Posted by: graemebird | December 8, 2011

Review Of Stupidest Statements Of The Last Fortnight.

Its a bit of a closed competition. Like asking what are the four best plays of the Elizabethan era, and coming up only with plays written by blokes …..  first name Bill.  All the stupidest statements tend to come from Joe Cambria.  Although there is room for one or two honourable mentions.

Here we are not talking about clever treachery and cynicism.  But almost unbelievable stupidity.  So for example Sinclair wiped a bunch of my posts, then used one of them to forge one of his most successful (least unsuccessful) contributions, on ABC the Drum.  Now this was mean-spirited and treacherous.  He then doubled down on his Hebrew-Fatwah against me, and now its reached a sort  of crescendo, where he’s pretending that you need to email him personally in order to get on Catallaxy (which is of course bullshit).  But in this case his behaviour was pretty clever. Cynical yes. Slimy sure. But reasonably well thought through.

We are not talking about this sort of thing:

“Good point for raising it alex. Those pieces would do him in like a dinner.

also his piddly response was pretty pathetic too. He said he didn’t agree with them but felt those people had a right to express their view.

Of course they had a right to express a rancid view, but why on his newsletters?

never cut it for me.”

This is Cambria running a twenty-four hour campaign against EVER slowing down the relentless banker/financial system subsidy. The greatest rolling thunder of theft in history. This is not full-blown stupid as such.  We all know he’s filth, pond-scum and a fucking traitor. A proud welfare-recipient and so forth.  So this sly attempt to run down Ron Paul, is just par for the course. Nor will we include in this judgement his idiotic claim to GAB that I had apologised to him for something or other.

 

Anyway here is an honourable mention:

I SEZ:

  1. She runs a government-enforced monopoly.

    Paul Keating is hoping to get a 100 million dollar rent-seeking “consultancy fee” over the sale of Air New Zealand.

    He a free enterprise genius as well?

    You cannot fake it dot. You are never going to be the supporter of liberty you are pretending to be.

    NOW HERE WE HAVE AN HONOURABLE MENTION FOR ONE OF THE TRULY STUPID STATEMENTS OF THE LAST FORTNIGHT.
    The difference Graeme is that PJK is presumably being paid for advice on *how* to sell Air NZ. She is actually being paid to run a facility. Big difference. In a world with greater competition between airports her skills would presumably still be in high demand.”
    GREAT WORK JASON SOON.  (The band plays and ribbons fall from the television studio ceiling.)
     A marvelous entry into the competition of who can say the most stupid shit. By none other than rabbi Jason Soon. But let me give the context, for the benefit of foreigners, and young people:
    Paul Keating could hardly pull 50 dollars an hour consultancy fees on how to set up a piggery in a free market.  Let us get it straight what is going on. Paul is being paid an enormous, and enormously-corrupt BRIBE …… in a situation of rent-seeker frenzy.
    Paul Keating is being bribed, so that the national party can loot its citizens, and get  Australasian, Labor party POLITICAL-COVER for the privilege.
    This is the Northern Hemisphere bankers bringing their corruption to our hemisphere in a big way.
    And how fucking stupid is this idea that successful retail within Sydney Airport is some great achievement.!!!!!!!!  The word “captured market” means nothing to these people.  They are ignorant of economics and make it a personal point of pride to hold off any pesky learning.
     I’ve been to the Singapore International Airport twice and to the nascent 2nd Bangkok airport once.  I cannot see what the big deal is, and in reality this argument  was just all about crony-lovers jacking-off,  over middling-to-fair work,  in a captured market.  But to suggest that Paul Keating, is being paid 100 million dollars for his extra special understanding of matters, gets Jason the honorouble mention this week.
    >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
    Just to show that Joseph Cambria will never be outdone by a Chinaman, for stupidity, on any controversy, large or small, we have him commenting on the self-same subject. The subject that he started, and sustained in its idiocy, all the way through. Actually Jason’s own contribution, can be seen as merely a hamfisted attempt to help Cambria out.  Jason having the Chinese habit, of  subconsciously figuring out who is in good with the current emperor, and riding that instinct as far as it will go.
    Well here is one anyway.  Not his most stupid but I note this statement of Cambria’s just to show that idiocy flows so easily from his fingertips, that it amounts to a kind of art form:
    “Bird

    The management can build another airport if it so chooses Bird.”

    Well well well what can we make of this? You have to know the context to understand how unbelievably moronic, yet oddly revealing this statement is.  Cambria LOVES IT that Sydney airport is now a government protected monopoly. He just loves it. If he could still physically achieve it, he’d jack off over the idea.

    So of course he cannot help it. In an argument where I am contending that Sydney Airport is a government enforced monopoly ………….. the dopey cunt just had to point out, that the crowd who runs it, can make another airport if they choose.

    But of course the reality is THAT NO-ONE ELSE CAN. NO-ONE ELSE CAN START A COMPETING AIRPORT.   And you need more than one competitor to compete. This isn’t even below Joseph Cambria’s median stupid level.  Joseph is an untapped resource for idiocy; a high-pressure well of stupid, that we can never fool ourselves will bottom-out.

    >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

    Here’s a bit of a teaser before the climax of this sort of particular line of stupidity:

    CAMBRIA SEZ:

    “Les:

    Fair enough on the advisory, I looked at the explan mem.

    Perhaps rather than being appointed they inserted themselves in the deal by bringing the deal in the first place. That’s quite possible. However they didn’t have a primary role I don’t think.

    Yes, of course I’ve been to Sydney Airport and even caught a cab without much of a problem. Many times even in peak.

    If it’s difficult for you can I suggest you get one of those dudes with a name plate hanging around the baggage area. That way you avoid the riff raff, which seems to be what you want. I don’t have a problem association with all classes of people.

    Remember it’s about choice.”

    Remember its about choice sez Joseph Cambria. Its all about choice he sez.

    REMEMBER ITS ABOUT CHOICE.    Pretty stupid huh? Although this one, may not qualify, because it may be just Cambria being a crony-loving traitor-cunt, and rubbing our noses in it.

