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COMMENTARY for all articles by
Gordon T Long
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CURRENCY WARS: Misguided Economic Policy
  The
critical issues in America stem from minimally a blatantly ineffective
public policy, but overridingly a failed and destructive Economic
Policy. These policy errors are directly responsible for the opening
salvos of the Currency War clouds now looming overhead.
Don’t be fooled for a minute. The issue of Yuan devaluation is a political
distraction from the real issue – a failure of US policy leadership. In my
opinion the US Fiscal and Monetary policies are misguided. They are wrong!
I wrote a 66 page thesis paper entitled “Extend
& Pretend” in the fall of 2009 detailing why the proposed Keynesian
policy direction was flawed and why it would fail. I additionally authored
a
full series of articles from January through August in a broadly
published series entitled “Extend & Pretend” detailing the predicted
failures as they unfolded. Don’t let anyone tell you that what has
happened was not fully predictable!
Now after the charade of Extend & Pretend has run out of momentum and more
money printing is again required through Quantitative Easing (we predicted
QE II was inevitable in
March), the responsible US politicos have cleverly ignited the markets
with QE II money printing euphoria in the run-up to the mid-term
elections. Craftily they are taking political camouflage behind an
“undervalued Yuan” as the culprit for US problems. Remember, patriotism is
the last bastion of scoundre s
READ MOREE
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PRESERVE & PROTECT: The Jaws of Death
The United States is
facing both a structural and demand problem - it is not the cyclical
recessionary business cycle or the fallout of a credit supply crisis
which the Washington spin would have you believe.
It is my opinion that
the Washington political machine is being forced to take this position,
because it simply does not know what to do about the real dilemma
associated with the implications of the massive structural debt and
deficits facing the US. This is a politically dangerous predicament
because the reality is we are on the cusp of an imminent and
significant
collapse in the standard of living for most Americans.
The politicos’ proven
tool of stimulus spending, which has been the silver bullet solution for
decades to everything that has even hinted of being a problem, is
clearly no longer working. Monetary and Fiscal policy are presently no
match for the collapse of the Shadow Banking System. A $2.1 Trillion YTD
drop in Shadow Banking Liabilities has become an insurmountable problem
for the Federal Reserve without a further and dramatic increase in
Quantitative Easing. The fallout from this action will be an intractable
problem which we will face for the next five to eight years, resulting
in the “Jaws of Death” for the American public.
READ MORE
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READER ROADMAP
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Last Update:
10/26/2010 04:53 PM
SCHEDULE: 1st Pass: 5:30AM EST, 2nd Pass: 8:00 AM, 3rd Pass 10:30
AM. Last Pass 5:30 PM
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Chavez orders expropriation of Owens-Illinois unit in
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Greece Likely to Default By 2013 as Debts Remain, El-Erian
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Economist Slams US Attempts to Curb Germany's Export
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Business chiefs demand clarity on growth |
FT |
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Cameron outlines ‘strategy for growth’ |
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UK economy grows twice as fast as predicted |
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Housing market declines raise fears of double dip |
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Japan looks to life with strong yen |
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USA |
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Consumer confidence rises only slightly in October |
AP |
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Home Prices in 20 U.S. Cities Rose Less Than Forecast in August |
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Pandit and King clash over Basel III |
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Basel risks punishing wrong banks |
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German bankers in attack on regulations |
FT |
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Research euro area: Excess liquidity and money market rates |
Danske |
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Four Big Banks Should Plan to Bail Out of Europe |
Lynn |
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US Treasury sells negative-rate bonds |
FT |
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A U.S. State on the Verge of Default: A Simulation - Or Is
It? |
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Shrinking Bank Revenue Signals Dawn of `Worst' Growth Decade |
Bloomberg |
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Home Sales Rise, but So Do Bearish Views |
WSJ |
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Signs of foreclosure paperwork problems were missed, FDIC
chief says |
LA Times |
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Global house prices - Floor to ceiling |
Economist |
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Radical changes to state pension proposed |
FT |
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99 Weeks: When Unemployment Benefits Run Out |
60Minutes |
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Zombie America vs. China’s Zombie-Eaters 2020 |
Farrell |
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Commercial properties absorb $11.9b in Q3 |
Shanghai Daily |
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Watchdog: Funny math used on AIG bailout |
CNN |
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REMAINING |
