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Janet Yellen is being floated as one of the top two potential Treasury Secretary nominations in a Biden administration. Recall she was Obama’s Fed chair. She would be only the second person in American history to have held both positions.

The other person to do it was William Miller of the Carter administration, one of the most disastrous periods in American economic history. Paul Volcker succeeded Miller, interest rates soared, the economy crashed, and then the convalescence began. Biden’s TreasureFed won’t be able to stave the crash off, though, and the healing is going to take a lot longer than it took forty years ago.

The Fed and the Treasury are supposed to be independent of one another. It is allegedly crucial the Fed be apolitical. That obviously cannot be when it is coordinating with the Treasury department. Under the Trump administration, though, any pretense of separation was thrown out the window. Mnuchin and Powell openly coordinated with one another.

Now we’re looking at someone with deep personal and professional connections at the very highest level of the Fed sitting atop the Treasury department. It’s the swamp’s ultimate revolving door.

This is a strong signal, as though one were needed, that the Biden administration intends to keep the monetary spigots wide open. Building back better means conjuring credit out of thin air and using it to purchase real things from foreigners in return for ever-expanding credit. And make no mistake about it–credit creation will continue in perpetuity because it has to. Anything else will lead to a market collapse unseen since the Great Depression, maybe worse than that. Fortunately, the financial wizards assure us something that can’t go on forever, will, so we have nothing to worry about!

Parenthetically, here are the opening paragraphs of an AP story on the impending nomination:

President-elect [disputed] Joe Biden said Thursday that he has decided whom to nominate as his secretary of the Treasury Department.

Biden said that the announcement will come just before or after Thanksgiving and that “you’ll find it is someone who I think will be accepted by all elements of the Democratic Party, progressives through the moderate coalition.”

The leading candidates are thought to be former Federal Reserve Chair Janet Yellen and Federal Reserve Governor Lael Brainard. Either would be the first woman to serve as treasury secretary. Yellen’s name has surfaced more frequently in recent days as the potential nominee. Yellen was also the first woman to chair the Fed, a position she held for four years.

The most important information for readers? We’re getting a woman! Is she an interest rate hawk or a dove? Does she believe in the dual mandate? Elizabeth Warren’s triple mandate? Pfft, none of that merits more than a passing remark (“[Brainard] has been a leading voice for lower interest rates at the Fed…”–who hasn’t?!) below the fold. The important thing is we’re going to get a woman!

 
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  1. Look at that fucking gay elbow bump.

    • Replies: @iffen
    , @Realist
  2. El Dato says:

    purchase real things from foreigners in return for ever-expanding credit

    That’s the problem, right?

    What are you going to pay in? Dollar? Madre de dios!

  3. Dumbo says:

    What’s with that annoying elbow greeting, that they are forcing use to as some kind of “COVID salute”.

    Is it a Masonic sign or something?

    I find it stupid. If you’re afraid of contagion, then just don’t shake hands, or perhaps adopt the Japanese bowing system.

    This looks too much like part of a Masonic ritual, or something black brothas would do, but not European people.

  4. Biden’s TreasureFed won’t be able to stave the crash off, though, and the healing is going to take a lot longer than it took forty years ago.

    No, after the House confirms President Trump’s re-election, they’ll pull the underpins out and let the Great Reset happen on the watch of Trump and Munchkin as the streets devolve into chaos. This won’t be a real color revolution if the result of the popular vote is merely followed: The left needs to chase Trump out of DC.

    Yeah, that elbow bump looks really creepy. I refuse to do that. At a recent dinner party, one of the guys offered his elbow, so I stuck out my hand, smiled, and said, “You can’t live the rest of your life in fear.” His wife had just hugged me, so he would be doomed anyway 😉

    • Replies: @A123
    , @Achmed E. Newman
  5. A123 says:
    @The Alarmist

    after the House confirms President Trump’s re-election, they’ll pull the underpins out and let the Great Reset happen on the watch of Trump

    One can see why The SJW Elites would want to sabotage the USD to undermine an otherwise inevitable MAGA economic boom. The problem still remains. There is no viable alternative:

    — EUR — Double infinite QEternity. Plus, SJW political instability (3) that will eventually collapse the EU.

    — RMB — Triple infinite QEternity. Plus, so much economic data fraud (1) the currency has additional illusory characteristics.

    — Commodities, such as Gold — High cost physical storage. Massive fraud risk (2). Unpredictable dislocations based on mining and mineral exploration. This option is akin to 1600’s Tulip Bulbs.
    ___

    Intentionally tanking the USD would, as collateral damage, eradicate all major trade currencies and systems across the globe.