    >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

    But from this particular controversy this is my favourite one. And he got no comeback for it, because he had warn everyone down by his unique, and oppressive full-blown rolling-thunder of dumb.   As any reasonable person might,  CL, put up his hand, rather perplexed at JC’s crony-wanking over-praise of a chick running a government-enforced monopoly. Here is how this exchange went:

    CL SEZ:

    “Not a business expert but I’m struggling to understand how a bird running an AIRPORT can be a commercial genius. She’s not exactly under market pressure from Bunnings or Woolies. I mean, those mega-stores haven’t started a cut-price line in jumbo-ready airstrip kits, inflatable hangars and Ikea terminals have they?”

    CAMBRIA SEZ:

    “It’s all relative CL and I mentioned it was a pound for pound comparison.
    She runs a very efficient shop.
    She makes her shareholders lots of money (and with the exception of Less/Tillman here, who seems the type that no matter what you don’t can never be satisfied) gives people a truly great customer experience.

    On that score… Infidel… I believe Sydney airport offers lots of choice in the cosmetics category.

    SHE MAKES HER SHAREHOLDERS A LOT OF MONEY…….”

    Thats the second stupidest thing said in the last fortnight. Note how people after that were paralysed. They had no comeback. They were worn out by the relentless idiocy of Cambria. They were cornered by the thought;  that if they said anything after that , they would have been accused of being me.  So its a sort of doubling-down on his own idiocy that allows Cambria to get away with it, along with generous financial contributions to Catallaxy.

    But this isn’t the most stupid thing said in the last fortnight by a long shot. We have time for one more honourable mention.

    HERE IS THE STUPIDEST COMMENT OF THE LAST FORTNIGHT. But you won’t see it for what is, because the context is not there:

    “Terje

    Let me ask you a serious question that you should need to ponder and spend time answering, if not the people here, but to yourself.

    And that is how can you honestly consider yourself a libertarian?

    I ask this because it seems to me that you have a basic disagreement with what it means to be a libertarian and are unable to reconcile that even of you are aware of it.

    Why do I ask this of you?

    The reason is because you cannot and will not see there is no moral equivalence between a debtor and a creditor and why when a creditor is breaking an agreement and refusing to pay it’s the creditor that has lost moral standing.
    You’ve said in the past that because the loan is legally unsecured they can walk away.

    To a libertarian an agreement/contract is pretty much everything. However, you’re unable to see this. It’s been said to you many times that the Greeks have a large pool of assets they can sell to make the repayment and you blink at this as though it has no import. Even the loan amount is just over a year of GDP, so at the very worst they could if they chose repay the money by making sacrifices.

    This point also applies to any other person calling themselves libertarians and then suggesting a nation that democratically elects its government ought to walk away from its loans.

    The poorer nations of Europe were given a remarkable opportunity to form an economic union with Germany and the northern rich region of Europe. They have not only squandered this but lied and cheated from the get go. This also applies to the other PIIGS that did the same thing.

    This is why it is right for those nations that demand austerity of the PIIGS have a morally superior position.”

    >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

    Just unbelievable. If someone had been woken up at 3.00am in the morning, and was hustled for answers …..  and if the part psycho-babble they came up with wound up being like Cambria’s statement above, then this would not qualify as stupidest statement of the fortnight. But after torturous argument with this financial/economics illiterate, in response to the contrary position of Taya Peterson (Taya spelt “Terje”) …………………… Cambria managed to come up with the following:

    “This is why it is right for those nations that demand austerity of the PIIGS have a morally superior position.”

    HOW FUCKING RIDICULOUS IS THIS DUMB BANKER? He’s arguing with Taya. Taya is arguing for default.  It ought to be obvious that the only chance for “austerity” or more correctly surplus budgets …… is DEFAULT. Default means that the budget of the defaulter will be immediately thrown into surplus, the GOVERNMENT-austerity begins, the private largesse and sound budgeting starts with it, and both of these start as soon as the nation DEFAULTS.  So there is Cambria,  arguing this ludicrous case based around morals, when:

    1. The banks would now own nothing if it were up to the market. The reason they are on the winning end of the ownership deal, and the creditor/debtor equation, is that they have been subsidised multi-trillions in interest-free loans. Had I been subsidised multi-trillions in interest free loans, with resources stolen from the public, I TOO would be on the winning end of these equations. But I would not be morally entitled TO EVEN LIVE, much less gain the Greek Islands, Greek Water supply, Greek roads, Greek power lines and so forth.

    2. Cambria would sell out anyone and everything given half a chance. We know this because he earlier claimed to be a libertarian, but when the bottom line of his mates was threatened in 2008, he then changed his tune and demanded one bailout for the banks after another. He demands and approves of bank subsidies on a daily basis. How dare this bran-turd of slimery,  talk about morality!

    And here Cambria is saying:

    “This is why it is right for those nations that demand austerity of the PIIGS have a morally superior position.”

    When this is not his own position. This is Taya’s position. Taya is arguing for default, ergo Taya is arguing for PIIGS running surplus budgets immediately. That is to say the end of the government component of the wealth destruction inherent in sucking in loanable funds, for the purpose of not getting ones budget in order.  So by Cambria’s own admission, Taya’s position is the moral position, at least as far as these countries having to run good budgets is concerned.

    Every day the bankers destroy more wealth, sending loanable funds to the poo-hole of Greece so that Greek public servants can be stood down on 60% pay.  But since Greek public servants were being paid 300% of what the average Greek taxpayer makes, this means that many Greek public servants,  are now being paid to do nothing, at 1.8 times the average wage. This the work of a banker sent undemocratically to take control of the Greek sovereign nation.

    Here we see a typical example of what bankers have brought to the situation. Relentless incompetence in banking. The runaway wealth destruction inherent in sending money to an untenable government budgeting process,  would be over that day that the Greeks exercised their duty to default.  The bankers who have taken over Greece, are standing down these public servants on 1.8 times average Greek earnings, because of a foolish constitutional stipulation. A constitutional amendment,  which would obviously be a long-dead part of history, if the bankers didn’t keep destroying wealth by throwing money at the Greek politicians.

