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Monday, September 16, 2013

The job no one wants

Zerohedge ponders why Larry Summers and Tim Geithner have both indicated that they don't want to replace Helicopter Ben:
The next chairman's main job is going to be deciding how soon and how aggressively to pull back on Fed programs; and as none other than Fed whisperer John Hilsenrath notes, Larry Summers' withdrawal increases the likelihood of continuity in central-bank policy for the next few years - meaning any Fed wind-down of its easy-money programs will be slow and gradual. Of course he posits Yellen and Kohn as potential front-runners but throws Tim Geithner and Roger Ferguson back into the mix. Business-as-usual is back and the doves are in control - all the Fed needs now is bigger deficits to enable it to keep the pumps primed...

We can't help but wonder why Summers really stepped away - is it perhaps that he knows (deep in his cold bloodless heart) just what a disaster this is all going to be and prefers to keep his 'perceived' legacy in place?  Now we have Geithner clearly not wanting to be touched with the Fed s----- stick... seems like we will end up with the lowest common denominator Fed head - great stuff.
I assume it's going to be Janet Yellen, given Barack Obama's fascination with his own historical significance. Also, women are less likely to feel they should be held responsible for anything they do, much less for anything that happens on their watch, and they also tend to place undue importance on being a Hultgreen-Curie candidate. So, unlike Summers and Geithner, Yellen is likely to discount the risk of catastrophic failure to her reputation. If that is true of her, and we'll know it does if she doesn't take herself out of the running fairly soon, then we can be fairly confident that she'll take the system down on a conventional, consensual, and by-the-book basis.

This promises to be the ultimate Hultgreen-Curie scenario: the first female Fed Chairwoman is at the helm when the global financial system goes down.  And it would be a spectacular example if it took place while Christine Lagarde, the first female head of the International Monetary Fund, was still running the IMF.

Keeping in mind that I repeatedly issued warnings about the 2008 financial crisis beginning in 2002, here is what the current Fed frontrunner had to say about it after the fact.

“For my own part I did not see and did not appreciate what the risks were with securitization, the credit ratings agencies, the shadow banking system, the S.I.V.’s — I didn’t see any of that coming until it happened."
- Janet Yellen, 2010

This should end well.

Labels: ,

112 Comments:

Blogger Markku September 16, 2013 5:16 AM  

Teh lulz in Pravda again

Another unprecedented step towards getting rid of the monopoly of the dollar is the creation of a stabilization fund of the BRICS countries and the Development Bank. Its goal, as stated by the President of the Russian Federation, is to contribute to the improvement of the financial markets after the U.S. ends the policy of quantitative stimulation. This was a diplomatic statement, but its meaning translated into vernacular formula would sound something like "get lost with your dollar."

...

President Putin has consolidated BRICS countries around Russia in order to create sovereign issue tools in addition to the Federal Reserve that did not exist since the time of the Soviet Union. These are the outlines of a future world order where there will be no place for the greedy hegemony of the U.S. and its Anglo-Saxon satellites. The U.S. authorities are unable to prevent such a development. In terms of military potential BRICS countries are as strong as the U.S. and NATO, even if we assume that they will choose a suicidal nuclear mission.

Blogger Markku September 16, 2013 5:30 AM  

Obama: wtf assad gashax!!!11!11!!1
Putin: pics or gtfo.
Obama: but
Putin: PICS. OR. GTFO.
Obama: is can be airstriek assad?
Putin: no.
Obama: rly small aristrke? incredibly small.
Putin: N O !
Obama: *ragequit*

Blogger mmaier2112 September 16, 2013 5:31 AM  

The woman FED chairman appointed by the first "Vibrant" President presides over the collapse?

Sounds about right.

Anonymous Outlaw X September 16, 2013 5:37 AM  

women are less likely to feel they should be held responsible for anything they do Bullshit.

Brooksley Born, You mean?

Anonymous Roundtine September 16, 2013 5:48 AM  

Summers isn't stupid. He probably has something else in the works and had an associate leak it to the Japanese that Summers was the pick. Then when Obama didn't confirm it, Summers knew he wasn't going to get it, so he pulled out. Also, he and his buddies made some bank on the initial leak, when the dollar and interest rates moved up, and they made it again when his letter came out during illiquid Sunday night/Asian Monday trading.

See, conspiracy theories are easy.

Blogger Shimshon September 16, 2013 6:06 AM  

Just like the police. As long as "procedure" is being followed, nothing is amiss, no matter how many bodies are involved.

