How A Pork Bellies Trader And Milton Friedman Created “The Greatest Trading Casino In World History”

“I held in my hand the Holy Grail for the Chicago Mercantile Exchange. The most influential economic mind of the twentieth century provided the CME with the intellectual foundation upon which to build its financial superstructure.” Nixon’s estimable free market advisors who gathered at the Camp David weekend were to an astonishing degree clueless as to the consequences of their recommendation to close the gold window and float the dollar. In their wildest imaginations they did not foresee that this would unhinge the monetary and financial nervous system of capitalism. They had no premonition at all that it would pave the way for a forty-year storm of financialization and a debt-besotted symbiosis between central bankers possessed by delusions of grandeur and private gamblers intoxicated with visions of delirious wealth. In fact, when Nixon announced on August 15, 1971, that the dollar was no longer convertible to gold at $35 […] Read More

“The Train Wreck Is Coming,” David Stockman Warns, “All Hell Will Break Loose”

Submitted by David Stockman via Contra Corner blog, Transcript of David Stockman Interview on King World News Eric King:  “David, the man who is counsel to big money around the world, Michael Belkin, just spoke with KWN and issued a dire warning for the financial markets.  I just wondered how you see things at this point with the Dow recently tumbling and everything that is happening across the globe?  What should we expect?” Stockman:  “Well, the watchword at this point is stay out of harm’s way.  We are headed into a perfect storm of policy failures.  This is not simply a failure by the Fed, which has inflated this massive bubble and painted itself into a corner with no clue how to get out, but we are also seeing an absolute failure of American world dominance…. Our foreign policy is collapsing everywhere and yet the Washington war party keeps […] Read More