economics

Inflation looms

The bond market does not tell us what the smart money people think inflation will be. It tells us what those among the smart money people who do not expect very high levels of inflation think inflation will be.

In addition to an on budget deficit of ten percent or so, there is also a much larger off budget deficit, in the form of an ever growing pile of government guarantees, which there is no will to restrain. Put the two deficits together, crisis looms.

Trees do not grow to the sky. That which cannot continue, must stop

politics

Creating the next crisis:

In a free market, financiers who take stupid risks lose money, and cease to be financiers.  The core of the Obama Bush interventions is to ensure that financiers who take stupid risks continue in business and continue in charge of other people’s money. In the Washington Post, Obama’s chief financial advisers explain their program: In theory, securitization should serve to reduce credit risk by spreading it more widely. But by …

economics

Internet Gold alive and well

Like Napster they demonstrated that the business model was viable, and also demonstrated that as soon as you started transferring serious money the US government would come after you. As a result, there are a lot of replacements for e-gold, which the US government will find hard to shut down

global warming

Global warming swindle.

Every so often you see these graphs supposedly showing how the world has warmed during the twentieth and twentyfirst centuries, supposedly based on surface temperatures. Steve McIntyre is launching a freedom of information request to find out what, if anything, these graphs are based on, and, of course, they are refusing.

politics

“The Goode Family” is not funny

The Goode family are too nice and sincere to laugh at. Where is the liberal fascism and liberal totalitarianism? Observe that the kid gets away with defining his ethnicity as “African American” (he is white from South Africa) while in real life the kid from South Africa who pulled that stunt got expelled from college. The only funny character is the dog, because he is rebelling against the family veganism …

economics

obamanomics

Megan nails it: the government is using its intervention in the banking system to pressure banks to give special deals to the government’s special friends.

economics

Securitization

From the point of view of oligarchs and crony capitalists, the crisis is not that a lot loans were made to no hablo English wetbacks. The crisis is that people are rejecting securitization of debt. The Obama regime’s capitalism smashing measures are intended not to destroy capitalism, nor to install socialism, but to restore securitization of debt. This is socialism for the financiers, not for the proles:  Crony socialism, crony …

war

Courage

A kid carrying a gun, and wearing an explosive vest, attempted to enter a mosque. It seems that though the congregation were Muslim, they were the wrong kind of Muslim. A guard tackled him. That is courage.