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Global food crisis forecast as prices reach record highs |
Guardian |
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| BP OIL |
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Dudley hits out at Gulf spill fear-mongering |
FT |
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CENTRAL BANKING & MONETARY POLICY |
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Bernanke Asset Purchases Risk Unleashing 1970s Inflation
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Fed Can Provide Support to the Economy: Dudley |
Reuters |
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GENERAL INTEREST |
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Markets Put Low Odds on Deflation |
WSJ |
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With TIPS, heads I win, tails I also win |
Hulbert |
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An Eight-Legged Table |
Wells Fargo |
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Why Has America’s Ronomic Recovery Stalled? |
Project
Syndicate |
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Overdrive - Who really rescued General Motors? |
New Yorker |
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Sex, Drugs, and the Subprime Meltdown |
Mother Jones |
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The Monster: How a Gang of Predatory Lenders and Wall Street
Bankers Fleeced America--and Spawned a Global Crisis |
Amazon |
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The New Scramble for Africa |
Asia Sentinel |
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MARKET WARNINGS |
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Think this economy is bad? Wait for 2012 |
Wash Post |
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The new Wall Street: No bubble, no profits |
MW |
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So What Is Insider Trading? |
Sorkin |
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| G20
MEETING |
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Geithner's hidden G-20 agenda |
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CURRENCY WARS |
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Status quo for dollar as G20 lacks urgency |
FT |
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What Does a Weak US Dollar Mean for Investors? |
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Fed up with the peg |
Finance Asia |
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In Pyongyang, the Dollar Commands Respect |
BW |
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UBS Posts Profit, Sees Strong Fourth Quarter |
WSJ |
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EARNINGS |
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UBS hit by investment banking losses |
FT |
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Swiss urge capital boost for banks |
FT |
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Capital proposal targets UBS and Credit Suisse |
FT |
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Devil could lie in the detail |
FT |
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| MARKET
& GOLD MANIPULATION |
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CFTC's
Chilton raises alarm about silver market |
Bloomberg |
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| VIDEO
TO WATCH |
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Complete Legend to the Right, Top Items below.
Articles with
highlights, graphics and any pertinent analysis found below.
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1
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1-SOVEREIGN DEBT |
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2-EU BANKING CRISIS |
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3-BOND BUBBLE |
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4-STATE &
LOCAL GOVERNMENT |
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5-CENTRAL & EASTERN EUROPE |
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6-BANKING CRISIS II |
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7-RISK REVERSAL |
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8-COMMERCIAL REAL ESTATE |
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9-RESIDENTIAL REAL ESTATE -
PHASE II |
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10-EXPIRATION FINANCIAL
CRISIS PROGRAM |
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11-PENSION CRISIS |
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12-CHRONIC
UNEMPLOYMENT |
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13-GOVERNMENT BACKSTOP
INSUR. |
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14-CORPORATE
BANKRUPTCY |
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TODAY'S TIPPING POINTS UPDATE |
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RED ALERT |
AMBER ALERT |
ACTIVITY |
MONITOR |
|
Click to Enlarge
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|
10-26-10
GEO-POLITICAL TENSIONS - ISRAEL / KOREA / IRAN
VENEZUELA
Chavez orders expropriation of Owens-Illinois unit in Venezuela
AP
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1-
SOVEREIGN DEBT & CREDIT CRISIS |
|
| time (et) |
report |
period |
Actual |
Consensus
forecast |
previous |
| Tuesday, Oct. 26 |
| 9 am |
Case-Shiller home prices |
Aug. |
-0.2% |
N/A |
0.6% |
| 10 am |
Consumer confidence |
Oct. |
50.2 |
50.0 |
48.6 |
| 10 am |
FHFA home prices |
Aug. |
0.4% |
N/A |
-0.7% |
Consumer confidence rises only slightly in October
AP CB
Home Prices in 20 U.S. Cities Rose Less Than Forecast in August
BL S&P
|
Pandit and King clash over Basel III FT
Citi CEO and central banker disagree over reforms
Basel risks punishing wrong banks FT
German bankers in attack on regulations
FT
Research euro area: Excess liquidity and money market rates
Danske
Four Big Banks Should Plan to Bail Out of Europe
Lynn
US Treasury sells negative-rate bonds FT
Debt sales highlight abnormal conditions
|
4- STATE
& LOCAL GOVERNMENT |
A U.S. State on the Verge of Default: A Simulation - Or Is It?
