Stacy Summary: Haven’t seen this posted anywhere else, but it’s Martin Wolf speaking in Singapore. This, in my opinion, is going to be one of the biggest stories over next ten years. The dollar, obviously, can no longer function as reserve currency; but it’s one thing identifying the problem, and another thing fixing it, especially while that system is still operating. It seems we prefer collapse to motivate us to change course. Anyway, your ideas for solutions? Or, do you see no problem with what we have?
“Because the dollar, to my mind, given its underlying conditions, is no longer a credible long-term store of value,” said Wolf.
“The Americans no longer have the means to save themselves, this is what I think people don’t understand. There is no credible American policy,” said Wolf.
“We need to discuss this globally in a harmonious way. It’s not happening, so at the moment the euro zone is a prime victim and it will continue to be, and that will create very big problems for European-based manufacturers, and quite particularly those that are relatively vulnerable to global price effects.
“And it’s a tremendous mess, a horrifying mess and that’s where we are, I’m sorry. And we’ve got to get through this transition as quickly as possible to a more stable global monetary system with a lesser reliance on the dollar. We’re going to get there over the next 10 years, I’m sure of it. We’re going to get there. The only question we have to decide is, how we’re going to get there.”
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@ The Man from Glad -
Instead of waiting for the Fed Reserve Bank to reestablish Silver Certificates or Gold Certificate dollars, what if your local medical practitioner started a silver or gold based barter system.
Since we’re not open to taxation on our services, I would guess that the Fed Reserve wouldn’t care if the American Medical Association or California Medical Association took a position in favor of abandoning the existing insurance system?
Would Senator Joe Dunn and his leadership team at CMA or Steve Poizner, California state insurance commissioner who is a candidate for governor, care to comment?
Mr. Poizner, would you take personal offense if a group of doctors in California elected to dismiss Medi-Cal reimbursement, participation in the state’s for-profit insurance monopoly, or forgo cash payment?
In lieu of cash payment, we will accept bartered goods according to a negotiation between me and my patients.
I will also accept fractional gold or silver coinage, but no paper based currency.
Would you go to a doctor who divorced from the governmental controls entirely?
Or, would you question this doctor and say why?
Gosh, the US citizenry has so much confidence in the existing financial team. They’re stocking up for the end of the world as we know it, and yet CNBC tells me that the $USD is on a rally.
Yeah…
http://www.newsweek.com/id/228428
Read this and tell me if this really a suckers rally, dead-cat bounce, or really the Art Cashin’ or Mark Haines Bottom.
Then, check out the blogs…
http://whatisaprepper.blogspot.com/
http://www.americanpreppersnetwork.com/
If this is accurate, these citizens could disengage from the US financial system for 3-6 months and still survive.
LOL
Anyone seen the margins for Campbell’s soup, Hormel Spam, and Uncle Ben’s white rice lately?
Better yet, how about that freeze dried fruit and vegetable stuff at CostCo?
Perhaps multiple Precious Metals backed currencies?
NAFTA on platinum
Asia on Gold
Euro on Silver?
That would be interesting
A new reserve currency?
Gold.
Free Martin A. Armstrong!
http://www.dailypaul.com/node/74285
@California Doctor, That’s really fascinating info on Armstrong’s economic confidence model. It seems to dovetail very well with the K-wave. Thanks for bring that to everyone’s attention. Great link.
@California Doctor. More specifically, any interest charged on loans from a public central bank would need to be matched by currency introduced into circulation through either public spending or a public dividend. Brown covers the historical precedents for such a model in Web of Debt, various lectures and interviews. Introducing sufficient funds into circulation avoids the accumulation of debt in excess of available currency which underlies the business cycle as we know it.
@California Doctor, George Whitehurst Berry, in his I think still most current episode of Crash! Are you Ready? (gcnlive.com) goes over Jefferson’s advocacy for a public central bank. Ellen Brown was on On the Edge recently advocating the same.
The idea is to do as some of the early colonies did and use interest earned on loans by such a public bank in lieu of income taxes. North Dakota has such a system currently. Brown covers it extensively (webofdebt.wordpress.com). Franklin once argued that the Revolutionary War was prompted by London taking away the above power from colonial banks.
http://hubpages.com/hub/Benjamin-Franklin-A-man-in-United-Kingdom
As Brown points out, though, the stability of such a system vitally depends on the Treasury introducing enough extra money into circulation to cover the interest charged on loans made by a public bank. Berry speaks extensively on the relation between the “business cycle” and the debt overhang inherent in our current banking system. He argues that that particular cycle is unnatural.
It’s also worth noting that such a public central bank would not set interest rates for anything other than the loans it made. The stability of such a model is also dependant on Congress not getting its hands on the same machinery for producing artificial bubbles the Fed currently has at its disposal.
I personally favor replacing Federal Reserve notes with an equivalent to JFK’s Silver Certificate notes. They might be bi-, tri- or greater metallic. Why not bring the whole platinum group in? That might provide sufficient elasticity for a national currency, if not for an international reserve. The important point is that they not be issued as loans from private banks. Any interest charged on loans from a public bank would need to be introduced into circulation either through public spending or a public dividend, more or less like that currently given in AK.
@California Doctor, The ’87 crash would seem to fit very nicely with the Kondratyev wave theory, coming as it did on schedule after the crash of ’29. The past two decades.have seen little or nothing more substantial than the implementation of increasingly artful delaying tactics, so far as the effects of the fundamental flaws shown up by the ’88 crash are concerned. If nothing else, it is fascinating to observe the ingenuity private central banks worldwide display in their tireless efforts to postpone the inevitable. Your tax dollars at work. It should be the subject of many a thesis, dissertation and general study in decades to come.
@Man from Glad-
Yes, Armstrong studied those cycles.
Armstrong appears to have developed a math model which relates the socio-political cycles to the economic cycles.
He does have super cycles defined as well.
Intriguing to say the least, there is a turning point or an inflection point in the next few weeks.
http://www.moneyweek.com/news-and-charts/a-forecaster-you-cant-afford-to-ignore-14722.aspx
@Man from Glad -
“following decoupling”
Have you seen the posting at johngaltfla.com tonight?
The cyclical nature of the economic trends is hard to argue against when Martin Armstrong’s comments are compared to true economic performance in the United States.
The linkages between various technical innovations and the subsequent economic impact of those innovations has previously been mentioned.
In our case, the internet must be the antithesis of what international bankers and financiers desire. It would be their preference to have absolute and total editorial control over the political discourse at websites like this one.
However, they can not control either our banter or the impact of it in changing our minds.
I thank you for the comment regarding net deflation prior to the establishment of the third federal reserve. Wikipedia reports that there have been several prior attempts at a central bank for the United States.
Retrospective analysis of the prior banking systems in use in the United States can be found here:
http://en.wikipedia.org/wiki/Federal_Reserve_System
See: Central banking in the United States
What would the follow-on system look like?
Since the Republic which is the Untied States attempted having national banks, having no federal bank, and having no central bank, perhaps we should evaluate each period for the subsequent economic performance which ensued?
Martin Armstrong’s analysis seems to suggest that regardless of the structure of the central bank, the same economic cycles would occur. I would concurr because the Earth’s environment is cyclical. Because the environmental cycles impact crop yields and nutrition, the efficiency of the population’s economic activity will vary regardless.
For the edification of those unfamiliar with the history of central banks in the United States, Wiki reports:
1791–1811
First Bank of the United States
1811–1816
No central bank
1816–1836
Second Bank of the United States
1837–1862
Free Bank Era
1846-1921
Independent Treasury System
1863–1913
National Banks
1913–Present
Federal Reserve System.
The follow-up question would become – which era showed the greatest net increase in productivity, economic growth, and expansion of the US economy?
@California Doctor, I’ll check out Armstrong. His pi-cycle sounds something like the roughly 60 year Kondratyev cycle, or K-wave. I’m inclined to believe that the latter at least is a super-cycle of over-lapping debts.
http://www.kondratyev.com/reference/theory_explained.htm
Jay Forrester, the father of the System Dynamics movement, was writing a book entitled Economic Dynamics, in which he was said to be working out a Kondratyev wave model in greater detail. I haven’t heard anything on that book in years, though.
@California Doctor, The US had net deflation in the period preceding the establishment of the Fed. The USD has lost 95% of its purchasing power subsequently. Regional banks initially opposed plans for the Fed, on the grounds of its inherently inflationary economic model. Mullins covers this controversy at the time in Secrets of the Federal Reserve. The current prevailing economic model, in which nearly all money is created as private loans, was ushered in by the BoE, carried to the US by the Fed, and has subsequently come to infest the economies of the so-called developed world generally.
Any economy in which more debt is created than money, or in which no money is created with which to pay off the interest on the above loans, is inherently unstable. Booms and busts inevitably follow. Absurdly, if a jubilee were declared next year, and all debts forgiven, the only money remaining, in the US at least, would be coins. Keen in Debunking Economics, and Brown in Web of Debt, have a lot of good info on debt and money as we know it.
I agree that it matters little who is in charge of private central banks. I also don’t think it matters whether such a private central bank is in the US, Japan, Canada, Australia, Europe, or what have you. The model is inherently flawed.
The USSR bankrupted itself trying to be a superpower. The US has as well, it just has a longer line of credit. But as Max keeps pointing out, the world has reached Peak Credit.
Well, I wouldn’t worry about beams or motes, Mr. GladMan. Seems we’re going to get hit by a rather large shovel between the eyes coming right up next to January, so I guess it don’t matter who’s holding the other end. And wasting time on spurious pursuits will seem like yesterday’s frolics.
@California Doctor, Thanks for the useful links. A course on rhetoric I took back in the day covered some related materials. Regarding US vs. European malfeasance, power-grabbing, and the like, as someone once said, “And why beholdest thou the mote that is in thy brother’s eye, but considerest not the beam that is in thine own eye?” As an American living and working abroad for years already, I suppose I can be harsher on the US than I would be had I stayed in Chicago. In any event, the USD’s days as internat’l. reserve appear to be numbered. So much for the New American Century. Which currency, if any, could replace the USD in its role as internat’l. reserve remains a matter of speculation. What follows decoupling doesn’t have to be the Bush vision of a New World Order.
@Man from Glad -
Martin Armstrong has some intriguing comments on the devaluation and debasement of Roman currency.
He compares the historical events of the various emperors and their economic circumstances to his pi-cycle theory.
While I am not totally convinced of his pi-cycle dates, the timings and correlations are difficult to balance against other facts.
Suffice it to say that Armstrong’s theory and model are at least a rational attempt to build a mathematical model for social, political, and economic matters.
It seems to me that the existance of his prior predictive dates for movement on the markets and economics are awfully intriguing.
If he is correct in his model, then the existance or absence of the Federal Reserve Bank and their current behavior really will not matter much in the long-run.
The reason is that the cycle goes on regardless of the current antics of the people who may believe that they are in charge.
They aren’t.
The cycle goes on and on according to Armstrong’s model.
“Finally, FSnoot is not the issue.”
Like hell I’m not. You go an write all that persnickity crud out the side of yur mouth, CalifornicationDoc, and then prance off to another topic? Some nerve!
Your own flights of fancy aren’t worth purchasing a ticket for!
@Man from Glad-
Roasting individuals as heretics was a medeval approach to social order in the dark ages.
One wonders how remarkable the human race would be today had the Roman Catholic church had a Gutenberg press 1000 years earlier. After all, the Chinese had movable type much earlier.
The internet acts similarly. We have the ability to meet and exchange concepts and rationale nearly instantaneously.
Others have made this comment over the past week.
As we see continuing signs of deterioration at the Central Committees of our economy, what is there to do as a commoner?
Compare and contrast Andropov-Gorbachev and the Soviet Union Central Committees of the 1986-1989 time period and the Bush-Obama and the United States in 2006-2009.
Gorby had a decaying industrial capacity due to poor prior national economic policies, foreign military deployment in Afghanistan, and economic impact from Chernobyl.
Obama has a decaying national industrial productivity, a banking system which is so corrupt that it is eating its own, a foreign military deployment in Iraq-Afghanistan-and now Yemen, and an economic impact from Katrina which continues.
Let it be hereby known that I, Snoot the Pest, do solemnly agree that the Federal Reserve Bank of the USA does not have, nor ever has had, the best interests of the US citizen at heart.
Do you seriously believe the USD has sound long-term prospects as an international reserve?
If I say “yes” I’ll get called ‘muddleheaded’. If I say “no” I’ll get called deconstructivist. If I say “maybe” nothing happens.
Maybe, Great Man from GladLand!
Nurse!
Whatya want Doc?
That Snoot person is pesky. I feel she interrupts rational discourse. Deal with it.
