The fix is still in

The following is relatively self-explanatory, and maybe opens the door to lawsuits from anyone who lost money in stocks getting "blindsided" by Fed announcements the last few years.  Emphasis and Editor's notes yours truly.

Fed official alleges Geithner may have alerted banks to rate cut

 (Reuters) - In the summer of 2007, as storm clouds gathered over the world's financial system, then-New York Federal Reserve President Timothy Geithner allegedly informed the Bank of America and other banks about the possibility the U.S. central bank would lower one of its critical interest rates, according to a senior Fed official.

 

Jeffrey Lacker, the head of the Richmond Fed, originally raised the allegation during a Fed conference call in August 2007.

 

"From conversations I had prior to the video conference call on August 16, 2007, I was aware of discussions among a few large banks about borrowing from their discount windows to support the asset backed commercial paper market," Lacker said in the statement. "My understanding was that (New York Fed) President Geithner had discussed a reduction in the discount rate with these banks in connection with these initiatives."

 

Geithner at the time denied that banks knew the Fed was considering cutting the discount rate. The Fed regularly releases transcripts of its policy meetings with a five-year lag.

Private disclosure of confidential, market-sensitive information by the central bank would be highly unusual, but it was not immediately clear if it would be illegal.

The central bank delivered a surprise cut in the discount rate, which governs direct loans it makes to banks, the day after the call. The action spurred a big stock market rally, with the Standard & Poor's 500 Index enjoying its best gain in 4-1/2 years.

Editor's Note:  The rally started about 30 seconds after Geithner got off the phone with JPM, Citi, BofA, Goldman Sachs, etc. on Thursday and DID NOT, repeat DID NOT tell them any surprises were coming.

Here's the headlines Thursday Night:
August 16 2007: 6:12 PM EDT

Dow makes stunning comeback

Major gauges erase most of the day's losses as investors recover from mortgage, credit fears; Dow, Nasdaq, S&P 500 bounce back after falling 10% from 2007 highs.

By Alexandra Twin, CNNMoney.com senior writer

NEW YORK (CNNMoney.com) -- Stocks staged a big comeback Thursday, erasing most of the session's losses by the close as investors worked through the panic about the mortgage and credit markets which was sparked by Countrywide Financial's latest financial problems.

The Dow Jones industrial average (Charts) fell 15 points, erasing virtually all of the day's declines, after plunging as much as 342 points earlier in the session.

Stocks have been shellacked for the last week on worries about tightening credit and the fallout from the subprime mortgage market. The declines added to losses over the last month, and by early Thursday afternoon, the three major gauges were off 10 percent from the 2007 highs hit in mid-July, the formal definition of a market correction.

Yet, after hitting those lows Thursday afternoon, stocks began to recover, with the hard-hit financial sector leading the way.

"Equity markets went on another roller-coaster ride Thursday," wrote Michael Sheldon, chief market strategist at Spencer Clarke, in a note to CNNMoney. "However, stocks erased almost all of their losses and finished the session with only minor losses as financial stocks rebounded late in the day."

Big bank stocks including Citigroup (Charts, Fortune 500), JP Morgan (Charts, Fortune 500) and Merrill Lynch (Charts, Fortune 500) all rallied back near the close after having been battered in recent days.

Editor's note:  Geithner denied leaking insider info to the largest prop traders in the market, the TBTF banks on August 16th, the very day the market staged it's "stunning" turnaround and the day BEFORE  the FED cut rates publicly.  Anyone else think it's weird that the very financial firms that were NOT getting inside information led the charge?  Strange indeed.

Here's the headline the next day, well after the party started.
August 17 2007: 4:11 PM EDT

Fed cuts discount rate

The central bank, citing tough market conditions, cuts the symbolic rate half a percentage point.

By Paul R. La Monica, CNNMoney.com editor at large

NEW YORK (CNNMoney.com) -- The Federal Reserve, reacting to concerns about the subprime lending crisis that's rocked financial markets in recent weeks, Friday cut its so-called discount rate half a percentage point, to 5.75 percent.

In it's "stunning" turnaround from the Thursday August 16th low of 12517 to the Friday August 17th high of 13382 the Dow moved up a whopping 865 points or 7%.  The entire move down until then was only 10%.

