FIRE Economy | timiacono.com

From late last week, Senator Elizabeth Warren (D-MA) questions New York Federal Reserve President William Dudley on bank supervision in the wake of revelations that the New York Fed has been just a little bit too cozy with Goldman Sachs.

Also see:
Dudley Do Wrong Rejects Being a “Cop” and Embraces “Foaming the Runways”
Dudley Leaves Senators Unimpressed as Fed Scrutiny Rises

It sure would make things more interesting if Warren ran for president in 2016 – according to this report from just a few weeks ago, that’s still a possibility.

Grubergate

It’s kind of surprising that this YouTube compilation of MIT economist and Obamacare/ Romneycare Architect Jonathan Gruber material has less than 50,000 views.

Also see Stephen Colbert’s take on the subject here from last week.

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Why Bretton Woods Ended

… or at least one of the major reasons why the “gold-backed U.S. dollar” post-World War II monetary system met with a speedy demise in 1971 after the U.S. government embarked on a “guns and butter” spending spree back in the 1960s.

Courtesy of Nick Laird at Sharelynx who once again has managed to produce a chart that says more than words could ever say about the evolving global monetary system that, lately, appears to be getting a little unstable.

The Japanese are Turning Japanese

In case you hadn’t heard about Japan’s horrific third quarter GDP numbers, the chart below via this BBC report should aid in understanding why the financial world is again baffled by the failure of central bank largess to impact the real economy in the desired fashion.

Analysts were expecting a growth rate of +2 percent and what they got was -2 percent, surprisingly fitting the widely accepted definition of a recession (two consecutive quarters of contraction). This sort of thing seems to happen a lot in Japan.

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