(Photo courtesy: National Republican Senatorial Committee, NRSC, via Twitter @1_776)
The East Coast branch of Hollywood is meeting in Charlotte, North Carolina this week for the Democrat National Convention, late hotel bookings being scalped at $6500 per night. No prostitutes after Cartagena but pizza by United States Secret Service(SS) for the privileged in government. Liberals have built into the culture prostitution and pornography – despite the resurgence of syphilis, pervasiveness of herpes and the epidemic of Human Immuno-Deficiency Virus/Acquired Immune Deficiency Syndrome (HIV/AIDS) – to avoid sexual harassment charges.
It is like Disneyland. There is a branch of the west coast headquarters here in the east putting on a show trying to restore economic liberty with the highly paid hourly bi-partisan advice of Kissinger, Greenspan, Volcker, and the Democrats – Clinton on down, to prop-up a president who is meant not to fail because he had received his Nobel in advance much as he did his book advance at Harvard to realize the dreams from his father with a lot of audacity and hope for him but not for his country.
The future of the world which he is yet to bring together while it, in fact, is falling part, is riding on making a black man succeed politically in a racist America after the previous laureate, Martin Luther King, was killed when he was as old as when Jesus was crucified. Ralph Bunche, the first black Nobel Peace Laureate, who had established the Greenline between Arabs and Israelis in 1949 from his office in Rhodes of the Old Colossus, instead of walking the Green Mile in America, is not remembered. The Jews of Emma Lazarus’ New Colossus instead got liberty by enslaving the Palestinians in their long diasporic journey from Greek Orthodoxy to American Puritanism by way of Germany. Next is China.
Ben Bernanke is paying for Obama’s success-yet-to-be-made in exchange for keeping his job at the helm of the Federal Reserve, $16 trillion and ticking for many among the rich in America to sell out to get the f***k out. It is called Natural Capital Accounting by Wall Street which is beginning to value American history higher than its economy, akin to the looting in Mesopotamia after the Iraq war and Nazi gold during World War II. No wonder, economists want to be sheltered from accountability while The White House of Barack Hussein Obama vetoes a Palestinian state in the United Nations, a “mistake” being carried forward from 1948, including in the season of the Arab Spring in 2012.
Mitt Romney, the Republican candidate for President of the United States, wants to create 12 million jobs, having been there and done that, unlike Barack Obama who never ran any business. The SS left behind a rifle in the Republican nominee’s airplane bathroom. They don’t want Romney to touch Obama because it is the law of Hitchcock’s “rope” line land because China’s and Wall Street’s impending run on America is intended.
Alan Greenspan’s linguistic legerdemain – a methodology of communication to implement discretion rather than time consistency in monetary policy, well learned by the Federal Reserve since 1987, is to substitute the positive for the normative. People – confounded in confusion, yet unable to accuse their leaders of obfuscation because “it is like this everywhere” – do not seem to be able to figure out if the government is doing its job as intended to let there be a run on the American dollar and its debt by China – the new enemy in the making by America and China in cahoots in deep background – or if it is incompetent and corrupt with $32 trillion fermenting off-shore and off-the-books.
After $16,000,000,000,000 (12 zeros following 1 is a trillion) and counting, in both Federal Reserve monetary easing and total national debt on the books (off-the-books included, it is $60 trillion, 1 dollar in national income for every 4 dollars in borrowed money), there is more to come for the global financial markets from the Fed even as full employment is to wait for the foreseeable future.
Pension crisis. Student loan crisis. GSE crisis. Entitlements. The locusts are swarming. O! Wait. I have a new financial innovation to further feed the Schumpetarian creative destruction on Wall Street: re-insuring with Swiss Re and Warren Buffet, J P Morgan’s Credit Default Swaps (CDS) to prevent the next crisis of the Facebook’s money bubble – Mark Zuckerberg’s TIME front-cover first $1 trillion US corporation waiting in the wings, evaluated on number of website views, ads, and an acquired gaming revenue of about $3.5 billion in 2011 as reported to the Securities and Exchange Commission (SEC) for uploading pictures of yourself and college co-eds for free since Zuckerberg’s Harvard Yard days of stealing ideas by overhearing conversations and the need for programmers to implement a class-fellow’s idea.
Reinsurance, never mind the $4 billion United Kingdom (UK) CDS loss of Jamie Dimon’s J P Morgan, is the most stable market for collecting insurance premiums in dignity over a can of Cherry Coke all day long, without the traveling salesmen having to sell insurance to widows in the south trying to save for their funerals because their children cannot afford them, with a full-third of the nation’s population needing government health care despite Obamacare which is not due until 2014 but overdue on bills to the tax payer. The Fed will pay off any future CDS losses before Swiss Re or Buffet will have to shell down cash on reinsured CDS. It baffles me why the failed Solyndra was not taken advantage of by the financial innovators.
To keep busy, while the 150-year old Bureau of Engraving an Printing (BEP) keeps the ever new dollar bills rolling of the presses in celebration of Gutenberg and Martin Luther and Max Weber’s Protestant lack of work ethic of money for nothing and escort services for something – the who’s who of global central banking, the Platonic republican descendants of the Knights Templar and of the European Jews since Serenessima Venezia of the 9th century Middle Ages until the Holocaust, meeting in Jackson Hole, Wyoming are pontificating about the obvious of their policies in execution, far too taken by their own elitism and the inherent limitations imposed by econometrics in identifying the causes of Granger Causes: “[T]rue Cause of High Unemployment Is Basic Economic Weakness” after having “blackballed” Nobel-winning trade economist Paul Krugman especially at a time when the president wants to raise exports in a world which wants to be economically robust, one good reason why the US dollar is working hard to be cheaper than the rest of the world’s currencies.
Clint Eastwood thinks the situation is Ugly, after Good and Bad, because the Bridges of Madison County are creaking, the same potholes on the roads being filled over and over again to keep people employed in this Unforgiving economy, while the chair at the head of the table in The White House Situation Room for the President Council on Jobs and Competitiveness is empty and so is the rest of the table. President’s Economic Recovery Advisory Board (PERAB) is swatting flies it does not yet see, not knowing why Obama needs another council to create jobs, and his Fed Chair is picking up balls like Kevin Costner in Tin Cup expecting to lose after making a hole in one in vanity and after repeated bogies and mulligans in the US Open, experimenting and practicing while in competition – with the rest of the field wondering why did they ever let him into the golf game to begin with. Women are keeping dogs because their men don’t have money to keep their children ponies.
Real economy is suffering because of poor institutional quality within the G7, the same ex post cause which had explained Stanley Fischer’s Asian Crisis because American economists at the US Treasury, Federal Reserve and the International Monetary Fund (IMF), and financial markets in New York and London were ignorant of American economic history. The Kenyan-born MIT professor’s both graduate students, Larry Summers and Ben Bernanke, are not doing as well as him in Tel Aviv at the Central Bank of Israel, the Hebrew state having recorded 4.8% growth rate in 2011. Summers was effectively fired from The White House and Bernanke has one foot on his way out of the Fed.
We need better institutions, besides of course, basic decency and honesty, to fix the economy.