Stacy Summary: Jesse’s right that it is all about currency wars; and @Mike/Liverpool will be happy to read Jesse’s conclusion on which currency to look at to be the loser . . .
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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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- A Lightning War for Liberty
first
Denninger :
Oh The Huge Manatee (LIESman .vs. Santelli)
http://market-ticker.denninger.net/archives/2083-Oh-The-Huge-Manatee-LIESman-.vs.-Santelli.html
Good text commentary after the Video
MAXI wish i was on that show – it’s like open season against nit-wits. I would just devastate those lame asses.
pursue it, or rather Just Do It†
your perfect, send him your title
of your book.
May the Viking spirit fill the Icelandic people with the will to fight!!
ron well done !
the us and britain own the rating agency’s. slow death.
Everyone enjoying this little piece of manufactured controversy? http://news.bbc.co.uk/2/hi/middle_east/8567706.stm
I love stories like this. Israel at the top of the news puts me into the back pages.
@Ggees. ya i got way too much free time.
In Argentina they clanged the pots, more than once.
In Iceland they voted 93 % NO for a bailout of the banks.
In the U.S. 99 % of the calls to the U.S. Senate said no to the bailout.
Lots of noise coming out of Greece.
I believe the results are starting to present a pattern.
We are skeee-rooood.
hello geithner.
I have been Promised “TOB” for a year now…………..still awaiting.
Mike
More spin
http://news.bbc.co.uk/1/hi/business/8568131.stm
Mike
Anyone who thinks that Israels announcement during the Biden visit was an “accident” is living in cloud cuckoo land. Israel has never wanted and does not want anything to do with a peace settlement
Hi there ronron!
Hope all is well with you sir?
@Geithner. if your gonna hang around here we want inside info.
hope your well also i think.
@ Timothy Geithner what did you know and when did you know it regarding what ole Lehman Bros was doing with “repo” ?
@ronron
I am fine. What in particular do you need?
@chArles
For the record, nothing untoward went on with Lehmans.
Now, you haven´t seen Fuld around have you? If you do, tell him to …. get in touch.
Picked this up from Denninger on gold backed derivatives http://www.youtube.com/watch?v=Q9NCeiMGXp8
M_S should also definitely do some kind of phone in show..
Final destination Iran?
http://www.heraldscotland.com/news/world-news/final-destination-iran-1.1013151
Don’t forget what they’re capable of …
http://www.youtube.com/watch?v=ssuAMNas1us
Very clear statement .. MUST watch !
Stacy. Was watching the discussion Max and the Icelandic politician, asking why these Icelandic banking thiefs who still live in the city (and don’t dare to face the music back home in Iceland) have not been arrested or so under UK law. I think the answer has to do with the fact that the City of London is a country by itself, and has its own laws and police etc. it does legally NOT belong to the UK.. That is why no action is taken I think.
@Phil/Germany
Here is some more happy news:
http://www.ynetnews.com/articles/0,7340,L-3861296,00.html
So everyone join me for a jolly tune….
http://www.youtube.com/watch?v=Bmxyj6iInMc
@Geithner. let me know when gold has peaked.
i confess to knowing nothing about global warming
but here is George Carlin’s take:
http://www.youtube.com/watch?v=qOOc5yiIWkg
@P/G. fuck i’m sick of the killing.
@Phil and all
After watching the youtube video on 9/11 lies, I came across this one. It’s bizarre, to say the least. It’s an Al Qaeda rep who says that the 9/11 conspiracy theories are ridiculous.
http://www.youtube.com/watch?v=Q_OIXfkXEj0&feature=fvw
@x
@x
Yeah, Carlint’s ‘sGreat!
Hic
@X
yes, Carlin thought we will go extinct in a hurry, check 3:57
@Phil:
How can the contracts be negotiated in gold if they are denominated in dollars? What does Denninger mean by the 8902 ounces of gold for the payment. Denninger is indicating the payment would be fixed in gold bullion at the rate paying 8902 ounces at 1126.00 dollar/ounce. Why would that be? Do people “fix” the payment in euros on a cds sovereign US contracts at the euro ‘value’ the day the contract is signed?
Isn’t Denninger indicating the contract is denominated in gold? It can’t be: so Denninger is telling a tall tale.
The point being that if the US defaults of its debt, the whole system is lights out/over. Why is Denninger indicating that the trouble would be the unavailable physical gold bullion?
We must really be entering haywire times if that blarney is considered rational. Or is it just to fool the useful idiots?
Great Vid kid! 20Cents sounds pathetic and like desperate last straw economics. Aim for the eye Billy the Kid.
Lehman Fraud and Faber Vision http://www.youtube.com/watch?v=JURLfPVVYkQ&feature=related
@Ingrid
…it’s a joke!
but the joke is on us!
@Snoot. gold is money.
