Recent comments by Oji

tsunami of EU blonds

Is this something originating in Scandinavia, perhaps due an massive iceslide near a heavily-used swimming area?

Explain how this is misappropriating/using the people's money?

The question was has the Fed engaged in fiscal policy. The paragraph answers the question, though I recommend reading the entire section for better context.



Because they don't..

Hussman Funds - Weekly Market Comment: Timothy Geithner Meets Vladimir Lenin - January 4, 2010

“The Federal Reserve has expanded the U.S. monetary base by more than 150% since the beginning of the recession. That is not a typo. The monetary base has soared from $800 billion to over $2 trillion. Much of this has been accomplished through outright purchases of mortgage-backed securities (not repurchases) and an equivalent creation of base money. Unless these securities can be sold back out into private hands for the same value that was paid to acquire them, the Fed will have effectively forced the U.S. government to make its implicit guarantee of these agency securities explicit, without the authorization of Congress. To the extent that the underlying mortgages default, the U.S. government will be forced to issue additional Treasuries to retire the mortgage backed securities now held by the Fed. Alternatively, if the U.S. does not explicitly bail out Fannie Mae and Freddie Mac to the full extent, the Fed will have created money, with no recourse, and without the equivalent backing of assets or securities on its books. In short, the Fed is now engaging in unlegislated, back-door fiscal policy.”

The President of the US is a "juris doctor", but he's called "Mr. President", not "Doctor."

Fascinating. Did not know that, but it makes sense, given the role.

Why do the bureaucrats get to spend the public trillions?

I'm gonna guess unchecked Power and Corruption.

Do I win?

CR calls them "Doctor-"

Thought you meant bankers as in Jamie Dimon, who has an MBA. I see central bankers as bureaucrats, not bankers, but that's my view. More than semantics too, IMO, but it's not something I'd argue about.

CR says a lot of things, much of which goes down the memory hole (when it's wrong).

They are not dirty populists; they have PHD's. They are bankers.

Most likely MBAs, not PhDs. Lots of finance degrees, management and Bus. Admin.

U.S. business school curriculum is a huge part of the problem.

Foot fault!

Beat me to it.

Awful lot of people these days who wouldn't get that one.

When's the last time anybody here went to Disneyland?

Which one?


Thats just because CR is a 450 pound bald Guy, with skin problems.

Hey, aren't we all.

Stick around Ritholz, you hammerheaded shit bird talking sock puppit.

BR's 'Hero Shot' pic on his blog cracks me up. What an egomaniac. Good thing CR would never do such a thing.


Nem te daska, Nihon!!!

Not to be pedantic, but what is it you're trying to say here?

Speaking of whinging, I'd like my Australian well-done, please.

Perth heat melts the internet

The Liberal Idiocy on Russia/Ukraine | Consortiumnews

"...Paul Krugman doesn’t know what he’s talking about regarding Ukraine. His stab at offering a geopolitical analysis suffers from what an economist should recognize as “garbage in, garbage out.” [See also’s “Krugman Joins the Anti-Putin Pack.”]

On Sunday, the New York Times’ star columnist Thomas L. Friedman weighed in with his own upside-down analysis, smirking about the economic suffering now being felt by average Russians because of the U.S.-led sanctions and the Saudi-spurred collapse of oil prices."

And we think we has a demographics problem.

The male:female ratio is fine. It seems to be a cultural issue.

BBC News - Japan: 'Solo weddings' for single women

"Yukiko Inoue, tells Kyodo she created the package "to encourage women to have positive feelings about themselves",


"Ferguson is trapped in a cycle of decline, not because of its people or even their poverty, but because it is designed to be that way. That wasn't some intentional plot for oppression but it is the natural byproduct of this auto-based, government-led development experiment we have undertaken. Failing suburbs are where the power shifts of our time are concentrating desperation and discontent. Sadly, Ferguson will not be an anomaly."

Suburbia would not exist without cars.

Suburbs predate cars, but they clustered near the streetcar tracks. Cars changed the geography by altering friction of distance.

And let's not forget the massive subsidies for cars, which continue today (roads, policing, signage, lighting, pollution externalities, etc..).

Pretty sure David Bowie has a universal Rules Don't Apply To Me card in his wallet.

That would make sense, considering his origins.

The Man Who Fell to Earth 1976 Trailer - YouTube

The ultimate illegal alien.

I'm still holding out for David Bowie.

As the U.S. doesn't allow for royal titles, The Thin White Duke would have to abdicate his position.

Jeb could just be a place holder until Chelsea is ready to run.

Set the controls for the heart of The Sun and punch it! Let's show those toffee-nosed Brits how a Real Empire ends!

Run, Jeb, run!

The Bushes Just Won’t Go Away | The American Conservative

"...nothing conveys a message of staleness and intellectual bankruptcy like yet another Bush dynasty revival. Certainly there would be no better way to announce that the GOP remains in thrall to the Bush era than to choose another Bush as standard-bearer. The problem with this isn’t just that it would reward dynasticism, but that it would be rewarding an especially incompetent dynasty."

For anyone interested in what contraction + an aging society look like.

Spike Japan | A look at the overlooked 

He stopped posting in August, but plenty of fine reading in the archives. Comments tend towards quality as well.

I'm not sure on how one can be anything without doing

I've always taken it to mean that one can do (something) without necessarily being/becoming, i.e, some activities provide no personal direction, nor spiritual sustenance.

Eugene Debs

Since Duke's not here, I'll do it....another Hoosier!

Whose memory is alive and well, btw, just biding its time until the call comes.

