ΩΩThe debate about how to fix the global economy continues. Alas, I am not at the top of the economic pundit ladder due to being an annoying old woman, but statistics back up my contentions that free trade is killing the US and UK and our industrial base matters a great deal and our military business is not good for the bottom line at all. Anyway, off to see the wretched and obvious news to see how things continue to evolve:
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Philadelphia bloggers: The city wants you to buy a license – Aug. 24, 2010
The weekly Philadelphia City Paper kicked off the kerfuffle with an article spotlighting several small-scale bloggers who were startled to receive letters from the city demanding that they shell out up to $300 for a license allowing them to operate a local business. One of the recipients had raked in a whopping profit of $11 over two years from his blog.
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Philadelphia bloggers were abuzz this week about a citywide move to crack down on citizens running a business without a license — which includes any local bloggers running ads on their sites.
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ΩΩThis is a reminder that I run this blog on my own cost (I pay for this site, over $100 a year) and rely on donations. Ever since I talked rationally about vaccinations (no, vaccinations are NOT killing everyone!) a large number of readers blew up and ran off. I am very sorry about writing rationally but this is my job: to examine reality, not build fantasy castles in the air.
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ΩΩThis is why I didn’t subscribe to the alternative story about 9/11 that involves tons of self-deceptions, denials of real events we all saw on that day as it happened, etc. If I were to be a knee-jerk liberal, I would have more readers. That would mean mocking America and siding with illegal aliens over native US workers. I also upset people talking about AIPAC and the rise of Nazi-style fascism within the Jewish community and my warnings about how this will spawn true Naziism in Europe and America has been greeted with fury and charges that I am anti-semitic because I point out the obvious.
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ΩΩIt really is an unhappy thing, telling people how things work and looking at history with a rather cold eye. On the other hand, I never took in any advertising since this would force me to become careful of what I say for fear of getting advertisers angry. Mainstream media AND much of the ‘alternative’ media have advertisers! This means, they inadvertently lie or openly lie to keep their true masters happy. I am not running a business here, I am running a service. For whoever wishes to know what lies in the future.
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ΩΩI also live on a fixed income. So I am not getting rich due to running this analysis service and it seems most people don’t seem all that interested in analysis, they want confirmation of group think. This is why there is a ‘left’ and a ‘right’ as well as various religions, etc. and is why nearly all our elections actually revolve around pushing the buttons of religious believers or threats to the modern progressive systems set up during the Great Depression. Most elections are about saving someone’s status quo or confirming religious manias. This coming election will be all about Muslim mosques or saving Social Security. Nothing about what is really looming on the horizon: the bankruptcy of our government due to our grotesque foreign military obligations and our immense trade deficit.
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Time is running out for the West – Telegraph
The US, UK, Germany, France, and Spain are all at risk of an “interest rate shock”, either because they must roll over a cluster of short-term debt (US, France, Spain) or because deficits are so large.
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Countries that “fail to demonstrate the level of social cohesion required to stabilise debt” will lose their AAA rating. “Intra-generational” conflict between young and old requires careful handling. States that delay pension reform risk spiralling downwards.
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ΩΩKrugman in the bowels of the Free Trade NYT, rails against ‘bond vigilantes’ while mum about US ‘aid’ to Israel or our flood of money for corrupt dictators in many Muslim countries. Every solution put forth by this jerk to fix our budget and our trade deficits have failed most miserably. Only when this Jewish ‘intellectual’ turns on his own ‘people’ and begins to denounce AIPAC and our entire Israel-centric foreign policy and demands a 50% cut to Pentagon spending and closing ALL US foreign bases…we will see nothing fixed.
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ΩΩThe internal way to fix the US bond problem is to cut spending on Americans living here in the USA. This happens to be the favored solution for the rightwing. They promise the churches on the right that if they cut social spending, the poor will flock to Jesus and the ministers who can then give them charity and thus, go to heaven. I seriously doubt Jesus will be very impressed if these guys cut social services and starve people and then run off to Jesus and say proudly, ‘Lord! We cut their food stamps so we could give them a crust of left over bread!’
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ΩΩNumber of Home Foreclosures Drops, but Risk of Delinquency Deepens – NYTimes.com: It would help greatly if the media, back when the housing bubble popped, said so and then also explained to readers that no housing bubble ever returns to ‘normal’ for at least 2 decades. That is it! There is no way around this. What goes up has to come down to below where it was when the bubble began before recovery sets in.
