Tuesday, September 28, 2010

See my first comment

Shut Down the Fed

We have a very odd world. The IMF has doubled its global growth forecast to 4.5pc this year, and authorities everywhere have ruled out a serious risk of a double dip recession. Yet at the same time the Bank of Japan has embarked on unsterilised currency intervention, which amounts to stimulus, and both the Fed and the Bank of England are signalling fresh QE. You can’t have it both ways.

Posted by devo @ 06:57 AM (1286 views)
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5 thoughts on “See my first comment

  • Erm, actually it’s not exactly MY comment – I’m not smart enough to articulate the problems we face, so succinctly. It’s by a commenter called cr, who writes…

    Most of the stimulus went to banksters, ie the very biggest banks who caused the financial implosion through otc derivatives, otherwise known as ‘weapons of mass financial destruction’ (warren buffet) or ‘assassin’s contracts’ (george soros).
    The banksters are buying Treasuries, not recycling money into the real economy, the economy that most people occupy through normal business activity, jobs, spending, taxpaying.

    Hyperinflation is a monetary event, not an economic event. History tells us so.
    Gold and silver rise as loss of confidence in the paper money system falls.
    Inflation can be seen in the persistent rise of necessities like food and energy…whilst ‘assets’ like houses stagnate or fall.

    All this is the result of central banks like the Fed who turned an ordinary recession into a catastrophe because they print money rather than safeguard sound money backed by labour/business/genuine wealth creation of the kind despised by such banksters because they only make money when others acquire debt – issued as money by banks charging interest for paper backed by nothing, but their central banks’ willingness to create it out of thin air through frauds like ‘quantitative easing’.

    The Bank of International Settlements (the central bankers’ bank) estimates that otc derivatives are worth at least ONE QUADRILLION DOLLARS – a sum greater than all the world’s assets.

    Central banks are bailing out the biggest dealers in those toxic derivatives: Goldman Sachs, RBS, SocGen, Deutsche Bank, BoA etc.

    It’s a paper tiger with a voracious appetite, now ripping apart anything in its path.

    Result: jobless ‘recovery’.
    Rising bills for taxes, food, energy.
    Double digit inflation and falling incomes are realities for most people, but hidden behind politically rigged ‘official’ stats.

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  • What is really remarkable is how well the whole credit crunch has turned out for banksters.
    Why is the zeitgeist so benign to them despite this?
    My guess is economic development means Jo Average can be ripped off but not really notice.

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  • @voiceofreason

    “Why is the zeitgeist so benign to them despite this?” I think it’s because most people don’t understand exactly what governments have let banks get away with. If you try and explain the above to people, they just think you’re a nutter – they just won’t believe that anyone in a position of responsibility in government would let the banks get away with what they did but with no negative effects at all.

    Vince Cable gets it, but he is now written off as a loonie, despite being the only public voice of reason.

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  • The central banks are competing internationally, and so do what is best for the country on an international level, not what is best for individuals.
    The solution is a single world central bank and government to eliminate international competition.

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  • general congreve says:

    @3 – “The central banks are competing internationally, and so do what is best for the country on an international level, not what is best for individuals. The solution is a single world central bank and government to eliminate international competition.”

    Indeed, both based in Tel Aviv of course!

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