The public-to-private sector “revolving door” has crossed into the macabre twilight zone.
Moments ago an announcement by giant bond manager (technically, these days “merely above average height” bond manager, considering the collapse in the TRF’s AUM since Bill Gross’ departure over a year ago) revealed that public service cronyism is not only alive, but has never been better, when in a press release it reported that former Fed Chairman Ben Bernanke, ex-U.K. Prime Minister Gordon Brown, and former ECB president Jean-Claude Trichet will form the backbone of a “global advisory board” at Pimco.
YouTube Added: 03.05.2013
– The Joke’s On Cyprus After All (ZeroHedge, March 21, 2013):
Oh the irony:
18/01/2008, Trichet: “For a small, open economy like Cyprus, Euro adoption provides protection from international financial turmoil.”
– Eurogroup Head Confirms “It Has Become Serious”, As He Is Back To Lying (ZeroHedge, July 30, 2012):
The insolvent banana continent is back. Recall back in May 2011:
“When it becomes serious, you have to lie.” –Jean Claude Juncker
Ergo, things in Europe are very serious again because the Eurogroup’s head, who until recently promised he was quitting his post because “he had gotten tired of the Franco-German interference in managing the region’s debt crisis”, only to spoil the fun and say he was lying about that too, is back to doing what he does best – lying. To wit: “the euro countries are preparing together with the bailout fund EFSF and the European Central Bank to buy government bonds if necessary clip euro countries.” And now cue Schauble: “Federal Finance Minister Wolfgang Schaeuble has rejected speculation about impending purchases of government bonds by Spanish EFSF and ECB.”
From Suddeutsche Zeitung:
“No time to lose”: The chairman of the €-group sees a crucial point of the debt crisis has arrived. Jean-Claude Juncker supports plans by ECB chief Draghi for the purchase of government bonds – and Germany are partly to blame for the crisis. Berlin treats the euro area “as a branch.” Also called “chatter on the withdrawal of Greece” is not helpful.
Juncker confirmed that the euro countries are preparing together with the bailout fund EFSF and the European Central Bank to buy government bonds if necessary clip euro countries. Because there is no doubt, he said. “It is still necessary to decide exactly what we will do and when.” This depended “on the developments of the next few days and from reacting as fast as we need.”
And to think only yesterday the only person whose opinion matters, Germany’s Finance Minister, “denied plans for a new aid program for Spain, according to newspaper Welt am Sonntag, after the media reported European Union leaders aim for Spanish government bond purchases by the European rescue fund and the European Central Bank.”
We leave it up to readers to figure out which of the above two is telling the truth, but in the meantime, here are some other soundbites from the man who is back to desperation pleading with markets:
– This Is The Government: Your Legal Right To Redeem Your Money Market Account Has Been Denied – The Sequel (ZeroHedge, July 19, 2012):
Two years ago, in January 2010, Zero Hedge wrote “This Is The Government: Your Legal Right To Redeem Your Money Market Account Has Been Denied” which became one of our most read stories of the year. The reason? Perhaps something to do with an implicit attempt at capital controls by the government on one of the primary forms of cash aggregation available: $2.7 trillion in US money market funds. The proximal catalyst back then were new proposed regulations seeking to pull one of these three core pillars (these being no volatility, instantaneous liquidity, and redeemability) from the foundation of the entire money market industry, by changing the primary assumptions of the key Money Market Rule 2a-7. A key proposal would give money market fund managers the option to “suspend redemptions to allow for the orderly liquidation of fund assets.” In other words: an attempt to prevent money market runs (the same thing that crushed Lehman when the Reserve Fund broke the buck). This idea, which previously had been implicitly backed by the all important Group of 30 which is basically the shadow central planners of the world (don’t believe us? check out the roster of current members), did not get too far, and was quickly forgotten. Until today, when the New York Fed decided to bring it back from the dead by publishing “The Minimum Balance At Risk: A Proposal to Mitigate the Systemic Risks Posed by Money Market FUnds“. Now it is well known that any attempt to prevent a bank runs achieves nothing but merely accelerating just that (as Europe recently learned). But this coming from central planners – who never can accurately predict a rational response – is not surprising. What is surprising is that this proposal is reincarnated now. The question becomes: why now? What does the Fed know about market liquidity conditions that it does not want to share, and more importantly, is the Fed seeing a rapid deterioration in liquidity conditions in the future, that may and/or will prompt retail investors to pull their money in another Lehman-like bank run repeat?
