What does the U.S. Federal Government, J.P. Morgan, and the government of China all have in common?
Answer: they all lie.
Yet, the mainstream media and many others seem like young schoolgirls who have just seen Justin Bieber in person any time Barack Obama, Jamie Dimon, or some communist spokesperson takes to the podium.
President Obama will look directly at the television camera and talk about the progress being made regarding job creation, and, of course, he’ll also mention that improving the labor markets will be a central focus during his next four years in office; nevertheless, knowing full well the so-called improved job figures that he is referring to are totally contrived.
Any high school graduate can certainly understand that if you remove millions and millions of job seekers from the equation, the jobs numbers will look much better. Assuming a Harvard graduate can also do the same math means that when he is talking to the American public the President knows the real truth, but alters it.
That’s called lying.
The CEO of J.P. Morgan, Jamie Dimon, continues to disavow any knowledge of trading in London which resulted in massive losses for the firm.
He looks puzzled at the mention of Libor and the artificial rates that affected trillions of dollars worth of loans.
Most recently, his mind seemed clouded when Credit Default Swaps are mentioned. The derivative market, almost exclusively developed by J.P. Morgan themselves, becomes a maze for the CEO especially when it is alleged that his CIO group mismarked billions of dollars of CDS’s in order to boost quarterly profits.
It would seem that when their traders were asked to quote prices, their response was “what do you need it to be?”
Sadly, all these activities have become standard business for Jamie Dimon. He didn’t know any of these things?
Of course he did- he’s the CEO and when he says differently, it’s not out of the question that perhaps he’s lying.
In other news, the financial markets have recently breathed a sigh of relief as the slowdown in China seems to be manageable, according to a Chinese government spokesperson.
Deflation is under control, they say, and imported inflation due to global liquidity should be the real concern.
Yet, Chinese home prices continue to plummet, ships sit idle at the dock, and electricity usage is sharply declining.
The spokesperson assures everyone that the current communist authorities and the new regime will manage the transition (slowdown) well, yet knowing just the opposite is the reality.
Along with his 40-years of dedication in the financial services industry, Bill is the President and CEO of GPSforLife, has recently authored a highly successful book entitled 44th: A Presidential Conspiracy, publishes his dynamic monthly financial newsletter MacroProfit, and faithfully continues his third decade on the radio with It’s All About Money, which can be heard weekdays on Money Radio in Phoenix and in podcast form on his website (and on smartphone apps) published at billtatro.com weekdays at 5pm Eastern. Bill can be reached via email at email@example.com and on Twitter @tatroshow.