“The genius of our ruling class is that it has kept a majority of the people from ever questioning the inequity of a system where most people drudge along, paying heavy taxes for which they get nothing in return.”
- The late Gore Vidal.
“It’s a mess, ain’t it, [...]
Today’s U.S. manufacturing report is at the top of a mountain of bad economic news coming out. Whether these data will lead to a “new” recession (as defined by the NBER) remains to be seen, but at the very least the U.S. economy is stagnating, and it is likely to remain that way for some [...]
“The modern banking system manufactures money out of nothing. The process is perhaps the most astounding piece of sleight of hand that was ever invented. Banking was conceived in iniquity and born in sin. Bankers own the Earth. Take it away from them, but leave them the power to create [...]
“There’s enough bang in there to send us all to Jesus.”
- Anonymous commentator on the nature of JP Morgan’s Chief Investment Office credit exposure.
The most important attribute of any investment is the price you first pay for it. An attractive valuation can ultimately transform even the lousiest [...]
The IMF cut its forecast for EU area economic growth for 2012 saying that their collective economies will decline by 0.5%.
The IMF said the most immediate policy challenge is to restore confidence and put an end to the crisis in the euro area by supporting growth, while sustaining fiscal adjustment, containing deleveraging, and providing [...]
Bloomberg released a story this weekend that was a blockbuster. After two years of litigation against the Fed to compel disclosure under the FOIA, they got 29,346 pages of secret documents from the Fed that reveal the bailouts were far, far more extensive than the Fed or the banks were admitting to.
According to the story, [...]
Donald Kohn, former Vice-Chairman of the Fed says maybe the Fed had some minor part in the global financial crisis. Ron Paul is right. These people have no idea what rot they hath wrought.
The former vice chairman of the U.S. Federal Reserve‘s board of governors Tuesday acknowledged that the central bank bore some responsibility for [...]
The import-export reports came out Tuesday revealing declining imports and exports. In addition export and import prices continue to rise substantially. Much of the cause of this is due to inflation and price inflation not only in the U.S., but worldwide. In particular, the decline in imports since May, 2010 is a negative signal for [...]
Someone has to stop the Fed before it crushes what remains of America’s main street economy. Last Friday morning alone it launched two more financial sector pumping operations which will harm the real economy, even as these actions juice Wall Street’s speculative humors.
First, joining the central banking cartels’ market rigging operation in support of [...]
I’ve been beating the drum for quite a while that there are two economies in America: The well-to-do and everyone else (see this for example). A report from Gary Shilling agrees with this assessment:
“The Two-Tier Recovery”: Why Most People Are Not Feeling It, Gary Shilling Explains
Posted Mar 23, 2011 09:15am EDT by Stacy [...]
It is apparent to me that the factors that underlie the causes of our boom-bust cycle still exist. Nothing has changed.
While the President’s message to the nation was optimistic, much of his speech was dedicated to telling us how much we need the federal government to become “winners” in a globally competitive world. Alas, [...]