David Stockman

Revenge Of The Rubes——Why The Days Of The Financial Elite’s Rule Are Numbered

Talk about not waiting for the body to get cold. The establishment oracles are out in force today proclaiming that Brexit has already been cancelled. Apparently, like in the case of the first negative vote on TARP, two days of currency and stock market turmoil have taught the rubes who voted for it the errors of their ways. The argument is that the…

The End Game Of Bubble Finance——Political Revolt

During Friday’s bloodbath I heard a CNBC anchor lady assuring her (scant) remaining audience that Brexit wasn’t a big sweat. That’s because it is purportedly a political crisis, not a financial one. Presumably in the rarified canyons of Wall Street, politics doesn’t matter much. After all, when things get desperate enough, Washington caves and does “whatever it takes” to get…

Bravo Brexit!

At long last the tyranny of the global financial elite has been slammed good and hard. You can count on them to attempt another central bank based shock and awe campaign to halt and reverse the current sell-off, but it won’t be credible, sustainable or maybe even possible. The central bankers and their compatriots at the EU, IMF,…

The Fed’s Third Mandate And The Destruction Of Honest Finance, Part 1

California Rep. Edward Royce had the temerity yesterday to ask Janet Yellen whether the Fed was propping up stock prices. Imagine that! In fact, he hit the nail on the head when he characterized the Fed’s unrelenting intrusion in financial markets and constant dithering on rate normalization as a “third pillar”, and one found nowhere in its statutory authorities: ROYCE:…

In Praise Of Ignorant Politicians…..Unschooled In Beltway Delusions

The Imperial City deserves to be sacked by insurgent politicians of the very ignorant kind. That is, outsiders unschooled in its specious groupthink and destructive delusions of grandeur. That’s why Donald Trump’s challenge to the beltway’s permanent bipartisan ruling class is so welcome. He is largely ignorant of the neocon and war hawk catechisms and sophistries propounded by joints like the Council on…