Stacy Summary: I wonder how much Valukas was paid to come up with the same information that Keiser provided to Huffington Post for free? First, here is Max’s article from July 2008:
- JULY 9, 2008: Peek-a-boo accounting and the crash of Wall St financial stocks (Max Keiser / Huffington Post)
It’s peek-a-boo accounting where debts are removed from the balance sheet during the period when disclosure is needed (for quarterly earnings reports) and than the debt is temporarily parked back onto the company’s balance sheet, or parked on another bank’s balance sheet with an implied reciprocal agreement. (Enron had hundreds of shell companies that served as ‘debt parking lots’ to avoid having to include any liabilities on their quarterly earnings statement).
Lehman Brothers looks like they are trying to out-Enron Enron in the peek-a-boo accounting department.
And these are the findings on Lehman’s accounting ‘gimmicks’ in March 2010:
- MARCH 12, 2010: Lehman bosses used accountancy gimmick to cover up debt (Times)
[Anton Valukas] was scathing, however, about the bank’s “inherently improper” use of an accounting practice known as Repo 105, designed to remove temporarily $50 billion of debt from its balance sheet, without telling investors or regulators.
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@Stacy
That’s problem with being years ahead of the MSM … by the time they admit the “older” Conspiracies, people have (conveniently) forgotten who exposed them first.
Griffin mentions this effectively in the AJ piece :http://www.youtube.com/watch?v=dim_COoY44c
Like one of my family members said..”Fraud, yes, I also read it in the paper today”. Eh, true, but I told you years ago!
Lesson learned: It is more important to be on the stage than to know how to act..
A benefit of revealing now – crimes from before – is to focus outrage on something in the past instead of something in the present.
I can go on MSM today and point out heinous financial crimes, and this will be met with paid lobbyists who will invoke all kinds of nonsense (especially easy in the social (not natural) science of economics) to wedge an artificial element of doubt into the minds of the lay public.
This leaves the public with a choice: donut now or donut factories later.
MSM, Wash, and Wall St. know that all they need to do is trigger the short term ‘this is too complicated, I want my donut now’ button and they can commit any financial fraud they want. As they do. As we know.
Trust me. When you start to give the public a way to buy/sell hollywood movies (cantorX) – the MSM ability to change the subject from financial crimes to financial celebrity nirvana will be extremely easy.
Think of it like the ‘code red’ terror alerts that Bush used anytime he needed to pass a new military budget. Here, whenever a new bill gets close to auditing the Fed, expect the WSJ and CNBC to carry this headline: “Brad Pitt and Angelina Jolie related Movie Futures /Stocks Up Sharply/Crash on CantorX as rumors float about ‘fill in the blank.’
Within 10 seconds every media outlet in the entire world will have the futures charts of these projects on the screen and people talking about this.
Weapons of mass financial de-straction are here. You have been warned.
Also, expect a bubble and crash in this market within 24 months.
Dang it Max Keiser! I don’t care if you’re right – as always!
I still hope that these criminals get “renditioned” on fast jets to Big China!
Keep the donut.
Here is a lot more on accounting gimmicks.
Ponzi anyone?
http://www.marketskeptics.com/2010/03/unregulated-securities-lending-has-kept.html
More here: http://3.bp.blogspot.com/_EZMGVwURo3M/S5eqaTnUP3I/AAAAAAAACdM/fW1L1cnEPaM/s1600-h/ScreenHunter_017-761035.gif
Great point Max re MSM..
So true.
Look at Blair and Brown giving evidence on Iraq invasion.
They lied, but now it doesn’t seem to matter.
They acted in our best interests.
Bollocks!
Max and Stacey are giving us time to act before the hordes find out on the MSM.
When I first started watching ‘The Oracle’ last year I thought about how many traders, politicians, etc who play the game. All part of the system and all unable to sleep nights. I also like the humour despite the financial destruction, live your life and be prepared.
How amazing to have someone to tell us ordinary folk how the financial world works. I have always thought the system was rotten but had no idea about anything I have learned on this site.
I am very grateful for the insight.
Thanks.
Oh Oracle,
we were in doubt before, now thee have shown himself to be true.
Lead us to the fields of gold!
I wouldn’t worry about it @maxkeiser .Look baby cakes I’m a wondering buddha/Sadhu.I have a bowl and my friends call me Diogenes.I don’t even own a computer.I’m in a internet cafe in Antarctica.Give up your possessions and live a simple life.Complex language is a disease to describe the disease of contemporary industrial language based on the industrial model.
You don’t have to be a crook to understand how crooks work.
Information and understanding, education is power.
Whether you use it is another story.
This just keeps on getting better!
What happened to USD?
Chinese pissed at Obama because he keeps telling them to raise Renminbi.
Timmy G writing Obamas speeches….
“Just say this, its on those silly glass things that go everywhere you go”
“Yes, the teleprompter. Just read it knucklehead”
even the investigation is a racket. hahaha. never ends.
Mini US@
Forget about education live simply carry what you own and speak simple truths.
If you want to be contreversial live simply.It’s the only rebal way to screw the system. Sony/Panasonic/Diogenes
P.S Forget the newspeak your all babbling about . Let’s talk about real truths
First truth: go outside take a deep breath and look at the sky
I love when Max talks about cheap donuts.
