Bill Moyers reveals to the world the true root of the US banking crisis: FIRE Economy Oligarchs

[BadJuju]

Re: Bill Moyers reveals to the world the true root of the US banking crisis: FIRE Economy Oligarchs

Its called 'critical mass', when China gets to a point that they realise that not one more dollar of china taxpayers wealth can make an ounce of difference to whats coming...

They will save the last stimulus bullet for themselves...

I do see $USD hitting $100 before $75...the Gold rally is way too early, see profit taking soon in that asset class.

But the fact remains that they are not going to be happy sitting by on the side lines watching as the economies they most depend upon for exports implode.

[icm63]

Re: Bill Moyers reveals to the world the true root of the US banking crisis: FIRE Economy Oligarchs

I fail to see why China would be happy sitting on the side line knowing that all of the countries that they depend upon for exports are going belly up.

Its called 'critical mass', when China gets to a point that they realise that not one more dollar of china taxpayers wealth can make an ounce of difference to whats coming...

They will save the last stimulus bullet for themselves...

I do see $USD hitting $100 before $75...the Gold rally is way too early, see profit taking soon in that asset class.

[cobben]

Damn It Feels Good To Be a Banksta

Great cartoon explaining all essential parts of the too-big-to-fail banking scam.

"Give us your money or we'll crash ya"

2008-10-05: Damn It Feels Good To Be a Banksta

http://www.sinfest.net/archive_page.php?comicID=2952

[cjppjc]

Re: Bill Moyers reveals to the world the true root of the US banking crisis: FIRE Economy Oligarchs

a crazy mess of ideas.

name one example in history when a hyperinflation in a non-reserve currency country caused the 'destruction' of the world's reserve currency?

the opposite... the rush to dollars will intensify.

besides, even by the author's own logic if china stops buying treasuries it stops printing yuan.

the most nutty analysis i've seen in some time.

I'm glad you said that. I thought it was just me.

[metalman]

Re: Bill Moyers reveals to the world the true root of the US banking crisis: FIRE Economy Oligarchs

Would appreciate your comments on the following article:

http://www.marketskeptics.com/2009/0...china-and.html

a crazy mess of ideas.

name one example in history when a hyperinflation in a non-reserve currency country caused the 'destruction' of the world's reserve currency?

the opposite... the rush to dollars will intensify.

besides, even by the author's own logic if china stops buying treasuries it stops printing yuan.

the most nutty analysis i've seen in some time.

[magicvent]

Re: Bill Moyers reveals to the world the true root of the US banking crisis: FIRE Economy Oligarchs

Would appreciate your comments on the following article:

http://www.marketskeptics.com/2009/0...china-and.html

[cjppjc]

Re: Bill Moyers reveals to the world the true root of the US banking crisis: FIRE Economy Oligarchs

I saw the clip from Frontline. Love that guys voice.

How can anyone doing any serious journalism interview Chris Dodd. That hack. That moron. That enabler. The man who said Fannie and Freddie were in great financial shape. That the stock meltdown was the result of shorts. The man who was overseeing the banking industry and was getting preferential treatment from Countrywide.

And don't get me started on Barny Frank. That hack. That moron. That enabler. Who was dating someone he was regulating.

I think any piece that includes the enablers/regulators cannot be taken seriously.

They should be intervieing Ron Paul. Who warned Americans for years. Oh I forgot he's a lunitic. An isolationist. You think he's an insolationist. Wait, you aint seen nothing yet.

[metalman]

Re: Bill Moyers reveals to the world the true root of the US banking crisis: FIRE Economy Oligarchs

Re-read:

China versus U.S.A.

Economic equivalent of M.A.D. may end with a bang

When I said, "China and the U.S. are running inter-dependent bubble economies, relying on the economic equivalent of Mutually Assured Destruction (M.A.D.) to keep one from blowing up the other’s economy. Whether by intent or accident, sooner or later market forces will assert themselves and both economies will go through tough transitions," that is exactly what I meant.

The credit system that allowed the Economic M.A.D. to function has broken down. The US and China will through a series of crises this year disengage economically and fall back on core institutional supports to cope with internal political stresses that are already arising as a result of economic distress. Both will re-prioritize to focus on critical and immediate needs: feeding their respective populations and maintaining order.

for newbies, that was published April 19, 2006.

[EJ]

Re: Bill Moyers reveals to the world the true root of the US banking crisis: FIRE Economy Oligarchs

Ej
You do know China is not coming to rescue don't you?

You must now see that she is quite happy sitting on the side line watching it all implode?

How will the West react when they suss this do you think?
Mike

Re-read:

China versus U.S.A.

Economic equivalent of M.A.D. may end with a bang

When I said, "China and the U.S. are running inter-dependent bubble economies, relying on the economic equivalent of Mutually Assured Destruction (M.A.D.) to keep one from blowing up the other’s economy. Whether by intent or accident, sooner or later market forces will assert themselves and both economies will go through tough transitions," that is exactly what I meant.