Here is how the Fed frames the problem in the abstract:
– ECB Purchases €22 Billion Of Italian, Spanish Bonds In Past Week, Highest Weekly Amount Ever (ZeroHedge, Aug 15, 2011):
The ECB just disclosed its much anticipated weekly purchases under the SMP (or direct monetization) program, which at €22 billion came well above expectations of €15 billion, and represents the biggest weekly total in the 66 weeks of purchases under the program, more than the previous record €16.5 billion purchased in the inaugural week of the SMP. Furthermore, as has been disclosed before on Zero Hedge, with a regular (T+3) settlement on SMP purchases, this means that the full weekly total will not be clear until next week’s number is announced, and the presented number is only indicative of the pre-settled purchases of Italian and Spanish bonds. As before, what happens under the SMP is irrelevant (although is occurring as predicted by Zero Hedge back in November, when we said the SMP total is about to double as the crisis spreads) since the only thing that matters is when and how big the EFSF will become. Continuing monetizations at this rate under the SMP is political suicide (because make no mistake: the ECB is nothing but a political player now) for JC Trichet and his Italian soon to be replacement. We can’t wait to hear Germany’s reaction to the fact that cumulative SMP purchases (and thus “Weimar” risk) increased by 30% in one week.
“Thanks to the fantastic work of Bilderberg activists, journalists and the Swiss media, we have now been able to obtain the full official list of 2011 Bilderberg attendees. Routinely, some members request that their names be kept off the roster so there will be additional Bilderbergers in attendance.
- Coene, Luc, Governor, National Bank of Belgium
- Davignon, Etienne, Minister of State
- Leysen, Thomas, Chairman, Umicore
- Fu, Ying, Vice Minister of Foreign Affairs
- Huang, Yiping, Professor of Economics, China Center for Economic Research, Peking University
- Eldrup, Anders, CEO, DONG Energy
- Federspiel, Ulrik, Vice President, Global Affairs, Haldor Topsøe A/S
- Schütze, Peter, Member of the Executive Management, Nordea Bank AB
- Ackermann, Josef, Chairman of the Management Board and the Group Executive Committee, Deutsche Bank
- Enders, Thomas, CEO, Airbus SAS
- Löscher, Peter, President and CEO, Siemens AG
- Nass, Matthias, Chief International Correspondent, Die Zeit
- Steinbrück, Peer, Member of the Bundestag; Former Minister of Finance
James Turk’s presentation on the gold price and the US dollar
James Turk of the GoldMoney Foundation speaks about currency devaluation and the rising gold price. How the gold price is rising against all major currencies and monetary policy is political, having abandoned all pretence of seeking monetary stability. He warns of the dangers of a hyperinflationary crisis. James also explains why gold should be considered money and not an investment.
He also talks of the coming dollar collapse and the waterfall decline in the dollar, especially since Ben Bernanke’s words on QE. He talks of different examples of hyperinflation from paper money hyperinflation in Weimar Germany to deposit currency hyperinflation in Argentina. The presentation was held on 29 April 2011 in Munich, Germany.
However, Prof. Nouriel Roubini said neighboring Spain, Europe’s fourth-largest economy, is “too big to bail out.”
Prepare for collapse, because it’s coming.
True Finns party chairman, Timo Soini launched the most scathing and accurate attack yet against Jean-Claude Trichet, Jean-Claude Junker, and the ECB for its policy raping taxpayers of various countries to pay back German, French, UK, and US banks that made stupid loans for stupid reasons.
Please read the Wall Street Journal article Why I Won’t Support More Bailouts by Timo Soini. There is much more than this somewhat lengthy snip that follows.
When I had the honor of leading the True Finn Party to electoral victory in April, we made a solemn promise to oppose the so-called bailouts of euro-zone member states. These bailouts are patently bad for Europe, bad for Finland and bad for the countries that have been forced to accept them. Europe is suffering from the economic gangrene of insolvency—both public and private. And unless we amputate that which cannot be saved, we risk poisoning the whole body.