My mouth begins to water and I lose concentration track of whating I was read and stuff…
Mmmmmm, delicious fraud…
Jim@
lead us to the fields of mercury and environmental degradation
FOOLS GOLD
According to this, India’s Real Estate Market is having its bubble burst somewhat…
http://www.makaan.com/makaaniq/property-prices-in-india-fall-by-43-in-january-2010-says-makaancom-property-index-mpi.html
This site is sort of like the Seattle company ZiIlow.com — albeit they are still a fairly small affair and have some sample space problems.
$ falling, could Bob Chapman be right?
Time to short the $?
Mike
Bill Stewart@
Who cares. live simply.All that information is useless.Live simply.Imagine how much energy is being used to retrieve all that bull from those servers
Mike2 liverpool
Who care meditate and grow a garden.You can’t eat money and drink mercury fom dirty rivers in the Amazon from a bunch of gold speculaters
OT: YouTube
Has anyone else noticed that the YT videos in one’s “tagged channels” list now AUTOMATICALLY play the next available video .. ad infinitum ?
Very annoying .. anyone know how to get rid of this ?
phil/germany
throw your computer out the window and live simply
I know the economy is bad out there and so many on this site may be looking for jobs. So here it goes – my cousin is looking to hire someone at her company in Florida (north of Jupiter and close to Port St. Lucie) to sell internet connectivity and VOIP to businesses; Full time or part time, health, dental and vacation; anyone interested can email me at stacy at max keiser dot com
@Stacy. nice of you.
Oh yeah!
I love free doughnuts!
Doughnuts! Doughnuts! Doughnuts!…….
stacy herbert
forget working live like Diogenes.Tapping computers all day.
Life in the jungle -die on a mountain-not in a modern hospital with free health care and pills-I want to die in the forest not hooked to a machine
Homer Simpson
Donut Hell
http://www.youtube.com/watch?v=X3ZcZ2h4Ths
phil/germany
throw your computer out the window and live simply
Just like you were doing while typing that message?
Right…
Life in the jungle -die on a mountain-not in a modern hospital with free health care and pills-I want to die in the forest not hooked to a machine
Perhaps you should start by stopping sticking those messages…
@Stacy
Payment in bullion coins?
Wait a second, Max,
Are these FREE doughnuts or SOCIALIZED doughnuts?
@mAx
I’d say you want your donuts and eat ‘em too!!!
Greece – protests
AP video 2min
http://www.youtube.com/watch?v=NaaHx2doD94&feature=player_embedded
martijn@
Im not using a computer this is by telepathy.Im on a mountain in deep meditation in india trasfering my thought via brainwaves
@Max
sorry but I agree, people are really stupid and like it that way. Feed them enough and 90% will not care for anything but sex. Avoiding the suffering of others has logically been able to put itself on the top of our priorities during evolution. Controling others however has always been an integral part of parenting. We seen ‘infantile’ people kept ‘infantile’ by ‘grown ups’ with a surplus of parental instinct..
Also maybe we should aknowledge there are many more countries these days than we think..
It used to be:
1. King/Rule
2. Border
3. Common language
4. Nobody else ruled on its own
Now it is
1. No ruler, just a for profit legal revision panel
2. No borders and many new boders (corporate secrecy)
3. Varying language, closed communication networks
4. Many rulers, in Energy, Food, Baking Pharmaceuticals
People own their own islands and airlines for gods sake..The question is: Do you want to live in the Virgin global village?
martijn@
My telepathy tells me you are currently sitting by a window in London on your laptop.
?
too big to fail is now to big to jail. hahahaha fuck
@Phil
1. Throw your hands up in the air
2. Wave ‘em like you just don’t care
Reverting to a simple live is imho a simplistic solution. Because greedy psycho’s screwed things up doesn’t mean we can’t get them right..
@Y’All
some more on the vatican article, story, link thingy I posted yesterday!!!
http://www.telegraph.co.uk/news/newstopics/religion/7421538/What-the-devil-is-going-on-at-the-Vatican.html
€
AUD hits 13-year high against euro
http://news.smh.com.au/breaking-news-business/a-hits-13year-high-against-euro-20100312-q3h6.html
Mother Earth
Simple problems require simple solutions -human greed is a simple problem
which requires simple solutions.Simplicity
For example, if I decide to go out and buy a drink in a plastic bottle(by product of petroleum) more of the Amazon is destroyed from oil extraction.If I carry a flask and fill it with water no demand for plastic bottles.Simple.
Im not using a computer this is by telepathy.Im on a mountain in deep meditation in india trasfering my thought via brainwaves
Interesting that you want to be in the forest so much and while there still direct your thoughts to a site as this…
Gold’s cross-currency strength signals its evolution
http://www.reuters.com/article/ousiv/idUSTRE62B1U320100312
Me Neighbours Kid is Joining ……anybody ??? anybody
Guess he’s gonna become a millionare if not a billionare
Yup Goldman Sachs ROFL
Hic
lolololol
Commercial property may cause new crisis, says FSA (phase two about to gather speed)
http://www.independent.co.uk/news/business/news/commercial-property-may-cause-new-crisis-says-fsa-1919557.html
Virginia Hands Out 6996 Traffic Tickets In One Weekend In An Effort To Raise Revenue For The State Government (further evidence of nickle and diming y’all)
http://www.businessinsider.com/virginia-hands-out-6996-traffic-tickets-in-one-weekend-in-an-effort-to-raise-revenue-for-the-state-government-2010-3
Economic Stimulus Was a Waste of Time: Analyst (no shit)
http://www.cnbc.com/id/35775412
PIMCO’s El-Erian: You Fools Don’t Realize That The Sovereign Debt Crisis Goes WAY Beyond Greece (hello Ireland!)