Whatya want ME to do, Doc?
Well, despite her errant and random lucid moments, she seems to ‘argue for argument’ sake. Perhaps she is constipated?
Look Doc, YOU WANT ME TO PRACTICE MEDICINE YA GONNA HAFFA PAY ME MORE. I rather like Snoot. She’s like the gong or the brass cymbals, rather wakes one up. Rest-of-y’all seem on the same page so much it ain’t worth pickin up the book.
Nurse! Don’t speak in that fashion! You should respect my authority as a licensed-practicing-medical DOCTOR in this state of Californication. And remember: I can dismiss YOU on a whim.
Well: dismiss this! You ain’t never listened to me either. You seem so sure of yurself you yammer like a sledgehammer on me temples. And ya can’t fire me cuz I QUIT.
Goodness. Was it something I said?
Regarding the SDR,
someone posted the opinion (perhaps it was FSnoot) that the SDR seemed to be part of the plan of action of the New World Order or something to that degree.
Any fiat paper based currency really doesn’t matter in this environment. It’s merely an attempt to revalue the USD without actually revaluing the USD. It’s a smoke and mirrors tactic to make things appear more stable than they really are.
When I see the ice cream carton shrink by 20% with escalation in price over the past 12 months, it tells me that inflation is here and it’s in the food.
But, you won’t see it in the CPI at the 20% level. It will be 4-5% because the price moved by 4-5% regardless of the shrinkage on the carton.
On the other hand, the volume measured by the gasoline station has not changed.
Therefore, I believe people are stocking up on long-shelf life commodities, durable goods, and clothing.
The bartering is already starting on a low-level.
@California Doctor, Even if Strauss-Kahn and Trichet roast babies on a split, that wouldn’t make the Fed any more honest or constitutional an institution.
@Man from Glad -
“deflection on a man from Europe”
Red Herring: Propagandists use this diversionary tactic to draw one’s attention away from the real subject. Guard against this technique by showing how the argument has gotten off track and bring it back to the issue at hand.
People on this board need to review this excellent write up on Propanda techniques.
The “red herring” technique is used often by the political operatives who want to either interfere with or limit political discussion on boards.
http://mason.gmu.edu/~amcdonal/Propaganda%20Techniques.html
http://mason.gmu.edu/~amcdonal/Other%20Techniques.html
Card Stacking: Propagandist uses this technique to make the best case possible for his side and the worst for the opposing viewpoint by carefully using only those facts that support his or her side of the argument while attempting to lead the audience into accepting the facts as a conclusion. In other words, the propagandist stacks the cards against the truth. Card stacking is the most difficult technique to detect because it does not provide all of the information necessary for the audience to make an informed decision. The audience must decide what is missing. The Institute for Propaganda Analysis suggests we ask ourselves the following question when confronted with this technique: Are facts being distorted or omitted? What other arguments exist to support these assertions? As with any other propaganda technique, the best defense against Card Stacking is to get as much information that is possible before making a decision.
Plain Folks: Propagandists use this approach to convince the audience that the spokesperson is from humble origins, someone they can trust and who has their interests at heart. Propagandists have the speaker use ordinary language and mannerisms to reach the audience and identify with their point of view. The Institute for Propaganda Analysis suggests we ask ourselves the following questions before deciding on any issue when confronted with this technique. Is the person credible and trustworthy when they are removed from the situation being discussed? Is the person trying to cover up anything? What are the facts of the situation? When confronted with this type of propaganda consider the ideas and proposals separately from the personality of the presenter.
“A basket of currencies is more diversified than a single currency.”
I’m ‘claiming’ nothing. The function of the sdr is not represented by any diversity in the currencies but is maintained as a whole unit to protect reserves denominated in sdr from volitile moves of any single currency within the basket. It is not diversified in function. Single currencies are traded and retain diversity within the system of weighted trade.
Once the currencies enter the region called sdr they lose their autonomy but not their variability.
@TheManfromGlad-
Regarding your off-topic challenge to FSnoot…
FSnoot is interesting in her random postings. There is not consistency in her comments because she lacks the depth of information required to make informed and educated statements. Therefore, there are emotional postings which reflect her current feelings but do little to inform or educate.
Some postings of FSnoot are remarkably lucid but others appear tired and reflective of a desire to argue for argument’s sake.
There was a disturbing set of arguments regarding H1N1 interventions in which she was unwilling to accept my statements as factual, challenged me to reveal more public information on myself, and then claimed off-handedly to be a doctor herself. While I have forgiven the tone and nature of the argument, I stand by my comments in that thread and others.
Finally, FSnoot is not the issue.
The issue is the situation where the electorate sees the fraud, knows the fraud, and has been harmed by governmental fraud. However, what do we do about the fraud?
This behavior pattern is repetitive and must be halted by citizens throughout the westernized or industrialized nations or else we will continue to be cogs in the great wheel of the lie.
@Frances, How does deflecting attention onto someone in Europe makes current US economic policy any more sound? Do you seriously believe the USD has sound long-term prospects as an international reserve?
Or do you think that TARP, QE, and the whole array of tricks in Bernanke’s bag, will keep the USD afloat indefinitely?
Odd you neglect Talf, MFG. It is the wind in our, er, sails.
TARP is being used to restructure our financial system in alliance with Financial Stability Board standards representing the interests behind the BIS. QE is a controversial item: do you have any links for this? I see rumours, but rarely figures. I think the odds are that the IMF bonds and the Treasuries are mixy-matchy: you see they are just moving shop and the boxes on the desks sometimes get mislaid.
Maybe the Wizard moved in with the Kazakhs?
Puleeese, Man From Glad, you’re really making me laugh! Shall I align my agency with the Patriots? Or do they prefer a more amiable nature, one not muddled and mangled by contrarianitis.
Do you think I should say the pledge? Would that mean I’m pledging to the UN security council or to the Pentagon? It’s all so confusing.
@Frances, The SDR is made up of a basket of currencies. A basket of currencies is more diversified than a single currency. Claiming that a basket of currencies is not more diversified than a single currency is wilful misrepresentation, not mere muddle-headedness.
…diverse than a single culture, even though it can be referred to in the singular.
Idiots tear down their barns while the wolves wait salivating without bothering to build any structure to replace them.
The structure of the governance of the G20 places US sovereign interests in the hands of one bank. That bank is not the Federal Reserve. The IMF is moving to consolidate control over US sovereign reserves and interest rates. If there is a global central bank, then what purpose will the Federal Reserve retain?
It is not a matter of deflecting interest from the Federal Reserve Bank. It is a matter of wondering the intense fight over control of a soon-to-be moribund institution and the completely baffling ignorance displayed by our elected officials towards the moves of the monied elite to capture sovereign reserves for the “good of humanity”.
The entire Congress is reticent to reveal the true order of transferral of power which they have enabled. And Paul’s agenda is naive in scope but dangerous in it’s utter uselessness regarding the co-opting of agency towards a goal that can only be described as captured.
Anyone villifying my perspective would do well to study the trade of the dollar within the basket retaining its name and to research the composition of the sovereign reserve accounts in regards to sdr proportion. They would do well to read Stiglitz (this is not a hidden or esoteric agenda but in full and plain view of all parties) and to note the Zhou essay in regards to sdr expansion.
I am not muddleheaded.
SDR does not function as a traded currency within a basket: it is a draw on the currencies of other members of the IMF bank accounts. The draw creates a deficit by which the IMF maintains interest charges. It is not even applicable as a diverse reserve at this stage and it most probably is not intended to be.
The powers seem capable of taking the sovereign reserve of each member nation into their own hands: stealing. And we can all use funny money to home if it makes us happy.
@Frances, The SDR is a basket of currencies. A basket of currencies is more diversified than a single currency. A group of cultures is more
@Frances, At one point you called calls to audit the Fed something like the height of idiocy. If you’re opposed to auditing the Fed, I take it you’re also opposed to ending the Fed. Does that imply support for the Fed?
@ManFromGlad:
Paul is performing a function: I question whom he serves. If I’m the only one writing about it here, I’m surely not the only one in the country with these concerns. I don’t ‘misrepresent’ myself: I am fairly consistent in my communications. You seem to have a tenacity for placing words in my mouth which I never spat out.
I would think your position would be strengthened for a bit of contrary opinion: do you fear your own weak stance? Do you fear I have tarnished Paul’s good name?
Are my words so powerful? Or is your stance so weak?
Please explain your expostulation concerning diversity and the sdr. I’m all ears.
If you don’t think Paul’s proposals are workable, how do you propose keeping the USD from imploding.
The US dollar won’t implode while Trichet is still breathing.
@Frances, Repeatedly misrepresenting yourself establishes a pattern of wilful contrariness. It appears to be a conscious design on your part, rather than any sort of congenital defect. First you attack Paul, then you say you’re just not enamoured of him. First you try to deflect criticism against the Fed, and argue against subjecting it to further scrutiny, then you claim you are not an apologist for it. Your persistence in claiming a basket of currencies is not more diversified than a single currency qualifies as wilful obscurantism, rather than simple muddle-headedness.
@Frances, If you don’t think Paul’s proposals are workable, how do you propose keeping the USD from imploding? Or do you think that TARP, QE, and the whole array of tricks in Bernanke’s bag, will keep the USD afloat indefinitely? Do you even oppose Paul’s proposal to allow gold and silver to be recognized as legal tender?
@ManFromGlad:
Good Lord. WILLFUL contrariness? Is there any other kind? Is there passive contrariness? Or paralytic contrariness? How about a pseudo-contrarian?
Is it a heresy to say one is not enamored with a politician or a precious metal?
“Nor does it make Paul an apologist for US military intervention abroad. ”
I never ever implied or stated the above.
“Nor does it make the Fed any less intent on depriving people of their liberties than any foreign bodies may be.”
I never ever implied or stated the above.
As far as diversity and the basket, the sdr basket is a whole unit, not extractions of variance. The whole unit is made up of variably-valued currencies. But the diversity of the whole is not applicable to a single currency.
That’s what I said about skim and whole milk. Whole milk is not more diverse than skim: it’s richer in fat content.
@Frances, The Gulf Dinar would only be a consideration so far as international trade is concerned generally if OPEC were to switch from an oil-for-USD policy to an oil-for-Gulf Dinar policy. The former policy is the primary strut keeping the USD as international reserve propped up. At the very least, it makes it more difficult for a parallel international reserve to gain traction.
@Frances, Wilful contrariness on your part doesn’t make a basket of currencies less diversified than a single currency. Nor does it make Paul an apologist for US military intervention abroad. Nor does it make the Fed any less intent on depriving people of their liberties than any foreign bodies may be.
But, in case you’re curious what the cat dragged in, well I wonder why a world that is post-industrial and limited in industrial output and global trade needs the largess of a global reserve currency; it seems only to consolidate more capital into the worst hands as the dollar has been known to do in past.
These men have the balls. They really think they can pull this one off? I think they are planning for a large large fight.
Deconstructivism pertains to literature: why anyone would conjure agency to rectify world affairs or prelate practical matters to an item useful for literary critical analysis is odd to me.
@HarryW:
Well, who cares what I think? Do you ask your cat an opinion? Stacey asked me, but I feared to reveal any hopes seeing as you would surely call the issuance trite or silly. Yet you foist criminals upon us as though they were saviors!
My heart turns gladly to the promise until I see whose lips utter the words.
Our promise? Or only those who care not to differ?
@ frances,
But I’ve said, in my view deconstructionism offers no solutions.
What was your proposed solution re: Stacy’s poser about a global reserve currency? No need to change from the major national currencies used now (primarily the $), or move towards something else? The Chinese SDR proposition (with some backing from BRICs, maybe the Gulf states too)?
“With whom should we trust such awesome power?”
The article talks in terms of subscription via gold initially. So a subscription model of control might be what the writers have in mind.
I’d think more in terms of minimising reliance on ‘trust’ by keeping the parties divided by mistrust in positions to keep each other from tilting the scales.
“It aims mainly at establishing a world central bank and a reserve currency that belong to no government and would never be called to finance fiscal deficits or engage into countercyclical policies.”
With whom should we trust such awesome power?
But a solutions thread?
WHAT, HARRY W? ART THOUGH NOW BECOME A DECONSTRUCTIVISTISM AGENT?
Good Lord. I’d never thunk it.
A basket of currencies is more diversified than a single currency.
That’s like saying a glass of whole milk is more diversifed that skim milk.
The Gulf Dinar could turn out to be.
Really, MFG, the Gulf Dinar is no where on the par of the unit of account of the IMF/BIS. It’s like sitting at the Godfather’s table as a member of the fambily. The outsiders peer in at the windows whilst washing.