The credit system that allowed the Economic M.A.D. to function has broken down. The US and China will through a series of crises this year disengage economically and fall back on core institutional supports to cope with internal political stresses that are already arising as a result of economic distress. Both will re-prioritize to focus on critical and immediate needs: feeding their respective populations and maintaining order.

[BadJuju]

Re: Bill Moyers reveals to the world the true root of the US banking crisis: FIRE Economy Oligarchs

Ej
You do know China is not coming to rescue don't you?

You must now see that she is quite happy sitting on the side line watching it all implode?

How will the West react when they suss this do you think?
Mike

I fail to see why China would be happy sitting on the side line knowing that all of the countries that they depend upon for exports are going belly up.

[don]

Re: Bill Moyers reveals to the world the true root of the US banking crisis: FIRE Economy Oligarchs

The IMF and the World Bank have been the cat's paw of US neo-liberal policies for decades. Recently they've lost a bit of effectiveness with the abject failure of their austerity programs across the globe.

The question is, what's goin' on.... As the depression deepens, is more revealed in an attempt at more effective damage control? Obfuscation has been a great strength in domestic political control in the US. We all know there's no censorship in America. Just a bottomless memory hole ;)

[Mega]

Re: Bill Moyers reveals to the world the true root of the US banking crisis: FIRE Economy Oligarchs

Ej
You do know China is not coming to rescue don't you?

You must now see that she is quite happy sitting on the side line watching it all implode?

How will the West react when they suss this do you think?
Mike

[EJ]

Bill Moyers Journal reveals to the world the true root of the US banking crisis: FIRE Economy Oligarchs

We have posted on iTulip.com PBS's Bill Moyers' superb coverage of the economic crisis for several years. Friday's Journal takes the discussion to a new level. Below is a excerpt from the interview with Simon Johnson, former chief economist at the International Monetary Fund. In it, he gets right to the heart of the problem, the reason why the US has not done as it did during the Savings & Loan crisis in the 1980s and as we have recommended here and directly to members of Congress who have contacted us: FIRE Economy interests are preventing the orderly clearing of markets that needs to occur in order to re-start the US banking system. The longer this goes on, the deeper the depression will be. Here it is from the most credible source to date.

BILL MOYERS: Welcome to the Journal.

The battle is joined as they say — and here's the headline that framed it: "High Noon: Geithner v. The American Oligarchs." The headline is in one of the most informative new sites in the blogosphere called:

baselinescenario.com. Here's the quote that grabbed me:

"There comes a time in every economic crisis, or more specifically, in every struggle to recover from a crisis, when someone steps up to the podium to promise the policies that — they say — will deliver you back to growth. The person has political support, a strong track record, and every incentive to enter the history books. But one nagging question remains. Can this person, your new economic strategist, really break with the vested elites that got you into this much trouble?"

And here's the man who asked that question. Simon Johnson is former chief economist at the International Monetary Fund. He now teaches global economics and management at MIT's Sloan School of Management and is a senior fellow of the Peterson Institute. He is co-founder of that website I quoted — baselinescenario.com — where he analyzes the global economic and financial crisis.

Welcome, Simon Johnson to the Journal.

SIMON JOHNSON: Nice to be here.

BILL MOYERS: What are you signaling with that headline, "Geithner vs. the American Oligarchs"?

SIMON JOHNSON: I think I'm signaling something a little bit shocking to Americans, and to myself, actually. Which is the situation we find ourselves in at this moment, this week, is very strongly reminiscent of the situations we've seen many times in other places.

But they're places we don't like to think of ourselves as being similar to. They're emerging markets. It's Russia or Indonesia or a Thailand type situation, or Korea. That's not comfortable. America is different. America is special. America is rich. And, yet, we've somehow find ourselves in the grip of the same sort of crisis and the same sort of oligarchs.

BILL MOYERS: Oligarchy is an un-American term, as you know. It means a government by a small number of people. We don't like to think of ourselves that way.

SIMON JOHNSON: It's a way of governing. As you said. It comes from, you know, a system they tried out in Greece and Athens from time to time. And it was actually an antithesis to democracy in that context.

But, exactly what you said, it's a small group with a lot of power. A lot of wealth. They don't necessarily - they're not necessarily always the names, the household names that spring to mind, in this kind of context. But they are the people who could pull the strings. Who have the influence. Who call the shots. more...

Part 1: 11 minutes


Part 2: 11 minutes

(Hat tip to member Rajiv)

See also:

FRONTLINE: Inside the Meltdown, Tuesday, February 17, 2009, at 9 P.M. ET on PBS

iTulip Select: The Investment Thesis for the Next Cycle™
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