Anonymous zen0 September 16, 2013 6:27 AM  

Yellen is a liar, an idiot, or both. She would be perfect.

Anonymous Ann Morgan September 16, 2013 6:31 AM  

**Also, women are less likely to feel they should be held responsible for anything they do, much less for anything that happens on their watch**

Yeah. Gee, guess that explains why I (a mere woman with no 'wherewithal') work for two hours, on average, EVERY DAY, for free (off the clock), to keep the warehouse where I am working running, while my boss, a super-alpha responsible man, is on 'vacation' at least a week every month, and when he's not on 'vacation' has more 'off' days than 'on' days, and when he is 'on', comes in late after all the work is done. Then when things fall apart, it's never his fault, it's either my fault, or if he can't figure out a reason why it's my fault, then it's the 'nature of the work'.

I guess the fact that he (being a man) is so 'responsible' also explains why other male employees generally start coming to *me* after working for about a month to ask what to do, rather than to my boss. They probably have no 'wherewithal', either. Despite some of them being war veterans. Or maybe war veterans have no 'wherewithal'. It is hard to tell.

Anonymous Teenage Jail September 16, 2013 6:43 AM  

Guess that explains why you think "less likely" implies anything about a particular individual.

This basic misunderstanding of statistics is almost a cliche. I was going to say among the left, but the right has its share too, though it may be less common there.

Anonymous Sigyn September 16, 2013 6:48 AM  

Ann, do you know what "less likely" means?

Anonymous daddynichol September 16, 2013 6:48 AM  

Ann, how's that empowering career working out for ya? Your situation is not unique. Happens to most everyone at some point.

Blogger Dusty September 16, 2013 6:49 AM  

"women are less likely to feel they should be held responsible for anything they do, much less for anything that happens on their watch"


Like there's any evidence to support this statement. Vox is racist, sexist, and homophobic. Everything Vox writes is just justification for stupid beliefs. Intelligence, sure he's got that. But it doesn't make the beliefs any less intrinsically wrong. Willful ignorance is still ignorance.

And yes, if you agree with Vox's views you're part of his cult. Baa baa go the sheep.

Anonymous VD September 16, 2013 6:56 AM  

Shut up, Ann. Man talk.

Like there's any evidence to support this statement.

Let's take just one example, Dusty. Every single time a woman is caught smuggling drugs and arrested, what does she do? Does she, as a general rule, take responsibility for doing what she undeniably was doing or not?

Anonymous Roundtine September 16, 2013 7:17 AM  

Or just cruise the headlines. Julia Gillard and Hillary "What difference does it make" Clinton being two of the most recent cases.

Anonymous Eric C September 16, 2013 7:36 AM  

Don't know many women, do you Dusty?

Anonymous David September 16, 2013 7:47 AM  

It would be awesome if the so-called minorities were in charge when everything went to shit. The shrieking from the Left would be delicious, as would the historical implications as well.

"Just because blacks and women were in powere does NOT mean they were responsible! Why, if those Straight, Heteronormativ, Cis-gendered White Christian Males hadn't PUT us in powere, none of this would've happened! So you see? It really isn't our fault!"

Anonymous Outlaw x September 16, 2013 7:48 AM  

what does she do? Does she, as a general rule, take responsibility for doing what she undeniably was doing or not?

You are correct, Vox, when we look at sexual abuse of minors in the public schools. Still my Grandmother was a postmaster, and the men were always trying to entrap her because they wanted her job.

Born resigned as did my grandmother in July of 1980. I had to watch that and what was being done to her as I was staying with her and going to college at NTSU at the time and farming with my uncle the rest of the time to pay for it. There were no days off unless it rained and we couldn't work. She was a good women and took responsibility for everything she did.

I don't doubt the modern women as you say but nothing left is sacred anymore.

Honesty and character left the building with Elvis. I realize I live in a different time and different world. Where yard swings have been replaced by video games and hunting is just a sport not a source of food.

Anonymous Anonymous September 16, 2013 7:51 AM  

Don't know many women, do you Dusty?

The ones who work at his group home are really nice. They even let him use the Internet sometimes.

Anonymous zen0 September 16, 2013 7:56 AM  

Lets see... Ann Morgan claims she basicaly has to run the warehouse because the boss is away all the time, and when things go bad she blames the boss.

This then proves that women take responsibility when they screw up.

Forget it, I'll get my own sandwich.



Anonymous Carlotta September 16, 2013 8:03 AM  

Foccia bread people! He is speaking in generalities. If 80 percent are doing something and you say "most people are doing x" that is correct. For the 20 percent who are not doing it to get all riled up because he didnt say "except for Sarah and Margie" ....need to check themselves before they wreck themselves.