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ΩΩThis is simple to understand: the value of housing outstripped wages. Wages have been stagnant for many years when compared to inflation. Ergo: housing had to be only at the rate of inflation, too. The reason housing doubled inflation was simple: wives went to work. So instead of one income, we had double incomes for qualifying for a mortgage. I have told more than one person over the years, ‘Never, ever buy a house based on two incomes. You can get divorced or someone dies or one becomes unemployed. This way, if the bad things happen, you don’t go bankrupt.’
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ΩΩDuring the housing bubble, this meant renting instead of buying but then, now that the bubble is burst, housing MUST drop to levels where a typical single-working family income buys a home. Houses are for living in. Not for speculation. Society will be much better served if people lived in less inflated housing and could rely on just one income to cover living expenses. This way, the second income could be used for buying other things. Instead, we piled on debts on all wage earners in a family and left them deep in debt. The slightest economic shock becomes a catastrophe.
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Fair Game – Debt’s Deadly Grip – NYTimes.com
IT’S one of the toughest lessons an investor has to learn: while the value of assets can plummet posthaste, it takes forever to shrink the debt that was used to buy them.
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ΩΩThis is as it should be. This is the way things worked since the dawn of capitalism. The value of anything can fall rapidly if conditions change. For example, real estate values can plummet if there is a war and someone begins to bomb your city. Or the value of wheat which is shooting upwards this fall, can collapse when a good crop comes in. Or the value of oil futures can suddenly collapse if there is a recession caused by too high oil costs. People forget how the price of oil shot to over $100 a barrel suddenly right about when the Japanese carry trade easy credit and the housing bubble popped. That is, investors trundled off en masse to the oil futures markets and raised the price to the heavens. This, in turn, hammered the western economies which then collapsed into anarchy.
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ΩΩI remember this time because no more cars or trucks went up or down Rt 22 which I can see from my front deck. A strange silence fell on my little rural village. One month of this and an exodus began as the working lower classes fled our town since they could no longer commute to their jobs. More than a few houses remain empty to this day. Since then, we have been in this profound depression here. And everywhere else. Oil is cheaper but in 1999, I paid $0.85 a gallon for gas and today, I pay nearly $3.00 a gallon. The high cost of fossil fuel still hammers the economy even though it is not $5.00 a gallon.
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ΩΩOff to China to see how the Dragon’s children are faring: Millionaires’ Kids Hunt M&A for Standard Chartered (Update2) – Bloomberg.com
Eighteen people aged 18 to 26 enrolled in the six-week program in Singapore, which ended Aug. 13. They were assigned to projects ranging from identifying potential acquisition targets for London-based Standard Chartered to developing ideas for branch design, said Jungkiu Choi, the executive responsible for the course.
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UBS and Citigroup, the biggest managers of money for the rich in the Asia-Pacific region, also run programs for children of their private-banking clients as banks target the scions of millionaires. Asia’s wealth may grow at double the global pace over the next four years, according to a Boston Consulting Group report published in June.
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ΩΩAnd how, pray tell, will Asia’s growth grow so fast? Well…they plan to export high-end industrial production stuff. Imagine that! For years, the US relied on Boeing exports to balance our growing trade deficit. Of course, like all of our actions since Nixon failed to balance the trade deficit, this didn’t even slightly work. The US also exports lots and lots of arms. But since we have to give money to people who buy our arms, this does nothing to balance either our budget deficit or trade deficit. The more we export arms, the worse both are.
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ΩΩNow, the bankers are teaching Asian rich kids how to buy up the wretched remains of our economy. I am betting these children will figure out how to do this on their own just by listening to their parents talk. But the bankers are kow towing to the rich parents and this is more about the Western bankers learning how to bow and scrape before the real owners and the kids learn how to detect lack of deference or how to project power onto foreigners as they seek favors of the rich kids. This is viewed as training children in handling dogs or horses. When to tug at the bit or use doggie bones to get a dog to roll over.
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ΩΩOf course, this also means training the Western bankers to bark at debtors and bite them. Yes, the banker dogs have to be trained to attack the peasants in the West, that is, anyone in debt to Asian rich kids. The kids can then call off the barking banking dogs and then we can be grateful for this. We should remember that when bankers in England put the Chinese into debt and looted China, they put up signs forbidding ‘Chinese and dogs’ entry to exclusive clubs. The Chinese have not forgotten this at all. Far from it. Nor should they. We deserve what will be dished out.
