“What may prove to be the last rites of American hegemony…”
thus opens the latest installment of hudson's baying bric hounds of doom

now playing over at counter punch



hudson's bric hounds ?? why brazil russia india and china the new order quartet



the up shot ???



you call it how ever you desire but …my take

just mr hudson's fuckin usual happy hour shot of anti empire pwog-booze

….uncle's days as hegemon are numbered sez hud



—btw hud here started his particular uncle's final count down in…. 1972

…a long count to end all long counts eh ??—



since its just the same old same old floatin' crap game i'll skip salty mike's rendering of the latest enstallment ..

letting this suffice…hudson's mission summary:

“.. agenda — nothing less than the replacement of the global dollar standard

with a new financial and military defense system.”



and yet as MH notes this gathering of the grand anti yank posse

“..has elicited only a collective yawn from the US and even European press “

imagine that …the complacent fools why …attila is practically at the gates



i'll go once more around the robin's nest for those well intended guilabillys out there



part I :



” replacement of the global dollar standard with a new financial … system.”



the dollar is imperial because because becacause of just one single because:

if it's to be a trans nat's limited liability world

them our uncle's dollar works fine for now

hey isn't it prolly easier to guide washingtton
then some open UN sponsored global monetary authority in ZURICH ??



world money or its essential homunculus

a supra national world C-bank only reserve currency

adds nothing

border transgressing corporations can imagine they want

that uncle lucky dollar can't provide em already ..

t'is the old known quantity gimmick operates here ..right ??



as to part II ” a new … military defense system.”

IE ending the nato gang's
7 seas romp license



yikes!!



errr.. unless you're bloody excited by the actual real life implications of this line

which is these feeble gestures of difiance might possibly

pre figure a distant and inevitable GREAT WAR III

—which i submit can be seen as always almost any where

and no where all at once —

in other words if we are to keep to the type of anti uncle samson empire happy talk mike likes to talk

then we might as well talk about a world army while we're at it eh?

like folks offered up seriously after the first Great War …

okay so that meme de jour

didn't exactly turn into a global wild fire like charlie chaplin and mary pickford  …alas 

and to think even after four years of utterly senseless intra big power slaughter

even then we didn't get an earth wide consolidated supranational army to preserve international peace

for ever plus one day …

no not in 1919 nope …we got the spanish flu instead

Posted by pinky at 02:35 AM

“… the savings and loan problems in the 1980s”

i'd at least notice the dis intermediation crisis
in a tea cup

produced by the volcker-dammerung of 79-81

that was the decision node
where 'the liberators'—as in many other areas—

pounced

if the new deal/fair deal paradigm
had not appeared to collapse

during the 'stagflationary ' carter years ….

wage price spirals required fixing not stifling

fixes were offered
but the full nelson was applied to credit instead

but the sudden interest rate surge caused a massive
shift of short money

if your institution lived off of
cheap short borrowings and long low lending …

yikes

enter the S&L unlocking ramble

all of it and the necessary end of it all
was as obvious to informed prepared unbiased

viewing eyes that time

as

the times later

when we passed thru and under

greenstain bubbles

price level dynamics
and nominal rate dynamics

and forex dynamics

get any one at odds with the other two
yank any one out of its recent path profile

start to play wack a mole

and the chums ready with the hammers will wack their designated moles …not necessarily your moles

or the moles of the stunted majority

the guys with the biggest hammers ready in the late 70's ????

the reg croppers
the brake free marketeers

academic macro ???
fuck ….

after the ratex romantics

lynched the keynesian enlightenment ???

what else

big

cutting edge macro

started frantically

chasing its own tail

…
silver lining

neo class-micro bursting in the 70's
out of a near 40 year stagflation of its own

by this very same moment was entering an apex interval a ….silver age

————————————

as usual given

the existing

“imbalance of class and institutional forces “

i love your dramatic presentation of the politically impossible

bravo

but might i suggest you talk about reserve controls
not abolitions of fractionalism

its like prohibiting liquor

the boot legs will emerge

so enforcement is better replaced by micro mangement

hint:

i suggest making uncle insurance
availible

on all debt securities and deposits

hel with reserves

variable term and type

risk premia

the two conceptually are interchangeable

”.. nationalize the privately owned and operated Federal Reserve and place it in the Treasury Department “

i think like taxes the fed's
open market activity

ought to be a House call

not nimble enough ???

we have dynamic algorithms these days
with feed back loops eh ??

when it acts transparently
the fed operates day to day month to month

quarter to quarter

on implicit model driven algorithms already

come the singularities..

