Stacy Summary: We record On the Edge on Wednesday for Friday air date. So, sorry for the delay in posting. But here you go – Another day of confusing billions with millions and vice versa. Another day of blatant insider trading. And another day in which nothing will be done about it. What are your thoughts on the likelihood of anyone under 75 ever getting a pension in the US? Right now, those receiving public pension seem to be one of the lucky ones receiving enforceable through taxation benefits, but how long do you think those will last?
- The debt that dare not speaks its name (h/t Snoopdiddy)
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@Palantíri
The denominated worth isn’t about selling, it’s about spending. If I go down to my local Canadian grocery store with my $50 gold coin I can only purchase $50 worth of goods. To extrapolate on value, if the price of gold were to fall to say $35 CDN, my 1oz coin (denominated at $50), would still be able to buy $50 worth of groceries.
@ Don (Joe bag O chickens) – That’s a funny dystopian vision. I see a future in Clerks like films starring old people. The one thing about this bleak future for baby boomers, however, is that I think it may be even worse for the next generation or two as not only do they have to pay off all the debts, they are also a declining empire who may lose the ‘exorbitant privilege’ of having the reserve currency and they will have to compete with their grandparents for jobs. Apparently, as those over 65 get Medicare, they also have a competitive advantage (as do Canadian and European employees) of having ‘free’ medical care. Therefore, the employers don’t even have to worry about offering benefits.
Brazillian banking propaganda machine:
Brazil, China Plan to Trade Without Dollars Is ‘Pure Idle Talk’
http://www.bloomberg.com/apps/news?pid=20601087&sid=a.2qBYMO_jtA&refer=home
propaganda machine overload:
Geithner says U.S. making headway in battling crisis
http://www.reuters.com/article/wtUSInvestingNews/idUSTRE54J3NK20090520
Greenspan: US economy improved, banks need funds – Bloomberg
http://www.reuters.com/article/marketsNews/idUSSP1641120090521
@Stacy
in regards to our question about pensions. It is highly unlikely that the pension pay outs will go on for very long in the US considering that they are ponzi’s adding that often the funds have been risk’d on manipulated markets schemes does not help.
I remember a trend that started in the 80′s. Companies would fire long term employees who were nearing retirement in order to save a few bucks or make the employee ineligible for some of the benefits.
We’ll all be working as Walmart greeters at some point in our lives, smiling and handing out smiley face stickers while amped up on some big pharma “hope” pills, wonder “why the hell can’t I remember anything?” pause “wait a minute! who the hell said that??”
Any word on Credit cards and fractional reserve banking?
Danny:
I checked the Skelton column. I complained to the Grauniad that they sent a boy to do a mans job.
I also complained to NewsNight that they covered the G20 and Davos but not Bilderblurg. To their credit I got an interesting email reply from Meiron Jones stating that he would love to cover the Bewilderberg conference but the show (NewsNight) was in the process of defending itself against Carter Ruck due to recent allegations made in the Trafigura/Ivory Coast toxic dumping episode.
I thanked him and mentioned that if we are still in possession of a free internet that I would email him next year – early on – so that he had plenty of time to get his priorities right. If BuilderBlarg was silenced he might find less opposition to his films about abuse in Africa’s waters.
oh boy.
According to facts and figures released by the CIA the debt/asset ratio of the United States ranks 188 of the 188 listed countries. The first three: China, Germany, Japan, respectively. One positive is only three percent of the money supply exists, for the rest is theoretical and in computers. Essentially, however, this debt amounts to labor and goods/over time by the working classes.
With no global awakening and liberalization/liberation, I do not see institutional solutions to our current economic crisis, which stands to precipitate the coming ecological crisis (for the love of God, our governments are geoengineering the climate…). Over the centuries we have externalized virtually all authority to our political institutions by which almost all other institutions have been defined. Monetary interests, moreover, have aligned the pillar institutions–political, ecclesiastical, academic–a process exacerbated by the Obama Administration. One need only look at the 20th century to see the role popularity cults play in our social order.
Luckily, any attempts to salvage such institutions–the vehicles of a 2-6,000 year old civilization–is illogical and insane. Further, the liberalization of society undermines the power riding on the smooth functioning of these institutions. The symbol for opportunity is in the Chinese symbol for catastrophe, we just need to spread the word so as to increase the likelihood of their being a tipping point at which emotional and intellectual revolutions reorient individuals/communities.
@Mother Earth – ok, but it still sounds weird to me.
@Matt Smith – yeah I know about the purity on the maple leaf coin. But some coins don’t have that info on them, some just have a dollar number on it. I still wonder why? To me purity and oz says all what the value is has according to the market that day so why leave it out on some coins and replace it with a dollar number?
