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Bloomberg -- The Black Hole Engulfing the World's Bond Markets
'...Negative rates are at odds with basic principles of the global finance system. “One important law of financial logic –- if you lend money for longer, you should see a higher return –- has been broken,” wrote Marcus Ashworth, a Bloomberg Opinion columnist covering European markets. “The time value of money has essentially disappeared.” (Has it ever: The so-called century bonds issued by Austria two years ago, which mature in 2117 and initially offered a 2.1% return, now yield about 1.2%.) All this can push investors into riskier bets in the hunt for returns, raising the chances of bubbles in financial markets and real estate. -- Who benefits from negative rates? Governments, for one. The incentive to borrow money is never greater than when you are being paid to do so. ... Homeowners with variable-rate mortgages also have reason to celebrate.'
economics  statism  centralbanking  rentseeking  debt  greatestdepression 
21 days ago by adamcrowe
Center for a Stateless Society -- The Many Monopolies by Charles Johnson
'...The Many Monopolies are pervasive and fundamentally shape the everyday reality of the corporatist economy. So why then have not only the opponents but also the advocates of free markets so often missed Tucker’s analysis, with Progressives constantly laying the blame for inequality, exploitation, and corporate power on “unregulated markets,” while “pro-capitalist” libertarians respond by making excuses for the economic status quo? Paradoxically, it may be that Tucker’s approach is forgotten partly because of the very depth and pervasiveness of the problems it identifies. -- The interventions twentieth-century libertarians were most likely to identify and oppose—progressive taxes, welfare, environmental regulations—are surface interventions, economically speaking. While aiming to reform or restrain the corporate state-capitalist economy, they take its basic features—concentration, insulation, ratcheted costs, and corporate power—for granted, attempting only to contain their most unsightly downstream effects. Countervailing “Progressive” regulations are like a belt put on capitalism. A man may need a belt or he may look better without, but his body remains the same with or without the restraint. -- The political means that consolidate the Many Monopolies do more than interfere in the outcomes of preexisting market structures. State-capitalist privileges shape basic patterns of ownership, access, and cost for essential goods and factors of production. They fundamentally restructure markets, inventing the class structures of ownership, ratcheted costs, and inhibited competition that produce wage labor, rent, and the corporate economy we face. These primary interventions are no belt for state capitalism to wear or take off; they are its very bones. Without them, what’s left is not a different look for the same body—it’s a totally different organism. -- Because you wear a belt on the surface, it’s easy to see and easy to imagine how you might look without it. Twentieth-century libertarians rightly condemned how the belt was hitched by government coercion—but rarely noticed that however much the anti-business belt constrains the state capitalist economy’s natural shape, without the belt it is still a political product shaped by intervention to its pro-business bones. The Monopolies that create capitalists, landlords, and financiers and uphold corporate power are so deeply embedded in the existing economy, so entrenched in consensus politics, it is easy to mistake them for business as usual in a market society.'
