Stacy Summary: Sounds like part of the shift of wealth & power to BRIC and others.
The finances are in freefall, Gill said. In the wake of the financial meltdown, banks that had acted as the main funders of big- and middle-budget films have withdrawn their largesse, sucking $12bn (£7.4bn) out of the $18bn available to the top studios.
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Hollywood film output likely to fall by a third
Finally, some GOOD news.
============
30 films per year sounds fine to me…
============
Hollywood film output likely to fall by a third
• Industry suffers from credit crunch and digital revolution
• Current peak of 600 movies produced per year is likely to fall to below 400
There is a huge amount of CRAP produced by Hollywood every year. You just don’t see all of it… until you look at pay per view and there’s all this “straight to video” schlock.
There will be a lot of desperate plastic surgeons.
Hollywood sucks but everyone should see The International with Cliff Owen. Its a movie about corrupt bankers, I even heard a gold bug mention it on King World news. It was good timing to release it now considering the times we are living in.
How any Western bank stock can have any value other than zero is beyond me.
Is simply a bet that govt will keep bailing.
http://finance.yahoo.com/tech-ticker/article/355739/Wall-St.-Is-Winning-Elizabeth-Warren-%22Speechless%22-About-Record-Bonuses?tickers=XLF,FAS,FAZ,JPM,GS,BAC,C
Here’s a more interesting story for those of us in the UK
“Tax raid on banks planned by ministers”
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/6360827/Tax-raid-on-banks-planned-by-ministers.html
Nice to see someone considering kicking some butt.
If you want to understand the nature of Hollywood overproduction try and see “Woodhouse Playhouse” episode “The Nodder” (who is under 1 senior and 2 junior yes men and a yesser)…
Hollywood, mostly crap since 1914.
“The Rise of Minna Nordstrum” (aka Veera Prebble) in the same series is sort of more of the same but with more of a prohibition oriented plot…
Even foreign language versions of American game shows are…a LOT better
@y’all
this is pants… what about all the crap films that come out of the uk and europe… I must admit I don’t get that worked up about hollywood but… people who try to dismiss music, film or any other kind of art by any other means than their own personal taste are completely missing the point!!!
Supergeek:
The problem seems to be funding not a question of quality. As in no credit.
I think what we are seeing is a paradigm shift from nationalistic monopolists and uber-rich entities screwing their own populations using their government control, to one of multi-national entities and criminal syndicates working together to fleece not only the US, but much of the rest of the world. That’s cross-border screwing, which changes the nature of the mercantilism, but not the effect.
Remember, mercantilism is a zero sum game. For the special interests to win, everyone else has to lose. They don’t invent new technologies or streamline existing ones to create profits where none existed before. They cheat the population out of riches using government assisted theft. Witness Matt Taibbi’s latest in Rolling Stone. He gets it. “They” are allowed to fleece all other participants in the market, with a blind eye turned by regulators and elected officials. “They” also control the structure of clinical trials, the better to create data that supports their position, and can pay millions to researchers to rubber stamp the results. “They” know in advance when the boom and bust cycles created by the Fed’s manipulation of money supply and interest rates will start and stop, so they can frontrun that and further make fortunes.
This is basically good old European mercantilism cast in a much more lethal American variant. It’s anti-free trade, anti-competition, anti-middle class. Why? Because when the middle class becomes too prosperous, they can compete with the special interests, and monopolies hate competition. Same goes for free trade – god forbid they have to compete globally.
No, we just saw it at work on Wall Street when Bear and Lehman were executed – leaving the most powerful entrenched interests even more powerful and monopolistic.You also see it in the way the SEC works. They won’t investigate who made hundreds of millions front running the Bear and Lehman take downs, but they will go after some competitive hedge fund (not in the inside of the club) for cheating and making a few million.
It isn’t even subtle or mistakable any more. It is as blatant as at any time in history, and is also why the ROW already is distancing itself from the most corrupt market, system, and elected officials ever seen in a first world country. You can’t behave like Bolivia and expect your currency to be robust. You can’t partner with international criminal syndicates and expect to take a high moral tone with any conviction.
This is coming apart.
@frances
my comment was about those general… blanket dimissals of hollywood and american art… so as to appear “politically correct”.