    It would not be a ‘reset’. The consequences of ending all international trade other than direct barter would yield The Greatest Depression in the history of the human race. The SJW Elites may be enraged, but they do not want to end the paper economy that gives them wealth and power. That would destroy their luxuries.

    So, the yes the USD is a fiction. However, it remains an invincible fiction as long as it is irreplaceable. In the near term, Breaking the Dollar = Breaking Civilization. It is a great pit that would take centuries to escape.

    PEACE 😇
    _______

    (1) From 2019: https://www.scmp.com/economy/china-economy/article/3015206/chinas-economic-census-undercovers-more-fake-data-officials

    (2) https://www.foxnews.com/us/wuhan-company-now-at-the-center-of-one-of-the-biggest-fake-gold-scandals

    (3) https://www.rt.com/op-ed/506903-viktor-orban-hungary-eu/

    • Replies: @The Alarmist
    , @DanHessinMD
  6. @A123

    The SJW Elites may be enraged, but they do not want to end the paper economy that gives them wealth and power. That would destroy their luxuries.

    Have you confused the SJW Elites with the real elites who are running things? Machines and AI are making most of us, including mere elites, redundant. They have to do something with us, and destroying the economy is the quickest way to eliminating the masses of redundant people.

    Did you ever see the movie Kingsman: The Secret Service? The psycho-type Valentine, played beautifully by Samuel L. Jackson, is what we’re up against.

  7. @The Alarmist

    (Sorry, A.E., this picture has got me off-topic too, even though your finance posts are your best ones, as far as I’m concerned.)

    Anyway, thank you for that, Alarmist. I had the first coworker want to bump fists or elbows and coyly refuse to shake hands just yesterday. I just told him “forget it”. Normally, the way it goes is someone tries that, and I reach out my right hand and say “c’mon, man!” After we shake I say something like “OK, we’re all gonna die now!”

    • Replies: @A123
    , @The Alarmist
  8. A123 says:

    Machines and AI are making most of us, including mere elites, redundant.

    I believe the movie reference you want is The Terminator. If SkyNet wants to destroy humanity, we are in a great deal of trouble.

    PEACE 😇

  9. A123 says:
    @Achmed E. Newman

    Elbow bumps are just the beginning. There is worse to come.

    PEACE 😇

    [MORE]

  10. @Achmed E. Newman

    Lulz … I occasionally use the line from Battleship …

    “We are gonna die … you’re gonna die … I’m gonna die … we’re all gonna die. Just not today.”

  11. iffen says:
    @Chrisnonymous

    Look at that fucking gay elbow bump.

    Gays bump elbows?

    I thought they bumped …

    Oh well, live and learn.

  12. iffen says:

    OT

    Many times when seeing something by the MSM, it is obvious to me that many of them do not know that “we” know that they are the enemy.

  13. Realist says:
    @Chrisnonymous

    Look at that fucking gay elbow bump.

    Yes, men of steel (steal) and resolve.

  14. Truth says:

    Audie, your next president is even a little more unhinged than this one…

    • Thanks: Talha
    • Replies: @Talha
  15. anon[328] • Disclaimer says:

    The Fed and the Treasury are supposed to be independent of one another. It is allegedly crucial the Fed be apolitical.

    When was the last time this was even close to being true? Was it true in the third and fourth quarter of 2008, for example? Something about “bailouts for me but not for thee”, maybe?

    Is there an action item implied here, besides “hide under the bed” or “get another cup of coffee and rant on the Internet”?

    Just asking.

  16. Talha says:
    @Truth

    Ouch, that was a little like watching the last rounds of Ali vs Holmes…not pretty.

    Peace.

    • Replies: @Truth
  17. Talha says:

    Well – since half of the posts are about handshaking – this is one dude’s hands you don’t want to touch – yikes!!!

    Peace.

  18. @A123

    I think there is a false dichotomy here, as if either the dollar is solid as gold or we have Venezuela.

    The reality of course something between the extremes — more like American history in the last 80 years:

    The dollar keeps going but slowly bleeds value with inflation.

    My sense is that the powers that be actually do have an ability to put inflation basically where they want it. For all that happened in 2020 including the shuttering of vast portions of the economy, inflation rings in at 1.2%. Not +5% or +10%, not -5% or -10%.

    Trump wanted a 2nd stimulus really badly. He didn’t get it. Some powerful people decided not to give away any more cash.

