My new podcast episode is out

Dumb AF hedge funds reeling. Tudor lays of 15% of staff amid losses and general cluelessness.

Paul Tudor Jones, the billionaire founder of Tudor investment Corp cut 15% of his staff amid losses and redemptions. You could see this coming a mile away.

The hedge fund industry is reeling because these guys are complete morons. They got everything wrong from predicting hyperinflation from monetary operations to debt crises that never materialised to warnings about skyrocketing interest rates to endless recession calls and market crashes, and promises of soaring gold prices and on and on.

All because they don’t understand sovereign money systems. All because endlessly conflated currency issues and currency users. All because they were too “serious” to pay attention to MMT.

Now they’re dying. Good. A total bunch of unjustifiably rich jerks.

Tudor Jones, Soros, Druckenmiller, Chanos, Kyle Bass, Schiff, Gundlach, Gross, Dalio, Ackman, Einhorn...I’m sure I am leaving out many, but those are some of the big names. Totally clueless. They don’t understand MMT and if by chance they've heard of it I am sure they scoffed at it. Losers.

Let ‘em laugh. I am talking their money.

This is the approach that allowed me to call everything right. My students and followers, many novices, running circles around these hedge fund clowns. In currencies, bonds, commodities, stocks, gold, economic forecasters.

The pretenders are exposed for the fools they are. Their money will be gone soon unless they buy some more politicians that will allow them to cheat and commit fraud and insider trading so that they can protect their fortunes.

In the meantime me and my team will be taking nice chunks of their money away. Honestly. Legally. Without cheating.

Knowledge is power and combined with the right information that's killer.

Dogma, ideology, arrogance, ignorance, stubbornness,  blindness...all applied to these idiots. Good bye to the whole lot of them. Ignorant parasites. They suck.

Podcast for May 22. I talk to Jon Reznick and the work of Hedgclippers.or, exposing Paul Tudor Jones

My guest was Jon Reznick, publisher of the Competitive Advantage Research blog. Jon follows the money so to speak of political contributions made by powerful hedge fund managers (and others). His work helped Hedgeclippers do that great video on Paul Tudor Jones, exposing him as the not-so-charitable and well meaning fellow that everyone thinks he is.

Interesting convo. Listen.

Podcast for May 22: My conversation with Jon Reznick and discussion of Paul Tudor Jones and more.

I can't stop saying it: Robin Hood foundation sets a record in hypocrisy.

Robin Hood gala shatters record for money raising and hypocrisy

On Tuesday night the Robin Hood Foundation had its annual gala and raised a record breaking $101 million in one night, shattering every record by any fund raising event ever.

It also shattered something else: the record for most monumental hypocrisy of all time.

That's because, while all these super rich hedge funders, celebrities and "0.1 percenters" basked in their self-importance and patted each other on the back for their obscenely phony show of "help" to the poor, the vast majority of these folks support political candidates and causes that have removed tens of billions if not hundreds of billions of government support for the truly needy. So their $100 million was really only "paying the tab" for their over the top display of self adulation.

If you think about the absurdity of this: a hedge fund guy (Paul Tudor Jones), worth $4 billion, who makes his money; a) by speculating--often driving up the price of food and fuel, which only adds to poverty and; b) charging hefty fees on the money he manages, which is largely in retirement funds of working people, he is lauded to the point of being considered, like, the new Mother Fucking Theresa.

Or consider, Bill Ackman, whose "job" it is to destroy companies and jobs (Herbalife) with malicious short selling raids designed to take a business down, yet he is also lauded as some benevolent prince?

And all their speculator hedge fund friends who do the same?

WTF??

Like a good friend of mine said, "Nobody takes time to connect the dots."

Paul Tudor Jones on inequality: He has nothing new to offer

Paul Tudor Jones' view that the private sector is what we need to rely on to solve massive income and wealth inequality is ignorant.

Paul Tudor Jones wants the "free market" to solve wealth inequality. LOL!!!

Billionaire trader Paul Tudor Jones thinks the "free market" is going to solve income and wealth inequality. Keep dreaming, Paulie. He also thinks that capitalists should just "give" more of their profits to workers in the form of higher wages. Guess what? That's not capitalism. (Is he really advocating for Socialism?)

