Former Reagan Director of the Office of Management and Budget David Stockman on last night's presidential debate

Starting next week David Stockman (former businessman and U.S. politician who served as a Republican U.S. Representative from the state of Michigan and as the Director of the Office of Management and Budget under President Ronald Reagan) will be charging for his newsletter...right now, it's free:

Excerpt:
To wit, can anyone not drinking the Wall Street Cool-Aid believe that John Stumpf and his patron, St, Warren Buffet, were actually running a bank?

In fact, the C-suites of corporate America have been turned into stock gambling dens, and corporate balance sheets have been strip-mined to fund the greatest financial engineering ponzi schemes every conceived.

The truth is, Janet Yellen is a paint-by-the-numbers academic fool who has no clue about the havoc she and her posse have unleashed on the American economy. Yet she gets away with it exactly owing to the “Fed independence” cover story so mendaciously peddled by the likes of Appelbaum, Liesman and Hilsenrath.

Thank heavens for the Donald. He knows a rigged job when he sees it, and, at least last night, was undomesticated enough to let 100 million voters hear the truth.

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Watch the video in another post-debate analysis with Stockman on Neil Cavuto's show:

David Stockman’s Post-Debate Interview: Lester Holt Was In The Tank For Hillary

Will the Fed repeat the ‘Mistake of 1937’?

...suggests Team Yellen is trying to avoid what economist Mike Darda calls “the historical precedent of premature exits from near zero short rates” and other monetary tightenings such as Europe in 2011 and Japan in 2000 and 2006. Fingers crossed.

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CONSPIRACY: Larry Summers and the Secret "End-Game" Memo

Now THIS is a REAL conspiracy:

When a little birdie dropped the End Game memo through my window, its content was so explosive, so sick and plain evil, I just couldn't believe it.

The Memo confirmed every conspiracy freak's fantasy: that in the late 1990s, the top US Treasury officials secretly conspired with a small cabal of banker big-shots to rip apart financial regulation across the planet. When you see 26.3% unemployment in Spain, desperation and hunger in Greece, riots in Indonesia and Detroit in bankruptcy, go back to this End Game memo, the genesis of the blood and tears. The Treasury official playing the bankers' secret End Game was Larry Summers. Today, Summers is Barack Obama's leading choice for Chairman of the US Federal Reserve, the world's central bank. If the confidential memo is authentic, then Summers shouldn't be serving on the Fed, he should be serving hard time in some dungeon reserved for the criminally insane of the finance world.

The memo is authentic.

To get that confirmation, I would have to fly to Geneva and wangle a meeting with the Secretary General of the World Trade Organization, Pascal Lamy. I did.

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THE CONFIDENTIAL MEMO AT THE HEART OF THE GLOBAL FINANCIAL CRISIS *********************************************************************************

And you know what is truly frightening?

Larry Summers appears to be Barack Obama's top choice to become the next chairman of the Federal Reserve.

That statement should send chills up your spine.

The truth is that Larry Summers should not even be running a Dairy Queen, much less the most powerful financial institution on the planet.

If Larry Summers becomes the next head of the Federal Reserve, it will be an unmitigated disaster.

But it looks like that is exactly what we are going to get.

We are rapidly heading toward the next major global financial crisis, and on top of everything else we will probably have Larry Summers running things soon.

What a nightmare.

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Fed financial theory smacks into reality

Ultra-low interest rates to stimulate the economy sound like a good idea, but there are consequences. . .As the great sage [Yogi Berra] of baseball notes, theory and practice are two separate things. The Fed's policy isn't working, and it's doing more harm than good, producing more losers than winners.

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QE3 – Pay Attention If You Are in the Real Estate Market

The Daily Bell:

The Fed is now where mortgages go to die. Thousands of mortgages on homes that do not exist or on homes that have more than one "first" mortgage are now going to the Fed to disappear. Thousands of multifamily and commercial mortgages will be bought up as well. As this happens, trillions of dollars that have been amassed offshore will be free to come back into the US to buy up and reposition land, farmland, residential and commercial real estate and other tangibles.

With documents shredded, criminal liabilities extinguished and financial institutions made whole, funds can return without fear of seizure.

QE3 proves beyond any shadow of a doubt that the extent of the fraud was as bad as I said it was. You can count up the bailouts and QE1, QE2, QE3 the numbers speak for themselves. The fraud was indeed in the many trillions of dollars. It was intentional. It was a plan. [Emphasis mine.]

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The Daily Bell is pleased to introduce our readers to editorials from Catherine Austin Fitts. Catherine is the publisher of The Solari Report, and managing member of Solari Investment Advisory Services, LLC and Sea Lane Advisory, LLC. Catherine served as managing director and member of the board of directors of the Wall Street investment bank Dillon, Read & Co. Inc., as Assistant Secretary of Housing and Federal Housing Commissioner at the United States Department of Housing and Urban Development in the first Bush Administration and was the president of Hamilton Securities Group, Inc. She graduated from the University of Pennsylvania (BA), the Wharton School (MBA) and studied Mandarin Chinese at the Chinese University of Hong Kong.

