Credit Writedowns Thu 2009-09-03 11:38 EDT
There is an effort underway to install the Federal Reserve as super-regulator for all banks and financial institutions, concentrating power in one institution. I find these efforts one of the most disturbing outgrowths of the financial crisis we have been witnessing...better to enforce the rules and regulations that are currently on the books than to build in a whole new super-structure.
naked capitalism Tue 2009-09-01 13:10 EDT
T. S. Eliot was right. Human beings cannot stand very much reality. As much as I have an appetite for bearish views (I figure the optimist case gets disproportionate air time), the headline of Ambrose Evans-Pritchard's latest piece, ``Our quarter-century penance is just starting,'' is grim even by the standards of the bearish faithful. Great comment by DownSouth, quoting Martin Luther King and Reinhold Niebuhr to the effect that by delegating to elites what should be the role of labor unions and grass-roots organizations. Niebuhr wrote: ``when collective power, whether in the form of imperialism or class domination, exploits weakness, it can never be dislodged unless power is raised against it'' ``Before we can fix the economy, the polity must be repaired first.''
zero hedge Sun 2009-08-30 15:00 EDT
One of the key headlines these days has been the unmasking of what has been dubbed the biggest identity theft and credit card fraud case in history, allegedly spearheaded by one Albert Gonzalez, who in 2003 was involved in a comparable scheme however upon being caught, promptly became an informant for the Secret Service and turned over 30 of his hacking buddies. Six years later it is he this time who is in the hot seat, together with most of his associates, including one 25 year old Stephen Watt, who supposedly was the creator of the credit card sniffer software used to hack into over 130 million of various credit cards for merchants such as TJX, Dave And Busters and 7-Eleven, which numbers were subsequently sold for hefty sums...
ClubOrlov Wed 2009-08-26 11:24 EDT
This talk was presented at The New Emergency Conference in Dublin, on June 11, 2009. ``we all have to prepare for life without much money, where imported goods are scarce, and where people have to provide for their own needs, and those of their immediate neighbours'' ``Most of the wealth is in very few private hands right now. Governments and the vast majority of the people only have debt. It is important to convince people who control all this wealth that they really have two choices. They can trust their investment advisers, maintain their current portfolios, and eventually lose everything. Or they can use their wealth to reengage with people and the land in new ways, in which case they stand a chance of saving something for themselves and their children. They can build and launch lifeboats, recruit crew, and set them sailing.'' 1. Good morning. The title of this talk is a bit of a mouthful, but what I want to say can be summed up in simpler words: we all have to prepare for life without much money, where imported goods are scarce, and where people have to provide for their own needs, and those of their immediate neighbours. I will take as my point of departure the unfolding collapse of the global economy, and discuss what might come next. It started with the collapse of the financial markets last year, and is now resulting in unprecedented decreases in the volumes of international trade. These developments are also starting to affect the political stability of...
ClubOrlov; Definancialisation; Deglobalisation; relocalisation.
Thu 2009-05-07 00:00 EDT
``Fractional Reserve Lending (FRL)...in conjunction with micro-mismanagement of interest rates by the Fed is the root cause of the financial crisis''; ``FRL is the enabler for credit bubbles. Given enough time, credit bubbles are guaranteed to implode in deflationary fashion.'' austrian economic libertarian critique
Case; Fed; fractional reserves lending; Mish's Global Economic Trend Analysis.
Wed 2009-04-01 00:00 EDT
by Mark Ames; ``What if our wealth is a consequence of our ability to plunder the world's wealth, often by default thanks to our competitors' suicidal behavior?''
Wed 2009-04-01 00:00 EDT
Kansas City Fed President Thomas Hoenig: ``we have not defined a consistent plan and not addressed the basic shortcomings and, in some cases, the insolvent position of these institutions''
Fri 2008-12-05 00:00 EST
``the cure is to embrace deflation and stop fractional reserve lending and the serially bubble blowing activities of the Fed''
Central Planning; China prepares; Mish's Global Economic Trend Analysis; prepared; worst case.
Thu 2008-11-13 00:00 EST
``Expect to see a narrowing of the reported trade deficit from ~7% to 2% or less of GDP (now at slightly less than 5%).''
Falling International Reserves Explored; Mish's Global Economic Trend Analysis; strange case.
Fri 2008-08-08 00:00 EDT
Fri 2008-05-02 00:00 EDT
"Boomers will be competing with their children and grandchildren for jobs that in many cases do not pay living wages"
demographics; Jobless Claims; Mish's Global Economic Trend Analysis.
Sat 2008-04-12 00:00 EDT
Hillary's Flimsy Case, by Matt Taibbi, Rolling Stone; Obama "running as a symbol of a new politics...But if it were to get out that he's not that...then he quickly morphs into a different kind of symbol, a symbol of how an essentially bankrupt political system can seamlessly repackage itself to a fed-up marketplace by making cosmetic changes, without altering its basic nature." "In American politics, always look for the worst possible scenario to emerge triumphant"
Tue 2007-12-11 00:00 EST
Cutting The Bull > A Case Study on Market Manipulation: LEAP
Thu 2007-11-15 00:00 EST