http://www.businessinsider.com/pimcos-el-erian-you-foold-dont-realize-that-the-sovereign-debt-crisis-goes-way-beyond-greece-2010-3
China Idles 40% of Windpower Turbine Output Capacity
http://www.businessweek.com/news/2010-03-11/china-idles-40-of-windpower-turbine-output-capacity-update1-.html
*******
I remember months ago trying explain peek-a-boo accounting to a nice taxi man at 3 in the morning some months back. He was yapping on about the banks. F this and F that. Needless to say i was ‘tired and emotional’ at the time. Hope that nice man understood what I was on about.
the third way: donut factory now!
@Y’All
2010 Death Toll Already Abnormally High’… sshhh I won’t mention Haiti… oh!!!
http://tinyurl.com/yd8sc7e
75 years of funny money
Since the Bank of Canada was created, the dollar has lost 94% of its value
By Martin Masse
http://network.nationalpost.com/NP/blogs/fpcomment/archive/2010/03/10/75-years-of-funny-money.aspx
Howard Lutnick will be the Lloyd Blankfein of 2011
http://www.hubdub.com/m67797/Howard_Lutnick_of_CantorFitzgerald_forced_out_per_a_CantorX_boxofficefutures_trading_scandal
And when it blows up – and it’s bailed out for ‘national security’ then the look-back investigation will reveal that as of today; this “new” market was fraudulently concieved, wrongly approved by the CFTC, and outrageously peddled by CNBC.
€
Nobelists watched Greece hit the wall
http://network.nationalpost.com/NP/blogs/fpcomment/archive/2010/03/11/nobelists-watched-greece-hit-the-wall.aspx
MaxKeiser@
Don’t worry about that newspeak max baby. Become a buddha and renounce the industrial language
, CNBC today is saying the American Consumer is back. The whole day is a celebration of the impending recovery. The US populations short term memory and ability to continue to go into debt is laughably amazing.
Just around the corner, 3000000 more foreclosures/defaults.
Credit Card debt explosion and defaults.
Commerical Real Estate implosion.
If the S&P hits 1200, Im expecting a huge retraction. Run for the Hills …… 20-30% corrections. Right now the last few naysayers (suckers) that were left on the sidelines are entering the market. Ride the Wave is the call . This is going to be ugly when it goes to hell. Beware the Ides of March.
@ Depression Alert – “The consumer is back.” Suuuuuuuuuuure. Feb. retail sales were up .3%. Given that Jan retail sales were reported initially as being up by .5% and then revised downward to .1%, I think we can expect to see the same kind of correction for February. CNBC can suck it.
“Peek-at-a-Pooo” accounting should be me convenient term. Big stinking and dirty poops everywhere. Accounting is a bad joke, a mockery. Al Capone would be fascinated by the double or triple books accounting going on. USA has exported its culture of generalized phony baloney accounting. Why call it a gimmick ? It’s a CRIMINAL FRAUD.
@William of the North
you might appreciate this completely unscientific observation,,
My wife wanted a coffee so we went and bought a couple coffees and a pack of 20 timbits
The timbits were 3.19 for 20 before tax
last time we bought them roughly 2 years ago they were 2.29 for 20
That is a 40% rise in 2 years in a strong Canadian $
Timbit price includes..
ingredients like flour and suger etc
Transportation costs
Labour costs
Rents and operational expenses
Profit
There you have it, timbit inflation index.. 40% in the last 2 years
Wasn’t that a deflationary period…
@ WL – Used to get cafe mochas there a lot. We stopped b/c it seemed like every few months, the price went up.
11111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111100000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000001
ggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggghhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh
Gold is only denominated in dollar price, right? The charts on the right indicating the price in Euros would be how many euros it take to buy an ounce of gold priced in dollars, right? The variable in the basket of the value for the dollar is the dollar itself: the euro is fixed. The index marker would be the dollar. The rise and fall of currency pricing for gold is a direct result of the dollar value index price for gold, right?
The reuter’s article doesn’t make sense to me that X linked:
http://www.reuters.com/article/ousiv/idUSTRE62B1U320100312
Gold price is dependent on the dollar index for gold so it is priced in dollars. The article is spurious in its reasoning.
Right?
The system of pricing is completely dependent on the dollar value exchange. So one can’t take the dollar out of the pricing system.
Right?
(please correct me if I’m wrong!)
Nobelists watched Greece hit the wall
http://network.nationalpost.com/NP/blogs/fpcomment/archive/2010/03/11/nobelists-watched-greece-hit-the-wall.aspx
Sony Panasonic
Mar 12, 2010 at 2:09 pm
MaxKeiser@
Don’t worry about that newspeak max baby. Become a buddha and renounce the industrial language
DepressionAlert
Mar 12, 2010 at 2:09 pm
, CNBC today is saying the American Consumer is back. The whole day is a celebration of the impending recovery. The US populations short term memory and ability to continue to go into debt is laughably amazing.
Just around the corner, 3000000 more foreclosures/defaults.
Credit Card debt explosion and defaults.
