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Jim Grant: "Central Banks Are Insolvent"

On what the ECB will do:

The ECB has expanded its balance sheet mightily under Trichet. We have a new leader and we have a new imperative. I dare say Europe is going to print money.

On central bank monetization and its implications:

The Italian yields did not fall on their own. It raises questions of overall integrity of market prices. In the US the Fed has nationalized the yield curve. In Europe much the same is going on: the SNB is expanding its balance sheet at astonishing rates of speed. The world over there is seeing immense money printing and there is a huge race to debase on the behalf of the sponsors of paper money.

Central banks are insolvent:

The ECB has a ratio of non-AAA rated assets to equity of 14 to 1. What the ECB has been doing is stepping in where private money fears to tread. In the private sector we call that heading for trouble... The New York Fed is leveraged 100 to one.


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Reader Comments (32)


Any particular reason you've stopped updating on OWS stuff? Not snark, just curious. You were doing great coverage before and obviously the other links are also important.

Nov 16, 2011 at 7:01 PM | Unregistered CommenterETM
If Europe follows the Fed's bad example and prints a blizzard of currency, Hell is coming to breakfast. For months, there have been questions about where the tipping point in global hyperinflation is going to be. It could be that Europe pushes the economy over the edge and past the point of no return. Perhaps the Fed will see an opening to expand the debt business and join in. Regatdless, increasing the currency supply is playing with fire, and paper burns.

Nov 16, 2011 at 7:15 PM | Unregistered CommenterGeorge Forfa
Dylan Ratigan/Get Money Out praised in the Huffington Post:


Too bad not a higher-profile headline.
Nov 16, 2011 at 8:25 PM | Unregistered CommenterETM
Something else that I found this morning, for those that "don't know what the OWS protesters want":

Nov 17, 2011 at 11:47 AM | Unregistered CommenterETM
John Stewart brings up the media's non-coverage of RP again:

Nov 18, 2011 at 11:22 AM | Unregistered CommenterETM
When will this forum as well as the MSM begin reporting on the July 2011 Federal Reserve audit by the GAO which reveled that between 2007 & 2010, the Fed generated and distributed to BOTH U.S. and foreign financial institutions approximately $16 TRILLON !!!. With a total U.S. defecit of $14+TRILLON it would be interesting to know what, if any correlation there is between the two figures and the legality of the Fed action, particulary with regards to foreign disbursement.
Nov 18, 2011 at 12:25 PM | Unregistered CommenterCarlos Joven
Well, when the teacher's away...

Some time ago on this scurrilous message board, somebody questioned my affinity for rap music. I chickened out by explaining that rap was but one of many...

You get it.

Now I have an actual answer.

When songs like the following came out 20 years ago, they really bothered me.


And when something bothers me, I go back to it. Repeatedly, until I get it.

In that video, take a good look at the uniformed police officers--in demeanor, decor, and number--and compare that to what we see every day now on TV: 100's of black-uniformed military assassins armed to the teeth.

If you thought you'd never see the day when N.W.A. and Public Enemy seemed quaint, you thought wrong. And that's not the worst of it.
Nov 19, 2011 at 9:44 PM | Unregistered CommenterCheyenne
ETM, they have the right message, just taught the wrong words to use, so the Rep. wont have a clue what their saying......
Nov 19, 2011 at 10:09 PM | Unregistered CommenterTexas Dar
The world's immune system is turning on itself. The world has “Cancer Of The Wallet”
Nov 20, 2011 at 6:40 AM | Unregistered CommenterGeorge Forfa

Any particular reason you've stopped updating on OWS stuff? Not snark, just curious. You were doing great coverage before and obviously the other links are also important.


I was wondering this myself. It all seemed to tie in , almost like a complete historical look at the Bailout Scam and it's fallout.
Nov 20, 2011 at 10:50 AM | Unregistered CommenterNevervotesrepublican
You wanna know the deal with #OWS? This summary is quite clear:


I got that off of a comment in Yves' site this morning. Scroll down about half way and check out Tampa's preparedness for what's going on right now...
Nov 20, 2011 at 2:44 PM | Unregistered CommenterCheyenne
I am certain that the occupy movement is being discussed here... which started yesterday.