By the way Outlaw, your Grandmother sounds lovely and I hope you are doing well. Praying for you.

Also I highly recommend mint tea, stevia and some good raw apple cider mixed for a morning coffee replacement. Tastes kind of like sprite but I also feel like I could run 50 miles while txting and folding laundry. Good stuff.

Blogger Markku September 16, 2013 8:05 AM  

Ann Morgan: Why do you put 'wherewithal' in quotes? The word doesn't occur anywhere in Vox's post, nor is there even any mention of means. Only of feeling personally responsible. You are repeating the word over and over as if parodying someone, yet nobody has actually said it.

Anonymous Outlaw X September 16, 2013 8:23 AM  

Praying for you.

I have learned prayer is for the next life, not this one, Carlotta. And it is for you when you pray for others. We all succumb to this life, keep praying for others and God will show you his mercy.

Some people you cannot help, but it isn't about them in the first place.

Blogger CostelloM September 16, 2013 8:52 AM  

Its called a 'pussy pass' for a reason. I am unaware of any male equivalent.

Blogger swiftfoxmark2 September 16, 2013 9:06 AM  

Regardless of this ugly chick's gender, it is clear that she is unqualified for the position because she didn't see the housing bubble and subsequent pop coming.

Of course, she is qualified because she happens to have two X chromosomes instead of the preferred XY combination.

Blogger Stg58/Animal Mother September 16, 2013 9:08 AM  

SEXISSSSSS!!!!!!!

Blogger swiftfoxmark2 September 16, 2013 9:12 AM  

Any bets on whether Yellen will raise interest rates and cause a contraction? Or will she be subservient to the real men who own and operate the Fed?

Anonymous dh September 16, 2013 9:17 AM  

VD--

I don't think it's possible to claim that Summers didn't want the job. He wanted the job. He campaigned for it, sent his surrogates to campaign for it, and lobbied for it personally to Pres. Obama.

The situation is that he couldn't be confirmed, because the liberal base lined up against Summers. Summers is very unpopular on the left, and his unpopularity is for almost the same reasons that you don't like him. Without support from liberal Senators like Warren and Franken, Summers could not get through the confirmation process. And so he withdrew.

If the devil offered Summers a deal tomorrow to ascend to the chair, he would take it.

Anonymous Harsh September 16, 2013 9:18 AM  

Like there's any evidence to support this statement. Vox is racist, sexist, and homophobic.

We need better trolls.

Anonymous DonReynolds September 16, 2013 9:20 AM  

Obama has slowly surrounded himself with women. His only two supreme court nominees were both women....the UN ambassador, national security advisors, cabinet secretaries, you name it. (Hey....if you were married to Michelle, what the devil would you do?) So yes, this seems to be his normal mode to appoint a woman to a key position. Kinda like sneaking off to the garden shed or basketball court to smoke a few cigarettes. I also notice that the women he appoints are normally sub-par (submissives)....who would always come back to daddy to find out what he wants her to do. He is a control freak and his span of control is unusually wide, but beyond it his influence is very weak or non-existent.

Anonymous Harsh September 16, 2013 9:22 AM  

@Ann Morgan

If women are so responsible, why are 66 to 90% of divorces initiated by women? Breaking a contract is not being responsible, it's being selfish.

Anonymous cds September 16, 2013 9:27 AM  

"66 to 90% of divorces initiated by women"

I see 66-72% from The National Center for Health Statistics. Where did you get 90%

Anonymous Josh September 16, 2013 9:29 AM  

So yes, this seems to be his normal mode to appoint a woman to a key position.

In his second term, sure. But he surrounded himself with a bunch of old white guys and Hillary in his first term.

Anonymous Susan September 16, 2013 9:36 AM  

Isn't this the same guy who was president of Harvard when the females of Harvard took great offense to a comment he made about women don't understand math like guys do, or something to that effect?

That, I suspect, is why he isn't getting the job. Too many females to offend in this administration.

Carlotta,

Maybe the problem Ann has with Vox is that he seems incapable of acknowledging that 20% who do take responsibility. That doesn't make him sexist. Just stubbornly male.

Blogger IM2L844 September 16, 2013 9:42 AM  

Like there's any evidence to support this statement.

See Ann Morgan's post.

Forget it, I'll get my own sandwich.

At least it will be made correctly.

Anonymous hvflykrur September 16, 2013 9:44 AM  

Maybe the problem Ann has with Vox is that he seems incapable of acknowledging that 20% who do take responsibility. That doesn't make him sexist. Just stubbornly male.

