Today, Paul Volcker enjoys the status of a hero – his reign was the last time after all when a central banker resisted political pressure and stopped a pernicious inflation from getting further out of hand by jacking up interest rates and targeting money supply growth directly until the rise in CPI subsided.He did so even though it entailed some significant short term economic pain – in this he is clearly different from his successor Alan Greenspan, the originator of the so-called ‘Greenspan put’ – market lingo for ‘unlimited guarantee of opening the monetary spigot at the slightest hint of a downturn’.
The topic today is, The financial system and the real economy. So as the contraction proceeds, we can look forward to ‘interesting times’, in the Chinese curse sense.One thing however remains clear: no matter how much more funny money and real resources are thrown at the collapse, it will proceed anyway. President Trump has been in office for three years, which is enough time to analyze how the economy is doing vs… Concurrently, the volatility in stocks and commodities has increased to new post war records as well – only during the contraction of the 1930’s were stocks even more volatile.
Barack Obama’s economic recovery is even worse than we thought. In proving foresight may be vain;
On average, Democratic presidents grew the economy 4.4% each year versus 2.5% for Republicans Recovery. It is the greatest ‘money for nothing’ or ‘free lunch’ racket ever invented. On Monday, Silver got Scarcer – and Simpler
Banks have long had undue influence in society. The capital flows involved are too large to be taken up by the gold market alone, thus the bonds of the ‘The beginning secular contraction will likely be fought tooth and nail by governments until the ‘too big to bail’ situation finally happens. Thus a veritable Moloch of a financial economy was created, in which debt began to expand into the blue yonder.Below are a few charts illustrating this. Regardless of that, we are honored by everybody's readership and hope we have managed to add a little value to your life. All our infrastructure, our factories, our real estate – in short, all the real wealth accumulated over the centuries – would still be standing if a number of big banks had declared bankruptcy. What he did he did mainly for the banks. Nick Desantis.
What would would be different compared to the bail-outs would be who ends up paying for the folly of the bankers.Below is a chart depicting the US federal deficit. So the politicians can then concentrate on useless nonsense like banning shorts (sounds like the policy of a gentleman’s club!
If not for the BoE engaging in quantitative easing on a grand scale in 2009, and the UK treasury de facto nationalizing a large chunk of the UK banking system, this debt-berg would likely have collapsed in a deflationary heap in late 2008-2009 – click chart for higher resolution.US MZM (Money of Zero Maturity) and GDP indexed to 100 in 1981. For promis’d joy! Charts by Deutsche Bank, Absolute Return Partners, Federal Reserve of St. LouisYou may have noticed that our so-called “semiannual” funding drive, which started sometime in the summer if memory serves, has seamlessly segued into the winter. But, Mousie, thou art no thy-lane,
Like few other charts it shows where the costs have ended up – namely on the balance sheet of the government, which in turn possesses exactly zero economic resources.
But they hate it when the public notices what is going on and begins to dump the underlying currency. – click chart for higher resolution.In spite of the last-ditch effort to save what is plainly an unsustainable system yet again, we can already discern the approaching end game. “The Federal Reserve’s balance sheet has expanded and contracted over time. In Delhi, people of the northeastern part of India, who have mongoloid features, are derogatorily called “chinky.” It is not unusual for men in Delhi to stop their cars to proposition a random girl from the northeast for a sexual encounter, assuming her to be “loose.”
The real economic …
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