Jubilee shines and Nobel sh*t

[snapshot:
Keen: economists are the priests (don’t know god, but have a model of god) who legitimise what the king is doing, to make society better]

When discussing Economics, I can't believe that the
corrupt Nobel people can give an award for something
which is untried, outside of a prof's office.

It was Paul Ormerod, one of the Good Fella economists
who said that we are in the financial crisis expressly
because of the world followed Nobel-prize winning
economists' bullcrap.

Well, do you want to know who's the
economists' economist? and the the economist
hiding behind his finger, in shame?

Whose work has been shown to be valuable to society,
like the forewarning of the financial crisis. Whose work
has been a bunch of bafflegab?

Imagine the awards show, hosted by George Osbourne:

Real world economics review- Dynamite award

Greenspan

Bernanke

Freidman

Dynamite

Alan Greenspan has been judged the economist most responsible for causing the Global Financial Crisis. He and 2nd and 3rd place finishers Milton Friedman and Larry Summers, have won the first–and hopefully last—Dynamite Prize in Economics.

They have been judged to be the three economists most responsible for the Global Financial Crisis. More figuratively, they are the three economists most responsible for blowing up the global economy.

Most than 7,500 people voted—most of whom were economists themselves from the 11,000 subscribers to the real-world economics review. With a maximum of three votes per voter, a total of 18,531 votes were cast.  The poll was conducted by PollDaddy. Cookies were used to prevent repeat voting.

Dynamite Prize Citations 

Alan Greenspan (5,061 votes): As Chairman of the Federal Reserve System from 1987 to 2006, Alan Greenspan both led the over expansion of money and credit that created the bubble that burst and aggressively promoted the view that financial markets are naturally efficient and in no need of regulation.

Milton Friedman (3,349 votes): Friedman propagated the delusion, through his misunderstanding of the scientific method, that an economy can be accurately modeled using counterfactual propositions about its nature. This, together with his simplistic model of money, encouraged the development of fantasy-based theories of economics and finance that facilitated the Global Financial Collapse.

Larry Summers (3,023 votes):  As US Secretary of the Treasury (formerly an economist at Harvard and the World Bank), Summers worked successfully for the repeal of the Glass-Steagall Act, which since the Great Crash of 1929 had kept deposit banking separate from casino banking.  He also helped Greenspan and Wall Street torpedo efforts to regulate derivatives.

... Revere award

Steve Keen (University of Western Sydney), receiving more than twice as many votes as his nearest rival, has been judged the economist who first and most cogently warned the world of the coming Global Financial Collapse. He and 2nd and 3rd place finishers Nouriel Roubini (New York University) and Dean Baker (Center for Economic and Policy Research) have won the inaugural Revere Award for Economics.  It is named in honour of Paul Revere and his famous ride through the night to warn Americans of the approaching British army.

Keen, Roubini and Baker have been voted to be, more than all others, the three economists who if the powers of the world had listened to, the Global Financial Collapse could have been avoided.

More than 2,500 people voted—most of whom were economists themselves from the 11,000 subscribers to the real-world economics review. With a maximum of three votes per voter, a total of 5,062 votes were cast.  The voters were asked to vote for  the three economists who first and most clearly anticipated and gave public warning of the Global Financial Collapse and whose work is most likely to prevent another GFC in the future.

Revere Award Citations 

Steve Keen (1,152 votes)

Keen’s 1995 paper “Finance and economic breakdown” concluded as follows:

    The chaotic dynamics explored in this paper should warn us against accepting a period of relative tranquillity in a capitalist economy as anything other than a lull before the storm. 

In December 2005, drawing heavily on his 1995 theoretical paper and convinced that a financial crisis was fast approaching, Keen went high-profile public with his analysis and predictions. He registered the webpage www.debtdeflation.com dedicated to analyzing the “global debt bubble”, which soon attracted a large international audience.  At the same time he began appearing on Australian radio and television with his message of approaching financial collapse and how to avoid it.  In November 2006 he began publishing his monthly DebtWatch Reports (33 in total). These were substantial papers (upwards of 20 pages on average) that applied his previously developed analytical framework to large amounts of empirical data. Initially these papers analyzed the Global Financial Collapse that he was predicting and then its realization.