This reminds me of Chris Rock's bit about blacks who want adulation for staying out of jail and taking care of their kids.

Anonymous Sigyn September 16, 2013 9:53 AM  

While I'm waiting for my canner to heat up...

Like there's any evidence to support this statement.

Are you also an atheist?

Vox is racist, sexist, and homophobic.

You forgot "dipsh**". Shape up, Whatever Wabbit.

And yes, if you agree with Vox's views you're part of his cult. Baa baa go the sheep.

"I don't care what your reasons are. I don't care if you can fully justify them. Having opinions that align with someone else's is CULTISH. OMG! ALSO HITLER!"

Anonymous Josh September 16, 2013 9:55 AM  

This reminds me of Chris Rock's bit about blacks who want adulation for staying out of jail and taking care of their kids.

What do you want, a cookie?

Anonymous Josh September 16, 2013 9:56 AM  

Maybe the problem Ann has with Vox is that he seems incapable of acknowledging that 20% who do take responsibility. That doesn't make him sexist. Just stubbornly male.

NAWALT!

Anonymous Harsh September 16, 2013 9:57 AM  

I see 66-72% from The National Center for Health Statistics. Where did you get 90%

You're splitting hairs. The exact number is not as important as the fact the majority are initiated by women.

Anonymous Sigyn September 16, 2013 9:57 AM  

What do you want, a cookie?

A foot rub would be nice.

Not from you, though.

Anonymous The other skeptic September 16, 2013 9:57 AM  

Is it too early to draw parallels between Obama and Nero?

Anonymous Sigyn September 16, 2013 10:00 AM  

"I see 66-72% from The National Center for Health Statistics. Where did you get 90%"

You're splitting hairs. The exact number is not as important as the fact the majority are initiated by women.


Ohhh. Got it. You meant "up to 90%".

Anonymous cheddarman the simple September 16, 2013 10:00 AM  

I was having a discussion about women with a friend and his wife. I brought up the fact that according to police statistics, women initiate domestic violence more often than men. Her response was that "we are talking about people, not statistics, women lie all the time to protect their men. Men initiate more domestic violence than women."

I think I am starting to clearly observe and understand the concept of "the female rationalization hamster."

I can't wait to see it in action related to U.S. monetary policy.

Anonymous FUBAR Nation Ben September 16, 2013 10:17 AM  

The Fed is not in control. When the bond market starts jacking up rates like the 10-year, which is happening right now, the Fed is going to follow. Especially when all the money flees into stocks causing a bubble.

Just wait for the next Hitler video about Janet Yellen.

Anonymous Carlotta September 16, 2013 10:27 AM  

@ Susan
I see your point. It is possible. But reading her comments I am thinking she just wants his attention and this is her way of getting it. Also, she seems to be crazy.

Outlaw I am still praying for you anyway:) The Bible says prayer is for this lifetime and that the prayers of the righteous availith much. Also that the devil wars against them. So I know you are wrong :)

What are you canning Sigyn? I am learning how to do that now.

Anonymous VD September 16, 2013 10:31 AM  

I don't think it's possible to claim that Summers didn't want the job. He wanted the job. He campaigned for it, sent his surrogates to campaign for it, and lobbied for it personally to Pres. Obama.

I believe he wanted it on principle. I'm not sure that he still wanted it once he started looking more closely at the current situation. You could certainly be right and it might just be a simple political calculation meant to spare himself the embarrassment of not getting confirmed.

But that's not necessarily the case. No one wants to get caught holding the hot potato, after all.

Anonymous VD September 16, 2013 10:32 AM  

What are you canning Sigyn? I am learning how to do that now.

Oh, sweet Milton....

Blogger Stg58/Animal Mother September 16, 2013 10:33 AM  

Prince Albert?

Anonymous Josh September 16, 2013 10:34 AM  

But that's not necessarily the case. No one wants to get caught holding the hot potato, after all.

So the patsy left holding it is a woman who probably finds it neither hot not a potato...

Hey wait a minute, that's sexiss!

Anonymous Sigyn September 16, 2013 10:37 AM  

Carlotta, click my name and receive your answer.

It's fun to annoy the men with domestic chatter sometimes, but not in a thread where they're already inclined to pick on us. *grin*

Anonymous Porky September 16, 2013 10:37 AM  

Larry Summers and Tim Geithner have both indicated that they don't want to replace Helicopter Ben

You really don't understand these people, do you.