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Responses

  1. That all sounds a bit ho-hum Graeme. Truly, like who’d care what those jerks would say.

    Sorry I’ve been off line for a few weeks. Lot going on at work and at home.

    How the hell are you?

    • Yeah pretty lame topic at that. So nice to see you sweetheart, I am well. But I’m amazed at how this Judas-Goat of stupid, is so able to lead people down the path of morons, to the dumb-valley with such ease. I was pretty happy that CL put up a mild objection. But in the end it was a bit like John Cleese (as Robin Hood) in “Time Bandits” wondering why the poor people had to be so horribly bashed. In the end, after a single objection, he just goes along with it.

      The reality is that Catallaxy, and we all, are being oppressed daily by this crony-loving piece of excrement, and we have to break free of Cambria, and all who think even mildly akin to him.

  2. Ach, I’ve missed sharing music with you in these last few fubar (for me) weeks.

    Here’s my contribution towards rectification.

  3. Whenever you subsidise an industry, you unleash those forces that make the stupid upwardly-mobile. Taken from a post of Infidel Tigers:

    “You already knew what I looked like before our date. Perhaps, you’re unimpressed that I manage my family’s investments and my own investments. Perhaps, you don’t think I have a ‘real’ job. Well, I’ve done very well as an investment manager. I’ve made my parents several millions of dollars. That’s real money. That’s not monopoly money. In my opinion, if I make real money, it’s a real job. Donald Trump’s children work for his company. Do they have ‘real’ jobs? I think so. George Soros’ sons help manage their family investments. Do they have ‘real’ jobs? I think so.

    Read more: http://www.dailymail.co.uk/news/article-2071127/Bankers-1-615-word-email-woman-didnt-back.html#ixzz1fvtgFkde

    Getting trillions of dollars sent their way, every time Wall Street looks shaky, and being the recipient of endless trillions in near-zero interest loans, means that very very stupid people, have been able to make millions of dollars, on the public dime, and convince themselves that they have a real job in the private sector.

    Exhibit one Joseph Cambria

    Exhibit two … This mentally challenged kid that Infidel has dredged up from stupid town.

  4. Oh well, leave you to it. Not interested in talking about those boring people when so much else of interest is going on.

  5. Damn. These people are forcing me down into the dirt with them. I’ll try and figure out some more interesting stuff as time goes on.

  6. Graeme, not to alarm you or anything but you site appears to have developed an acute case of dandruff. You ought to have that checked.

  7. It’s not dandruff, it’s snow.

    You know why it’s snowing? BECAUSE IT IS CHRISTMAS WHEN WE CELEBRATE THE BIRTH OF OUR SAVIOUR THE LORD JESUS CHRIST.

    But you wouldn’t know that would you because you are a MUZZER or perhaps a HEBREW.

  8. Mr B

    Please, enough with the cliffhangers.

    What was the stupidest comment of the last two weeks?

    Odds on it was from the Idiot Dago bankster or the gatekeeper Davidowitz. Or possibly that semi-moron Daddy Dave nodding sagely at the Dago’s relentless idiocy.

    • Ha ha ha ha. Right onto it. I’ll try and find the stupidest statement of the last two weeks, even if I don’t complete the thread. Give me about one hour. Got to rush.

  9. Dear Mr Bird, as most people know you are rarely capable of writing a boring sentence. OTOH, and this is what of course I was referring to, JC and the unmerry band of dumb trolls on Cataplexy, and tobacco and mining industry shills like Sinclair Davidson are ALWAYS boring, when they’re not being vulgar and abusive and generally on most matters to the right of Genghis Khan.

    And I am SO glad you bought back the snow falling with melancholy beauty over your birthplace, the Land of the Long White Cloud. I really missed it.

    Speaking of clouds, have you seen the ones today? Magnificent cumulus humilis.

  10. The Gabbler is really dumb, eh. Dumber than a piece of offal.

    • Oh well. I don’t see it that way.

      • Yeah, you’ve got a kind heart. And some people are just born that way.

        What about ‘daddy-dave’, (he of the creepy moniker)?

        He presents as a very sad and miserable case of congenital stupidity and anxiety with major comprehension problems about the simplest matters. He is more to be pitied I suppose, except for the creepily suggestive moniker.

      • Glad to know you understood I was having a bit of tease with you, Graeme. 🙂

      • Of course. I’m always happy for you to show up remember. More then happy. Delighted. Though you know that this place is no level playing field. Sorry about that.

        But neither is Catallaxy a level playing field. Cambria has Catallaxy by the balls and is tipping it in his way alone. Cambria has been furiously advocating more banker subsidies. Is no-one over there offended by this ELITIST-COMMUNISM for shitheads and wreckers?

        Steve-From-Brisbane, isn’t advocating this level of parasitism for social-welfare or the green movement, and in fact no lefty that ever goes on Catallaxy, WOULD DARE demand, for those sorts of sums to be spent for their leftist beliefs ……. those sort of magnitudes of sums ….. that Cambria seems to think is all normal and according to Hoyles ….. that he thinks is necessary just to subsidise incompetent bankers.

        Can you not offer a word of protest GAB? Do it for me. Do it for the billions who will perish if this orgy of wealth-destruction is continued.

        In three months, 13 trillion dollars will be rolled over in the European Union alone, to subsidise the bankers. If the last three years is anything to go by, this debt will be taken from the public, to benefit the banking system, by way of this astonishing sum, being rolled over, at 0-1% interest.

        If these subsidies continue, the bankers will own all the gold and all the infrastructure, and on top of that, since they are wealth-destroyers, this behaviour will eventually turn genocidal. Now if good people, people of conscience and decency …. if good people cannot even overturn CAMBRIA-AT-CATALLAXY on these matters ………….. how in the hell are the European people supposed to shrug off the banker-occupation?

        Everyone needs to do what they can to salvage civilisation in any forum they find themselves in. I need your help Gab. And I don’t think its too much to ask. You may think its too much to ask. But I don’t think its too much to ask.

