Bumps, Dips, Bubbles, and Storms - Part 2

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testiomials "There is a reckoning that occurs every so often in world history. It is a time when debts are paid, when wars are fought, when disease ravages and passes through a land, when the corn does not grow like it used to, or when the forces of nature itself delivers a brief catastrophic blow. On Black Tuesday, the reckoning of several years of boom, which was based in large part on credit, came due. "”

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The B.U.S. Takes America for a Ride – Adventures in Central Banking

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testiomials "And I sincerely believe, with you, that banking establishments are more dangerous than standing armies; and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale." Thomas Jefferson”

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Hazlitt Deconstructs Keynes on Natural Rate of Interest

It is a new era?

It is best to be a consumer, and "help to further trade"?

As we started in Big Spenders Not Key to Real Economic Health:

This audio clip from Henry Hazlitt's The Failure of the New Economics, starts with a Keynes quote on interest rates, and then Hazlitt corrects, as it goes in line-by-line fashion "unpacking fallacies" that oft share a common thread with the staccato of others found riddling the General Theory. In under 10 minutes it ends with Patrick Barrington's sarcastic poem "I Want to be a Consumer," published in a 1934 issue of Punch, mocking the prevailing economic thought of the time that would come to sweep away governments with the promise of miraculousity of magical money from nowhere.

 

 

 

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Libertarians Advocate for Moral Government

Back in the fall, venture capitalist Nick Hanauer and former Clinton speechwriter Eric Liu wrote a piece for Bloomberg titled Libertarians Are the New Communists. In fact, libertarianism and communism could not be more different: Communism relies on an all-powerful state to enforce its ideology, apparently because the communalism it espouses just isn’t popular enough that people will adhere to it on their own. Libertarians oppose oppressive state control because it forcibly denies individual freedom. 

Glenn Jacobs, writing for lewrockwell.com, responded with a lucid and eloquently written rebuttal to Hanauer and Liu. Jacobs is a professional wrestler with World Wrestling Entertainment Inc. (WWE) who reads up on economics and politics on the side.

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Finland Latest to Join Gold Repatriation Movement

Mine, said the paper,

mine are the words

that smother the stone

with imagined birds,

reams of them, flown

from the mind of the shaper.

—from ‘Song of the Powers’ by David Mason

Finland recently became the latest nation to initiate action to pull its physical gold reserves back within its national borders. As WealthCycles has reported over the past year or so, the gold repatriation movement is steadily growing, as country after country moves to retrieve their gold. The announcement by the Finnish repatriation movement states the rationale most succinctly:

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Poland Latest To Seek Repatriation of Its Gold

Germany, Ecuador, Mexico, Switzerland. Now Poland, if a petition movement is successful, will repatriate its gold bullion reserves, currently held in the vaults of the Bank of England.

The group, Oddajcie Nasze Zloto (Give Our Gold Back), seeks the return of Polish gold from the Bank of England to ensure its “safety” and the economic security of Poland. Supported by organizations such as the Mises Institute of Poland, the Business Center Club, the Mint of Wroclaw, and others, the movement has attracted the attention of the Polish parliament. In response, the parliament has asked the president of the Polish central bank to ascertain the status of the gold and conduct an audit of gold assets in England.

The group’s Polish-language website is http://oddajcienaszezloto.pl.

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Central Bankers Differ On How Quick To Pull Printing Plug

Reports from the 2013 Economic Policy Symposium, held annually in Jackson Hole, Wyoming, revealed conflicting opinions among central bankers on whether to end stimulus activities now or keep the measures in place. The comments revealed a somewhat surprising divergence among international institutions that have pretty much marched in lock-step since the dollar-dominant Bretton Woods monetary system was established at the end of World War II.

Christine Lagarde, managing director of the International Monetary Fund (IMF)  since 2011, told the group of central bankers that, “[t]he day will come when this period of exceptionally loose monetary policy…must end. We need to plan for that day, especially since we do not know exactly when it comes.” But she warned bankers not to end stimulus efforts too soon: “Let me say it up front: I do not suggest a rush to exit. Unconventional monetary policy is still needed in all places it is being used, albeit longer for some than for others.”

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Dearth of Good Money Assets Signal End Is Near

The European Commission, a group self-tasked with herding cats, has proclaimed the end of “austerity” in the Eurozone for governments, granted citizens will surely continue to feel quite austere. But what does this mean for Europeans and their economy moving forward?

Before we dive into it, we would add that absolutely no austerity was obtained in any EZ national budget, except perhaps where it was forced by plummeting tax receipts as a result of all-out economic collapse (Greece). See: What Austerity Measures?

Here were the Commission’s proclamations on deficits:

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Late Central Banker and BIS Head Zijlstra Revealed Currency Valued in Gold, Paper Gold Acceptable

Ever since President Richard Nixon unceremoniously withdrew the U.S. from the Bretton Woods international monetary agreement in 1971, effectively ending the Gold Exchange Standard, many experts, economists and conspiracy theorists have speculated on the role that Western governments and central banks have played in suppressing the price of gold. According to Dutch economist Jaco Schipper, the memoirs of Dr. Jelle Zijlstra offer further evidence of a gold price suppression scheme carried out by Western central banks.

Dr. Jelle Zijlstra BIS DNB Dutch Central Banker Netherlands

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Dictatorship of the Dollar Product of Past

America.

When the word is spoken, the United States of America comes to mind. Yet America titles an entire hemisphere, divided into both north and south, which is promptly forgotten by the legacy media. Not only are the lesser-debt-riddled western countries richer, they are many times more exciting. Then outgoing Chinese president Hu Jintao originally called “the present U.S. dollar-dominated currency system a product of the past,”and the “dictatorship” of the dollar swipe came from Venezuela’s Hugo Chavez.

Despite varying cultures and geographic locations, nations of all stripes are encouraging one another to move away from trade in dollars. Southern American nations in particular, just like families globally, have sought independence from the silent tax of the ubiquitous dollar, a tax which is currently set to increase alongside the rate of increasing supply.

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