Paul is visionary in that he proposes actions that could conceivably work to prevent the USD’s implosion,
I would think one might trust Trichet to keep this bogey from occurring in the near-term.
http://www.bloggingstocks.com/2008/07/02/ecb-s-trichet-warns-of-explosion-in-inflation/
You assessment of his stance on the military is perverse.
Please quote me on my perversion, MFG. I would love to see it. I think I mentioned that Paul did not relegate the responsibility to the appropriate parties, rather delegating agency where only compliance exists.
I wonder sometimes about the usefulness of the health care profession during any current crisis. I mean, what with MRSA (antibiotic resistant staff) and the lack of hand-washing in hospitals, one may almost paint a MEDIEVAL picture. What will happen if the pharmas don’t pursue antibiotics for surgery?
Wolf declares his support for the SDR proposition, and spoke extensively to the US Senate on the matter last April:
@ Stacy,
Yes, it’s the poser of the decade, it can’t go on! But a solutions thread? That’s really throwing the cat amongst the pigeons.
I think this suggestion has much to recommend it:
It contrasts with the Chinese SDR proposition, which Wolf favours in the article (good find btw):
I still wanna git me some globars though.
@Frances, Possibly no Congressman has been as critical of US military aggression abroad as Paul. You assessment of his stance on the military is perverse.
The US’ corrupt central bank is the reason why the SDR, the Gulf Dinar, or whatever, are being considered as replacements for the USD as international reserve. Paul is visionary in that he proposes actions that could conceivably work to prevent the USD’s implosion, in the unlikely event they were implemented in time.
Paul addresses the fundamental role of the Fed’s use of the state’s coercive powers in maintaining its position as a banking cartel, to the detriment of the economy as a whole. Whatever nasty, evil traits the EU, IMF or BIS have don’t excuse the excesses of the US’ own financial oligarchs, and would be feudal lords.
A basket of currencies is more diversified than a single currency. The SDR is a basket. The Gulf Dinar could turn out to be. China, and other countries, by the way, were diversifying out of USD reserves well before India’s major gold purchase. Iran claims to have saved millions selling oil for Euros and Yen, and not just USD.
Review of the youtube documentaries posted on this blog regarding “international” financiers and others shows that individuals who are “diversified” in their international holdings are at a significant advantage over citizens of the United States.
I would point out that bi-national citizens of Canada, Mexico, or other nations can benefit from receiving compensation in those other currencies, in those foreign banks, and not be held to US IRS or federal agency regulation.
As an American born, trained, and documented physician, I am at an economic disadvantage compared to other physicians who can move money internationally, launder those funds with apparent disregard of the IRS taxation laws, and then see those foreign trained doctors take control of large geographic areas holding millions of citizens under their control.
This is a repugnant situation which is reflective of the kleptocracy legislated by bribed politicians and lazy regulators who refuse to do their job.
This thread is off topic.
How in the heck does the India gold purchase relate to the self-preservation of the American republic?
We appear to accept that the Fed Reserve Bank, the IMF, and the World Bank are legal, constitutional, and appropriate controlling entities of fiat paper money in the United States.
After reading this blog and others over the past six months, I have reached te conclusion that the “self-sufficiency” of the United States is tied to the ability of the US citizenry to begin to use silver and gold based currency in exchange for services and goods.
One wonders if there any other doctors in the United States are exchanging services for gold, silver, or bartering of other goods.
The transaction between physicians and the recipient (the patient) are being impacted by the insurance system and the US Gov’t intervention in that system.
Why?
Think about it people. The healthcare system is responsible for the survival of your life and your family during health crises.
So far, we have permitted this transaction to be regulated by government based upon “protection” of the market place. However, the existing government regulation does not permit a free market. Instead, it creates artificial restrictions in physician availability and insurance coverage to pay for those services.
The entire point is that US citizens are NOT being paid fair wages. In fact, the “wages” and “pay” sent to a US citizen can not be effectively quantified across many years because of the fact that the Federal Reserve Bank are playing with the fiat paper currency’s valuation.
Therefore, the same co-pay accepted by physicians today is only 50% of the technical buy-power from just two years ago.
This is INFLATION. It is NOT deflation. Therefore, i am totally convinced that the inflation suggested by websites like Denninger’s Market Ticker, johngaltfla.com, MISH’s Global, and others is accurate.
I can drive down the street and see the absent businesses.
These small businesses are gone due to the financial credit drying up for small business in America.
One question is whether or not the US gov’t itself will permit us to transact in gold, silver, or bartered goods.
The global financial crisis 2007-2010 has thrown light on the thousand-year-old reality that has finally expired.
The reality in which all was unreal.
2010 will surely be the year of great changes.
We need currency unburdened by debt and interests, we need an alternative economic system based on freedom, monetary sovereignty and financial independence of the population of individuals as a pillar of the community.
http://cromalternativemoney.org/index.php/en/media/news/currencies-alternative-economic-system.html
However, an announcement that India’s central bank bought 200 tonnes (6.43 million ounces) from the IMF at an average price of $1,045 an ounce in late October was a defining moment for the gold market. It represents the first overt move by a major central bank to aggressively diversify out of its foreign-exchange currency reserves, especially US dollars.
@ManfromGlad:
There are varying stories concerning this ‘sale’: and no one has shown the bank took physical possession of the gold. The diversification is most probably into sdr from dollars.
Are these nations using the substitution account idea as a means to diversify ‘outside’ the market?
“So say several of the world’s most prominent gold fund managers and investment industry gurus. They include John Embry, a renowned, long-time gold advocate and the chief investment strategist at Toronto-based Sprott Asset Management, which runs the Sprott Gold and Precious Metals Fund.”
The basis for the arguments in your link are tied to men with a vested interest in gold sales. Hardly dispassionate and objective.
If visionaries like Ron Paul
Ron Paul is a politician. He ignores the international power structure associated with the IMF and the military. He focuses on America as though we were a sovereign entity with the only problem being a corrupt central bank and an inflating currency. He cannot help anyone because he does not address the real problems. He soothes his constituents with rhetoric and pursues an agenda that plays directly into the hands of the elite standing behind the IMF/BIS conglomerate.
Americans do not deserve to suffer any more than any other country. The elite deserve to pay for their crimes. No one is prosecuting the fraud, the criminal acts, the theft. Our Congress sold us to the IMF interest through TARP en perpetua.
Instead of ridding the world of the criminals, we are rewarding the criminals with the ability to deny other people the right to capital and risk. This is not a reform of the system but a move to another system: a system of international finance where life for some deigns godlike agency (remember the divine right of kings) and for the rest is one of cruel deprivation of agency.
I said ‘America’ did not have any reason to be proud. I think it is wrong to group people in a country like cattle: individuals should not stand in the stead for other’s sins. We blame Americans and allow the international elite a go. We blame America and ignore the EU.
The very premise of America: that all men are inherently equal and that the axiomatic truth is that they are endowed with inherent rights to life, liberty, and the pursuit of happiness, this is the real gold that men do well to salvage. There are forces to tell us this is selfish and unrealistic, that we are bound to deny men their inalienable rights due to a necessity defined and thrust forward by the STATE.
We are free men and women: no one can deny us freedom. But the ones in power are set to deny us the RIGHT to life, to liberty, and to happiness.
The whole thread ignores this premise.
Peter Schiff on Goldseekradio.com 20 Dec 2009
Listen to 3:10 – 4:27 …
http://www.youtube.com/watch?v=W_yJ9hURS1g&feature=sub
@ ES – No, I’ve never heard of that particular family. But thank you for the link to their site . . . looks pretty interesting and informative. I’ve bookmarked it so I can check it out more later. For now, I’ve gotta go to sleep. Cheers!
Detroit in RUINS! (Crowder goes Ghetto)
http://www.youtube.com/watch?v=1hhJ_49leBw
@ Mep
Sounds like you have evolved quite a bit by becoming more self sufficient and cooking your own foods…it’s NOT easy being self sufficient. Have you heard of the Dervaes family in Pasadena, California? This family is almost completely self sufficient cultivating their own food, alternative energy, etc…Here is the link with videos etc:
http://urbanhomestead.org/journal/
Hope I can provide some useful information to you as well!
@ ES – You’re welcome, though I’d bet that most people here would have even better suggestions. I’ve just been concentrating on food lately–mostly because I get so pissed when I go into the store and see that all products and package sizes are shrinking while the price remains the same. I’ve taken to making my own pizzas, making and freezing homemade soups, making and freezing pasta sauce, making my own bread (in a bread machine), salad dressings, mayo, etc. If you can afford the time, it’s a great way of saving money and it’s satisfying at the same time to learn new things and to have tastier, healthier food on hand. I’ve found that most things can be made at home, and I actually feel dumb sometimes for not realizing it . . . but I guess the goal was to drive self-sufficiency out of us. Was making reubens one night and ran out of thousand island dressing . . . i was bummed until I realized that I had everything I needed to make my own. Google rocks! Now, I’ve turned into a little bit of a freak because I enjoy making stuff so much . . . I’m gonna start making homemade soap even! (Again, Google and You Tube both rock for information.) It’s mostly a way of sidestepping corporate food and feeling like I have some control over things, but so far, I’ve enjoyed learning how to do frugal & learning how to make my own stuff!
Mep , Robert Reich or Little Bob as he is known was one of the people that pushed NAFTA down our throats . It was supposed to be job’s job’s job’s ! Well the jobs went to Mexico before being moved to Asia . The OPIC Overseas Private Investment Corp. Were paid tax dollars to ship jobs out of the USA.
Take a look at America: What Went Wrong
by Donald Barlett & James Steele (1992)
http://www.ourcivilisation.com/economy/usa/
We need to go back to what worked. All the media wonks talk about globalism and world trade. As far as I know a person could buy a BMW or an MG in the USA back in 1955 or a Swiss watch , maple syrup from Canada , whatever. What we didn’t have was this race to the bottom. I cant buy a toaster, or a tv made in the USA and people eat toast and watch tv all over the country every day . Because some poor soul in Asia or India working for a $1 a day makes one we cant make it here and compete . I bought a rear leaf spring for my Corvette last year. I bought it from a large well known Corvette parts supplier . When it arrived , spray painted on it were the words “Made in India “ . Im left wondering just how cheap is labor in India ? A large chunk of spring steel shipped ½ way around the world is cheaper than it can be made here in the USA. If you suggest tariffs you are called a “Protectionist” by the media wonks. Do the media wonks leave the keys to their cars in the ignition ? Do they lock their home when they leave ? Do they not have a smoke alarm in their home? What about a flu shot ? I would never get one but some people stand in line for one. Why do we have Police and a Fire Dept ? All these things are protectionist . What is wrong with protecting what you have ? Why wouldn’t you want to protect your things of value ? If you don’t protect your standard of living , you wont have one.
@ Mep
Thank you! I appreciate this information very much.
Cheers!
@ ES – If you are a rookie like me, this is a great reference book. I saved tons of money last year just by growing my own tomatoes, cucumbers, radishes, and yellow squash in our (small) backyard. But I’m one of those people who is increasingly paranoid about the food supply and the price of food due to energy costs, so I’m already planning on maximizing the space and growing even more food.
Good work if you can get it.
Go bust and make millions…….
http://news.bbc.co.uk/2/hi/americas/8430383.stm
Gold’s Old Enemies: Allies in 2010
‘Central banks – the long-time nemesis of the gold sector – are doing an about-face to become its biggest supporters. And this quantum shift promises to gather momentum in 2010 with the prospect of a new era of net buying continuing to fuel robust demand for bullion.
So say several of the world’s most prominent gold fund managers and investment industry gurus. They include John Embry, a renowned, long-time gold advocate and the chief investment strategist at Toronto-based Sprott Asset Management, which runs the Sprott Gold and Precious Metals Fund.
“I think central banks will most certainly underpin the price of gold next year,” Embry says.’
http://news.goldseek.com/GoldSeek/1260824400.php
Neither the AUD or CAD have what it takes to be any kind of global reserve currency — but the Yen + Euro + USD + UKP are kaput.
The Swiss Franc is at best a substandard choice for a global reserve currency, and such a decision would probably destroy the Swiss economy.
Simply put, regional reserve currencies in buckets like the XDR will have to do until some sensible new finance system logic is found.
In the mean time Gold, Silver, Platinum and Palladium will have to bridge the gap — where regional reserve currencies prove inadequate.
Things will be messy, but a world finance system devoid of the USD will emerge — and it will function more sensibly.
Robert Reich on the year 2009, Wall Street, and Main Street (another progressive whom the Obama White House refuses to listen to):
http://robertreich.blogspot.com/
@ ES – some of my non-financial analyst suggestions:
1) do everything you can to get out of debt.