  11. I’m pretty much with you on that prognosis. Although the other day he surprised me. He actually said that the Greeks ought not give up their assets to the bankers. He pointed out that this is no ultimate solution to the problem. So coming from a filthy-low moral position, we may have seen just a smidgen of progress from this fellow.

    (We believe in redemption. But its Gotsta-be genuine.)

  12. Some reasonable comments by outsiders on this thread. The problem being, that if anyone makes a reasonable comment on catallaxy, he puts himself immediately under suspicion for being me. Then he’s on a sort of “birdwatch” detail. Presently you never see hide nor hair of the fellow again.

    http://catallaxyfiles.com/2011/12/07/the-political-economy-of-classical-economics/

  13. This is brilliant. Why did I never think of this? Green, I am. And as you know i do love to get wet.

    It’s ok. It’s rated G.

    • Rated G-for-Graeme. Ha ha. People without a good sound system, and a large screen are going to miss out on the drama of that one. You seem to know the sort of sound and vision I”m going to like. I’ll say that for you.

      I have just gotten hold of a big-screen apple iMac. Brilliant sound.

  14. Its a shame Bartleby isn’t there. Bartelby was a bit of a lefty that got the better of the crony-swarmers a few times. These guys ought to realise that only the more intelligent lefties can improve their site. But they actually only keep around dumb lefties these days, so they can poke them with sticks. Smart lefties are not allowed on catallaxy, as a practical matter.

  15. The left runs circles around the right – in every sphere. ‘Twas ever so and so it shall be.

    The is the Word of the Goddess.

  16. Who is Bartleby? Sorry, I’ve been off the blogs for a few weeks as I’ve had work project deadline that could be put off no longer and home has been undergo shall we say major renovations.

  17. Well I don’t know. Of course you are a suspect. But I don’t know. Some good posts. Some other posts less economically sound. All in all a person with “good instincts”. But these guys don’t know how to cultivate a rich blog culture. And really I don’t think that is their aim any more.

  18. Well, I did note before my short self-imposed exile from blogdom that there were a couple of youngish, hottish and highly articulate left dudes posting over on Club Troppo. Dan and Sanchez or Sancho?

    It’s endearing how attractive and argumentative people with good minds and a modicum of education or learning and clever wit pop up on all sorts of blogs where you wouldn’t expect them, even on staid and myopically upper middle class ones like CT. It reeks a bit of the Melbourne Club sometimes methinks. Though I also think all of its bloggers and most of its commenters are fundamentally decent people.

    By contrast Catapoxy has a stench that drives away decent people generally. Certainly women.

    Not that I’m complaining. I think it’s hilarious and poetic justice.

    God’s in Her Heaven. And all’s right (no pun intended) with the world.

  19. “Former MF Global CEO Jon Corzine told Congress on Thursday that he was in “stunned disbelief” when he learned that hundreds of millions of dollars of customer money had disappeared from the defunct trading firm.”

    Holy Crap. These bankers never cease to amaze with their lies. Well it looks like this is the story his legal team has come up with. I seen no reason to believe that he’ll ever change it, even as he is being lead up to the Guillotine.

  20. Graeme, I think the tragic truth is that minority power of whatever sort and which by definition is undemocratic and exploitative consistently showcases the most appalling and ruthless abuses and lies. The sense of entitlement that these greedy destructive elites have guarantee that they are ethical free zones.

    There is a huge shit fight brewing at work and the upper echelons of external agencies are taking on some rogue lesser powers who are exhibiting all the signs of derangement and desperation that people who have much to lose usually do. I

    It’s going to be the battle of Battle of Dien Bien Phu all over again because the base has arisen and is manipulating the enemies’ enemy.

    My adoption of military metaphors is partly to do with how a sub-section of the enemy perceives the battle.

    • Well it is a war. We have found a subset of people who think the same norms and decency do not apply to them and their crowd. Once upon of time it was leftist politicians alone who appeared to have this attitude. But one thing was good in the old days. The left kept crony-town somewhat honest. Now that is all gone. I thought they were my crowd these big shots. Did I ever have things wrong.

  21. OMG. See what I mean?

    http://au.news.yahoo.com/a/-/latest/12297828/qld-health-exec-wanted-over-16m-fraud/

    • As soon as you let go of tight money this sort of behaviour explodes. Tight money picks up what the auditors miss. And the auditors and ratings agencies have become pretty damn useless lately at that. Well ALL of the ratings agencies but only SOME of the auditors. I don’t want to unfairly tar everyone with the same brush. Plenty of brushes out there in the hardware store, when it comes to tarring.

  22. Gab supports JC in everything Graeme. In fact Gab is probably JC or BirdLab.

    • Well Gab has so far supported JC in everything, or at best has remained neutral. But this isn’t in keeping with my view of her. I think its a general zeitgeist thing, which manifests as a mental block in individuals. Wherein almost all individuals are being towed along by the culture-gone-crazy. It is a test for us all. To see if we would have piled onto the Jews in 1930’s Germany, just when your average Jew needed our help. Or would we rather have found a way to help them, after we ourselves had escaped the zeitgeist? So what I’m trying to do is juxtapose her basic values, against the current craziness.

      This current craziness where of all of humanity is being expected to subsidise bankers, so that everyone else is impoverished, and these bankers can prance around like arrogant baboons, pulling leisurely on their foreskins in public, and telling themselves they are masters of economic development; each one a new Steve Jobs.

      I mean apart from the massive destruction this will eventually cause, its the aesthetics of it all that I find fully-objectionable.

      • I like that you are an optimist about things and people. I am too. In fact I think that despair is an insult to and betrayal of future generations and counter-revolutionary.

        We do have so much in common despite many differences of perspective and politics.

      • You bet. That video for one thing. But on the other hand it might not have knocked me out so much if I was using my clapped out laptop.

      • “Well Gab has so far supported JC in everything”

        A complete falsehood. Graeme. I’m astonished you would even entertain the thought. I certainly don’t have the time to read everything JC writes, so how on earth could I support him 100%?

