Druckenmiller
Blasts "The Biggest Redistribution Of Wealth From The Poor To The Rich
Ever"
Submitted by Tyler Durden on
09/19/2013 - 09:38
Reflecting
on exactly what was said yesterday, Duquesne's Stanley Druckenmiller is
initially perplexed as Bernanke explained 'financial conditions' - not interest
rates - have prompted the decision to forestall any taper. His confusion is
that financial conditions are actually slightly better than they were in June
and "a stock market at
an all-time high would suggest we don't have a problem with financial
conditions." While he dismisses surveys, the big-money was
betting that they were going to taper as is clear from the moves in gold,
bonds, and stocks; and it appears the Fed "lost their nerve." In
fact, Druck continues, the
Fed "blew it... they had a freebie," they could have
started the process to "get us off the dope." This action, or
inaction, he warns "is going to make it so much harder for the next
Chairman to start the process." In fact, he concludes, that from beginning to end - once markets adjust
from these subsidized prices - that the wealth effect of QE will have been
negative not positive.
McCain's
self-defeating Pravda op-ed can only help Putin Washington Post (blog) - by Max Fisher Senator John McCain, a frequent critic of the
Kremlin, responded to Russian President Vladimir Putin's New York Times op-ed with his own, ...
How laughable to hear
of ‘never-saw-a-war-he-didn’t-like’ neo-con mccain try to lecture the
historically formidable Vladimir Putin on the ‘rule of law’. What parallel
universe is senile mccain operating in? ( I’m going to even give ‘songbird’
mccain a pass on his violation of military code while a POW so criticized by
his fellow POWs).The law is something that I know a lot about; from intense
study and direct experience, while mccain can’t possibly say the same. After
all, there are indeed a plethora of rules of law in pervasively corrupt,
defacto bankrupt america. The problem is, in venal america, they are not
meaningful rules of law as applied to some and not others (him and his et als
in the latter category). Wow! Talk about out of touch … or maybe he’s just used
to such drivel/propaganda being lapped up by the dumbed down american
masses! See http://www.albertpeia.com/112208opocoan/ricosummarytoFBIunderpenaltyofperjury.pdf http://www.albertpeia.com/112208opocoan/PeiavCoanetals.htm http://albertpeia.com/fbimartinezcongallard.htm for reality!
5
Years After the Financial Crisis, The Big Banks Are Still Committing Massive
Crimes Posted by :
George Washington Post date:
09/20/2013 - Still Laundering Terrorism and Drug
Money ...
American
hedge fund manager: Fed Robbing from Rich to Give to Poor CNBC | Fed
shifting a massive amount of wealth from the middle class and poor to the rich. OBAMA:
Republicans 'trying to mess with me'... 13
shot in mass shooting at Chicago park... CA
Dem wishes death upon Ted Cruz staffer's children... 17,679
things the federal government has done since sequestration... BaNZaI7
ReVieWS TaPeR BaSiCS...
Posted by:
williambanzai7
Post date:
09/17/2013 - BANZAI7 FOOD AND BEVERAGE WARNING LEVEL
8 Submitted by williambanzai7 on
09/17/2013 15:14 -0400 . . . Jamie's
been sucking them more Jamie's
so rough And
Ben's had enough He's
starting to feel like a whore The
Limerick King . The
people are starting to feel An
end to the FED's QE deal If
tapers begin Like
staples on skin The
pain from the FED could be real The
Limerick King . . . . . . . WilliamBanzai7
Fine Art Prints Inquiries:
[email protected] Our
operatives are waiting to assist you... Russia’s
Putin Says He May Seek 4th Term as President { Indeed he should! } RIA Novosti | Putin said Thursday that
it was possible he would seek a fourth presidential term. Three
NATO Soldiers Killed in Afghan 'Insider Attack'... Too
Big To Fail Is Now Bigger Than Ever Before
The
too big to fail banks are now much, much larger than they were the last time
they caused so much trouble. The six largest banks in the United States
have gotten 37 percent larger over the past five years. Meanwhile, 1,400
smaller banks have disappeared from the banking industry during that time.
What this means is that the health of JPMorgan Chase, Bank of America,
Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley is more critical to
the U.S. economy than ever before. If they were "too big to
fail" back in 2008, then now they must be "too colossal to
collapse". Without these banks, we do not have an economy. The
six largest banks control 67 percent of all U.S. banking assets, and Bank of
America accounted for about a third of all business loans by itself last
year. Our entire economy is based on credit, and these giant banks are at
the very core of our system of credit. If these banks were to collapse, a
brutal economic depression would be guaranteed. Unfortunately, as you
will see later in this article, these banks did not learn anything from 2008
and are being exceedingly reckless. They are counting on the rest of us
bailing them out if something goes wrong, but that might not happen next time
around. (Read More....)