Commerical Real Estate implosion.
If the S&P hits 1200, Im expecting a huge retraction. Run for the Hills …… 20-30% corrections. Right now the last few naysayers (suckers) that were left on the sidelines are entering the market. Ride the Wave is the call . This is going to be ugly when it goes to hell. Beware the Ides of March.
Mep
Mar 12, 2010 at 2:13 pm
@ Depression Alert – “The consumer is back.” Suuuuuuuuuuure. Feb. retail sales were up .3%. Given that Jan retail sales were reported initially as being up by .5% and then revised downward to .1%, I think we can expect to see the same kind of correction for February. CNBC can suck it.
Marc Authier
Mar 12, 2010 at 2:20 pm
“Peek-at-a-Pooo” accounting should be me convenient term. Big stinking and dirty poops everywhere. Accounting is a bad joke, a mockery. Al Capone would be fascinated by the double or triple books accounting going on. USA has exported its culture of generalized phony baloney accounting. Why call it a gimmick ? It’s a CRIMINAL FRAUD.
WL
Mar 12, 2010 at 2:22 pm
@William of the North
you might appreciate this completely unscientific observation,,
My wife wanted a coffee so we went and bought a couple coffees and a pack of 20 timbits
The timbits were 3.19 for 20 before tax
Nobelists watched Greece hit the wall
http://network.nationalpost.com/NP/blogs/fpcomment/archive/2010/03/11/nobelists-watched-greece-hit-the-wall.aspx
Sony Panasonic
Mar 12, 2010 at 2:09 pm
MaxKeiser@
Don’t worry about that newspeak max baby. Become a buddha and renounce the industrial language
DepressionAlert
Mar 12, 2010 at 2:09 pm
, CNBC today is saying the American Consumer is back. The whole day is a celebration of the impending recovery. The US populations short term memory and ability to continue to go into debt is laughably amazing.
Just around the corner, 3000000 more foreclosures/defaults.
Credit Card debt explosion and defaults.
Commerical Real Estate implosion.
If the S&P hits 1200, Im expecting a huge retraction. Run for the Hills …… 20-30% corrections. Right now the last few naysayers (suckers) that were left on the sidelines are entering the market. Ride the Wave is the call . This is going to be ugly when it goes to hell. Beware the Ides of March.
Mep
Mar 12, 2010 at 2:13 pm
@ Depression Alert – “The consumer is back.” Suuuuuuuuuuure. Feb. retail sales were up .3%. Given that Jan retail sales were reported initially as being up by .5% and then revised downward to .1%, I think we can expect to see the same kind of correction for February. CNBC can suck it.
Marc Authier
Mar 12, 2010 at 2:20 pm
“Peek-at-a-Pooo” accounting should be me convenient term. Big stinking and dirty poops everywhere. Accounting is a bad joke, a mockery. Al Capone would be fascinated by the double or triple books accounting going on. USA has exported its culture of generalized phony baloney accounting. Why call it a gimmick ? It’s a CRIMINAL FRAUD.
WL
Mar 12, 2010 at 2:22 pm
@William of the North
you might appreciate this completely unscientific observation,,
My wife wanted a coffee so we went and bought a couple coffees and a pack of 20 timbits
The timbits were 3.19 for 20 before tax
last time we bought them roughly 2 years ago they were 2.29 for 20
That is a 40% rise in 2 years in a strong Canadian $
Timbit price includes..
ingredients like flour and suger etc
Transportation costs
Labour costs
Rents and operational expenses
Profit
There you have it, timbit inflation index.. 40% in the last 2 years
Wasn’t that a deflationary period…
Mep
Mar 12, 2010 at 2:28 pm
@ WL – Used to get cafe mochas there a lot. We stopped b/c it seemed like every few months, the price went up.
Sony Panasonic
Mar 12, 2010 at 2:29 pm
11111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111100000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000001
Sony Panasonic
Mar 12, 2010 at 2:30 pm
ggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggghhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh
frances snoot
Mar 12, 2010 at 2:32 pm
Gold is only denominated in dollar price, right? The charts on the right indicating the price in Euros would be how many euros it take to buy an ounce of gold priced in dollars, right? The variable in the Social Networking
maxkeiser
maxkeiser
maxkeiser On the Pages of Huffington Post, Max Keiser Warned Investors July 2008 About Lehman’s Peek-A-Boo Accounting http://tr.im/Ryzt 4 hours ago reply
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© 2006–2010 maxkeiser.com — IC — Sitemap — Cutline by Chris Pearson. — Logo by Mark FearingStacy Summary: I wonder how much Valukas was paid to come up with the same information that Keiser provided to Huffington Post for free? First, here is Max’s article from July 2008:
JULY 9, 2008: Peek-a-boo accounting and the crash of Wall St financial stocks (Max Keiser / Huffington Post)
It’s peek-a-boo accounting where debts are removed from the balance sheet during the period when disclosure is needed (for quarterly earnings reports) and than the debt is temporarily parked back onto the company’s balance sheet, or parked on another bank’s balance sheet with an implied reciprocal agreement. (Enron had hundreds of shell companies that served as ‘debt parking lots’ to avoid having to include any liabilities on their quarterly earnings statement).
Lehman Brothers looks like they are trying to out-Enron Enron in the peek-a-boo accounting department.