Nouriel Roubini (566 votes)

In summer 2005 Roubini predicted that real home prices in the United States were likely to fall at least 30% over the next 3 years.  In 2006 he wrote on August 23:

    By itself this [house price] slump is enough to trigger a US recession.

And on August 30 he wrote:

The recent increased financial problems of … sub-prime lending institutions may thus be the proverbial canary in the mine – or tip of the iceberg – and signal the more severe financial distress that many housing lenders will face when the current housing slump turns into a broader and uglier housing bust that will be associated with a broader economic recession. You can then have millions of households with falling wealth, reduced real incomes and lost jobs…”

In November 2006 on his blog he wrote:

    The housing recession is now becoming a construction recession; and the construction recession is now turning into a clear auto and manufacturing recession; and the manufacturing recession will soon turn into a retail recession as squeezed households – facing falling home prices and rising mortgage servicing costs – sharply contract their rate of consumption.

  

The Five Stages of Collapse

4 years on, it's time to check up on the

Decline of the Fiat Empire

Dmitry Orlov

Friday, February 22, 2008

The Five Stages of Collapse

... For those of us who have already gone through all of the emotional stages of reconciling ourselves to the prospect of social and economic upheaval, it might be helpful to have a more precise terminology that goes beyond such emotionally charged phrases. Defining a taxonomy of collapses might prove to be more than just an intellectual exercise: based on our abilities and circumstances, some of us may be able to specifically plan for a certain stage of collapse as a temporary, or even permanent, stopping point. Even if society at the current stage of socioeconomic complexity will no longer be possible, and even if, as Tainter points in his "Collapse of Complex Societies," there are circumstances in which collapse happens to be the correct adaptive response, it need not automatically cause a population crash, with the survivors disbanding into solitary, feral humans dispersed in the wilderness and subsisting miserably. Collapse can be conceived of as an orderly, organized retreat rather than a rout.

For instance, the collapse of the Soviet Union - our most recent and my personal favorite example of an imperial collapse - did not reach the point of political disintegration of the republics that made it up, although some of them (Georgia, Moldova) did lose some territory to separatist movements. And although most of the economy shut down for a time, many institutions, including the military, public utilities, and public transportation, continued to function throughout. And although there was much social dislocation and suffering, society as a whole did not collapse, because most of the population did not lose access to food, housing, medicine, or any of the other survival necessities. The command-and-control structure of the Soviet economy largely decoupled the necessities of daily life from any element of market psychology, associating them instead with physical flows of energy and physical access to resources. This situation, as I argue in my forthcoming book, Reinventing Collapse, allowed the Soviet population to inadvertently achieve a greater level of collapse-preparedness than is currently possible in the United States.

Having given a lot of thought to both the differences and the similarities between the two superpowers - the one that has collapsed already, and the one that is collapsing as I write this - I feel ready to attempt a bold conjecture, and define five stages of collapse, to serve as mental milestones as we gauge our own collapse-preparedness and see what can be done to improve it. Rather than tying each phase to a particular emotion, as in the Kübler-Ross model, the proposed taxonomy ties each of the five collapse stages to the breaching of a specific level of trust, or faith, in the status quo. Although each stage causes physical, observable changes in the environment, these can be gradual, while the mental flip is generally quite swift. It is something of a cultural universal that nobody (but a real fool) wants to be the last fool to believe in a lie.

Stages of Collapse

Stage 1: Financial collapse. Faith in "business as usual" is lost. The future is no longer assumed to resemble the past in any way that allows risk to be assessed and financial assets to be guaranteed. Financial institutions become insolvent; savings are wiped out, and access to capital is lost.

[GOV SUPPORTS BANKERS UNCERTAINTY. SAVINGS ARE A LOSS. INVESTMENTS ARE EATEN BY BANKERS. LOANS UNAVAILABLE- Costick67]

Stage 2: Commercial collapse. Faith that "the market shall provide" is lost. Money is devalued and/or becomes scarce, commodities are hoarded, import and retail chains break down, and widespread shortages of survival necessities become the norm.