HAT TIP: Before It's News

Understanding Inflation

VIDEO: This is extremely important given that Obama's Fed Chairman (Ben Bernanke) is considering another round ("QE3") of "printing" money!

KEYBOARD MONEY

So where in the world does all of that money come from?

As a CNBC article recently explained, all of this money is created right out of thin air by the Federal Reserve...

It’s really closer to “keyboard money,” since it is created by data entry in a computer.

What Have The Central Banks Of The World Done Now?

(Don't try this at home...)

Impending U.S. Bond Market Armageddon

The US Treasury market is now in an out-and-out bubble. When it bursts, no amount of promises by Federal Reserve chairman Ben Bernanke that he will keep rates low will prevent a bond market Armageddon.

Ben's promises are empty

HAT TIP: Real Clear Markets

ALAN GREENSPAN: No chance of default...

Greenspan on Meet the Press: No Chance of Default. Really?

Quick: Someone tell the President!

Crimes committed by the Federal Reserve banks against the United States and its people include; conflict of interest, securities fraud, embezzlement, fraud, money laundering, hoarding, profiteering, larceny, racketeering . . .

Federal Reserve audit exposes major securities fraud and the embezzlement of $16 trillion.

THE SECRET OF OZ

“The powers of financial capitalism had a far-reaching plan, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole… Their secret is that they have annexed from governments, monarchies, and republics the power to create the world’s money…” .- Prof. Carroll Quigley renowned, late Georgetown macro-historian (mentioned by former President Clinton in his first nomination acceptance speech), author of Tragedy and Hope. “He [Carroll Quigley] was one of the last great macro-historians who traced the development of civilization…with an awesome capability.” – Dr. Peter F. Krogh, Dean of the School of Foreign Service (Georgetown)

THE MONEY MASTERS

It is commonly known in economics academia that The Wonderful Wizard of Oz written by L. Frank Baum in 1900 is loaded with powerful symbols of monetary reform which were the core of the Populist movement and the 1896 and 1900 presidental bids of Populist Democrat William Jennings Bryan.

The yellow brick road (gold standard), the Scarecrow (farmers), the Tin Man (industrial workers), the Wicked Witch of the West (Cleveland banker J.D. Rockefeller) and the Wicked Witch of the East (NY banker J.P.Morgan), the Emerald City of Oz (greenback money), the illusory power of the Wizard in the capitol city (who monopolized power through deceit), even Dorothy’s silver slippers (changed to ruby slippers for the color movie version -symbols of Baum’s and Bryan’s belief that adding silver coin to gold coin would provide much needed money to a depression-strapped, 1890s America). Oz is a virtual forest of monetary reform symbolism, done by someone extremely well versed in the Populist monetary reform goals of the period (Baum was a newspaperman and author) – goals which have never changed - they are still valid today, they are needed now more than then.

Oz author L. Frank Baum’s symbols represent the solution to relieve the growing economic hardship here in America and the rest of the world. 2009 marks the 70th anniversary of the 1939 MGM release of the The Wizard of Oz movie which has impressed audiences for all those years, imprinting Baum’s cryptic monetary reform symbols on the minds of millions. Money Masters authors Pat Carmack and Bill Still came to the conclusion in late 2008 that now is the time to explain their meaning to the public in a video – the symbols are well known, their meaning is not, yet they hold the key to solving our economic crisis. The familiarity of the Oz symbols to the public makes their explanation a potentially powerful weapon against our modern witches and wizards. So Money Masters Director Bill Still hit the road once again, interviewed experts familiar with the Oz symbolism, and the result is the fascinating new video Secret of Oz.

The most famous speech in American political history was delivered by William Jennings Bryan on July 9, 1896, at the Democratic National Convention in Chicago. The issue was whether to endorse the free coinage of silver at a ratio of silver to gold of 16 to 1. (This inflationary measure would have increased the amount of money in circulation and aided cash-poor and debt-burdened farmers.) After speeches on the subject by several U.S. Senators, Bryan rose to speak. The thirty-six-year-old former Congressman from Nebraska aspired to be the Democratic nominee for president, and he had been skillfully, but quietly, building support for himself among the delegates. His dramatic speaking style and rhetoric roused the crowd to a frenzy. The response, wrote one reporter, “came like one great burst of artillery.” Men and women screamed and waved their hats and canes. “Some,” wrote another reporter, “like demented things, divested themselves of their coats and flung them high in the air.” The next day the convention nominated Bryan for President on the fifth ballot. The full text of William Jenning Bryan’s famous “Cross of Gold” speech appears below.

THE WONDERFUL WIZARD OF OZ: A Monetary Reformer’s Brief Symbol Glossary

"We’re on the verge of a great, great depression."