when the hand variables kick in

well
thats when mandarin delegatings

are the dangerous sinister moments

of deepest wall street conspiracy

gentle ben and the fomc
are willing slaves of their models

when all is smooth sailing

—yes their models are weighted against
the wage class —

but that's a political not a tecnical matter

in a crisis the House needs to convene
IN EMERGENCY SESSION

let our reps in the open decide

that way
we at least have a formal chance

to punish the bastards

in less then two years

argentine insanity ??
lets hope so

market earth needs a mad blinded cyclops

crashing about

now and again

it shakes things up

“To allow thousands of institutions to deploy leverage of the dollar at a 10 to 1 or higher is to leverage the economic cycles ..”

right

“and devalue the dollar through seniorage of a leveraged money base to the profit of the private banking system.”

very fast skate thru that

braking it into steps for us might help

open source your means here
how'd u get to this conclusion

make it transparent
so we can evaluate your models moving parts

that is unless this is just a direct apprehension of our economic system's “reality”
revealed to you

one presumes

by the mother of that reality

Posted by js paine at 08:30 PM

he writes:

“significant cuts…It sounds harsh to suggest that the Obama administration cut areas of Medicare spending”

he's doubtless a lurky smirky
hideous

closet sadist …

like many fey
hot house libertarian ' hard truth ' flirts

he'd make a frightful foster parent eh ??

right out of dickens

never trust anyone
who fawns on the word “scholar “

given half a chance

they'll do bad things

to witless small people

behind well polished

doors …

Bw

I'm surprised you aren't a single payer guy

It's demo-ed its
Admin cost else where

But. It would throw lots of folks out of work proving it here

Sp would also bash prices pretty nicely too
if uncle so chose

A health sector annual price change cap
Could indeed be the product of a mark up warrent market

Like carbon

May get

as some one

half in gest suggested above

I'll settle for a pub op for now
I suspect properly rigging corporate

Pay not to play rates. Could produce a gradual exodus to uncle

Over ten years plenty of time to absorb the redundent admin staffers

No big deal

The fire sector is likely to have zillions of. Other fleeong job refugees in the coming decade

Posted by js paine at 08:26 PM

hey

what is the sudden emergency to solve
right now

a chronic …structural …cost containment problem

in the present health payments system ??

we need all that useless
but job ethic sanctioned

” make work “

in the short run

to keep the family fed

the beauty of a pub plan op over SP now ??

a pub plan op 

leaves the massive

pri sec paper shuffle

mostly in place …for awhile

and yet “insures”

—if properly built and expanded —

we will bring down

the ridiculous corporate

hand made

hand powered paper mobiles

—now towering up on both sides

of every health related transaction—

Posted by js paine at 08:23 PM

You act like we have to pay
our debts

Not mostly to each other

And

not in uncle's costless dollars

But in blood
and

at a fixed dollar blood exchange rate

and

to an all powerful space Alien

Posted by js paine at 08:21 PM

Jeff the holey
Shows quite a few tail feathers

Some seem to me
Well designed others ,,,less so

“Structural problems “
Means not amenable to effective demand management?

Do you mean a debt trap so deep
all gub spending gets

Flushed down the toilet

as mere ” balance sheet adjustments “

The poop shoot end of contracting credit flows

Well half measures indeed will produce
disappointing results

And uncle likely needs to combine
a household debt relief program

That doesn't reward spend thrifts

with a massive employmen maxing fiscal deficit

But uncle can do it
cause in these and like matters

uncle can do as he will

So long as the votin' majority sees it as fair

Hence huey long's menace

like why not

Some sort of one time payment to reduce debt?

if payment exceeds debt balance

it 's your cash baby

Call it a targeted social dividend
Maybe 50k per capita

Imagine the cheers of the suddenly semi liberated
lat alone the near debt free

Ps recent bankrupts might take a claw back hit..
Fairs fair

or do u mean
“Structural problem”

as in

Trade gap ?

Well I submit we cure that after we restore employment
More a matter of sustainability as u suggest

But hardly an

Insurmountable barrier to stimuli

Of the fisc deficit kind

Japan simply dared too little to briefly

Audacity audacity and persistence

I very much like your credit bender
Inflation freak out debunk

Though your we can't know line there
fails to notice uncle don't have to know anymore then when to stop and when to keep going

he'll have a free hand in this
To play it sharp or flat

And as to macro policy management

vs the iron laws of asset markets

Your line on determinates of the interest rate

I thing misses

the nominal discretion availible at all times

to a fearless people's fed

its effects are not only nominal
they are real economy

The notion of loan volume mangement
vs rate control

is right on

And

the new jobs vs the lost ones

Is also on the money of course

Posted by js paine at 08:12 PM

A trade system with rigged currency exchange rates. And corporate control of the border doors between nations
is not a good enough approximation to one worldism