[SEEING THE SOCIETAL FRAMEWORK FALLING APART. STORES CLOSING-Costick67]

Stage 3: Political collapse. Faith that "the government will take care of you" is lost. As official attempts to mitigate widespread loss of access to commercial sources of survival necessities fail to make a difference, the political establishment loses legitimacy and relevance.

[GREECE IS HERE ALREADY. ALWAYS HAS BEEN. PENSIONS DON’T EXIST. TAXES PILED ON TAXES-Costick67]

Stage 4: Social collapse. Faith that "your people will take care of you" is lost, as local social institutions, be they charities or other groups that rush in to fill the power vacuum run out of resources or fail through internal conflict.

[STRONG SOCIAL AND FAMILY NETWORKS. ACCUSTOMED TO OCCUPATION- Costick67]

Stage 5: Cultural collapse. Faith in the goodness of humanity is lost. People lose their capacity for "kindness, generosity, consideration, affection, honesty, hospitality, compassion, charity" (Turnbull, The Mountain People). Families disband and compete as individuals for scarce resources. The new motto becomes "May you die today so that I die tomorrow" (Solzhenitsyn, The Gulag Archipelago). There may even be some cannibalism.

[UNLESS LOCALISM REIGNS- Costick67]

Penn, me outta here

I know they're not as bad as the bankers, but since
everybody now has their home Offshoring kit,
they've decided to screw the countries that have
allowed them to open up their shops, with
handouts for the biggest of the businesses.
I'm talking retail and services. Walmart and their
civic barn building bees, paid for by the rubes
who don't know enough to keep Walmart
out of town.

[free lunch is finished. colour me gone]
Another shining golden child of the dot com
era, Amazon, is also screwing the Penn
people by not paying tax on out of state
mailings.

That's besides the offshoring.
Nicholas Shaxson once showed us the post box
that is Boot Drugstore chain, in Geneva. A tax
exile with an office in a box.

part of the blurb on the youtube page:

"Boots was taken over by an American holding company. Shortly after, the long-established British company moved its headquarters to a post office box in Switzerland, so that it can avoid paying UK taxes. Consequently, its tax bill fell from £100million to just £3 million - about 3% of its profits (less than rate of income tax a person on minimum wage pays!)."

You do understand that if a company takes
customer money, and doesn't pay tax, and then sends
profits offshore (which Amazon does), then they
are vaccuuming the wealth of a nation out. That's
mercantilism. Governments are doing nothing
to stop this.
That type of mercantilism was what the big
empires used to do to Africa and other places
they owned. Now it's come home to roost.  

checkit: Denninger

Amazon Is Slowly Losing The Tax War

Yet another domino goes down...

    HARRISBURG, Pa.  -

    Beginning Saturday, Amazon.com Inc. will start collecting Pennsylvania sales tax on orders that are shipped to the state, a spokesman said Wednesday.

    The online retail giant had previously refused to register to collect Pennsylvania's 6 percent levy on its orders. But a spokesman said the company reversed itself because a state directive requiring it takes effect Saturday.

Amazon has had facilities in Pennsylvania for quite a while.  How they've managed to get away with this for the length of time they have is a mystery -- they have six warehouses in the state!

This is, incidentally, one of the improper advantages that Amazon has levered into their position in the marketplace.  Smaller companies who wanted to put a warehouse in PA to cut down shipping costs almost-certainly wound up paying sales tax.  We did back in the 1990s when we had a colocation facility in Wisconsin -- the act of leasing that office was enough to be considered (in the opinion of our counsel) nexus, and thus trigger tax reporting and collection.

Is everything in this economy some sort of scam?

38 years of Pasok to wreck a country

Pasok is celebrating its 38th anniversary. The start
date was in 1974 and coincided with the end of the
American-led junta (thanks, Yanks!), when
Papandreou the father came back from his
indoctrination overseas.... i mean self-imposed
exile with the xenoi and their mistresses.

Anyway, the party is now 3rd in the polls,
third in size and greatly reduced in pride.
That was greatly thanks to Pap , the younger.

