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BOE’s Carney Floats Idea of New, Virtual Reserve Currency - WSJ

FTA:

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LONDON—Central banks should consider joining forces to create a virtual currency that could supplant the dollar’s role in the global economy, Bank of England Gov. Mark Carney said, offering a novel solution to concerns about the greenback’s status as the world’s foremost reserve currency.

In a speech Friday to an annual gathering of central bankers in Jackson Hole, Wyo., Mr. Carney said the dollar’s “domineering” place in world trade and the global financial system creates problems for policy makers outside the U.S. in managing inflation and safeguarding financial stability.

 

<snip>

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He said that while such a system might appear distant, “technological developments provide the potential for such a world to emerge.” He floated the idea of building a virtual reserve currency from a network of digital central-bank currencies, which he labeled a “synthetic hegemonic currency.”

A what?

I came to post the article below, and found my editor wasn't cleared of the above (I guess I decided to not post it).  That narrative is still circulating the (MSM) toilet of fiscal/monetary BS peddled by the "best in business worldwide."  Like a festering ugly wart, the hucksters continue to huck.

On to business at hand; Would You Rather Have a Dollar Today or 89 Cents Ten Years from Now? - Mish

Short and sweet article on a valid question, IMO.  Not that I agree with all in that article, but where we are now is a valid question?

The ponzi is getting a bit ugly.  Plan accordingly.

 

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16 minutes ago, screwball said:

Jamie Dimon Is in a Whale of a Mess on the WeWork IPO

JPM, the criminal bank of criminal banks.

 

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Jamie Dimon has somehow remained as Chairman and CEO of JPMorgan Chase despite three felony counts from the Justice Department on his watch, to which the bank pleaded guilty.

When does the US wake up to the need to overhaul Corporate Governance rules? (answer - when the fox is willing to walk away from the chicken coup)

Related: NYT also with a cautionary piece about the WeWork IPO questioning "Is there any there, there"

https://www.nytimes.com/2019/08/22/opinion/wework-ipo.html?searchResultPosition=1

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They let the banksters walk long ago. DC is filled with bank whores and the courts are too.  They own the place and any who could have done anything about them have little teeny tiny dicks and no balls.

A ****ing banana republic.  The ****ing place deserves to crash and burn.

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More rules?  That's a laugh.  The most regulated industry in the county is, and has been, the most corrupt.  Give me a ****ing break.

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1 hour ago, screwball said:

More rules?  That's a laugh.  The most regulated industry in the county is, and has been, the most corrupt.  Give me a ****ing break.

"Different" is not the same as "more" SB.

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What "more" will work then genius?  Always more rules, better rules, different rules.  Nothing changes.  It's all corrupt to the core - nothing changes - who's ****ing who?

ON EDIT: it looks like you changed your post as well.  <shakes head>

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20 minutes ago, screwball said:

What "more" will work then genius?  Always more rules, better rules, different rules.  Nothing changes.  It's all corrupt to the core - nothing changes - who's ****ing who?

ON EDIT: it looks like you changed your post as well.  <shakes head>

You must have caught in something like 10 seconds because I did edit it to rearrange it right off - I had lost the Dimon quote part.

IDK SB - If you want to give up, why do you bother even paying attention? Society may never get all that much better even if people are trying, but it absolutely will get a lot worse in a hurry when people stop trying. *Every* situation can be better or worse than it is. This is a bad time in the US. This empire may indeed just rot and crumble, but even Rome managed to reform itself a couple of times before it finally fell and so got another couple extra centuries before it all the lights went out for a 1000 yrs. :cool:

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26 minutes ago, Gehringer_2 said:

You must have caught in something like 10 seconds because I did edit it to rearrange it right off - I had lost the Dimon quote part.