This promises to be the ultimate Hultgreen-Curie scenario: the first female Fed Chairwoman is at the helm when the global financial system goes down.

I thought you were predicting 2033.

Anonymous Harsh September 16, 2013 10:39 AM  

Ohhh. Got it. You meant "up to 90%".

lol... I see what you did there.

Anonymous Josh September 16, 2013 10:42 AM  

You really don't understand these people, do you.

Ok porky, why do you think both summers and Geithner turned it down?

Anonymous Michael Maier September 16, 2013 10:46 AM  

VD September 16, 2013 10:32 AM What are you canning Sigyn? I am learning how to do that now.

Oh, sweet Milton....


Milton????

Anonymous Sigyn September 16, 2013 10:50 AM  

Yeah, Michael, I was expecting something more like Mason, or possibly Appert (for the history buffs)--but after all, he's only a man. He doesn't know about domestic stuffs.

*ducks*

Anonymous FUBAR Nation Ben September 16, 2013 10:50 AM  

Vox, how did you calculate 2033 as the date of the breakup of the US?

Blogger Nate September 16, 2013 10:58 AM  

"Oh, sweet Milton...."

it could be worse they could be talking quilting

Anonymous cds September 16, 2013 10:59 AM  

"You're splitting hairs."

I'm expecting accuracy in conjunction with assertions.



Anonymous Noah B. September 16, 2013 11:00 AM  

I think Summers got the message that his desired approach to handling the Fed (reducing QE) would be politically unacceptable. Had he been willing to simply do as he's told, he would have gotten the job.

Yellen, on the other hand, is perfectly willing to make a fool of herself if that's what they tell her to do.

Anonymous cds September 16, 2013 11:04 AM  

Lead story on CNNMoney: "Stocks gain as Yellen now FED favorite."

Guess everything is fine after all.

Anonymous VD September 16, 2013 11:05 AM  

I thought you were predicting 2033.

I am. But not for the next round of financial crisis. There is a lot of ruin in a nation.

Blogger James Dixon September 16, 2013 11:24 AM  

Usa Today anaylsis, so take it for what it's worth.

Blogger Nate September 16, 2013 11:31 AM  

"I am. But not for the next round of financial crisis. "

see at this point it could be argued that the difference in Vox's prediction and mine... is that Vox is a big ol' pollyanna and is always looking on the bright sight of things.

Blogger Nate September 16, 2013 11:31 AM  

"I'm expecting accuracy in conjunction with assertions."

aspie.

Anonymous Ferd September 16, 2013 11:49 AM  

Did Odummy run out of vibrant buddies?

Anonymous Porky September 16, 2013 11:50 AM  

Ok porky, why do you think both summers and Geithner turned it down?

Has Geithner officially turned it down?

When things get scary, rabbits seek the comfort of other rabbits.

Anonymous Porky? September 16, 2013 11:53 AM  

I am. But not for the next round of financial crisis.

This promises to be the ultimate Hultgreen-Curie scenario: the first female Fed Chairwoman is at the helm when the global financial system goes down.

If global financial meltdown is only the next round, what is it that you are predicting for 2033? WWIII?

Anonymous FUBAR Nation Ben September 16, 2013 11:57 AM  

Vox if you are predicting 2033 to be WWIII I think you may be mistaken. 2014 is shaping up to be the year that Syria explodes.

Anonymous Carlotta September 16, 2013 12:03 PM  

Sorry all :) On the way to Sigyn's.

Anonymous patrick kelly September 16, 2013 12:20 PM  

"Forget it, I'll get my own sandwich.

At least it will be made correctly."

And the beer will be cold....

Anonymous Sigyn September 16, 2013 12:24 PM  

And while you're in the kitchen, go ahead and take out the trash, too.

Anonymous Carlotta September 16, 2013 12:40 PM  

@ Patrick Kelly

I dont know what kind of chicks you are used to, but my sandwhiches are my second best talent.

My barbecue meatballs on garlic bread have lead to two pregnancies. Hey now!

Ok 2033 is a bit optimistic. I was at walmart last night, the zombies are not only here, they are in charge.

I have to read Nates stuff on this again.

Anonymous FUBAR Nation Ben September 16, 2013 12:45 PM  

Where can you find Nate's analysis?

Anonymous Carlotta September 16, 2013 1:01 PM  

@ Fubar
Nate has s blog and a radio show. I havent been there in about a month though. I think his blog is Pan Galactic Blogger Blaster...something like that. I think he links to his radio show with Vidad there.

Nate and Vox had a debate about all this too. They both have goid points....and both agree it is all going in yhe crapper. Fun read lol.