      • Yeah good point. I should have worded things much better. The claim is a far weaker one. It goes like this:

        Even though you appear to have somewhat libertarian/conservative values, I’ve not yet seen you aghast and distraught, by the massive subsidies, Cambria appears to be demanding for the bankers, and by his parallel stream of propaganda that doesn’t sit well with the first stream. On the one hand he’s coming down on others looking for a handout, and then within a few posts, he’ll be demanding more loot for his tribe.

        I think that most people simply let this incredible special pleading wash over them. Okay I’ll admit I’ve been unfair to you.

        But now that I’ve alerted you to this PHENOMENON……. then if we were talking about the same subject, lets say two months from now, and I’d never seen you show any signs of disgust …..

        … then if I said the same stuff over, I’d be being a little less unfair right?

      • “I’ve not yet seen you aghast and distraught, by the massive subsidies, Cambria appears to be demanding for the bankers,”

        And I’ve not seen JC demanding massive subsidies for bankers either. You’ll have to point it out to me, Graeme.

      • I guess if you are not invested in the monetary matters going on in the background, then this sort of thing would just wash over you.

        Its hard to get a handle on the sheer hugeness of the subsidy, because its expressed in trillions of dollars, at a low interest rate, the proper interest rate, we have no accounting of.

        Three years ago, as a result of vandalism, and tardy insurance subcontractors, ….. and yes yes my own personal ill-discipline ….. I wound up being hocked up on a mortgage, and credit card debt that was just this ugly vicious circle. Also early 2008 the monetary policy was so tight that the money supply was actually dropping. So all my overtime ran out.

        Now suppose you take someone in that situation? Would an 80,000 dollar loan, at 0.5%, for me, my wife, my two step-children, and their other halves …….. would that have been a subsidy? Would it have been a subsidy if it had come from the central bank? Just for my crowd that is 400, 000. And supposing I could extend this largesse to the women of my choosing? My tongue would probably have fallen off by now.

        You see in the level of subsidy we are talking about, the banking sector alone, has gotten this sort of magnitude of graft. Not for every banker. Not for every top executive. This level of subsidy has been hogged to the financial sector, and some of their clients ……….. as if this loot was being shared out amongst every man, women and child, in the entirety of the USA, and the EU.

        So in the USA alone, we have an estimated 24 trillion, lent, spent, and guaranteed. 16 trillion we can pin down, as a figure some ways back.

        There are 300 million people in the US. 24 trillion divided by 300 million is 80,000. There are time-duration complications. There are all sorts of complications. But ball-park figures would give us that the equivalent of the subsidy, is as if every man, women, and child, had gotten an 80, 000 dollar 0-1% loan.

        But this loan subsidy, or something akin to this magnitude … hasn’t been shared out pro-rata. Its just gone to one sector of the community.

        Everything Cambria says on Catallaxy is pushing for this un-fucking-believable heist to continue.

      • “And I’ve not seen JC demanding massive subsidies for bankers either. You’ll have to point it out to me, Graeme.”

        Whenever one of Bird’s falsehoods is questioned and evidence is requested, Bird never furnishes it. He can never back up his wild assertions.

        How anyone can believe anything he says is beyond me, in fact no one does believe his fantasies, except for Phil…. sometimes.

  23. Well, you have reacted quite viscerally as well as philosophically to the degeneration of a section of politics that has become quite desperate at how things are not turning out the way they want. I understand that from another perspective.

    The omnipresent joyless negativity, cluelessness and political bankruptcy of the nutty right, on blogs like Cataplexy, is symptomatic of the right’s increasing political impotence in Australia and the fact that they are being outwitted by the citizenry as a whole. Of course when you reach that stage, all you have left is frippery, vulgarity, abuse and sectarianara. Which is the sum total of such blogs ‘contribution’ to collective human knowledge.

    Take a bow, democracy.

  24. Sorry to harp on this, but has any one ever asked “daddy dave” of Catalaxy about his self-description? Given his avowed endorsement of the trafficking of under aged women from underdeveloped countries to prison-like brothels in the inner suburbs of our capital cities, the question does arise: is he also telling us he is a pedophile? And if so, why does Sinclair Davidson allow him to post on that blog?

    • That ones gone above my league. I’ll stay neutral on that story unless I stumble upon some sort of dubious material.

  25. This would be a good to excellent political blog I reckon. Closed list for at least a little while to keep out worthless distractions and dummies like you know who.

    Comprising: You, me, Jarrah, Steve Edney, Fran Barlow, THR, Monty, Steve of Brisbane, Legal Eagle, skepticlawyer, Dan, Sancho, Fydor and Adrien. I was trying to think of another Australian-based economics commenter, but I couldn’t think of any to recommend that we both know. Any suggestions?

  26. Graeme, I defy anyone not to like that clip. It is completely wholesome and presents performance, nudity and the female body in a way that is delightful, humorous, sexy and non-abusive: not often realised, though really not that difficult for feminist performers.

  27. Right one is always going to like the clip. But its not necessarily going to have that heart-attack and spanish-fly effect, if the screen is tiny, and the sound is not blasting, as it was on my wonderful big-screen iMac.

  28. What is Spanish fly and have you tried it?

    • A gentleman would never talk about this sort of thing to a lady. Not unless you are telling me you have spare time on your hands.

  29. What I want to know is where are the frigging opium dens in Sydney’s Chinatown. They must be there.

  30. “Comprising: You, me, Jarrah, Steve Edney, Fran Barlow, THR, Monty, Steve of Brisbane, Legal Eagle, skepticlawyer, Dan, Sancho, Fydor and Adrien. I was trying to think of another Australian-based economics commenter, but I couldn’t think of any to recommend that we both know. Any suggestions?”

    It would be marvellous if I could get such a crowd. But not Fyodor. Fyodor is fundamentally intellectually dishonest. And not Jarrah yet. He’s coming along, but when I first saw him he was pretty stupid and needs to grow up some more. Adrien is pretty painful. I always think of him as Jim Carey in “The Cable-Guy.” Somehow he’s not quite socialised. He slips into this glib deal, which would be snideness if he was a little bit more invested in what he was saying. No Steve-Of-Brisbane is bigoted, and kind of low-wattage. I’ve only ever one day had reason to believe he would use his brain. THR is a compulsive liar and a person of compromised ethics so he’s cut. Monty’s in, with some skepticism. Fran’s in, partly because she’s cute. She has to be more open-minded. But on the other hand, as a lefty, she isn’t always running the same tired positions. Of course I’d love to have skeptic-lawyer contributing to my blog. Dan and Sancho get a pass.

    What are we down too? Not many? There were three blokes on the Catallaxy link I put up before that would easily make the cut. Two rightists, and one small-government leftist. Or two small-government leftists and one outright rightist. I’ll get their names by and by.

  31. So far I”ve counted 8 with 3 un-named contenders. Driftforge would be okay. Fisk if he wasn’t taking a lunatic position towards you. CL on the same grounds, but I guess those two are written off on first principles, until they see the light. I’ll check back on Infidel Tiger in a couple of years, if he owns up to Arabs not having caused 9/11 and says sorry for impugning the honour and assisting in the grief of Mohhammad Atta’s Dad. Who has a right to have his son exonerated of that crime. Its not that everyone would have to be realistic about 9/11. But Infidel has been assisted in this matter, and without mending his ways. Sukrit would be an asset.

  32. Fran Barlow is cute, isn’t she. As well as being drop-dead intellectually impressive. Even overwhelming at times. Such erudition is a turn on – on all levels. Sometimes reading her, I need my restorative smelling salts. LOL.

    Fydor, well I was being generous. He writes like an angel and for that much is forgiven, in my book. He’s always been gratuitously nasty to me but I forgive him for he does have a brain and a way with words.

    Adrien is a mixed bag, often brilliant intellectually, a questioning, curious and refined thinker, yet at other times he seems to be consumed by mob rule and thought and, horror of horrors, petty.

    Steve of Brisbane is no lefty, but a genuine liberal, I reckon, whose fertile mental universe is infused with a large dose of humour, integrity, resilience and grace. Such attributes are rarely seen in most comments made by all the non-entities on nutty low rent right wing blogs like Menzies House and Cataplexy.

    THR is probably the most decent and ethical person who ever commented on Catpiss, regardless of politics. And he is formidably well-read. As you know, I hold this attribute in perhaps the highest regard.

  33. “Let me set up a scenario for you, JC, so I can understand things better.

    There is a wages explosion in Australia, as predicted here on the Cat, with a concurrent rise in inflation. Under pressure from Europe-related finance cost increases, the banks sever ties with the RBA, ignoring any and all exhortations to do what Glenn Stevens wants, so interest rates rise too.

    What does Stevens do? Press the QE button until his fingers bleed? What effect would that have, both on the problem and on the rest of the economy? What other options would be available to him?”

    Look what we have here Philomena. This is Monty asking the question. He’s asking CAMBRIA the question. All he can hope to get is gibber about the current situation, total lies, or ignorance. Why do they asking Cambria? I mean it might be useful, if they showed some glimmer that Cambria was a special pleading fuckhead, and full of shit, but they were trying to mine him for current financial market, specifics. If they were mining through that detritus, that he spills, that is sometimes relevant to what is going on right now.

    But these people want sensible responses to their queries YES OR NO? Well then why ask Cambria. Everyone ought to know by now that if they want answers, without having to do their own research, they have to come here. But more importantly they have to realise that Cambria is full of shit in a really motivated way.

  34. Here is an example of typical Cambria Shiite. Bear in mind if I were to ask Cambria straight WHAT THE FUCK DO YOU MEAN BY THIS he couldn’t possibly give me a straight answer.

    “European banks are needing to de-leverage to the tune of around $2trillion over the next several years. That’s just Europe. The US is still going through a banking balance sheet clean up.”

    What is he expecting to happen? Usually bank “deleveraging” means a fall in the money supply. If we don’t institute a reserve asset ratio, banks cannot deleverage, without sparking off a credit crunch. Now this is not strictly true, for example they could deleverage some of their assets without deleveraging their ponzi-pyramid …. M1-money. But in practice bank deleveraging means a money-supply crunch.

    So here Cambria is spinning shit, Because he knows himself that he’s ruled out a reserve asset ratio, and new cash creation via debt retirement, being placed into the market, along with the increase in the reserve asset ratio ….. so as to hit the spending target required, but designed, not to be inflationary.

    The above is ruled out TOTALLY for Cambria. No reserve asset ration need apply for consideration.

    So he’s just spinning more misinformation and/or ignorance. Because in practice banker-deleveraging means credit crunch.

    And yet the Catallaxians go back and back and back to this ignorant fool for advice, which I wouldn’t mind so much if I KNEW THAT THEY KNEW that he was ignorant, a liar and full of shit.

  35. Graeme, people ask Cambria questions simply to expose him.

    He is the most exposed, discredited and reviled commenter anywhere in Australia..

    He knows it. People know it.

    It really is very funny. If dull. Old news.

  36. I certainly hope you are right. Yes yes, I would hope that monty showed up here an admitted outright that JC was entirely full of shit. But that would seem to be too much to ask. You would think he’d show up here, on Osama-Bin-Goldstein’s site, and ask Osama-Bin-Goldstein these questions, if he was even a little bit interested in figuring out what is going on here.

  37. Oh Lord. Monty actually thinks he understands this misinformation he has been oppressed with. A pattern is fucking forming for him.YOU’VE BEEN PAINTED A FUCKING PICTURE MONTY (market slang for group behaviour to stooge a trader) This is so depressing:

    “Yeah, so apart from the money supply you can’t see any other major stick that the RBA has to beat the economy into shape. Fair enough.

    That’s a pretty scary prospect, I reckon. It would bolster claims from the likes of Meyerson of the WaPo that we’re gradually losing democratic sovereign control over our economies and placing our futures in the hands of globalised finance.

    Not that I’m necessarily advocating tying the banks to follow RBA pronouncements by legislation, mind you, but allowing the RBA to lose control over interest rates would be a worrying development.”

    The poor boy has been bullshitted so long, he’s now fully invested in a foggy version of the bullshit paradigm. And he’s happy with it. The queries are likely to stop here, because he thinks he’s gotten some answers. The curiosity and the light in his eyes have died.