economics  pricefixing  statism  "capitalism"  landlordism  centralbanking 
8 weeks ago by adamcrowe
Enable, Empower, Ensure: A New Finance for the New Economy Speech given by Mark Carney, Governor of the Bank of England (20 June 2019)
'...The revolution of payments may not be driven by the old bank-based systems but by a new architecture. Major changes are on the horizon, bringing enormous advantages but also more than a few new challenges. That’s why the Bank fully supports the Payments Strategy Review the Chancellor has launched this evening. To support private innovation and to empower competition, the Bank is levelling the playing field between old and new. This means allowing competitors access to the same resources as incumbents while holding the same risks to the same standards. The Bank is in the midst of an ambitious rebuild of its Real Time Gross Settlement (RTGS) system, which processes £650 billion of payments on average every day. Until recently, only commercial banks had direct access to it, and alternative payment service providers (or PSPs) had to route through participating banks. That made sense in the old financial world arranged around a series of hubs and spokes, but it is increasingly anachronistic in the new, distributed finance that is emerging. So we are now making it easier for a broad set of firms to plug in and compete with more traditional providers. In July 2017, we became the first G7 central bank to open up access to our payment services to a new generation of non-bank PSPs. Since then, six have become members, processing over four million transactions over the past year. There is now a growing pipeline of twenty firms looking to join. Responding to demands from innovators, the RTGS rebuild will also now provide API access to users to read and write payments data, as well as implementing a system whereby each payment will be tagged with information in a standardised format across the world. This global messaging standard will speed up settlement both domestically and across borders. -- Today, the Bank of England is announcing plans to consult on opening access to our balance sheet to new payment providers. Historically, only commercial banks were able to hold interest-bearing deposits, or reserves, at the Bank. That reflected their role at the core of the payment system. As new payment providers and systems emerge, access to the Bank’s core infrastructure should change and it makes sense to consider whether they too can hold funds overnight on the Bank’s balance sheet.From the Bank’s perspective, expanding access can improve the transmission of monetary policy and increase competition. It can also support financial stability by allowing settlement in the ultimate risk free asset, and reducing reliance on major banks. Users should benefit from the reduced costs and increased certainty that comes with banking at the central bank. From the perspectives of UK households and businesses, wider access can improve inclusion and services. This access could empower a host of new innovation.In wholesale markets, consortia of broker dealers are working to develop settlement systems using distributed ledger technology that could overhaul how markets operate. These consortia, such as USC, propose to issue digital tokens that are fully backed by central bank money, allowing instant settlement. This could also plug into ‘tokenised assets’–conventional securities also represented on blockchain – and smart contracts. This can drive efficiency and resilience in operational processes and reduce counterparty risks in the system, unlocking billions of pounds in capital and liquidity that can be put to more productive uses. The potential transformation in retail payments is even more fundamental. Earlier this week, a cooperative of technology companies proposed a new payments infrastructure based on an international stablecoin – Libra. Libra would be backed by reserve assets in a basket of currencies including sterling. It could be exchanged between users on messaging platforms and with participating retailers. As designed, Libra may substantially improve financial inclusion and dramatically lower the costs of domestic and cross border payments. The Bank of England approaches Libra with an open mind but not an open door. Unlike social media for which standards and regulations are being debated well after they have been adopted by billions of users, the terms of engagement for innovations such as Libra must be adopted in advance of any launch. -- Libra, if it achieves its ambitions, would be systemically important.As such it would have to meet the highest standards of prudential regulation and consumer protection.It must address issues ranging from anti-money laundering to data protection to operational resilience.Libra must also be a pro-competitive, open platform that new users can join on equal terms.In addition, authorities will need to consider carefully the implications of Libra for monetary and financial stability. Our citizens deserve no less.' -- One Ring to rule them all, One Ring to find them, One Ring to bring them all and in the darkness bind them.
economics  settlement  BankOfEngland  blockchain  banking  centralbanking  chokepoints  precuperation 
8 weeks ago by adamcrowe
YouTube -- Keiser Report: The 1371 Days of QE (E1325)
'In this episode of the Keiser Report, Max and Stacy discuss the more than seven thousand euros per citizen of the EU created out of thin air by the ECB in its 1371 days of Quantitative Easing. Unless each citizen received the equivalent in asset price gains or cash, they have been robbed through inflation. They look at the conversation Stacy had online with an academic and a central banker about this very inflation. The academic couldn’t see inflation anywhere, whilst the central banker admitted that the point of QE was, indeed, to “cause” asset price inflation – i.e. house prices and stock markets. In the second half, Max interviews Professor Steve Keen, author of “Debunking Economics”, about the great unraveling of the Australian property market. Is it real this time? And what sort of government and central bank measures will be thrown at it to reflate the bubble?' -- Let them eat mortgages!
economics  centralbanking  QE  debt  malspeculation  rentseeking  landlordism  ponzi  SteveKeen 
december 2018 by adamcrowe
YouTube -- RussiaToday: Keiser Report: Capitalism is not working? (E1307)
'...In the second half, Max continues his interview with Mish Shedlock of MishTalk.com about the credit cycle turning. They discuss the recent Bloomberg opinion piece arguing that ‘capitalism is not working.’ They also talk about 50 million empty homes in China and what that portends for the global economy.' -- Mish: "You said the key words, Max: There is no price discovery. Now, it's coming. And The Fed isn't going to like it when it gets here."