Anonymous Jack Amok September 16, 2013 1:03 PM  

Amelia Earhart wasn't a particularly good pilot, but she probably could have kept the plane flying stratight and level long enough for everyone else to bail out.

Anonymous George of the Vibrant Jungle September 16, 2013 1:25 PM  

If the left IS unequivocally in charge when everything goes to shit and all their immaculate utopian plans fail, their last recourse will be violence. When reality can no longer be ignored as it crashes into their fantasyland, the leftists' inner Pol Pot inevitably emerges.

Blogger Nate September 16, 2013 2:16 PM  

"Where can you find Nate's analysis?"

Nate's prediction is this:

Everything falls apart in 2015. Though it could be pushed to 2016. T-bills stop selling... everyone dumps dollars... total economic collapse. Followed by total government collapse and the balkinisation of America.

not unlike what happened in the soviet union... at least superficially.

Blogger Nate September 16, 2013 2:18 PM  

"If global financial meltdown is only the next round, what is it that you are predicting for 2033? WWIII?"

That's when he predicts the US will basically fall apart. end of the dollar... that sort of thing.

The things that I think will happen between 2015 and 2016.

See?

he's a pollyanna.

Anonymous DonReynolds September 16, 2013 2:46 PM  

Nate.....When Vox came out with the 2033 date, I told him at the time, we cannot possibly keep the ball in the air another twenty plus years! No way. Impossible.

I have always tended to agree with Vox, but yeah....this is waaaay too optimistic.

Anonymous VD September 16, 2013 2:51 PM  

If global financial meltdown is only the next round, what is it that you are predicting for 2033? WWIII?

US political dissolution or subsumption into a larger entity. I was originally expecting the latter, but I'm increasingly thinking the former is a real possibility.

Blogger Weouro September 16, 2013 2:53 PM  

Would other currencies somehow plunge with the dollar or become stronger?

Anonymous Carlotta September 16, 2013 3:18 PM  

With the moves Russia is making I am thinking sooner then later.

Anonymous Blume September 16, 2013 4:20 PM  

Ann my butch lesbian ex-boss used to do the same thing. What your describing is a pos who got their job through connections instead of hard work and skill. It has nothing to do with sex.

Anonymous patrick kelly September 16, 2013 4:22 PM  

@Carlotta:"I dont know what kind of chicks you are used to, but my sandwhiches are my second best talent."

Whatever kind of chick hang out wherever I'm at....the office... Church......the range......gym.... here with the ilk........ do you reload?

Anonymous map September 16, 2013 4:34 PM  

As much as I like the doomsday scenario, I think The Ilk are off-base as to the effects of American monetary policy.

In short, the American dollar is not the reserve currency because a bunch of nations decided to make it the reserve currency. The dollar is the reserve currency because America is the world's biggest importer. The massive flow of imports into the United States results in remittances for these imports being paid in the local currency, which is the US dollar...which then is held and controlled by foreign entities.

The only way for the US dollar to cease being the reserve currency is for the various exporting nations to stop exporting to the United States. They are in no position to do that. Why? Because their industrial policies favor export led growth. As a matter of government policy, the only way for one nation to run a trade surplus is for another nation to run a trade deficit. The one nation that accepts the output of all the other nations is the one that wins, for it becomes the hub of the entire world economy. What's worse, other industrialized nations even expanded into the US policy of promoting trade deficits, inextricably tying themselves to the USA.

These various BRICS arrangements amount to nothing if none of them are willing to let their protected industries be destroyed by outside competition. Without the emergence of a new economic hub willing to be the default importer of the world, how do they expect to establish a new reserve currency when selling in the United States still remains profitable and there are huge first-mover disadvantages to withdrawing from the US market? Would a Chinese communist who owns a franchise on a chip manufacturing business simply allow Korea to dump the US allocation of chips into the Chinese market? Would Russia allow Brazil do dump the US allocation of machine tools into Russia? Wouldn't the result be massive discounting for the the dumped Korean and Barzilian products with the profit made from re-selling back to the USA?

When you understand that the world economy is not a free market but a mercantilist system with a huge bottleneck, the effectiveness of any of these schemes becomes clear.






Anonymous FUBAR Nation Ben September 16, 2013 4:36 PM  

I think you are right Nate except for the fact that war could be used as a way to delay it. If Obama goes to war against Syria and then Russia gets involved, all bets are off.

Blogger Unknown September 16, 2013 4:42 PM  

It's annoying how women troll the shit out of the male readers of this site (even if that is not their intent and they are merely begging for masculine attention).

