Stacy Summary: This link via Mish.
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ref. max keiser – Get 6 mo’s free storage
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Rick Ackerman-
- Karl Denninger – Market Ticker
- The Big Picture
- Mish
- David Morgan
- King World News
- SmartKnowledge
- GoldCore
fiat money and the french revolution
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crash banksters – Buy Silver & gold
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Not only Barnake but the complete financial system should be replaced, see:
http://www.naturalmoney.org/introduction.html
The fundamental cause of economic inefficiency is usury, which is the charging of interest on money. The following example demonstrates that interest on money is unsustainable and leads to crisis:
If someone brought a 1/10 oz gold coin to the bank in the year 1 AD, and the money remained there until the year 2000 AD, collecting a yearly interest of 4%, the amount of gold in the account would have been 3.6 * 10^31 kilograms of gold. This is 1.9 * 10^27 cubic metres of gold weighing 317 times the complete mass of the Earth.
An ever increasing amount of debt is needed to pay for the interest on the money. At some point this leads to crisis.
Well-constructed cases and logical arguments against Bernanke and the fed aren’t going to fix this situation.
I just e-mailed Patty Murray, Washington Senator, to vote “No on cloture for Bernanke.
Actually, I’m proud of Murray and Maria Cantwell. Cantwell has been holding information hearings on finance reform. She’s sharp, but she’s just one. She and Jonn McCain were trying to get the ball rolling for finance reform. But Cantwell said that the current proposal for banking and finance reform was worse than just leaving it alone. The proposal of course had big loopholes for the Banks….wha’d you expect, eh?
Onle against Bernanke ? Not just one man. The whole institution should be erased from the face of the earth. END THE FED, Bernanke is just a puppet. I don’t think that the guy takes the decisions by himself. Bernanke has bosses. No I am talking about the American people. I am talking about the crooks in Wall Street. THE END. Not just Ben. All of them.
@Natural Money -
Your comment regarding a 4% interest on the gold coin with compounding interest is a well-taken point.
Last night, I posted this interesting lecture by a professor in Colorado who discusses the same issue regarding exponential functions and compounding.
http://www.youtube.com/watch?v=VoiiVnQadwE
This lecture on energy consumption per capita in the United States is important to view and evaluate.
The economic model of electrical energy distribution in California was tied to Sempra corporation and Enron.
@Tsar – the Bernanke chairmanship is a symptom of the economic disease. But, to do nothing is also denial. I’m glad people are calling their Senatorial offices.
We should.
This economic war was not started by us, but we are the casualties.
I do not believe that the Senatorial office staff should be permitted to continue thinking that we are going easily and calmly into the night.
In fact, we are morning in America. We, who are mourning our national loss, are also the people who must awaken tomorrow and live our lives (despite the cullers wanting us dead).
The Senators had better wake up and do their job.
They won’t.
They’ll punt and there will be no vote anyway.
Its the old ploy of governments and military. Find one person to blame it all on and make it seem like something was done for the better. But all the crooks behind the screen just keep right along doing their same crooked ways.
I thought everyone knew this ploy. They’ve been doing it for a centurys.
Unemployment explodes in 43 states.
http://articles.moneycentral.msn.com/Investing/Dispatch/market-dispatches.aspx?post=1572610&_blg=1,1570936&source=patrick.net
Bernanke should be fired and put in prison with Bernie Madoff.
These criminals continue as if there are really preoccupied by the economy. Banking vampires bonuses were great. Thanks Ben.
Heated debate today over at CNBC regarding the reappointment of Bernake and the direction of the administration.
Paul Kanjorski vs Ron Paul:
http://www.cnbc.com/id/15840232?video=1395125659&play=1
David Malpass Vs Kanjorski
http://www.cnbc.com/id/15840232?video=1395134863&play=1
Sen. Merkley vs kanjorski:
http://www.cnbc.com/id/15840232?video=1395129481&play=1
@Marietta. hello. no. bernanke’s taking down the ship. he won’t be in it. nobody else wants the job.
Marietta – Big thank you for that link posting.