Anyway I think I’m going to start buying silver coins and bars when I have money to do so and after owning a decent number of silver units, then start to buy gold coins and bars. It would take many years…
@Wingwalker – that doesn’t make any sense, a maple leaf 1oz have the printing of 50dollar on it but the market place says it is worth over 900dollars today… you buy and sell on oz and purity not the dollar number on it.
@Palantíri
US Gold bullion coins have a face value, which is not the amount of paper dollars you pay to buy them, their price is determined by their purity (99,9 in most cases) and mass.
Funnily though if you get payed in gold bullion coins you may report the face value as your income. There are several cases won by peolpe that filed less income than they recieved because they got payed in gold and silver coins with lower face values. This is because the judge found it unfair that the government can give you paper and pretent it is 100 usd, but if it is gold it suddenly wants to talk about intrinsic value. Another reason to start paying in gold and silver coins, transactions will be about 1/10 of their present value..
Gold again – and a new record (It got me f***ed?) http://tinyurl.com/q89kl4
@Stacy
yes, another day indeed. I am eager to change the news to news of a more tranquil nature, like “hey Don there’s another fresh mango over here!” as I swing in my hammock wondering how sauteed mango would go with shrimp in a coconut milk base.
Oh how I wished I had cashed in my stocks while they were up! Or that I had a nice chunk of change to move on and work on just Being!
@Phil
I think GATA is questioning what happen to the US gold. old news?
http://www.gata.org/node/wallstreetjournal
Anyway, can anyone tell me if Credit Card companies are allowed to practice Fractional Reserve Banking, essentially creating money or “credit” out of thin air?
Regards,
Don
‘Recycling of gold became a global phenomenon in the first quarter of this year’ http://tinyurl.com/pyfok3
All Canadian coins have a denominated value because they are legal tender issued by the Royal Canadian Mint.
@Youri Carma
” Nice Blog at The Prudent Investor:
Monetizing the Debt – Explanation For Non-Economists, Bankers and Other Laymen http://tinyurl.com/qk3cn4
”
Thx …
Damn funny … if it wasn’t so true !
Suggest EVERYBODY READ !
Nice Blog at The Prudent Investor:
Monetizing the Debt – Explanation For Non-Economists, Bankers and Other Laymen http://tinyurl.com/qk3cn4
Could President Obama ban U.S citizens from holding gold?
Back in 1933, at a time of economic crisis, President Roosevelt forced U.S. Citizens to sell their gold at $20 an ounce – and then subsequently revalued the metal to $35. Could President Obama, a Roosevelt disciple, have similar plans in mind.
Author: Lawrence Williams
Posted: Wednesday , 20 May 2009
LONDON –
Whether one believes in the GATA premise that the gold price is being held down by a gigantic conspiracy between the World’s Central Banks, Governments and some major banking institutions or not, there is little doubt that governmental-initiated currency manipulation does occur, and if one looks at gold as money then it is logical that some degree of manipulation here also takes place at Central Bank level. Whether one can call this a global conspiracy, or part of the general process of stabilising currencies and exchange rates, depends perhaps on which side of the fence you are sitting. In a way this is similar to the terrorist/freedom fighter debate!
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…
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http://www.mineweb.com/mineweb/view/mineweb/en/page72068?oid=83579&sn=Detail
FWIW
From Karl Denninger ..
The Anti-Federalist Party
http://anti-federalist.org/
http://anti-federalist.org/platform.html
http://thomaspainereturns.net/posts/bilderbergers.html
Part of the ruling elites’ plan is to use share markets as critical indicators of the health of the various economies. The share markets are being manipulated tremendously by the ruling elite. They go up and down as they are supposed to do, according to the ruling elites’ plans. The manipulation, as I have said many times, is very obvious when one follows the volume traded on a given day. The ruling elite use many devices to move these market levels, and now, after a month of growth by the DOW, American president Obama avers that the recession is showing signs of ending. However, the DOW only went up because the ruling elite pushed it upward with huge capital outlays in shares to prop up the market to make it appear to be going up. Has the lesson from ENRON been forgotten so quickly? Why do the financial analysts almost completely ignore the volume of shares traded?