IDK SB - If you want to give up, why do you bother even paying attention? Society may never get all that much better even if people are trying, but it absolutely will get a lot worse in a hurry when people stop trying. *Every* situation can be better or worse than it is. This is a bad time in the US. This empire may indeed just rot and crumble, but even Rome managed to reform itself a couple of times before it finally fell and so got another couple extra centuries before it all the lights went out for a 1000 yrs. :cool:

WS is no different now than it's ever been - corrupt.  Nothing over the years have changed other than the BS we serfs are fed.  Ever watch the banksters go in front of congress?  It is nothing but a dog and pony show that produces NOTHING.  They still get away with whatever they want, whenever they want, and do whatever they want.

They own the place - it truly is that simple.  Nobody will do anything.  During the S&L scandal 1000 people went to jail - the great financial crisis none.  Imagine that. 

All we have left is to ***** or be naive.  I chose to *****.  That's all I have left.

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The wealthy elite will always be corrupt and will always own us, but it's in their best interests that the masses not get too angry.  Thus, they will let the peons have a little something to keep us quiet.  That's why when they got the massive tax break, they gave us a few dollars. The more people ***** about WS, the better chance we get some small changes.  

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3 hours ago, tiger337 said:

The wealthy elite will always be corrupt and will always own us, but it's in their best interests that the masses not get too angry.  Thus, they will let the peons have a little something to keep us quiet.  That's why when they got the massive tax break, they gave us a few dollars. The more people ***** about WS, the better chance we get some small changes.  

I didn't post it, but recently (let me see if I can find it because I can't explain it well enough) the large WS banks finally got the Volchker Rule neutered (found a link): U.S. regulators hand Wall Street a major win with stripped-down 'Volcker Rule'

FTA;

Quote

The changes, first proposed in May 2018, followed years of lobbying by banks, including Goldman Sachs Group Inc (GS.N), JPMorgan Chase & Co (JPM.N) and Morgan Stanley (MS.N), which have long complained the rule is too vague and complex.

^ The "owners" as Carlin would say.

Quote

 

The rewrite aims to clarify which trades are exempt from the ban, such as when banks facilitate client trades and hedge risks, and to expand those exemptions. The final rewrite scraps a proposed new test for identifying proprietary trading that banks complained would have made the rule even more complicated.

That proposed “accounting test” was meant to replace a more subjective test that aimed to identify if a trader intended a trade to be speculative. But banks argued it could apply to a host of additional financial instruments not meant to be covered by the rule.

The final rule scraps that proposal for large Wall Street firms, instead simplifying the original test and only applying it to much smaller banks.

At the same time, the rewrite simplifies a separate part of the rule which makes it easier for banks to invest in hedge funds or private equity funds. Regulators said they expect to propose further easing of the “covered funds” aspect of the rule, including for foreign firms, later this year.

The banking industry hailed the rule, while calling for regulators to expedite that additional relief.

 

A bunch of mumbo jumbo for many, including the people attempting to write these laws to begin with.

The "smartest guys in the room" are exactly what they are (the banksters), and congress, the SEC, the OCC, and/or the other regulatory agencies are no match in intelligence, cunning (in how to get around it), or money to buy (control) the way they are written.  That's why they get paid gazillions of dollars - to make money for the "Firm."

I don't think anyone has forgot this famous line by Matt Taibbi (one of the greatest quotes of all time IMO): from the article The Great American Bubble Machine

Quote

The first thing you need to know about Goldman Sachs is that it’s everywhere. The world’s most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money. In fact, the history of the recent financial crisis, which doubles as a history of the rapid decline and fall of the suddenly swindled dry American empire, reads like a Who’s Who of Goldman Sachs graduates.

That's what they did, do, and will continue to do.  Makes me think of ole George (I sure miss him), and since we are doing quotes; George Carlin on the American Dream (with transcript)
 

Quote

 

It’s never going to get any better, don’t look for it, be happy with what you’ve got.

Because the owners, the owners of this country don't want that. I'm talking about the real owners now, the BIG owners! The Wealthy… the REAL owners! The big wealthy business interests that control things and make all the important decisions.

