Thursday, November 4, 2010
How Many of You Regularly Read Zero Hedge?
All of you should read Zero Hedge, you know.
(Note... the above link has been on my "Recommended Reading List" - to your left on this page - all along.)
Here's a sampling of Zero Hedge wisdom from this moment's in time Zero Hedge front page:
David Stockman, director of the OMB under Ronald Reagan, today said, "An independent Fed is what we had when I was in the government. Volcker was the head of it...today the Fed is scared to death that the boys and girls and robots on Wall Street are going to have a hissy fit. And therefore these programs, one after another, are simply designed to somehow pacify the stock market, and hoping to keep the stock indexes going up, and that somehow that will fool the people into thinking they are wealthier and they will spend money. The people aren't buying that. Main Street is not stupid enough to believe that engineered rallies as a result of QE2 stimulus are making them wealthier and so they should go out and buy another Coach bag. This is really crazy stuff that I can't say enough negative about...the Fed is telling a lot of lies to the market...it is telling all the politicians on Capitol Hill you can issue unlimited debt cause it doesn't cost anything. We have $9 trillion of marketable debt. Upwards of 70% of that has maturities of 5 years or less down to 90 days. ... I think the Fed is injecting high grade monetary heroin into the financial system of the world, and one of these days it is going to kill the patient."
Next...
The market as we know it, is now finished. As of last night, stocks are nothing but a policy tool, controlled exclusively, and very much legally and with no legislative control, by Ben Bernanke. The Federal Reserve has rendered the economy irrelevant. We hope America enjoys paying $10 for a loaf of bread shortly. In the meantime, the market closed down 1.5% priced in gold, which closed $7 dollars short of $1,400. Next stop: $10,000.
Next...
Yesterday's Ben Bernanke penned an Op-Ed in which he essentially said: "I am doing whatever I interpret my mandate to be, which right now means only thing: Dow 36,000. I am only accountable to the private bank that is the Federal Reserve, a few Wall Street CEOs, and no one else. Congress has no power over me. Try to stop me." And while the stock market is so far in love with this exhibition of outright hubris which promises record bonuses even as a record number of Americans subsist on food-stamps and real, not BLS, unemployment is over 20%, putting the Chairman in a long-overdue strait jacket will ultimately require an outright clash between those who still believe in that piece paper called the Constitution and the kleptocratic cartel to whom the trade-off between a senior bond impairment and their first born is never all that clear. And while more and more try to educate a hypnotized, strategically defaulting US society what QE2 means to their future, the rest of the world is already rising in a tidal wave of disapproval aimed at the Federal Reserve. As the FT reports, Brazil, China, German, and Thailand, and soon everyone else, have already voiced their highest criticism and their condemnation of this escalation in FX wars. Everyone now realizes that the most benign outcome of this act is the symbolic isolation of the US by the rest of the world. The outright isolation will come the second China, Germany and Russia announces they have come up with their own, commodity-backed currency. At some point all Americans, no matter how engrossed with their Facebook profile, will have to ask themselves: is preventing a few multi-billionaires from suffering debt write-down losses a sufficient compensation for the trillions in incremental debt, for the conversion of America to the laughing stock of the world and its subsequent insolvency, and to the collapse of the standard of living of those 81% of Americans who barely have any stock market holdings, and thus benefit exactly zero from this action.
Anyway, folks, you have the main link... (*SIGH*)... see for yourselves.
I'm not insane and the folks at Zero Hedge certainly aren't a bunch of kooks and flakes.
As I keep trying to get across to those who refuse to get it, there actually is a sort of "conspiracy" to destroy the America of our forebearers.
And as crazy as this sounds.... the enemy really is within...
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment