Relevant:
- Mario Draghi's Diabolic Spiral
- The Fed’s Strong Dollar Policy
- Ever Greater Distortions Hint at Rising Crash Probabilities
- Ex-Goldman Sacs Managing Director is Leading Candidate to Replace Trichet as ECB President
- Rickards on Fed Policy; Market Impact of U.S. Elections; and The "Next Big Bailout" (SWIFTLY COMING!)
2012-08-31 — theautomaticearth.com
As America settles in for a three month long across-all-media screening of Dumb and Dumber, Europeans are setting up for a valiant effort to put up an even more mind-boggling spectacle. Competition is healthy, right? The world of finance hangs on ex-Goldman Sachs vice chairman and managing director Mario Draghi's lips almost as much as it sucks up to Ben Bernanke's Jackson Hole. Central bankers become ever more important simply because in the absence of honest profits they are the only source of money left standing. If you can't make it, fake it.
That this money will need to be paid for at some point in time doesn't seem to be a concern for anyone anymore, or at least it's not addressed. As far as politicians, bankers and media are concerned, it could come from somewhere anywhere they don't care. They're all convinced they won't be the ones who have to foot the bill, and the way things are going they're probably right.
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