2) don’t spend money on anything that you don’t have to
3) if you do any business with a “too big to fail” bank, cut your ties w/ them and find a credit union or community bank
4) think of ways to become more self-sufficient. if you don’t do it already, plan to start growing some of your own food.
5) support your community by patronizing small businesses/non-chain stores and farmer’s markets whenever you can
Countries could always trade with each other in an exchange of national currencies, such as China has initiated with Brazil, and other countries, following massive bilateral currency swaps. But that is a relatively unwieldy alternative to an internat’l. reserve. Countries are already trying that simply to get away from paying a depreciation tax on USD reserves.
If there are not enough precious metals to back the volume currently required of an internat’l. reserve, and we want a viable alternative to a debt-based, unstable reserve such as we have known heretofore with Federal Reserve notes, and British Pounds before that, perhaps some form of commodities backed ETF could serve the purpose. But that raises the sensitive concern over how such a “fund” would be administered, and by whom.
The SDR does minimize participating countries’ exposure to the withering effectx of Triffin’s dilemma, and does diversify risk for holders. But it is too far from having assumed a final form to judge its long-term viability.
Insofar as the IMF is the traditional province of Continental European banking interests, a move to the SDR would represent a shift of the center of power away from the BoE and Fed, or the Anglo-American Establishment. But it may simply be a shift of power into the hands of the German and French branches of the Rothschilds family.
oops, not jibber jabber, Sunday Video club.
I’ve left y’all a present on Jibber Jabber. Will be out of state for a few days and unable to post.
@ Max, Stacy & all.
Exactly, what do you recommend us “informed” people to do or how should we prepare for this ongoing financial doom that surrounds us? Is there any thing we can do besides buy gold? I really look forward to more economic updates or info however it would be nice if there were more suggestions or advice on how to help ourselves during these bleak times. Based on your knowledge do you think there could be any positive economic scenarios for the future? Also is there anyway that our economic system could change in the future since so many are suffering?
I should have capitalized Constitution.
We don’t need a constitution.
We do not need presidents, congresses, senates,supreme courts, irs, imf, wb, cia, national centralized military …
@ Chalcedonite – The sane amongst us don’t think we’re all that great, either.
@ Stacy “…but it’s one thing identifying the problem, and another thing fixing it, especially while that system is still operating.”‘
Right . The big story should be how do we replace the system.
I don’t see the American people as being that great. If they were they wouldn’t ….
HuffPost pimping violence in Iran again:
http://www.huffingtonpost.com/2009/12/27/iran-protestors-beat-poli_n_404533.html
(Wonder if Arianna is on the CIA payroll?)
i found a possible solution to the unemployment problem on craigslist: either become a techno-savvy cyber-pimp, or a virtual prostitute/pornographer.
http://missoula.craigslist.org/tlg/1490850812.html
@ William of the North – Health care absolutely does pertain to the market/economy! And while I don’t know how strongly Max & Stacy supported Obama, b/c I didn’t follow them during the run-up to the election, in my opinion, Max & Stacy are the best kind of Obama supporters. Only fools defend politicians when they’re making dangerous and foolish moves . . . Max & Stacy don’t defend Obama nor do they go off on racist and/or otherwise belligerent, paranoid tirades about him. They take him and his appointees to town on policy grounds. As they should. (Imagine how different things might’ve been if staunch Bush supporters were critical of something like the Bush/Cheney patriot act. Perhaps we could’ve held onto the constitution.)
Being critical of a president that you supported does not = a flip flop in my book. Nor does being for real health care reform & revoking your support once it’s clear that “reform” has turned into nothing more than a giveaway to the insurance cartel. Maybe I’m a moron, but I consider it standing on principles and retaining one’s integrity–which is very different than “flip flopping.”
@ Northern Bill
I agree. Max and Stacey’s command of finance and economics is impressive, very interesting and entertaining. However, their occasional strays outside their scope of knowledge e.g. their belief in anthropogenic global warming, can sometimes weaken their finance/economic insights. Especially if you consider much of the so called ‘climate change’ propaganda is driven by financial terrorists of the ilk of Gore and his bankster buddies.
If visionaries like Ron Paul got their way before decoupling, against all odds, and were able to finally introduce something like JFK’s Silver Certificate notes into circulation, that could save the dollar from implosion. Unless someone can produce specific figures to the contrary, though, I’ll assume there are not enough precious metals to back international trade, and national funds held in reserve. You can conjure as many Federal Reserve notes into circulation as you need for such purposes, but those are created as debt, and, as Max has repeatedly noted, we’ve already reached Peak Credit. If another fractional reserve based currency were substituted for the USD as internat’l. reserve, it would be no more sustainable in the long term.
marc authier, you are probably right.
My relatives are just normal americans. Yet one group believes in all the lies that obama says. And the other half wishes the nazi child killer bush was still in office. Sad state of affairs in the usa. It really looks like all the usa people want is thier greedy existence to last till they pass away in a golden coffin or something. I’m really of the assumption that most americans are war criminal pigs. They don’t care about anyone but themseleves. And thats knowing the supposedly good americans. Very sad here. Very sad.
Do you desserve to be saved ? A couple of years ago, some arrogant Americans regularly asked this type of question about thrid world countries. I think this country is a lot like Indonesia just before everything imploded. Crony capitalism à la Subharto. Maybe this country desserve an indonesian meldown ?
The department said it had revised selected historical data for international transactions from the first quarter of 1970 following changes in the way it records allocations of International Monetary Fund Special Drawing Rights to the country. SDRs are now recorded as transactions in financial account.
Current account deficit widens in Q3 to $108 billion 16 December 2009 (Reuters) http://tinyurl.com/yegpvor
headless, from what I’ve seen of the human race. All that it really does alot of is eat. So my suggestion that food sources be the prime currency or trading apartus just seemed to make sense. Where do you go that people aren’t eating. Thats seems to be the humans main thing on this planet. Snarf, snarf, wheez.
Re: Jon’s suggestion of chickens and cows as a monetary base: Might work for women (purses and all to carry ‘em), but chickens tickle my nuts…
@OP TnX for the article!
Freddie Mac sees rates headed to 6 percent by end of 2010 – 26 December 2009 (Reuters) http://tinyurl.com/ylbz9c2
Re: positive feedback loops: Jack Daniels…
Re: Native Americans: I’m not, but do have special powers…at the moment (refer to the above).
Re: Reserve Currency: LIke El Gallinazo said about global warming: “…assuming we haven’t tipped into a positive feedback loop already….[all's well in the neighborhood boys and girls]” We have. Thus:
1. Attempt to stand still (impossible in an n-dimensional fiat matrix,);
2. witness Newton’s Law of Currency Gravitation; any percieived deviations are due to people fucking with the frame of reference NOT a breakdown of The Law.
Japan’s finance minister hospitalised: ministry
December 28, 2009 – 2:34PM
Japan’s 77-year-old Finance Minister Hirohisa Fujii was hospitalised Monday for a rest and medical check-ups due to high blood pressure and fatigue, his ministry said.
The “solution” is incredibly simple. It’s they same type of solution that the giant asteroid that hit the Gulf of Mexico 65 million years ago was for the “Dinosaur Problem.” Peak credit will destroy globalization and there won’t be any need for a world reserve currency. Kunstler has it right for the most part. In 15 years every “new” thing you acquire will be made within 50 miles of your cave.
And as Merle Travis wrote and sang, “If the left don’t get you than the right one will.” So if we ever start dealing with peak credit, then we have peak oil to come out of the wings and put us back on our ass. So don’t worry – be happy! The problem will take care of itself. And as we drift back toward the stone age and the algal bloom of human world population recedes, the global warming problem will resolve itself in a few hundred years as well, assuming we haven’t tipped it into a positive feedback loop already.
to be honest. If we did away with all currency. And made chickens and cows and grains the monetary system we’d be better off.
It might lead to more people growing food sources. Which is really the most important thing.
But the big boys don’t want that. LIke they don’t want hemp to take over for what oil does. Cause it would ruin the big boys monopoly. Which is what its all about. A monopoly on resources that you use.
@Youri Carma, I’m pretty sure there are not enough precious metals to back the current amount of derivatives.
@Phil & Youri, I’ve been reading this article and its quite interesting
http://divinecosmos.com/index.php/start-here/latest-news/521-disclosure-endgame
The site normally is a bit odd but this is well done
I see that the amount of derivatives have increased from Dec 2008 to June 2009
http://www.bis.org/statistics/derstats.htm
http://www.bis.org/statistics/derdetailed.htm
When I was a kid gas was .30 cents a gallon. But back then the dimes were SILVER . Today three SILVER dimes will still buy a gallon of gas. It all has to do with the value of the money. I also remember when I was a kid , if you went in a bank there was at least one armed guard . With today’s bogus money there is no need for the armed guard. They will just print up more worthless fiat.
@William of North, I’m Cherokee the way Elvis was Jewish, through our maternal grandmothers’ maternal grandmothers. Both cultures trace descent through the maternal line.
@youricarma,
You are correct and Duncan O’Finioan is also correct!
@ronron, I know how a currency backed by gold would work, more or less. I’m asking if there are enough precious metals to back the current volume of international trade, plus the volume of reserves countries keep on hand as insurance. Does anyone have any exact figures on that?
Hi, William. I’m Cherokee Indian, Irish and English!
@William of the North
Well Ok William was hoping for somtin more exotic like “Tsi nah Pah” or somtin.
Do you have the feelin that you have some remote view power or anything that is in that direction? They say Native Indians and Celtic people are more likely to have psychic abilities. At least that’s what Duncan O’Finioan says who also has some Native blood and some Celtic. Duncan O’Finioan is the supersoldier from clips I’ve posted before here.
here we go,
the acmetalists are screamin’ about the anti-crisis,
must be sunday
@Youri Carma,
I’m Cree and Chippawa (small part).
My Indian name is “William”
My friends call me Bill.
@William of the North
What do you mean by Native American, Indian? If so from which tribe and do you have an Indian name?
Without Ron Paul, I wouldn’t have been aware of Maxkeiser.com. We were travelling in Texas, and saw a little sign “Ron Paul for President”. Searched him online, because I had never heard of him. Anyway, because of him, I found the Mises Institue, Austrian Economics, Max and Stacey, Peter Schiff, etc.
Because of him We own Gold and Silver. We have a 100acres of land that can support a hobby farm. Sounds corny, but it was kinda a “Matrix” moment.
I also think that’s why Ron Paul would remove america from entangling alliances, and a bullshit system.
I think that has been arranged, but I don’t think Ron Paul had anything to do with it.
@WotN,……nothing is “free” as you imply,…something is taken to give the illusion of said concept…
Freedom of self requires the responsibility of ones actions?
to elude this vital concept is to ,..pretend! : )
@frances snoot,
Did I mention I’m Native American?
I’m aware of the flaws of America. I will say the the American people are great. It’s America’s Gov’t/Foreign Policy, that gives America a bad name.
I also think that’s why Ron Paul would remove america from entangling alliances, and a bullshit system.
Timmy is a clown, who is part of the problem.
@ Mep,
Don’t get me wrong I like watching Max and Stacey.
But their fllaw is subjects not pertaining to the Market/Economy.
Supporting Obama. Falling for the Hope and Change mantra. Health care. I think they really dig that “free” system in france
America has nothing to be proud about, William of North.
@William of North:
Has Ron Paul indicated that it would be better if our Treasury Secretary was not acting governor for the US on the board of the IMF bank?
Things are relatively the same since the 70′s: we remain captive and captivated by our captors.
@ William of the North – great, so maybe I’ll see if I can find a Minutemen t-shirt or something else that references illegals and terrorism.
BTW: Curious as to what you think Max & Stacy have flipped on?
@ frances snoot,
I respect your view. Keep in mind i’m Canadian, and America seems so free to us. (And it’s only a shadow of it’s self)
For us it’s like travelling back to the 1970′s.
@ Mep,
I gotta admit, I was worried about an “interogation room” as well. I like to where my t-shirt that has Geronimo on the front “with fighting terrorism since 1492″. But I have no complaints. They’ve been really, really good. We crossed at Washington, Montana, and Maine.
@William of North:
Well, I take a different view of things, but I surely do respect yours!
@ William of the North – Thanks for the info. I haven’t been to Canada in about 7 years, so I’m clueless about how border checks have changed. They stopped my brother-in-law, sister, and their son a few years back and took them to an interrogation room; never gave a reason, but my sister was sure that it’s because my brother-in-law is Asian.
@frances snoot,
Ron Paul has been trying to wake up the american people since 1971. I’ve met him. I watched him interact with my children. He believes in freedom for the individual.
