“Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, and one by one.”
Charles Mckay, Extraordinary Popular Delusions and the Madness of Crowds (1841)
fyi - My site now has a Podcast, which I’ve tentatively titled, “All I Wanted Was A Pepsi.” (I thought that was more fun than, say, “Rudy’s Podcast” or something.) I don’t intend to host a podcast, but it’s a place I can upload audio or video as desired.
My first post is the thing I did with Grant Williams and Stephanie Pomboy on June 2. It’s audio only and just for paid subscribers. I may unlock it in the future. As for the video itself (on Grant-Williams.com), I have no camera on my desktop - I used my avatar pic, but the voice is mine, and undistorted other than by nervousness. (If RØDE Microphones would like me to endorse their NT-USB mic for, say, a million bucks I would consider that.)
A number of nice people have asked me to be on their podcast, and as I told Grant Williams for years, never say never. I am flattered, thank you, but I don’t want to start doing a bunch. Maybe if some calamity happens like the Dow falls 1% in a day or something like that we’ll have something to talk about. For right now I’m happy with my debut.
"I can't read his tweets the same way anymore
knowing he doesn't sound like Werner Herzog."
I cannot believe the Fed “Dot Plot” is still a thing.
Friends of the Show Mike Shedlock and Adam Taggart. Mish has been around the block a few times.
Here’s something of his I’d saved. No working link.
Mike Shedlock, March 2008:
What To Do About The Liquidity Trap
Here's what to do about the liquidity trap: Nothing. The concept of liquidity traps is imaginary. Home prices are too high, they need to correct. There are too many houses and stores so we should not encourage more building. Savings should be encouraged, not discouraged. Overcapacity needs to be worked off not fueled. Bankruptcies are part of the solution not part of the problem.
The real trap is doing something as opposed to nothing. Quantitative Easing and ZIRP [zero interest rate policy] did not help Japan and they will not help the US either.
The central bank simply cannot force additional credit down the throats of prospective borrowers, nor should it try. Attempts to do so will only prolong the agony while punishing innocent savers, especially those on fixed incomes.
We are colonized by wankers.
As I saw former Fed Governor Frederic Mishkin on CNBC for the 40,000th time the other day, I was reminded that he’s just another typical econ goofball, who should have no influence over any of our lives.
Like Bernanke, Yellen, Bullard, Evans etc. - he’s a cloistered, inbred academic economist completely out of touch with reality, yet he can remain totally unaccountable (and unelected) - while forever messing with the daily lives of a few hundred-million people.
We need to mock these clowns and strip them of their power. Instead they’re treated as wise oracles, no matter what. We need to take away the power of the academic economics profession, worldwide.
Speaking of Mishkin - if you’ve never seen “Inside Job,” it’s well worth a watch. It’s online here.
So tired of the gaslighting…
"Inflation can be defined as the overall general upward price movement of goods and services in an economy."
Wednesday’s Wall Street Journal:
Even their "Core" Inflation Model has been DOUBLE or more the Fed's made-up 2% target for two years now. Meanwhile, the TV-people asset-gatherers trivialize inflation.
Happy Father’s Day!
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