Kanjorski’s comments
“I had a chance to work with (Bernanke)…through the RESCUE period”
RESCUE OF WHO MR. Kanjorski????
“Crisis came out of a Republican administration”
Oh really? The Sub-Prime mortgage has nothing to do with the Acorn and Barney Frank?
I like RON PAUL!
@ronron – more disinformaiton coming from you today….
The Federal Reserve Board already has Bush Appointee Donald Kohn sitting as vice-chair.
Look up Donald Kohn, or perhaps you already know that the damage control team is in place?
@CalDooc. i make no quotes. i have an opinion. please go play in traffic.
@ronron
LOL! Good point. They must have given Bernake the best parcell of land in Paraguay for taking the “heat.”
If you are worried about walking away from your mortgage, there is the Tishman defense.
Tishman/Spier bought 5.4 Billion of residential property in N.Y in ’06. They financed 4.4B. Tishman had only 120M in the deal. Now they can’t make payments. Imagine that! So they are just handing the keys over to the lenders! It;s now worth half that. No one seems to think they are deadbeats.
http://www.cnbc.com/id/15840232?video=1395152590&play=1
@Marrieta. remember i’m the guy that opined gold would be 1235 can last week.
@Max and @Stacy-
This story just came up on Jim Sinclair’s website.
http://www.cnbc.com/id/35055601
The FDIC may offer derivatives to fund the insurance process for the deposits in the banks.
So, is this a sign that our deposits at the banks are in trouble?
DUH!!!
How many canaries need to choke and croak before the miners figure out these toxins in the air?
@ MAX – This is almost too ironic to be believable.
IGNORE MY CNBC LINK… This is the original story
http://www.ft.com/cms/s/0/c12edfae-0951-11df-ba88-00144feabdc0.html?nclick_check=1
The Financial Times is reporting that the FDIC and specifically Sheila Bair wants to play a bigger role in the bank bailouts.
They want to offer bonds guaranteed by the US Gov’t to underwrite the FDIC.
FDIC is out of money!
Via Mish too:
“Some might consider the Fed is public enemy #1 and public unions #2. Arguably, unions try harder.”
He also wants to stand up and saluto Mr Comando.
Fed up about american mania about Goverment, Trade Unions, the RED UHHH.
Sorry, the link
http://globaleconomicanalysis.blogspot.com/2010/01/schwarzeneggers-puts-unions-in-cross.html
marc Authier:
Bernanke is being voted on now, not the rest of the criminals. Gotta take ‘em one at a time.
The FDIC is regulating the securities market unprofitable for banks, then stepping in to securitize junk and rate it AAA. Sounds fair?
Cal Doc.
Link ok, but after two seconds a pop up covers all text in FDIC artical. Please elaberate…….
Cheers.
@Skiddypants:
Take the title of the FT article and put quotes around in: then put it in your google search. When the page for google comes up you just clink the link and should get the article that way. Youri told me this.
Financial Times story is:
US eyes bond issues to offload $36bn of troubled bank assets
By Aline van Duyn and Francesco Guerrera in New York
Published: January 25 2010 02:00 | Last updated: January 25 2010 02:00
Here’s some real gems:
* The US Federal Deposit Insurance Corporation is working on plans to package billions of dollars of assets from failed banks into securities
* FDIC has more than $36bn (£22.4bn) in assets on its books from failed institutions seized during the financial crisis
* One option being considered by the FDIC is selling bonds with a US government guarantee in order to ensure they have triple A credit ratings
One other gem here – Sheila Bair, like Ben Bernanke, is a Bush 43 appointee… seated in 2006.
Does anyone seriously expect me to believe that the timing of these appointments is coincidental?
I nominate Steve Keen for Bernanke’s job…
All in favour?
CAlif. doc, the usa is out of money. Just overlook the 13 + trillion in debt it is now.
i guess as long as they keep handing out the fake made up money to make it look like everything is just fine it will work. Got to love it. Its beyond rediculous now.
@Giuseppe –
I second the motion and would like to co-sign sponsorship of that resolution.
I’d also like to offer another resolution – fire the entire Board of Governors of the Federal Reserve.