And these are the findings on Lehman’s accounting ‘gimmicks’ in March 2010:
MARCH 12, 2010: Lehman bosses used accountancy gimmick to cover up debt (Times)
[Anton Valukas] was scathing, however, about the bank’s “inherently improper” use of an accounting practice known as Repo 105, designed to remove temporarily $50 billion of debt from its balance sheet, without telling investors or regulators.
Tags: lehman brothers · max keiser · repo 105
61 Comments
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@Snoot
Oil is priced primarily in USD. (possibly natural gas as well once TAPI is up and running?)
The gold price is x-Currency per ounce
Also, SONY has gone bot on us. I think the GS HFT program is sentient, and it wants us to buy JGB’s FTW.
“… when disclosure is needed (for quarterly earnings reports) and than the debt is temporarily parked … ”
…and THEN …
Joe Weisenthal drinks the Kool-Aide
http://www.businessinsider.com/how-the-cantor-exchange-movie-trading-platform-works-2010-3
The CFTC really should be called to account for launching something like this – while the fire is still burning on the various CFTC approved products/contracts responsible for the last two years of economy collapse…
But here’s what I think. Since every media outlet in the world is going to cover this – and everybody who has every ‘dreamed of hollywood’ will be instantly addicted to all news coming out of this . . . the crisis of the last two years will be – like – forgotten (unless you happen to have become homeless or lost your job or house or something).
This is going to be a spectacular bubble and burst and I almost feel bad for having invented it.
Mar 12, 2010 at 2:40 pm
@Snoot
Oil is priced primarily in USD. (possibly natural gas as well once TAPI is up and running?)
The gold price is x-Currency per ounce
Also, SONY has gone bot on us. I think the GS HFT program is sentient, and it wants us to buy JGB’s FTW.
Mar 12, 2010 at 2:40 pm
@Snoot
Oil is priced primarily in USD. (possibly natural gas as well once TAPI is up and running?)
The gold price is x-Currency per ounce
Also, SONY has gone bot on us. I think the GS HFT program is sentient, and it wants us to buy JGB’s FTW. oil usd gs hft ounce NEWSPEAK NEWSPEAK NEWSPEAK
robin
“… when disclosure is needed (for quarterly earnings reports) and than the debt is temporarily parked … ”
…and THEN …
MK: it’s moved again, always one step ahead of the regulators – that’s why there is 700 trillion in debt around – this game has been played for 20 years.. and the debt just keeps piling up.
that is also why inflation is not the threat – because for every $1 in new money-debt a ‘new’ disclosure of $2 in debt-debt.
Gold price is x currency per ounce? Link?
NEWSPEAK NEWSPEAK NEWSPEAK NEWSPEAK NEWSPEAK NEWSPEAK NEWSPEAK NEWSPEAK.LANGUAGE IS YOUR DISEASE LANGUAGE IS YOUR DISEASE LANGUAGE IS YOUR DISEASE NEWSPEAK
NEWSPEAK NEWSPEAK NEWSPEAK NEWSPEAKJoe Weisenthal drinks the Kool-Aide
http://www.businessinsider.com/how-the-cantor-exchange-movie-trading-platform-works-2010-3
The CFTC really should be called to account for launching something like this – while the fire is still burning on the various CFTC approved products/contracts responsible for the last two years of economy collapse…
But here’s what I think. Since every media outlet in the world is going to cover this – and everybody who has every ‘dreamed of hollywood’ will be instantly addicted to all news coming out of this . . . the crisis of the last two years will be – like – forgotten (unless you happen to have become homeless or lost your job or house or something).
This is going to be a spectacular bubble and burst and I almost feel bad for having invented it.
Sony Panasonic
Mar 12, 2010 at 2:45 pm
Mar 12, 2010 at 2:40 pm
@Snoot
Oil is priced primarily in USD. (possibly natural gas as well once TAPI is up and running?)
The gold price is x-Currency per ounce
Also, SONY has gone bot on us. I think the GS HFT program is sentient, and it wants us to buy JGB’s FTW.
Mar 12, 2010 at 2:40 pm
@Snoot
Oil is priced primarily in USD. (possibly natural gas as well once TAPI is up and running?)
The gold price is x-Currency per ounce
Also, SONY has gone bot on us. I think the GS HFT program is sentient, and it wants us to buy JGB’s FTW. oil usd gs hft ounce NEWSPEAK NEWSPEAK NEWSPEAK
maxkeiser
Mar 12, 2010 at 2:45 pm
robin
“… when disclosure is needed (for quarterly earnings reports) and than the debt is temporarily parked … ”
…and THEN …
MK: it’s moved again, always one step ahead of the regulators – that’s why there is 700 trillion in debt around – this game has been played for 20 years.. and the debt just keeps piling up.
that is also why inflation is not the threat – because for every $1 in new money-debt a ‘new’ disclosure of $2 in debt-debt.
frances snoot
Mar 12, 2010 at 2:46 pm
Gold price is x currency per ounce? Link?
Sony Panasonic
Mar 12, 2010 at 2:48 pm
NEWSPEAK NEWSPEAK NEWSPEAK NEWSPEAK NEWSPEAK NEWSPEAK NEWSPEAK NEWSPEAK.LANGUAGE IS YOUR DISEASE LANGUAGE IS YOUR DISEASE LANGUAGE IS YOUR DISEASE NEWSPEAK
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The awry indicators concerning the dollar and gold mean system disfunction: nothing to crow about. And why is Reuters pushing gold?
