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Albert Edwards: “Citizens Will Soon Turn Their Rage Towards Central Bankers”

Albert Edwards: "Citizens Will Soon Turn Their Rage Towards Central Bankers"


Getting mad at the Central Banks won’t do anything, unless that anger is directed at eliminating them entirely. The US Treasury is Constitutionally charged with the creation of, and fixing the value of money, NOT  the Federal Reserve. Get rid of the Federal Reserve or continue to be a serf. The choice is yours. – Shorty Dawkins

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During the populist revolt of 2016, which first led to the “shocking outcomes” of Brexit and then Trump, we cautioned that these phenomena were merely the “silent majority” of the developed world’s middle class expressing their anger and frustration with a world that has left them – and their real disposable income – behind, while rewarding the Top 1% through policies that have led to a relentless and record ascent in global asset prices, largely the purview of the world’s wealthiest. More recently, we also noted that it was only a matter of time before this latest “revolt” fizzled, as the realization that changing one politician with another would achieve nothing, and anger shifted to the real catalyst behind growing global inequality (and anger): central banks.

In his latest note today, Albert Edwards picks up on this theme to write “Theft redux: the citizens will soon turn their rage towards Central Bankers.” The core of his argument is familiar:

While politics in the West reels from a decade of economic crisis and stagnation, asset prices continue to surge on the back of continued rapid growth in G3 QE. In an age of “radical uncertainty” how long will it be before angry citizens tire of blaming an impotent political system for their ills and turn on the main culprits for their poverty – unelected and virtually unaccountable central bankers? I expect central bank independence will be (and should be) the next casualty of the current political turmoil.

That’s just the beginning from Edwards, who appears to be getting increasingly angrier and more frustrated with a market that makes increasingly less sense: his fiery sermon continue with the following preview of the “inevitable catastrophe that lies ahead.”

Evidence of the impact of monetary madness on assets prices is all around if we care to look. I read that a parking spot in Hong Kong was just sold for record HK$5.18 million ($664,200). What about the 3.5x oversubscribed 100 year Argentine government bond? Sure, everything has a market clearing price, even one of the most regular defaulters in history. But what concerned me most about the story was it was demand from investors (“reverse enquires”) that prompted the issue. Is it just me or can I hear echoes of the mechanics of the CDO crisis? But no one cares when the party is still raging and investors, drunk with the liquor of loose money, are blind to the inevitable catastrophe that lies ahead.

There is a lot of anger out on the streets, as demonstrated most visibly in recent elections. Even in France where investors feel comforted that a “moderate” has gained (absolute?) power, it is salutary to remember that the two establishment parties have just been decimated by a man who had never before stood for public office! This is perhaps even more radical than Trump’s anti-establishment victory under the Republican umbrella. The global political situation is incredibly fluid and unpredictable. While a furious electorate has turned its pent up anger on the establishment political parties, the target for their rage is misguided. I am not completely alone in thinking it is the unelected and virtually unaccountable central bankers who are primarily responsible for the poverty of working people and who will be ultimately held to account in the next crisis.

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Shorty Dawkins



  1. Funny how 109 countries have tried ( and failed ) to solve this problem, and even funnier how our Constitution provides a solution, but is ignored.

    It’s called money changing.

  2. These long winded stories on economics are exhausting. Just tell the people the SIMPLE truth. Central Banks are privately owned. They hi-jacked the money supply and named themselves top dog. In the U.S. it was done with the Federal Reserve Banking Act of 1913. They create money for themselves by just printing it and loaning it. It costs them nothing as the taxpayers also pay for the paper, ink, printing machines, and the labor. The International Bank of Settlements, World Bank, and International Monetary Fund are owned and operated by the same Globalists that own the Bank of England, France, Fed Reserve, and nearly every other Central Bank in the world. These people are shadow governments running our politicians/governments. Through corporations,they own and exploit the world’s resources for their gain. They use the rest of us to extract and refine those resources, and they keep us barely housed, fed, and entertained. They are parasites who produce nothing but taxpaying slaves. They have no loyalties to borders or constitutions . Their goal is to keep blurring the lines between borders and cultures until we are all one and the same, living under one set of world laws, with a single currency for all. It simplifies things for them. One law, one currency, but two peoples, masters and slaves.

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