When you look at the breakdown of the bailouts and QE programs as below, it becomes quite apparent how really insane this monetary policy really is. What’s more frightening is that the EU’s policies are WORSE! The FED is printing money willy-nilly and the ECB is slowly sucking the economic viability out of the EU economy with nihilistic austerity programs, and even in the light of real evidence of the damage, they continue to enact these insane policies.
To put in perspective the size of just the US money printing operation, consider that the “net” figure of $863 billion represents the total face value of Federal Reserve Notes in circulation, or, it represents nearly 50% of the GDP. To put it another way, you via congressional monetary policy delegated to the FED’s monetary policy has taken actions that put every man, woman, and child in this country in debt to the tune of $237,500! Translated to a family of four that’s a cool 950 LARGE!
While the FED speeds down the road to a hyperinflationary crash, and the EU is looking at a third round of recession and might even be looking at the “D” word, deflation, China is creating gold backed ETFs and is entering market places globally, the rise of the Red Dragon. The monetary policies of Russia, China, and most of the so called BRIC nations seem to be adapting more correctly to world markets and demands.
I don’t remember us being asked to comment or god-forbid assent to such policies. But hey, according to Jamie Dimon in Davos Switzerland explaining why people don’t need to know what’s going on in the banking world. It’s too “complex.” Just know that their fee comes from managing this ball of financial confusion. And that’s all you need to know. Really? How about what I understand, that this is a house of cards game being played in an unregulated casino and that it will collapse without any question and therefore by definition is insane. I know that’s complex but I’m just an ordinary guy.
U.S. President Barack Obama on Thursday nominated Mary Jo White, a former U.S. attorney who built a reputation prosecuting white-collar criminals, terrorists and mobsters, to lead the Securities and Exchange Commission. The agency has a lead role in implementing changes on Wall Street.
White spent nearly a decade as the U.S. attorney in Manhattan, handling an array of white-collar crimes and complex securities and financial fraud cases. She brought down mobster John Gotti and won convictions in the 1993 World Trade Center bombing and the 1998 bombings of two U.S. embassies in Africa.
Obama said that experience makes White well-suited to implement legislation he championed to change the behavior on Wall Street. “I’d say that’s a pretty good run. You don’t want to mess with Mary Jo,” Obama said at the White House. “As one former SEC chairman said, Mary Jo does not intimidate easily, and that’s important because she has a big job ahead of her.
That’s the positive “spin”. The negative side of this is that White also represented JPMC, and others as defense attorney in SEC inquiries. So in a sense, White knows where the bones are buried. The Wall Street Pit bulls aren’t barking so it is hard to read what is next. Certainly, in spite of the magnitude of evidence of felonies being committed by the Wall Street Boys, no one has gone to jail. Is that about to change? Only time will tell. Oh yeah and one other thing, you writing the new head of the SEC and after you have congratulated her on her significant appoint, urge her to begin immediately to vigorously prosecute those where the evidence is certain.
You know we do not need to understand what an ETF is or what a credit default swap is, because in the end it is just this simple. These ego-maniacs have bet the farm and put up the family as collateral. It really is that real. So do you have anything to say about that?