Tag Archives: Too Big To Succeed

JPMorgan Chase CEO denounces bitcoin as ‘terrible,’ predicts its downfall

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“The head of the largest bank in the US said Thursday that bitcoin is a ‘terrible store of value,’ in part because international governments, bankers, and other officials are unsure whether they can trust the digital currency.  Jamie Dimon, the CEO of JP Morgan Chase – which has $2.509 trillion in total assets – told CNBC that the cryptocurrency does not have much staying power because the hurdles it faces are insurmountable.  ‘It’s a terrible store of value. It could be replicated over and over,’ he said. ‘It doesn’t have the standing of a government.’  Dimon went on to cite media coverage that reported on the use of bitcoin for nefarious purposes.”

http://rt.com/usa/chase-ceo-bitcoin-terrible-downfall-100/

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Treasury Secretary Sends Warning on Debt Limit

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“Treasury Secretary Jacob J. Lew warned Congress on Wednesday that the government would most likely exhaust its ability to borrow in late February, setting up yet another fiscal showdown with Republicans, and this time earlier than congressional leaders had anticipated.  In a letter to Speaker John A. Boehner and top congressional leaders, Mr. Lew said a surge of February spending, mainly tax refunds for 2013, would leave the Treasury with little room to maneuver after the official debt limit is reached on Feb. 7.  ‘Protecting the full faith and credit of the United States is the responsibility of Congress, because only Congress can extend the nation’s borrowing authority,’ Mr. Lew wrote.”

http://www.nytimes.com/2014/01/23/us/politics/treasury-secretary-sends-warning-on-debt-limit.html?hpw&rref=politics&_r=0

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Bill Bonner: This Credit Event Could Crush the Stock Market

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“There’s nothing more to worry about. Christine Lagarde, head of the IMF, has reassured us.  Madame Lagarde tells us that further scaling back of QE won’t mean a thing, as long as the Fed goes about its tapering in a gradual, measured way, which of course it will.  ‘We don’t anticipate massive, heavy and serious consequences,’ she said.  But wait.  She must be wrong about that. If the Fed were to continue to cut back its bond-buying, the stock market and the economy would go into withdrawal shock. The economy would wobble. Stocks would fall. And Janet Yellen would promptly go into a huddle with other Fed governors and come out with an announcement: more QE!”

http://www.bonnerandpartners.com/this-credit-event-could-crush-the-stock-market/

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The Consequence of Complacency Is Catastrophe

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“It’s precisely because of rising stock markets — and the accompanying complacency — that we have the most to be concerned about for the long-term future.  Stock market euphoria is a powerful drug.  It’s an artificial stimulant for the economy, an antidepressant for investors who’ve suffered big losses, and a memory-blocker for bankers who helped cause the great debt crisis.  Moreover, it does nothing to resolve the continuing — and growing — threats. So before the great forgettery of 2014 sets in, let me remind you about just the main ones.”

http://www.moneyandmarkets.com/the-consequence-of-complacency-is-catastrophe-57597

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Faulty Government Websites Confront Needy in Search of Aid

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“Three months after the disastrous rollout of a new $63 million website for unemployment claims, Florida is hiring hundreds of employees to deal with technical problems that left tens of thousands of people without their checks while penalties mount against the vendor who set up the site.  Efforts at modernizing the systems for unemployment compensation in California, Massachusetts and Nevada have also largely backfired in recent months, causing enormous cost overruns and delays.  A lack of funding in many states and a shortage of information technology specialists in public service jobs routinely lead to higher costs, botched systems and infuriating technical problems.”

http://www.nytimes.com/2014/01/07/us/faulty-websites-confront-needy-in-search-of-aid.html?_r=1&pagewanted=all

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Paul Craig Roberts: The Case of the Missing Recovery

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“What the Treasury and Federal Reserve have done, with the complicity of the White House, Congress, economists, and the media, is to focus on rescuing a half dozen banks ‘too big to fail.’ The consequence of focusing economic policy on saving the banks is rigged financial markets and massive stock and bond market bubbles. To protect the dollar’s exchange value from quantitative easing, the price of gold has been forced down in the paper futures market, with the consequence that physical gold is shipped to Asia where it is unavailable as a refuge for Americans faced with currency depreciation. It remains to be seen whether the chickens can be kept from coming home to roost.”

http://www.paulcraigroberts.org/2014/01/03/case-missing-recovery-paul-craig-roberts/

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Keiser Report: Pickpockets Rule UK?

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“In this episode of the Keiser Report, Max Keiser and Stacy Herbert discuss the beggar economy in which the biggest pickpockets rule. They look at the London Gold Fix, in particular, where every day for the past more than twenty years, pockets were picked every single day, according to the data. In the second half, Max interviews precious metals expert, James Turk, about his new book, ‘The Money Bubble,’ and about the dollar, gold and Bitcoin.”

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Obama Faces a Bigger Ticking Time Bomb than Obamacare Itself

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“One admirable goal as expressed by President Obama as he signed Dodd-Frank into law was ‘to put a stop to taxpayer bailouts once and for all.’ But, it is not the anti-too-big-to-fail elixir Americans were promised. Quite the opposite—it has further enshrined too-big-to-fail.  The criteria for designating non-bank financial institutions ‘systemically important’ to the financial system are—in characteristic Dodd-Frank style—imprecise.  Having developed a taste for insurance companies, FSOC designated Prudential Financial as systemic in September. It is openly eyeing MetLife as the next member of this exclusive club.”

http://www.independent.org/newsroom/article.asp?id=4828

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Paul Craig Roberts: Manipulations Rule The Markets

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“Until a whistleblower speaks, we cannot know for certain, but my conclusion is that the Fed understands that it must protect the dollar from being driven down by QE and that the orchestrated takedowns of gold are part of protecting the dollar’s value, and perhaps also the cutback in QE is a part of the protection by signaling an end of money creation. The Fed also understands that it cannot forever drive down the gold price and that it cannot forever pour liquidity into stock and bond markets. To retreat from this policy without crashing the edifice requires successful orchestrations. Therefore, we are likely to experience more of them in the days to come.”

http://www.paulcraigroberts.org/2013/12/20/manipulations-rule-markets-paul-craig-roberts/

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European Union Stripped of AAA Credit Rating at S&P

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“The European Union lost its top credit rating from Standard & Poor’s, which cited the deteriorating creditworthiness of the bloc’s 28 member nations.  Ratings remain under pressure more than four years after the outbreak of the European debt crisis, which led the EU to offer emergency financing to Greece, Ireland, Portugal, Spain and Cyprus to shore up their bonds and banks. European Central Bank President Mario Draghi’s pledge to do what it takes to save the euro has helped stabilize debt markets, while deficits and debt in most euro-area countries remain well above the limits set for membership in the single currency.”

http://www.bloomberg.com/news/2013-12-20/european-union-loses-aaa-credit-rating-at-s-p-on-weaker-cohesion.html

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