Matt Taibbi is fearless. He is a liberal, and writes for a liberal journal. I don’t care. He reports what he sees, not what others want him to see. I hope he wears a flak jacket and has a body guard.
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It’s a game, a charade. Even if the central bank’s president lies through his teeth, his audience believes him anyway. Is there no one there to exclaim: “The emperor is naked!”?
Mario Draghi. Who? According to Matthew Lynn, writing at MarketWatch.com, “measured by what [he] can actually do, the most powerful person will soon be the president of the European Central Bank, the Italian banker Mario Draghi.” He explains: In the last few weeks, we have seen an extraordinary expansion of the European Central Bank’s powers. It can [...]
No one should be surprised. When a heroin addict has his supply cut off he goes into withdrawal. In economics that withdrawal, in a paper or digit money environment, aided by fractional reserve banking which amplifies the “hit” through “high-powered money,” is called recession. If the addict is sufficiently addicted, the withdrawal is called a depression. That’s the lesson for today in Europe.
This is pure politics, plain and simple: put it off for as long as possible and then, maybe it will disappear altogether. Or at least until after the next election when the landscape could be altered significantly – in favor of the banks.
I never like to write an article that is absolute the way this one appears to be. But I can’t find any significant resistance to the impending imposition of permanent austerity and control from unelected elites outside the reach of the citizens.
It’s too simplistic just to say that Corzine is a sleaze-ball and leave it at that. What he represents, however, is the big story: corruption reaching to the highest levels of the government.
We may just look back on this article’s reference to the potential tipping point that just “tripped”, sending interest rates higher, equity markets lower, and setting off the dominoes of eventual defaults in Europe and the US. That tipping point being the “voluntary” haircut private investors were “asked to take” when Greece defaulted. We’ll see…
GE has figured this thing out: lobby for legislation that creates special opportunities for them and then milk them for all they’re worth. NRG Energy is small potatoes but they’re learning how to game the system too.
To think that somehow we in the United States will be able to avoid the inevitable recession just because we’re the United States is foolishness in the extreme. Every country is infected with the disease of paper money and consequently every country will suffer the consequences. Why would we think otherwise?