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06/11/2015

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rumor

Even these half-assed admissions and sort-of realizations only ever come out from a retiree. No one's ever interested in questioning the basis of their power when they're in office. It reminds me of the endless parade of law enforcement chiefs who rail against the war on drugs once they've stepped out the door, except in those cases at least you have a bald-faced admission.

Philip

Rumor,

I agree, that's why I don't see people such as John Perkins (Confessions of an Economic Hitman) as any sort of hero. After years of hurting other countries he comes clean (the damage is already done and out of control, the genie is out of the bottle). He was inside the system himself and would he have listened to anyone trying to change the direction he was heading? More than likely he wouldn't. Does he really expect anyone (or any huge number) following a similar course as he did to question themselves before their bank accounts (their off shore accounts) are filled to brim?

From the Vanishing New York blog a few years ago.
http://vanishingnewyork.blogspot.com/2008/06/happy-20th-die-yuppie-scum.html

Sam Taylor

Dave,

The fed doesn't have to unwind it's balance sheet. By paying interest on excess reserves it retains control of the funds rate, and as such it is perfectly able to let the securities on its balance sheet mature naturally, as I suspect it will.

Now, there are issues with the fact that the fed has flooded the system with reserves, which only banks can use, and in doing so has reduced the number of treasury bills in circulation, which any entity can control. This will potentially have impacts for liquidity management should another crisis rest it's head.

adamx

It did somebody some good! The Wal-Mart heirs and Warren Buffet made money!

Their attempt to claim that it "evens out" is a sort of modern version of the 3/5ths compromise, only more extreme. I'm not sure of the exact math, but it seems to suggest that 10 poor and middle class people are worth 1 rich person, or thereabouts. It's funny how, when they decide to "drop money from helicopters", it's never on the poor people that need it the most. Not funny haha, more sad face funny.

The most interesting thing to me, though, even over QE and the obvious consequences, is that the housing bubble is being reinflated on a huge scale - or to put it another way, housing is put out of reach for the poor and middle class.

Alexander Ač

Hello, great catch!

...trying to live in the Real World, which is always a struggle.

Just to expand on that:

* trying NOT to get into debt, while everyone else is doing that, is a struggle

* trying NOT to have a high carbon footprint, while everyone else is doing that, is a struggle

* trying NOT to ignore needs of other people, when everyone else is doing that, is a struggle

* trying NOT to ignore the roots of evil in the world, while everyone else is doing that, is a struggle

* trying NOT to contribute to overpopulation, while everyone else is doing that, is a struggle

* tryin NOT to be an egocentric maniac, while everyone else is doing that, is a struggle

etc. you get the point.

Alex

T e Cho

Dave and all,

I cant believe there are only 5 comments on this. I have a govt job and it 'd be foolish to state in detail what i think on this. Hint: it aint gonna get any better.


Jay M

One small point is that the excess zeros in the rich fellas bank account don't affect behavior the way that decreasing compensation and work availablity makes the employee vulnerable, or unemployed.
The "social safety net" is pretty much humiliating by purpose to get involved in, though it provides some redistribution to prevent open rebellion, I guess.

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