Secret inflation: Mish relays a Telegraph article about yet another unscrupulous legal change to make government less accountable - the BoE will be able to increase the money supply without reporting it.
Increasingly, the British Government seem to me to have become a coup by loophole.
Tuesday, January 20, 2009
Pardon? Get your kicks on Route '66 (that's 1866)
He can't do any more, so here is Wikipedia's list of the people George W. Bush has pardoned, or whose sentences he has commuted.
Perhaps the smart thing to have done would have been to charge the entire American financial establishment and pardon them. *
Still, if he listens to the Village Voice, President Obama now has the chance to pardon Bush and Cheney.
* Perhaps unnecessary. The VV article quoted above says an 1866 Supreme Court ruling means you don't even have to be charged to be pardoned.
Perhaps the smart thing to have done would have been to charge the entire American financial establishment and pardon them. *
Still, if he listens to the Village Voice, President Obama now has the chance to pardon Bush and Cheney.
* Perhaps unnecessary. The VV article quoted above says an 1866 Supreme Court ruling means you don't even have to be charged to be pardoned.
Obama's speech
He certainly delivered it confidently. Whoever wrote it, this is President Obama's inauguration speech.
Oscar Wilde said something to the effect that the best, sincerest response to a fine piece of writing is the attempt to write one of your own, and as I listened I couldn't help wondering what I would have said had I been on that podium. If he can pull the American nation together, that will be a great start.
But for the irreverent (or habitually drunk and cynical), here is a cheeky cod-Obama-speech generator.
Oscar Wilde said something to the effect that the best, sincerest response to a fine piece of writing is the attempt to write one of your own, and as I listened I couldn't help wondering what I would have said had I been on that podium. If he can pull the American nation together, that will be a great start.
But for the irreverent (or habitually drunk and cynical), here is a cheeky cod-Obama-speech generator.
Gold, silver, what you will... but not sterling
Jim Rogers says exit the pound and sterling-denominated assets. (htp: Wat Tyler)
Inflation and gold
(1) Times of Malta (htp Jesse)
Gold is a currency and Phillip Manduca is proving this once and over again.
He seems to have gambled his entire professional reputation on gold, reaching the $2,000 threshold by the end of 2010.
He is well worth listening to. His words are illuminated by a previous outstandingly successful record.
The high gold price seems, for the time being, to have reached a plateau, but Manduca of Titan Investments sees a price of gold at $1,000 a troy ounce as a distinct possibility in the near future. He said so a few days ago.
China is now moving part of its massive dollar reserves from the dollar into the euro and gold.
Madoff can be said to have harmed Wall Street, but he has certainly helped the prospects of a booming gold price. The money the Fed is pumping into the economy is proving insufficient to reignite it.
Gold is a currency and Phillip Manduca is proving this once and over again.
He seems to have gambled his entire professional reputation on gold, reaching the $2,000 threshold by the end of 2010.
He is well worth listening to. His words are illuminated by a previous outstandingly successful record.
The high gold price seems, for the time being, to have reached a plateau, but Manduca of Titan Investments sees a price of gold at $1,000 a troy ounce as a distinct possibility in the near future. He said so a few days ago.
China is now moving part of its massive dollar reserves from the dollar into the euro and gold.
Madoff can be said to have harmed Wall Street, but he has certainly helped the prospects of a booming gold price. The money the Fed is pumping into the economy is proving insufficient to reignite it.
(2) Article from the Economic Times on our options (htp: Jesse, again). It thinks there are three: writeoffs/bankruptcies, increase GDP, inflation. The first is politically unacceptable, the second cannot be achieved by monetary means alone, so it's to be the third:
The stage is set for a long period of slow growth as debts are worked down and a rise in inflation in the medium term.
Vice versa
“Good morning, Bank. Customer here.”
“Er, good morning...”
“I’ve been looking at your account with me –“
“I was going to give you a call...”
“ – and there are some matters we need to discuss.“
“I’m very busy at the moment..”
“ Tomorrow morning at nine, if you please.”
“Er, nine, yes.”
Click.
“Er, good morning...”
“I’ve been looking at your account with me –“
“I was going to give you a call...”
“ – and there are some matters we need to discuss.“
“I’m very busy at the moment..”
“ Tomorrow morning at nine, if you please.”
“Er, nine, yes.”
Click.
Monday, January 19, 2009
Maybe it's not really so bad?
The Coyote points out that redundancies are happening faster than drop in output, so he thinks at least part of the crisis is anticipatory behaviour.
Another possibility that occurs to me, is that the credit crunch is a pretext for businesses to become more efficient and cut out deadwood in a way they'd long been planning to do anyway.
Another possibility that occurs to me, is that the credit crunch is a pretext for businesses to become more efficient and cut out deadwood in a way they'd long been planning to do anyway.
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