WSJ
|
5-
CENTRAL & EASTERN EUROPE |
Shrinking Bank Revenue Signals Dawn of `Worst' Growth Decade
BL
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8-
COMMERCIAL REAL ESTATE |
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9-RESIDENTIAL REAL ESTATE - PHASE II |
Home Sales Rise, but So Do Bearish Views WSJ
|
Homes sales picked up in September, but housing analysts and
economists remain bearish about the market's prospects and are
pushing back their forecasts for a housing recovery.
|
Signs of foreclosure paperwork problems were missed, FDIC chief
says LAT
Global house prices - Floor to ceiling
Economist
| Our latest round-up shows that prices are
on the rise in most markets |
|
10- EXPIRATION FINANCIAL CRISIS PROGRAM
|
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11- PENSION & ENTITLEMENTS CRISIS
|
Radical changes to state pension proposed
FT
99 Weeks: When Unemployment Benefits Run Out
60 Minutes
|
13- GOVERNMENT BACKSTOP INSURANCE |
|
14- CORPORATE BANKRUPTCIES |
Zombie America vs. China’s Zombie-Eaters 2020 Farrell
Commercial properties absorb $11.9b in Q3 Shanhgai Daily
|
19- PUBLIC POLICY MISCUES |
Watchdog: Funny math used on AIG bailout CNN
OTHER TIPPING POINT CATEGORIES NOT LISTED ABOVE
24-RETAIL SALES
26-GLOBAL OUTPUT GAP
31-FOOD PRICE PRESSURES
Global food crisis forecast as prices reach record highs Guardian
32-US STOCK
MARKET VALUATIONS
|
CENTRAL BANKING MONETARY POLICIES, ACTIONS & ACTIVITIES
------------
Bernanke Asset Purchases Risk Unleashing 1970s Inflation Genie
BL
Fed Can Provide Support to the Economy: Dudley Reuters
Speech
| “The Fed cannot wave a magic wand and make the
problems remaining from the preceding period of excess
vanish immediately...” |
|
GENERAL INTEREST
Markets Put Low Odds on Deflation WSJ
With TIPS, heads I win, tails I also win Hulbert
An
Eight-Legged Table Wells Fargo
Why Has America’s Ronomic Recovery Stalled? Project Syndicate
Overdrive - Who really rescued General Motors? New Yorker
Sex, Drugs, and the Subprime Meltdown Mother Jones
The Monster: How a Gang of Predatory Lenders and Wall Street Bankers
Fleeced America--and Spawned a Global Crisis Amazon
The New Scramble for Africa Asia Sentinel
FLASH CRASH - HFT - DARK POOLS
MARKET WARNINGS
Think this economy is bad? Wait for 2012 WP
The new Wall Street: No bubble, no profits MW
So What Is Insider Trading? Sorkin
G20 MEETING
Geithner's hidden G-20 agenda Asia Times
CURRENCY WARS
Status quo for dollar as G20 lacks urgency FT
What Does a Weak US Dollar Mean for Investors? Schwab
Fed up with the peg Finance Asia
| Hongkongers are getting sick and tired of
the effects of the peg to America’s sinking currency. |
In Pyongyang, the Dollar Commands Respect BW
Q3 EARNINGS
UBS hit by investment banking losses FT
Swiss bank sees return to positive net money flows
Swiss urge capital boost for banks FT
Capital proposal targets UBS and Credit Suisse FT
Devil could lie in the detail FT
UBS Posts Profit, Sees Strong Fourth Quarter WSJ
|
UBS swung to a third-quarter net profit from a year-ago loss
and struck an optimistic tone for a better fourth quarter, as it
reversed two years of heavy outflows from wealthy clients.