economics  greatestdepression  centralbanking  pricefixing  bubble  delusion 
november 2018 by adamcrowe
YouTube -- Mike Maloney: Fall Of Empires: Rome vs USA (Hidden Secrets Of Money Ep 9)
'In episode 9 of Hidden Secrets of Money, Mike Maloney draws eerie parallels to the misguided leaders and monetary policies that doomed civilizations from Ancient Rome to modern-day America.'
history  economics  statism  centralbanking  debt  inflation  collapse 
october 2018 by adamcrowe
YouTube -- Keiser Report: Can the system be unrigged? (E1265)
'In this episode of the Keiser Report, Max and Stacy discuss Potemkin regulators in the UK and economists like Paul Krugman arguing on behalf of Potemkin money for the world..." -- Krugman: "...fiat currencies have underlying value because men with guns say they do." -- Guncoin
economics  statism  fiat  money  centralbanking  bitcoin  PaulKrugman 
august 2018 by adamcrowe
Anonymous Conservative -- On Relative Superiority And The Migrant Invasion
'...What we are going to do is a hypothetical theory post on the worst case scenario – the elites have planned the Muslim invasion well enough that Europe will be lost in some measure at some point. I do not personally think it is the case, but I also do not believe anybody has ever seen this degree of r, mixed with an economic system set up with the control to avoid a collapse and foster economic irresponsibility as effectively as this one. -- ... Everywhere I look at the migrant invasion, I see this principle of relative superiority in action. The Muslims are pretending they will always be nice and happy, and appreciative of their European hosts. Even where they abandon the façade, the r-strategist rabbits lie, cover up, and ignore the evidence, and use everyone’s conflict-avoidant natures to continue the influx. -- This is, to my eye, clearly the first phase of a special operation designed to attain relative superiority over the European people using superior Muslim numbers, using their own naiveté and r-strategist conditioning to lull them into apathy, before the initiation of contact. Given the history of Muslims, in every instance where their populations multiplied sufficiently in close proximity to a different population, violent subjugation is unavoidable. From the perspective of r/K Theory, the initiation of conflict should be seen as being triggered by the economic collapse. -- So to my eye, the question is, to wait and allow the Muslims to possibly one day attain relative superiority through superior numbers and positioning, or to initiate contact as early as possible, and let the conflict play out before they have attained such relative superiority over European forces. It is literally the question of to win or lose your homeland, and whether your descendants will live as Muslim slaves or free people. As some have noted, Europeans will either serve as slave labor erecting minarets for Muslims, or appreciatively erect statues of Anders Breivik himself, of their own volition. -- There are only two ways to win such a battle. Recognize it in the covert phase, recognize it is unavoidable, expose it, and initiate contact early while your forces still hold a position of relative superiority. Or recognize it, and covertly realign your forces so you will have relative superiority when the conflict begins. -- Now there are several factors not accounted for in this analysis. One, Europeans will be fighting on their home turf, with nowhere to fall back to. The Muslims will have their countries to flee home to – but only if the conflict begins before they have become first generation European Muslims. That is a huge advantage for Europe, but it means each Muslim baby born into European society that grows to fighting age will be a loss of this advantage. Even Muslim women will suicide bomb. -- The second factor is these Muslims are r-strategist migrants. When fighting began in their homeland, they beat feet halfway across the globe to get away from it. The generals who assembled this army did not send their genetic A-team. If a new conflict begins in Europe, I would expect all of the migrants to have a genetic r-strategist tendency to flee the conflict and danger in search of free resources anywhere else. -- Those will buy Europe time, but the point of relative superiority through numerical superiority is approaching even if it is far off. Those who say Europe could never be conquered may not be seeing that the relative superiority metric is a simple mathematic metric, the graph lines are presently not in the native’s favor, and given the elite’s ability to forestall the Apocalypse, none of us really know how far off contact is. -- ... As I say, you cannot fight the tides of r/K Selection. So long as the free resources are flowing, the Anders Breivik option is not going to work, as we have seen. It is a dead end. -- The elites have shown an astonishing capability for prolonging the r-selection. In 1980, we should have had one decline to re-Kify us, and there probably should have been at least a couple since then. They have managed to prevent all of those course corrections, and that has left us in the present state, where our nations not only allow the invasion by violent low IQ rapist foreigners, they invite them, subsidize their journeys, and run cover for them after arrival, even as these savages slowly accrue relative superiority over us. -- ... These are dark times. People call it Europe’s suicide, but it is really the attempted murder of apathetic real Europeans, by fake Europeans. We all know where it is heading. The question is whether that realization can hit everyone’s amygdala the way their own actual murder would, even although their amygdala has not yet experienced it, and is not yet practiced at producing that emotional realization.'
