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David Stockman's Conspiracy Theory
Along with Goldman’s plenipotentiary at the US Treasury, Hank Paulson,
Bernanke stampeded the entirety of Washington into tossing out the window the whole rule book of
sound money, fiscal rectitude and free market discipline.
In fact, there was no extraordinary crisis.
The Lehman failure essentially triggered a self-contained leverage and liquidity bust in the canyons of Wall Street
13 April 2016


I mistakenly took Squawk Box off mute this morning.
It was just in time to hear one of the regular anchors — the one who makes Joe Kernen sound slightly insightful by comparison
forecast a pick-up in global growth on the grounds that “China is recovering”.

Even then, the overwhelming share of this explosion of new credit went to pay interest on the existing mountain of IOUs.
Charles Ponzi could never have imagined a scam so audacious.

David Stockman April 23, 2016

Mario Draghi
Apparently, the chorus of German voices pointing to the obvious - that his policies are killing savers, insurance companies, pension funds and banks — got his dander up:
“We have a mandate to preserve price stability for the whole of the euro zone, not only for Germany,” he said. “We obey the law, not the politicians, because we are independent.”

There you have in brief the whole rationalization for the monetary madness that Draghi and his kindred central bankers have unleashed on the world.
They claim that their rubbery statutory mandates to pursue the equivalent of economic apple pie, such as ‘price stability’,
leads in a straight, unbreakable line of logic and monetary science to the lunacy of negative 0.4% money market rates and $90 billion per month of bond-buying.

David Stockman, 21 April 2016
Full text

ECB

Finanspolitiken har i vårt land liksom i andra hållits fången av en doktrin som med anspråk på vetenskap
säger att penningpolitik är det enda styrmedel som kan åstadkomma både stabilitet och tillväxt.

Doktrinens resultat kan vi nu se i en värld som skakas av kriser och utebliven tillväxt.
Kjell-Olof Feldt, Dagens Industri 21 april 2016


/China/ consumed more cement during three years (2011-2013) than did the US during the entire twentieth century.
David Stockman, 11 April 2016


Why I am reading Stockman and Varoufakis
Englund blog 26 March 2016


Goldman Sachs
“Our model suggests SPX calls are more attractive than at any time over the past 20 years”.
David Stockman, 7 March 2016


Here Comes The Red Swan And Other Reasons To Be Very Afraid
China is a monumental doomsday machine that bears no more resemblance
to anything that could be called stable, sustainable capitalism
than did Lenin’s New Economic Policy of the early 1920s.
David Stockman 25 February 2016


For several years now the small coterie of Keynesian academics and apparatchiks
who have seized nearly absolute financial power through the Fed’s printing presses
have justified the lunacy of unending ZIRP and massive QE on the grounds that there is too little inflation.
David Stockman, February 20, 2016


Draghi, Dennis, Wolodarski och Tomas Fischer
700 Days In No Man’s Land -- Why They Can’t Keep It Up
David Stockman, January 23, 2016


David Stockman On CNBC:
This Is A Dead Cat Bounce—-We’re At Peak Debt Headed For Recession
via Rolf Englund blog 2016-01-23


A host on bubblevision this afternoon noted that the S&P 500 is now down $2 trillion for the year and
wondered if his panel could explain “what’s happened since January 1st?”
The implication, of course, was that since no new recessions have started that the market’s worst ever start of the year was surely overdone.
David Stockman 20 January 2016


Soon Comes The Deluge
David Stockman • January 19, 2016


AMZN and its three other FANG amigos had accounted for a $530 billion gain in market cap
while the other 496 stocks in the S&P 500 had declined by even larger amount.

That is, the apparently flat S&P 500 index of 2015 was hiding an incipient bear—–owing to a market narrowing action like none before.
Compared to the Fabulous FANGs (Facebook, Amazon, Netflix and Google)
David Stockman, January 13, 2016


According to the BLS, the US economy generated a miniscule 11,000 jobs in the month of December.
Yet notwithstanding the fact that almost nobody works outside any more,
the BLS fiction writers added 281,000 to their headline number to cover the “seasonal adjustment.”
This is done on the apparent truism that December is generally colder than November
David Stockman, January 9, 2016


“wealth effects” doctrine did not levitate main street prosperity
Whatever savings and investments the middle class baby-boomers have left is about to get monkey-hammered good and hard.
David Stocklman, 29 December 2015

Massive falsification of financial markets via their “wealth effects” doctrine did not levitate main street prosperity at all;
it just fueled another giant speculative mania in the Wall Street casino.

During November exports shrank by 2% and are now down 12% from the peak, and at the lowest level since March 2010.

Exports are a leading indicator because they foretell a shrinking world economy and the gathering implosion of the 20-year global credit bubble that vastly distorted and bloated the entire economic life of the planet.

This time the Fed is out of dry powder, meaning retail investors will never recover as they did after 2002 and 2009.
Moreover, the overwhelming share of main street losses will be the among baby-boom demographic —— sixty and seventy something’s who will be down for the count.

Greenspan did not try to hide the phony prosperity, but actually publicized the massive amount of MEW (mortgage equity withdrawal) that was artificially ballooning the US economy.
At its peak in 2006-2007, mortgage equity extraction accounted for upwards of 10% of disposable personal income.

Full text

So-called Baby Boomers are those apprx. 78 million Americans born between 1946 and 1964, most all of whom will retire between now and 2029.
They need to sell their stocks
Gary D. Halbert, at John Mauldin, Aug 12 2008

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Today Will Be a Watershed Moment for Financial Markets
We are in uncharted waters after nearly 20 years of madcap money printing by the Fed and other central banks.
Everything has been wildly inflated — stocks, bonds, real estate — and also the entire real economy as measured by global GDP.
That includes trade volumes, capital spending, commodity prices, energy and mining capacity, manufacturing investment, bulk carriers and containerships.
Also, warehouse and distribution facilities, brick and mortar retail space and much, much more.
David Stockman • December 15, 2015


In all, the massive speculation unleashed in the equity markets since the March 2009 bottom
has caused more than $5 trillion of current cash flow and new debt to be allocated to corporate stock buybacks, M&A deals and LBOs.
The stock market is thus a creature of financial engineering, not a mechanism for efficiently allocating capital and accurately pricing prospective risk and return.
David Stockman, October 20, 2015


David Stockman about 1929


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