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Op-Ed Contributors – The Yen’s Lesson for the Yuan – NYTimes.com
By JOSEPH A. MASSEY and LEE M. SANDS
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Lost in the noise, however, is the question of whether de-linkage would actually have any effect on the trade deficit. On this, the United States’ 40-year history of pressuring Japan to let the yen appreciate against the dollar is instructive. It indicates that de-linking the yuan would make barely a dent in America’s trade deficit. Luckily, this history also points to a different, more effective way for the United States to benefit from China’s economic growth….our trade deficit with Japan continued to grow. At the end of 1970 it stood at $1.2 billion; by the end of 1972, with the yen at 302 to the dollar, it was $4.1 billion.
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Thanks to changes in the global economy, the multilateral currency agreement soon failed, and this allowed the value of the yen to continue rising. By 2006 it stood at 119 to the dollar — more than three times as expensive as in 1971 — and yet the deficit hit an all-time high of $90 billion….So, might it work to instead use tariffs to make American goods more competitive in China? Probably not. The problem is that the United States lacks the domestic industry to make many of the things we currently buy from China. And China would retaliate with tariffs of its own, hurting our exports to the country, which have recently been growing faster than those to anywhere else.
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ΩΩTheir solution? Increase exports! HAHAHA. This is why they are published by Free Trade NYT. The other solution? Get the Chinese and Japanese to invest in our export businesses. Ding dong! Talk about insane.
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As Japan’s surplus with America ballooned during the 1970s and ’80s, its companies began building factories and making other substantial investments in the United States as a hedge against protectionist measures — after all, tariffs wouldn’t apply to products made by Japanese companies here. This was a boon for the American economy: through 2007, Japan had invested almost $260 billion, supporting more than 600,000 jobs.
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ΩΩLike the Chinese, the Japanese were forced into trade with us and now they got their own revenge. Japan is falling apart, socially, and this troubles the Chinese who see close up, what is going on there. The difficulties assailing Japan: dropping birthrates, social chaos as the government can’t track the population (the fake elderly stats, for example, are a total scandal which hides the real death rate), school children committing suicide (an 8 year old girl hung herself this week after playmates kept telling her to die!) and a collapse in wages are signs of social collapse.
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ΩΩI am glad a NYT editorial mentions the obvious: yes, Japan builds factories here and yes, this is a cynical move to prevent us from protecting ourselves from aliens running trade deficits. Yes, these alien-owned factories hire the lower working class schmucks. But….none of these stop our trade deficit from getting worse and worse. Indeed, the worse the trade deficit, the more ‘investments’ Asian powers or Europeans plant here. THEY ARE CONNECTED!
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Flow of imports drags down economic growth
The rise in the trade deficit, including an abrupt 16 percent spike in June, is a chief reason economists are downgrading estimates for recent U.S. economic growth.
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ΩΩAnd the trade deficit resumes growing again!!!! And worse, no one is building more factories here, they are in a do or die situation at home meaning, they have to hire their own people first so they figure their immense footprint here in our own economy will allow them to flood us with more imports even as they keep token factories open here in order to prevent anyone from passing serious trade restriction laws here.
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ΩΩInstead, just like Greece, Iceland, Ireland and increasingly, the UK, we will fix things by making US citizens much poorer: Alan Simpson: Social Security Is ‘A Milk Cow With 310 Million Tits’ [UPDATE]
Simpson, a former Republican Senator from Wyoming, portrays himself as a plainspoken farm boy but, in reality, is the privileged son of a former Wyoming senator and governor with little apparent knowledge of farm life. In fact, cows do not have “tits,” but teats.
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UPDATE: Wednesday 8:30 p.m. – Simpson isn’t going anywhere, the New York Times reports. “Alan Simpson has apologized and while we regret and do not condone his comments, we accept his apology and he will continue to serve,” White House spokesperson Jennifer Psaki told the Times.
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ΩΩObama needs Simpson because our ruling elites want to cut social security. They want us to be poorer because then, we will work harder and the international bankers and corporate heads can live wherever they wish which is in lovely balmy oceanfront real estate which is why they are worried about global warming. They want to bring everyone down to the same level and to have more loyalty to each other than to mere nations. This is why I yap about ‘sovereignty’ and ‘citizenship’ so much!
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ΩΩThey hate this stuff. They only want sovereignty when it is like the Queen of England’s sort: you own a country and do as you please. The Queen can’t do as she pleases which often irritates her since her home base happens to have lots of irritating peasants who can besiege her palaces. Anyone tagged by the right wingers gets fired by Obama and all of his economic advisors who are not AIPAC creatures have left one by one. But odious toads like Simpson get to stay on forever.
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ΩΩTalking about our best ally outside of our masters, Israel, we have nothing but bad news: Remember whose side you’re on, Clegg warned by allies – UK Politics, UK – The Independent
The worries have been underlined by plunging Liberal Democrat opinion poll ratings and fears that the country will throw out plans for electoral reform in a referendum next year.