I dismiss Hollywood on artistic grounds.
@Neo-Feudal Casino-Gulag Plantation Economy Minion
Wow …. your post is as good as your name is long !
Excellent description in such a short space of words .
You have summed up my feeling exactly, and marvel at your superior ability to formulate this concisely !
Well done !
Especially true :
… They don’t invent new technologies or streamline existing ones to create profits where none existed before. They cheat the population out of riches using government assisted theft. …
I just came down with a serious flu, has all the bells and whistles..
Hollywood died, long live Hollywood! Let’s see what art productions suddenly have big names..
This is coming apart.
It’s coming apart by design.
@illya
art… cool… talk about art but please no more top ten lists… no more generalisation… tell me how something made you feel… otherwise save it for those insecure types who are looking for a one size fits all opinion, off the shelf!!!
Wow, There is a prediction from the Oracle show coming through soon.. bailout of the Hollywood!
Tehran threatens swift retribution for suicide attack, Iranian speaker accuses Obama
http://www2.debka.com/headline.php?hid=6326
For Ilya Kuryakin:
http://1.bp.blogspot.com/_A7UglzBYd9E/RwOfWhJVKpI/AAAAAAAAAHg/ciblBC1Ddr0/S692/normal_tito.jpg
Fractional Reserve Banking 101:
http://recession.tv/tv/558/where-do-banks-get-money-from-nothing.html
Matt Taibbi – Naked Short Selling 101:
http://taibbi.rssoundingboard.com/short-selling-vs-naked-short-selling-an-explanation#
Matt Smythe..I saw the International…I liked it but you would need thousands of Cliff Owen’s character to make a dent in the system.
Something about this Sucre story brings images of a group of youngsters in a tough neighborhood taking up boxing lessons together. I’m happy for them but it’s just going to take one serious confrontation and…
Nationalization sounds too communist. A word that expresses the reclaiming of a nation’s assets from thieves would be better. Repatriation? Repossession? I dunno.
My country is still busy selling off essential monopoly-natured infrastructure that took decades to build. Apparently we’re envious of the poverty and oppression in nations that own none of theirs.
@All
Just youtube ‘birdsong’, click play, close you eyes and relax..Or ‘Nile’, whatever suits you mood..
Hollywood’s got a booboo? OOOOOhhhhhh……… ! Poor little boys & girls. Less all night coke & bang parties? That might generate a mass of suicides around Hollywood Hills. I can hear the collective stardom angst from the east coast. “Mooaan! What does it all mean? Mooaan!”
SEC employs another Goldman Sachs shill – and he’s 29!!
http://www.ockhamresearch.com/Stock-News/GS/TV/153504
“Prepare to be disappointed. Yes, sec is appointedding a 29-year-old as enforcement division first chief operating officer. Where did adam stork work before? GOLDMAN SACHS business intelligence division.” (!!!!!!!!!!!!!!!!!!!!!)
Canada/JK
Oct 18, 2009 at 11:30 am
“Fractional Reserve Banking 101:
http://recession.tv/tv/558/where-do-banks-get-money-from-nothing.html”
This is a myth. When Mr. Hat borrows money from the bank he doesn’t give a promisory note he gives a security e.g. the right to possess his car. That way if he doesn’t pay back the bank the bank can take possession of his car and get its money back.
If it is a credit card then the bank issues shares and raises capital to lend. Credit card interest payments are high because the repayments must cover protection against inflation, insurance against default and pay a return on investment.
Where the system goes wrong is when the Main Street bank lends against false assets. When the banks willfully lend against assets which do not sufficiently securtise their loans and when regulators and ratings agencies lie about the value of those assets. This is when too much money gets into the system.
The banks then face either bankruptcy or they beg for QE (the government to print money). On this ocassion they don’t have to beg they call the shots because – they are the government.
There’s nothing wrong with fractional reserve banking until th
MUST READ !!! New FOFOA Blog release.
In the end we will have hyper-DE-flation in all things measured against gold, and hyper-IN-flation in all things measured against dollars.
http://fofoa.blogspot.com/2009_10_01_archive.html
I take issune with Max that Gold will get to $3000 ish then spike then crash. I don’t see that way, for a start the “Suckers” are already broke…….they can’t invest in anything much.
