Business

Paul Craig Roberts has said that Michael Hudson is not only the best economist in the world, but he is the only real economic in the world. Almost all of the others are “neoliberals” – not economists at all, but shills for financial interests. Paulcraigroberts.org reports: If you have not heard of Michael Hudson it merely shows the power of the Matrix. Hudson should have won several Nobel prizes in economics, but he will never get one. Hudson did not intend to be an economist. At the University of Chicago, which had a leading economics faculty, Hudson studied music and cultural history.

Submitted by Hugo Salinas Price via Plata.com.mx,

The current melt-down of the world's debt bubble is likely to continue in the course of the next months. The secular trend to expansion of credit has morphed into contraction and liquidation. It is my opinion that the new trend is now established and no action by any of the Central Banks (CB) that issue reserve currencies will do anything at all to reverse that trend.

Well, don’t say we didn’t warn you.

Just yesterday, in the course of documenting the largest ponzi scheme the world has ever known (in terms of number of victims), we remarked that if China’s beleaguered masses needed yet another excuse to rise up and stage massive street protests, they got one in the form of online P2P lender Ezubao, which defrauded nearly a million people.

Submitted by Daniel Bier via The Foundation for Economic Education,

Willie Sutton was one of the most infamous bank robbers in American history. Over three decades, the dashing criminal robbed a hundred banks, escaped three prisons, and made off with millions. Today, he is best known for Sutton’s Law: Asked by a reporter why he robbed banks, Sutton allegedly quipped, “Because that’s where the money is.”

US monetary conditions are the tightest since 2009, financial conditions the tightest since 2009, and as Moody's reports today Liquidity Stress is at its worst since February 2010 - all forewarning of a notable rise in defaults in 2016... and what can the Fed do?

Worryingly, as Credit Suisse explains, US monetary conditions are now the tightest that they have been since 2009...