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A Clegg ally said last night: “This is new territory for us, but we have got to consistently demonstrate we are having an impact on the coalition and retaining our identity. We have got to focus more on that impact.”
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ΩΩClegg was a fool. Back when Cameron was desperately looking for someone to give him power, he should have been left dangling. The only road to power for the Liberal Democrats was to be the alternative to the Tory/Labour duo. Instead, a desire for quick returns on the political slices of pie lured the Libs into making a very serious political miscalculation: they get to be stuck with all the blame for the social spending cuts.
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ΩΩInstead of being able to vote yea or nay on each individual thing, they are stuck with supporting all of the cuts all the time. They should exit this coalition before they are reduced to single digit support. But maybe this is too late.
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Mortgage rates may hit 14pc within two years – Telegraph
David Hollingworth, of mortgage brokers London & Country, said: “It is a stark reminder to borrowers not to get too comfortable with the Bank Rate at 0.5 per cent as there may be a sharp shock just around the corner.”
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ΩΩInflation always suddenly takes off. That is, people think it is gone and dead when the Goddess of Inflation is merely crouching down before launching herself to the stratosphere. Bond vigilantes must worry about this all the time! If they do not, they get hammered. Krugman wants to do away with bonds altogether. He wants pretend bonds whereby governments printing money don’t need to worry about selling bonds to support this. Sort of like Zimbabwe: just print the money.
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ΩΩBond buyers are gambling on future events. They get leery when it looks like the future is bankruptcy of the entity selling bonds. They hold IOUs and thus, prevent inflation. If governments can’t sell IOUs and instead, simply hands out paper money, this leads to economic collapse just as great if not worse than a depression. That is, hyperinflation wrecks not only the banks but the CONCEPT of money.
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ΩΩTo this day, Germans remember the Weimar inflation chaos and how this created WWII chaos. The Germans are very set on not repeating this. But the US and UK think we slipped the noose when we had a previous oil-propelled hyperinflation event that was made worse by imperial war spending. And it seems most Americans have forgotten the 1972-1982 hyperinflation cycle. I won’t forget it! I suffered greatly during that time but profited during that time. That is, inflation is no fun but individuals can survive it.
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ΩΩMy worse memories of that time was the starving elderly. We had to really agitate Washington into indexing SS to inflation! And we also wanted DC to index taxes to inflation but they refused, instead, choosing to flatting the tax codes so the progressive taxes would be less progressive. Cutting taxes was very, very popular with both the rich and the working middle class. Now, the rich are filthy rich thanks to tax cuts and the working middle class can’t get their incomes to grow faster than inflation anymore.
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ΩΩThis bodes ill for the future, big time. And isn’t that hard to fix except it means people have to figure things out. Which is why everyone prefers to talk about mosques, the evils of vaccinations and other useless or insane stuff. The more useless, the more we focus on it. Sort of like how a snake charmer works, waving a feather in front of the snake.
Joseph A. Massey and Lee M. Sands, partners in an investment advisory and consulting firm, were the chief trade negotiators with China at the Office of the United States Trade Representative from 1985 to 1992 and 1992 to 1997, respectively.
14 years of their negotiating skill, might make one a bit chary about taking any investment advice from them.
No one could have foreseen anything, of course; I am certain that their ineptitude is what makes them very serious people deserving of publication in the daily fishwrapper.
A question from a lower working class schmuck – You say, Elaine, that “Krugman wants to do away with bonds altogether. He wants pretend bonds whereby governments printing money don’t need to worry about selling bonds to support this.”
Is this not stealthily happening right now with the FED loaning out credit to the Banker elites for next to nothing and they then buy Treasury debt and receive interest guaranteed by the government instead of loaning credit/debt out to the risky private sector?
Empire on the ropes bonk bonk
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Greece in lala land, ireland waking up in 21st century super banking, euros are fragile, computers stuffed to the gills with dollars, 10 more years of war all the while importing prosperity
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that and i think the US government is taxing healthy workers more and more via private rent seeking insurance economy’s to fund the same bills its been ignoring for 4 years
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dude taxes have been going up ‘you’betcha and the republicans want more of the same… higher prices and lower wages… same as the democrats
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the nature of modern tax is bad economics and super economy’s… the rest is fraudulent accounting
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http://video.google.com/videoplay?docid=-181259944046452879&q=iluminati&total=111&start=0&num=10&so=0&type=search&plindex=4
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you herd me
I thought of Elaine when I read this on Novosti…
“Billions of rubles have been earmarked to help struggling automakers, and AvtoVAZ has been the main beneficiary of the country’s cash for clunkers scheme, which gives people trading in old cars 50,000 rubles towards the purchase of a Russian-made car.”
