I have been doing more media coverage of political economic discussions and I am proud and honored to be a part of Gordon T. Long’s laborious work for the Financial Repression Authority. Much of what is discussed on the podcast has been a constant theme in Notes From Underground and my ubiquitous discussions with Rick Santelli. I would like feedback from readers about setting up such a format in which an interactive video effort would allow the give and take of real-time Q&A. It is a fairly long (43 minutes) so turn down Joe Buck on Fox ‘s World Series coverage and listen to the discussion. Take notes and put forth questions as to further the discussion that makes NOTES worth writing. As a long-time Cubs fan I am enjoying the recent high-level play of the young stars but am saddened for all the Cub fans who have not been able to experience the joy of seeing the CUBS in the world series. Oh well, as the world turns on a dynamic model.
***Mario Draghi was speaking out against critics of the ECB’s QE policy. In a Financial Times article today, Draghi said, “I find it hard to reach the conclusion that, over a longer time frame, the outcome of our policies has been-or will be-to redistribute wealth in an unfair or unequal way. That is certainly not true across countries, and there is not much to suggest it is true within countries either.”
The key phrase of course is OVER A LONGER TIME FRAME. This is the basis of all counterfactual arguments, the concept of time for over an undefined period of time the well-intended policies may actually be deemed a success. As the keeper of the printing press, Draghi has an undefined existence but the politicians have to face angry electorates who evidently see outcomes in a much different time span. Mario Draghi would serve his position better if he was read the polls rather than just his portfolio. There is no doubt that Mario was a Rolling Stones fan for he believes that TIME IS ON MY SIDE.
Tags: ECB, Financial Repression Authority, Mario Draghi, QE
October 25, 2016 at 7:18 pm |
“Over a longer time frame”? Over a longer time frame we’re all dead. So you can’t prove Mario wrong , he thinks.
The peripheral states have been living beyond their means forever. Their northern neighbor has worked hard and saved. Is bailing out the Prodigals a “well-intended policy”? Was bailing out the banks in 2009 a good policy in a longer time frame? Having consequences for bad behavior has been a time honored formula for success. Doing ” whatever it takes” will have its own consequences, and not in a longer time frame. What would Schumpeter say?
October 25, 2016 at 7:19 pm |
Turning down Joe Buck’s World Series “coverage?” That is even easier than turning down “coach” Gruden’s Monday Night Football out-gassing.
“LONGER TIME FRAME” defined as 1) the time required for you to forget this discussion ever occurred or 2) long enough for the circumstances / context make the argument moot or 3) long enough for my position (if you can remember which one) to seem defensible at some time in the foggy past.
October 25, 2016 at 10:12 pm |
Sure, just keep waiting. Consider the past few decades and extrapolate exponentially.
October 26, 2016 at 7:35 am |
Born and grew up on Chicago’s near west side (central and Lake) on the corner of two alleys… Mom took me to Wrigley on the streetcar! My sister said “Mom’s dancing in Heaven”.
The great thing about your visits with Santelli is that you two get a point or three out and hammer it and cause us to want to know more. Learning more, understanding more pulls us into the game so to speak (e.g. “The Rotten Hear of Europe”).
Mozambique restructuring its debt – quelle suprise! Ha. Over the long term, who will remember. The rotten to the heart IMF will just forgive the serial restructurers and blame it on the U.S. or any other country that mentions the concept of responsibility for your own debts. Only fools don’t pile on debt with the overt thought that “oh well, if it doesn’t work out, we’ll just file a chapter”, while the ones who do that pay themselves out of that pile of debt – equals other people’s money.
Austria probably has it right. Issue a 70 year bond paying about one-half the interest that U.S. does on 30 year and less than U.S. 10 year. Who’s going to be around and lucid if they “restructure” that bond? Besides, the debt market has always been a dark hole that working stiffs aren’t supposed to understand.
I am coming to the conclusion that my only escape to sanity is either becoming a writer for “MAD Magazine” or re-enact in real life the late 60’s mystery “The Prisoner” (gotta get a Lotus Super 7!)
October 27, 2016 at 2:56 pm |
Ron–great post and although a grew up in a house full of sox fans my wonderful Mother brought me to cub games on ladies day and by ten i was taking the 96 bus to the Morse el to catch the B train to the Cubs games—had to ride the B train for the addison street stop and on the front of the train was the yellow sign–baseball today wrigley field
October 26, 2016 at 6:43 pm |
DB – On the podium tomorrow morning. $15B indeed?
October 28, 2016 at 8:42 pm |
Yra, on a very off topic but timely in a sense..Halloween will be the 4th anniversary of the collapse of MF Global. We had an account w MF Global at the time. There was an attorney based in Chicago on Rick Santelli’s show a few times who represented MF’s customer accounts that Corzine stole from….but cannot remember his name. Can you help me out? Thanks so much!
October 29, 2016 at 1:47 pm |
Donna—I will ask Rick or if any other readers know his name please advise
October 29, 2016 at 10:58 pm |
Thanks much, Yra. I will check back from time to time to see if a discovery is made 🙂 And as for Mr Draghi’s “to redistribute wealth in an unfair or unequal way” I may have written this before but Charles Murray wrote years ago that if all the wealth of the world could be divided equitably amongst all its people..all would be poor. Thanks again!
October 31, 2016 at 10:10 am |
Donna–James Koutoulas is the name
November 7, 2016 at 1:01 am |
You are the very best, Yra! Thanks so much for tracking the fellow’s name down.