Posts Tagged ‘“banality of evil”’

Fraud and Complicity Are Now the Lifeblood of the Status Quo (Banality of Financial Evil, Part 2)

Fraud and Complicity Are Now the Lifeblood of the Status Quo (Banality of Financial Evil, Part 2)  

Miniature figure of a devil

Courtesy of Charles Hugh Smith (read part 1 of the "Banality of Financial Evil" series here)

Fraud and Complicity Are Now the Lifeblood of the Status Quo (Banality of Financial Evil, Part 2) 

The status quo would collapse were systemic fraud and complicity banished. Rather than the acts of evil conspirators, they have become the foundation of the U.S. economy and financial system.

Though fraud and complicity are presented in the mainstream media as isolated conspiracies outside the status quo, the truth is that the status quo is now entirely dependent on fraud and complicity for its very survival. Every level of the status quo would immediately implode were fraud and complicity suddenly withdrawn from the system.

How is this true? let me count the ways.

1. The mortgage market. As I reported recently in this Daily Finance story, the private market for mortgage-backed securities is dead. Now that we all understand the entire mortgage is not just riddled with fraud and misrepresentation of risk, but it is entirely dependent on fraud and misrepresentation of risk to function, no one is willing to touch any of this debt--except if it is guaranteed by the Federal government (and thus by its taxpayers).

Now that the systemic fraud and misrepresentation of risk have been exposed, the $10 trillion mortgage market has ceased to function except as a dumping ground where private players can dump 100% of their losses on the taxpayers (profits were privatized, losses are socialized).

2. Foreclosures and our Banana Republic system of "law". There are two sets of laws (and two sets of books) in status quo America: one set of laws for "too big to fail" banks and Wall Street, and one for the rest of us peons.

Courts Helping Banks Screw Over Homeowners.

3. Housing and commercial real estate (CRE). Does anyone seriously think housing is recovering from organic demand? Does anyone seriously think housing wouldn’t fall off a cliff if the Central State withdrew its collusive propping-up of the real estate market?

As I reported in These Numbers Paint a Bleak Picture for Housing, there is essentially no evidence that housing is recovering due to "organic" (that is, non-State-manipulated) supply and demand.

Rather, Home Prices
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The Banality of (Financial) Evil

The Banality of (Financial) Evil 

financial evil Courtesy of Charles Hugh Smith, Of Two Minds

[Artwork: courtesy of William Banzai7]

The Banality Of (Financial) Evil

The financialized American economy and Central State are now totally dependent on a steady flow of lies and propaganda for their very survival. Were the truth told, the status quo would collapse in a foul, rotten heap.

Google’s famous "don’t be evil" is reversed in the American Central State and financial "industry": be evil, because everyone else is evil, too. In other words, lying, fraud, embezzlement, mispresentation of risk, material misrepresentation of facts, the cloaking of truth with half-truths, the replacement of statements of fact with propaganda and spin: these are not the work of a scattered handful of sociopaths: they represent the very essence and heart of the entire status quo.

Hannah Arendt coined the phrase the banality of evil to capture the essence of the Nazi regime in Germany: doing evil wasn’t abnormal, it was normal. Doing evil wasn’t an outlier of sociopaths, it was the everyday "job" of millions of people, Nazi Party members or not.

Not naming evil is the key to normalizing evil. Evil must first and foremost be derealized (a key concept in the Survival+ critique), detached from our realization and awareness by naming it something innocuous.

Here is a telling excerpt from the book Triumph of the Market:

Normalization of the unthinkable comes easily when money, status, power, and jobs are at stake…. Intellectuals will be dredged up to justify their (actions). The rationalizations are hoary with age: government knows best, ours is a strictly defensive effort, or, if it wasn’t me somebody else would do it. There is also the retreat to ignorance, real, cultivated, or feigned.

Can any of the tens of thousands of people working on Wall Street or in the bowels of the Federal Reserve, Treasury, Pentagon, etc. truthfully claim they "didn’t know it was wrong" to mislead the citizenry, the soldiers, the investors and the buyers of their fraud? On the contrary, every one of those tens of thousands of worker bees and managers knows full well the institution they toil for is doing evil simply by hiding the truth of its operations.