Nov 20, 2011 at 3:32 PM | Unregistered Commenterjohn
Gee, is this refreshing news to get about central banks being insolvent. For a while now I have been posting the following link to awaken the community to the ongoing scam of the century and what to do about it.
Here it is again in case you missed it;

Nov 20, 2011 at 4:48 PM | Unregistered CommenterPAUL LEO FASO
I dont know about the rest of ya's, but im getting realy "Sic-&-Tired", over the cops beatting the Crap out of the people. After all this time, I can see why some have had-it, with the Brutality with the Thug-Cops, and are lashing out.

And them Filthy Bastards, always pick on the girls just standing thAre.....Just hoseing them down and the guys, just standing there, or now just sitting there. This is realy more than I could take and would be going to the "MORG", TRYING TO PROTECT these people........

Its now getting very hard to watch. If its late, I have 2 to many drinks just trying to calm down, with what has been happening in the last 3-4 weeks.

The OWS has now been pushed down to the 10%, of the movement. The rest is the ones the MSM makes sure the Sheep see on TV every night. True, some have no clue why they are there, or where they are. The feeding frenzie is being Fed by the ones that want to see all hell break out.

But the real message is still there by OWS. But ya gotta look for it.....Then we have the real people that have been Harmed by the Goverment, with everything you can think of.

Then you have the ones that get Free Food, Free Drinks, Free Condoms, and "Free Sex" ( *Dam It All* )..................................and have No Clue as to why they are thAre, but Dam the Sex is Fuc*in Gr*at............? BUT, the ones being Macied n Pepper Sprayed, are a mix of all of them.

And "By God" there aint a one of them that deserve that. Im getting real Sic-&-Tired of seeing it. Maby thats why you aint seeing much today. The Truth is being over shadowed by the MSM. We are seeing our worst fears come true. The.....

Democrats and the Union are going to take down the country becouse they cant get their way. As the Reps. Hijacked the "Real Tea Party", the Dems have done it to OWS.......OWS was off to a good start, then the "Wizzered of O Bama Oz" got in on it and all his buddies with their money..........

Where did you think all the money is comming from to feed the feeding frenzie.......................its sad how the Fed, Goverment, Police, change the laws n rules, to bash n slam these good and not so smart people around.

Ask anyone of the Protesters, they are fighting for the rights of every one of them "Fuc*in Cops.................Too !

ThAre, I feel a bit better, got it off my chest...........Im going back to my fight with a guy on eBay, over a set of "David/Clark" Pilot Head Set.......nobody gets pepper sprayed on eBay.....................
Nov 20, 2011 at 9:55 PM | Unregistered CommenterTexas Dar
It is difficult, watching the world repeat the dysfunction of the c1920s. Expecting a different outcome is insanity. The world is turning against itself.

Nov 21, 2011 at 12:12 PM | Unregistered CommenterGeorge Forfa
Nov 21, 2011 at 2:56 PM | Unregistered CommenterTexas Dar
Some time ago on this scurrilous message board, somebody questioned my affinity for rap music...
That was me. But I didn't do it. I think you admitted not knowing Lupe Fiasco from Adam and I just assumed... Anyhow, I have had the exact same thought about those very same rap outfits -- how quaint they seem and how far down the rabbit hole we've gone. Most of my students weren't even born when that album came out. It was about that time, too, that only crazy people talked about "black helicopters" and whatnot. Now we've got flying robots armed with cameras and missiles. For the kids I teach, that's just how the world works, and it's only us old people who remember anything different.
Nov 22, 2011 at 12:20 AM | Registered CommenterDr. Pitchfork
The evasive and conflicting statements coming out of financial institutions tell us that there are circumstances beyond management control. We just have to prepare for the banks to call time out. They will declare bank holidays and try to make up a reset button.