Would he be okay with the state making things more equitable, like it's done at certain times in the past? Of course not, he already made that clear. The free market has to be the one to do it.

What fucking bullshit these people.

And he says that income inequality will eventually be addressed...either through war or revolution or, shriek...HIGHER TAXES. (I'm sure he'd prefer the former two.) He lumps taxes in with war and revolution. Nice. Yeah, to his kind it's worse.

By the way...it wasn't the "free fucking market" that made guys like Paul Jones so vastly more wealthy than the average Jones; it was policies of the state, which he and his kind control.

Related: Protesters to picket Paul Tudor Jones' home over income inequality

Seems Jones is a big supporter of Republicans. Not that Dems have done much to end income inequality (think, Clintons and their cronies), but Jones' choice of party affiliation is disturbing and hypocritical.

My podcast for Monday, March 23. $719 TRILLION. Inflation. Paul Tudor Jones.

Podcast for March 23. 
$720 TRILLION. Inflation. Paul Tudor Jones.

Charity by the rich and large corporations is pure vanity or public relations. That's it.

I am not against charity. I think when it comes to charity most regular people have good intentions. But when I see charity turn into star-studded gala events that are reported as the hottest “ticket” in town, like the annual Robin Hood Foundation Ball, then I think it’s all one big vanity show.

It’s the elite wanting cleanse their consciences in a very ostentatious and very phony display of “compassion” for the less fortunate, even though I am sure that 99.9% of the attendees, if you asked them, would be pro-austerity, pro-entitlement reform, pro-deregulation, union bashing, anti-minimum wage ideologues.

In fact, I know it.

I’ve read statements by Paul Tudor Jones, the billionaire hedge fund trader who is also the founder of the Robin Hood Foundation. Here's one of his quotes on America's debt:

"We borrowed against the future, and soon we will have to pay."

Or what about another billionaire hedge fund guy, Stanley Druckenmiller, who is also very much a part of the charity elite and a big contributor to the Robin Hood Foundation. He's been going around screaming that we have an "entitlement problem."

These plutocrats may contribute to charity, but their overriding ideology is the usual out of paradigm stuff that is so much a part of the austerity push, which is literally impoverishing people.

So it’s really a very self centered vanity thing that they're doing. Yes, they’re raising money for the poor and the underprivileged, which is nice; however, it is their beliefs and more importantly, their inordinate influence on policy as a result of their money and status that keep the poor and underprivileged, well, poor and underprivileged. It’s almost like they want the downtrodden to stay down just so they can have their galas showing everyone how wonderful and generous they are.

The other type of charity that I am against, which is just as disingenuous and self-serving is corporate charity. For me, the best corporate charity you can have is just for corporations to pay their workers well. That’s all the “charity” they need; simply a decent paycheck, a living wage. I’m not talking about top executives either, who are routinely showered with lavish paychecks, but about all the workers right down to the guy stocking the shelves or, sweeping the restrooms.

Low wages have become a corporate ethos. It’s one thing to say, “That’s the only way we can make money,” which is what Wal-Mart founder, Sam Walton famously said:

"I pay low wages. I can take advantage of that. We're going to be successful, but the basis is a very low-wage, low-benefit model of employment." -Sam Walton

However, it's another thing when corporate profits go up, up and up, relentlessly, as they have been, while worker pay has been going the other direction: down, down, down. It’s not even as if worker pay just stayed steady, it’s been falling. Look at the chart below.

Corporate profits vs labor share

That is corporate profits against the share that labor gets. This means that all the gains in productivity have gone to firms and none of that has gone to workers. That means all the money has gone to the firms and nothing to the workers. In fact, workers have had their pay reduced.

A system like this can only exist where there is crushing, vice-grip control over economic policies affecting taxation, labor, income, trade, investment, etc. It's literally an industrial dictatorship. That's exactly what we have. It benefits large corporations and the plutocrats that control them. Nobody else.

So feel free to scoff at their phony and vane displays of charity.