Send them home and seize all assets of the Federal Reserve
@Jon – if we’re right and correct, do we keep transacting in the Dollar?
I’m still using the US Dollar mainly because everyone around town still does. But, I’m beginning to talk to people about doing business in gold or silver.
It is amazing that few people seem to know what to do with a gold or silver based transaction.
calif. Doc, I’m having to guess the us dollar will be worth alot less pretty soon the way its going. I’m investing in storable food and things i’ll like to have if a crash does come about. Which looks pretty possible now.
Whats interesting is that the government folks keep trying to hide the fact that 1,000′s are loosing thier homes and jobs every day. I wonder why the media quits reporting on that. The big news is the banksters are making record profits. Off of almost 0% interest borrowed from thier buddy the fed.
I live on a ranch. So other than the below 0 weather we have here we all should be okay. Problem in montana is its hard to grow food year round.
I don’t know whats coming. But its probably gonna be a pain in the butt.
Does Goldman Sacs control the fed and Burnanke, I think Ben prays to Blankfein before bed and asks for the wisdom to serve his masters plan
http://finance.yahoo.com/tech-ticker/goldman-it%27ll-be-a-disaster-if-bernanke-raises-rates-411572.html;_ylt=AuA_dBfMzLr_h5bVFVyQnIi7YWsA;_ylu=X3oDMTE1aXQycnRiBHBvcwM3BHNlYwN0b3BTdG9yaWVzBHNsawNkaXNhc3RlcmFoZWE-?tickers=gs,dia,spy&sec=topStories&pos=5&asset=&ccode=
@MAX and @STACY -
http://stockcharts.com/h-sc/ui?s=$VIX
VIX graph shows skyrocket in the last 4 days
http://stockcharts.com/h-sc/ui?s=$INDU
DJIA has taken a 5% nosedive in the same time period
http://stockcharts.com/h-sc/ui?s=xlf
Financials falling on massive increase in volume
Uhmmm…. anyone else in the mine with us?
The canary just died and the candle is going out….
tugging on the cable to get us out of here…
@ Cal Doc & F S.
Thanks.
Soundz dodgy……..
Cheers
@JON
There are four costco warehouses in your area.
Victory garden ?
Food For Health
Emergency Garden Seeds
23 Jumbo Seed Packets Produces 1 Acre Garden
Item # 472432
Look up Thrive and shelf reliance… I do not have first hand info on use of these products, but I am getting interested.
If you have a ranch, the short season food products is good call.
This product was kind of interesting too…
Food For Health™
Deluxe Family
Emergency Supply Kit
Food, First Aid, & Essential Supplies
Enough Food For 4 People
Item # 401641
Best wishes…
@Jon –
Dunno if you read the Shenandoah blog at http://www.johngaltfla.com
Look for the Day the Dollar Died… it’s a blog-novel in progress…scarier than any other stuff I’ve read, but also it got me off my but and moving.
The family doesn’t get it.
Only a few guys around me get it, but they all have guns and prepped prior. They said, What took ya’ doc?
I know a few doc’s who are also stocking up on ammo and M&M’s. Some of us thought the SHTF 1 year ago and we were going to see a more rapid $USD devaluation earlier in the year.
My guess is that the foreign nations said no to the USD falling that fast because it would have taken them down the tubes too.
Some doctors have already bailed and moved resources out of the cities in prep for SHTF scenario.
Scary stuff, but also prep in case of wierd mass casualty incidents.
Montana is a good place to be….colder than a Freezer, but also the food keeps… you have a good ice source for the next 3 months too.
Hope the ranch is good….
Sunlight can generate solar heated water if you use the right array.
Best wishes.
thanks justget itright, thats good enough for me. Goldman sachs warns strongly of not raising interest rates. RAISE THOSE INTEREST RATES. Its like a sign from heaven. Goldman sach(alias the devil) wouldn’/t steer us wrong. They’re so evil. JUst do the opposite of what they say and were all saved.