During these 38 years, Pasok led for about
33, so it would be stupid of them to blame
the other main party for any of the crap
that Greece is going through, especially
the Euro, since that was brought down
on our heads by Stournaras, who happens
to be the present Minister of Funny money,
along with Papademos, who was at the
Bank of Greece (and just left his post as official troika
marionette), and some Pandelis guy who is now in
charge of paying off Greece's debt, when he was
on the Goldman side of the fix, in the late 90s.

That's Pasok. Pasok is dead. Long live anything else
but Pasok. And the candles on the cake will be
blown off by the Troika, the new government of
Greece.

Simitis gets kicked in germany

To video από την φραστική επίθεση εναντίον του Κ... by fon1972

checkit: keep talking greece

Troika Inspection of Greece Starts on the Anniversary of “Democracy Restoration”

Posted by keeptalkinggreece in Editor

Somebody must have had a promiscuous sense of humour to send the Greece’s lenders, the so-called “Troika”, to Athens today. On the 38th Anniversary of the “Restoration of Democracy” that marks the end of the military dictatorship in Greece, on 24th July 1974. Who arranged this arrival on such day? Christine Lagarde? Jose Manuel Barroso? Herman van Rompuy? Finance Minister Yiannis Stournaras? How did the three coalition government partners dare giving the green light for an arrival on such a historic day?

I know… I know… “Historic symbolism” has no place into a debt-ridden country. Or our governors have no clue about political culture.

Troika vs Greek Government

Upon their arrival in Athens, the representative of the International Monetary Fund, the European Union and the European Central Bank immediately started to open stuck drawers and dusty files and check fiscal progress and missing targets.

After almost two months of political power shortage due to two elections in May and June, one hardly beleives that the Troika would be positively surprised.

On the other side of the battle field, Greek government spent days and nights to write down a total of at least 47 austerity measures dictated by the Troika so that Greece would pay back its lenders. Spending cuts of 11.5 billion euro are needed for the years 2013-2014. Which in reality mean that austerity-ridden Greeks will further tight their belts with income and pension cuts, “emergency taxes” and public services in rash deteriorating decline. In one way or another, austerity worth 11.5 billion euro will be felt by everyone of us living here.

While the government tried to find equivalent measures in an effort to avoid Troika dictated cuts in wages of special payrolls, for example, Greek media claim that this would be hardly accepted by the country’s lenders.

The Greek government has no other choice but to bow to the Troika’s dictates, if it want to receive the next financial aid of 31 billion euro – as provided by the second bailout signed between Papademos government and the Troika in February 2012.

The bitter truth is that Greece has abolished its souvereign decisions since the country sought the IMF aid in winter 2010, anyway.

Today, 24th July 2012, we mark the Anniversary of the Restoration of Democracy that started in July 1974 and practically ended in May 2010, when then Prime Minister George Papandreou officially announced Greece’s application to IMF.

The modern occupators of Greece do not wear military uniforms. They’re preferably dressed – winter and summer alike – in grey suits. I guess they want to demonstrate stability, concervatism, target-orientation and mathematics-skills.

Military Junta vs Economic Dictatorship

After almost four decades, we, Greeks, ended up with the military dictatorship of Greece to have mutated into an economic one.

Human Rights to a descent life have been suspended for large parts of the Greek society. Labour rights as well. The right to a work place has been deleted from the lives of 1.1 million jobless.

Citizens bleed economically and get “tortured” – at the bank counter because of an unpaid loan, at the utility companies cashier, submitting a humiliating request for a payment renegotiation. Even if the debt is just 180 or 300 euro. People are threatened with electricity and even water cuts.

Citizens do not get thrown to prisons for political reasons but for economical. Confiscation of private assets will soon start due to debts to the state.

“The absence of a valid code of jurisprudence led to the unequal application of the law among the citizens and to rampant favouritism and nepotism.” (Military Junta 1967-1974).

Citizens are forcefully removed from their homes. And kicked out to the streets. “New homeless” we call them. People without job and income that are not able to provide a roof over their heads.

Labourers work for wages that make it impossible to cover basic needs. Some even are deprived of their salaries. Friends of mine have not been paid regularly since almost a year.

