About Me 0069: Making Money on Line

As the FCL has some make believe acceptance criteria (and with countries such as Poland, Columbia, and Mexico having had access to it, these must certainly be sky high), the IMF is introducing a brand new credit facility, the Precautionary Credit Line (PCL), which will be geared for members with "sound policies [which just happen to need an unlimited source of rescue funding] who nevertheless may not meet the FCL’s high qualification requirements." In other words everyone. In yet other words, the IMF as of today, has a limitless facility to bail out anyone in the world, without a maximum bound in how much is lendable. One wonders who would be stupid enough to take advantage of the gullibility of IMF's biggest backers (the US), to borrow an infinite amount of money for any reason whatsoever... And just what all this means for the imminent explosion of the amount of money in circulation...Not to mention the brand new Ben Bernanke smokescreen of having a new justification to print a few trillion dollars when Europe unexpectedly collapses yet again.

In discussing the imminent need for its expanded "Crisis Prevention Toolkit" which also comes with 50cc's of adrenaline, ativan, a crash cart, and a defibrillator, Dominique Strauss-Khan (and that's Missus to you Bob Pisani), the corpulent bureaucrat said: “These decisions expand and reinforce the IMF’s crisis-prevention toolkit and mark an important step in our ongoing work with our membership to strengthen the global financial safety net. The enhanced Flexible Credit Line and new Precautionary Credit Line will enable the Fund to help its members protect themselves against excessive market volatility,” said IMF Managing Director Dominique Strauss-Kahn. What DSK did not mention is that it is precisely the mechanisms used by the Central Banking Cartel to rise the markets ever higher in light of increasingly deteriorating fundamentals, that are precisely what makes the markets excessively volatile, primary culprit of course being HFT, which is nothing but a government endorsed positive feedback loop.

Too bad the threat of the FCL did nothing to protect against market volatility. Which is why it is now time to put in action.

In a lengthy interview with The Daily Beast this week, Wagner said she didn't want to "cast aspersions" on Steele's chairmanship, but still managed to make subtle and not-so-subtle digs at his bumpy tenure.

"There needs to be accountability," she said. "The chairman needs to be full-time," she added, noting the needs for "checks and balances and controls." Beyond that, what the RNC needs, is "strong management and leadership from the very top."

From the beginning, Steele has been a public-relations headache for the Republican Party, picking a fight with Rush Limbaugh, offering "slum love" to Louisiana Gov. Bobby Jindal and describing civil unions as "crazy"—all in the first 30 days after taking office.

But whereas Steele is the "off-the-hook" kind guy, who said he wanted to polish the GOP's image with everyone "including one-armed midgets," Wagner is less showy—even her most high-level official appointment spoke restraint. (She served for three-and-a-half years as ambassador to Luxemborg, appointed by George W. Bush.)

As chairwoman of the Missouri Republican Party, she is credited with turning the state legislature from blue to red, winning statewide races and crucial votes to George W. Bush in 2000 and 2004. Coming off those victories, she became the RNC co-chairwoman before Bush appointed her to the Luxembourg diplomatic post. Coming back, though, she worried that "perhaps socialism had followed me across the pond," she said, and so she decided that she "needed to reengage," successfully chairing Roy Blunt's Senate campaign.

Ann Wagner of the Republican National Committee pumps up the crowd on day one of the Republican National Convention in New York on Aug. 30, 2004. (Photo: Bill Greenblatt, UPI / Newscom)

The night before Wagner announced her desire to run for the chairmanship, she called Steele, someone she described as "a friend," telling him her intentions. The conversation was "cordial," she said, adding that she intends to focus on bringing back GOP donors who left the fold during the last cycle.

“With independent expenditures, there’s no coordination so you don’t know if the organization or the group will be there for you.” With outside groups, “you are flying blind a little bit.”

"It's not just restoring a certain level of credibility in being good stewards of our donors' investments," she said, "but frankly just going out and making the ask."

In many ways, Steele's biggest problems have been related to money. There was, of course, notoriously, the almost $2,000 that RNC staffers blew at a "bondage-themed nightclub featuring topless women dancers imitating lesbian sex." (The RNC denied that Steele himself visited the Hollywood club.) More seriously, Democrats have been more effective in raising money, and last month, former RNC political director Gentry Collins wrote a scathing letter, saying Steele had maxed out on the $15 million credit line approved by the committe. And some have criticized Steele for being upstaged financially by GOP operatives such as Karl Rove, who pulled in much-needed cash for the Republican Party during last month's midterm elections. (An RNC spokesperson declined an interview with Steele.)

Wagner, for her part, clearly doesn't want to be beholden to Rove.

"The key is to make sure that, in a presidential year, we are not so dependent upon so many outside groups to assist in this," she said. "With independent expenditures, there's no coordination so you don't know if the organization or the group will be there for you." She added, with outside groups, "you are flying blind a little bit."

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Wednesday, December 8, 2010

Making Money on Line

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