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Archive for August, 2010

Ladies and Gentlemen, this is your Captain speaking…

August 31, 2010 Leave a comment

please remain calm and carefully strap on your monetary escape plan

you may experience some slight turbulence

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Steve Keen considers Helicopter Ben clueless

August 31, 2010 Leave a comment

Steve Keen argues on his blog that Ben’s economic ‘religion’ – Neo-Classical Economics – contains shallow, false gods and corrupt idols.  I agree, but I don’t think it’s an innocent mistake.  I think he enjoys worshipping false gods.  My comment on Steve’s blog below:

I disagree on one point – that Helicopter Ben doesn’t know what he’s doing. There have been too many debt-induced financial crises to argue that Ben doesn’t know what’s happening. The post-Keynesians and the Austrians both have very similar explanations for what’s happening and they both point to the same problem: DEBT.

Anyone who has read Rothbard’s America’s Great Depression would know we’re headed for disaster.

Ben is deliberately burning the village. God knows why, but it’s deliberate.

Categories: Miscellaneous Musings

‘Oh, the Humanity!…’

August 31, 2010 Leave a comment

Forget the HindenburgThis piece from MISH on major U.S. banks hiding horrendous losses is the scariest thing I’ve seen all day.  Another Sept 2008 is only months away.  And another hyperinflationary bailout is therefore going to kick in weeks after that.  Is there any way you can buy pizza, bread and milk futures?

The false idol: Democracy

August 31, 2010 Leave a comment

HL Menckin: ‘Every election is a sort of advance auction sale of stolen goods.’

Categories: Miscellaneous Musings

Guy Debelle admits putting public funds at risk to boost bank profits

August 31, 2010 Leave a comment

Direct quote from RBA Assistant Governor Guy Debelle

It would be excessively costly for the financial sector to hold enough capital and liquidity to enable it to survive a freezing of capital markets of the type that occurred in 2008…But in terms of insurance of the system as a whole, at some point, it has to be provided by the public sector.

So on the way up, banks are encouraged by the monetary regulator to leverage up and take profits.  On the way down, the only way of saving this sucker is to have Joe Taxpayer take it in the *ss.

Nice.

Categories: Miscellaneous Musings

QE2 is on the horizon

August 31, 2010 Leave a comment

I can clearly see QE2 coming into view.  Fiscal and monetary expansionism is set in concrete.  We have the most statist bunch of socialist loons running the world’s economies as we have had in two generations.  Obama is an idiot.  Bernanke is a lunatic.  The BoE is as weak as its ever been (totally owned by the City of London) and has debauched the world’s monetary systems.  A reasonable anti-inflationary central banker has apparently been removed in China, preparing the way for political interference in monetary affairs.

This is the perfect recipe for a second round of ‘stimulus’ which is just a way of saying corrupt bailouts of politically connected industries.  Power will concentrate in the political centres until the whole misallocation of resources becomes so appalling people are dying in the streets, like in Detroit, or New Orleans after Katrina, or São Paulo, or…well…like any major decaying metropolis in the West.

Sad.

Possible solutions: (1) become a corrupt lobbyist or suck up to the nearest politician (2) become a govt bureaucrat (3) become a banker or central banker (4) become a prostitute or drug dealer (5) start up a security firm, protecting the elites from the starving masses (6) kill yourself before you and your family starve to death.

Categories: Predictions

Action plan for frightened investors

August 30, 2010 Leave a comment

Here’s a good action plan if you don’t believe central bankers can save us from a Fiscal Armageddon.

The only thing I’d add is that gold is God’s money and when God takes his revenge gold will be money again.