Seriously Vox. This isn't a game site, so live demonstrations of women' solipsism are not required. I grow tired of reading their banal, nonsensical shit and I am positive that I am not alone. Please get rid of them.

Anonymous Porky? September 16, 2013 5:18 PM  

US political dissolution or subsumption into a larger entity.

I'm kinda with Nate in that as the US dollar goes, soes goes the US of A. The only wild card imho is the military and which way it will swing.

Anonymous patrick kelly September 16, 2013 5:22 PM  

@TS:" Please get rid of them."

No Vox, please don't. Where else will I find such amusement and entertainment? Occasional inconsequential annoyances don't rise to justify tweaking da' blog rulez.

Blogger Unknown September 16, 2013 5:31 PM  

"Where else will I find such amusement and entertainment?"

Where else? How about heariste? or alpha game plan? there are so many blogs where women try to fetch their red pill alpha and fish for beta validation while they're at it.

This particular blog is for Serious Business. I vote we remove the attention beggars.

Anonymous Sigyn September 16, 2013 5:45 PM  

Who's this Ted guy? A new troll who thinks he's going to impress Vox by acting like he needs his girl-cootie shot?

Bitch, please. The Ilk troll each other mercilessly every day.

Anonymous patrick kelly September 16, 2013 6:06 PM  

Sigyn, you go grrlll.

wtf? vote? seeruz budniz? hahahahahahhahahah.....

Blogger Unknown September 16, 2013 6:18 PM  

"wtf? vote? seeruz budniz? hahahahahahhahahah....."

See? You don't need women for entertaintment. Except for the carnal sort of it.

Anonymous Sigyn September 16, 2013 6:28 PM  

Please clarify your position, gentlemen. Are you suggesting that women are not capable of seriousness or on-topic discussion and therefore should not be permitted to comment here? Or is it a general demand that anyone who deviates from the topic of the specific post be banned?

Blogger Unknown September 16, 2013 6:41 PM  

"Please clarify your position, gentlemen. Are you suggesting that women are not capable of seriousness or on-topic discussion and therefore should not be permitted to comment here? Or is it a general demand that anyone who deviates from the topic of the specific post be banned?"

Actually I would be fine with either.

Anonymous Sigyn September 16, 2013 6:46 PM  

"Or is it a general demand that anyone who deviates from the topic of the specific post be banned?"

Actually I would be fine with either.


Regret to inform Ted Sheppard that he was off-topic as of this comment. He has yet to be on-topic.

Goodbye, Ted.

Blogger Unknown September 16, 2013 6:49 PM  

Yeah, as if I would give a shit if I were to get banned. Apart from my complaints, I am only interested in reading.

Anonymous Sigyn September 16, 2013 6:49 PM  

I think you are right Nate except for the fact that war could be used as a way to delay it. If Obama goes to war against Syria and then Russia gets involved, all bets are off.

Please forgive my ignorance of macroeconomics, but how would an acceleration of spending and need to borrow delay the process caused by spending and borrowing? If anything, I'd think Russia would take the opportunity to capture some American territory.

Anonymous Sigyn September 16, 2013 7:03 PM  

Apart from my complaints, I am only interested in reading.

Yes, it's obvious you're only interested in complaining.

Now hush, Teddy. You're off topic.

Anonymous VD September 16, 2013 7:12 PM  

Or is it a general demand that anyone who deviates from the topic of the specific post be banned?

Just to be clear, precisely one individual's opinion matters here. Mine. I'm not about to ban women for babbling about canning or whatever else it is that happens to distract them in a discussion of the next Federal Reserve chairman or other subjects they find similarly boring. I'm just going to do what I always do and roll my eyes.

Relax, Ted. There isn't going to be a canning quiz. It's not exactly hard to ignore it.

Anonymous Sigyn September 16, 2013 7:24 PM  

*deadpan* We're not distracted. We're just exercising our superior skill at multitasking.

Now, back to...uh...what were we talking about?

Anonymous Carlotta September 16, 2013 8:45 PM  

Good grief you ask one canning question!
@Patrick Kelly
I do not reload yet, that is next semester at homeschool.

@ Ted
Wow. Did you really just try to tell Vox how to run his own blog and the Ilk how they are allowed to talk to each other? Delusional much?

And do you like canning Ted? Well, do you chump?

Blogger Markku September 16, 2013 8:51 PM  

Good grief you ask one canning question!

When you do it in a post on economics & Women Ruin Everything, it's going to be funny.

Anonymous Porky September 16, 2013 9:08 PM  

Doilies or placemats.

