House of Paine

do the kommanders really know how to kommand the heights?

     a few postal drops
   back

   the Big Pink

 fought to a first round draw
that was largely a shuffle 
not a scuffle

i never really tagged
    our Fed's rate racket 
even one good shot

    heres another go at

ding
  its  round two

  watch me go after 
the  fucksters 
this round 
 I'm taking 
      a new wider stance

 so don't bet against me 
 I fucking may   start
 landin' a few 
even this early on 
=================





after all 
is said and done

can 
the  fed claim 
in any substantive sense
  claim to know 
 what the fuck its doing ?


  let alone 
   fairly boast 
  control it controls its own destiny 
  
or

is it a rain dance their pulling on uz
  
if so
 maybe its only the collections 
from the bystanding rubes
their really  after 
like a phoney faith hero

or maybe their a diversionary deal

just another comfort food
on the road to fleece house 

 in other words

are there any kommanding heights at all ?

or are the dials connect to
 just a fucking bank of bright lites and fire works

and if so 
then 
where's the real bidnizz at ?

shit i could go on and on

but fuck kidz

lets start by scaring
 the piss out of ourselves first

try this question

 is there at least somewhere
a pilots  house where 
at least some ass hole's
able if he so chooses
 to  steer uz all   clear of sudden ice burgs ahead ?

prelim answer...

fat fucking likely 

-----------------------------------------------------------------------
     step back a moment 

   and 
   view
    
   "da market woild"

    as a whole place 

   one way 
   you can
    try organizing 
 this bastard
 of a  puzzle pile  
   into bigger and bigger pieces
   iz by assembling 
  the  
   currency zones
   --------------------------------
   among other particulars 
    each currency  zone 
   has its
   very own
   central bank

  and heres where we begin.....

-------------------------------------------------
   a central bank( CB)
   at least 
   in some sense
   is 
   that currency
     zone's 
    commanding heights

   both
   a central reserve
   for holding  other
    currencies
    and 
   far more importantly 
   the central bank
   iz 
    the sole 
    print shop
   for a   legal tender
 locally empowered
to play holy ghost 
 to markets
  inside its zone 
the local CB
 is the only 
 paper gold mind 
   -------------------------------

   taken together 
   all these  CBs
   form
    a system
   unto themselves 

despite this systems
 obvious and huge
impact
like a whole opera house full of 
interpermiating holy ghosts 

an unavoidable impact
move all of us about  

it remains  
    a very
       shrouded system
   indeed

no less so
today
then at its inception
in 1946

even with all 
the cries
 for greater transparency
and
 the ceaseless
 yak yak yak we hear 
 from the boob tubes
 to the deepest jradio lecturing 


despite the universal 
yimmerings  
" globalization
 of this and  globalization of  that "

this prarmount
 global system of all

  is not worth trying to talk about

beyond euro  up yen down
like its a horse race without end 

which by the way
 can't have a winner
can it
since theres no finish line

only  leaders  and trailers

---------------------------------

every where 
every day 
more and more
we see new  shit 
thats from  over seas


and the cross ocean movements of this shit 
 keep multiplying and getting longer 


and yet
the thought of it all freezing up
because of a currency crisis
sounds less sensible then
sudden ice walls covering  manhattan


so what if anything
can be said clearly ?

what
about this oh so private  
   private every where effecting
but settled
by institutions
that might as well 
be populated by 
faceless  figures
 in  magic cloaks 
public system 
    iz known
or even knowable?

what do even top experts
know 
  of  its internal
    spontaneous laws
   of inter-action 

  is it a secret well kept
or
 an enduring  heavy uncertainty?

and if the latter why is there no great clamour 
to figure it out  

if
even  its highest practicioners 
are  largely guided by  unfounded convictions
far more off the mark  then columbus 

and like the greatest seaman of all time 
riddled with contradictions
patched over with hope and faith
in a providential pathway 

what allows then m to believe
in their safe landing out there on this voyage of discovery


it would hardly be  surprising
if these chaps quaked in their loafers 
------------------------------------------


history can be no guide
when you cross over into unsailed seas

and thats where we are 
since the socalled
present day  system

in a word no international system be4 now
has thrived on pure paper currencies alone
a bullionless global sytem
is indeed like striking out into deep ocean for the first time 

in 1971 the sytem threw awauy its gold crutches 

and walked on paper alone 

-------------------------------------

  this change is so totally fundimental
it reduces
 all prior experience to analogy 

 governing  laws 
   of motion 
may now bare
no certain  usable relation
to older systems laws of motion

laws that 
 govern its governors
the heads of 
   the cbs
may well by like
 a new sky 
to  astronomers
   
   ---------------------------------


   " where there's
           no king gold 
         there may be 
             a  
    paper crown
       instead "
                 R Mundell 

   ' paper crowns can blow off"
                              lord Eatwell
   --------------------------------------
     laws of motion
   and comotion
   ---------------------------------------------

   1. the system's  
                   law 
                     of  gravity:

    " all cbs are not equal "
   but  unlike newtons world 
   there is 
   no  simple scalar 
   like mass

   no suck luck

   currencies
   in addition to their relative size 
   can evidence 
    qualitative differences 


   the system
   can produce 
   not just 
    a first among unequals 
   but
   in fact 
   one currency 
   that seems
    to have 
    pulled free
   of the laws
    governing
    all the rest 

   a crowned currency
    
   and bumpkins 
   guess what ?

   thats where 
   our Fed 
   comes in 

   cause 
   its 
   our  dollar
   that done wares 
    that crown 
   the reseve currency crown 
    

   ----------------------------------------------
   but be4 we get into
    the imperial dollar

   lets 
   remember
   law 2

   the drive toward 
   constant 
   internal consistency
   is eternal 


    " in equilibrium "
       
      all conversion routes
         yield 
    the same final values
     i.e.
   no way can you make money
    on round trips

   heres the dynamics 

   if a to b 
   leaves less b's
   then going
   acb
   the system is out of whack

   profiteer traders 
   will quickly close this gap

    of course
   they will

   by bidding up c on a
    till
   a to b =a to c to b 

   key point  

   no CB intervention 
   necessary

   " private" traders 
   will keep 
   the system honest

    at least in
     the limited  sense 
              of
   " any route consistency " 
   --------------------------------------

    to be continued