Is gold divorcing itself from dollar value if both indicators (dollar value and gold price) go up? What will this do to the market?
There is no such thing as x currency/price unit. The whole system relies on Thomson Reuters exchange rate daily listings: right?
Fudge! Why not question the stability of oil in dollar price as compared to gold in dollar price over the same time frame. Whatzup with that?
The dollar/gold price is tied to the gold derivative market tied to the IMF ponzi. Right?
@MAX/STACY -
http://asia.news.yahoo.com/afp/20100311/tts-us-eu-finance-economy-regulate-972e412.html
LONDON (AFP) – – US Treasury Secretary Timothy Geithner has warned the European Commission its plans to regulate hedge funds and private equity groups could spark a transatlantic row, a paper reported Thursday.
Geithner hit out at a draft European Union directive that would impose tighter restrictions on the investment funds in a letter to the EU’s internal market commissioner, Michel Barnier, the Financial Times said.
Proposed new rules might damage US hedge funds, private equity groups and banks by curbing their ability to do business with Europe, Geithner argued in the one-page letter sent on March 1.
China oil demand rockets!
http://news.bbc.co.uk/1/hi/business/8563985.stm
Mike
@California Doctor … US Treasury Secretary Timothy Geithner has warned the European Commission its plans to regulate hedge funds and private equity groups could spark a transatlantic row, a paper reported Thursday.
LOL … so is Timmy admitting here that he likes all the paper fraud and wants it to continue ?
… sure looks like it to me!
OTOH, I wouldn’t expect anything different .
Obama reportedly taps Yellen as nominee to be Fed’s No. 2
http://www.marketwatch.com/story/yellen-reportedly-tapped-to-be-fed-vice-chairman-2010-03-12?reflink=MW_news_stmp
Value of the sdr is derived from an index just as the dollar value is derived from an index. The sdr is the variable with the currencies (in the basket) at fixed proportionate markers. The dollar is the variable with currencies (in the basket) at fixed proportionate markers. The switch to the sdr system does away with exchange rate mechanism within the dollar basket if the ‘monetary authorities’ deign a new valuation to the sdr index. (which is what zhou indicated with his idea to include commodities or gdp)
Now: what happens to price and value as a function of price during the switch to the new system.
It’s going to be like having someone grab your ankles and shake you vigorously whilst everything of value falls out of your pockets. (can you see it) And the sdr retains unit value within the context of what Strauss-Kahn described as “a new global reserve asset”. Something like the sdr but different.
Well if the new asset is different from the sdr then it’s not based on exchange rate and the prices will go spaghetti.
Is this what Reuters was indicating? Why do we trust REUTERS???
Fundementally the US accountants all worlk for Al-Cia-aida. They are accounting terrorists. Ben Laden keeps the books.
Greece Riots
CBC TV news
(I’m not sure if this can be seen outside Canada – CBC says ‘some programs are transmitted, but some are not’)
http://www.cbc.ca/video/#/News/TV_Shows/The_National/The_National_On_Demand/ID=1438283156
Business inventories revised strongly to the downside. F–k you Bloomberg and CNBC. Bloomberg is all “surprised” that the business inventories are dead. Quelle surprise. The momentum mental sickos are deceived.
hahaha. elvis http://sovereignsociety.com/2010/03/04/sovereign-elvis-presleys-ultra-secure-2008-passport/
http://www.moneyandmarkets.com/don%E2%80%99t-like-the-message-shoot-the-messenger-2-38256
@ Max
“Joe Weisenthal drinks the Kool-Aide”
I never saw Mr. Weisenthal as a bastion of moral integrity, he is a hype man, like almost all of the Financial writers and especially the TV folks…of course he is shilling this “He gonna make money” I can see the potential of a Giant Cluster F#@$ with the Cantor Exchange…just don’t know if this bubble is gonna get off the ground
But that is what the world is waiting for the Next Bubble
@ the hype machines on CNBC
….when I still had some hope left and was out there trying to pursue my petty little education…then economy collapse, no hours from the retail slave job, debts mounted, in constant fear of gonna lose house…you know the normal American condition currently….I was talking regularly with one of my favorite professor (Guy had a PHD from Stanford, taught Neurobiology there and was now here semi-retired but still having to teach) he was/is a day trader…and we both saw this house of cards coming down….but he was adamant that after two year shake out they would recrank it back up….”They just gotta….find the next bubble ride it out for another 5-10 years….they can’t let it stay bottom feeding”
this is an exceedingly educated/brilliant man.
working in the retail slave job, run across several folks who were just blindsided by the economic downturn….”I had no idea it was gonna get bad….no one had any idea” ( that is a lie I told these folks several times what was fixing to hit…hell had 2 years worth of daily blogs to back my claim up)…when I am around spouting doom and gloom tripe they still pipe up and say ” Come on Charles…its gotta get better…it just gotta”
these are people who for a multitude of reason didn’t get the advance degree from a prestigious university….but share my other educated friends outlook
It’s faith…blind faith….so
CNBC comes on and regales the audience with the mystical sightings on a hill in Italy that the savior has arisen and is coming back
Its just gotta…it just gotta get better
@ Stacy thanks for telling about your cousin hiring, sad thing is my transmission is slipping/going and can barely make it to and fro from my local job down the street in WPB….when it rains it pours
http://www.imf.org/external/pubs/ft/fandd/2009/09/frankel.htm
IMF Lesson!
