The informative business publication, Zero Hedge, featured the voice of common sense and economic insight, Rick Santelli.
“CNBC’s Rick Santelli asks the (rhetorical) question that everyone should ask: “[What the Fed minutes said] is, listen, we have to wait for bigger confirmation that the economy is doing better; and for that, we’re going to look at the employment side. [At the same time] we have the fewest people working that can work in 30 years, and all-time-record-high profits for corporations. Now, does that strategy sound rational to you?” It seems, now that Bernanke has seemingly promised that it will really never end, that Santelli’s question will become increasingly critical in this country.”
So appropriate that the architect of banking deregulation, Larry Summers pleads that he is not the right person to head up the Federal Reserve. No S$%#. Well, the Fed is certainly the hot seat under normal circumstances. What will it be like when the next crisis directly puts into play the reserve currency status of the dollar? Do not worry, anniversaries are supposed to look at the brighter side. Never mind, our benevolent government is hard at work presenting the public with the kind of assurance that would make anyone start singing happy birthday.
Contrary investing used to be a profitable endeavor. Things have changed. The doom business is in full swing as many financial prognosticators seek to hedge their normally ecstatic outlooks in order to sell their advice. When tragedy becomes a consensus sentiment, it used to be the time to buy. Now that formula has to factor in a different set of risks. Namely the incoherent political intrusions and stimulus-austerity gyrations has to head the list. Has forecasting become a lost art or did it evolve into an algorithm supercomputer project? In either case, the doom factor is sure to continue to be a stable from the Cassandra circle as long as an economic recovery allures the former members of the middle class.
When is a bank an appendage of state? In China, the incorporation of commercial banking under the auspice of governmental policy is virtually indistinguishable. Philosophically, any government should have control of their currency and structure the precepts of banking and lending system. Capitalist banking would command a greater pragmatic function if competition among banks was based upon free enterprise. However, under the central banking scheme governments regulate banks, but are creatures of fractional reserve debt money issued by central bank parentage. The Chinese way has included a touch of mystery when analyzed within the context of western international banking.
When struggling consumers hear about offshore banking, they naturally think such assets only apply to the rich. Secret bank accounts issued in the name of a confidential number, often portrayed in mystery movies, are less prevalent than a stake in an oversea property estate. Cash in a financial institution is an easy reporting task for foreign banks. Although, most Americans do not possess such wealth, many do have an interest in real property or chattel ownership in portable entities that are outside the physical soil of the country. Even if you are not one of these fortunate beneficiaries, the principle behind the (FATCA) statue can certainly apply a broad interpretation domestically.
Hey FANS, are you ready for more football? How much do you know about the business end of your favorite entertainment addiction, the NFL? The revenue stream from media contracts, ticket sales, official NFL products and products, government stadium subsidies and syndication rights has reached enormous levels. The pie has grown from a sandlot clubhouse hobby to a billionaire jet set club. Now that fantasy football is in full swing, the beleaguered but rabid buff, sticks with their voyeurism as they act out their heroism celebration. Devotees of the noble sport seek the thrill of victory, but experience the agony of defeat in their pocketbook.
Theologians preach that religion is based upon faith, while economists depict that the world runs on money. Many confess that ministries repeatedly lose their way, while no one really disputes churches operate as business enterprises. The actual purpose of such churches varies with different dominations, but organized religion frequently functions more like a “PC” soapbox than a congregation of moral values. Often, it is all about the money, because they operate their worldly business, even if they profess to be a spiritual mission. The vast temple empires of modern day evangelism ignore the bible verse that talks about “we are in the world, but not of the world”.
When Barack Obama uttered those fateful words: “If you’ve got a business — you didn’t build that. Somebody else made that happen”, the entire mindset of the collectivist culture crystallized. Business for the crony capitalist is an exclusive privilege of the select, while the inborn right of the entrepreneurial individual is a conditional quest, contingent upon the body politic. A society based upon a tribute obligation to obtain a state license for conducting natural business transactions, is inherently wrong.
The practices and methods of manipulating commodity markets, is a staple topic in financial journalism. Options, futures and exotic forms of derivatives, often put under the microscope, gives rise to calls for substantive regulation. One area of the commodity trade, seldom examined is that involved with physical commodities trading. With much fanfare, Under siege, JPMorgan to quit physical commodities, a Reuters announcement has many seasoned street professionals shocked.
The financial woes of Detroit were a long time coming. Even fume breathing onlookers cannot be shocked that Motown ran out of fuel. So why should anyone cry the blues for a community that prides itself on the Dream Girl mentality. With apologies to Fats Domino, the beat no longer plays.
It was the finest city it was
Yes, Detroit City
It was the finest city it was
You don’t need a lot of money
To have a real good time