Archive for March 17th, 2011

Stabilizing The Wrong Currency

Thursday, March 17th, 2011

The yen’s been rising, who knows why (is everyone shorting?)

So the G7 does its bit for depreciation!

Gorilla says: “And the yuan is just a yawn?”


With Whose Air Force?

Thursday, March 17th, 2011

The French?

The British?

The Arab League’s?

Certainly not the US!

And what precisely is the difference between Libya and Bahrain?

Are we no-flying the Saudis?

While Gorilla certainly got it wrong about the resolution being approved at all, he still sees this as a profoundly cheap and profoundly cynical effort by the UN and Western powers to pretend they care when they don’t.

Gorilla says: “Sarkozy and Cameron to the battlements, you have no credibility left to lose!”


What Does Disaster Mean?

Thursday, March 17th, 2011

Brad DeLong is absolutely right, what does “disaster in Japan” mean?

Thousands or millions dead, cancer spreading down the generations, not that bad, infinitely worse?

We aren’t getting serious reporting of any kind on this, and we’re certainly not getting experts who are willing to take a chance on speculation, so what are we left with?

Every Western government’s telling their citizens to flee Japan, so Gorilla’s extremely uneducated guess is it could be very bad!

Gorilla asks: “But what does very bad mean?”


Better Business Through Better Bribing

Thursday, March 17th, 2011

The Chamber of Commerce is indeed a stupid organization, chock full of Know Nothings, so what’s their next move?

Hire the former Attorney General to lobby to overturn anti-bribery legislation!!!

Now a morally bankrupt clown like Mukasey, like the morally bankrupt clown he succeeded, is certainly a man who believes in torture.

He’s also a man who apparently believes in bribery and corruption!!!

Gorilla says: “If only the Chamber of Commerce had bribed the Taliban, bin Laden, and Saddam, imagine the money we’d have saved!!!”


Some Small Good News

Thursday, March 17th, 2011

Unemployment remains dreadful and unaddressed, but inflation may be starting to pick up a little!

The Fed’s been missing its targets on both for years now, so it’s too early to say whether this is just a small blip or the return of something like inflationary expectations (a 3-5% target would be very useful), which may mean that economic growth is increasing.

Either way, interest rates won’t be changing for the rest of this year, and quite likely next year, too.

Gorilla does Curtiz: “Bring on the empty helicopters!”


Plausible Deniability

Thursday, March 17th, 2011

That’s what the US is pursuing with respect to a Libyan no-fly zone.

There’s no evidence at all that the UN will back such a step, given the stated opposition of China and Russia, and the extreme reluctance of Germany. The longer the debate goes on, the more likely it is that Gaddafi’s forces will rout the rebels and the situation will resolve itself.

So, the President, who’s played this correctly, will do everything in his power to appear to support Libyan democracy and the overthrow of Gaddafi, without actually having to do anything serious to make it so.

Gorilla says: “It’s all a bit of toil for oil!”


Running Out Of Murder Supplies

Thursday, March 17th, 2011

State sponsored murder has also had a rough week, with the news that the main barbituate used in these murders is now in short supply, or is being seized by federal authorities because the murdering states have tried to import it without a license to do so.

The barbarism of these places, including the Commonwealth in which Gorilla mostly lives, is no different than the barbarism of Libya, or of Bahrain, or of the ragtag band of extremists in Pakistan.

Gorilla says: “When the state murders its citizens, it no longer has any civilization of which to be proud!”


Not Ending Well

Thursday, March 17th, 2011

Whether it’s Japan, or Libya, or Bahrain, everything and very little is changing.

In the Arab world, the Japanese disaster has proven to be very convenient for despotic rulers. They know that the West needs their oil and is not about to go to war over a bit of rebellion. So they suppress, suppress, suppress.

In Japan, trust is wearing out. The Japanese government, and the nuclear power industry, seem several steps behind the curve. So more distress, distress, distress.

Gorilla says: “The ancient empires look quite ancient!”