2ND:- Peoples in India/China/Asia/Braszil/…South America in general will WANT Gold, with their currancey gaining strenght they be able to afford it.
So, seveal BILLION people will start buying, if manged i see a 20 Year Bull market, along with Copper/Iron/Food/Water/Energy……..all priced one way or another with Gold!
Mike
http://www.goethe.de/ges/mol/thm/tre/en4167454.htm
New Urban Villages – Alternative Residential Projects in Germany
Loneliness and anonymity are not inevitable, even in big cities. More and more people would like to live as part of a community, for example moving into multi-generation houses or alternative residential projects.
@Black
You are certainly correct.
The intention was to provide a simple primer on the topic.
My apologies.
I wish you would finish your thoughts.
I try to explain my Thoughts through descriptions rather than dogmatic words.
@Fibion11235:
Words do not have the capacity to acquire a lasting essence: they are not objectified metaphysical packages. Words aren’t dogmatic: people are dogmatic. The author cannot avoid dogma by avoiding certain words.
And I also like to say that in the end we will have hyper-DE-flation in all things measured against gold, and hyper-IN-flation in all things measured against dollars.
Fibion11235:
That was a fascinating read. But I wonder why the author inserted the above thesis at center and then did nothing to support or develop his idea? He talked about ‘demonetized assets’ and gold, but ignored this assertion entirely.
The question being: if he is correct in the idea that the paper market is creating an inflationary floor under the physical metal, the collapse of the paper market would be devastating for the value of gold. Where’s the sell?
“That the inflating paper gold contract market has kept gold in a monetized state, even though we left the gold standard. But that is now coming to an abrupt end. I am here to tell you that even if we get some sort of new super sovereign global reserve currency with a certain “portion” held in gold, this will not mean the remonetization of gold!”
What a lot of people tend to forget is that every time a new Mortgage is created new money is created. So new money is not only created by printing press but by every bank who delivers a Home loan!
Subsequently evey time there is a Mortgage default money is destroyed and creates a debt at the bank. Actualy more money is destroyed than is admitted by the banks to keep their bonusses as we learned from the William Black interview on Democracy now.
@Youri:
How is the mortgage debit on a bank’s books ‘money’? Not Snooty, curious. According to the dude Fibion linked money has triumvirate power: currency, wealth storage, and nominal value. The mortgages were packaged in securities and then became *poof* toxic assets, right? Like questionable value? As in not on the books? As in derivative black holes somewhere? Where is that money now???
Let’s face it, Youri. The taxpayers got stuck with the Old Maid card.
http://4.bp.blogspot.com/_xnRKyj4Qk_c/R87BMKFDsrI/AAAAAAAABkA/fnl1qg6MW6Y/s400/old-maid.jpg
Don’t know if this one has been posted yet. it’s from Oct. 9.
Alan Grayson is interviewed about his questioning of Fed Counsel Alvarez. He explans what he was trying to accomplish with his questioning.
http://fofoa.blogspot.com/2009/10/grayson-on-king-world-news.html
UK DEbt 3 times MORE than goverment figs:-
http://business.timesonline.co.uk/tol/business/economics/article6880228.ece
Mike
What Happens If the Dollar Crashes
Trade wars could break out. Overexposed banks might collapse. And that’s just for starters
http://www.businessweek.com/magazine/content/09_43/b4152000801269.htm
Gold Backwardation
Rather old but good article , worth re-reading …. 5.12.2008
http://news.goldseek.com/GoldSeek/1228499200.php
@Mike/Liverpool … UK DEbt 3 times MORE than goverment figs
… published today by the Centre for Policy Studies, that government debt is actually £2,200 billion. …
Where were they last week then , or last year for that matter ? Do they report once each year … or what ?
… John Cridland, the CBI’s deputy dir-ector-general, said: “We are facing the biggest peacetime deficit in our history and it is not simply going to disappear with the economic recovery. …
Hello … what recovery ?
Does he work for the IMF by any chance ?
