How Now Brown Dow?

Watching the roundtable on Fox… wishful thinking now about the close… or about the state of the economy… as though the recovery from the lows now to around 500 points down is any kind of ground to stand on… as though the vulnerability of the entire rally from the ’09 lows wasn’t exposed regardless of where this closes… then the wishful reminiscences of 1987, as though that story is the same is this story, and as though Greece or even the less widely remarked intimations of the Chinese bubble bursting are the whole story… anything could happen in the last half hour today (including nothing –  but that’s when the biggest bets are usually made, other than sometimes at the open) and turn their entire conversation into just the wasted space it is…

Not much better than this item linked at The Corner today:

In The Know: Situation In Nigeria Seems Pretty Complex

UPDATE: Now they’re trying to blame a “bad print” on P&G for the down-spike… the only thing that’s clear is that at least 50% of whatever anyone said anywhere may be nonsense, unless it’s this statement…

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16 comments on “How Now Brown Dow?

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  1. CK,Please check out the pretty picture at the top of this link.

    As long as the market focuses on the 10% of the iceberg that is visible,it’s business as usual,but when it considers what is lurking,then’s it’s nervous breakdown time. Really,it’s a pride thing,think of the armies of economists,financial advisors,brokers,traders,who have never given a moment’s thought to the perils of fiat,floating currency,having to admit that it ain’t working.

    American Standard Version
    Pride goeth before destruction, And a haughty spirit before a fall.

    Bible in Basic English
    Pride goes before destruction, and a stiff spirit before a fall.

    Douay-Rheims Bible
    Pride goeth before destruction: and the spirit is lifted up before a fall.

    Darby Bible Translation
    Pride goeth before destruction, and a haughty spirit before a fall.

    English Revised Version
    Pride goeth before destruction, and an haughty spirit before a fall.

    Webster’s Bible Translation
    Pride goeth before destruction, and a haughty spirit before a fall.

    World English Bible
    Pride goes before destruction, and a haughty spirit before a fall.

    Young’s Literal Translation
    Before destruction is pride, And before stumbling — a haughty spirit.’

    BTW,I’m the poster child for having too much pride so you will never hear from me,”I told you so”,but,I have studied our national economics as an amateur for 30 years,and somethings are falling in place. Many economists now recognize that my concept of our currency becoming a synthetic derivative is a truly original contribution to understanding the effects of all paper currency on our fiscal system.

  2. When the UK election really starts to look like a Python sketch, which
    leaves one of the largest economies in Europe in a precarious state,
    when the authorities rather sheepishly acknowledge that “Wrong way
    Shahzad” is well connected, if a little dim, wonder what professor
    Solis thinks now, when Greece seems to be just one of a whole row of Dominoes I’ll say the situation is complex

  3. I’ll say the situation is complex

    Law of Economics #3128
    Cheap money creates complicated messes,because the goal of loaning cheap money is not to get your “capital” back,but to have a cash flow of interest,FOREVER,and to be able to keep the loan on your books as an asset,FOREVER. This is Financialization,not Capitalism.

  4. “The collapse of the dollar to less than a 1,200th of an ounce of gold is emerging as one of the astonishing stories of our time.

    This is a time when we need a national conversation about the dollar. What is it? What did the Founding Fathers think it was? When they used the word “dollars” twice in the Constitution but did not deem it necessary to provide a definition, what did that tell us? In fact, the historical record is clear. The constitutional dollar was — and is — 416 grains of standard silver, or 471 ¼ grains of pure silver, the same amount of silver as is in a coin known then, and now, as the Spanish Milled Dollar. What were the Founders thinking when they decided to use, in granting to Congress the power to “coin money and regulate its value,” the same sentence in which they also granted Congress the power to fix the weights and measures?

    How are we going to get back to a constitutional framework for our national unit of account? And, most ominously, what will happen if we fail to do so? It is too much to hope that this national conversation might be ignited by Mr. Obama himself. The Wall Street Journal editorial page is doing a heroic job among the newspapers, including a piece in tomorrow’s paper calling for taking another look at the gold standard, and Larry Kudlow among columnists, his latest being here. We hold out hope that some politician will pick up the issue of the dollar. So far the only one who has gone out on the stump to mark its collapse against gold is Sarah Palin. Come to think of it we’re long overdue for having the face of the greenback engraved with a woman.”

  5. Speaking of Monty Python …
    This discussion resembles “The Argument Clinic” meets “The Dead Parrot”.

    HEY! What about that $10 million the Nigerian Princess owes me for funding the new government so she can share her wealth with me? I want my money back!

  6. This is much the way it feels with le grenouille, strangelet, and a few other undead denizens here.

  7. @ Rocketman:
    You might want to double check whether it was Niger or Nigeria. If that turns out to be the problem, don’t forget to share some of your massive returns via the “donate” link at the bottom of the main page sidebar.

