Instead it means filling the top jobs in the Treasuries, central banks and stock exchanges around the world where, like members of a secret society, they are able to ensure the wealth of the next generation of Goldmanites.
Many people attribute Goldmans success to being better at what they do than their competitors, and hiring only the best people,I think the above quote says it all regarding having the “best” people in the “right” jobs.
However as I have been ranting on about this for the last two years,the central banks cannot now raise interest rates as the bubble will just pop,and as Marc Faber points out in the following video, the bigger and bigger stimulus packages become,also means that interest rates can not go up, as government interest payments on the astronomical sums borrowed would mean the bankruptcy of every one of them.
" July 20 (Bloomberg) – U.S. taxpayers may be on the hook for as much as $23.7 trillion to bail out financial companies, according to Neil Barofsky, special inspector general for the Treasury’s Troubled Asset Relief Program.
Barofsky made the estimate in testimony prepared for a congressional hearing tomorrow."
Still the mkt rallies… Oh yeah anyone looking for a trade to fade… Goldmans Call for S&P 1060…
The Feds job is already half done then,when peoples life savings and pensions are rendered worthless by the coming hyperinflation, will they say oh,it could have been worse,we could have had a really bad recession?.No what this tells us is that in todays world it never pays to save money,always borrow the maximum you can’t afford to pay,and spend your life with both you and your wife struggling to live in debt for the majority of your working lives,paying the majority of your wages over every month to the banks in interest and the government in tax(to pay interest on money borrowed to bail out the banks and perpetuate the debt slavery).
The thing is,those with savings and pensions are now considered an expendable minority in terms of votes by politicians,the tipping point having being reached where it is politically safer to save or bailout the debt monkeys as they will win you the next election,having rescued them from the nightmare of negative equity and delivered them to the land of Nirvana where house prices only ever go up.They can then sleep soundly in their beds at night,feeling superior to the conservative savers,knowing they will be protected from the inflation they have voted for by rising house prices.
Listen to how Benny is going to rescue us all from the fall out from the bubble bursting,whilst at the same time preventing inflation from taking off,whilst at the same time balancing a beach ball on the end of his nose…
You know what?We’ve got Benny and the Fed all wrong.They’re only trying to do the right thing under very difficult circumstances,they just want to get the economy back to normal.The US economy that is 75% driven by consumer spending - paid for by credit.House prices going up 15% a year,4 cars on the drive,three foreign holidays a year, a holiday home or two,a plasma screen in every room and everyone looking to buy that investment property to boost their pension.
“July 29 (Bloomberg) – Treasuries fell for a second day after the government’s record $39 billion auction of five-year notes drew a higher-than-forecast yield, renewing concern the deluge of U.S. debt being sold will overwhelm investor demand”
So the Chinese are going to re-balance their economy to boost domestic demand,ok,but the US learn to live within its means-----puhleeeeeesuh!!!
This is an economy so addicted to debt and spending that the consumer represents over 70% of the economy - and they are going to drastically cut that back and even start saving money?.No way.The Chinese are being taken for suckers.
If they believe what that slimy snake Geithner has promised them,they will be just digging themselves into an even bigger hole, and the decision to dump those treasuries will be even harder to make then won’t it?