THE GOLD BASIS IS DEAD ―
LONG LIVE THE GOLD BASIS
… Oct. 17, 2009
http://www.professorfekete.com/articles%5CAEFGoldBasisIsDeadLongLiveGoldBasis.pdf
Here comes the Capital controls:-
http://www.ft.com/cms/s/0/bee1e196-b34e-11de-ae8d-00144feab49a.html
@phil
WOW!
loved the artilce about gold basis.
In Sept. Trace Mayer showed that silver was also trending toward backwardation:
http://www.runtogold.com/2009/09/silver-trending-towards-backwardation-again/
Has anyone seen signs of difficulty buying physical gold or silver?
if someone with just a million could go on ebay and buy all the gold and silver listed for a year it would cause all sorts of talk of shortage, and I think you could do that with just 1 mil.
I just looked over at APMEX and the 1oz silver buffalos that I bought at the end of Aug are out of stock as are most of the bullion with low cost over spot.
http://www.apmex.com/Category/520/Silver_Rounds_Secondary_Market__New.aspx
Back in AUg everything was in stock.
@Mike/Liverpool:
Great link!!!
Capital controls are also more likely than investors believe. The recent G20 meeting has put the world on track for higher savings rates in the west and higher consumption rates in the emerging world. There is an inherent conflict between western governments’ need for finance to sustain living standards and capital’s need to seek out the greater growth opportunities in emerging markets. Whatever the long-term benefits in boosting returns on savings, the short-term political necessity of public financing is likely to necessitate slowing capital outflows.
apital controls seem impossible to many, but when a choice has to be made between economic principle and government bankruptcy, they are a likely political response. In 1931, JM Keynes, acting as director of the Independent Investment Trust, refused to sanction a new financing arrangement that effectively involved shorting sterling. According to his biographer Robert Skidelsky, this reluctance was due to public interest considerations rather than the shareholders’ interests. Within the month sterling had left the gold standard and the Trust had missed out on a profit of £2 million (in today’s money). A hedge fund manager with such priorities today would risk major fund outflows and perhaps a civil action. In the West’s long boom, capital and the public interest were largely aligned. That alignment ended in 2008; now, conflict between government and capital is the future of investment.
ARGGH. Can we hang Keynes in effigy? Can we burn Keynes for a new holiday? Say YES WE CAN.
What rhetoric? Oh, authority derives its power from precident. This is going to get might nasty!
http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/6366504/A-sterling-crash-is-a-godsend.html
Here’s Evan’s-Pritchard resurrecting Keynes as well:
“Keynes was triumphant, “chuckling like a boy who has just exploded a firework under someone he doesn’t like”, wrote Skildelsky. Treasury fears of inflation proved wrong. What followed was an industrial resurgence in the Midlands. The 1930s was a rare decade when Britain greatly outperformed the US and Europe. It is why the mood of defeatism in France never quite took hold over here.”
Pssst,…Frances,..I think the goofballs are coming out to play,…keep it to yourself!! (don’t make any sudden moves)
Stevie Ray Vaughan – Texas Flood (Long version!)
http://www.youtube.com/watch?v=tWLw7nozO_U
THE MAN JUST KICKS A$$
Home of Rod Paul
Dedo:
The sharks are going start making the water red.
what’s a goofball, Dedo
canwe start writing lik riotsmurph? did youever read Murphy, bysamuel Beckett…you would likethatbook
Dedo:
listento the webbotlink i posted on theother link…its good….
http://www.youtube.com/watch?v=IgxBtKZBLMA
duh
@Frances,…….goofball,……like a golfball, but without the L and a pronunciation with pursed lips!!
I think I might have alien DNA,……I’m a fifteen percentile,…tum de dum!!
Office etiquette got you down? Be Gareb, not Goofball:
http://www1.umn.edu/techpub/img/assets/22113/goofball_gareb.jpg
We always always knew…Dedo…just didn’t tell you…
UK home prices are inflating to levels above the 2007 peak according to Bloomberg:
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aHFc3RtywojU
This time it’s due to a contraction in supply. Isn’t this an argument the inflationists make? ie that even in a deflationary depression, certain asset classes can inflate? Or am I confused as if I were smoking something?
I still can’t keep all the in vs. de arguments straight.