rkselectiontheory  europe  centralbanking  statism  decadence  collapse  conquest  migration  fabianism  subversion  politicalcorrectness  LYAHF  war 
july 2017 by adamcrowe
YouTube -- Keiser Report: Financialized Economy (E1088)
Kunstler: Things To Come [http://kunstler.com/clusterfuck-nation/777]: 'As our politicos creep deeper into a legalistic wilderness hunting for phantoms of Russian collusion, nobody pays attention to the most dangerous force in American life: the unraveling financialization of the economy. -- Financialization is what happens when the people-in-charge “create” colossal sums of “money” out of nothing — by issuing loans, a.k.a. debt — and then cream off stupendous profits from the asset bubbles, interest rate arbitrages, and other opportunities for swindling that the artificial wealth presents. It was a kind of magic trick that produced monuments of concentrated personal wealth for a few and left the rest of the population drowning in obligations from a stolen future. The future is now upon us. -- Financialization expressed itself in other interesting ways, for instance the amazing renovation of New York City (Brooklyn especially). It didn’t happen just because Generation X was repulsed by the boring suburbs it grew up in and longed for a life of artisanal cocktails. It happened because financialization concentrated immense wealth geographically in the very few places where its activities took place — not just New York but San Francisco, Washington, and Boston — and could support luxuries like craft food and brews. -- Quite a bit of that wealth was extracted from asset-stripping the rest of America where financialization was absent, kind of a national distress sale of the fly-over places and the people in them. That dynamic, of course, produced the phenomenon of President Donald Trump, the distilled essence of all the economic distress “out there” and the rage it entailed. The people of Ohio, Indiana, and Wisconsin were left holding a big bag of nothing and they certainly noticed what had been done to them, though they had no idea what to do about it, except maybe try to escape the moment-by-moment pain of their ruined lives with powerful drugs. -- And then, a champion presented himself, and promised to bring back the dimly remembered wonder years of post-war well-being — even though the world had changed utterly — and the poor suckers fell for it. Not to mention the fact that his opponent — the avaricious Hillary, with her hundreds of millions in ill-gotten wealth — was a very avatar of the financialization that had turned their lives to shit. And then the woman called them “a basket of deplorables” for noticing what had happened to them. -- And now the rather pathetic false promises of President Trump, the whole MAGA thing, is unraveling at exactly the same time that the financialized economy is entering its moment of final catastrophic phase-change. The monuments to wealth — especially the stock and bond portfolios and the presumed value of real estate investments — will surrender to a process you might call price-discovery-from-Hell, revealing their worth to be somewhere between little and nothing.'