The Dow would go on to post an all-time high of 14198 in October before collapsing 65% to 6469.  At this point, the Fed announced they would start printing money with QE1.  They have printed $2.8 Trillion and counting, and are currently printing $85 billion a month as of 01/22/2013. 

As for any remaining "Investors" in this "Free" market, a word of advice.  It is not what you know that allows you to succeed in equity trading, it's who.  And if you don't know this guy, then... 

Addendum 4/11/13

Market in Confirmed Uptrend!

The DJIA, S&P 500 and the NASDAQ closed at record highs today as overall volume rose and it was definitely on the upside. Investor's Business Daily changed its Market Call to "Market in Confirmed Uptrend."

So what drove the market higher? Perhaps, it was the release of the FOMC minutes which indicated that the punch bowl was nowhere near ready to be taken off the table. Most FOMC members saw the benefits of quantitative outweighing the risks, and that was at a time when economic data were coming in better than expected, not like Friday when nonfarm payroll growth couldn't even make 100,000.

And of course, it was just a mistake that the FOMC minutes were released yesterday to about 100 people early yesterday who were politicians and lobbyists. A Fed spokesman told CNNMoney the mistake was "entirely accidental," and it was a "human error," not a technological one. The roughly 100 individuals on the list mostly included Congressional employees and employees of trade organizations. They received the minutes shortly after 2 p.m. on Tuesday.

Here is a partial list of the people receiving the inside information according to the BBG and CNN:

• HSBC RECEIVED FED MINUTES EARLY YESTERDAY
• MOST OF THE BANK EMPLOYEES APPEAR TO WORK IN GOVERNMENTAL RELATIONS (Lobbies)
• ABA, SIFMA, SENATE STAFFERS RECEIVED FED MINUTES EARLY
• FED NAMES 154 RECIPIENTS OF EARLY RELEASE OF FOMC MINUTES
• FED MINUTES SENT EARLY TO BANKS, LAW FIRMS, PRIVATE EQUITY
• FED EARLIER SAID RELEEMPLOYEES AT GOLDMAN SACHS, BARCLAYS, JP MORGAN, CITI, NOMURA, UBS, ASE WENT MAINLY TO CONGRESS, TRADE GROUPS

The Wall Street Journal also supplied a more extensive list which clearly shows that many could have profited from the information.

As the day went along, it became obvious that the FED's initial comments were not correct.

And not a single one of them brought the early release to the attention of the Federal Reserve ... I wonder how long this has been going on. Is it just me or does the situation smell funny?

http://money.cnn.com/2007/08/17/news/economy/fed_rates/index.htm

fed cuts rates

http://www.reuters.com/article/2013/01/19/us-usa-fed-geithner-idUSBRE90I04220130119

Geithner feeds banks insider info

http://money.cnn.com/2007/08/16/markets/markets_0445/

Obama v. Obama on the Debt ceiling

hy·poc·ri·sy

n. pl. hy·poc·ri·sies

1. The practice of professing beliefs, feelings, or virtues that one does not hold or possess; falseness.

2. An act or instance of such falseness.

 

Hypocrisy is the state of promoting or administering virtues, moral or religious beliefs, principles, etc., that one does not actually have and is also guilty of violating.^[1] Hypocrisy often involves the deception of others and thus can be considered a kind of lie

 



“The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. government can’t pay its own bills. ... I therefore intend to oppose the effort to increase America’s debt limit.” 



— Then-Sen. Barack Obama, floor speech in the Senate, March 16, 2006

The following are quotes from Obama's 2006 speech: 

 “It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our government’s reckless fiscal policies. Over the past five years, our federal debt has increased by $3.5 trillion to $8.6 trillion. That is ‘‘trillion’’ with a ‘‘T.’’ That is money that we have borrowed from the Social Security trust fund, borrowed from China and Japan, borrowed from American taxpayers.”

 “Every dollar we pay in interest is a dollar that is not going to investment in America’s priorities. Instead, interest payments are a significant tax on all Americans — a debt tax that Washington doesn’t want to talk about. If Washington were serious about honest tax relief in this country, we would see an effort to reduce our national debt by returning to responsible fiscal policies.”

“This rising debt is a hidden domestic enemy, robbing our cities and states of critical investments in infrastructure like bridges, ports and levees; robbing our families and our children of critical investments in education and health-care reform; robbing our seniors of the retirement and health security they have counted on.