CONSIMILIUS DEO==identical with//in all respects to god.
there are no more living religions.
the Shaman is the man who knows & remembers…now; the philosopher & the technician is the Shamna who knows & remembers.
Metaphors are NOT analogies or allegories.
The Mystery is a Mystery….NOT; an enigma….NOT; a riddle…NOT a Puzzle….
Alchemy is the de-sacralization of REALITY….an inverted soteriology.
Francis…you remain a vulgar SLUT….get thee out of the Library… and return to the the NUNNERY at ONCE.
@Marietta.
I am not sure, but I think the banks, who own the defaulted dwellings, are toying with us.
Changing accounting rules and re-inflating their assets artificially.
This is what they refer to as a ‘recovery’.
Frances…you are the incarnation of modern HOMELESSNESS(sharecropper[s]//incorporated by the fiction; the feign & forgery of humanism & secularism…talk about de-volution…a complete spiritual dis-arming)… manner without MYSTERY…
Radical Epicureanism
Radical Stoicism
Radical Hedonism…so popular; so pragmatic; so practical
Glorified Future; no more death
Descartes is a DOG-matist
Fictions & Fantasies as BLUEPRINT…all under divine(secular//profane) motives.
http://www.youtube.com/watch?v=D7d4jUdLPeo its goofy larry , jim some music ,the classical world is misunderstood and has been misread by many who base their understanding of it on hollywood films and religion which has done a lot of damage to our understanding of the ancient world .
the “cunning of reason”…. or, the reason for cunning??????
As Nietzsche & Joyce explained…Histoouy is a NIGHTMARE, a TERROR from which I hope to awake”….
the nature of reality….or; the reality of NATURE????….Mother Nature(naturalism)is a false Flag; extra-ordinarily de-generate & insulting.Pablum for those dedicated-trapped-committed Proles….they done been mined.
jim,.. the undertaking of any new is full of terror and fraught with many great dangers that threaten to destroy us but we must learn to embrace the new ,what seems strange at first and threatening to us at first is really the beginning of something wonderful ,strange feelings that we all feel should be embraced and fully explored, what was threatening and strange to us at first has the potential to be our best and wisest friend but only if people are willing to give up the comforts that surround them in favour of searching out the darkness of their cell.they will discover a whole new world or universe death has the potential to perhaps be the greatest gift of and could turn out to be something really wonderful and magical as it is given to everyone ,so it should not be feared . a bit like dragons that turn magically into princes or princesses. i try to embrace all that is new and strange after that it is no longer so new or strange and becomes something really useful ,something that can be used a as a form or strategy of protection . a way of protecting ourselves from our own fears.we must have courage. to do this. i hope this makes sense.
2 songs,. ” i hate everything in the C20 th ” + ” i’m in love with the modern world .”
max , so far the study of this economic thing and elliottwave has not bought me any new friends , just the opposite alienation from family members and friends . my interest in the economy was simply a way of trying to find an informed way of warning or protecting loved ones , family members who have over extended themselves with real estate in a big way . i have no interest for making money from the markets of any kind. here the real estate bubble is still a bubble and many people simply believing it will never end . case /schiller index house prices are a multiple 7 – 10 .[extreme] 2 years ago i talked my local chemist out of buying a house ,he thanked me , shook my hand ,but house prices have continued to soar, now he is resentful towards me and blames the advice i gave him for ‘missing out’ i don’t know how much longer i will continue with this economic thing but i fully appreciate the work that both yourself and stacy are doing to ‘wake the people up ‘ but i guess you cann’t think for someone else and no matter how much you love them ,you never really know what it is someone is thinking ?. to much false consciousness to break through. all you can do is put things if front of someone and see what happens, a bit like putting something in front of a child see what they do with it..
a house in my local area recently a house sold for 1.9 m . house it is nothing special , a person who i know lives on the other side of the city where house prices are average $450,000 , two weeks ago a house was sold for $ 650.000. the person selling the house put in an inbuilt bar refrigerator in the outside barbecue area built into the wall, the auctioneer said that who ever the successfull bidder was the previous tenants would stock the bar fridge with what ever they want. the result was a premium of $150,000 above the average price for a house . don’t let your house ruin your life.
