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Generational Dynamics Web Log for 28-Jun-2013
28-Jun-13 World View -- Egypt braces for massive 'Tamarod' rebellion on Sunday

Web Log - June, 2013

28-Jun-13 World View -- Egypt braces for massive 'Tamarod' rebellion on Sunday

Fed reverses itself on ending quantitative easing

This morning's key headlines from GenerationalDynamics.com

Ecuador ends U.S. trade deal in order to protect rapists and traitors
Fed reverses itself on ending quantitative easing
Egypt braces for massive 'Tamarod' rebellion on Sunday

Ecuador ends U.S. trade deal in order to protect rapists and traitors

Rafael Correa, protecting rapists and traitors (Reuters)

Rafael Correa, protecting rapists and traitors (Reuters)

Ecuador announced on Thursday that it is unilaterally canceling its deal with the United States that provides trade benefits on $223 million of Ecuadorian goods sold to the U.S., including everything from roses and socks to ceramics. The existing deal is scheduled to end on July 31, and U.S. politicians were threatening not to renew if Ecuador granted asylum to the sleazy American traitor Edward Snowden, who is currently hiding out in the "transit area" of Moscow's airport. So Ecuador decided to beat the U.S. to the punch, by unilaterally canceling the deal. According to Ecuador's president Rafael Correa:

"They’re threatening to take the trade preferences away because of the Snowden case. Our dignity doesn’t have a price."

This is really laughable because Correa himself is totally without dignity. He attacks and jails journalists on a regular basis if their newspapers print anything that he dislikes. His government just passed a new law against "media lynching," which is defined as

"the dissemination of concerted and reiterative information, either directly or by third parties, through media outlets, with the purpose of undermining the prestige [of a person or legal entity or] reducing [their] credibility."

At the same time, Correa is using his London embassy to protect sleazy alleged rapist Julian Assange from having to return to Sweden to face the rape charges, and now he wants to protect sleazy traitor Snowden. So Correa is not only totally lacking in dignity, but in fact is a sleazy politician who attacks journalists who disagree with him, but protects rapists and traitors that he likes. Human Rights Watch #1 and Miami Herald and Human Rights Watch #2

Fed reverses itself on ending quantitative easing

Last week, Federal Reserve chairman Ben Bernanke suggested that the Fed might begin to reduce the $85 billion quantitative easing that's pouring in the banking system each month. This money isn't helping you and me, but it's creating numerous distortions and it's the only thing keeping the stock market bubble from crashing. (See "23-Jun-13 World View -- The 'experts' scramble to explain the stock market plunge".)

The suggestion panicked wealthy investors, who began selling stocks to beat the crash and so, not surprisingly, the Fed is going into full-scale damage control and reversing itself. The reversal was announced on Thursday by William Dudley, president of Federal Reserve Bank of New York and vice-chairman of Ben Bernanke's Federal Open Market Committee (FOMC). According to Dudley:

"Economic circumstances could diverge significantly from the FOMC's expectations. If labor market conditions and the economy's growth momentum were to be less favorable than in the FOMC's outlook — and this is what has happened in recent years — I would expect that the asset purchases would continue at a higher pace for longer."

Dudley's statement that "this is what has happened in recent years" is quite amusing. It's worth repeating what I've said many times before: mainstream economists didn't predict and still can't explain the tech bubble of the late 1990s, the Nasdaq crash of 2000, the credit and real estate bubbles of the mid 2000s decade, the credit crunch of 2007, and the financial crisis that began in 2008. Pretty much every economic forecast since then has been totally wrong. Mainstream economists have no idea what's going on now, which we've seen in the past week, and have no clue what's coming next year, which is what Dudley is saying. Reuters

Egypt braces for massive 'Tamarod' rebellion on Sunday

Egypt's president Mohamed Morsi is warning that the huge anti-government demonstrations planned for Sunday are threatening the country with "paralysis and chaos," and blamed the country's problems on conspiracies by "thugs," the supporters of the toppled regime of dictator Hosni Mubarak. The demonstrations come two years after similar demonstrations resulted in the deposing of Mubarak, and protesters are now hoping to achieve a similar result with Morsi. However, many others are concerned that a new wave of violence will sweep the country, with the country extremely polarized between Morsi's opponents and supporters. In a televised speech, Morsi admitted unspecified "errors" since he became president, but:

"Political polarization and conflict have reached a stage that threatens our nascent democratic experience and threatens to put the whole nation in a state of paralysis and chaos."

The opponents call themselves the "Tamarod" (or "Rebel") campaign. They've collected over 15 million signatures on forms demanding that Morsi step down as president, and 15 million is more than the number of people who voted for Morsi in the last election. The army is warning that it may step back in to keep order. The National (UAE) and Reuters

(Comments: For reader comments, questions and discussion, see the 28-Jun-13 World View -- Egypt braces for massive 'Tamarod' rebellion on Sunday thread of the Generational Dynamics forum. Comments may be posted anonymously.) (28-Jun-2013) Permanent Link
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Generational Dynamics Web Log for 28-Jun-2013 28-Jun-13 World View -- Egypt braces for massive 'Tamarod' rebellion on Sunday

Ecuador ends U.S. trade deal in order to protect rapists and traitors

Fed reverses itself on ending quantitative easing

Egypt braces for massive 'Tamarod' rebellion on Sunday

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Generational Dynamics Web Log for 28-Jun-2013
28-Jun-13 World View -- Egypt braces for massive 'Tamarod' rebellion on Sunday