The most recent cases I heard was about an 18- and a 30-year old. Who got fired just days before the end of the month and the employers refused to pay them their salaries. The two young men were exposed to threats.

Whoever manages to get a job abroad, goes to ’exile’. Some even before they have secured a job. Something almost impossible to obtain in Greece nowadays.

“Complete lack of press freedom coupled with nonexistent civil rights meant that continuous cases of civil rights abuses could neither be reported nor investigated by an independent press or any other reputable authority. This led to a psychology of fear among the citizens during the Papadopoulos dictatorship, which became worse under Ioannides.” (Military Junta 1967-1974)

Waves of fear-mongering launched by Greece’s lenders and local politicians, the international and local press push millions of Greeks to endless nervous breakdowns, depression and some even into suicides.

While during the military junta thousands of Greeks got ‘filed’ by the police, one of the Greek government plans to combat tax evasion is to establish a so-called “assets-lists” where ten millions of Greeks will have to declare apart from income, salary and properties also bank deposits, jewelries, art collections and other items of some value.

Despite ending-up here…

Exaggerated comparison? “Maybe”, some will say. Unless you have no money to feed your children, take medicine for your elderly and spend your days under permanent distress and lack of future perspective.

“According to an editorial published by the Greek conservative newspaper Kathimerini, large public deficits are one of the features that have marked the Greek social model since the restoration of democracy in 1974. After the removal of the right-wing military junta, the government wanted to bring disenfranchised left-leaning portions of the population into the economic mainstream. In order to do so, successive Greek governments have, among other things, customarily run large deficits to finance public sector jobs, pensions, and other social benefits.” (Greek government debt-crisis)

And yet, even under the horrible circumstances of the economic dictatorship, the mismanagement, the favoritism, the nepotism, the corruption and the squander of public money by Greek politicians and their courtiers during the last 38 years, I wouldn’t regret a single day of the “restoration of democracy”. Despite our political, economical and moral decay here and now: a divided Greek society. With one half of the society against the other for enjoying benefits that are deprived from those who really need them.

More reading on the Military Junta 1967-1974 Here

compro-misesing on democracy?

If you have a look at this video from Bill Still,
you'll see how the "libertarian" ideals of some
are based on J.P.Morgan (the man) and his
group of supra-nationalists.
Unfortunately, some are unaware of these
implications, particularly Ron Paul and
Peter Schiff, two people whose ideas
I've listened to, in the past.

Bill Still is not thrilled with the democracy
the US has now, but following more
libertarian ideals would not be wise.

There's also an interesting take on gold money, that
I'm only beginning to understand.

All american financial stats are based on fluff

A person with big cojones, Dan Collins, has ofered to
compare manufacturing output, imports and exports of
the biggest world economies.

In this way, we can begin to make people realise that
the US is a balloon economy.

US vs block of 3 (Germany, China, Japan)

GDP - 14.5 trillion = 3.3, 6, and 5 trillion

car production: 8.7 million vs 33 million

steel production: 85 million tons vs 835 million tons

mobile use-  1:5 ratio

exports- 1.5 trillion vs 4 trillion

the rest of US GDP is

government spending and private consumption (70%)

China provides the debt, to buy its products, and so it is also a bubble.

The Chinese will be better able to survive the Depression which is
coming, because they have a recent history of poverty.
The US will get a rude awakening, very soon.
I think I'm going to enjoy comparing life in the US middle class
(of the past) and what they wasted and did and thought, with
Greece and other countries who have suffered horribly,
 in the recent past.


On the geopolitical stage, things are also going East.
The US is trying to hem in China by sea and by cutting off
oil supplies. China is not responding, but will play rope-a-dope
and wait for the US to fall on its face.

Regarding Africa, China is educating and developing African
economies in a way that the British, American and other Western
mercantilists will never do. I don't care how many fair trade
coffee and banana companies there are. Westerners don't
care about fair trade and aleviating poverty.
F%^&k Oxfam. Enter China.

let's cut to the video:

Paul is missing his last opportunity

Ron Paul's last Republican candidacy has now been
officially killed.