Notice how only “Russian-made” cars qualify.
The following is also an interesting read, despite some of the lunacy that appears on that site.
Mossad in America: Israeli intelligence steps up its activity in the U.S. — and gets away with it. by Philip Giraldi
http://www.globalresearch.ca/index.php?context=viewArticle&code=GIR20100826&articleId=20769
http://www.zerohedge.com/article/us-postal-service-starts-quoting-sdr-dollar-conversion-rates-and-imf-endorses-replacing-doll
I have repeatedly pointed out that it is possible that the IMF’s special drawing rights (SDRs) will become the world’s reserve currency.
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infinite backroom deals and total lack of accountability for the global elite… there will be 2 kinds of people after SDRS
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the Taxman and the Taxed
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Global Trade will rule the world NOT the congress, judiciary, or president… debt for clueless, credit by the will of the gods
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this is sick
gt. item. End Bonds?
End Taxes?
see web. the West can end
all/most ‘taxes’ by just printing paper
currency. (re NYT wants to end bonds).
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p .i.i.g.s. tho 8/10 have trouble selling
bonds, getting loans, prob. will go to
‘austerity. . .’ linked to protesters.
. . . see ‘swiss, Jp Yen currency is first
to sniff trouble brewing esp in stocks >”
Elaine I could not dis-agree with you more.
You are neither annoying nor old.
http://www.ft.com/cms/s/0/10f3bd8c-b214-11df-b2d9-00144feabdc0.html
France claims it is abiding by European Union rules in managing the expulsions. It has a point. The majority of “Roms” are citizens of Romania, a newly admitted EU country. During a transitional period until 2014, Romanian citizens can settle in France for only three months, unless they have work. Those being sent back are violating the law. Many have been building homes without permission, on property that doesn’t belong to them. The repatriation programmes are by now routine: France sent 11,000 Romanians home last year. Late this week, Ségolène Royal, the Socialist candidate in the last presidential elections, complained that her party is not addressing public concerns on the issue. Other countries are cracking down on traveller encampments too, including a number of British local authorities.
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The USA is a real Republic… the Euro area is not
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the euro is a some strange interplanetary being named Fat’wana looking to rule many nations… good luck euro or whatever, space being
tip o . neill
August 27, 2010 at 9:03 pm
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p .i.i.g.s. tho 8/10 have trouble selling
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sounds like nerds talking
Any rational person would see the cause and correlation between vaccines and cancer rates.
Case in point: the Elite Petites (who run the fluorosis, cancer, derivative, and poverty programs) have seen fit to ravage pro golfers and their families with vaccine poisons. Ernie Eels, Michelson, and a host of other pro golfers are suffering the obvious effects of this dastardly evil.
@plovering
Elites have scratch handicap envy?
JT, “Elites have scratch handicap envy?”
Pro golfers spend tons of money on medical care. The more they spend, the sicker they get. The deception is total.
As they say back at the Big Pharma asylum, there is no profit in a cured patient.
@PLO:
There is no pharma profit in a healthy person either.
Probably why vaccine therapy became contaminated with mercury and other unhealthy additives.
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ELAINE: Sheesh. All the ‘alternative’ kook fake meds thrive on freaking people desperate for some miracle cure.
Elaine, I respect your opinion about 9/11.
However, dealing in reality,
the idea of Arabs that went to crop-duster flight schools for training,
and then manually maneuvered jumbo jets into buildings at those speeds?
THAT is the alternative story.
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ELAINE: Hate to tell you this, but it doesn’t take a genius or all that much training to fly a modern jet.
There are meny cases in history of leaders sacrificing some of their own people for “the greater good”.
Securing access to oil reserves for future decades,
in order to prevent the most powerful nation on earth from losing its economic and military hegemony over the planet?
There are those in power, you must agree,
who would see the loss of a few thousand innocent American lives,
as a reasonable price to be paid for this cause,
whether or not you or I agree with it.
@CK, “There is no pharma profit in a healthy person either. Probably why vaccine therapy became contaminated with mercury and other unhealthy additives.”
And why they add fluorides to drinking water.
Skeletal fluorosis is major problem.
There are twice as many hip fractures in fluoridated water communities.
The idea of the “nation state” as a personification of its citizens,
with a morality,
and with rights that transcend the citizens who maintain it…
This is a political fiction that concentrates power to the special few,
and enables them to control the masses.