'We
are not some Banana Republic'... { Au contraire … http://www.albertpeia.com/112208opocoan/ricosummarytoFBIunderpenaltyofperjury.pdf http://www.albertpeia.com/112208opocoan/PeiavCoanetals.htm http://albertpeia.com/fbimartinezcongallard.htm }
3-year-old
boy shot in face...BaNZaI7
ReVieWS TaPeR BaSiCS...
.
Bernanke's big nipples are sore
.
Troop
deaths hit record as America exits...
What
Ben Bernanke did by not Tapering was 
Since
the global economic crisis began in 2008, Italy’s GDP has declined by about 8%,
nearly a million workers have lost their jobs, and real wages have come under
increasing pressure. The most striking aspect of Italy’s recent turmoil is
what has not happened: citizens have not poured into the streets demanding
reform. Indeed, throughout the crisis, Italian society has remained
uncharacteristically stable. 
As we
noted earlier, Bernanke's actions this week make it very clear that between
"financial conditions" and the fragility of growth, the US is
incapable of surviving without ZIRP and QE (for now). As Barclays notes,
ultimately, 
...
the relationship would look something like this sensitivity table between GDP
and EPS.
As
we wrap up a most interesting, and volatile, week there are some things that we
have discussed previously that are now brewing, interesting points to consider
and risks to be aware of. In this regard we thought we would share a few
things that caught our attention:
One of
Einstein's great contributions to mankind was the theory of relativity, which
is based on the fact that there is a real limit on the speed of light. Too bad
that the bad guys on Wall Street who pulled off The Great Fed Robbery didn't
pay attention in science class. Because,
In the
following 100-second clip, David Stockman explains succinctly to Bloomberg TV
how America is "stumbling into the endgame." Having explained in the
past, 
This
objective report concisely summarizes important macro events over the past
week. It is not geared to push an agenda. Impartiality is necessary to avoid
costly psychological traps, which all investors are prone to, such as
confirmation, conservatism, and endowment biases.
Trannies
didn't move much today but the 
Unfortunately
for the bubble-blowing central banks, asset bubbles are a double-bind:
It
would appear, as uncomfortable as it may be for the mainstream, that the Fed's
Bullard has been 
The
equity market’s reactions to monetary policy inflection points, when (or if)
the Fed takes the first step to normalize monetary policy following easing in
response to recession, have been reasonably similar. As Barclays' Barry Knapp
notes, irrespective of the pace of policy accommodation removal – 
With
rumors this evening of the White House calling around for support for Yellen,
Marc Faber's comments today during a Bloomberg TV interview are even more
prescient. Fearing that Janet 
Putin
had his NYT Op-ed. Syria's Assad, on the other hand, is going for the jugular
using the "undisputed chemical weapons proof" route, aka
YouTube.
On
Sept. 15, the 
In a
world in which when the numbers don't comply with the propaganda, the only
recourse is to change the rules, and if that fails, change the numbers
themselves (see Fukushima radiation count, US GDP, Employment numbers, anything
out of Europe, etc.) it was only a matter of time before that last sticking
point of the grand made up narrative, the lack of economic improvement in the
European despite evil, evil austerity (which somehow has resulted in record
debt which is rising faster than expected virtually everywhere in Europe)
resulting in unpalatable deficits, was magically "fixed." This was
resolved moments ago when as the 
“Truth.
noun. The quality of state of being in accordance with fact or reality.” This
is how the dictionary defines truth: it can be ‘fact’. But it can also mean
‘reality’. 
Putin
hits the NY Times, Assad FOX and YouTube, McCain Pravda, and Putin making
headlines this morning with all kinds of double-negatives:
Three
weeks ago 
Yesterday,
when in the aftermath of the Fed's "shocking" announcement bond
yields plunged, the bond kings, both old and new couldn't get to a media outlet
fast enough to express their euphoria over the end of the selloff. Gross
tweeted immediately that he was "not bragging but what did we tell
you" while Gundlach added that he "sees a change in Psychology
with the 10 Year below 2.7%." It is unclear just what psychological change
he was referring to, because looking at the market it was one of resumed
selling: as of moments ago, the 10 Year has retraced over a third of its plunge
and is back to 2.75% and rising once again; and the 30Y has retraced over 50%
of its gains at 3.80%. We are going to need another un-Taper soon.
"It's
Working..."