economics  centralbanking  debt  financialization  rentseeking  bubble  delusion  greatestdepression 
june 2017 by adamcrowe
YouTube -- Public Banking Forum of Ireland: Prof. Richard Werner - Banking Industry Exposed & Solutions Presented - Dublin April 2016
'The law is clear: a 'depositor' lends money to the bank and becomes its general creditor. The bank records a 'credit' for the customer in its records of it debts. -- Banks do not pay out the money referred to in the loan contract. As with a 'deposit', they just record a 'credit' to the customer in the record of their debts. -- The bank 'purchases' the loan contract from the borrower and records this as an asset. The bank now owes the borrower a liability. It records this however as a fictitious customer deposit: the bank pretends the borrower has deposited the money, and nobody can tell the difference. No money is transferred from elsewhere So the creditor (the bank) does not give up anything when the loan is 'paid out'.' -- 47:10 - The German Banking System 1:07:00 - EU war on Community Banks 1:08:30 - Negative Interest Rate Policy of the ECB, favours speculators to the detriment of the economy 1:10:25 - War on Cash 1:11:45 - Lower Interest Rates do not stimulate the economy 1:14:00 - Quantity of money not the price of money that drives the Economy – Bank credit for GDP transactions drives the economy 1:15:45 - Current Central Bank War on Cash
economics  centralbanking  banking  legalese  commerce  credit  saversvsspeculators  rentseeking  malspeculation  oligarchicalcollectivism 
march 2017 by adamcrowe
Center for a Stateless Society -- Wealth is Concentrating Too Fast to Keep Up by Kevin Carson
'Remember the Oxfam report early last year that found sixty-two individuals owned as much wealth as the entire bottom half of humanity put together? It’s gone down to only six — that’s right, six — in the past year: Bill Gates, Warren Buffett, Jeff Bezos, Amancio Ortega, Mark Zuckerberg, and Carlos Slim Helu. The total wealth held by those individuals increased in that time from $343 billion to $412 billion — a 20% increase in one year — bringing their total wealth to an amount equivalent to the total wealth of the bottom 50% of the whole human race. -- From sixty-two to six. That’s an astonishing increase in the concentration of wealth: especially in just one year. -- ... If you look at the richest people and largest corporations in the world, you will find that their wealth comes not primarily from producing things, but from controlling the conditions under which other people are allowed to produce. That’s right — they collect rents for the “productive service” of not obstructing productive activity by other people. -- Most of the world’s food is not grown by people feeding themselves on their own land or cultivating their land to produce food for others. It is grown by people working land — most of it stolen — owned by other people who demand tribute for access to it. Most of the world’s manufacturing corporations no longer manufacture anything themselves. They outsource actual production to independent sweatshop employers, and simply use their ownership of “intellectual property” — patents and trademarks — to enforce a monopoly on sale of the finished product. And the biggest concentrations of wealth of all come from the state-granted privilege of lending the circulating medium into existence and advancing credit against future production: a function that, absent bank licensing and legal tender laws, could be performed by the producing classes themselves advancing credit against each other’s future output. -- The Gateses and Buffetts of the world, in obtaining their wealth, are every bit as much a beneficiary of the state as any feudal landlord or Soviet commissar.'
economics  landlordism  mercantilism  corporatism  intellectualproperty  centralbanking  statism  parasitism  "capitalism"  rentseeking 
march 2017 by adamcrowe
YouTube -- TEDtalks: The future of money | Neha Narula
'What happens when the way we buy, sell and pay for things changes, perhaps even removing the need for banks or currency exchange bureaus? That's the radical promise of a world powered by cryptocurrencies like Bitcoin and Ethereum. We're not there yet, but in this sparky talk, digital currency researcher Neha Narula describes the collective fiction of money — and paints a picture of a very different looking future.'
currency  centralbanking  chokepoints  p2p  disintermediation  cryptoanarchism  bitcoin  blockchain 
october 2016 by adamcrowe
YouTube -- Mike Maloney: PEOPLE ARE EATING ZOO ANIMALS! Venezuela's Crisis Explained
'The situation in Venezuela is getting worse every day. Join Mike Maloney as he explains why this path to chaos was predictable and expected.'
economics  venezuela  centralbanking  socialism  collapse 
august 2016 by adamcrowe
YouTube -- Freedomain Radio: The Truth About The Fall of Rome: Modern Parallels
'Western civilization hangs by a thread – to rescue it, we must delve deep into the past to find out how to save the future. The fall of the Roman Empire closely mirrors the challenges currently facing Europe and North America – toxic multiculturalism, rampant immigration, runaway feminism, debt, currency corruption, wildly antagonistic politics – everything we need to know to save everything we love is written deep in the history of ancient Rome – all we need to do is look! -- Stefan Molyneux, host of Freedomain Radio, takes you on a journey deep into the philosophical, cultural, economic and political causes of the decline and death of ancient Rome. Once you understand what happened in the past, you will never again be confused by what is happening now – and never be more certain about how to change what is to come.'