“Increasing America’s debt weakens us domestically and internationally. Leadership means that ‘the buck stops here.’ Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better. I therefore intend to oppose the effort to increase America’s debt limit.” 

 




Senator Obama

Senator Obama on NOT RAISING the debt limit: 

- The buck stops with the President. 

-We have a failure of leadership.

- Washington is failing us and burdening our children

-Washington is robbing our seniors of their retirement and health care, our children of their education and our cities of infrastructure.

-Rising debt is a hidden domestic enemy

-Debt is a hidden tax on all Americans

 

-National Debt January 15th 2008:
$9.2 Trillion.

Cause:  George W. Bush.



Elect me President and.....

Hear me now Bu-lieve me later!

The following are quotes from Obama's 2013 "Raise the Debt Ceiling" speech:

 

"What I will not do is to have that negotiation with a gun at the head of the American people,"   ( Republicans want Obama to cut some spending to rein in the deficit before they agree to raise the debt limit again.)

 
"They can act responsibly, and pay America's bills or they can act irresponsibly, and put America through another economic crisis," he said. "But they will not collect a ransom in exchange for not crashing the American economy."

"If congressional Republicans refuse to pay America's bills on time, Social Security checks and veterans' benefits will be delayed. We might not be able to pay our troops, or honor our contracts with small business owners. Food inspectors, air traffic controllers, specialists who track down loose nuclear material (my personal favorite!) wouldn't get their paychecks,"

"Even entertaining the idea of this happening, of the United States of America not paying its bills, is irresponsible. It's absurd."

 

President Obama on RAISING the Debt Limit:




President Obama

-The buck stops with Congress (specifically Republicans)

-We have a failure of responsibility in Congress.

-Congress is holding a gun to America's head

-Congress is holding America hostage and demanding spending cuts ransom.

-Congress will bear the responsibility for senior citizens, veterans and small business owners not getting their checks.

-Congress will be responsible for all food-born illnesses, airline disasters and nuclear blasts that occur as a result of not raising the debt limit.  Yes, sharks with frickin' lasers nuclear-frickin'-blasts.  Seriously.   

-National Debt January 15th 2012: 
$16.4 Trillion

Cause:  Congress.

 

If you're keeping score, when Obama was a Senator George W. Bush was responsible for everything, from bad breath to ugly babies.   We needed a new president.  A responsible one.

  Now that Obama is President and has been for 4 years, Congress is responsible for everything, from bad breath to sharks-with-frickin' lasers.

What Obama really thinks of the American People who "deserve better":

mo·ron
n. 1. A stupid person; a dolt.
 

 What Americans should think of Obama and the "debt debate" by now:

 
ox·y·mo·ron

A rhetorical figure in which incongruous or contradictory terms are combined, as in a deafening silence and a mournful optimist.

 

or Honest Politician and Debt Ceiling. 

 

Since 1960, Congress has raised or revised the ceiling 79 times, including 49 times under Republican presidents, according to the Treasury Department. 

 

 Republicans controlled both houses of Congress and the Presidency from 1999-2007, minus an evenly split Senate 2001-2003.  Democrats controlled both houses of Congress and the Presidency from 2007-2011 minus an evenly split Senate 2007-2009.  They will control the Presidency and the Senate through at least 2015.

"Hope.  Change.  Ha.  Haha.  Hahaha.
BuWahahahahahahaha!!"

http://www.reuters.com/article/2013/01/15/us-usa-obama-debt-idUSBRE90D0UK20130115

http://www.washingtonpost.com/blogs/fact-checker/post/annotating-obamas-2006-speech-against-boosting-the-debt-limit/2013/01/14/aa8cf8c4-5e9b-11e2-9940-6fc488f3fecd_blog.html

 

Armageddon me

You've got it...but are you getting it?  Really getting it?  Yes...Armageddon it! 
-Def Leppard

Def Leppard might have inadvertently written the theme song for the current social mood back in 1987 with "Armageddon it".

 Vampires....zombies...aliens...Snookie...all these have a common theme:

We better stick together if we're going to survive.

 
 A sure-fire way to end the drudgery of everyday life is the Apocalypse.  Any Apocalypse.  Overdue bills? Fuggetaboutem.  Retirement planning?  Hah.  You've got more pressing issues.



Be it a Vampire domination

Zombie occupation

Reality-show saturation

or Alien Invasion...