Nov 22, 2011 at 1:11 PM | Unregistered CommenterGeorge Forfa
Why don't they erase the compounding. Then how much do they owe (us) that they owe themselves because 99% cannot pay the original fractional 80% missing with interest on it? The obvious simple thing to do is erase debts that will never ever be repaid anyways. Erase some zeros, spread the love. 100 dollars for everyone you have? So this is now 1% fractional reserve, not 20.
Nov 22, 2011 at 9:17 PM | Unregistered Commenteronethousandtooneleverage
Not sure where to put this...so here goes.

I have to share this Happy Thanksgiving Story sent to me by a friend.

Despite a stay on foreclosures being ordered by a Federal Judge - the villanous foreclosure mill Harmon Law attempted to illegally conduct an auction today as a sweet holiday gesture. Harmon Law met their match on the porch steps of the Grady family.

Harmon thought better of the idea and got back in their black cars.

A Happy Thanksgiving Story for the Grady Family


The link goes to Foreclosure Hamlet. It is run by volunteers and advertising is forbidden. If you don't like blogs do not click.

Sometimes it really is a Wonderful Life...
Nov 23, 2011 at 1:18 PM | Unregistered Commenterchunga
Hey.............whAre is "The Daily Bail"....its been a week without any new info on how the world turns. Im getting a tad Worried agout that guy.................

You dont Spose, he took a week off~ ?
Nov 23, 2011 at 2:30 PM | Unregistered CommenterTexas Dar
I too am am curious Dar, maybe he finally managed to have a real vacation and left the cell phone and laptop at home so he could enjoy it.
Nov 23, 2011 at 3:49 PM | Unregistered CommenterSagebrush
Happy Thanksgiving to everyone in DB land, may the day be filled with peace, good food, and good friends...
Nov 23, 2011 at 8:12 PM | Unregistered CommenterS. Gompers
Same to you Gompers, and to all the other folks as well. Happy Thanksgiving.
Nov 24, 2011 at 12:16 PM | Unregistered CommenterSagebrush
Happy Thanksgiving everyone.
Nov 24, 2011 at 12:32 PM | Unregistered Commenterjohn
Same from Dar..........Im inviteing all my Muslim Friends in the Resort, this year. We made to much and need help getting er all gone........We always need to add more "SauerKraut"...........! I wish I would save room for the Pumpkin Pie, I love the Redi-Wip........Dam I did it again.
Nov 24, 2011 at 1:27 PM | Unregistered CommenterTexas Dar
Government IS the problem

Government payroll devouring the economy

Nov 24, 2011 at 5:46 PM | Unregistered CommenterTexas Dar
Friday, Nov. 25th, 2011 - Now that I've revived from my Thanksgiving nap, I have questions. How many people will lose their jobs between nowand the end of the year? How many families with children will be living in homeless shelters? Now that I think of it, living in tents might be good practice for the OWS protesters. They may have to get used to it. What will this Black Friday bring?

Nov 25, 2011 at 4:25 AM | Unregistered CommenterGeorge Forfa
Well, seems the cops with the pepper spray is catching on. Dont like that rich bitch standin behind you, hose her down with pepper spray. What the Fu*k, the cops do it all the time.

One game boy left and 23 people all think its theirs, take out your pepper spray. Blow it in thAre face and its yours............
Nov 25, 2011 at 2:34 PM | Unregistered CommenterTexas Dar
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Congratulations for making to the summit. I bet this such a wonderful feeling to all the participants, specially to you guys. With all the effort and sweats you have shed...thanks for the share
Nov 26, 2011 at 9:04 PM | Unregistered Commentercheap wedding dresses
Monday, Nov. 28th, 2011 – Yesterday’s news was bad, but today won’t be as good as the mainstream media presents it. History records the decay spiral of fiat currencies. Both the Euro and the USD are following that pattern. Debt demands to be fed. A diet of more debt is currency cannibalism. At some point, the debt monster is going hunting for real meat. The next news story could be a scream or a whimper

Nov 28, 2011 at 1:24 AM | Unregistered CommenterGeorge Forfa
Everything you ever wanted to know
about the meltdown but the
bullshit news media will never tell you

"It's a fraud problem, not a business cycle problem"
Nov 28, 2011 at 9:19 PM | Unregistered CommenterTexas Dar

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