Useful Idiots

Bernanke, Coolidge, and Buchanan: On Timing Your Departure

"Under him, the country suffered the worst economic setback since the Great Depression. He used the printing press to bail out some large banks and a few over-leveraged investment firms. He served as Hank Paulson's silent potted plant. He addicted the American economy to what amounts to hyperinflation of the monetary base. The commercial banks are not lending. The recovery is barely functioning. The economy has sustained its worst performance since the Great Depression. He has been in charge the entire time. He is trying to get out with his reputation intact. He is likely to make it, and whoever follows him will likely not make it." Continue reading →

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Obama Narrows Field for Fed Chairman to 3

"The proof that none of them deserve the job is that they all want the job. Given that interest rates are climbing, that price inflation is not far behind, that we are likely headed for stagflation and that there is $2 trillion in excess reserves overhanging the economy, you really have to be clueless to want the job. There is no way the next Fed chair is going to look like anything other than a bumbling incompetent. It is dumb to want the position." Continue reading →

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Ruinous Inflation Proposals

"In this day and age, one should never assume that 'educated' persons, especially those who have “earned” advanced degrees in economics, know the least bit of economics or possess the least bit of sense that might steer them away from the refuse that passes for economic thought. I speak specifically of Biagio Bossone and Richard Wood. Their ruinously inflationary ideas, if adopted, will destroy the economies that they think will be saved. The lofty positions they have held in such institutions as the World Bank, the IMF, the OECD, the Paris Club, and the Australian Treasury make them all the more dangerous." Continue reading →

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Bill Bonner: And the Next Fed Chairman Will Be…

"The hour is the time when Ben Bernanke must shuffle off to some post where he will do less damage. The man is the person (man or woman) who will take his place in the padded chair. As to Yellen, Summers and Kohn, we would reject them all. Clearly, none has any idea what is coming his way or he wouldn’t want the job. But this is a minority opinion. So let’s keep an open mind and examine each of these fish separately. Janet Yellen has three things going for her. According to Alan Blinder’s recent piece in The Wall Street Journal, she (1) is a woman, 2) is a good diplomat and (3) has been around the Fed since 1990 and nothing bad has happened." Continue reading →

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When The NSA Comes To Town

"The main reason the NSA chose Utah was because of its cheap electricity. It also has abundant water, immunity from most types of natural disasters, and abundant open land, factors that have driven other companies, including Twitter, eBay, Overstock, Microsoft, and Adobe, to place their data centers in the state. But there is something deeper than cheap electricity — which the NSA and politicians courting the agency repeatedly called Utah’s 'patriotism.' The state is staunchly Republican and conservative. It is also known for unusually regressive laws regarding internet freedom." Continue reading →

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Obama delivers ‘full-throated defense’ of Larry Summers to House Democrats

"President Barack Obama defended Larry Summers’ credentials during a meeting with House Democrats on Wednesday. Rep. Gerry Connolly (D-VA) told The Hill that Obama had given a 'full-throated defense' of Summers during the meet at the Capitol. Obama is rumored to be considering nominating Summers to replace Ben Bernanke as chairman of the Federal Reserve. Obama described Summers as a loyal and important adviser during the 2008-2009 financial crisis. Summers had served as director of the U.S. National Economic Council under President Barack Obama. He resigned in 2010." Continue reading →

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NSA director Keith Alexander insists mass surveillance programs respect privacy

"Alexander, who is usually shy of publicity, attempted to win over the 7,000-strong gathering of industry professionals in Las Vegas as part of a charm offensive to contain the damage and deter Washington from curbing the programmes. Security guards confiscated eggs – presumably intended to be thrown – minutes before the NSA chief spoke. A few hecklers interrupted, accusing him of 'lying', 'bullshitting' and not reading the constitution. 'I have read it. So should you,' he shot back, earning laughs and applause. He praised the audience and invited them to help improve NSA. The performance won over the hackers, who applauded warmly at the end." Continue reading →

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Obama’s Next Big Blunder

"Many believe Janet Yellen, the Fed’s current vice chairman, is the best option because she’s been involved in all major recent monetary policies. But I won’t be taken aback if Obama picks Summers. He’s perfectly qualified for the job. If you have a terrible track record of predicting the economy and like to favor big banks at the expense of everyone else, then you’ve got a good shot at becoming the Fed chief. Because that’s precisely what the Fed does. It punishes savers and helps make bankers rich. And it fails to predict all major economic developments. That’s why Obama is considering Summers." Continue reading →

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Snowden Is No Traitor: 55% to 34%

"In a massive shift in attitudes, voters say 45 – 40 percent of the government’s anti-terrorism efforts go too far in restricting civil liberties, a reversal from a January 14, 2010 survey, when voters said 63 – 25 percent that such activities didn’t go far enough. Almost every party, gender, income, education, age and income group regards Snowden as a whistle-blower rather than a traitor. The lone exception is black voters, with 43 percent calling him a traitor and 42 percent calling him a whistle-blower. There is a gender gap on counter-terrorism efforts as men say 54 – 34 percent they have gone too far and women say 47 – 36 percent they have not gone far enough." Continue reading →

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