February 2013 Archives

Not So Smart


565 Comments

"The Fed can afford to lose money because it can simply print more."--The New York Times      One striking but little discussed element about the new Netflix Washington political drama series, House of Cards, is that every time a character picks up a cell phone, something bad happens. The character's phones shadow them at every turn like evil twins, giving the impression that the US government, and everything in its orbit, is run not...

Scale Implosion


828 Comments

    Back in the day when big box retail started to explode upon the American landscape like a raging economic scrofula, I attended many a town planning board meeting where the pro and con factions faced off over the permitting hurdle. The meetings were often raucous and wrathful and almost all the time the pro forces won -- for the excellent reason that they were funded and organized by the chain stores themselves (in...

State of the Union


695 Comments

   The fog of chatter about Federal Reserve money-printing shenanigans, currency wars, fiscal intransigence, exchange rates, and alphabetized rescue operations conceals the central reality of the historical moment: that all industrial economies now face epic contraction, even rip-roaring China in its absurd and spectacular bid to become the latest drive-in utopia. The so-called advanced nations of the world are all sliding toward something less than they wish to be, and the so-called developing nations will...

Cattle Drive


599 Comments

      How hilarious is the Federal Reserve's cattle drive of cash money (i.e. "liquidity") into the stock markets? I'll tell you: if that cash is outflow from bonds that pay ZIRP interest rates, then this attempt to stampede investment into the stock market is only going to succeed in ravaging the bond market and by extension the credibility of the dollar, the US banking cartel, and then the world financial system as a...
 
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