Wednesday, December 12, 2012

The Fed trying its best to help Jim Rogers, Schiff, Naseem Taleb, Kyle Bass and the other Austrian clowns make money

Boy, the Fed must feel real sorry for Jim Rogers, Peter Schiff, Naseem Taleb, Kyle Bass and all the other clueless, Austrian, debt doomsday, non-MMT types. It looks like the central bank is venturing out with a totally different approach to try to help these poor fools make money.

We all know the aforementioned have been shorting Treasuries mercilessly for at least the past four years, losing vast sums for themselves or their sorry followers, despite the fact that the Fed had been TELLING THEM not to sell the Treasury market at least until 2015. But, noooooo...these geniuses just wouldn't listen.

(Psssssst...they still think it's the bond vigilantes or the Chinese who set U.S. interest rates. We MMTers know better!)

So apparently out of deep concern for their bleeding pocketbooks, Bernanke & Co. is now telling the, "We're a debtor nation" (please say it in the voice of an old prospector) crowd that they can refrain from going short until the unemployment rate falls below 6.5%. Or to put it another way, they can go long until then.

As much as I'd like to think these clueless wonders are going to catch on, something tells me that their philanthropy to the MMT side (read: long side) of the Treasury market is going to continue.

Yes Lauren, it is true what they say about fools and their money. Hey folks, don't feel bad. Just think of it as doing a public service.


mohamed ali said...

So i recieve a call frm schiff's agent trying to lure me into investing with him. I told him no way, he asked why? I said he markets himself cheaply and stupidily. His answer how do you say this on a person who manages HUNDREDS of MILLIONS$. I said i doubt he has this undr mgmt but nyway still no way.

Weired people still use the "fractional reserve banking" line to sound professional. Best one though is gold reaching 2500$

mohamed ali said...

On the serious side, this group and others have been advising their clients to short japanese bonds for 10 years now. As long as america keeps its int. buyers' demand and trust (relative trust is enough), and keep its soverign rating, rates wont go up. The last thing you want is to bet against the fed's BALANCE SHEET.
What these people cant manage to understand is that markets are results of peoples thoughts nd actions NOT what the fundamentals ought to be.
Keyenes once said: markets can remain "irrational" longer than you can remain solvent.

Mike Norman said...

Keyenes once said: markets can remain "irrational" longer than you can remain solvent.

How true!