QT stands for "They lie."
You gonna do somethin' or just stand there and bleed? - Kurt Russell
You gotta love the Fed. I think they’re doing this just to bug me.
Oh hell, Bloomberg - just stop it!!
Speaking of diseases…
Classic Financial Times:
An op-ed defending central banks written by Jean Boivin, “head of the BlackRock Investment Institute and former deputy governor of the Bank of Canada.”
There’s our problem, right there, in a nutshell. We are colonized by unelected, unaccountable wankers who get rewarded by the guys they’ve enriched who then write FT op-eds defending their scam.
The very first line: “Rising prices hurt everyone.”
Oh really? Then why did we get this until very recently?
As Ben Hunt would say, Burn It The **** Down.
Inflation is making homelessness worse
Nobody saw this coming, right Paul Krugman?
Paul trots out an old argument:
inflation redistributes from creditors to debtors — not exactly a burden on the bottom half of the income distribution
This is how it works in real life:
I’ve talked about this sort of “inflation is a good thing” bullshit many times (e.g. in A Very Ordinary Life.) Some examples:
The winners in our inflation were big-business men in the cities...the great losers were the working class and above all the middle class, who had the most to lose. - Erna Von Pustau
Of course all the little people who had small savings were wiped out. But the big factories and banking houses and multi-millionaires didn’t seem to be affected at all. They went right on piling up their millions. Those big holdings were protected somehow from loss. But the mass of the people were completely broke.And we asked ourselves, “How can that happen? How is it that the government can’t control an inflation which wipes out the life savings of the mass of the people but the big capitalists can come through the whole thing unscathed?” - Phyllis Knight
The bloody uproar of the War is over: let's enjoy the carnival of the inflation. It’s loads of fun and paper: printed paper, flimsy stuff - do they still call it money? For five billions of it you can get one dollar., What a joke! The Yankees are coming—as peaceful tourists, this time. They purchase a Rembrandt for a sandwich and our souls for a glass of whisky. Messrs. Krupp and Stinnes get rid of their debts: we, of our savings. The profiteers dance in the palace hotels. - Klaus Mann
We all know Krugman is a typical IYI partisan weirdo.
Paul should read the 1976 Democratic Party Platform.
Inflation is a tax that erodes the income of our workers, distorts business investment decisions, and redistributes income in favor of the rich. Americans on fixed incomes, such as the elderly, are often pushed into poverty by this cruel tax.
Above is a chart from “the CU Leeds School Confidence index (LBCI), a June 1-20 survey of 216 Colorado business leaders. Grim. A good long-term track record, and... grim, forecasting the Q3 and Q4 economy dropping to levels similar to 2008 and March 2020.”
Also from Louis S. Barnes:
The best predictor of Fed action is the 2-year T-note. The funds rate rose .75% on June 15 to 1.75%. Bloodthirsty Fed blather says another .75% at its meeting on July 27 -- to 2.50%, the same as the 2019 top followed by hasty retreat.
The 2-year at 2.8% today seems to be in the “hasty retreat” camp.
Can’t wait for the FOMC to announce that 5% official CPI is livable (it makes as much sense as the 2% number they pulled out of their a**.)
Then they can restart QE to get this chart ramping up again, before they go off to Blackrock, Pimco, Citadel, the Wall Street speaking circuit, or the Treasury Department. Or all the above.
Reserve Bank of Australia Hikes Rates in Quickest Tightening on Record
CoreLogic: House Prices up 20.2% YoY in May
Meanwhile, OER is at 5.1%, and that’ll be huge chunk of the CPI, which is a nonsense number (as is PCE).
OMG. They might weaponise oil!
If you use the word “freedom” you’re a Nazi. Discuss.
I’m no crypto or CBDC expert, but I know enough not to trust people like Agustin Carstens as far as I can throw them. (The Carstens link is worth watching. One-minute.)
Just fyi - I saw this on the reddit:
So there is a new report from the "The Bank for International Settlements", which describes how their shitty CBDCs will work and its a total shitshow, basically the banks and or government issuing the CBDC will be able to have total control of your assets with permissioned blockchains.
Meaning whoever is in charge of the blockchain (government, banks) regardless of which political party (maybe sometime in the future by some dumb extremist party in whatever direction) can just delete your assets if you out yourself critical of the current government in power
Seems like Justin Trudeau sort of already tried that last part recently.
It almost seems as if being a dick is a pre-requisite to be published on Bloomberg.
This guy Burgess is “executive editor of Bloomberg Opinion.”
Speaking of Bloomberg Opinion pundits…
Noah Smith, who I used to call “Pajama Boy,” is I believe the only person on Twitter who blocked me because I asked him to. He’s part of a particularly odious group of prominent weirdo Fintwit pundits who love the Fed.
Noah is, not surprisingly, “a former Bloomberg Opinion columnist” and former “assistant professor of finance at Stony Brook University” (where MMT High Priestess Stephanie Kelton is a Professor.)
Here Noah was opining before the 2020 election:
I made fun of similar hyperbolic nonsense the day after the 2016 election:
See if you can spot about when the U.S. monetary system came under the complete control of a group of formerly-tenured econ professors and some Wall Street guys…
fyi These posts are just stream of consciousness based on whatever random stuff I come across. When it seems like I have enough stuff, I post ‘em.
"We are colonized by unelected, unaccountable wankers who get rewarded by the guys they’ve enriched.."
This should replace official fact check warnings Twitter/FB slap on social media posts.
These posts are something to look forward to- since the MSM is all garbage. Please keep these posts going, and thank you!