What does a "libertarian" like him do.

He stands for
-controlling the Fed
-cutting the debt
-stopping US-led wars
-lots of other stuff



He has some rabid followers, who have been following,
and punching others, for 2 decades now.
They should all know that this was his Republican
swan song.

So, what are they gonna do? watch their horse die
in a foreign field? or are they gonna do the right thing
and start a righteous, "third party" candidacy.

If they don't, history will whitewash them, as it should.
Because they're afraid of getting the full weight
of the FnBnI n CnInA on their heads. There'd be
poisonings, wire tapping, and everything.

If I were them, I'd go ahead and bring the cameras,
because then they could make the doc of the decade:
"how democracy works, US-style"

It seems to be that Ron Paul and his crew are shit
scared of one Iraq veteran, Adam Kokesh.
At their fest in Tampa (that's original), he was
not only banned, but presented on a home-made
wanted poster. Their security is supposed to call
the police, as if Adam is going to wreck the
kumbaya festival with a reality check or two.

Paul busted: http://petersantilli.com/2012/08/26/breaking-usmc-vet-adam-kokesh-banned-by-ron-paul-security-wanted-bulletin-circulated/


read 'em: 2 texts from zerohedge

Ron Paul Recants The GOP, Just Says No To Keynesians
Submitted by Tyler Durden on 08/31/2012 08:26 -0400
As we anticipate more demand-rigging, pump-priming, can-kicking experiments from Bernanke today, Ron Paul just came out with his latest stream of truthiness (via Bloomberg):

*REP. PAUL SAYS BOTH PARTIES KEYNESIANS, GOP 'NOT HIS
PARTY'
*REP. PAUL SAYS FED PRICE FIXING
*REP. PAUL SAYS FED FLOODING MARKET WITH MONEY

Indeed, what is the opposite of 'between a rock and a hard place' when deciding on just who will provide 'change' in November.

2
[WATCH OUT FOR SOME OF THE MISES "LIBERTARIAN" CRAP]
Guest Post: In Defense Of Liberty Extremism
Submitted by Tyler Durden on 08/28/2012 10:56 -0400
Submitted by James E. Miller of the Ludwig von Mises Institute of Canada,

It’s a safe statement to make that when Mitt Romney is finally crowned the GOP nominee for president during the Republican National Convention, any vestige of liberty will be firmly wiped away from the ballot box come this November. For those who have followed his campaign in the United States, Congressman Ron Paul has been swindled out of the nomination through various underhanded tricks at state conventions. The explanation is straightforward: Paul’s views are not comfortable within the Republican Party establishment. Today’s GOP is a party of banker interests, imperialism, and clandestine state empowerment while claiming to represent small, limited government. Romney embraces this platform while Paul’s decades-long voting record stands in opposition.

For towing the party line, Romney has been anointed the “electable” candidate while Paul has been deemed an extremist. The GOP declares this while the media parrots the message as it does every election cycle. To the pundits and writers who cover political affairs, only moderation can win over a large electorate. The people don’t look kindly upon radicalism or so it’s alleged.

Ron Paul’s campaign manager, Jesse Benton, has even gone as far as to discourage dedicated Paulians from voicing their discontentment with the status quo. In a recent New York Times article, Benton shares his disinterest with so-called “true believers”:

Some true believers want to “dress in black, stand on a hill and say, ‘Smash the state,’ ” said Mr. Benton, who is married to one of Mr. Paul’s granddaughters. But “it’s not our desire to have floor demonstrations. That would cost us a lot more than it would get us.”

.....But what Benton and like-minded thinkers don’t understand or refuse to acknowledge is that ideas don’t make a lasting impact unless they are logically consistent. Ron Paul was unique in that he stuck to his message for three decades and never wavered. He paid the price with being marginalized while his beliefs were portrayed as archaic. Paul is by no means a radical in that he recognizes a proper role for the state to guarantee the liberties of people are protected yet he was rejected just the same. For all the abuse and concessions Paulians have had to make, the Republican Party has awarded state delegations with large numbers of Paul supporters “nosebleed” seats at the National Convention; just behind the delegations from Northern Mariana. Benton’s advice of toning it down and playing nice did little to change the reception from a political party not the least interested in representing genuine liberty. This rejection, while predictable, should serve as an important lesson for advocates of individual freedom. Temperance in philosophy may be the less arduous road to take but it will not bring a lasting change.