He has been consistently fighter for liberty and a Free America.
I have not seen the guy flip flop on anything; Unlike Max and Stacey that flip/ flop like fish. (Exception; Gold)
I believe he preaches Old America, because OLD SCHOOL is the way it’s supposed to be.
My two pennies worth,……It’s so easy to manipulate the mind with ideas and beliefs within a circle of known paradigm,……
Explain the “new” and all comparative ideology will ridicule and subdue (throw stones)
Personally,.I like to experiment with what works,.and what doesn’t (scientific method),..until someone comes up with a better “idea”!
BTW: I like the idea of knowing more than one can explain in word or music etc,..?
Shadow housing inventory jumped in September to 1.7 mln units from 1.1 mln y/e 17 December 2009 http://tinyurl.com/ykj5eey
Ron Paul is a hero.
Yes, but for whom?
Legal Money Laundering, pokies style…
http://www.smh.com.au/business/how-they-launder-the-large-sums–riskfree-20091227-lg82.html
The Derivatives market shrunk 20 May 2009 (BNN) Vid http://tinyurl.com/oblggw
Credit Derivatives Market Shrinks Amid Crisis, BIS Report Says 6 December 2009 (Bloomberg) http://tinyurl.com/ye2sryp
@ronron,
“Got Metal?”
I like that. You should continue putting that at the end of every post.
Ron Paul is a hero.
The U.S. was set up as the greatest country in the world, because of it’s Constitution and the Bill of Rights. The more I find out about the founding fathers, the more I’m Impressed. (Keep in mind I’m part Native American) People have just pissed the freedom away over the centuries.
Gold is free market money. It’s still the world currency. And it’s still as good as Gold!
@Mep,
RE: Crossing the Border these days.
My wife and I have been travelling around the U.S since August. We bought some land in New Brunswick, and have been travelling back and forth to Maine, (must be about 12 times crossing) with 3 kids and a travel trailer in tow. The trailer has been searched about 30 percent of the time, but the officers on both sides of the border have been really good.
Nothing new here Stacey. This is the central banking families wet dream end-game. Martin Wolf is just marking himself as a traitor to the people of the world, a sell out to the central bankers. Not one mention of the fiat debt based currency system. Not one mention of gold & silver. Not one mention of who would control that global currency. Martin Wolf should be tarred and feathered.
@Mep:
I’m sure I’m not qualified in any way to mitigate Paul’s personal objectives. He is playing the same game as all the other politicos: not one deferential apart.
I’d carry his groceries for him: he talks so nicely!
Banks, slammed by more than $1 trillion in writedowns and credit losses since the beginning of the financial crisis, have become more cautious lenders.
From about $1 trillion in commercial real estate loans originated at the height of the property boom, about $120 billion in writedowns have been taken and more than $300 billion have yet to be written down, Mitchell estimated.
Whose fault is tight commercial property lending? 24 december 2009 (Reuters) http://tinyurl.com/ybjb3uv
My question is of the $1 trill in banking writedowns is all? My guess is nop! I think Max estimated around $20 trill and $4 trill was admitted more or less in the answer what is bad about the “bad bank” idea:
“‘Two Problems’
Schumer, a New York Democrat who is on the Senate Banking Committee, said there are two problems with the bad bank, also known as an aggregator bank, solution. It would probably be “very expensive,” costing as much as $4 trillion. “Second, it’s very hard to value those assets,” and the prices could be set “so low that every other bank would go bankrupt.”
Bad Bank idea would would probably be “very expensive,” costing as much as $4 trillion 4 February 2009 (Bloomberg) http://tinyurl.com/cf4cp9
@ frances – that’s what I meant . . . wondered if Paul had anything beyond reverent references to the founding fathers and the gold standard up his sleeve.
Are the elite about ready to play Age of Empires? Like in setting up an entirely new gameboard?
http://portal.mfa.kz/portal/page/portal/mfa/template_en/Jurnal_Kazakhstan_2009.pdf
http://en.wikipedia.org/wiki/List_of_legislation_sponsored_by_Ron_Paul#Sound_money.2FFederal_Reserve
Sound money/Federal Reserve
* Coinage Act of 1983. Called for new legal-tender gold and silver coins. Ahead of its time, this Act anticipated the successful Gold Bullion Coin Act of 1985, which led to the minting of American Gold Eagles.[8]
* Gold standard, 1983: Attempted to reinstate the gold standard.[8]
* Coinage legislation, 1984: Sought to require Congressional approval of any new coinage and paper money designs, and formal retention of all test notes from the Bureau of Engraving and Printing.[8]
* Federal Reserve Board Abolition Act. H.R. 833, 2009-02-03, originally H.R. 1148, 1999-03-17. Abolishes the Federal Reserve Board and its banks and repeals the Federal Reserve Act.
* Honest Money Act. H.R. 2756, 2007-06-15, originally H.R. 2779, 2003-07-17. Repeals 31 U.S.C. 5103, the legal tender law that currently mandates acceptance of Federal Reserve notes as legal tender, in accord with hard money policy.
* Sunshine in Monetary Policy Act. H.R. 2754, 2007-06-15, originally H.R. 4892, 2006-03-07. Requires the Federal Reserve Board to continue to publish the M3 monetary aggregate on a weekly basis. The Federal Reserve ceased publishing M3 statistics as of March 23, 2006, explaining that it costs a lot to collect the data but does not provide significantly useful information.[9]
* Free Competition in Currency Act of 2007. H.R. 4683, 2007-12-13. Strikes sections 486 and 489 of title 18, United States Code, due to “prosecutorial abuse”.[10] The Code sections effectively restrict private minting, and were cited by the FBI as justification for its November 2007 raid of Liberty Services, and its seizure of property allegedly including nearly two tons of precious metals and copper — much of which had been independently minted by Liberty Services with Paul’s image.[11] Paul commented, “If we don’t do something about the dollar, the market will. I would like to legalize competition in currency.”[8]
* Tax-Free Gold Act of 2008. H.R. 5427, 2008-02-13. To provide that no tax or fee may be imposed on certain coins and bullion. Prohibits taxation on gold, silver, platinum, palladium, or rhodium bullion and transactions, and state taxation on gold and silver legal tender currencies and instruments in interstate or foreign commerce.
* Federal Reserve Transparency Act of 2009. H.R. 1207, 2009-02-26. To reform the manner in which the Board of Governors of the Federal Reserve System is audited by the Comptroller General of the United States and the manner in which such audits are reported. Ensures the audit results are available to Congress,[12] and includes the Fed’s “discount window”, its funding facilities, its open market operations, and its agreements with foreign bankers.[13] Proponents state that the Fed has never been audited by Congress since the Fed’s creation in 1913.[14][15] The Federal Reserve states that “the financial statements of the Federal Reserve Banks and the Board of Governors are audited annually by an independent outside auditor.”[16] Paul says that the present audit process exempts the Fed’s “most crucial activities”.[17]
Gold
We have a heart beat!
Mike
John Perkins: Confessions of an Economic Hit Man” http://tinyurl.com/yef5xof
http://www.midasletter.com/news/09040702_Five-nations-plans-to-ditch-the-dollar.php
WileyCoyote after the advent of his nemesis-free life in acmetalism:
http://www.youtube.com/watch?v=AwS7qlZT0x4&feature=PlayList&p=4E48E8C2C16F57ED&playnext=1&playnext_from=PL&index=106
Here it is on Max.com: you wondered sleepless about it, now it is DEFINED!
ACMETALISM!
http://www.kazakhembus.com/index.php?mact=News,cntnt01,print,0&cntnt01articleid=177&cntnt01showtemplate=false&cntnt01returnid=90
The FED bought $15.0 billion net of agency mortgage-backed securities in latest week 24 December 2009 (Reuters) http://tinyurl.com/yaae3v5
The purchases brought the U.S. central bank’s purchase of mortgage bonds guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae to roughly $1.102 trillion since January.
@Mep:
No, he is pegging the American intelligence standard to a dusty volume of forgotten lore relating to ‘our founding fathers’ and ‘America’s lost industrial might’ left under the sofa in the Green Room of the White House.
What about that Kazakh dictator, eh? Looks like that area is hopping with colonial interest!
I mean we will get to see the bison roam the plains again, and the spotted egret will be safe.
The rest of us are f*cked with men like that leading the charge.
@ Phil _ yeah, so all of those upset about Neda and all of the other slaughtered Iranians really have the US to blame. Can’t even click on your link right now, b/c I don’t even want to see confirmation of what most of us have already suspected. It’s fucking criminal how this government continues to drag the character of all Americans through the mud with their murderous schemes.
Not ‘capitalism’ but ‘acmetalism’:
http://blog.foreignpolicy.com/posts/2009/03/10/kazakh_president_proposes_global_currency
@ frances – a ha ha joke? I didn’t get that. Thought he was being serious and being vague at the same time.
Out of the Kazakhs:
http://in.reuters.com/article/asiaCompanyAndMarkets/idINLE44644020090314
Serious U.S. prime mortgage delinquencies up 20% in the third quarter from the prior quarter 21 December 2009 (Reuters) http://tinyurl.com/ydcksu2
Well, with the currency pegs listed on that chart, I wonder what the GCC currency problematic was all about?
I think these Arab guys want IN the basket.
anyone read this book
http://www.amazon.co.uk/Gordon-Moron-Definitive-Objective-Chancellor/dp/189972608X/ref=reg_hu-wl_mrai-recs
@Mep:
Ron Paul’s bill is a JOKE. Don’t you understand that?
Chart showing pegs and anchors: for the currency gyres:
http://www.mof.go.jp/english/if/e1b064c3.htm
@Mep. more than 30 years.
@Mep. like that since i was 21.
The U.S. Government posted a record $1.4 trillion deficit for the fiscal year that ended September 30 – 17 December 2009 (Reuters) http://tinyurl.com/y8tjgje
U.S. producer prices jumped a surprising 1.8% last month – 15 December 2009 (Reuters) http://tinyurl.com/yel96yu
U.S. outflows at $13.9 billion in Oct; Treasury buys fall – 15 December 2009 (Reuters) http://tinyurl.com/y95drb8
Current account deficit widens in Q3 to $108 billion 16 December 2009 (Reuters) http://tinyurl.com/yegpvor
@ ronron- Really? You cannot travel here b/c of a > 30-year old conviction? That seems very strict!
CIA has Distributed 400 Million Dollars Inside Iran to Evoke a Revolution
…Former Pakistani Army General Mirza Aslam Beig claims the US Central Intelligence Agency (CIA) has distributed 400 million dollars inside Iran to evoke a revolution.
In a phone interview with the Pashto Radio on Monday, General Beig said that there is undisputed intelligence proving the US interference in Iran.
“The documents prove that the CIA spent 400 million dollars inside Iran to prop up a colorful-hollow revolution following the election,” he added….
http://pakalert.wordpress.com/2009/06/18/cia-has-distributed-400-million-dollars-inside-iran-to-evoke-a-revolution/
+ 2 Videos
@ frances – I’m interested in hearing more about Ron Paul’s competitive currency proposal. Seems like so far he’s left it really broad.
Geithner recently extended the bailout program until October 3, 2010 – 16 December 2009 (Reuters) http://tinyurl.com/ydwcw3d
@Mep. your welcome here, alas i cannot go there 1970 pot conviction.
@ ronron- What’s it like crossing the border these days? I’m less than 2 hours away from Canada.
@Mep. 25 canadian up here. bags of 200
@ Vega Man – I’m in NY and it has been going on for a while. I don’t notice it like I used to–they made some change, I guess–but my parents smoke a less-expensive brand and they recently started complaining about their smokes going out.
@ ronron- While I’m still smoking, I drive out to an Indian reservation to get them. Otherwise, I couldn’t afford them. At a regular store in NY, a carton is now over $70. It’s $38 at the Indian reservation.
my younger brother puked from all the pot.
“What I’d like to see, though, is a system that erodes the power of monopoly currency.”
If the sovereign reserves are denominated and accredited through the IMF bank, then dollar hegemony will continue under a different name. Count on it.
OP , ha ha ha , like a jack in the box ! A jelly in the box !
@OP. went to see frank at waterloo u. in 79. fantastic.
OP, good one, I never heard that one before!
VM
@Mep, ronron & vega man, don’t smoke myself but love this quote
“tobacco is my favourite vegetable” Frank Zappa.
@Frances, I also err on the side of consequences, but if you have ever had ya nads tazered, then this will come close to a jelly sting, makes for a small deterrent.