Mark Ruffalo reads a Debs speech.

» Eugene Debs: “Canton, Ohio” Zinn Education Project


American Machiavelli | The American Conservative

"Just as Machiavelli does not entrust liberty to any one class—nobles, king, or people—Mosca does not believe freedom depends on any particular political formula. Such doctrines are myths, even if some historically correspond only to the most repressive regimes. The reality is that liberty comes from specific conditions, not abstract formulas—conditions that permit open competition among what Mosca calls “social forces.” Burnham explains: “By ‘social force’ Mosca means any human activity which has significant social and political influence,” including “war, religion, land, labor, money, education, technological skill,” all of which are represented by different factions and institutions in society."

Some interesting discussion in the comments too.

H/t NC

I guess nobody wants a bowl of mapo dofu?

Had some yesterday, thanks. Went with some Thai chili sauce this time. Not bad. At least it didn't have tons of oil, you know, like the way some people make it.....

The geography of baseball fandom.

- NY Times

When the Fed was created it did not have the power to buy Mortgage-backed securities on the full faith and credit of the US. And the original Banks of the US could not either.

Why do you hate innovation so much, Yogi?

YouTube - 1975 World Series Game 6 Carlton Fisk Walk Off

How'd Game 7 go?


Put this in it and thank me later.

Huy Fong Foods Inc., Sriracha, Hot Chili Sauce, 17 oz (482 g) -

(edit: tabasco will work in a pinch)

Still looking for what Big Al said, may not find it .... Crying

I think it was something like, "Suckers!"

The Founding Scam » CounterPunch: Tells the Facts, Names the Names

(sorry, in a hurry, or I'd pin down a more authoritative source, but this gives the general outline of the scam.)

Gotta run. Been fun.

John Oliver Reveals Donkeys Get In U.S. Before Translators, And Now We All Feel Like Jackasses

Being an empire means not having to say 'I'm sorry.'

At least until the bill arrives.

Another one of Hamilton's concerns about the Poors, playing out in the streets of Hong Kong this time.

Hong Kong has too many poor people to allow direct elections, leader says – Quartz

Ungrateful Poors, always wanting "rights" 'n' shit.

It's almost as if wealth is tied to political power, somehow. Anyone got any theories on that?

the damn poor always piss away their incomes and they fail to save and invest

Damn Poors, always buying stuff like food, shelter, clothing...never thinking of saving or investing all that surplus.

Gee, what would Adam Smith say about profit-taking in education....

He would say whatever the High Priests of "Free(!) Market" Economics claim he would say, since they are His official mouthpieces here on Earth.

edit: official = self-appointed

Even the textbook Econ I was given in the 70's, which called labor and capital alternate "inputs" to production

Labor: just another "input". I'll have to remember that.

And I'll add it to what Krugman said last week about energy being 'just another input.'

This economic "science" is fascinating!

Who built the seven towers of Thebes?
The books are filled with the names of kings.
Was it kings who hauled the craggy blocks of stone?
In the evening when the Chinese wall was finished
Where did the masons go?

- Bertolt Brecht

Or, as Mike Lefevre once asked, 'Who Built the Pyramids?'

Capital is only the fruit of labor, and could never have existed if labor had not first existed.

Then there's this guy.

"The annual1 labour of every nation is the fund which originally supplies it with all the necessaries and conveniencies of life2 which it annually consumes, and which consist always either in the immediate produce of that labour, or in what is purchased with that produce from other nations. "

Smith: Wealth of Nations, Book I, Chapters 1-4 | Library of Economics and Liberty

And this

"Labour was the first price, the original purchase-money that was paid for all things. It was not by gold or by silver, but by labour, that all the wealth of the world was originally purchased;"

Smith: Wealth of Nations, Book I, Chapters 5-7 | Library of Economics and Liberty

the one element I entirely buy is the inflate-or-die mentality.

Plenty of empirical evidence for it--the mentality-- IMO. We'll see how long it can be maintained this time around.

It amazes me that people don't ever figure out how thousands of square miles gets laser flat in the first place.

I just assumed it was cheap Chinese labor.

YouTube - China Builds Airfields For B-29 Bombers (1944)

(2:20 gives away the secret)


Per a couple days ago: Did not read Rickard's new book, but saw the relevant interview a couple weeks ago.

On the one hand, his thesis sounds plausible enough, and it may even be tried. However, my guess is it will end quickly, and badly, like the Euro, for many of the same reasons-- in addition to all the stresses caused by the end of growth. Just hard to imagine further concentrations of financial power in a world of shrinking per capita resources, surplus, trade, etc...

Maybe just my lack of imagination though.

Thank you for the introductions.


Was watching some old docs the other day and thought of you. Ever seen this one?

Crisis in Levittown : Lee Bobker/Lester Becker : Free Download & Streaming : Internet Archive

because all the way across the Pacific Ocean on the island nation of Japan, their peons earn a minimum wage of ¥764 per hour (converted from Yens, that's only $7.10 an hour in American money.)

And live in a society with national healthcare, outstanding public transit, generally pretty good schools regardless of means, very low violent crime rates, etc...

Opanintoto.(an ”elder” or a senior official who sleeps on the job).

An international phenomenon.


Brown Marmorated Stink Bug annoying Michigan Homeowners | Uncover California

Externalities, like Elvis, are everywhere!

We really are too decadent to deserve to live.

A very Christian notion.

"Deserves got nothin to do with it"

YouTube - Clint Eastwood - Unforgiven 

"When profits rise it’s growth, when wages rise it’s inflation."

When banker salaries rise, it's retaining talent.