Karl Denninger is an American technology businessman, finance blogger, and political activist, sometimes referred to as a founding member of the Tea Party movement.
Denninger was the founder and CEO of MCSNet in Chicago. Opened as Macro Computer Solutions, Incorporated in 1987, it expanded its service offerings in 1993 to become one of the area's first commercial internet service providers. Among its customers was the Chicago Public Library, which relied on MCSNet for both internet access and web hosting. In 1997 he led a coalition of ISPs in setting up the Enhanced Domain Name System, a short-lived alternative DNS root which allowed registrants to add their own generic top-level domains. Denninger continued to run MCSNet until August 1998, when he sold it to Winstar Communications for an undisclosed amount of cash and stock. For his efforts, the Chicago Sun-Times dubbed him one of "the movers and shakers who brought Chicago into the Internet Age". After the sale of MCSNet, he moved to Florida, where he began to devote more time to stock trading and political activism.
Blogging and political activism
Denninger is a founding contributor to the libertarian-oriented finance blog market-ticker.org, and has used the internet to bring attention to his concerns with the financial system. In the aftermath of the March 2008 collapse of Bear Stearns, he founded the website Fed Up USA. He came to national attention for the criticisms of the Emergency Economic Stabilization Act of 2008 which he posted on Fed Up USA in September that year. Of special concern to Denninger was the over-the-counter trading of credit default swaps, as well as the high leverage of financial institutions; his objections to the bailout plan stemmed from the fact that it did not address either of these issues. He has also spoken out against high-frequency trading, particularly in the aftermath of the 2010 Flash Crash.
Denninger was also one of the early members of the Tea Party movement, sometimes referred to as a founder. On January 20, 2009, the day of President Obama's first inauguration, he published a blog post calling on readers to mail tea bags to the White House and Congress on February 1, echoing a suggestion by a commenter on one of his earlier blog posts. However, Denninger later expressed concern with the Tea Party movement, stating in an October 20, 2010 blog post that Republicans had hijacked the movement and perverted its original goals to the standard Republican concerns of "guns, gays and God".
Denninger has been invited as a guest on a variety of television and radio programs. In July 2009, he appeared on CNBC Reports. In April 2010, he appeared on the Glenn Beck show, where he spoke about his Fed Up USA website. In October 2011, he appeared on The Dylan Ratigan Show on MSNBC and Russia Today to voice his support for the Occupy Wall Street movement. In January 2013, he spoke with Voice of Russia in an interview covering a variety of topics, including the United States public debt, Medicare reform, and his opposition to Keynesian economics.
- Leverage: How Cheap Money Will Destroy the World, Wiley, November 2011, ISBN 978-1-118-12284-6.
- Coates, James (1998-09-28). "You've Got Dough". Chicago Tribune. Retrieved 2013-01-06.
- "The movers and shakers who brought Chicago into the Internet Age". Chicago Sun-Times. 2003-12-09. Retrieved 2013-01-05.
- "Library Shelves Plan For Own On-line Service". Chicago Tribune. 1997-01-17. Retrieved 2013-01-06.
- Rodger, Will (February 1997). "Schism hits Domain Name System". Inter@ctive Week 4 (5). Retrieved 2013-01-05.
- "Rogue domains revolt". CNET. 1997-03-04. Retrieved 2013-01-06.
- Denis, Alex (2008-09-24). "Niceville Man Gets National Attention". WJHG News. Retrieved 2013-01-05.
- Dodge, John (2010-05-07). "Anatomy of a Plunge: Geyser of Orders Put NYSE in 'Slow Mode'". Securities Technology Monitor. Retrieved 2013-01-05.
- Semprini, Francesco (2010-10-26). "Il fondatore del movimento, Karl Denninger, si scaglia contro l'ex governatore dell'Alaska e i Patriots". La Stampa. Retrieved 2013-01-05.
- "Tea Party founder backs Occupy Wall Street". Russia Today. 2011-10-14. Retrieved 2013-01-05.
- Tencer, Daniel (20 October 2010). "Tea Party 'founder': Palin, Gingrich a 'joke'". The Raw Story. Retrieved 24 October 2010.
- Denninger, Karl (2009-01-20). "February 1st Tea Party?". The Market Ticker. Retrieved 2013-01-05.
- "Jane Hamsher: A Teabagger Timeline: Koch, Coors, Newt, Dick Armey There From The Start". The Huffington Post. 16 May 2009. Retrieved 2010-04-27.
- "Blog Blog Blog". CNBC Reports. 2009-07-10. Retrieved 2013-01-05.
- "FedUpUSA on Glenn Beck Show". YouTube. Retrieved 2010-04-27.
- "Finding common ground to 'Get Money Out'". MSNBC. 2011-10-04. Retrieved 2013-01-09.
- "'The US politicians from both parties have promoted the debt leverage as a means of buying votes' - Denninger". Voice of Russia. 2013-01-24. Retrieved 2013-01-24.