But you know this.
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ELAINE: Nation states are the CITIZENS and the level of power CITIZENS have determines how the state functions. What do you want? Kings and queens or dictators? Or a happy chaos with no borders (which is insane, there ARE borders and the only reason people aren’t killed crossing them these days is due to the US empire’s world rule…try sneaking into China or North Korea or…Japan!).
“Australia bans flu vaccines in children after vomiting, fevers, seizures”
But, back here in America, the FDA has blessed these same vaccines with flying colors.
http://birdflu666.wordpress.com/
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ELAINE: Thousands of children died of H1N1. I guess you guys like this information.
people like elaine who care arent allowed to do anything to make a change. So why even bother about what will happen what wont happen just let it go….
This sample of free trade idiocy and much of the commentary that follows gives some sense of the level of cognitive dissonance that remains about this subject in mainstream economic circles:
http://economistsview.typepad.com/economistsview/2010/08/the-manufacturing-fallacy.html
Chorddog
August 28, 2010 at 4:00 pm
the idea of Arabs that went to crop-duster flight schools for training,
and then manually maneuvered jumbo jets into buildings at those speeds?
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DOOOOG dog dog dog dog… yo! who says commercial airliners are not second to US airpower in maneuverability
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do you think its easy to drive a car into a crowded market and blow up 100 folks
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same same dog… victims are the easy part
O! oyeah
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i r luv modern medicine… teeth bones ligaments skin
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living to 40 is still a big deal boi
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bet any of you cant understand the biological harmonics of every virus/bacteria motive… take 2 crybabys and call me in the morning
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eat or die
Settler leader speaks of holding Netanyahu to his word on construction
http://www.latimes.com/news/nationworld/world/la-fg-israel-settlement-qa-20100829,0,1354446.story
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http://videos.howstuffworks.com/hsw/9596-israel-and-palestine-sharon-and-the-second-intifada-video.htm
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Thank areil sharon for bullshit bullshit and israel… the BULLDOZER was the end of the beginning of US/Arab relations
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doesnt take much for bad ideas to become a SERIOUS problem… and netyanyaho is just another blah blah blah right wing zionist in the sharon mold…
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the middle east/asia is a real problem sucker
and just to say… for all the zion garbage i talk about israel..
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there aint no reason i can see to strike a deal with hamas on premice or to see them as a party to peace negotiations… if they want CIVIL WAR with israel thats their business… israel should be expected to do more than poor oppressed youth in some ‘eternal struggle’ to end terrorism
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hate dont make for good business
Nah, “…who says commercial airliners are not second to US airpower in maneuverability”
Never thought of it that way until now.
You are under 50, am I right?
So, you don’t remember all the freaking hijackings to Havana in the 1980′s.
Wht didn’t the terrorists just fly the damn things to Cuba instead of sitting on the airport tarmacs?
Nah, it is because flying a jumbo jet on manual is as hard as…
… FLYING A JUMBO JET ON MANUAL!
Dude, you can’t learn that shit on X-Box OR crop duster school.
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ELAINE: It is NOT so hard today thanks to computers. Ask any pilot.
Thanks for the reference to the Telegraph article Time Is Running Out For The West as I referenced it in my article entitled “Bonds Fall And Stocks Rise As Fed Chairman Says Central Bank Might Purchase Debt If Economy Falters”; the theme of which is that August 27, 2010, was a pivotal day in investment history as the US Government Bonds sold off, as investors called interest rates higher on Ben Bernanke’s remarks in a conference from the state of Wyoming.
The world transitioned from “the age of neoliberal credit liquidity” and into ”the age of the end of credit”. Higher interest rates means less money, higher food prices, stock and bond deflation, economic contraction, political devolution and global austerity.
The czars of credit liquidity such as Alan Greenspan, will be replaced by financial regulators and credit seigniors who ration credit.
Also of note, Kondratieff Winter started August 10, 2010 when the currency traders sold the EUR/JPY, in response to the first Ben Bernanke statement that the Fed will be purchasing debt. It was at this time that an Elliott Wave 3 down in this investing funding trade, which sent world stocks, VT, lower to 43.27. ActionForex reported on the week ending August 13, 2010 stating: ”This week’s selloff and the cross-over of Tenkan-Sen below Kijun-Sen have dampened our previous mildly bullish view and price broke below support at 110.02, suggesting the correction from 107.30 has ended at 114.74 earlier, hence consolidation with downside bias is seen for weakness to 109.15/25, a daily close below there would signal recent downtrend has resumed and then weakness to 108.00 would follow but reckon recent low at 107.30 would hold on first testing.”