Lawrence of the Pony Rides….there is nothing new…only those things that are NEW to You…spare US…of your vacant sentiments & impressions…..back to the MLSs’ why you got time.
Ferguson Discusses U.S. Banking System, Economy: Bloomberg Vid http://tinyurl.com/ygkblwj
Jim:
If you are going to attempt withering assaults on my person, you might like to spell my name correctly. That would be Frances with an E.
Jim, on the other hand, is spelled with an I. Redolant and bright: the I is the birthplace of man’s attempts at manipulating reality to resemble fragmented bits of his imagination that have regrettably, in place, resulted only in peculiar garden- gnomed occupations and nuclear self-assurance.
But we can hope.
The cost of Hollywood films has been out of control since the 80s. When stars get paid zillions or in gross box office points you know something is seriously out of kilter.
How did they escape the studio system only to fall under an even more oppressive star system? There are books on that. But it’s been clear for some time Hollywood, as a production base has been pricing itself out of the business. Now it’s really more of a distribution/clearing house dealio. Look at the insane promotion budgets. Look at the first run schedules of a week to 10 days.
The bank’s back-off is a blessing in disguise.
But let’s face it when you need George Clooney or Brad Pitt’s say-so to even kick off seed money the business is in big trouble.
I’m not even talking art. Even as a straight business proposition everyone knows that break-even has been getting harder and harder.
Now if we can just crack the distribution cartel….
Taxes.. more taxes and then some!
http://www.guardian.co.uk/environment/2009/oct/19/nuclear-tax-on-power-bills
$137,013 degree called a great investment
http://www.cbc.ca/consumer/story/2009/10/16/consumer-university-cost.html
The cost of a four-year university degree in Canada will likely surpass $101,000 for a baby born this year, and that’s for a student living at home, according to a TD Bank report released Thursday.
For a student living away, an average university degree will cost $137,013, nearly double the cost today, said Craig Alexander, the bank’s deputy chief economist who wrote the report.
Despite the daunting figure, Alexander said a degree is still “one of the best investments you can make.”
Annual average tuition fees alone could be as high as $16,000 by 2027 although that varies widely from province to province, said Alexander. Living expenses for a student residing away are projected to be $76,650 over four years, versus $37,063 for those staying at home. So there are considerable savings to be had by attending a home-town university.
[...]
jimbob ,.. they are not my vacant sentiments ,they are the sentiments of rilke. there is nothing vacant about the sentiments of rilke . why such churlish comments ?
@frances snoot
TnX for the webbot realy enjoyed cliff and learned something about getting around negative things by seeing them as challenges.
Maybe that sounds kinda obvious to some of you positivos out there but I am the kinda person who gets big swings between the moods. Trying to improve that for my personal sake.
Great guy that Cliff gotto love him. He’s realy the no nonsense postive spirit dude which apeals to my kinda person like.
jim i suggest you spend more time reading rilke or anyone else for that matter , it dosen’t matter who anything but give hanging around with heavy metal black metal people ,its really childish, and embarrassing , too much affectation , and nothing classical about that at all ,some people have trouble leaving things behind , the sculpture is fine . letters to a young poet rilke is a good place to start as the many fine essays on rodin , i generally do not like reading anything like art criticism is total rubbish ,and best avoided at all cost you can understand nothing of sculpture until you have read these .
jim, we are not here on the Forumto provide you with a cheap form of therapy .
@youri
dude… I think you are in good company… stay coowell cheers…for making me smilel again!!!
Harvard’s Ferguson Interview on Financial Markets http://tinyurl.com/ygnvyoo
Also have a good look at a very hory babe with stiff nippies who is just so happy to see James. lol.
@Supergeek
TnX geek much apreciated.
Think the horny babe with the stiff nippies is on an other planet: Giant Injections, Bubbles, Slide story, Pressure put on, Getting a divorce, play ,hugely, kinda long position, expressing great anxiety, game, taking the head or double head, not a sustainable state of affairs, feeds in what you say (synchronisation with James) James says: Parallels are close (Feeding her synchro makes her even more uppy wet on her chair), deep dept, deep dept, Private sector, Enormous bubble, slower growth than she”s accustomed to, strong hand, counter act pressures, being closer than you think, movement up, much more painfull situation (Kinky), break out vigilante ……and the horny babe can hardly sit straight on her wet chair at the end.