The premise is the same...When the shit hits the fan the hot survivors will be looking my way, and I can quit worrying about the goddamn bills.  When your options are me, undead bloodsuckers, flesheaters, alien headhunters or Snookie what're you gonna do? (after Snookie..obviously...)  You'll be be running like the wind to my huge stash of canned food, .223 ammo and dungeon-master survival skills.  Back when civilization was still there I might've been a regular Joe...but that was THEN and this is NOW!

A common thread for apocalypse planning is that the survivors you run across in the wasteland look like this:

or this (for the ladies):

or the alien overlords like this:

Wow...Probe me.  Please.

 Which means...

The odds of mating with someone way out of my league when I leave my basement have increased geometrically. 
Excellent.

90% of the world now wants to eat you, enslave you or talk to you in a whiny Jersey accent.  You've got years of survival training, a huge stash of guns, canned food and a bomb-proof bunker.   All you need is a nympho fellow survivor to share it with. This will be awesome!  Unless...



You got a purty mouth...

I'm Lola.  Nice Bunker.

Could the other survivors be....

Nahhh. 

Oh Yeah.  It's survival time baby.

"To Infinity...and Beyond!"

 We cannot solve our problems with the same thinking we used when we created them.

-Albert Einstein

    

  9/13/2012     

 Today Ben Bernake, chairman of our Federal Reserve Bank, promised to print $40 billion a month "To Infinity and Beyond!"  until employment in the USA is "acceptable".  "Acceptable" being 5% unemployment.  Or 6%.  Or 7%.  He wasn't real clear on that, but I assume he'll let us know.  He also promised to print more than $40 billion a month "if the stock market goes down" "if circumstances warrant".  So if you, Joe Sixpack, still don't have a job after Ben gave Goldman Sachs and the Too-Big-To-Fail banks $2.8 Trillion in  free money over the last four years fear not.  Ben will give them MORE free money until such time as things are "OK... per Bernake".  In other words, the monetary beatings of the bottom 80% of America will continue until morale improves. The same Too-Big-To-Fail banks that created the housing bubble with free money from the Fed will now get limitless money, at zero percent interest, to "help" lower the unemployment rate.  That's right...the same banks that vaporized our economy in 2008, got bailed out at taxpayer expense, had exactly zero criminal charges brought against them, paid record bonuses in 2010 and are now 25% "Too-Bigger-To- Fail" will now help create jobs.  Hmmm.  Here's the list of primary dealers that get to borrow free money from the Federal Reserve.

 

Bank of Nova Scotia, New York Agency

BMO Capital Markets Corp.
BNP Paribas Securities Corp.
Barclays Capital Inc.
Cantor Fitzgerald & Co.
Citigroup Global Markets Inc.
Credit Suisse Securities (USA) LLC
Daiwa Capital Markets America Inc.
Deutsche Bank Securities Inc.
Goldman, Sachs & Co.
HSBC Securities (USA) Inc.
Jefferies & Company, Inc.
J.P. Morgan Securities LLC
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Mizuho Securities USA Inc.
Morgan Stanley & Co. LLC
Nomura Securities International, Inc.
RBC Capital Markets, LLC
RBS Securities Inc.
SG Americas Securities, LLC
UBS Securities LLC.

 

Ben's plan is to print money until things get better.  If I was the one getting the money I guess I'd be OK with that...but let's see what these charts from the Federal Reserve tell us about that theory.  Click to enlarge.

Fed Balance sheet v. Total Employment

When Ben says he's "saved or created" over 3 million jobs as a result of his printing press, he's referencing this chart.  In Ben's world,  we should only need another $3 trillion or so to get employment to where it was in 2008.  Once you depart Ben's textbook fantasy, though....

Population Growth v. Total Employment

Population growth has nearly equalled the number of "jobs" Ben claims to have created...meaning unemployment would be nearly unchanged since 2009.  Which it is.  Remember your parallel lines from grade school? 

Mr. Potatohead can see the problem here...

Factoring in population growth means those jobs Ben "created"  cost upwards of $2.5 million apiece.  I would REALLY like to have one of those...only they don't exist out here in the real world.

This job cost $2.5 million but pays 26 grand?  WTF!

