The Fish...it rots from its head...

I am not naive. I understand that corruption in governments, financial markets are as old as governments and financial markets themselves. But I get a growing sense of awareness that it is different this time. It could very well just be me but, I doubt it. Too many people I've spoken with, polls I've read show me there is an utter disdain with Wall St., bankers, the bailed out TBTF's, both political parties and the government itself.


Bernanke is a coward thief in the night that equates his role as the chief global currency manipulator as to playing with his own putter

Willem Buiter, chief economist at Citigroup, (talk about biting the hand that feeds you), refers to Bernanke as a coward thief due to his stealing from the US middle class, savers and retirees via his money printing, ZIRP, etc. The coward part comes from the denial from the Fed that they are manipulating the currency, devaluing the US dollar as other nations taking part in the same currency manipulation as Bernanke, do it openly. Mr. Buiter also states unequivocally that "savage austerity" is in the US's future:

Speaking to QE2, the amount there of, Bernanke muses:  "Mr. Bernanke uses the analogy of a golfer with a new putter: Unsure how it will work, he finds best strategy is to tap lightly at first and keep tapping until the golfer figures out how best to use the putter."


What do Greece, Hungary, Italy, Niger and the US have in common?

All are included in nations where perceptions of corruption had deteriorated the most. The US fell from 19 to a tie for 22nd on the list, their worst ranking in the 15 year history of the study. The US barely edged out Uruguay for 22nd on the list. Iraq and Afghanistan ranked 175 and 176 respectively out of 178 nations.

I think if this ranking of US corruption was done by US citizens, the US would of fared much worse. For example:


Beggar thy Neighbor or good fences make good neighbors. Fatboy reports, you decide.

"The Dollar is our Currency, but Your Problem"
US Treasury secretary John Connally to a delegation of European finance ministers in 1971

"I got some ideas on Mr. Connally. He ain't never done nothin' but get shot in Dallas."
Bob Bulloch Texas Secretary of State 1972

"Now, in my State of the Union address I set a goal of doubling America’s exports over the next five years."
Barack Obama March 11, 2010

A devaluation that is designed to cheapen a nation's currency and thereby increase its exports at other countries' expense and reduce imports. Such devaluations often lead to trade wars.

Breaking! Canada vows to be relentless in pressuring China to revalue the yuan

Breaking news! Canada, the great white north has vowed to be relentless in keeping pressure on China. The great white north, speaks "Canadian policy makers said they will be “relentless” in keeping pressure on China and other economies with fixed exchange rates to allow their currencies to appreciate". Here's video of the Canadian PM and Central banker making their forceful comments regarding China: http://www.youtube.com/watch?v=X-ZvAVcBIrQ

Krugman continues to make no sense

"But the truth is that if the economic situation were better — if unemployment had fallen substantially over the past year — we wouldn’t be having this discussion. We would, instead, be talking about modest Democratic losses, no more than is usual in midterm elections."

The truth is they're not. What's up with the what ifs?

"The real story of this election, then, is that of an economic policy that failed to deliver. Why? Because it was greatly inadequate to the task."

Krugman continues to argue for mo' money though the bailed out US banks are stuffed to their gills with cash. Demand is needed, not more cash on bank's balance sheets. And as Obama said "there is no such thing as shovel ready projects." So I don't see where Krugman is going with this.

Top 74 US wage earners earned as much as the bottom 19 million workers

Great to be in a recovery. Especially if you're one of the top 74 wage earners. Less wage earners in the US now then in 2005 with a decline in wages. "The number of Americans making $50 million or more, the top income category in the data, fell from 131 in 2008 to 74 last year." Good news right? The pain of the recession was spread evenly. Wrong. "The average wage in this top category increased from $91.2 million in 2008 to an astonishing $518.8 million in 2009. That’s nearly $10 million in weekly pay!" So the US went from 131 people making $50 million or more in 2008 to 74 in 2009 but those 74 saw their wages increase from $91.2 million to $518 million or ten million dollars a week!