Forget the politicians. They are irrelevant. The politicians are put there to give you the idea that you have freedom of choice. You don't. You have no choice! You have OWNERS! They OWN YOU. They own everything. They own all the important land. They own and control the corporations. They’ve long since bought, and paid for the Senate, the Congress, the state houses, the city halls, they got the judges in their back pockets and they own all the big media companies, so they control just about all of the news and information you get to hear. They got you by the balls.

They spend billions of dollars every year lobbying,  lobbying, to get what they want.  Well, we know what they want. They want more for themselves and less for everybody else...(con't)...

 

Preach it George!

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This is a few weeks old, but I ran into it again; Jeffrey Epstein Learned His Sexual Depravity from Wall Street; Then Took It to the Next Level - Wall Street on Parade

The women who wrote part of this article worked on WS for 21 years, and was part of a law suit, as shown at the end of the article.  This seems to be normal behavior/culture of the WS crowd going on the dozens of books I have read.  Laws are only for us serfs.

And I find it funny the Epstein thing has found it's way off the front pages fairly quickly.  Imagine that.

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1 hour ago, screwball said:

I didn't post it, but recently (let me see if I can find it because I can't explain it well enough) the large WS banks finally got the Volchker Rule neutered (found a link): U.S. regulators hand Wall Street a major win with stripped-down 'Volcker Rule'

FTA;

^ The "owners" as Carlin would say.

A bunch of mumbo jumbo for many, including the people attempting to write these laws to begin with.

The "smartest guys in the room" are exactly what they are (the banksters), and congress, the SEC, the OCC, and/or the other regulatory agencies are no match in intelligence, cunning (in how to get around it), or money to buy (control) the way they are written.  That's why they get paid gazillions of dollars - to make money for the "Firm."

I don't think anyone has forgot this famous line by Matt Taibbi (one of the greatest quotes of all time IMO): from the article The Great American Bubble Machine

That's what they did, do, and will continue to do.  Makes me think of ole George (I sure miss him), and since we are doing quotes; George Carlin on the American Dream (with transcript)
 

Preach it George!

Carlin's American dream may have been the best routine anyone has ever done.  

 

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3 hours ago, tiger337 said:

Carlin's American dream may have been the best routine anyone has ever done.  

 

Absolutely.

I liked this one too;

 

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More on negative rates, from Mish.  I don't get him.  Sometimes I think he's a raving idiot, and sometimes not.  I guess that's par for economists I suppose.  I read many, just cause it's fun. This one is a hoot.

And we know, the new Super Mario terrorizing our world financial markets will be Christine Lagarde of IMF fame.  How in the **** does that happen?  But I digress...

The the funny stuff; BIS Study Concludes Cutting Interest Rates to Zero May Not Be Necessary

For the curious, the BIS according to Wiki (accurate IMO): Bank for International Settlements

FTA:

Quote

The Bank for International Settlements (BIS) is an international financial institution[2] owned by central banks which "fosters international monetary and financial cooperation and serves as a bank for central banks".[3] The BIS carries out its work through its meetings, programmes and through the Basel Process – hosting international groups pursuing global financial stability and facilitating their interaction. It also provides banking services, but only to central banks and other international organizations. It is based in Basel, Switzerland, with representative offices in Hong Kong and Mexico City.

My bold and underline.  More swine banksters taking care of other swine banksters.

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This is interesting; anyone remember Michael Burry from "The Big Short?"

The Big Short’s Michael Burry Sees a Bubble in Passive Investing

From that article, the link to more info on passive investing vs, active.

Asset Managers With $74 Trillion on Brink of Historic Shakeout

Burry was the guy who found things others didn't.  Then he bet the ranch on it.  In the "Big Short" he was shorting the housing market. He thinks he's now found another exploitable opportunity.

As a bonus, this was in an article that linked to those.  This is so cool.  Now I have to watch that movie again.  One of my favorites (and the book was great too).

 

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Not sure what's going on.  Tried to post in the pot thread and I get some kind of thing that says "didn't meet my search critera."  Strange.  Bad cookie I assume.

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