The entire status quo of the American Empire is built on lies.
Now the dependence on lies, fraud and misrepresentaion is complete; Wall…
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Phil's Favorites

Will Inflation Crash the Stock Market?

 

Will Inflation Crash the Stock Market?

Courtesy of Josh Brown's The Reformed Broker

5:30pm ET LIVE premiere today – Subscribe for the alert!

Join Downtown Josh Brown and Michael Batnick for another round of What Are Your Thoughts? On this week’s episode, Josh and Michael discuss the biggest topics in investing and finance, including:

  • Hedge Fund 13Fs – What the most legendary investors were buying and selling in the first quarter of 2021.
  • The Big Short Part II – Famed short seller Michae...


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Zero Hedge

WTI Extends JCPOA Whipsaw Losses After Small Crude Build

Courtesy of ZeroHedge View original post here.

A volatile in the energy complex as Iran nuke deal headlines (first optimism, then pessimism) sparked a dump-n-pump in crude prices (after Brent tagged $70 earlier in the day).

“I said that significant progress have been achieved, in my view,” Ulyanov said in the tweet.

“That is true. But unresolved issues still remain and the negotiators need more time and efforts to finalise an agreement on restoration of JCPOA.”

A return to the 2015 nuclear deal could allow for the remova...



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Politics

As the Palestinian minority takes to the streets, Israel is having its own Black Lives Matter moment

 

As the Palestinian minority takes to the streets, Israel is having its own Black Lives Matter moment

Israeli-arabs gesture and wave Palestinian flags at Israelis in a Jewish community building, during renewed riots in the city of Lod on May 11. Oren Ziv/picture alliance via Getty Images

Courtesy of James L. Gelvin, University of California, Los Angeles

The images and reports coming from Israel, Jerusale...



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Biotech/COVID-19

Herd immunity appears unlikely for COVID-19, but CDC says vaccinated people can ditch masks in most settings

 

Herd immunity appears unlikely for COVID-19, but CDC says vaccinated people can ditch masks in most settings

A woman walks by a sign in New York City amid the coronavirus pandemic on March 30, 2021. Noam Galai/Getty Images

Courtesy of William Petri, University of Virginia

When COVID-19 first began spreading, public health and medical experts began talking about the need for the U.S. to reach herd immunity to stop the coronavirus from spreading. Experts have estimated that between 60% and 90% of people in the U.S. w...



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Digital Currencies

Dogecoin Soars After Musk Tweets "Working With Doge Developers To Improve System Efficiency"

Courtesy of ZeroHedge

Just when you thought things couldn't get any more surreal after the past 24 hours, moments ago Elon Musk, who last night rejected bitcoin because its mining is "bad for the environment" as it consumes a lot of electricity (just wait until Elon discovers how all those rare earth metals that are in every electric car are mined, or what those electric cars run on), moments ago Musk poked the hornets nest again, and shortly after tweeting that 'it's high time there was a carbon tax'...

It is high time there was a carbon tax!

— Elon Musk (@elonmusk) May 13, 2021

...

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Chart School

RTT browsing latest..

Courtesy of Read the Ticker

Please review a collection of WWW browsing results. The information here is delayed by a few months, members get the most recent content.



Date Found: Sunday, 22 November 2020, 05:47:49 PM

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Comment: Bitcoin ambitions ...



Date Found: Sunday, 22 November 2020, 05:48:34 PM

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Comment: PMI juiced back up ...



Date Found: Sunday, 22 November 2020, 05:49:42 PM
...

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ValueWalk

Managing Investments As A Charity Or Nonprofit

By Anna Peel. Originally published at ValueWalk.

Maintaining financial viability is a constant challenge for charities and nonprofit organizations.

