I have become a big fan of Senator Sasse. His definition of “conservative” is I think right on the money. Though I would say that the term “conservative” doesn’t really feel right to me these days. I would argue that what is today called conservative, very limited government, rule of law, generally an affirmation of The Enlightenment in many respects, is actually quite forward thinking and not retrograde as the term “conservative” implies. I don’t think most “conservatives” want to conserve the massive and intrusive state which this country has been saddled with since the Wilson administration.
He should, and in this very narrow statement Sanders is almost correct. What Sanders does not mention however is that the reason Goldman Sachs acted the way it did, indeed why it COULD act the way it did in the lead up to 2008 was because its “greed” was facilitated by the Federal Reserve. The central planners wanted Goldman Sachs and the other banks to leverage themselves out. This was the goal. The Great Recession was created by the Federal Reserve,
Goldman was President Obama’s number 1 private contributor in the 2008 election.
Goldman should be dead. Door knob. A chapter in American finance history, but a chapter about the past. It should no longer exist. It is not an example of American capitalism. It is crony capitalism at its worst. It is a bailout bank. It took from you because of its mistakes and “profited” with ill gotten funds. You kept Goldman Sachs alive. The government gave you no other choice.
Joe Salerno, Pace University economist and Mises academic vice president explains why we should be very concerned with the emerging war on cash. This is a concept with which all of our readers should be at least somewhat familiar. It will affect your life and it is becoming an important issue very quickly as the world economy appears to be trending downward.
The war on cash is a war on everyday people.
Mr. Forbes’s views are his own and do not necessarily reflect the views of ACC.
Mike Gleason, Director, Money Metals Exchange: It is my great privilege to welcome Steve Forbes, Editor-in-Chief of , CEO of Forbes, Inc. to our Money Metals Exchange podcast. Steve is also author of many fabulous books,
Goldman Sachs, AKA Government Sachs, is very active politically. It has sought systematically to get its people into positions of power around the world.
The second best thing to do after having one of the bank’s own in positions of power from the bank’s perspective is to give piles of money to politicians who are likely to be friendly. (Or can be swayed to be friendly.) This is what they did for example with Barack Obama in 2008.
I heard this interview this morning in the car as I drove my kids into school. Mr. Dalio makes the point that nearly everything went down last year. (With the exception of Bitcoin.) He argues that if this continues, all asset classes moving down together, we’ll be looking at a “depression.”
That’s why he thinks the Fed will turn on its heels and ease and then print.
There appears to be no way out of this thing other than to let markets correct to proper levels.
By Clint Siegner, Money Metals Exchange
Sound money issues make for good politics these days. The leading Republican candidates have all suggested reforms to our monetary system. The topic is popping up in debates as well as interviews. Predictably, Fed worshippers and proponents of central planning everywhere are snickering and trotting out the usual responses.
Michael Hiltzik, with the Los Angeles Times,
I am speaking of Art Cashin, UBS guy, and CNBC talking head. And when I say “old dog” it is meant as a compliment. As in the old dog who has seen lots of young dogs come and go. I find his analysis valuable often. Some do not. (Or say they don’t.) I guess I just have a soft spot in my heart from reading his column back when I was first introduced to the world of finance. He always wrote about the “old days”
We have no horse in the presidential race as we often say but we sure have an issue with Government Sachs, the bank which long ago should have died but was saved by virtue of its connections in government. (Not the only bank.) The bank then, post-2008 went on to expand further around the world all fresh and “recapitalized.” (Recapitalized with your money.)
This definitely adds some perspective on current market conditions.
The petrodollar system is an area of particular interest to me and it has been for a very long time. I am fascinated by the secrecy which surrounds the system, the massive political implications of the system, why it was created in the first place, and why it plays, I believe anyway, an important roll in monetary policy. (Though some disagree with me.)
I even wrote 3/4 of a reasonably good novel focused on the petrodollar.
That’s a bold statement. So bold that if Mr. Edwards turns out to be right it will be one of the greatest calls ever.
The underpinnings of his analysis are sound. Financial assets have been inflated artificially since March of 2009 and we are now (according to Edwards) going to see the deflation of that bubble back to more or less where we were around the time of the Crash.
Here’s another list to cross check with whether your senator voted “yea” on the Omnibus bill.
I look at it this way. We are starting to get a very clear picture of who is on what side of the great crony debate. Those who think that the status quo can continue, even at this late date, need a wake up call in November.