Mad Statists

Fed’s Evans: Keep Easing and Economy Will Hit ‘Escape Velocity’ by 2014

"The U.S. economy should emerge from the doldrums next year if the Federal Reserve sticks to its super-easy monetary policies, a top Fed official said on Thursday, even as he warned that cutting back too early would be a 'big mistake.' The Fed is buying $45 billion in Treasuries and $40 billion in mortgage bonds per month, its third round of 'quantitative easing,' and has said it will continue the purchases until it sees substantial improvement in the labor market outlook. 'I don't think we are anywhere near the end of the program,' Chicago Federal Reserve Bank President Charles Evans told reporters after speaking to the CFA Society of Iowa here." Continue reading →

Continue ReadingFed’s Evans: Keep Easing and Economy Will Hit ‘Escape Velocity’ by 2014

Louisiana Health Dept.: Homeless Can’t Eat Deer Meat

"Hunters across Louisiana are outraged after state health officials ordered a rescue mission to destroy $8,000 worth of deer meat because venison is not allowed to be served in homeless shelters. The Dept. of Health and Hospitals ordered the staff at the Shreveport-Bossier Rescue Mission to throw 1,600 pounds of donated venison in garbage bins – and then ordered then to douse the meat with Clorox – so other animals would not eat the meat." Continue reading →

Continue ReadingLouisiana Health Dept.: Homeless Can’t Eat Deer Meat

Japan seen nominating “deflation basher” as BOJ head

"Japan's prime minister is likely to nominate an advocate of aggressive monetary easing - Asian Development Bank President Haruhiko Kuroda - as the next central bank governor to step up his fight to finally rid the country of deflation. The yen fell on the nomination news to a 33-month low and the yield on five-year government bonds hit a record low as markets moved to factor in bolder monetary policy. Kuroda has long criticized the BOJ as too slow to expand stimulus, and is expected to push for more radical efforts to achieve a 2 percent inflation target set in January." Continue reading →

Continue ReadingJapan seen nominating “deflation basher” as BOJ head

Gun Control Laws Increasingly Irrelevant as 3D Printed Rifle Receiver Fires Hundreds of Rounds

"On Monday, with little fanfare and less comment — primarily because none was needed — Defense Distributed unveiled a 3D-printed lower receiver for an AR-15 that stood up to hundreds of rounds of fire. Succinctly, the video on Youtube was accompanied by the statement, 'Does not fail from firing stresses. 600+ rounds.' Just as important, and the purpose of all this effort, the group made plans for the receiver available for download by all and sundry at DefCad. Defense Distributed's video and 3D printer plans are a clever and powerful blow to politicians' efforts to restrict Americans' abilities to own the means of self-defense." Continue reading →

Continue ReadingGun Control Laws Increasingly Irrelevant as 3D Printed Rifle Receiver Fires Hundreds of Rounds

FED paper warns it might not be able to undo QE

"A new paper for the US Monetary Policy Forum and published by the Fed warns that the institution's capital base could be wiped out 'several times' once borrowing costs start to rise in earnest. A mere whiff of inflation or more likely stagflation would cause a bond market rout, leaving the Fed nursing escalating losses on its $2.9 trillion holdings. This portfolio is rising by $85bn each month under QE3. The longer it goes on, the greater the risk. Exit will become much harder by 2014. What is new is that these worries are surfacing openly in Fed circles." Continue reading →

Continue ReadingFED paper warns it might not be able to undo QE

Debt crisis: France puts brakes on austerity

"Finance Minister Pierre Moscovici said on Friday that France would ask its EU partners and the European Commission for an extra year to cut its public deficit below a targeted 3 percent of GDP, and would outline new savings measures soon. Mr Hollande said his government had brought down the deficit to 4.5 percent in 2012. The European Commission expects a French 2013 deficit of 3.7 percent of GDP. Spending cuts in 2014 would be made in the state budget, local budgets and the social security budget, Hollande said. Mr Hollande said France would continue to try and boost growth through public investment." Continue reading →

Continue ReadingDebt crisis: France puts brakes on austerity

Bank of England’s Tucker Says He’s Open to QE as BOE Stresses Flexibility

"Bank of England Deputy Governor Paul Tucker said he’s open to adding to asset purchases as policy makers stressed the central bank has the flexibility to expand stimulus if needed. Tucker was testifying alongside policy makers David Miles, Charlie Bean and Ian McCafferty at a Parliament hearing in London today on the BOE’s latest quarterly forecasts. The BOE has said it will 'look through' a period of above-target inflation to keep nurturing growth, which Bean said 'made sense' in the current environment. Tucker also raised the prospect of negative interest rates at the hearing." Continue reading →

Continue ReadingBank of England’s Tucker Says He’s Open to QE as BOE Stresses Flexibility

Doug Casey on G20 Economic Suicide

"The result is that you don't just get one currency devaluing, but all currencies devaluing against real assets, commodities, goods, and services. I do believe that within the foreseeable future all these paper currencies are going to be devalued to zero – in other words, they will reach their actual intrinsic values. This is extremely serious, because the productive people of the world – the ones who actually consume less than they produce and save the difference, which is what all economic growth and progress depends upon – will be wiped out. When their savings vanish, it's going to create a social and political earthquake right off the Richter scale." Continue reading →

Continue ReadingDoug Casey on G20 Economic Suicide

Ron Paul: When they came for the Raw Milk drinkers…

"All Americans, even if they do not believe it is a wise choice to drink raw milk or use gold coins, should be concerned about the use of force to limit our choices. This is because there is no limiting principle to the idea that the government force is justified if used 'for our own good.' Today it is those who sell raw milk who are being victimized by government force; tomorrow it could be those who sell soda pop or Styrofoam cups. Therefore, all Americans should speak out against these injustices." Continue reading →

Continue ReadingRon Paul: When they came for the Raw Milk drinkers…

Japan Ramps Up its Monetary Race to the Bottom

"So, the model for Japan today is their version of the New Deal. I'll assume that Japanese politicians will ignore that connection between easy money, inflation and war, and forget that such policies ended rather badly for the Japanese in 1945. LRC's own Mike Rogers reports from Tokyo that 'Japan's Debt Explosion [is] Coming Up'. Earlier, Rogers wrote that even the monied upper classes are starting to worry. Standards of living continue to fall or go nowhere." Continue reading →

Continue ReadingJapan Ramps Up its Monetary Race to the Bottom