By Richard Smith, spelunker of the Web. We started Robert Cowley’s web bio here and this is the second installment. We will be in Mayfair, London, or on the Gold Coast of Australia, and the story involves a dead Daily Mail journalist, a great racing driver, and a bad racing driver: a very bad one, […]
Read more...By Richard Smith, proud scion of a 5,000-year-old line of soot-smeared metal bashers, (purportedly). An early version of this post was born prematurely, and then, since blogging is more forgiving than obstetrics, hurriedly stuffed back into the womb by the flustered midwife. This is the fully developed version.
Robert Cowley, aka Earl Cowley, aka 2nd Baron Ardwhallan, aka Sir Robert Cowley, aka the Right Honorable Robert Cowley, is a faker, fantasist, social climber, fraudster and con man from Australia.
I suppose I could stop there, but it wouldn’t be much of a biography, and Cowley has such a shadowy and fantastical pedigree that it would be a shame not to record some of it: the traces he leaves aren’t always durable, but they are always vivid while they last.
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Read more...This is the transcript of an interview with Michael Hudson in an Australian film, discussing a 1966 incident:
Read more...By Delusional Economics, who is horrified at the state of economic commentary in Australia and is determined to cleanse the daily flow of vested interests propaganda to produce a balanced counterpoint. Cross posted from MacroBusiness.
For some time now I have been pointing out poor economic policy implementations within the European economy and how those policies are likely to effect the real economies of European nations. As I re-stated on Monday, my major concern with the current thinking from European economic leaders is their misguided belief that implementing austerity before credit write-downs/offs is a credible policy for a highly indebted, non-export competitive nation with a non-deflatable currency.
Read more...By Wolf Richter, San Francisco based executive, entrepreneur, start up specialist, and author, with extensive international work experience. Cross posted from Testosterone Pit.
“I’m very happy with the result,” Chancellor Angela Merkel told the cameras on Friday morning as she climbed out the limo. She talked about the start of a stability and fiscal union and didn’t want to accept any “lazy compromises.” But the vague agreement that emerged may be illegal under European Union law and may devastate weaker economies.
Read more...The folks at Versus have released a set of holiday econoparodies. This is my favorite:
Read more...Reader MyLessThanPrimeBeef inquired after having a NC Most Evil Person of the Year Award, and Doc Holiday was enthusiastic:
Smashing concept! I see member votes, contributions, discussions, videos, pixs, stories, editorials and a big build-up, possibly door prizes, publicity, snaxs, parties and a great summation of who had done the most damage to the global economy … best role by a central banker, best supporting role by a Greek Prim Minister, Best financial illusions, best use of a MEFO Covered Bond by a German, Best Italian bankruptcy, Best French Connection, Largest Chunk Of Cash Looted or Burned … great lists that could go infinitely, as we continue our exploration of the black hole this drama is played out in!
Doc is correct in that this is a target rich environment.
Read more...Here are a few code words that you will often see in economic writing followed by their true meaning. The code word is a dog whistle. It acts like an emotional marker only for those attuned to the underlying ‘moral’ issues implied by the code. While you may agree with the logical framework behind the […]
Read more...I’m in the middle of a serous shredding which is taking longer than I’d like. But for your viewing pleasure in the meantime, Mark Ames has found this tidbit:
Read more...Cross-posted from Credit Writedowns There is a flurry of activity going on in Euroland this weekend. I have a number of stories up on different proposals in the offing. Clearly, European policy makers have got religion about saving the euro. Expect some kind of announcement soon. According to Austrian daily Der Standard, Italy is to […]
Read more...Americans roll from a holiday that has come to be about overeating to a day where merchants hope to seduce customers into an orgy of overspending.
In an interesting bout of synchronicity, Michael Thomas just sent me a link to this George Carlin video.
Read more...Bill Black, the author of The Best Way to Rob a Bank is to Own One and an associate professor of economics and law at the University of Missouri-Kansas City. Cross posted from New Economic Perspectives
Someone has created a fabulous, richly detailed parody of Austrian economics. They call it The Daily Bell and claim that its perspective reflects Austrian economics. In reality, it satirizes faux Austrian economics’ sycophancy toward elite white-collar criminals.
I was delighted to learn that they used my recent column: The Virgin Crisis: Systematically Ignoring Fraud as a Systemic Risk as the vehicle for their send-up.
Read more...Today, we linked to an article in the New York Times that illustrates a considerable change in the attitude of some judges in the wake of the robosigning scandal. Before, the assumption was that of course, the bank was right and any borrower trying to block a foreclosure had better have an awfully compelling case. But a lot of judges were stunned by the level and institutionalization of bank abuses of procedure. And in a small, happy note, some of the employers of the worst foreclosure mills are finally cutting them lose. Per Michael Olenick, Fannie Mae has ceased doing business with the Baum law firm in New York (the one with the now notorious 2010 Halloween party that made fun of mortgage borrowers fighting foreclosures as future homeless people).
We first got wind of this decision below from Matt Weidner. Frankly, it reads like a parody, but we got it from April Charney, and it does have the stamps you’d see on the real deal. I’m sure you’ll enjoy it even if it is an artful fabrication, and even more if someone with access to Pacer can confirm that it is genuine.
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