Tag Archives: Too Big To Succeed

Jeffrey Tucker: Catastrophic Plans

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“The system was broken before and now it is broken beyond repair. Daily we read reports of doctors, consumers, and institutions just bailing out completely. Businesses that take people abroad for high-quality, low-cost health care are suddenly booming. It seems that everyone is looking for a way out of the official system. This is the only promising development to emerge from the great healthcare disaster of 2013. If a new and independent sector emerges despite every attempt by government to stop it, the irony is that there will be a good basis for optimism about the future.”

http://www.fee.org/the_freeman/detail/catastrophic-plans

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Kotlikoff on Unfunded Federal Liabilities, 2013: $205 Trillion

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portallogo3

“Democrats and Republicans in Congress are completely agreed that the following information should not get out to the American people, namely, that the present value of the United States government’s off-budget liabilities is over $200 trillion.  The man who has followed this for the longest time is Prof. Lawrence Kotlikoff of Boston University. He has created a great deal of embarrassment for the government by his relentless pursuit of the statistical implications of the statistics released by the Congressional Budget Office. The Congressional Budget Office has a way to avoid this, namely, to cease publishing the statistics that Kotlikoff has used to expose the real condition of the U.S. government.”

http://www.garynorth.com/public/11776.cfm

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Andrew Huszar: Confessions of a Quantitative Easer

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“I can only say: I’m sorry, America. As a former Federal Reserve official, I was responsible for executing the centerpiece program of the Fed’s first plunge into the bond-buying experiment known as quantitative easing. The central bank continues to spin QE as a tool for helping Main Street. But I’ve come to recognize the program for what it really is: the greatest backdoor Wall Street bailout of all time.”

http://online.wsj.com/news/articles/SB10001424052702303763804579183680751473884

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Digital Apocalypse: An Interview with Cody Wilson

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“Cody Wilson of Defense Distributed talks about the project and the implications of 3D printing and cryptography on politics and the nation-state.”

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Is Size Overrated?

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rringer-13

“Upstart Microsoft didn’t fear giant IBM … upstart Google didn’t fear giant Microsoft … upstart Facebook didn’t fear giant Google … and some unknown upstart who is working in his garage at this very moment doesn’t fear giant Facebook.  Nor should you fear giants.  Never forget that you have many advantages over the big guys, one of the most important being that you can move much more swiftly than elephants like IBM, Microsoft, Google, and Facebook.  After all, they are under tremendous pressure to build more and more lung capacity just to be able to absorb enough air. While the giants are huffing and puffing to fend off predators, you have the luxury of concentrating on action.”

http://robertringer.com/is-size-overrated/

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Lonely Jeremiahs

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“Like last time, it’s only now — after the first cracks in the market have begun to show themselves — that other prominent experts are joining his camp.  Eight years ago, the epicenter of the bust was the American home market. Now, it’s every bond market on the planet.  And ultimately, bonds are more vital and pivotal in the global economy than homes. Why? Because a global bond-price collapse automatically comes with a global interest-rate surge; and sharply higher interest rates directly impact every consumer, every corporation or every government that borrows money.  How prominent are the voices now joining Larson’s once-lonely chorus? Judge for yourself.”

http://www.moneyandmarkets.com/lonely-jeremiahs-55907

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Balaji Srinivasan at Startup School 2013

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How to Make $15.6 Million, Risk-Free

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“You can buy CDSs without owning the underlying bond, which is essentially a speculation that McDonald’s will default on that bond.  Unless, of course, you have influence over the fast-food giant’s management. Then it’s not a speculation at all. It’s a can’t-lose trade.  That’s what Blackstone did. It took out an insurance policy on Codere, persuaded it to default, then collected $15.6 million in payouts. There was never a chance Blackstone would lose money on this arrangement. It was literally a risk-free trade.”

http://www.caseyresearch.com/cdd/how-to-make-15.6-million-risk-free

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Kirby Cundiff: Why Do Banks Keep Going Bankrupt?

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“During the recent crises in Cyprus, proposals were seriously considered to ignore the 100,000 EUR deposit insurance and seize a fraction of even small depositors’ money. Most depositors lost access to their accounts for over a week and large depositors are still likely to lose a large fraction of their assets. Most depositors still believe that deposit insurance will cover any possible losses. If banks are to become more stable, the amount of equity relative to debt in the banking system must be drastically increased to something resembling what it would be without government deposit insurance, central bank subsidies, and treasury bailouts.”

http://www.fee.org/the_freeman/detail/why-do-banks-keep-going-bankrupt

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Buried in Fine Print: $57B of FHA Loans Big Banks May Have to Eat

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“The nation’s four largest banks are holding $57 billion of seriously delinquent loans that they’ve been slow to move into foreclosure over concerns that the Federal Housing Administration, the government mortgage insurer, will refuse to cover the losses and hit them with damages, according to industry sources.  The banks — Bank of America (BAC), Citigroup (NYSE:C), JPMorgan Chase (JPM), and Wells Fargo (WFC) — have assured investors in the footnotes of quarterly filings that the loans are government-insured and therefore pose no threat to their bottom lines, even if they end up in foreclosure.”

http://www.americanbanker.com/issues/178_194/big-banks-downplay-risks-posed-by-57b-in-delinquent-fha-loans-1062672-1.html?zkPrintable=true

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