Because of the forces pitted against it, the incremental approach toward a free society has little chance of succeeding. For every step forward comes two or more back towards socialism or its ugly cousin of corporate fascism. The ratcheting effect of state power may not be readily apparent but it is in constant motion. The heart of the state lies not with the legislature that is still accountable to voters but within the multitude of bureaucracies that are needlessly large and unaccountable. It is the bureaucracies that are given the authority of law enforcement. They are usually staffed by people who enjoy wielding state power and are always on the search for an excuse to exercise more.

Explain this debt, jackhole

[Yes Man movie]

Apparently the great economic minds have gathered in
Jackson Hole, Wyoming to lie to each other and the
public about the state of the US economy.

This is strictly an inside job. No foreigners allowed.

Ben Bernanke is said to be

looking around the Hole,

rimming the Hole town, 

for an excuse to whip out his kewey.

QE3

the third dose of kewey

qualitative easing

lowering the quality of life

the third resuscitation attempt 

on a cold corpse

It's hard to do it from a helicopter, especially with the crowded 

skies over Jackhole, full of Kewey copters.

[william banzai7]

The copters crash, and then the economy will follow.

Ben's gonna need three hands for this job:

[williambanzai7]
Some of the banks are also up to their old tricks, gambling on
the outcome of the Hole thing. see below

read 'em and bleep:  2 texts
zerohedge

Guest Post: The Real Reverse Robin Hood: Ben Bernanke And His Merry Band Of Thieves

Submitted by Tyler Durden on 08/31/2012 14:29 -0400

Submitted by Charles Hugh-Smith of OfTwoMinds blog,

Away from the stifling media crush, staid Ben Bernanke is dashing Reverse Robin Hood, lackey pawn of the Neofeudalist Financial Lords who shamelessly steals from the poor to give to the parasitic super-rich.

Amidst electioneering chatter about a "reverse Robin Hood" who steals from the poor to give to the rich, it's important to identify the real Reverse Robin Hood: Ben Bernanke and his Merry Band of Thieves, a.k.a. the Federal Reserve. It's especially appropriate to reveal Ben as the real Reverse Robin Hood today, as the Chairman is as omnipresent in the media as Big Brother due to the Cargo-Cult confab in Jackson Hole, Wyoming.
2
zerohedge
How To Lose $400,000 With Credit Suisse Betting On A Big Jackson Hole Disappointment

Submitted by Tyler Durden on 08/31/2012 15:18 -0400

This Tuesday, we gave the podium to Credit Suisse's rates group with "How To Make $500,000 With Credit Suisse Betting On A Big Jackson Hole Disappointment" who in turn suggested that one of the best risk return opportunities heading into J-Hole, was to go short the 10 Year betting on disappointment by Bernanke (as a reminder earlier today we showed that virtually 100% of QE was already priced in). Well, Bernanke came and went, and although our personal take on the speech was broadly negative, which highlighted the adverse side effects of what would happen if there is another big QE round, and substantially toning the exuberant language from the latest FOMC minutes, which had previously made it seem that the majority of Fed presidents thought more easing should be imminent resulting in another centrally-planned market rip, the stock market did not agree with our take. At least not initially. As for Credit Suisse, it said to "put on a $50K DV01 short at 1.64% and expect a steep selloff when the Fed disappoints, with a 1.75% target. If all works out according to plan, everyone involved should be $500,000 richer at market close on Friday with Bollingers all around." Turns out nothing worked out quite as expected. In fact, as a result of the J-Hole remarks, we have had another stock buying spree of anything that is not nailed down, with gold popping the most, the DJIA soaring as much as 150 (although rapidly taking on water), and the 10 year... well, let's just say anyone who was on the other side of the CS prop traders, sometimes called "flow" for Volcker Rule purposes, is now down -$400,000 on a trade that was supposed to be a +$500,000 meatpacking extravaganza.