    Gold went up to $2000 and then stopped hard. It has hovered below there ever since. It appears to me that important people were watching the price signal of gold and decided to back off after the gold price reached some predetermined level.

    It is conceivable that Biden is able to impose more austerity than Trump ever could. Democrats Jerry Brown in California and Andrew Cuomo in New York were able to impose tough budgets and austerity on their states after the 2008 crash. Biden has already called for a tax increase which is an austerity move. Trump needed to hustle please the public and could never put America through austerity. He was tap-dancing for his life throughout his Presidency. Biden campaigned as a corpse and the media ran cover.

    • Thanks: V. K. Ovelund
    • Replies: @A123
  19. Daniel H says:

    >>The reality of course something between the extremes — more like American history in the last 80 years:

    The dollar keeps going but slowly bleeds value with inflation.<<

    If we are lucky we will end up like Argentina, a steady decline from first world status to a shabby second tier. But 1) Argentina is primarily mono-cultural/racial, 2) Argentinians don't hate themselves or their history/culture, 3) Argentina doesn't have destructive mass immigration from Asia, Africa, Middle East and the poorer sectors of Latin America. I wouldn't bet on America's future prospect.

  20. Truth says:
    @Talha

    LOL, yeah except that Ali was begging the ref to stop it.

    • Replies: @Talha
    , @Truth
  21. Talha says:
    @Truth

    We might have seen Tucker doing the same, but he gets to play the ref on his show.

    Peace.

  22. Truth says:
    @Truth

    … I meant Holmes.

    • Replies: @Talha
  23. A123 says:
    @DanHessinMD

    In any large national economy there are only three core sources of activity:

    -1- Personal Spending
    -2- Corporate Spending
    -3- Government Spending

    In tiny economies there are others factors such as Direct Foreign Spending, however such subtleties are not relevant to the base case.

    It is conceivable that Biden is able to impose more austerity than Trump ever could.

    Do you agree that #1 & #2 are down?

    Worse yet, do you agree that any strength in #1 is unsustainable? Personal is being propped up by expending limited savings, increasing personal debt, and transfer payments via #3?

    Moving #1, #2, and #3 down simultaneously was demonstrated in 2012 via German Austerity administered by Syriza collaborators. Here is the triple cut graph: (1)
     

     
    I would call it a death spiral… Except there is no spiral… Just economic death.

    Intentionally creating the inevitable “unemployment escape velocity” effect is a suicide pact.

    One does not want to underestimate the incompetence and Facism of Team Blue. They may try it anyway…. However given their passion for spending other people’s money it is much more likely that they will double-down on QE.

    PEACE 😇
    _______

    (1) https://www.zerohedge.com/news/2012-12-06/charts-day-greek-unemployment-hits-escape-velocity

  24. Talha says:
    @Truth

    Well, it was Ali’s corner that threw in the towel. If Holmes was asking for it to be stopped it was because he really didn’t want to keep hurting his old sparring pal any further.

    That young guy in the interview certainly didn’t mind keeping punching Tucker in the face.

    Peace.

    • Replies: @Truth
  25. Truth says:
    @Talha

    Yes, that’s what I meant, he kept pouring it on until the fake American Conservative had no recourse but to F-Bomb him. And he really wasn’t saying anything untrue.

    • Replies: @Talha
    , @Talha
  26. Talha says:
    @Truth

    There is an allowable level of discourse and the people working at Fox know what it is.

    Peace.

  27. Dr. Doom says:

    This consumption economy has built mountains of debt.

    They cannot be repaid. Except through hyperinflation.

    Hyperinflation would destroy the rich. They have to avoid that.

    Deflation would destroy the Stock Market. They have to avoid that.

    At this point you have a bankrupt system and failed state.

    They are grasping at straws to try and pull off a miracle.

    Being they do not have God on their side, I would prepare for System Collapse.

    You should have guns and ammo, stored food, and a willingness to survive.

  28. Talha says:
    @Truth

    I’m going to suggest that Joe Rogan have this guy on his podcast.

    Peace.

    • Replies: @Truth
  29. Truth says:
    @Talha

    I’d watch.

    • Agree: Talha
    • Replies: @vinteuil
  30. vinteuil says:
    @Truth

    14,547.

    Just 453 more before you reach that 1500 mark!

    You go, girl.

    • Replies: @Truth
  31. Truth says:
    @vinteuil

    14,547.

    Just 453 more before you reach that 1500 mark!

    I see your math skills are roughly as formidable as your English and composition skills.

    Well done.

    • Replies: @Talha

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