So not only has euro yen carry trade been exhausted, but has been acting in reverse since April 26, 2010, when the currency traders began selling the major currencies against the Yen, causing the Yen to rise; now the Fed’s QE has been totalled spent. The Federal Reserve’s TARP Facility nationalized the banks: it transferred out US Government Bonds, TLT, to recapitalize banks, KBE, and the too big to fail financial institutions, RWW, and accepted in distressed securities, like those Fidelity Capital and Income, FAGIX. Then the banks placed the bonds on reserve which rest in Excess Reserves. I believe it unlikely that the banks will take the monies out of excess reserves. Thus as bond value falls as interest rates rise, the value of Excess Reserves will quickly fall. Furthermore, the Fed’s balance sheet will fall rapidly as it is composed mostly of assets like those in FAGIX. When one looks at the monthly chart of FAGIX, one can obtain a good idea of how rapidly the US Federal Reserve’s Balance Sheet will fall; this will induce a rapid fall in US Treasuries, TLT. We are at the point of maximum systemic risk.
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ELAINE: Reading your own blog is a good thing, of course.
Good analysis.
I found this an interesting analysis of what’s really going on..
http://attempter.wordpress.com/2010/06/22/how-kleptocracy-congealed-the-new-feudal-war-1-of-4/
http://attempter.wordpress.com/2010/06/26/bailout-world-2nd-stage-of-kleptocracy-new-feudal-war-2-of-4/
http://attempter.wordpress.com/2010/06/30/new-feudal-war-part-3-austerity/
http://attempter.wordpress.com/2010/07/05/part-4-the-full-fury-of-the-new-feudal-war-the-intended-end-state/
Chorddog
August 29, 2010 at 3:32 pm
FLYING A JUMBO JET ON MANUAL!
Dude, you can’t learn that shit on X-Box OR crop duster school.
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have box cutters, gps, and hydrolics, will travel
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i couldnt do it so what
http://www.cnn.com/2010/CRIME/08/28/nebraska.funeral.protest/
Man fires pepper spray on protesters outside Marine’s funeral
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PEPPER SPRAY! Awsome
@Chorddog
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FYI im onehundred million, can you do that on xbox
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blah blah blah blah blha
@ Elaine
Re ……Every solution put forth by this jerk to fix our budget and our trade deficits have failed most miserably…..
I agree and suggest the above sentence applies to all other so called plutocrats analogous to Krugman influencing US economic policy etc.
Overdose
This is the story of the greatest financial crisis we will ever see… The one that is on the way.
ABC Australia Documentary – Original Broadcast: 23rd August, 2010.
http://www.youtube.com/watch?v=vYiRMHi_mF0&feature=player_embedded
It’s an excellent example of how institutional cognitive dissonance, denial, retention power preservation imperatives, instinctive moral hazard and ineptitude combined to produce the Global Financial Crisis (GFC) driven by too much debt and consequent “balance sheet de-leveraging” roils us today.
The same processes are the story of most dysfunctional institutions threatened with extinction.
Only 14 economists predicted the GFC with publication of serious analysis prior to GFC out of the 60,000 plus economists in the western world.
The 14 economists did not follow orthodoxy as analytical tools and conceptual models.
We need to remember that knowledge represents an ideological filter preventing relevant new insights when objective reality does not fit into orthodoxy.
Behind the suit and well groomed mannerism there lurks the mindset of Stone Age hominids.
SPIEGEL Interview with Iraq’s Ayad Allawi
Every Corner in the Region Is Frightened
http://www.spiegel.de/international/world/0,1518,714363,00.html
Ayad Allawi, Iraq’s former and possibly future prime minister as well as CIA paid stooge.
It’s all another case of US cognitive dissonance, hubris, ineptitude and Pentagon needing to justify its existence….Allawi confirms US policy has made thing worse in Iraq, Afghanistan and the Middle East region.
Aussie
August 30, 2010 at 2:39 am
The same processes are the story of most dysfunctional institutions threatened with extinction.
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government is wealthy and they see nothing wrong with that
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homeboy we all cant dance forever
@nah. 14 out of 34. You seem to be quite at home here, but you you are seldom on topic. Why don’t you start your own blog?
@DM
Seems nah has a mental age of 6 or 7, has yet to discover the boundaries of acceptable behaviour and the delights of rationality.