  38. I’ve got to go. Big night out. But here’s my suggestion. Post a new end-of year commentary inviting the peeps of your choice to make an initial summation of the past year, and see what eventuates.

  39. Have a good time.

  40. If Corzine doesn’t do 5 years plus, the rest of us are going to pay a great deal more than that. Look at the total lie that Corzine is trying on. This is what could help you put the conman Cambria in context:

  41. Russia today are the best talent-spotters for hot women with brains, that I’ve ever seen. Not least since I went out of the swimming-school business that is.

    • Yep, Russian TV has got on board a coterie of very hot, gorgeous, brainy, articulate, politically left even radical women. Men go crazy for that combination, believe you me. Well, I know you know that. But I mean ALL men.

      I speak from personal experience.

  42. Two scumbags, reluctant to shake each others hands. They don’t look fucking happy about it. I think they are right to feel fucking unhappy about it. I don’t think that Sarkozy can fool himself any longer that he hasn’t sold out totally, given that he has to shake this filthy non-entities hand.

    Sarkozy has got to update his personal view of himself. Sarkozt is tainted. And he’s never going to be the same any more, ever.

  43. fuck fuck FUCK FUCK FUCK FUCK FUCKING-FUCK.

    “Earlier this year, Bloomberg News reported that Taunus needed almost $20 billion of additional funds to meet U.S. capital standards, and that Deutsche Bank was trying to declassify Taunus as a bank- holding company to avoid capital requirements entirely.”

    Stop buying into this thief-cabal shit. Craig S. Get your shit together.

    “”Earlier this year, Bloomberg News reported that Taunus needed almost $20 billion of additional funds to meet U.S. capital standard”

    I NEED 20 BILLION DOLLARS TO MEET MY OWN FUCKING STANDARDS. BUT THAT DOESN’T GIVE ME THE RIGHT TO RIFLE THROUGH EVERYONE ELSES POCKETS, AND STEAL ON BEHALF OF CAMBRIA, OR MYSELF.

    Now do you fucking understand this. Stop fucking falling for fucking Cambria’s fucking thief-economics.

    Gab. I’m serious. Say something. You cannot be that oblivious to what this cunt Cambria is all about? You smell the smell of Jew flesh burning, coming from the place where the barbed wire is. There is only so long I can let you plead ignorance.

  44. “Craig

    Deutsche Bank is supposed to be leveraged 40:1! And they’re supposed to be one of the better ones.”

    If you are insolvent you must die. This is what free-enterprise is all about. The employers and the shareholders don’t die. But the dysfunctional organisation must. And there is nothing abnormal about this.

    This is a life and death matter. While Joseph Cambria, and the other parasites are still in business, then the rest of us are being bled. There is no such thing as too big to fail, in justice, war, or free enterprise. Deustche bank must fall. And a lot of small banks will emerge out of her, given excellence in policy.

  45. NO CAMBRIA. ITS YOU WHO DON’T UNDERSTAND ECONOMICS. IMAGINE BEING SUCH A FUCKING MORON THAT YOU WANT TO CURE A DEBT PROBLEM WITH MORE DEBT. EXERCISE YOUR RIGHT TO EUTHANASIA.

  46. William K Black gon git ya

  47. From elsewhere:

    “I stand by my point, that the Dutch invented banking ‘as we know it.’”

    Yeah that is literally true. The William Of Orange takeover (William and Mary) was somewhat about English oligarchs wanting to bring these financing techniques to England. What you said was “literally” true the first time. I was objecting that you had shaded the meaning so as to make it sound like they had invented fractional reserve. But the Dutch super-success goes hand in hand with their chartering of the Bank Of Amsterdam. Which was a 100% backed bank. So they had fractional reserve banks, but they had this 100% backed bank chartered. Gold and silver started coming in from all over the world. The Amsterdam banks paper, was more convenient than gold so sold AT A PREMIUM. Marvelous. You would hardly think that there was a market solution to having this convenience in a pre-digital age.

    Banks don’t need to melt down and dilute coins. They can simply issue more claims then the assets available with even more pernicious effect. They do that through fractional reserve.

    You simply cannot separate banking from government and pretend they are separate entities, then using the libertarian knee-jerk reaction to put the blame all on the government. In Europe and the US the bankers now control the government. You have Govybank. You have Bankyment. The trouble is sussing out who is the senior partner. For sure I was born into a country, where the government was definitely the senior partner, and the bankers were doing a fine job, and were under control. But this was not the case in Medici Florence, or 13th Century Venice. A bankocracy is a far more troublesome thing then anything short of a socialist dictatorship.

    If we don’t separate limited liability from debt financing, outlaw fractional reserve, and get used to growth-deflation as our monetary norm, then we will have to regulate banks in draconian fashion, keep our eyes on them all the time, or accept poverty and serfdom. They will ruin everything if they are let loose. Our own banks are half the reason why we are selling off the farm, and our economic performance is so feeble. They take real resources and divert them into crap. They send money to inherently wealth-destroying activities like land price bubbles and budget deficits. They spread misinformation about economics like a pestilence.

    When I was born the banks were terrific. You had trading banks and savings banks. The trading banks oiled commerce, and the savings banks created wealth in the local area. Now in the US the banks steal, bribe and destroy, and they delude themselves that they are each one a new Steve Jobs.

  48. Good grief JC is just so full of shit. He opens his mouth and shit just spills out of it:

    “M0nster.

    I think the long term prognosis in Oz is for a dis-inflationary tendency not one of inflation, so I think your scenario is wrong.”

    When are these dimwitted people going to start ragging on this ignorant bullshitartist? Just don’t take nonsense from this ignorant cunt. Don’t let him ever get the last word in.

  49. Just incredible these people. Here Corzine has stolen 1.2-3 billion dollars. He’s asked where it is. And he says he doesn’t know where the money is. So why hasn’t he referred the prosecutors to his employees? Why didn’t he call in the law, and tell them everything that he knows? He’s had to be subpoenaed. In reality he’s a dirty liar, and he stole the money. His story simply doesn’t stack up. Its like listening to a slightly slower version of Cambria.

