Spiegel Says “Even a 1-Trillion Euro Firewall Wouldn’t Be Enough”

by Mike Shedlock Global Economic Analysis:
Eurozone bureaucrats keep upping the ante as to how big a “firewall” is needed. And at every critical juncture, German Chancellor Angela Merkel has proven she is nothing but a liar. With every demand for additional firepower, comes an inevitable cave-in from Merkel supporting the move, no matter what she says in advance.
Meanwhile, the entire idea that firewalls can accomplish anything is ludicrous, given the key point that no currency unions in the absence of fiscal unions cannot and will not work.
I suspect Merkel understands this, merely wanting to get Germany so deep into bailouts step by step, that it will be reluctant to leave the Eurozone.
It is high time the German Supreme court step in and stop this nonsense.
However, nothing can stop Greece, Portugal, and Spain from leaving, and eventually they will. In the meantime, rest assured that every increase in firepower will be additional money of German citizens’ pockets. The end-game will be a currency or banking crisis at the worst possible time.
Read More @ GlobalEconomicAnalysis.blogspot.com

Chart Of The Week: This Is Who Is Selling

For every seller there is a buyer. Which conversely means that for every robotic HFT, central bank or Primary Dealing buyer there is a seller. We present who that seller is...

Ron Paul Rocks Wisconsin: 5,000+ Brave Cold, Cheer Liberty

from RonPaul2012.com:
This isn’t a mere campaign. It’s a revolution.

Mockingbird Media Proof: They Are Actively Blacking Out Ron Paul – Both Locally and Nationally

from Matlarson10:
Further outrage as the local Mockingbird media in Wisconsin ignores Ron Paul’s massive support and the FACT that he is WINNING in the court of public opinion – with more than 5,000 people turning out to support Dr. Paul at just ONE rally in the state’s capital, Madison, WI. ~SGT

Americans Are Ditching The Mockingbird Media Propaganda – in Droves!

[Ed. Note: Well this clip from RT is perfectly timed with my previous post where the local whore Mockingbird media in Milwaukee IGNORED Ron Paul entirely - wouldn't even mention his name as having been IN Wisconsin, despite 5,000+ people showing up to support him at just ONE rally in Madison, WI. The good news is, CNN's viewership has declined 50% in just the last year alone. Sorry, but people aren't buying the CIA talking points anymore Wolf.]
from Dont-Tread-On.Me:

Ron Paul Sweeps All Delegates Out of Nye County, Nevada

 

The Eye Of The Hurricane Passes: Full List Of European Known Knowns As The New Quarter Begins

It appears that these days a EUR1 trillion hot liquidity injection (such as that from the ECB's LTRO 1+2) will buy you about 3 months of breathing room. Then the ostriches have no choice but to pull their head out of the sand, especially in Europe, where after three months of spread tightening, and hence the belief that "all is fixed", things are starting to turn ugly again: sovereign government spreads are beginning to widen, Europe is demanding more money from the IMF (i.e. America, even as the BRIC countries are starting to consider a world without the USD as a reserve currency, and are now forming their own bank) to boost its firewall, strikes are promptly converting to riots, Italian bank stocks are being halted due to rapid moves lower, the LTRO stigma trade is at 2012 wides, in short everything we grew to know and love in Q3 and Q4 of 2011. Ironically, having papered over the symptoms courtesy of fresh new money, the underlying causes were never addressed, and only got worse as the deteriorating European economic data suggests. What is scary, as UBS shows, is that this is just the delayed carryover from 2011! Just like the US which had the benefit of abnormally warm weather to mask a "bounce" in the economy which was never structural, so Europe had a relatively quiet quarter in terms of newsflow. Things are about to change: read the following for why the eye of the hurricane is about to pass over Europe and why this time around there is $1.3 trillion less in firepower to delay the onset of reality.

From Elastic Economics To Elastic Money: The True "Economic" Underpinnings Of The Status Quo

Wonder why the premise of a Gross Domestic Product is bunk? Wonder why politicians care first, foremost and only about bailing out banks, with little thought put to actually saving that core driver which according to economic canon is responsible for 70% of GDP? Wonder why the status quo is more threatened by a gold, or any kind of standard, that limits the potential of infinite dilution of nominal concepts? The Privateer's Bill Buckler expains, in three short paragraphs, the great lies that are Elastic Economics and Elastic Money, and why everything else is noise.

