It seems economic accountability is no longer the province of some western governments, nor the electorates that vote for them.
In this ever more topsy turvy world, in which financially illiterate and sentimental electorates have little inkling of what sustains economic security, that role has passed passively to the gatekeepers of concentrated capital - the bond funds.
Obama and his democratic congress have fired a succession of socialist policies, the cost of which, has been intentionally veiled under a blanket of puerile accounting backend frontend trickery....the latest being Obamacare.
This has ramped up the war, and the bond vigilantes are out to play hardball. First volley is Bill Gross, head of the largest bond fund in the universe. Yesterday he responded by proclaiming the era of liberal provision of funds to government coffers by the bond market, is drawing to a close. and his funds will progressively shift investment directly into the private sector.
This is seriously big stuff. It means managers of capital are intent on being the censor of deluded socialist policy, preventing them from printing evermore money.
To role out evermore socialist inspired benefits, Obama required evermore private and foreign capital to buy US treasury notes and bonds.....if not, then the US Fed would have to buy them, and further indebt future US tax payers.
The war is on.....and I expect Obama will lose. His background as a community organizer is no background for vendor financing a nation wanting much for little.
Read about it here and here.
In this ever more topsy turvy world, in which financially illiterate and sentimental electorates have little inkling of what sustains economic security, that role has passed passively to the gatekeepers of concentrated capital - the bond funds.
Obama and his democratic congress have fired a succession of socialist policies, the cost of which, has been intentionally veiled under a blanket of puerile accounting backend frontend trickery....the latest being Obamacare.
This has ramped up the war, and the bond vigilantes are out to play hardball. First volley is Bill Gross, head of the largest bond fund in the universe. Yesterday he responded by proclaiming the era of liberal provision of funds to government coffers by the bond market, is drawing to a close. and his funds will progressively shift investment directly into the private sector.
This is seriously big stuff. It means managers of capital are intent on being the censor of deluded socialist policy, preventing them from printing evermore money.
To role out evermore socialist inspired benefits, Obama required evermore private and foreign capital to buy US treasury notes and bonds.....if not, then the US Fed would have to buy them, and further indebt future US tax payers.
The war is on.....and I expect Obama will lose. His background as a community organizer is no background for vendor financing a nation wanting much for little.
Read about it here and here.