Discuss.

Anonymous Jack Amok September 16, 2013 9:47 PM  

I think you are right Nate except for the fact that war could be used as a way to delay it. If Obama goes to war against Syria and then Russia gets involved, all bets are off.


might, on the other hand, be the thing that accelerats it. Massive supermajorities believe the current FedGov lacks legitimacy, but at present nobody really sees an alternative that is clearly better, so the current situation will bop along until such time as a better alternative is obvious.

Thing is, "better" is a 100% relative term. If things get significatnly worse, existing alternatives may suddenly become better by simply standing still. And lots of poeple dying is a good way to make things get significantly worse in a hurry. War is a risky venture.

Anonymous Loki Sjalfsainn September 17, 2013 6:57 AM  

When you do it in a post on economics & Women Ruin Everything, it's going to be funny.

So saith the man who wrote a lolcat script at the very beginning of the thread.

I always enjoy the springing of a Hypocrite's Paradox trap, by the bye. Smartly done, Pet. He walked straight into it.

Anonymous Carlotta September 17, 2013 7:01 AM  


If I gave Makku the giggles my job is done.

@ Porky
Placemats ;)

Blogger Markku September 17, 2013 11:35 AM  

Loki: If you have something to say, you can say it to me directly. I won't be too harsh.

Anonymous Sigyn September 17, 2013 11:45 AM  

He was rushed this morning. I think he was trying to say that you started the not-serious atmosphere, but he didn't have time to elaborate.

In the second part, he was praising my handling of Teddy. (I'm feeling all gooey inside now.)

You'll have to forgive him. Sometimes he forgets we're not all in his head with him. Typical genius.

Anonymous Anonymous September 18, 2013 12:18 AM  

VD wrote: **Shut up, Ann. Man talk.**

No.

**Let's take just one example, Dusty. Every single time a woman is caught smuggling drugs and arrested, what does she do? Does she, as a general rule, take responsibility for doing what she undeniably was doing or not?**

Hmm, sort of like the time I broke someone's window. Except rather than failing to take responsibility, I put $20 in their house, then went and reported MYSELF to the police, and went back the next day to ask if they needed more money to pay for their window.

Anonymous Anonymous September 18, 2013 12:31 AM  

zenO wrote: **Lets see... Ann Morgan claims she basicaly has to run the warehouse because the boss is away all the time, and when things go bad she blames the boss.

This then proves that women take responsibility when they screw up.**

A few little factoids for you, zen0:

1. I have had two male bosses (same job) in the past who have told me that they have never seen ANYONE work as remotely as hard as I do.

2. When things get 'screwed' up around here, it is for one of three reasons:

A. Either my boss didn't print or incorrectly printed certain documents. Don't even try to pin that one on me, I don't have the authorization that would enable me to print those documents.

B. The truck comes extremely late and my boss doesn't want to come in to help deal with it.

C. Someone (or several people) don't show up, and my boss doesn't want to come in and deal with it.

Unlike my boss, I'm at least here dealing with problems B & C. Unfortunately, I can only do just so much in a given period of time, and if the product isn't delivered fast enough, complaints start coming in. If he would give up his beauty rest and come in to help, the product would get delivered faster and there would be fewer complaints.

Actually, you and my boss would get along great. My boss used to love to scream at me because I made 'such a mess' putting the newspapers out, and the other assistant at the time 'C' never made a mess putting the newspapers out. Gee, let me think, maybe that's because she sat on her tushy constantly and didn't put any newspapers out. If you don't put the newspapers out, that obviously means that you won't make a mess while putting them out. Unfortunately it also means that I have to do her work as well as mine, so don't have time to be as clean as I would like.

Anonymous Anonymous September 18, 2013 12:42 AM  

Blume wrote: **Ann my butch lesbian ex-boss used to do the same thing. What your describing is a pos who got their job through connections instead of hard work and skill. It has nothing to do with sex.**

Oh, I've seen all sorts of things here. People who are young, old, thin, fat, black, white, oriental, hispanic, gay, straight, and transvestites. None of the above seems to have much to do with whether they do their damned jobs or not. And after frequently having to work hours past my regular shift for some pinhead who 'didn't hear', or 'forgot to set', or 'dropped his alarm clock in the toilet' for the 3rd time in as many weeks, I have long since run out of any energy to care what color, age, or sexual orientation someone is. Furthermore, IMHO, someone who DOES still have enough energy to constantly go on about that is probably spoiled, and has never had to be in a position where they are responsible for doing the jobs of pinheads who don't feel like showing up.

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