tenure of Failure

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“Can Fed policy get worse under the leadership of either Dr. Yellen or Dr. Summers? Most definitely YES. Unfortunately leadership of the Fed is not the only problem. An institution that relies on good leadership to avoid harm to the economy and the nation is not a good institution. If banks and other financial institutions should not be too big to fail, neither should the Fed. While in the perception of too many, the Fed is both too big and too important to fail, it is an institution that not only could be, but has been, a complete failure.”

http://www.mises.org/daily/6492/Bernanke-A-Tenure-of-Failure

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