    If these guys were having a liquidity problem, this would have been an hourly concern to them, over months. He knows exactly where the money went. He’s a liar. People have to stop taking these clowns at face value.

  50. How can debt-financing and limited liability go hand in hand? The customers ought to be able to go after Corzine, and his richer employees, and sell them up over this theft. And look at all the regulations needed, or felt to be needed, when we have limited liability and debt coming together? Its two ideas, that don’t fit together that creates this need for regulation. But its never going to be enough. Just the governments willingness to enforce contracts that ought never be enforced, creates a regulatory need that ought not be there in the first place.

  51. clear as day he said GB told his wife to tell ‘him’ to stop lying. As I said, reading comprehension fail.

    • Yeah actually you are right! How about that.

      • So why didn’t you admit this before? You must be so used to lying that telling the truth is unnatural to you, it has to be dragged out of you.

      • No I read it wrong. I’m so used to Cambria lying, its odd to have him actually running at least a valid shorthand representation of the truth. So I’ll judge what he said there as fair. Good enough to take as the truth. But then in the same thread he’s got this bullshit about this skinny kid, and he’s being sloppy about the confrontation with Humphreys. JohnZ might be able to take me out by now. I’m down below 90 kilos, haven’t exercised in a while, he could have put on 10 kilos, He might be running six miles every morning, he might have spent months sparring two times a week. I don’t know what the situation is now. But Cambria is laying out these ridiculous lies. You get so used to Cambria lying that you can read it into your skim reading. But that fellow was right. I had misread matters. And so I admitted it as soon as I could. No-one else on catallaxy does this sort of thing. Which is one of the reasons why I am righteous and they are full of shit.

      • Well done! I’m liking this side of you, Graeme.

  52. Graeme, being married to an known and habitual liar including but not limited to the matter of involuntary bank subsidies made by we the people would be the least of the pain and trauma endured by Joe Cambria’s “wifey” as the poor old thing is derogatorily referred by him to all and sundry on the internet, and presumably elsewhere.

  53. Libertarians must note that we cannot get to sound money except through public policy, from our current starting point. Gresham’s law, and the reality of a motivated banking cartel, make such a prospect entirely untenable. This in no way goes against the hopes of anarcho-capitalists. Other factors may well judge against anarcho-capitalism. But not the Gresham’s law point I make above. The key to understanding this is to note that in a functioning anarcho-capitalist system, no enforcement agency, is going to give legal cover for contracts, that are problematic, expensive, or impossible to enforce. Fractional reserve contracts quite literally are impossible to enforce, much less indemnify. This points to the reality of “Freedom Of Contract” that some people have around here as a notion, is entirely incompatible with a working and just minarchist or anarcho-capitalist setup. Or indeed to any functioning setup. Since what the people who take this particular view of “Freedom Of Contract” are telling us, is that the public have to give legal cover for every numbers game racket and ponzi-scheme, or any unworkable contract, that some charlatan or other, sees fit to try on, when he himself can afford enough lawyers.

    Gresham’s law also implies that we can never have a decent financial system without regulation. And we may need to have quite a lot of regulation in transition if we want to progress smoothly and rapidly as we slide nicely into excellence in money, banking, finance and capital markets resource allocation. But Gresham’s law implies that sound finance will never be regulation free, at least until such time as contract enforcers have replaced the legal system, which of course may never happen.

    There are two different kinds of regulations. One in which utopian nut balls and little-Hitlers, try and act like bully-boys from above. The other is more akin to a private road owner making a stipulation that we will drive on the left side of the road and not the right side. Some of these regulations will be arbitrary, in that you could choose either left or right were you in that situation.

    Now let us look at what John has to say:

    “But triangles are defined as having three sides. It is not similarly true that giving somebody a loan is defined as not giving somebody a loan. The analogy is entirely bunk. All parties to FR-banking have the legal right to what they are trading, and are engaging in trades that make perfect sense. You might not like them… but that’s an entirely different matter.

    Leithner is defining a word for his own convenience. First, he doesn’t own the English language, so as long as the contract is clear about the definition of it’s words, then there is no problem. Second, most dictionaries include “putting money in a bank” as a part of the definition of “deposit” anyway… so it is actually Leithner who is out of step with modern English. Thirdly, if every bank changed the name of “deposit” to “bob” then we would have entirely the same system… so wtf is he complaining about other than a pointless semantic wank? Does he really think that if all banks did a “find and replace” for all future contracts, then suddenly the banking system would have a revolution? Seriously?”

    “All parties to FR-banking have the legal right to what they are trading,……”

    They do if fractional reserve is legalised, in which case it will enjoy crony-priviledge and crony-socialist status.

    “All parties to FR-banking have the legal right to what they are trading…….”

    No they don’t, if fractional reserve is legally defined as a crime, and outlawed. Then they have no such legal right. Funny how people get confused about something so simple as that.

    Well how about taking the entirety of the screed? Leithner wrote a whole book, and a very good one, making a case for fractional reserve being made illegal, and considering it as fraud. What John is doing here is taking a small part of that book-length case, and judging it against an absolute standard (like we may have in Maths for example) and finding that case to be wanting. But this sort of thinking is inappropriate in the humanities. Where is John’s case? Its basically absent. Leithner makes a convergent case, based on legal theory, banking history, economics, utilitarian considerations, and so forth. Where is John’s competing case on all these grounds?

    You see in science there is no “null hypothesis.” Thats all rubbish and epistemology fail. Leithner’s case must be judged, not against a handicap-priviledged null hypothesis, nor against some absolutist standard, as though we can determine things by a single killer-sentence, to be written on the back of a postage stamp …. but rather on the basis of a fully-fledged competing case. One which is clearly absent.

    One competing case against Leithner, would be the Bill Still case. A viewpoint which also seeks to outlaw fractional reserve. This is a serious competitor. The Humphreys point of view is not. Make your case Humphreys or get out of the way. Let us not have a repeat of your years-long performance collaborating with the global warming fraud.


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