Out: Exorbitant privilege of the dollar
In: Multiple international reserve assets
talk about fucked up. http://www.dailymail.co.uk/news/article-1256984/Primary-schoolchildren-tears-told-removed-families-Holocaust-game.html#ixzz0hovJ401h
The Great “Inflation or Deflation?” Debate: Mish vs. Dr. Doom
http://finance.yahoo.com/tech-ticker
“In discussing commodity prices, one is dealing with commodity prices in currencies; so it may be expected that monetary variables are among the explanations of real change. International commodity prices are mostly expressed in dollars, for example, in the IMF International Financial Statistics, or in terms of indices based on dollar prices. Such commodity prices are obviously affected by inflation as well as real developments, and also by the value of the dollar exchange rate. There is a definite link between monetary policies, exchange rates and commodity prices, and this is the subject which I wish to discuss today.”
http://www.fao.org/docrep/006/Y4344E/y4344e04.htm
Commodity Prices, Exchange Rates and the International Monetary System[2]
Presented by
Dr Robert Mundell
University Professor of Economics
Columbia University
(1999 Nobel Prize in Economic Science)
Hello?
@ronron
Teaching children the horrors of life is a cruel thing to do. It went wrong in holland as well when a teacher of a religious school asked every pupil to bring a small gift for another pupil in the class, and then when everybody got their present asked them all to destroy it (crushing it with a hammer)…Intended as a lesson in non materialism it ended up traumatizing the class..
@WL
And the coffee tastes just NOTHING. Not just the price. The quality of the coffee is just horrible. Water with traces of coffee.
“Subsequently China suggested replacing the dollar as international currency with the SDR.”
SDR index: with the variable being the sdr and the basket being a proportioned measure of currencies and gdp. The sdr would need, therefore, to represent the pricing mechanism for the system if it was to be used as a global currency. Or they have some other pricing mechanism planned; perhaps through carbon credits/debits. They want a reserve asset they issue exclusive for trade and for sovereigns. Look at this:
“Then there is the renminbi. Although it would take substantial development and opening of China’s financial markets, the renminbi could become an international currency within a decade and possibly one of the most important in 30 years. But it would be part of a system of multiple reserve currencies—one that would also include the dollar, the euro, the yen, pound, Swiss franc, and SDR, and perhaps even gold as well.”
Bullsh*t.
If sdr doesn’t function as a value index, it loses its potency. Within the world of IMF funny monetary assets, the sdr is the index. And the inclusion of the sdr with other currencies is bizarre here. It does not represent the reality of the sdr/reserve system. What is meant by “multiple reserve currencies”. Surely the idea is that the exchange/value mechanism would no longer exist.
My guess is that the IMF will not allow the sdr to lose potency within the ‘system of blind planets’. The lesson is one of ridicule. An entirely new system will need to be foisted to replace the old system of value/price reliant on the dollar index.
They aren’t planning on offering a global currency: but the switch might include competing regional currencies. Or just a shock/awe global adjustment period followed by international clearing and loss of nation/state sovereign chose. (mind you the system had deteriorated into a competition amongst banks representing sovereigns) I think it will be the latter.
(please correct me: I’m searching here for understanding)
What I meant by exchange/value mechanism is the dollar as index of value for currencies within the dollar value index basket. Forex defunct.
This is the tail that will be ‘cut off’ according to Mr. Mohamed El-Erian.
@Mother:
You understand the mess. What do you think about the sdr as global value index? Money defunct. Happiness forced upon the global “community” as in Bhutan (where increased suicide resulted). Domestic xchange limited to carbon credits. Working for the right to breathe for the good of the planet.
Hmmmm?
Is this the ‘more just and equitable system’ to replace the dollar? The same guys retain control!
Why does the system enable fraud / accountancy, It will all end in tears, or is that the point?
I blame:
The individuals, the companies, the regulators, the government and the media… they all enable fraud and criminal activity…. why?
Free Markets… its a lost lost concept ha ha ha long ago once in a far away land lol
@Snoot
Imho the SDR is paper. Its material value depends on the reliability of participants. But if countries are interested in a reliable monetary exchange system it is much easier to use their own currencies. The world currency SDR is just a honour system that might have been installed with the lofty goal of allowing teh rich and the poor to share goods and services, but that with the current IMF already spawned an unnecessary powerbase. Get rid of the IMF, the World bank, the SDR asap. People can’t handle the responsibility.
You are used to talk always assuming the agreements will hold up, but you know they never do. They don’t now. In the west we believe in contracts. At the top nobody does.
@Fibon
SImple. Because it’s easier to make money by stealing it.
“Free Markets… its a lost lost concept ha ha ha long ago once in a far away land lol”
where and when?
“Opec is due to meet on 17 March and the IEA expects it will maintain its current production targets”
So OPEC is a cartel that price fixes and centrally plans production levels. It is a mafiosa Command Economy.
But everything else (including education, healthcare, political lobbying) should be left to the Free Markets.
I don’t get it.
The guys who utilize the sdr/index/unit are also the ones in control of the currencies, Mother. That is problematic.
That is why I said the dollar is a mote in their eye.
They will remove the mote.
People are bound by greed and sloth: they willingly stay chained to the cave.
