I’d say the SEC is more accurately “captured.”
What is Janet Yellen, new Fed chairman, really worried about?
We’ve said it many times here, and many others have said it before us in other places. Free markets are not typically the friend of big corporations with lots of market share, money, and friends in government. These companies are already fat and happy. Free markets and free prices allow new challengers to enter the marketplace. This brings prices down and quality up. Not what the fat firms want.
It won’t happen tomorrow but slowly but surely the world is moving from dollars. The petrodollar system which has been key to the world economy over the last 40 years is eroding. More and more country to country deals are being done in currencies other than the dollar. The economic world as we have known it, after Bretton Woods in the Cold War Era, the post Cold War era, and the post 9-11 era is fundamentally shifting. The dollar is not what it once was. It is no longer “almighty” and one should be prepared.
Nomi Prins is a very interesting and talented financial journalist and attached is a great in-depth interview with her on Democracy Now. She discusses her new book All the President’s Bankers.
In the book she explores the relationship between the banking establishment and the American presidency. It probably won’t come as a shock but she finds that in many respects Wall Street and Washington have long been partners, and particularly since the establishment of the Federal Reserve in 1913.
The rise of libertarianism has been steady, but it wasn’t very long ago that free markets and free minds were considered outside the norm. During the dark ages of statism, the time of FDR, and Mussolini, LBJ, and Brezhnev, the idea that people should run their own lives was considered radical. Though we were a country built on the ideas of “life, liberty, and the pursuit of happiness” we had long abandoned these principals for a planned state. We thought the state was “modern.” We thought it was “forward looking.” It took us 70 years to figure out that centralized planning is no way for humans to live. Well, not all of us have figured this out yet but times are definitely changing.
This is your “recovery” folks. Inspires confidence doesn’t it?
Goolsbee leaves the White House and then hedge funds pay premium dollars to hear him wax economic every Friday over the phone. Why? Because the hedge funds believe Goolsbee offers “insight” into economic moves coming from the White House.
11. The multifamily McMansion