Living With Volatility

Admin at Marc Faber Blog - 46 minutes ago

"If you cannot live with volatility, stay in bed." - *a famous quote from Dr. Faber* *Marc Faber is an international investor known for his uncanny predictions of the stock market and futures markets around the world.*

Arpaio Posse: Obama’s Birth Certificate DEFINITE Forgery

from cgreene34 :
Christopher Greene of Greenewave.com interviews lead investigator of Sheriff Joe Arpaio’s Cold Case Posse Mike Zullo.
“The media is hiding something from the American people.” -Mike Zullo

A Tale of Two Bens

from Azizonomics:

Paul Krugman has an interesting post up on Ben Bernanke’s contrasting economic policy positions. Simply, the younger Bernanke was much more Krugmanite than the older Bernanke:
[The younger Bernanke] endorsed, at least as possibilities:
– Targeting long-term interest rates
– Currency depreciation
– Money financed deficit spending
– A Krugman-style inflation target
After 2003, however, his menu seemed to have been reduced to:
– Guidance on future short-term rates (the rates the Fed sets)
– Purchases of long-term bonds and other non-conventional assets
– “Oversupplying reserves”, that is, just pushing up the monetary base
Krugman concludes — quite rightly — that Bernanke has been “assimilated by the Fedborg.” Krugman should probably know that Ben’s main goal has nothing whatever to do with inflation, or “aggregate demand” or currency depreciation. Nothing. These are all handmaidens to one thing: the rate that the Treasury is paying on its debt.
Read More @ Azizonomics.com

Market Rigging Gets Too Obvious

by Chris Powell, GATA, GoldSeek.com:
Dear Friend of GATA and Gold:
Nothing has been more disappointing and frustrating to GATA in its nearly 13 years of fighting gold and silver market manipulation than the refusal to acknowledge the issue by many of those who have affected to be devoted friends of the monetary metals and free markets.
GATA Chairman Bill Murphy long has called this the Not Invented Here Syndrome, a matter of the intellectual vanity of prima donnas who can’t bring themselves to admit that mere upstarts might discover anything profound in the prima donnas’ field. From 45 years in journalism the experience of your secretary/treasurer is that most endeavors are full of people whose success has made them so arrogant that they think that nothing could be happening if they don’t know about it already. (While journalism inclines its practitioners to the exactly opposite position — to realize every day how much more they don’t know — it doesn’t necessarily give them the courage to report what they learn.)
So how delightful it is to discover that two people of great prominence in the gold community have come round — one completely, one mostly — even if it has taken a long time.
Read More @ GoldSeek.com

On Stress and our Fear of Change

by Charles Hugh Smith, Of Two Minds:
We naturally fear change and transformation, but there is a more sinister source of our chronic stress.
Yesterday I addressed the stress created by the disconnect between official happy-talk and the reality we are experiencing: The Phony “Economic Recovery,” Stress and “Losing It”. The devolution of the Status Quo is stressful, and we naturally fear this process because what happens next is unknown. As correspondent David P. observes, all change is stressful, even the positive type. But David identifies another source of chronic stress/fear:
Read More @ OfTwoMinds.com




Filed under krugman is an idiot...

Why Regulation Is Good For Growth

By forcing private firms and individuals into spending money on things they don’t believe they need, government can create demand, which will lead to jobs via the magic of Keynesian multipliers. Central planners know better than individuals and businesses. That is because they tend to be better educated, having attended the best schools and universities. Central planners tend to think about the bigger economic picture, while businessmen and individuals tend to have small parochial horizons. They are simply not qualified to know how to spend their money. The biggest problem with “free” markets is the stupidity of the common people. How can they possibly know what they want, or what they want to achieve when they have not attended prestigious universities like Oxford, Harvard, or Yale? Without help from central planners working with fact-based information derived from simulations, mathematical models, and empirical studies the common people will never be able to make informed economic choices. Thanks to the genius of central planning for the common good — as well as the hard work and self-sacrifice of central planners — the common people are liberated from making difficult economic decisions.

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