history  economics  statism  centralbanking  welfare  migration  collapse  civilization  StefanMolyneux 
august 2016 by adamcrowe
Anonymous Conservative -- The Federal Reserve And Central Banking As r-stimuli
'...r and K are feed forward mechanisms. You begin to shift things r, and the r around you – the free sex, conspicuous consumption, forced trigger-free zones, culture of hedonism, it all feeds the r-natures of men, until so many have gone so r that the resource availability can no longer support it, even with all the sex, hedonism, and forced amygdala trigger-free zones, laden with dopamine and devoid of even the slightest angst straining to drive you more r. -- Then it begins to go K. That little bit of K – the threat, the aggression, the perception of shortage – it feeds itself. Violence proliferates as each person grows more K and more willing to engage in it. People hoard resources, reducing resource availability. Fathers get violent with men who approach their daughters and wives. Women fail to snag a provider if they seem round-heeled, so they begin to signal chasteness through demeanor, clothes, and behavior. Irritated K’s enforce morality and family values. A sexualized culture turns chaste. A safe environment becomes ever more violent and dangerous. A culture of consumption becomes a culture of shortage. And all of that feeds the K and the Darwinian selection until the success emerges, the resources grow glutted enough to overcome the environment, and that begins the ever accelerating, self-fueling slide toward r. -- That is the cycle. But what would happen to the physical mechanism – the epigenetics, the brain structures, the psychologies, if instead of completing a full cycle, there was an intervention? When the resources first cut short, that intervention re-imposed r at the very beginning of the K-shift. You end up with a human machine with a biology is designed for the cycle, but that never quite re-K-ifys itself, before taking another pass through the r-ifying side of the cycle. -- That is what Central Banking is. Rabbits don’t know this mechanism. They just know they like to look around themselves and see the signs of r. They feel like shortages are painful, so we shouldn’t have them. Controlling the currency is a good way to do that. Just looking at the economics, apart from the biology, it sounds great – a machine that can eliminate the bad periods of economic downturns, and we will all always be happy. But recognize the biology – that the human machine is malleable, and the responsible, ordered form arises from hardship, while the disordered mouth-breather who can’t keep a civilization functional comes from glut, and the whole equation changes. What is best, if that is the case? -- Now imagine that such an intervention reached its limits, and the human machines had so deteriorated with r that even with interventionist support the collapse was unavoidable – a slide into real, brutal K, composed of all the decades of K avoided thus far, put together at once, and concentrated into as short a period as possible. You need another stab at intervention, so you begin “borrowing.” Intervention II worked, and now you’ve held off K again – but at what cost?'
rkselectiontheory  centralbanking  keynesianism  debt  delusion  businesscycle  panarchy 
august 2016 by adamcrowe
Anonymous Conservative -- Refugee Resettlement Contractors Have A Lobbying Arm
'...Free money is the Devil’s currency. If money weren’t so free, government wouldn’t be handing it out so readily, groups wouldn’t be springing up to grab it in return for doing harm to the country, and there wouldn’t be enough left over after all of that to buy the liberal and Cuckservative politicians who make the whole system run. -- One of the biggest differences between left and right is the left’s desire for a massive government where things like this can happen, and the right’s desire for a small limited government where the only way things like this can be funded is if private citizens willingly contribute their hard earned dollars to it through private charity. -- It is interesting how many minor urges, so complex in effect, are so perfectly designed to facilitate each side’s reproductive strategy – and how evolution has included them.'
rkselectiontheory  centralbanking  mercantilism 
august 2016 by adamcrowe
YouTube -- Mike Maloney: REVOLUTION: The Risk/Reward Ratio
'Nearly two years ago, Mike predicted Venezuela would be racked by hyperinflation. Now, inflation there is on pace to hit 1,600% very soon and keep rising.'
economics  history  venezuela  socialism  centralbanking  inflation 
july 2016 by adamcrowe

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