Morning Update/ Market Thread 11/11/11 – Moral Morass Edition…
Big day, numerically speaking. Not so much for economic data, as the only data out today will be Consumer Sentiment just before 10:00 Eastern.
Equity futures are higher, dollar lower, bonds lower, oil higher and pushing $100 a barrel (ouch), gold & silver are higher, while food commodities have moved to the bottom of their recent ranges.
The mainstream media really disgusts me. The brewha over Perry’s mental lapse – real people call it a brain fart – has completely overshadowed any real issue, including the narcissistic and psychopathic behavior of Cain who belongs in prison for his actions, not running for President. Perry’s lapse is even competing with the Penn State debacle for media space which again shows you how this country prefers appearance over substance, while the moral decay continues to appear everywhere money is involved – like in college where the football team is far more important than the education – sick.
In politics, Ron Paul is the only one even close to the right answers and yet we know it’s a beauty contest financed by central banks, it’s certainly not a substance contest – sick.
The headline on Bloomberg says, “ECB as Last-Resort Lender Will End Crisis: Silva.”
The European Central Bank can stop the spread of the continent’s financial crisis with “foreseeable, unlimited” purchases of Italian and other government bonds, Portuguese President Anibal Cavaco Silva said.
“The European Central Bank has to go beyond a narrow interpretation of its mission and should be prepared for foreseeable intervention in the secondary market, not as the central bank has done up to now,” Cavaco Silva said yesterday in an interview at Bloomberg headquarters in New York. He said government leaders are unlikely to move fast enough to find solutions.
“It has to be able to be a lender of last resort,” said Cavaco Silva.
No moral hazard there, right? And the scheme he’s proposing for Europe is exactly what our central criminals in the U.S. are already running. Here’s the scheme – the bankers indebt the people of nations for using their own money systems. The creation of money by governments is a debt owed to private individuals (which is completely insane). The people must work to pay back principal and interest on that debt. But there’s so much debt they can’t, the math is impossible. So, according to criminals like Silva, the central bankers should just create money from nothing to buy up that debt!!!
Now let make this appear as stupid as it is… Why not just have the GOVERNMENT create money in the first place, without debt? Do you see the circular nature of what he is proposing and what the U.S. is doing? The circle feeds the private few at the expense of the many – all for no justifiable reason whatsoever! Insane, and once again we are talking about the ROOT problem, not only economically, but we’re talking morally and we’re talking about the proper rule of law. The markets are so far from “free” that it is laughable. Go look at the Constitution – Congress is supposed to “regulate the value thereof,” that clause does not give them permission to sell THE most important line in the Constitution out to a few private bankers – sick.
The events in Fukushima will impact this planet and humanity for thousands of years, yet our own “regulatory” agency, the NRC, is so special interest corrupt that they can’t even consider any changes to course. Arnie Gunderson does an excellent job of describing what’s happening in the nuclear industry and how they are ignoring lessons learned:
Energy production is supposed to serve mankind, not jeopardize its existence. Our government is allowing special interest money to steer our energy policy in an insane direction. The NRC is a part of the Department of Energy, the third item Perry forgot in that debate. And on that point, he and others are right in calling for the breakup of the agency.
I’ll leave this short update with a reminder of how improper money production has pulled our eyes off what’s truly important.
“Too much and too long, we seem to have surrendered community excellence and community values in the mere accumulation of material things. Our gross national product…if we should judge the United States of America by that – counts air pollution and cigarette advertising, and ambulances to clear our highways of carnage. It counts special locks for our doors and the jails for those who break them. It counts the destruction of our redwoods and the loss of our natural wonder in chaotic sprawl. It counts napalm and the cost of a nuclear warhead, and armored cars for police who fight riots in our streets. It counts Whitman’s rifle and Speck’s knife, and the television programs which glorify violence in order to sell toys to our children.
Yet the gross national product does not allow for the health of our children, the quality of their education, or the joy of their play. It does not include the beauty of our poetry or the strength of our marriages; the intelligence of our public debate or the integrity of our public officials. It measures neither our wit nor our courage; neither our wisdom nor our learning; neither our compassion nor our devotion to our country; it measures everything, in short, except that which makes life worthwhile. And it tells us everything about America except why we are proud that we are Americans.”
― Robert F. Kennedy