Webbot Cliff from the webbot predicted much higher silver also in the ratio to gold.
Dump Gold For Silver – Jim Rogers says that silver and palladium will outpace gold http://tinyurl.com/yk9zdbw
Greenspan, Ferguson, Cohan’s Own Words on Bank Earnings – Bloomberg Vid http://tinyurl.com/yllnqdf
German TV – 24. Octoerber 1929
Last night, they showed the old black and white Film starring Kurt Jurgens as Whitney being grilled before the US Senate leading to his arrest. They asked him to explain short-selling, margin accounts and margin calls – and came to the conclusion that JP Morgan and other a few other major banks had instrumented the crash.
Whitney was the NYSE Boss at the time ( same as Madoff who was the NasDaq boos ) and his brother was JPMorgan CEO .
The explanation of short-selling, margin accounts and margin calls was eventually disclosed by the Senators themselves in a very sarcastic tone – they basically had to drag the truth out of Whitney, who was very arrogant and condescending.
Good film FWIW.
@y’all
I really haven’t watched that many films lately too many sci-fi comic book adaptations and blockbuster… from the depression… up until nowadays at least when we went to the cinema…we had a choice… nowadays we have the internet… an endless stream of cod bumper sticker philosophy, bitchin’ sexism…homophobia…and also poking fun at people because english isn’t their first language… Yay…the internet freedom of expression, yeahh…but an idiot magnet that attracts the lazy horny frustrated side of us all… oh yeah going back to sci-fi and crappy storylines involving time travel… we now give billions to scientists who build atomic building block-busters that don’t work… and blame it on the future or some mysterious forces like bad luck!!!
Snipbytes From:
Bubble in Bubbles Means It’s Time to Close Bar http://tinyurl.com/ykaw96a
China and India share a dubious honor as the global crisis wanes: They are home to two of the world’s most obvious stock bubbles.
Asset prices are being driven more by unusually low interest rates than economic fundamentals. It’s time for policy makers to mop up that liquidity. That includes Federal Reserve Chairman Ben Bernanke in Washington.
Consumer prices paid by Indian farm workers jumped 12.89 percent in August from a year earlier. The inflation rate for industrial workers was 11.72 percent in the same period. Add in this year’s gain in the Mumbai Stock Exchange Sensitive Index and it’s hard to argue that 3.25 percent is an appropriate level for India’s reverse-repurchase rate.
Balancing Act
India has too much of a good thing on its hands. Bubble troubles are cropping up in real-estate markets, too, putting central bank Governor Duvvuri Subbarao in a very difficult position. Raise rates too abruptly and the living standards of India’s 1.1 billion people take a hit. Act too timidly and Asia’s third-biggest economy overheats.
China’s balancing act is also complicated, and like India, there’s a role in it for Bernanke. Ultra-low rates are fueling markets near and far and help explain Asia’s stock rally.
The MSCI Asia Pacific Index has climbed 70 percent from a five-year low on March 9 as government stimulus measures and low rates filter through economies. Near-zero borrowing costs in the U.S. and Japan are having an impact globally. All the liquidity they are creating has stock markets rising faster than economic fundamentals are improving.
It seems like the globe is experiencing a bubble in bubbles. Look no further than gold trading at more than $1,000 an ounce; 10-year Treasury yields of less than 3.5 percent as the U.S. amasses an unprecedented debt load; or the likelihood the yen will soon be worth more than 90 to the dollar.
There was a time when a central banker’s job was to take away the punchbowl just as the party got going. Now, Marc Faber, publisher of the Gloom, Boom & Doom report in Hong Kong, rarely misses a chance to blast the Fed for acting more “like a bartender” liquoring up markets than a monetary authority working to calm them. And he’s absolutely right.
Happy hour is lasting a bit too long for comfort. If stocks are rallying because of economic fundamentals, then so be it. If they are rallying because of easy-money policies, then Asia’s stability is more fiction than fact. It’s time for monetary bartenders to start declaring closing time.