Tuesday, March 12, 2013

Jack Lew's First Meeting at Treasury with Crony Progressives

On Monday, Treasury Secretary Jack Lew and Deputy Secretary Neal Wolin met with "progressive" leaders at Treasury to discuss the state of the economy.

EPJ has obtained the list of attendees:

Mary Kay Henry, Service Employees International Union (SEIU)
Lee Saunders, American Federation of State, County and Municipal Employees
John Podesta, Center for American Progress (CAP)
Neera Tanden, Center for American Progress (CAP)
Sarah Wartell, The Urban Institute
Jared Bernstein, Center on Budget and Policy Priorities (CBPP)
Bob Greenstein, Center on Budget and Policy Priorities (CBPP)
Janet MurguĂ­a, National Council of La Raza (NCLR)
Ben Jealous, National Association for the Advancement of Colored People
Wade Henderson, Leadership Conference on Civil and Human Rights (LCCR)
Barry Rand, American Association of Retired Persons (AARP)

1 comment:

  1. After a soon coming Financial Apocalypse, that is a credit bust and global financial system breakdown, foretold in bible prophecy of Revelation 13:3, leaders from labor, industry, banking and government will meet in summits and workgroups serving as nannycrates in public private partnerships to oversee the factors of production and economic activity.

    The nine month risk-on, toxic debt based, yen carry trade, global stock rally, VT, is over, as the world central banks’ monetary policies have debased both the US Dollar, $USD, UUP, and the Japanese Yen, FXY. Look for competitive currency devaluation to commence with the World’s Major Currencies, DBV, and Emerging Market Currencies, CEW, to trade even lower, causing investors to derisk out of stocks, VT. A see-saw destruction of fiat wealth has commenced, with Bonds, BND, trading higher for a while, before they also fall lower into the Pit of Financial Abandon.

    The dynamos of Liberalism, corporate profitability and global growth, are winding down on the exhaustion of the world central banks’ monetary authority and resulting inability to stimulate global growth and corporate profitability, as well as on the dynamic that the monetary policies of the US Fed, the ECB, the BoJ, and the PBOC, to monetize debt, have crossed the rubicon of sound monetary policy, and have turned “money good” investments, bad.

    ZIRP no more, as money is no longer cheap as bond vigilantes have called for a steepening of the 10 30 US Sovereign Debt Yield Curve, $TNX:$TYX, as is seen in the Steepner ETF, STPP, steepening since December 6, 2012, when Bonds, BND, traded lower. One of the defining attributes of the shift from Liberalism to Authoritarianism, is the end of ZIRP, as the Interest Rate on the Ten Year US Note, ^TNX, has risen to 2.02% from its September 14, 2012 low. The weekly chart of International Treasury Debt, BWX, seen in this Google Finance Chart shows a 6.5% loss since its September 14, 2012, high.

    Money, that is wealth, and moneyness, as it has been known, is literally dissolved away by the loss of national sovereignty of the EU periphery nations, and the failure of the European Financial Institutions, EUFN, which began in February 2013. Insolvent Sovereigns, such as Portugal, Italy, EWI, Greece, GREK, and Spain, EWP, and their insolvent banks, such as Banco Santander, SAN, are unable to provide seigniorage, that is moneyness. We are witnessing the failure of sovereign nation states to provide governance, and the failure of sovereign debt, BWX to provide seigniorage, that is moneyness.
    Mike Mish Shedlock writes Spain's deficit soars, tax revenues plunge.

    The dynamos of Authoritarianism, specifically regional security, stability, and sustainability are winding up on the failure of money, that is wealth, and on competitive currency devaluation which will be seen in Major World Currencies, DBV, trading dramatically lower. Emerging Market Currencies, CEW, began trading lower in mid February 2013, largely on the failure of Emerging Market Bonds, EMB in January 2013. Of note, this week, the Euro, FXE, fell below 130 to trad loweo at 129.94.

    Liberalism featured sovereign nation states, and their central banks provided ever increasing credit liberality which stimulated economic growth, global trade and prosperity. It is sovereignty that provides seigniorage, that is moneyness. With the failure of national sovereignty, the seigniorage of investment choice will fail.

    Authoritarianism features regionalism. Regional sovereignty in the Eurozone will be the model for governance throughout the entire world. Europe will be the leading example of regional fascism where leaders from industry, banking and state rule via public private partnerships in all of the world’s ten regions and totalitarian collectivism occupies in every one of mankind’s seven institutions.