Hey just thought, if I could package some of our nasty creatures I could post them off to GS & JPM, wouldn’t that be fun…
UAE dirham pegged to sdr:
http://en.wikipedia.org/wiki/United_Arab_Emirates_dirham
http://www.jimhumble.biz/
Anyone here into MMS ?
No need for big pharma.
@Vega. yes like fluoride.
ronron , no doubt , like floride!
@Mep. buy your smokes from the original tobacco traders. mohawks in brantford ontario canada.
@Mep:
In looking into your summation, I found an interesting link:
http://www.bi-me.com/main.php?id=10445&t=1&c=26&cg=2
I came up with eleven currencies pegged to sdr: but I’m sure there are more. Seems the Indian rupee is most likely pegged to sdr from the collapse of Bretton Woods.
We aren’t going to see any progress in local enpowerment unless we rid the world of the global trade unit, the global reserve bank, and the IMF/BIS. These guys have PRACTICE at what they are doing: it is easy to keep the conduit flowing the same juice. Names mean nothing: it’s about control.
@Vega. maybe big pharma has a shitty byproduct left over from a shitty drug that is known to inhibit fire.
@OP:
I choose consequences.
http://www.youtube.com/watch?v=hKLF3-Qvk84
Forgot the link !
VM
Rabbit hole !
Far Out Man !
@Mep/Vega. you guys just went down a rabbit hole.
Hi Mep, I didnt have any problems till last week. I guess they just started it here in Florida.
@VegaMan. sounds wonderful. i think there will always be a buck. you got in early. hope you have a happy new year.
@ Vega Man – Where’ve you been? That’s been going on for years now. . . . unless your brand was somehow exempted until recently? It was really bad a year ago . . . the cigs would even put off odd sparks when you lit them initially. At some point 2 years ago, the nicotine levels were also increased in most cigarettes (to keep us poor nic slaves even more addicted). They added the most nicotine to the brand that black people smoke: Newport. I smoke Camel lights, and they don’t go out anymore like they used to (used to be I’d set it down for a minute and it would go out completely).
@Mep:
You are definately imaginative enough!
“Seems that if there was a way to conduct all global trade in something completely different than what people were using for their domestic currency (currencies), then power would return to people at a local, and ultimately, national level.”
Power in the G20, imo, will emanate from a global colonialization of people and their resources. If we allow the global trade to be conducted in a unit untied to domestic production, we are a sunk ship.
The international clearing union, the international suprasovereign trade vehicle unit, the sdr, the imf/g20/bis all coordinate profits siphoned from domestic to international coffers. This is the definition of colonialism.
Imagine living on Haiti in the late 1700′s, Mep, for a clearer view.
Here’s a funny sentence:
“I am still struggling to understand precisely what motivated Governor Zhou’s white paper.”
That written by the brilliant Brad Setser, CFR- blog man. Really? Or would Brad et.al. rather WE DIDN’T UNDERSTAND IT.
http://blogs.cfr.org/setser/2009/03/29/the-pbocs-call-for-a-new-global-currency-the-sdr-the-us-and-the-imf/
Hi ronron , I dont know anything about clothing and shoes. I was a gold miner. I dont do that any more. The price got so low I quit mining and bought all I could from US $280 all the way down to US $253 and didnt stop till gold got back above US $300.
Now I sit and watch my metals and mining shares do there thing and work on my Hot Rod . When gold is done going up I will be looking to start some business’s to give people jobs.
Vega Man
Japan teens skipping breakfast have sex younger http://tinyurl.com/yaay53c
So finally now I can change my opening sentence from “At your or my place ” to “Heee, are you the kinda girl who skips breakfast” LOL
Bizar: “Dead” man wakes up under autopsy knife http://tinyurl.com/yagnqty
Goldman Sachs and Others Investigated for Betting Against Securities They Created
“The simultaneous selling of securities to customers and shorting them because they believed they were going to default is the most cynical use of credit information that I have ever seen,” Sylvain Raynes, an expert in structured finance at R & R Consulting in New York, told The New York Times. “When you buy protection against an event that you have a hand in causing, you are buying fire insurance on someone else’s house and then committing arson.”
In addition to Goldman, CDOs were sold and bet against by Deutsche Bank, Morgan Stanley and Tricadia Inc.—an investment company whose parent firm’s CDO management committee was overseen by Lee Sachs. Sachs is now a special counselor to Treasury Secretary Timothy Geithner.
http://www.allgov.com/ViewNews/Goldman_Sachs_and_Others_Investigated_for_Betting_Against_Securities_They_Created_91227
after trying everything the americans always do the right thing. they haven’t tried everything yet.
my 9 year horror movie continues. meet the new boss just like the old boss.
TREASURY
Rising U.S. bond yields may spark Credit Crisis II 29 May 2009 (Reuters) http://tinyurl.com/n99gyq
@Frances, one good thing about living here, we don’t mess with rips or those soft man o wars, we’ve got the big Mac; Irikangi, Chironex fleckeri, http://www.photographersdirect.com/buyers/stockphoto.asp?imageid=497915
and that’s just in the sea, we’ve got much more stuff to worry about on land.
So it doesn’t mean that you can’t swim, it just means that there could be consequences if you do (not sure if there’s a metaphor in that)
@Vegaman. you got energy. the world is crying for quality clothing and shoes. get busy, get rich.
if you revalue gold now, i believe all currency will stand alone, but none will die.
http://www.firesafecigarettes.org/categoryList.asp?categoryID=9&URL=Home%20-%20The%20Coalition%20for%20Fire%20Safe%20Cigarettes
My Cigarettes keep going out and I found out the cause.
Its the GOVERNMENT . I should have known.
I want them to STAY OUT OF MY LIFE !
Go GET REAL JOBS ! Oh yeah there are no jobs thanks to THE GOVERNMENT ! .
Its way past time to through the bum’s out !
WAKE UP !
Vega Man
@Mep. why not gold backed currency. revalue gold and away we go.
@ frances – I believe that the tie to global trade is what gives a currency it’s umph exactly. I’m not imaginative enough or economically smart enough to specifically say what should be used as a reserve currency. What I’d like to see, though, is a system that erodes the power of monopoly currency. Seems that if there was a way to conduct all global trade in something completely different than what people were using for their domestic currency (currencies), then power would return to people at a local, and ultimately, national level.
@Youri. never heard any of these before. i’m more of a freddie king type.
@Snoot fair enough. your good name is likely ok. i worry about others,
Black Ops Marine & The Ultimate Warrior http://www.youtube.com/watch?v=CWfpORZOpjk
@Mep:
Mep, I believe that the tie to global trade is what gives a currency it’s umph. Look at the Euro. If the currencies are not tied to trade, then they will lack strength and the trade vehicle will tie all us to the international banksters as the dollar did.
mind you I’m just throwing out a line
And the sdr is the trade vehicle that keeps the four bested as of now: dollar/yen/pound/euro.
These are my thoughts on your idea. SDR is the unit of account for both the IMF and the BIS and god-knows-all seeing as I the info is not in the public domain (google-hahahaha) (zhou recommended the use of sdr as trade vehicle in his essay…sovereign wealth funds are privy to the IMF and my guess also sdr-denominated financial instruments seeing as this was reported in July)
@ronron
“age is showing” Mine to hi hi… An other Band you probably don’t know Bronski Beat http://www.youtube.com/watch?v=TngtnJfAlFQ
Clip from Telly series “Dark Angel” http://en.wikipedia.org/wiki/Dark_Angel_%28TV_series%29
Seeing this clip for the first time I immediately thought about this supersoldier thing…….and it’s for real:
Project Camelot interviews Duncan O’Finioan http://www.youtube.com/watch?v=MIUgThru7JY
Ronron:
We have these dratted creatures at the seashore right now:
http://www.okeefes.org/Marine_Life/Portuguese_Man_o_War_100_5320.jpg
and this:
http://www.ripcurrents.noaa.gov/images/ripfromabove.jpg
But it doesn’t mean we can’t swim. There is a risk. I think that is the way life is and we might as well jump in and hope for this:
http://donttakeitliterally.files.wordpress.com/2006/12/seashell.jpg
Our currency should be our good names, and if that were happening all round the world then we wouldn’t be at anybody’s mercy.
How about a new reserve currency for international trade and multiple currencies for each country’s domestic trade?
@Snoot ronron is easy to type and has pizaz.
@Snoot. you can swear at me here in your non vulgar way. are you asking for my number?
@ronron:
They might not win anyhoots.
@Snoot. c’mon man lighten up it’ all a ruse round here. questions and humor. we do need a currency that is whole or they win.
RonRon:
Do you have a better ideedee?
Ronron:
Yes, and seeing as we -mericanos no longer gut gutts to save ourselves withal I’m marketing that twitter-twit-twit-twit for a nice little lighthouse on the inner Hebrides. phew.
@Snoot. do you read the thread titles.
That would be Frances with an E, right ronron? And be sure to look both ways before entering the thoroughfare.
Think I’m gonna sell this nasty little tjilp..tjilp..tjlp..uche..uche.. tjilp.. It’s creating a scene round here: maybe it will be the birdy that laid the golden eggie?
@Snoot. what would you use to make a currency whole.
Ronron,
I don’t suppose the currency should be our focus right-bout now. It surely isn’t the focus of the ptb. I suppose men have been monsters to other men since time began (did it begin?) and using all sorts of currencies. I think words are working more powerfully on men than the paper notes given to support the banking elite’s interest.
And here’s ronron joining franicis snoot on FOX MONEY TALK. Francis: thanks for coming ron ron. you’ve been gold all the way here. you can’t eat gold. Ronron: how would you make our dollar whole. Francis: sorry ron were out of time. Flash: man hit by car while playing in traffic.
if you look at the value of the U.S. dollar relative to other currencies over any period of decades or even centuries, then the result is that there has been little net change. There are often powerful fluctuations whenever currencies are freely floating, as they have done since the beginning of 1972 for most of the developed world and even for many emerging markets. However, what goes up tends to come down, and vice versa. For example, in October 1978, the U.S. dollar index bottomed at 82.07; the March 4, 2009 peak for the same index was 89.624 while its current value is about 77.8. Thus, there has been essentially zero net change in the U.S. dollar relative to most other currencies over the past three decades.
@Mother. Haha. won’t work we need a whole paper exchange. why cut more trees. give what we got a true value. without cash then there really is a NWO.
wonder if there’s the comments radio show today.
@ronron
Let’s leave it in there, and order a ton of bricks and pile it in after it..
lets get the dollar out of the hole and make it whole. might not be worth much, but it’s a start.
@Everyone. lots of fun here thanks. the original thread was about currency. what do we use to make the dollar whole.
@Youri. thought you meant the valentine brothers. never heard of simply red. my age is showing.LOL
Funny how Max and Stacy were so great about highlighting the problems in the financial sectors these past few years but now that it is nearing an apex they come out and also call for a global reserve currency. The same solution as the bankers they have been railing against want. Still think they are for real?
I never really did but this post makes me absolutely sick and motivated me to leave a comment; something I have never bothered to do until today. A world reserve currency is even more tyrannical than the system in place now. What Max and Stacey are promoting is not a solution.
How about a challenge to the debts imposed by the international bankers? But I guess then there would not be a “need” for a new reserve currency. I know the majority of Americans never supported these two wars or the bank bailouts. Wake up no one on tv is on your side about anything. Max and Stacy are there to make the medicine go down easier.
Problem=The Fed/Central Banks
Reaction=End the Fed/Central Banks
Solution=New reserve currency and finally a new world currency and bank.
Can you believe it? The banks will get everything they wanted; a permanent underclass and the power to rule the world above and beyond govt. controls.
I think MARMITE will become the new reserve currency…
Not only can you trade with it, you can eat it…
You can use it to patch a tire, or depilate the hair on your taint…
use it as glue, or a Bryl-Creem replacement…
You can probably SMOKE it, too !!!
WOO HOO!!!
This Red is not stupid cause it’s exactly the reason why we are here like we are today with the failure of Neo-Liberalism which cost more and you get less. Simply Red – Money’s Too Tight (To Mention) Lyrics quote:
“We talk a-bout rea-gan-om-ics
Oh lord down in the con-gress
They’re passing all kinds – of bills
From down on cap-it-ol hill – (we’ve tried them)”
“A-mero – mon-ey oh yeah” ?????
Did this guy already knew about the Amero???? Quess it’s just a coincedence. LOL
@Youri. thanks for that. brings back memories.
@Snoot. what would you use to make a currency whole.
@Snoot. do you understand the phrase if so. hubris and hostility comes after that phrase.
pfew..
Yes, as I keep saying to frances, the SDRs ( and IMF/WB ) is just a new Fiat fraud .. same game, different name .. the article explains it very well .. aka EHM , as explained by Jon Perkins.