Consider this
Full enough employment and balanced trade

But combined with

a steady relative decline in bottom 60 percent wages

Its possible
if

Forex policy isn't rectified

Yes we can index the wage minimum
to some healthy percentage

of average value added

And yes we can make
Skill aquisition A tournament

with n prizes

For the top n placers

On some bank of qualifying tests

but its fairer safer and more …humane
and Easier to

just to fuckin' level the global forex system

Posted by js paine at 08:10 PM

” I only hope that our government can rise to the needed degree of compassion”

i'll settle for uncle rising
to the actual level of slack

“We could sure use some of them new industries that absorb idle resources, but somehow I don't think that is in the cards”

i agree
we are becoming

the home land of

midas hospitals

vampire drugs

dumb schools

smart bombs

and

heavier then toxic air …

ironic dreams

Posted by js paine at 08:07 PM

the rogues yet again
into his usual sneer mode

to slanderous elite scorn and scoff
add liar

he never as he claims 
called for a global balanced rebalance

he called for a earth wide slump

he's a chess master
a clever trans nat stooge

and sugar faced sadist

forex reform requires full employment all around …first
and a co ordinated policy of transition imediately next

and it better be one

that allows employment to stay full thru out

technically possible ?? of course
politically ??….not so much

Posted by js paine at 08:03 PM

so paul hears the loser white boy right growling and snarling

big deal…
dribbling gliberal glabber

this country
and us vast small fry white majority

are as safe if not sound as we ever were

and certainly far more so

then a justice god-ess of history

oughta allow

round these “free” parts
extreme violent acts motivated

by demonic political memes

will never come close

to equally

our regular every day violent acts of state

our ”sensible” improving
pursuit of happiness economic motives

are placated if not fulfilled

more then enough

to avoid weimar syndrome

its good to be a member of the empire nation

Posted by js paine at 07:57 PM

Never recall reading altig
In such a Robust mood

He
obviously greatly enjoys

pounding that Petty rentiers'

Wizard/ whore laffer

The iron comes out of his punch
when analagous nonsense

Gets gabbled about

by equally screen doored intellects

On the fiscal finance front

do u still wonder why the fed chose to buy the top securities
Not the bottom securities ??

The fed could have monetized fred and fan
for a house lot mortgage  “buy out ”

yes of all the nations underlying lot mortgages

while the treasury sets up a way the service the incured debt

with a federal lot tax

Those with lots valued above mortgage would of course
get applicable tax credits as a reward for their thrift

as much as i hate thrift
fair's fair

…

Gentle ben sugar bear ben daddy bear ben

can be admirably bold on behalf of hi finance

He indeed makes
Harrison et al

Back during the big one of the 30's

look like

Panicky mice scurrying around

Fur on end Tails on fire

as mammon's temple burned

Today with its great recession

shows how far policy has advanced

And how far it still tails behind

what the science seems to suggest is possible

…

Posted by js paine at 07:49 PM

Ya u noticed that too

how the new money inflows get
held up above the real economy

as securities and reserves

social porfolio adjustments

exactly

But that's

what we oughta want to happen

Right?

That is. if our social aim
is a major consolidated balance sheet adjustment

But we small potato types
though we are millions

For reasons of learned dependence

Seem too timid to make uncle work for us

Hey the banksters aren't afraid

The fed liquified them
bailed them etc

Now could be our turn right
but it ain't

Recall brando in that cab
with rod S

in water front

We coulda got the title shot in the garden

…just Not our night guys

Posted by js paine at 07:46 PM

Want to worry about a deficit
Worry about

Anne fred rf and others bravely lumber on here

Some others remind me of a scene from kubrick's Sparticus
Where the self liberated glads

Make their former owners take each other on in the practice arena

Want to worry about a deficit

Worry about

the trade deficit

What part of our military budget would have been
adequate

For homeland defense over the last 50 years ?

worried about total system wide debt ??
you shouldn't worry about any debt burden except on households

and

Deduct the rest from our current

Federal debt

and if you're
worried about total system wide debt

you shouldn't worry about any debt burden on uncle

or the hi fi's or even the corporations really

worry about households

total debt at 360 percent of gdp okay

so
Uncle buys up the debt of the households

then what is it the same system ??

uncle might even pick up

All of it

all at once and adjusts it

now uncle owns all debt other then what he owes

Now he wipes it out

with a tax levy

what now?

Start as big as u can here folks

Then carefully carve away pieces
as u see fit

adjust compensate etc

Now set up a whole new tax system
dedicated to retiring and servicing

this total federal debt

One time wealth levy to optimize the debt to gdp ratio
should be at what level?

Recall the power of uncle here
To

lend against illiquid assets

to

Allow payment of any one time wealth levy

…
The little tike majority

fails to realize the power it has

thru its instrument

uncle samson

Posted by js paine at 07:33 PM