Thursday, Dec 17, 2009

Time Magazine calls the top of Ponzi Central Banking

Mish: Time Magazine's Kiss of Death: "You!"

Appearing on the cover of Time as person of the year is like a bell ringing. It almost always is akin to a figurative death sentence for the person involved, and sometimes even a literal one.
* Jeff Bezos made the cover in 1999 - the year the internet portion of the tech stock bubble topped out.
* GW Bush made the cover as his popularity rating had just begun to slide, ending at the worst such rating since Nixon, concurrent with a stock market crash.
* Hitler made the cover in 1938.
* General Chiang Kai Chek in 1937. It turned out to be an ill omen, career-wise.
* Stalin made the cover in 1939 and again in 1942.
* Kennedy made the cover the year before he was assassinated, as did Martin Luther King - a literal death sentence in both cases....

Posted by mountain goat @ 11:54 AM (1354 views)
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12 Comments

1. mountain goat said...

Good call in 2005 with US housing top

Thursday, December 17, 2009 11:58AM Report Comment
 

2. mark wadsworth said...

Tee hee, apparently, if they write about you in VIZ that's tantamount to a death sentence as well.

Thursday, December 17, 2009 12:07PM Report Comment
 

3. mountain goat said...

Person of the Year 2009
A bald man with a gray beard and tired eyes is sitting in his oversize Washington office, talking about the economy. He doesn't have a commanding presence. He isn't a mesmerizing speaker...He is not, in other words, a typical Beltway power broker. He's shy. He doesn't do the D.C. dinner-party circuit; he prefers to eat at home with his wife, who still makes him do the dishes and take out the trash. Then they do crosswords or read. Because Ben Bernanke is a nerd.
He just happens to be the most powerful nerd on the planet...


Time

Thursday, December 17, 2009 12:17PM Report Comment
 

4. crunchy said...

Bernanke a poor student of the Great Depression? You are pulling my lariat! He knows exactly what he's doing.

The Federal Reserve influence must end.

Thursday, December 17, 2009 12:27PM Report Comment
 

5. crunchy said...

"[H]aving devoted much of his career to studying the causes of the Great Depression, Bernanke was the academic expert on how to prevent financial crises from spinning out of control and threatening the general economy. One line from his Essays on the Great Depression sounds especially prescient today: 'To the extent that bank panics interfere with normal flows of credit, they may affect the performance of the real economy.'"--Roger Lowenstein, New York Times Magazine

"Bernanke is the master of applied microeconomics. Not only is he technically proficient but his ability to place his results in a larger macroeconomic context is unparalleled."--Mark Toma, Financial History Review

I will say it again-'He knows exactly what he's doing.'

Thursday, December 17, 2009 01:19PM Report Comment
 

6. mountain goat said...

Crunchy - whether he knows what he is doing or is just a fool working to a failed model who knows. IMO this is the top of confidence and belief in the fiat currency Ponzi scheme, where Central Banks were believed to hold real power, being able to hold back recessions and control inflation. From here their power will wane. When sovereign defaults drive the next bout of panic the bailout recovery will fail and everyone will realise that Central Banks are powerless once they have saturated their economies with debt.

Thursday, December 17, 2009 01:36PM Report Comment
 

7. Saintjay said...

Can they put Gordon on the front page?

Thursday, December 17, 2009 01:37PM Report Comment
 

8. mander said...

Bernanke does not seem be a greedy type of person or anything like this but he seems not to be able to distinguish between creating value and creating money out thin air this why I do not understand his support for the second...

Thursday, December 17, 2009 01:40PM Report Comment
 

9. crunchy said...

6. mountain goat http://www.youtube.com/watch?v=VebOTc-7shU

Watch this if you haven't already and compare it with what is happening NOW.

Thursday, December 17, 2009 01:55PM Report Comment
 

10. Grizzley Bear said...

What Bernanke doesn't understand, is the Depression was not the problem, but the solution to the problem of too much credit!
The Speculators needed to be humbled, to get back to a healthy economy.

Thursday, December 17, 2009 02:01PM Report Comment
 

11. crunchy said...

Prince Charles why is it snowing outside my window? I have a name for you.

Thursday, December 17, 2009 02:39PM Report Comment
 

12. rumble said...

MG, "IMO this is the top of confidence and belief in the fiat currency Ponzi scheme, where Central Banks were believed to hold real power, being able to hold back recessions and control inflation. From here their power will wane. When sovereign defaults drive the next bout of panic the bailout recovery will fail and everyone will realise that Central Banks are powerless once they have saturated their economies with debt."

Progress.

Thursday, December 17, 2009 02:40PM Report Comment
 

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