 

Let's review what our government did when bailing out the TBTF banks:  Banking fortunes were made, bonuses paid, and then the banks said "Oops...we might have made a few bad loans that were not our fault.  Can you please give us a couple trillion so we can do this again except in stocks?"  Our government, under the strict advisement of those same bankers,  said "Sure.  Our people are rich and we need awesome bankers like you.  Sign this campaign donation form on the dotted line."

Total Credit owed v. Credit owned by Federal Government
This is what a bank bailout looks like...party hard till 2009, make a fortune, then flush that toilet full of bad loans onto Uncle Sam and start over.  Woohoo it's great to be a Bankster!

Federal Government buying Bad Bank Loans

Main Street stuck with the tab v. Wall Street free & clear

Corrupt bankers are still in charge,  and this money-printing experiment is hurting most Americans by devaluing our dollar and has little to no measurable effect on Ben's stated goal of lowering unemployment.  The chart below eliminates all the self-serving crapola the government uses to measure "unemployment".  Let's focus on how many people in our  country are working, period, and compare to Ben's printing press.

FED Balance Sheet v. Labor Force Participation Rate

Now focus on how many people are working, period, compared to our population.

Labor Force Participation Rate v. Total Population

 Gee...printing money doesn't seem to be helping workers.  I wonder where the 1,898 mile high stack of $100's Ben's already printed has gone, if not to the labor force?  Let's check those primary dealer accounts that magically go up when Ben hits the "print" button on his laptop...

 

Fed Balance Sheet v. Reserves at Primary Dealer Banks

The big banks are parking most of this money right back at the Fed who gave it to them, where they earn a risk-free 2.5% return by buying treasuries.  It's like this...the Fed prints money and loans it to the primary dealer banks at 0%.  The Fed then prints more money to buy Treasury certificates from the government to finance over 70% of our deficit (and you thought it was China!).  The primary dealers, flush with cash from Uncle Ben, buy those Treasuries from the Fed and the Fed pays them interest.  Got it? 

 

Bonuses all around, gentleman! You've earned it!

  The big banks also use the spare change to speculate in stocks...

 

Fed Balance Sheet v. SP-500

The banks that get free money have basically three options with what to do with it: 

 

1.  Earn a risk-free 2.5% as long as our government runs a deficit (forever).

 

2. Earn 22% or better a year in a risk-free stock market (definitely NOT forever but a blast while it lasts).

 

3. Lend money to some credit-impaired entrepreneur that desperately needs it to create a small business and some jobs. 

 

I'm seeing two-out-of three in the charts above.

 

Ben has promised "Zero Percent" rates for the TBTF banks through 2015.  Main Street shouldn't feel left out though...the banks are passing Zero percent rates on to you as well.

1-year Certificate of Deposit yield 0%
Money Market yield 0%
Interest Checking  yield 0%
Ben saying he's helping Main St. with a straight face: Priceless
 

They just aren't passing it on to where it might help...

 

10.3% finance rate on commercial bank personal loans..if you can get one.

Study: Bank bailout didn't boost small business lending

 

For those keeping score Wall Street gets money for free.  Main Street gets it for 10.3% if they already have 90% of what they need in cash and co-sign their firstborn child.  Unfortunately Ben doesn't think his money-printing, dollar-debasing, bottom-80%-of- America-screwing, stock-market-manipulating policy isn't working because it's inherently flawed. 

 

Ben thinks it isn't working because he hasn't done enough of it. 

 

Please don't take my word for it that Ben's policies are hurting most of us...take his:

 

Ben admits his policies help the big guy and hurt the little guy 

 

Here is Ben explaining where money comes from to Jon Stewart..

The Daily Show
Get More: Daily Show Full Episodes,Political Humor & Satire Blog,The Daily Show on Facebook

.

80% of Americans are getting financially hosed by an unelected official that is both Red (Bush appointed him) and Blue (Obama reappointed him).  You can't vote him out.  His policies affect EVERYONE, and he has printed 20% of our entire national debt in the last four years to artificially inflate stocks, with the blessing of both parties.  To date the widening gap between the stock market and reality hasn't mattered.   However on September 26th, a mere 9 market days after Ben's QE3 announcement, the SP-500 was back to where it was before the announcement.  This immediately led to Wall Street shills to cry for...wait for it...QE4!  The case for QE4 .  Like a drug addict who needs ever-stronger and frequent dosing to catch that buzz, Wall Street can't go two weeks without a stronger "fix".   This time, however, is different.  Stocks are near 5-year highs, yet Ben has promised QEInfinity.  QE4 would only be an increase of QE3.  How do you one-up "Infinite"?  Why, Infinity and beyond, of course!  