CNBC: "The [Federal Reserve] knows it."

Wall Street Baffled by Slowing Economy, Low Yields: Trader

The Chicago Federal Reserve Bank recently released a new index called the National Financial Conditions Index (NFCI)

..."provides a comprehensive weekly update on U.S. financial conditions in money markets, debt and equity markets, and the traditional and “shadow” banking systems.

CARPE DIEM: New Chicago Fed Financial Conditions Index

The question now: When does the meltup switch into a full-fledged meltdown of the global economy?

In spite of all warning signs that the Fed has ignored over the past few months, the switchover is now transmitting at such a rapid pace that it could happen in either one great shock or in a series...

When Will Fed-Created Melt-Up Turn Into a Meltdown?

“The American people are going to be outraged when they understand what has been going on...”

“What in the world are we doing thinking we can pass out tens of billions of dollars to banks that are overseas?” said [Ron] Paul, who has advocated abolishing the Fed.

Federal Reserve official: US Approaching Insolvency

Fix To Be 'Painful'

Who do you believe: Michael Moore and other leftists who say there's plenty of money for them to steal...or a Fed official?

Few protesters in the Middle East connect rising food prices to U.S. monetary policy. But central bankers do...

WSJ: The Federal Reserve Is Causing Turmoil Abroad

In accounts of the political unrest sweeping through the Middle East, one factor, inflation, deserves more attention. Nothing can be more demoralizing to people at the low end of the income scale—where great masses in that region reside—than increases in the cost of basic necessities like food and fuel. It brings them out into the streets to protest government policies, especially in places where mass protests are the only means available to shake the existing power structure.

The consumer-price index in Egypt rose to more than 18% annually in 2009 from 5% in 2006, a more normal year. In Iran, the rate went to 25% in 2009 from 13% in 2006. In both cases the rate subsided in 2010 but remained in double digits.

Egyptians were able to overthrow the dictatorial Hosni Mubarak. Their efforts to fashion a more responsive regime may or may not succeed. Iranians are taking far greater risks in tackling the vicious Revolutionary Guards to try to unseat the ruling ayatollahs.

Probably few of the protesters in the streets connect their economic travail to Washington. But central bankers do. They complain, most recently at last week's G-20 meeting in Paris, that the U.S. is exporting inflation.

China and India blame the U.S. Federal Reserve for their difficulties in maintaining stable prices. The International Monetary Fund and the United Nations, always responsive to the complaints of developing nations, are suggesting alternatives to the dollar as the pre-eminent international currency. . .

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The International Monetary Fund issued a report Thursday on a possible replacement for the dollar as the world's reserve currency.

Traders were also digesting comments from Federal Reserve chairman Ben Bernanke, who told Congress Wednesday that despite a strengthening economic recovery, the unemployment rate remains high while inflation is "still quite low."

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If you still had any question as to whether or not the United States is now the world’s preeminent banana republic, the final verdict was just delivered and the decision was unanimous.

This was a hostile world takeover orchestrated through economic attacks by a very small group of unelected global bankers. They paralyzed the system, then were given the power to recreate it according to their own desires. No free market, no democracy of any kind. All done in secrecy. In the process, they gave themselves all-time record-breaking bonuses and impoverished tens of millions of people - they have put into motion a system that will inevitably collapse again and utterly destroy the very existence of what is left of an economic middle class.

That is not hyperbole. That is what happened.

The Wall Street Pentagon Papers: Biggest Scam In World History Exposed - Are The Federal Reserve’s Crimes Too Big To Comprehend?

Frosty, the "no" man...a story of what ails US

This is an account of what ails us that is radically at odds with the familiar tale of greedy bankers in $5,000 suits...

In 2005, University of Chicago finance professor Raghuram Rajan published a paper in the proceedings of the Federal Reserve Bank of Kansas City called “Has Financial Development Made the World Riskier?” Rajan, then the chief economist at the International Monetary Fund, warned bluntly that incentive structures in the banking profession were leading to reckless credit expansion, herding, and other “perverse behaviors.” He was frostily received when he presented his findings at the Federal Reserve’s annual summer retreat in Jackson Hole that year. The Fed-linked experts who snorted at Rajan’s warnings were sure that financial innovations helped “spread risk” in a way that made the world safer. There was a fixed amount of risk in the world, they seemed to believe, and the more widely distributed it was, the better off we were. Rajan, too, thought the new products and practices “spread risk,” but in a different and more dangerous way: They multiplied it.

Rajan is worth reading not just because he was correct when few were but also because his writing is clear as a bell, even to nonspecialists. His new book, Fault Lines: How Hidden Fractures Still Threaten the World Economy, is not a coherent argument so much as a bunch of independent-minded essays on various topics in contemporary global finance.

H/T: INSTAPUNDIT (forgot this so very early this am)!