  8. only one who has gone out on the stump to mark its collapse against gold is Sarah Palin.

    Where are the Palinophiles?

  9. @ Rex Caruthers:
    I think the Sun was exaggerating a bit there. As far as I know, Palin’s never gone beyond referring to monetary policy very peripherally – as part of a scattershot attack on the Ps that B.

  10. In between all the special effects, there is a commentary on the downsides of nuclear proliferation, that’s the motivation in part of the villain, and a new reflection on the pitfalls of drone warfare, and ‘unlawful combatants’ like Tony Stark,

  11. @ narciso:

    In other, perhaps related news. Japan has reactivated a breeder reactor that was shut down years ago after an accident. Probably no big thing since I’m sure they’re only interested in the electrical generating capacity of the plant.

    There are many consequences attendant on the U.S. being perceived as an unreliable ally.

  12. Quote of the Day:

    “There’s only one thing that’s safe from that ultimate risk: gold. Think of it as the world’s strongest currency. The one you can spend no matter what happens to the dollar, the euro, the yen or anything else. That’s where I have my bets placed.”

    Donald Luskin is chief investment officer of Trend Macrolytics, an economics consulting firm serving institutional investors. You may contact him at

    You would think from a guy a smart as Luskin that it’s high time to unite the dollar and gold instead of compartmentalizing them in seperate commodity bins.

  13. @ Rex Caruthers:

    Interesting, especially the statement that the enrichment is to fuel nuclear submarines and the Brazillian navy doesn’t have any nuclear submarines.

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Noted & Quoted

TV pundits and op-ed writers of every major newspaper epitomize how the Democratic establishment has already reached a consensus: the 2020 nominee must be a centrist, a Joe Biden, Cory Booker or Kamala Harris–type, preferably. They say that Joe Biden should "run because [his] populist image fits the Democrats’ most successful political strategy of the past generation" (David Leonhardt, New York Times), and though Biden "would be far from an ideal president," he "looks most like the person who could beat Trump" (David Ignatius, Washington Post). Likewise, the same elite pundit class is working overtime to torpedo left-Democratic candidates like Sanders.

For someone who was not acquainted with Piketty's paper, the argument for a centrist Democrat might sound compelling. If the country has tilted to the right, should we elect a candidate closer to the middle than the fringe? If the electorate resembles a left-to-right line, and each voter has a bracketed range of acceptability in which they vote, this would make perfect sense. The only problem is that it doesn't work like that, as Piketty shows.

The reason is that nominating centrist Democrats who don't speak to class issues will result in a great swathe of voters simply not voting. Conversely, right-wing candidates who speak to class issues, but who do so by harnessing a false consciousness — i.e. blaming immigrants and minorities for capitalism's ills, rather than capitalists — will win those same voters who would have voted for a more class-conscious left candidate. Piketty calls this a "bifurcated" voting situation, meaning many voters will connect either with far-right xenophobic nationalists or left-egalitarian internationalists, but perhaps nothing in-between.

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Understanding Trump’s charisma offers important clues to understanding the problems that the Democrats need to address. Most important, the Democratic candidate must convey a sense that he or she will fulfil the promise of 2008: not piecemeal reform but a genuine, full-scale change in America’s way of thinking. It’s also crucial to recognise that, like Britain, America is at a turning point and must go in one direction or another. Finally, the candidate must speak to Americans’ sense of self-respect linked to social justice and inclusion. While Weber’s analysis of charisma arose from the German situation, it has special relevance to the United States of America, the first mass democracy, whose Constitution invented the institution of the presidency as a recognition of the indispensable role that unique individuals play in history.

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[E]ven Fox didn’t tout Bartiromo’s big scoops on Trump’s legislative agenda, because 10 months into the Trump presidency, nobody is so foolish as to believe that him saying, “We’re doing a big infrastructure bill,” means that the Trump administration is, in fact, doing a big infrastructure bill. The president just mouths off at turns ignorantly and dishonestly, and nobody pays much attention to it unless he says something unusually inflammatory.On some level, it’s a little bit funny. On another level, Puerto Rico is still languishing in the dark without power (and in many cases without safe drinking water) with no end in sight. Trump is less popular at this point in his administration than any previous president despite a generally benign economic climate, and shows no sign of changing course. Perhaps it will all work out for the best, and someday we’ll look back and chuckle about the time when we had a president who didn’t know anything about anything that was happening and could never be counted on to make coherent, factual statements on any subject. But traditionally, we haven’t elected presidents like that — for what have always seemed like pretty good reasons — and the risks of compounding disaster are still very much out there.

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