Markets have risen almost non-stop 113% since 2009.  They did not rise because of fundamentals or a strengthening economy (80% of America is making LESS than they were 4 years ago, with wages the same as what they made in 1995). They rose because every time markets fell Central Bankers would hint at "more QE" and the markets would dramatically reverse higher.  With QE3 however, the constant implied rescue of a falling market overnight by a "more QE" hint has been replaced by a permanent rescue..   Markets have been manipulated to near all time highs by threatening a thunderstorm of money at every downturn, but the actual storms were infrequent.  Now it's raining money all the time.  $40 billion a month for starters. 

Listen, and understand.   That Fed Chairman is out there.  He doesn't feel pity, or remorse, or fear.  And he absolutely will not stop...ever...until your dollar is  DEAD!

Aahhll be Prin-ting...

Ben's textbook tells him that if he increases the money supply and credit, that the economy will grow.  With nearly 80% of our country making less than they were 10 years ago and paying more for necessities because of him devaluing our dollars, the demand to get deeper in debt isn't there.  We cannot solve debt problems with more debt.  The money he's so freely printing is not going to the people who will use it to create jobs and grow the economy...it is going to the TBTF banks.   You cannot lavish free money on a handful of people at the expense of millions and expect the real economy to grow.  Stocks cannot be artificially inflated forever.   We cannot print our way to prosperity.  Look what happens to food and fuel prices when the printing presses are running.  (That's why food and fuel are not included in the headlined inflation numbers)

Fed Balance sheet v. Food Prices

Fed Balance Sheet v. Gas Prices
 

Goldman Sachs noted the Catch-22 fast approaching:  Worldwide growth grinds to a halt when Brent Crude hits $125 per barrel.  It's $113 as of 10/18/2012, and this monetary Kamikaze mission has just begun, with Europe readying their printing presses as well. 

Europe and America are near debt to GDP levels previously reached only in WWII.  Evidently stopping the Nazis was easier than addressing Social Security, Medicaid and Defense spending.  

Launching a worldwide money-printing effort to kick the debt-can and keep stocks artificially inflated under the guise of "helping unemployment", is going to backfire.  We have record drought and crop failures this year, corn and soybean prices are already at all-time highs, and Brent Crude is fast approaching $125 per barrel.  Food and Fuel will spike higher since you can't print them, and poorer countries will face civil unrest as basic necessities skyrocket in price.   I believe Central Banks will quickly face two choices:  

1.  Stop printing money to manipulate markets, let them fend for themselves and discover what prices should be on their own (hint:  a lot lower) in order to drop fuel and food prices to help the real economy from the bottom up, not the top down.

2.  Continue printing money, devaluing currencies worldwide and face the simultaneous collapse of both the real worldwide economy AND the artificial stock market economy.

Ben has painted himself into a nasty corner with QE Infinity.  The stock market he's so valiantly defended with his printing press for four years can no longer be "surprised" upwards with more money printing.  The real world economy is about to hit a brick wall of high prices resulting from devalued currency.  There is no easy way out, and Ben's focus on the artificial stock market economy is now adversely affecting the real economy, which will adversely affect the markets despite his efforts.  Reality is going to assert itself whether your head is stuck in the sand or not, and the longer Ben's fantasy goes on the more violent will be Reality's return.   In the meantime, life just gets harder for 80% of the country.



Intervention Convention...the party is over when the printing presses stop.

More Importantly, each intervention is less effective as stocks rise further away from reality.  The failure of  endless intervention is mathematically inevitable.

 "I believe that banking institutions are more dangerous to our liberties than standing armies"
-Thomas Jefferson


For more on this subject from a billionaire, whom you might find more credible because,well, he's a billionaire, click the link below  (Note that MY letter to clients predates his, and I have cooler pictures...maybe I can score a real job with him)

  David Einhorn explains how Ben Bernake is destroying America

This article highlights the disastrous impact of money-printing on societies, and how money-printing escapades have ended throughout history (a history Bernake evidently never read):

Memo to Central Banks: You are destroying more than our currency