RiskAverseAlert

Charlie Gasparino: Another Crash 'Has to Happen Again'

I agree. Equity appears well on the way to becoming dead money. Yet, even now, some would pump up its currency to gain control over economically vital physical assets. Right, Mr. Buffett?

Economic Crisis 2008-9: Ignore Friedman's Lessons at Your Peril

Monetarism is the tool of a dying imperialist current whose living adherents apparently would rather perish in the rage of its desperate victims than consider the error of their worldview in the framework of the simple, single-sentence preamble to the U.S. Constitution whose stated principles have been persistently ill-served by fantasy-filled formulations separating financial processes from physical processes, such as the Chicago School has become quite adept at developing. Y'all might better call yourselves "Greenspan" because although you might talk brilliantly, deep down your sense of history is as dull (and wrong) as Bernanke...

Is It Time to Recognize Reality?

There's little doubt the monetarist global financial system is collapsing. Fortunately, history suggests a Hamiltonian credit system operating in the self- and common-interests of those nations participating can easily return financial stability, this once desperately needed investments in physical economy begin taking root and provide a foundation upon which a new world becomes open to orders of magnitude greater investment in productivity-enhancing human endeavoring both on earth and in space.

First, however, comes cancellation of debts that never will be repaid: bankruptcy reorganization. With so much on the line, though, is it any wonder there is resistance? Is it any wonder benefactors of recent decades' unsustainable fantasy built on a credit bubble behave as though their system, right now, were not already dead?

Yet are these benefactors really persisting in fantasy, or are some using a likely, last-gasp moment of calm to batten down the hatches?

The Coming Consequences of Banking Fraud

I'd rather be un-American than stupid, and that is why I am extraordinarily bearish like Mr. Kim. However, to call the bounce off March '09 bottom "fraud" seems a bit arbitrary to me. Why not suppose the fraud began when the [collapsed] Ponzi scheme called "structured finance" went into suicide mode with its securitized sub-prime mortgages? Or, how about when Alan Greenspan became Fed chairman and turned over central bank policy making to leveraged speculators? Then again, there was Richard Nixon's destruction of FDR's Bretton Woods global trade arrangement. Has this not proven the mother of all frauds perpetrated on the American middle class? Sure, I can buy my doodahs cheaper at Wal Mart ... now if only I could find a job...

Beyond SIGTARP's $23.7 Trillion Headline

Some healing in the system? Yeah, just enough to allow the likes of JPM, GS and MS to continue extorting loot from the productive capacity of the nation, which more or less is what this whole exercise is all about. That even $1 trillion became necessary exposes the financial system is bankrupt. Truth is, too, this system cannot be saved. There's only so far you can gut productive capacity before a hyperinflationary blowout becomes a foregone conclusion. That point already has been crossed. So, the world can go on debating Barofsky's vetted numbers. It does not change the fact that, presently, we are in the early innings of full blown collapse.