Alot like my brother in law. Do the opposite of what he says and all goes well.
cal doc, my relatives are yuppies and very old war veterans. Both think their perfect usa world will always be intact. So they’re not ready at all for anything. They’ve told me many times. WE’ll just come over to your place to survive if worse comes to worse in a snide way. Which is what will probably be the case. They don’t know. But I’m gonna put em to work when they come limping in.
Before the US knows it, the sum total of all of its debt and deficits will be:
10,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000 USD
@Jon
After they’re done with their snide comments and if they are on email, tell them to go visit this site:
http://johngaltfla.com/blog3/2009/11/18/the-day-the-dollar-died/
Notice that the author’s story starts on Feb 21, 2010.
That’s less than four weeks away.
Hope the FICTIONAL story stays that way… but they should read the story anyway.
You forgot 3 zeroes.
I convened a meeting to discuss Bernanke last Saturday.
Met with limited success.
http://grupo.org/ponzi/
Got a question about the level of debt for y’all.
How are short sales accounted for in the debt reporting?
By nature, short sales are leveraged bets. Such transactions also increase the interconnectedness of the participants and can lead to a chain of interconnected parties. In a speech in 2008, Bernanke referred to back office problems associated with the Bear Stearns failure and the difficult prospect of unwinding trades that touched Bear Stearns in an illiquid market. Of course he referred to collateral demands connected to credit default swaps, which can function as naked or related short bets in the credit markets.
http://www.federalreserve.gov/newsevents/speech/bernanke20080708a.htm
(Link provided for the curious and easily entertained. Otherwise, trust me – it’s in there.)
Then again, a run on a major institution can create its own liquidity issues.
The takedown of a long position is fairly straightforward. Sell what you own. A panicked unwinding of a short position can be another problem. When the short position is in the credit markets, the issue becomes a matter of undoing leverage related to leverage and may have been involved in serial transactions with multiple participants. The initial run on LTCM comes to mind. Here’s a link to Eric Rosenfeld of LTCM’s lecture at MIT last year. He makes that point that one major lesson learned was that, in a panic, carefully thought-out paired trades immediately become disassociated.
http://techtv.mit.edu/tags/3663-ltcm/videos/2450-eric-rosenfeld-15437-presentation-21909
This is worrisome, especially since Bernanke as regulator-in-chief for some institutions has remarked previously that institutions should be careful to use hedges. I would assume that there would be leverage involved in the hedges too. Although the hedging may work out at times on a micro level, would not the net effect be an injection of greater risk into the system and decreased net value of a successful long position?
It really is time for Ben to retire. He can rest on his laurels. If he needs laurels, the Nobel committee will probably be glad to provide.
Stacy, Have you seen this yet?: http://www.youtube.com/watch?v=d0nERTFo-Sk
“Fear the Boom and Bust” a Hayek vs. Keynes Rap Anthem
@ Sherri – Short position on balance ledgers
I am not an accountant. But, my guess is that the banks are on an accrual basis ledger, not cash basis.
In a cash ledger, the short position is not booked with capital gain or loss until the position is unwound. In FASB rules, the situation varies.
http://en.wikipedia.org/wiki/Mark-to-market_accounting
Please review this wiki.
The practice of “mark to market” is central to the present economic fiasco.
@Sherri -
Thank you for posting that link to the MIT lecture by Eric Rosenfeld on LTCM.
The link is phenomenal!
Rosenfeld says
2/3rds of the partners were from or associated with MIT.
1995 – closed the fund to outsiders
LTCM was massively levered 100:1
On the last day, they had 400 million of equity capital. 120 billion dollar balance sheet.
ASSETS/EQUITY = 300 to 1 on the last day.
Anyone looked at GS, JPMC, Citi lately?
How about the British government?
The presentation gets into the meat around 9 minutes.
He says that the equity ratios were generally about 20-30 to one.
He says that they had “involuntary leverage”.
Used…”relative value convergence trading”
Hedged the systematic risk factors associated with those investments…
did fixed income in the term structure…. global in nature…across fixed income, equities, and foreign exchange…
@ Cal Doc
Glad you found the lecture worthwhile. It really made me think of the chain reaction that can be built up through serial short trades.
I left a reply for you on a later thread since I thought this one might be done.