The control could be lost in the transition phase: but they seem to have prepared for any exigencies. The police/state apparatus to control the citizens globally was indicated by the need for control with the move to the new system.
The dollar empire is not collapsing: the dollar empire made real the new system’s viability. The proliferation of stories to deflect understanding is also an apparent bid for control.
But we know death is capable of renewing life. In death then shall we take heart?
chArles:
open door #3
@chArles
Open your eyes chap. Snap out of the matrix. What we have is “exactly the opposite of what Adam Smith, and Ricardo and the classical economists defined as a free market. Classical economics defined a free market as one that is free of overhead charges, free of unnecessary charges of production, free of watered stock. Today a free market means that predators are free to extort any price from the public, they are free to deregulate, free to lie to consumers, free to exploit, free to load any company they want down with debt, and basically lead (us) to a world of debt peonage.”
http://michael-hudson.com/interviews/080715FictitiousEconomy1.html
Goldman says it’s never used repo 105 transactions http://www.marketwatch.com/story/goldman-says-its-never-used-repo-105-transactions-2010-03-12
Examiner: Repo 105 helped disguise Lehman’s ailing health http://www.marketwatch.com/story/how-repo-105-was-lehmans-accounting-drug-2010-03-12
Consumer sentiment dips in March http://www.marketwatch.com/story/consumer-sentiment-dips-in-march-2010-03-12-102000
Treasurys, dollar stay down after sentiment falls http://www.marketwatch.com/story/treasurys-dollar-stay-down-after-sentiment-falls-2010-03-12-100100
Insurance fraud by Obama, Hillary Clinton & naked shorting cellar box fraud…(scroll to last 1/3-1/4 of audio)
http://halkinnaman.com/ed/audio_rr/20100113-mcconnellhawkins2.mp3
http://abeldanger.blogspot.com/search/label/audios%202010
For research Fanatics the original report bout Lehman: http://lehmanreport.jenner.com/
Will the godamn accounting firms be sued ? “The best way to rob a bank is to own one.”
U.S. Michigan Consumer Sentiment Index Fell to 72.5 http://www.bloomberg.com/apps/news?pid=20601068&sid=aO2Eqjqt4Dew
Investments creating Terrorism in the US: Catastrophe Bond Insurance computer program based on 15 foot flooding as in Katrina pays off when Escrow company contracts for demolition of the levees:
http://halkinnaman.com/ed/audio_rr/2010-02-09mcconnellhawkins1.mp3
I am quite versed on what the icons of Economics had to say in regards to Free Markets…but even Smith/Ricardo’s vision never exist any more than Marx’s vision of true Communism
Free Market is a buzz word now…its is thrown out there now to say “O Great Lord, we have forsaken you and we strayed from the path of Rightousness”
when ever any system collapses…no matter what it is…it often ilicits more adamant followers who come forth and professed we did not hold to tightly to the true faith
I like Hudson…he is one of my fellow Travlers
I thought the Sarbanes-Oxley Act Section 802 was going to fix this
This section is listed within Title VIII of the act (Corporate and Criminal Fraud Accountability), and pertains to ‘Criminal Penalties for Altering Documents’.
Summary of Section 802
This section imposes penalties of fines and/or up to 20 years imprisonment for altering, destroying, mutilating, concealing, falsifying records, documents or tangible objects with the intent to obstruct, impede or influence a legal investigation. This section also imposes penalties of fines and/or imprisonment up to 10 years on any accountant who knowingly and wilfully violates the requirements of maintenance of all audit or review papers for a period of 5 years
Gold=Mercury=Genocide=Amazon
Lehman’s book cooking cost me 60% of my account in one day and I fully knew they were cooking their books which is why as a true free market capitalist, I was shorting them.
Don’t blame me for shorting over priced crap. Blame Lehman and their ilk for pimping the New D’ Tey of that emperor.
That did not prevent them from cooking their books with fake profits that made their stock go up 50% in one day of the backs of their lies and their swindling of billions from investors from the dumb “smart money” who bought their lies, to the little old ladies that had their retirements in “safe” 3-5% Lehman issued bonds( they were kings in the bond market) that imploded.
We fight back every way we can. By exposing them and by protesting and by suing them.
Civil disobedience Mahatma Gandhi style.
If people knew about AIG and stopped them back in 2005 like I was warning, this whole collapsed economy bubble mess would have only been half as bad.
Now, we have to stop the FED induced bubble before it destroys the rest of our Republic with the complete irresponsibility that is our fiscal deficit.
The Fraudulent reward reaping Banksters like Government Sachs need to be stopped before they destroy what is left of our country through their pump and dump bubble schemes.
http://funy1.blogspot.com/2010/03/lehman-brothers-lies-finally-exposed.html
@Fred’s Family
Law is useless when dealing with mobsters like Geithner. They write the law and they are the law. They wipe their asses with the law. They couldn’t care a damn about the law These are criminals and they are the government. Laws. What a joke. A law is worth only something if you apply it. And who is in charge of enforcing it again ? The same criminals that commited these crimes !
@fUny1
I wouldn’t count too much about the “law”. The law doesn’t count in the USA, that terrorist and rogue state. Might I reming you that nobody went to prison. NOBODY related to the scandal. The CEO retired from Lehman Brothers with 500 million stolen. Law is useless with a gangster. They only uderstand the OTHER law.