David Rosenberg: Devil and the Rule of Moneychanger

-------- Original Message --------

Subject:	FWC: "If you are looking for the oxymoron of oxymorons…" by Rosenberg
Date:	Mon, 1 Feb 2010 09:04:18 -0800
From:	Jas Jain

FWC: "If you are looking for the oxymoron of oxymorons…" by Rosenberg

 

David Rosenberg; 02/01/10:

 

"President Obama just unveiled $100 billion of fresh stimulus to "create jobs" and delivered a budget that will see the deficit exceed $1 trillion for three consecutive years (and projects $1.6 trillion of red ink this year, or 10.6% of GDP). If you are looking for the oxymoron of oxymorons, have a look at the front page of the FT (White House Highlights $100bn Jobs Bill Amid Efforts to Cut Deficit). Policy rates are at zero, a bloated Fed balance sheet, massive deficit finance, a deflationary output gap, GDP still below the prior peak, which was over two years ago — please tell us again that this is not Japan all over again. Meanwhile, the demand for fixed-income assets must be strong because so far this year, we have global bonds generating a positive return of 0.7% while equities have lost 4.1% and commodities down 3.9%."

 

Biggest morons of them all are Their Royal Highnesses, aka the American People, who still believe in Change of government via a vote that would listen to their concerns about the deficits. First, GW Bush lied twice about reducing the budget deficits and now Obama has already lied twice, in one year!, about reducing the budget deficits in the future. Unless these liars and their masters face the fate that kings and queen of England faced, death by beheading, there cannot be any change. These dishonest and dishonorable people listen to rogue economists like Paul Krugman, Joseph Stiglitz, and Larry Summers that say that deficits now are good, or they don't matter, and we would take care of this later. When would the later come these rogues can't tell you. They must lie to keep power. No policymaker would listen to an honest economist like David Rosenberg.

Democracy breeds intellectual dishonesty, because of the incessant need for propaganda, and intellectual dishonesty is the current American Value. It is across the board—the partisan voters, the voted, the appointees, the rogue economists (the priests of the American money religion), etc. There is no salvation for America in the grips of the Devil and the Rule of Moneychangers.

Jas