Yes, as I keep saying to phil, the SDRs (and IMF/WB) are inherently tied to the currency gyres which operate for the provincial benefit of elite monied interests.
@ronron
Moneys too tight to mention http://www.youtube.com/watch?v=DrUB0g8Vjgg
I realize I just survived a Curr-y crisis..Happened to have an extra bag of the stuff in store..
@Snoot. woops my bad. you just made some sense.
Gold lives in a bubble.
@ronron:
No. When someone introduces a new perspective to you, ronron, why do you react with instant hubris and hostility? My way of viewing things differs from those who retain a vested interest in selling gold to naive ‘patriots’ or hard-working ‘survivalists’. I am not against labor at all: go out and dig if it makes you feel more like a man. But think about where that hole is leading you fore you dig all the way to China.
“One, almost unnoticed, effect of the downturn is that past imbalances in trade and capital flows are correcting themselves of their own volition, the simple consequence of lower demand in once profligate consumer nations.”
The man that wrote this article feigns ignorance of the dollar/reserve system operating with the clan: dollar value index basket/sdr. What a loon! I’d hardly say he represents the British view of the renminbi, and the man did not indicate that China should represent a global reserve currency but vacillates with this winner:
“Yet even in China the establishment of a newly affluent, free-spending middle class may now have gained an unstoppable momentum. In any case, the country can no longer rely on American consumers to provide jobs and growth. It needs a new growth model, which means ultimately adopting the
Henry Ford principle that if you want a sustainable market for your products, you have to pay your workers enough to buy them.”
That’s the last thing those corporates that moved shop from America want or seek.
@Snoot. we don’t sweat much in canada this time of year. are you one of these guys that think labor is quaint. if so run along or better yet go play in traffic.
@Snoot. you really are lost. there are more paper contracts than there is gold. the comex is there to suppress the price of gold. do you live in a bubble.
The one thing we have learned from the Federal Reseve experience is that we DO NOT want centralised economic power.
Rather, a group of competing currencies, including the people’s currencies gold and silver, would best serve the world.
We cannot afford to have all of our eggs in one basket again.
@Youri. monatone baritone is not my thing. but thanks for the link. are you telling me your poor or putting down gold?
@ronron:
I hate to be the one to break the bad news to you: gold is a commodity and relies on the illicit criminal dollar/etf market for its glowing reviews. At present the IMF is utilizing gold to foister improved reserves in member nations which are set to gain advantage after the introduction of international suprasovereign currency and reserve controls. *disclaimer
*this is snoot opinion based soley upon reading and not sweat and manual activity
@Phil /Germany
Yep, you well could have but like said I am bussy with ” End of the Year 2009 Headlines Overview” so will go back in time more often now to get the big picture. This is the right time to make up the historical balance for the past year or so.
@Bonn. you just taught an old canadian how to do links
That’s not the way ooo tis all geting to confusing
Maybe New Years fever
Can we have anything worse than 2007/2008/2009
Wait “Don’t Answere that
Let the X-mas spirit carry n we see 2010 onwards like a rainvow
Hic
But gents..
The way it works is that the dollar loses popularity. Then people look for something else to hold. I have no idea why peopkle would want to own Yen, Euro is a good one, and ocourse the Yuan. Whichever currency it is that region will experience a lack of liquidity, deflation until it starts issuing more money at which point for the first time it has become an active reserve currency.
Even if China does not want it, the moment they open up their yuan they run the risk it will be bought as reserve. So it is an organic proces you can only rationalize afterwards..
@Youri …The IMF Catapults From Shunned Agency to Global Central Bank
I seem to remember posting this already .. maybe not here ?
Yes, as I keep saying to frances, the SDRs ( and IMF/WB ) is just a new Fiat fraud .. same game, different name .. the article explains it very well .. aka EHM , as explained by Jon Perkins.
“When you have something good, you are scared you may lose it,” Mr Strauss-Kahn said.
That says it all.
But Technically it’s working perfect
It lead to Nothing
Thats what we got here
A Big Nothing its gonna be interesting how an Economy that has nothing will help ya guys
Or ya guys for got we import Oil
Ok Don’t bomb us we did’nt search as yet
We were Dumb Idiots
OR
Hic
My Dream is to fly over the Rainbow
Plus We know about the Alaska Oil reserves
Sold By USSR to USA for a cent an Acre
I think 18 million acres for 18 mill in 18th century before we figured out what profits could be generated by GASOLEEN
Hic
@frances snoot
It seems that the Brits are more biased to the renminbi as reserve currency, donnow why?
The dollar is dead – long live the renminbi 25 September 2009 (Telegraph.UK) http://tinyurl.com/ya596dk
@ronron “got metal?”
I got plenty O’notin. http://www.youtube.com/watch?v=giVGv_dnmdY
@Youri!!!
Thanks for that awesome link!
I seem to have this pesky bird that keeps ‘ tjilp..tjilp..tjlp..uche..uche.. tjilp..’ in my ear. It is distracting to no end: but the flighty-feathered fraudster has a quick dip to it’s escape route. Any ideas for pest-removal?
@Bonn. you just taught an old canadian how to do links.
@Bonn. hi from canada. glad to see you got your game on. if i could buy you a couple large, i would.
Hey Peeps there is no Site like that techncally
So don’t Click on it
Stacey thats your Software Glitche
Sorry
Sorry
I just typed n it Turned blue
Ya need Preview button
So Sorry y’all
@everyone. todays threads are great. thanks. i’m all ears and a big mouth.
“Because the dollar, to my mind, given its underlying conditions, is no longer a credible long-term store of value,” said Wolf.
!@#$%^&* ===>>> Oooooooooooooooooooo now ya think of tis Its YOUR PROBLEM Mate Deal with it (….dunno why i called ya mate )
“The Americans no longer have the means to save themselves, this is what I think people don’t understand. There is no credible American policy,” said Wolf.
!@#$%^&* ===>>> So your Point is ???????????
“We need to discuss this globally in a harmonious way
!@#$%^&* ===>>> “Excuse me Why”Why the Fuck who screwed up big time Beyaatch
A swimming Pool a garden
A Jacuzzie
A Tree house
What all that
http://WWW.VISIT.BONNinINDIA
Nothing of that shit is remotely possible in India
Grrr soory angry at only US & UK Govt.
The screw up with us normal guys is that we trust everything a guy says with a Smile
Little did we Know Brute was standin behind us
Well at least behind me
but me was trained to Kick back as well against desert Snakes and stamp em out
ooo Hic
Rise up
@Snoot. gold is money. i have 15 oz gold and 500 ox silver so i,m not some rich snob. oh and i earned this metal with my hands, back, and skill.
@frances snoot
Mmmmm…. well you could be right about that. Zoellick wants countries to keep reserves at the IMF rather than on their own Quote:
“Poorer countries’ desire to build huge reserves rather than turn to the IMF for lending was at the heart of the matter. They kept their exchange rates low to build exports and provide ready funds to deal with a crisis.
This build-up of reserves, Mr Strauss-Kahn said, should be replaced in future by a “less costly and more efficient pooling of reserves” at the IMF.”
From: IMF chief renews attack on renminbi 3 October 2009 (The Financial Times) http://bit.ly/12f8K9
The IMF Catapults From Shunned Agency to Global Central Bank 1 October 2009 (The Huffington Post) http://tinyurl.com/yetnrcm
IMF Injecting $283 Billion in SDRs into Global Economy, Boosting Reserves 28 August 2009 (IMF Survey online) http://tinyurl.com/kkkpvn
@Youri. i understand your need to know but nobody really knows. the oligarks are winging it as we speak. IMO it will come down to metal and food. fuck, i don’t know anything but i think a lot. there are lots of oligarks at each others throats. it’s a war between them right now. we will have no say. got metal?
ronron:
How are you going to price all that metal you’re sitting on if the currencies go belly-up?
now her’s the kicker. there is no inventory of the amount of any world currency. you can bet it’s more than reported. i don’t think governments know this themselves. got metal.
@MotherEarth:
I am calm enough to get a good bead on that nasty little drippy bird you left on my desktop.
Max and Stacy time and again you have mentioned how Mr. Nixon subjectified the role of the dollar. Meaning that he turned dollar’s value away from the more or less objective value of gold to the more controllable value of oil. The target of certain people has been to have the power to designate the value of anything.
Over the last years, big companies have been trying to move to China and India mainly. More people, more customers, more money, more power. Big US companies did that with the help of the bankers who drained American citizens for that purpose. That’s the reason why the dollar is in this state, it’s value has been squeezed out of it, and what remains is only political power which stems from the companies and the bankers. As soon as the transfer ends, and the companies become chinese and indian, the dollar will be either US and of no value, or global as global reserve currency. The result for Americans will be the same tho, no buying or spending power.
I could analyze my views more, but we all have lives to live. Anyway that’s my take.
My take is there will not be a global reserve currency and that trade will be conducted in units pegged to the sdr whilst the nations starve slowly with their ‘competing currencies’ pegged to farcical mythological figure heads like George Washington or Abe LIncoln.
And it will be global, so the raving hoards need not bother torching the US as point-source of a system that has a basis in international trade hegemony.
Odds are good. And Stiglitz gets his way: the foreign reserves are the kitty of the genocidal inbreds. Corporate interests trump sovereign law.
Words are no longer the viable agents of free men, but restricted in scope and quantity as the most derelict and impoverished currency of all.
@Themanfromglad. say you have wheat for sale and china would like to buy it with printed money. there money would be valued to there gold reserves. therefore it’s this much paper depending on how much of there paper is in existence. you need an inventory of both paper and money.gold being the money not the paper.
I have a live feed from Islamabad..usual power outages twice a day..safe enough for a touring friend apparently..
@Snoot
Calm down.. listen to the little birdy tjilp..tjilp..tjlp..uche..uche.. tjilp..
Do we need a new reserve currency?
“Nope” we don’t need cause everything will become backwards Like this argument
LOLOLOL
ROFL PMSL
Hic
Does wine belong in eggplant risotto? Oops, too late!
THE POINT BEING: IT IS HIGHLY LIKELY THAT THE SDR IS NOW BEING TRANSITIONED AS GLOBAL RESERVE: MIND YOU I DID NOT SAY CURRENCY.
Currency outside of global trade hegemony will be like Peruvian funny money.
Youri,
I looked at the Guardian link for the shift of global power, and this sentence appeared glaringly at center without citation or source:
“The euro and the Chinese renminbi are candidates to become reserve currencies.”
This is NOT a quote by Zoellick, but a rumour thrust at center by the Guardian. I looked online to see if there was a citation anywhere to the source of this supposed declarative sentence coming from Zoellick, but I found nothing.
Why does not one even consider what is happening with the sdr on this thread? It is outrageous.
@ronron
Like said I am busy with my “End of the Year 2009 Headlines” and I am going back in time and arrived at May now but what I already notice is a lot of words but no change at all in the system!?
Clearly the policy has been set to kill the dollar:
U.S. dollar depreciation orderly so far: Fed’s Fisher 10 November 2009 (Reuters) http://tinyurl.com/yedosy3
And build an one world government on it’s ashes and I agree that it’s not necessary at all but these NWO folks keep pressing it is and come up with all sort of reasons for it:
UN Says New Currency Is Needed to Fix Broken ‘Confidence Game’ 7 September 2009 (Bloomberg) http://tinyurl.com/kswlnb
I don’t think it will restore confidence at all cause that beside the point. It’s all a con came like you said.
“Nope” how do I get “Nope” in Bold
We need to Ignore 2 Countrys
not the 145 or odd countrys we currently ignoring
Ya guessed it USA and UK
And Special Visas for the Mother F@#Ken Banksters
So they Immediate top topic on Google search
IRRESPECTIVE of what ya search for
And a F#$kin Web Cam on all thier heads
Hic I drank today
Needed to Sleep
And Tommorow I might play Lawn Tennis , still undicided about the weeds growing in the Lawn ,,,,Hic
It effects me Vollying in fact it gets better cause I get a better grip with my SOUL
LOLOLOLOL
ROFL
Beat that Shakespear
Hic
@everyone. do your heart a favor and watch tony benn destroy john bolten. utube.
@ronron, Is (the amount X the price of all available precious metals) >= (the value of goods traded internationally, plus the amount of international reserves countries keep on hand as insurance)?
@Brandon. Bush stopped Isreal. don’t think so.
@StacyHerbert. Does the world need a reserve currency? Would gold work?