He’s just an awkward misplaced piece of furniture here, once you know it’s there you can easily avoid it
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ELAINE: Periodically when I come home from work, I have to edit out his worst stuff. I used to NEVER ban ANYONE but people went totally nuts when I said I get vaccinations and recommend these (never been sick with the flu for years now and love it, I always got bronchitis when I got the flu in the past!). People got downright nasty with me which shocked me since science it totally on my side in this matter.
Oh well, I think there are many people with phobias in this world. And people want me to endorse their tics and fears and I won’t do this. Can’t do this. I am me, myself and I, not some group think lunatic.
I am sorry if I intrude in this forum without discussing the main topic. But I have some important information to share with you.
Please read the following article I have written at the following Website about The Philippine Hostage Crisis of August 23, 2010
Philippine hostage crisis a well organize assassination
http://bbs.chinadaily.com.cn/viewthread.php?gid=2&tid=677251&extra=page%3D1&page=1
I had passed my article information to Elaine by Email since Friday Evening.
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ELAINE: And more information is pouring in. Hong Kong and China are demanding they get to investigate this matter and I agree, it sounds totally bizarre, to say the least.
@Wuen:
Would any random group of hostages been adequate to the objective?
Was there someone or someones specific in that group of hostages whose elimination was required?
Targeted assassination or targeted foreign policy ploy?
I do not know the goal of the organization. I have only unveil the plot behind the Philippine hostage crisis.
For me it doesn’t matter if it is Chinese, Philippine or other foreigners.
The Philippines happen to be one home of al Qaeda alongside the obvious examples in Muslim lands. And there is also the problem of social disparity and the Asian Han Chinese are ascendent across the Pacific so this causes great tensions.
But, but, but …
“Man disabled by MMR vaccine awarded £90,000 after 13-year fight
A man who suffered severe brain damage after being given the MMR vaccine as a baby has been awarded £90,000 in a landmark ruling expected to pave the way for thousands of similar compensation claims.
Read more at: http://www.telegraph.co.uk/health/healthnews/7970315/Man-disabled-by-MMR-vaccine-awarded-90000-after-13-year-fight.html”
h/t Birdflu666
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ELAINE: This happens which is why in the US there is a payment system for anyone who has an odd reaction to things. On the other hand, your desire to live in a world where 30% of the babies die puzzles me.
@Wuan
Sorry mate, but all you have unveiled is your own paranoia. You obviously know very little about the Philippines, as this is a faily unremarkable bizarre incident in context.
Elaine, you do know that the Han Chinese have been traders and residents in the Phillippines since pre-Magellan times? There is nothing new about social disparity with Chinese Philippinos, and there is no evidence that anything is other than it always has been.
I will also dispute the statement that the “Philippines happen to be one home of al Qaeda”. Muslim radicals in Mindanao, yes.
Al Qaeda in the Philippines holds about as much water as the “Communist” and “NPA” tag which is used for any one of a myriad of local bandit groups.
Wrong. The connections have very much been there. But of course, one can believe anything one wishes in this world. The Muslim tensions in Mindanao are a great problem just as anger about the Chinese mercantile groups causes anger. This is a problem in all countries which I discuss in today’s story in greater detail. Not that anyone is very interested in delving below the surface to see what lies on the ocean floor.
The problems of ‘mixed societies’ are great but also are GREAT STRENGTHS. Japan is very resistant to outsiders and thus, boxed itself in and is now in great trouble due to lack of new ways of thinking. The US grew strong due to being a very mixed melting pot and I like this a lot.
But of course, one can believe anything one wishes in this world.
Particularly if one lives in the backwoods, and never does a reality check.
just as anger about the Chinese mercantile groups causes anger
Who told you this? When was your last visit to the Philippines?
You’ve been banging on this theme for some time now, haven’t you? Thanks to Google, here’s one from 2 1/2 years ago:
Ending Free Trade Vital For US Survival As Nation
And that article refers to even older ones!
This is a reason I don’t read you every day any more – I think I can probably quote vast passages from memory. Aren’t there any new(er) themes that interest you?
Elaine, while some may criticize you for blogging on your themes, I do not. They are themes we seldom see consistently in the media.
I have a few of your past articles, that I have bookmarked in my personal bookmarks, as I like to go back and re-read them.
And yes, its ok if you go back to prior material and bring it back in a fresh way for us; we need to consistently be reminded of the truth.
nice to meet you… you have a nice posting..have a nice day… 21:33
Great info on your blog for Debt Consolidation. If more people would visit blogs like yours and mine then more people would be living a debt free lifestyle. The info is out there and most are free, they just have to look!
Consolidating one’s debts usually leads to more irresponsibility. Changing how we live is more important.