|
MARKET &
GOLD MANIPULATION
CFTC's
Chilton raises alarm about silver market
BL
| “There have been fraudulent efforts to
persuade and deviously control that price” |
AUDIO / VIDEO
QUOTE OF THE WEEK
|
"The global financial system continues to be unsound in
the same way that a Ponzi scheme is unsound: there are not
enough cash flows to ultimately service the face value of all
the existing obligations over time. A Ponzi scheme may very
well be liquid, as long as few people ask for their money back
at any given time. But solvency is a different matter -
relating to the ability of the assets to satisfy the
liabilities."
John Hussman
No Margin
of Safety, No Room for Error
|
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PROMOTION DETAILS |
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Gordon T Long is not a registered advisor and
does not give investment advice. His comments are an expression of opinion
only and should not be construed in any manner whatsoever as
recommendations to buy or sell a stock, option, future, bond, commodity or
any other financial instrument at any time. While he believes his
statements to be true, they always depend on the reliability of his own
credible sources. Of course, he recommends that you consult with a
qualified investment advisor, one licensed by appropriate regulatory
agencies in your legal jurisdiction, before making any investment
decisions, and barring that, we encourage you confirm the facts on your
own before making important investment commitments.ont>
© Copyright 2010 Gordon T Long. The information
herein was obtained from sources which Mr. Long believes reliable, but he
does not guarantee its accuracy. None of the information, advertisements,
website links, or any opinions expressed constitutes a solicitation of the
purchase or sale of any securities or commodities. Please note that Mr.
Long may already have invested or may from time to time invest in
securities that are recommended or otherwise covered on this website. Mr.
Long does not intend to disclose the extent of any current holdings or
future transactions with respect to any particular security. You should
consider this possibility before investing in any security based upon
statements and information contained in any report, post, comment or
recommendation you receive from him.
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THE RIGHT BOOKS? NO TIME?
WE HAVE IT ANALYZED
& INCLUDED IN OUR LATEST RESEARCH PAPERS!
ACCEPTING
PRE-ORDERS
|
TIPPING POINTS |
|
1-SOVEREIGN DEBT &
CREDIT CRISIS |
|
2-EU BANKING CRISIS |
|
3-BOND BUBBLE |
|
4-STATE & LOCAL
GOVERNMENT |
|
5-CENTRAL & EASTERN EUROPE |
|
6-BANKING CRISIS II |
|
7-RISK REVERSAL |
|
|
8-COMMERCIAL REAL ESTATE |
|
9-RESIDENTIAL REAL ESTATE -
PHASE II |
|
10-EXPIRATION FINANCIAL
CRISIS PROGRAM |
|
11-PENSION CRISIS |
|
12-CHRONIC
UNEMPLOYMENT |
|
13-GOVERNMENT BACKSTOP
INSUR. |
|
14-CORPORATE
BANKRUPTCY |
|
|
|
15-CREDIT CONTRACTION II |
|
16-US FISCAL IMBALANCES |
|
17-CHINA BUBBLE |
|
18-INTEREST PAYMENTS |
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19-US PUBLIC POLICY MISCUES |
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20-JAPAN DEBT DEFLATION SPIRAL |
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21-US RESERVE CURRENCY. |
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22-SHRINKING REVENUE GROWTH RATE |
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23-FINANCE & INSURANCE WRITE-DOWNS |
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24-RETAIL SALES |
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25-US DOLLAR WEAKNESS |
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26-GLOBAL OUTPUT GAP |
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27-CONFIDENCE - SOCIAL UNREST |
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28-ENTITLEMENT CRISIS |
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29-IRAN NUCLEAR THREAT |
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30-OIL PRICE PRESSURES |
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31-FOOD PRICE PRESSURES |
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32-US STOCK MARKET VALUATIONS |
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33-PANDEMIC |
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34-S$ RESERVE CURRENCY |
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35-TERRORIST EVENT |
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36-NATURAL DISASTER |
Book Review- Five Thumbs Up for Steve Greenhut's
Plunder! Mish
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