@Brandon
Good point. Turkey is on the side of Iran. The attack would soley be to prevent CHina from having the oil. The US policy Israel projects may just get lost when Isreal sees its backing a losing team (and mounts a mass exodus to malta
)
WORLD BANK
World Bank welcomes new economic order from the ashes of crisis 4 October 2009 (Quardian.UK) http://tinyurl.com/ycdwrwr
US dollar set to be eclipsed, World Bank president predicts 28 September 2009 (Quardian.UK) http://tinyurl.com/ydmlff9
UN
Is the G-20 Summit a Step Toward a New Global Economic Order? September 2009 (The Brookings Institution) http://tinyurl.com/nt45o2
U.N. panel wants new global reserve system 12 September 2009 (UPI) http://tinyurl.com/yecvu6c
IMF
Banks and traders threatened by new international tax plan drawn up by IMF 2 October 2009 (Telegraph.UK) http://tinyurl.com/yejf3pj
Global economic crisis to continue: IMF chief 12 September 2009 (Reuters) http://tinyurl.com/pmsrmr
If Isreal attacks Iran we could also have WWIII, plus Oil and Gold will go to moon. Bush stopped Isreal last year from an attack before he left office. Who knew Bush the peacemaker. Gerald Celente think we could have a terror attack in the US in 2010.
@Blink. if the BMA is offering a 25 percent premium then gold will be up 40 points soon. who cares about JP Morgan.
What do we replace the dollar with a basket? I worry that trying to replace the dollar could lead to World War III. I mean the US invaded Iraq because they wanted to trade oil in Euro’s. The only answer for me is a new gold standard with the Yen, Euro and the Yuan getting a greater role in reserves along side the dollar.
See the arrogance of the US media. Now that the dutch hero is growing tired of being interviewed and wants some compensation it is seen as a bad thing (the ‘hero’ wants money). How about ‘You wheren’t there so keep guessing!’. Teaches you not to safe your own life when given the opportunity..
and if everyone knows JP morgan has this position why dont they gang up and smash the long bond through 110 .
@MaxKeiser. what you said caught my eye. China doesn’t need help as the US destroys it’s own currency.
can one of the big brains on here explain this article please.
http://harveyorgan.blogspot.com/
does this imply that a long bond price of 110 would bankrupt JP morgan .
Thanks
to be honest. It doesn’t matter what currency you use. Its all fake and really useless. Only thing that matters is hard commodoties and food.
U.S.DEBT
House approves $290 billion bump in debt ceiling 16 December 2009 (MarketWatch) http://tinyurl.com/y8exetg
Watchdog sees huge U.S. bill for banks bailout: Financial bailout’s cost to U.S. could total almost $24 trillion 20 July 2009, (AP) http://tinyurl.com/lvnqxk
Benefits’ explosion will eventually lead to an new economic crisis 4 June 2009 (USA Today) http://tinyurl.com/obplwr
@YouriCarma. government jibberjabber. all bullshit.
@Everyone. take a deep breath and go buy some metal. only buy what you can afford to hold. get rid of your junk investments at a loss if you have to. as long as the big institutions can convince you of the safety of your investments they can pull the plug when they like. It’s in your face. don’t you see it.
FED RATES
Fed May Raise U.S. Economic Assessment, Affirm Near-Zero Rates 16 December 2009 (Bloomberg) http://tinyurl.com/y97rsrf
Fed Funds Rate May Be Near Zero for Years, Fed Researcher Says 26 May 2009 (Bloomberg) http://tinyurl.com/r3cr7o
DOLLAR
Dollar Slump Persisting as Top Analysts See No Bottom 23 November 2009 (Bloomberg) http://tinyurl.com/yggjcln
Dollar Is Funny Money in Push for World Currency 31 August 2009 (Bloomberg) http://www.aei.org/article/100958
TREASURY
Treasury Yield Curve Steepens to Record on Debt Demand Concern 25 December 2009 (Bloomberg) http://tinyurl.com/yleyyco
Same story as with the derivatives were absolutely nothing has changed.
The difference between two- and 10-year note yields reached a record this week 29 May 2009 (Bloomberg) http://tinyurl.com/l6ctd3
@Themanfromglad. it’s not the amount of gold. it’s the price of gold.
@Max:
Are you indicating that the real ‘value’ of the dollar is decided by the currency trade?
“There is a ‘war’ going on in the currency trading pits.”
Don’t you feel that the sdr has any impact on dollar value?
It’s strange to me that all arguments point to the per person debt. if you doubled the population of the USA would the impact be half. no. in reality all currencies are backed by gold, silver, wheat, etc. the currencies of all countries will be revalued soon. manipulation is what is standing in the way of true value. if gold has to be 5000 US so be it.
Maybe they are a tribe ready to destroy all other tribes..I see 192 countries ganging up with torches to burn the monster…
Good Lord, Mother! Are the countries finally cognizant of the EU role as the global financial monster? Won’t burning a trade conglomerate that functions as a governing body now be a might hard on y’all over there?
The US may want to be viscious, but with what means? Maybe they are a tribe ready to destroy all other tribes..I see 192 countries ganging up with torches to burn the monster…
@Max, Do you mean to imply that an effort to save the USD as international reserve could still conceivably be winnable? Its fundamentals are so screwed up, it’s like expecting the fiancee of a guy strung out on drugs to wait for him to get his act together. I doubt the rest of the world can wait that long. I’m not sure who she’s going to run off with instead, though.
I know gold is a good investment, especially in just such transitional times, but is there enough to function as international reserve? What about gold and silver? Or gold, silver and the platinum group? Has anyone actually crunched the numbers for that?
Martin Wolf and other economists appear to be thinking in the box. Much like rearranging the deck chairs on the Titanic, deciding which corrupt organization will handle global currency is meaningless in the face of 7 billion hungry earth rapists destroying a planet with peak resources looming over their heads. A perfect currency will be lipstick on a zombie when the die off comes.
@Max
Discuss on one of your shows how the response could, would and should be for
“China’s efforts, Wolf said, will spark a “very vigorous, even vicious” reaction from the US as it’s destabilising US efforts to engender an economic recovery.”
Trade wars? Tariffs? Letting corporations out of China contracts with no litigation?
Ok. Let’s take this one step further.
The dollar sucks and needs to be replaced. Now, what do you replace it with that the majority of countries worldwide will accept?
Look at the conference in Copenhagen. Two weeks of endless arguing, and no results. And now, almost one week later, the business MSM is saying blame the States! No, blame India! No, blame China!
Must be a really slow news day.
Coming up with a new currency is like coming up with one carbon trading derivitive. It won’t happen.
@Max
I hear Jim Willie say that China is also ‘invading’ the financial market by offering its treasuries (or what they are called) as a replacement for the US bonds when they are used as collateral by hedge funds. So the US is losing its function as a stabilizing force, making it more prone to be abandoned..
@stacy
I’ve mentioned the Triffen Dilemma here before, it would be a good topic for TAM, it’s at the heart of the crisis.
The USD actually became as good as gold, until now of course. Triffen’s theory explains how gold got to $1200 while treasury yields were historically low. But interestingly, if the US actually ran a surplus, liquidity will be drained from the system and the rest of the world would freeze up.
Imagine a spiral snail shell that is slightly flawed in it’s design. The bigger it gets, the more flawed it’s shape becomes until it no longer functions. That is the human condition. The bigger our organizations get, the more flawed they become until they fail.
A global reserve currency is too big a shell.
@Stacey:
Well, ding-dang-doggie! I’d say a big NO on that one! I’d say the inherent inflationary aspect of providing a truly liquid global reserve currency is a dead-zone most appreciable in the next year’out fur us. I’d say we’z done fur seeing as the global liquidity is drying like the sands of the UAE: and it ain’t gonna manage with the sdr allotment seeing as that should be round 3T to take the peak off the US deflationary spiral brought on by our own loving and caring official representatives to international profit margins. The rumours concerning the hold-off on basel probably relate to this phenomena. (Japanese seem pretty recalcitrant)
But giving the criminals the keys to the kingdom just seems not quite just to me.
Either which way we have gone past the point of no-return: our economy is dead just as soon as the winds of TALF stop creating that pressure gradient necessary for some rain.
gonna be a tad dry
My solution is a divining rod for liquidity dowsing. Got one? We could market them!
Snow and ice to hit Britain at New Year
Snow and freezing weather could bring an icy start to 2010 with forecasters predicting the return of plunging temperatures for the New year.
http://www.telegraph.co.uk/travel/travelnews/6893844/Snow-and-ice-to-hit-Britain-at-New-Year.html
Happy New Year From Sweden A Golden Oldie
http://www.youtube.com/watch?v=dcLMH8pwusw
Well, primarily one reserve currency is completely unrealistic.
The trust is not there and if it still is comming events are likely quickly erase every last sliver. Having a single currency means handing over powers to the issuing party. Handing over power is not in vogue.
Money has the power to motivate, either for hand over stuff or to work. To get the timing an allocation right that power should preferably be given to local governments not a central body.
The solution imho is to have regional currencies (fiat of gold backed). To revive global trade (which is only marginally sensible) there needs to be an equalization of a backing material or mix of materials, which will not be held by any single entity but by the issueing countries themselves. The ‘verify’ part of ‘trust but verify’ will have to go first. All hard backed currencies can move into a fiexd exchange rate system eventually.
These writers want to keep cruising but I believe you can wreck a system beyond repair. It is an intellectual delusion the world can be made. It only plays along until it gets you..
China’s efforts to keep its currency cheap is frustrating DC’s efforts to devalue the dollar.Wolf says the US might even get “vicious” with China over this. I wonder what Wolf expects? Maybe the US will “strategically default” on its national debt? Or have CIA operatives stir up more trouble among the Uighurs and Tibetans?
@snoot – not rhetorical; I really want to know what you think about the US dollar as global reserve currency
this caught my eye;
China’s efforts, Wolf said, will spark a “very vigorous, even vicious” reaction from the US as it’s destabilising US efforts to engender an economic recovery.
. . . I believe this is true. There is a ‘war’ going on in the currency trading pits. The US fighting on the ground in Afghan, Iraq etc. is a rear guard action that is a huge waste of precious capital. Capital needed to fight the real war going on to destabilize the US dollar.
“The board should make sure that the IMF serves the interests of all its members effectively and evenhandedly.”
HAHAHAHAHAHA
Excuse me, I seem to have bile in my mouth.
@Stacey:
Is that a rhetorical question?
@Stacy:
Stiglitz claims to be working on behalf of the common/poor, yet he deliver power into the hands of the criminal/rich. The suprasovereign approach, while inevitable perhaps, is a continuation of the exploitation of the poor and the indigenous people at the hands of the Anglo-Dutch imperialists. Same/same.
And yet worse/worse. The ‘kitty’ will be in the hands of a small power elite answerable to no one but themselves: the power to co-opt human agency globally will be strengthened to the point of complete tyranny.
See: IMF reform
http://www.voxeu.org/index.php?q=node/3021
@snoot – you think the US dollar functions well as a reserve currency?
@Stacy:
Solution? I don’t agree with their idea of the problem.
Stiglitz recommendations:
http://www.stwr.org/global-financial-crisis/dollars-devaluations-and-depressions.html
@snoot – yes, it seems that he believes some sort of global trading currency is in the works; no other country or monetary bloc wants to take on the role of reserve currency; what are your ideas for some sort of solution?
More on Vic Chesnutt killing himself, was facing $70,000 in medical bills:
http://www.huffingtonpost.com/2009/12/26/vic-chesnutt-dies-fund-se_n_403786.html
Why does Wolfe ignore the recent 250B sdr allotment, the substitution account idea, and the IMF bank? The move has been initiated to bring the sdr into a role as global reserve, and the idea of an International Clearing Union (global central bank making suprasovereign decision regarding interest rates and deficit/surplus capital controls) seems at the heart of Wolfe’s essay.
The reporting on this unlimited bail out of FMae and FMac appears absent.
http://online.wsj.com/article/SB126168307200704747.html
This should be a front page story because the US Taxpayers just got fleeced for an unlimited amount of money over the next 3 years.
To quote Wall Street Journal:
The Obama administration’s decision to cover an unlimited amount of losses at the mortgage-finance giants Fannie Mae and Freddie Mac over the next three years stirred controversy over the holiday.
The Treasury announced Thursday it was removing the caps that limited the amount of available capital to the companies to $200 billion each.
Unlimited access to bailout funds through 2012 was “necessary for preserving the continued strength and stability of the mortgage market,” the Treasury said. Fannie and Freddie purchase or guarantee most U.S. home mortgages and have run up huge losses stemming from the worst wave of defaults since the 1930s.
Mish says Fannie Mae and Freddie Mac just got a blank check from the US Congress and US Tax Payers.
http://globaleconomicanalysis.blogspot.com/
There’s not a mention of this bill anywhere in the MSM
First