The answer is clear. The ruling elite do not want people to focus on the manipulation of the markets. They do not want people to know the truth. They want to maintain the illusion that the share markets represent something that they do not. The ruling elites’ plan involves tricking the majority of the people into foolishly believing that the markets are honest leading indicators of the economy. There was a time when the share market movements could be relied on to assist in predicting future economic developments, but those days are long gone. The DOW is now so corrupted that it is no longer a status symbol to represent the privileged 30 companies on it. Instead, many of the companies on the index are in precarious states. This means that many of the blue chips no longer signify safe harbours for investors. The DOW now measures the level of manipulation that the gullible will fall for.
http://thomaspainereturns.net/posts/pickpocket.html
In reality, the shares are being sold at fire-sale rates, whilst the ruling elite are abusing the resources pledged in the rescue packages to buy massive amounts of shares to create the illusion that there is an upward spike in the markets. There is a lot of money to be made in the market by speculators who see through the ruling elites’ manipulation, but there is nothing for the naïve investor who misguidedly trusts in the markets’ integrity. In truth, the ruling elite are scamming the whole world much like a macro-scale Enron game. That is, they are manipulating the world share markets to present the illusion of greater value until the crash.
I forgot to say that the maple leaf coins do have the purity written on the other side. It says FINE GOLD 1OZ OR PUR.9999
Palantire
The only reason to buy the popular coins (CAD leaf,US eagle) is because they are easier to sell in foreign countries. I don’t know why they give them a small monetary value.
I have a couple maple leafs but and the rest is just gold bars. If I were you I would just buy gold bars, they are a $100 cheaper then the coins. Scotiabank sells Valcambi Suiesse gold bars. They are in a plastic case and they are very beautiful.
@Danny The question about oil price rise while demand goes down I can answer:
Oil rises to 6-month high on forecasts that U.S. supplies fell, 20 May 2009 http://tinyurl.com/qq26m6
Copper rises on the hope & expectations China doing better in the second half of 2009, 15 April 2009 http://tinyurl.com/c3t5n5
A lot of commodity prices are heavily influenced by speculating.
Newbie Gold question: when buying gold I see that some gold coins are printed only with a value on it like 75dollar coin, 300dollar coin and so on. If you look at the Canadian Olympic Vancouver 2010 gold coins you’ll understand what I mean. If I should start buying gold I would assume it is the purity and weight that counted, not what the value printed on it says. I have a better understanding of what value a Maple-Leaf gold coin has when it is printed with 99,99 fine gold 1oz pur on it. But even those have a 50 dollar print on it, why? how much does it matter if there is a printed value on it or not, or printed purity and oz on it or not?
Looks like the dollar fell off a cliff this morning—————->
You must MUST read this.
About the Fed and the big banks by Edward Griffin, author of The Creature from Jekyll Island:
http://www.scribd.com/doc/6155108/A-Talk-by-G-Edward-Griffin
He won’t die, he one of the “lizards”
Mike
George Soros, when will that ugly bastard die ? I think he is 78.
Anyone following Charlie Skelton over at the Guardian recently? he went to Bilderberg in Greece as a skeptic- got arrested twice and was followed by unidentified security- he’s now issuing a fighting call against the global elite.- oh….but Bilderberg doesn’t exist….
Today I gave been mostly redaing…
China Running Out of Water
http://www.guardian.co.uk/environment/2006/oct/04/water.guardiansocietysupplement
If Oil Demand Is Falling, Why Are Prices Going Up?
http://247wallst.com/2009/05/14/if-oil-demand-is-falling-why-are-prices-going-up/
Central derivative clearing may concentrate risks
http://www.reuters.com/article/reutersEdge/idUSTRE54E5AD20090515
Euro’s Share In Reserves Overtakes U.S. Dollar
http://www.moscowtimes.ru/article/600/42/377235.htm
India best market in world with 48% gain in ’09
http://timesofindia.indiatimes.com/Business/In-one-minute-India-best-mkt-in-world-with-48-gain-in-09/articleshow/4549352.cms
Dr. Doom: Capitalism Could Fail Like Communism
http://www.cnbc.com/id/30742936
Paulson & co. the hedge fund that made billions betting on the housing crash has recently piled into GLD and some gold companies.
Allan Greenspan is an advisor to Paulson & co. I am not saying I think Greenspan is a smart financial mind but I am sure he has a good idea what is coming in the future
interesting 1 hour George Soros interview
http://mitworld.mit.edu/video/633
It feels awful not to be special like some folks.
I’m just a useless eater, who will never have the opportunity of insider trading.
Scumbags.
It’s a very busy day today economy slump, slump, slump!
And preparation for a nice inflation later as the Bank of England extend their money-printing plan by £50 billion ($78 billion) http://tinyurl.com/qnxbee
U.S. May Strip SEC of Powers in Regulatory Overhaul
(and give some of the power to the Fed)
http://www.bloomberg.com/apps/news?pid=20601087&sid=a7YbbxHUZRqg&refer=home