Q4 2020 hedge fund letters, conferences and more

The past year has underscored that challenge. The pandemic has not just affected investment returns – it’s also had serious implications for charitable activities and the ability to fundraise. For some organizations, it’s even raised doubts about whether they can continue to operate.

Finding ways to generate long-term, sustainable returns for ...



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Kimble Charting Solutions

Will Historic Selloff In Treasury Bonds Turn Into Opportunity?

Courtesy of Chris Kimble

Long-dated treasury bonds have been crushed over the past year, sending ETFs like TLT (20+ Year US Treasury Bond ETF) spiraling over 20%.

Improving economy? Inflation concerns? Perhaps a combination of both… interest rates have risen sharply and thus bond prices have fallen in historic fashion.

Today’s chart looks at $TLT over the past 20 years. As you can see, the recent decline has truly been historic. $TLT’s price has swung from historically overbought highs to oversold lows.

At present, the long-dated bond ETF ($TLT) is trading 7.8% below its 200-...



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Mapping The Market

Suez Canal: Critical Waterway Comes to a Halt

 

Suez Canal: Critical Waterway Comes to a Halt

Courtesy of Marcus Lu, Visual Capitalist

The Suez Canal: A Critical Waterway Comes to a Halt

On March 23, 2021, a massive ship named Ever Given became lodged in the Suez Canal, completely blocking traffic in both directions. According to the Suez Canal Authority, the 1,312 foot long (400 m) container ship ran aground during a sandstorm that caused low visibility, impacting the ship’s navigation. The vessel is owned by Taiwanese shipping firm, Evergreen Marine.

With over 2...



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Promotions

Phil's Stock World's Weekly Webinar - March 10, 2021

Don't miss our latest weekly webinar! 

Join us at PSW for LIVE Webinars every Wednesday afternoon at 1:00 PM EST.

Phil's Stock World's Weekly Webinar – March 10, 2021

 

Major Topics:

00:00:01 - EIA Petroleum Status Report
00:04:42 - Crude Oil WTI
00:12:52 - COVID-19 Update
00:22:08 - Bonds and Borrowed Funds | S&P 500
00:45:28 - COVID-19 Vaccination
00:48:32 - Trading Techniques
00:50:34 - PBR
00:50:43 - LYG
00:50:48 - More Trading Techniques
00:52:59 - Chinese Hacks Microsoft's E...



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The Technical Traders

Adaptive Fibonacci Price Modeling System Suggests Market Peak May Be Near

Courtesy of Technical Traders

Our Adaptive Fibonacci Price Modeling system is suggesting a moderate price peak may be already setting up in the NASDAQ while the Dow Jones, S&P500, and Transportation Index continue to rally beyond the projected Fibonacci Price Expansion Levels.  This indicates that capital may be shifting away from the already lofty Technology sector and into Basic Materials, Financials, Energy, Consumer Staples, Utilities, as well as other sectors.

This type of a structural market shift indicates a move away from speculation and towards Blue Chip returns. It suggests traders and investors are expecting the US consumer to come back strong (or at least hold up the market at...



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Lee's Free Thinking

Texas, Florida, Arizona, Georgia - The Branch COVIDIANS Are Still Burning Down the House

 

Texas, Florida, Arizona, Georgia – The Branch COVIDIANS Are Still Burning Down the House

Courtesy of Lee Adler, WallStreetExaminer 

The numbers of new cases in some of the hardest hit COVID19 states have started to plateau, or even decline, over the past few days. A few pundits have noted it and concluded that it was a hopeful sign. 

Is it real or is something else going on? Like a restriction in the numbers of tests, or simply the inability to test enough, or are some people simply giving up on getting tested? Because as we all know from our dear leader, the less testing, the less...



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Insider Scoop

Economic Data Scheduled For Friday

Courtesy of Benzinga

  • Data on nonfarm payrolls and unemployment rate for March will be released at 8:30 a.m. ET.
  • US Services Purchasing Managers' Index for March is scheduled for release at 9:45 a.m. ET.
  • The ISM's non-manufacturing index for March will be released at 10:00 a.m. ET.
  • The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.
...

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