@Susan
After typing I realized I should’ve said funny, not bizarre. I have a very dark sense of humour.
Yello? Is this here JP Morgan?
Excuse me?
I said, air ya or ain’t ya the bank that’s a-selling my country down-the-river.
Sir, if you continue to be aggressive, I’m hanging up. Please explain the purpose of this call.
Well. Denninger just done told us that Chase is selling paper US-cds contracts payable in gold! And there ain’t enough gold to back the paper. So we are going to lose everythang: just cuz some fool bank don’t got regulations. Air ya or ain’tcha?
*click*
Mable, that hoity-toity woman just hanged up on me!
Never mind, Abner. You look a might red. Why don’tcha go bowling?
I ain’t going bowling. We gotta march on Washeengton and close them banks. They’z gonna end our country, fur sure! Dang-nabbit! Where’s my keys?
I hid them, Abner. You has got to control yurself.
“Give me them keys! And give me liberty or death! Our forefathers tried to protect honest money! Gold is honest money!
Good Lord!
Air ya with me, Mable? Or air ya with the enemy?
I’m with ya, just gotta find that Taco Bell coupon. We might get a mite hongry on the way to Washeengton. Denninger is some patriot!
Yeehaw!
We’re Broke Because of the Government NOT the People… http://www.youtube.com/watch?v=IVxSRhxf1OU
@Youri. i think drinking with bob might get you in a bar fight. hahaha
@Snoot. they gotta let gold go up on paper fast or deliver.
“Interest rates can remain at historic lows “for an extended period”
For the past year, the Fed has said that it expected exceptionally low rates could well remain in place, in light of the fragile state of the economic recovery. Low interest rates are intended to SPUR LENDING AND PROMOTE ECONOMIC ACTIVITY.”
What A Joke! ” SPUR LENDING ” aahahahahaha!
From: Fed seen on hold with ‘extended period’ wording intact (MarketWatch)
http://www.marketwatch.com/story/fed-seen-on-hold-prior-wording-in-tact-2010-03-15
A counter intelligence document into Wikileaks..
http://wikileaks.org/file/us-intel-wikileaks.pdf
MotherEarth:
You linked the Denninger piece. What do you think?
well there skeeter now on wees gonna store your gold fur free. it’s worth lotsa money now so yus don’t want them there teabaggers stealing it.
LOLOL @ Geithner
@ronron:
Denninger’s words. What’s backing those?
” SPUR LENDING ” I mean they banksters get unlimited cheap money to make easy gains sitting lazy on their belly butts while main street Moms and Popz is dieing in the cold Wall streets.
Up onto the Hill!! To save the crazy man!
Hic
@Snoot. denninger is a man that knows how it works. that’s it. no real exposure. gold is money and it’s going viral in rich circles. gold will be bought from the top down now. the dollar will lose another 10% this year.
@Snoot
I think that any CDS avalanche will have the same effect (complete destruction of the financial system)..I predict they will be nullified through a new law banning them, possibly as a G20 decision.
@GGees. geithner is eating out of my hand. all question gotta go through me.
@M/E. force majour?
@M/E. remember that aussie avagoyoumug. he was very entertaining.
bankers http://finance.yahoo.com/expert/article/yourlife/181560
fixing an exchange rate on a contract whether it be US$ and Euros or Yens or is not at all unusual. I have personally done this a number of times in the past. So fixing a quantity of gold relative to a $ price in a contract seems to me to be the same thing
Money market interest rates at five-month highs show the Federal Reserve is laying the groundwork to siphon a record $1 trillion in excess cash from the banking system and sending a bearish signal on Treasuries.
From: Money Rates Rising Hint Treasury Losses Amid Fed Exit (Bloomberg) http://www.bloomberg.com/apps/news?pid=20601109&sid=azA8DpBoy0WI&pos=14
@Ronron
Old stuff about force majeure http://www.youtube.com/watch?v=AkF3vrmtCoQ
all of a sudden ben stein knows and cares. so nice of him.
What’s this trashing Treasuries and propping up the dollar for a short while. To really scam everybody in the so called- RECOV (Recoverment bs)
@ Phil
LOL Santelli kicks butt
@M/E. what day in april will the stock market crash you think?
@Mother Earth
Still think that “Force Majeure” isn’t the solution which I call the Tulip Mania Solution which essentially comes down on the same exact marker.
Essentially: Forget about the Phony debt Terror and make whole in those phony accounts, unnumbered mind you!
Rectification: “Still think that “Force Majeure” isn’t the solution ” must be”Still think that “Force Majeure” is exactly the right solution “
Hic+
@Youri. upper canada lager is on sale. just gonna open 3. no hics yet.
I am on Chardonnay white wine from France & Australia.
Still think that the French Chardonnay does it for me. Nobody can beat the French in wine. Cause it’s different soil. It isn’t easy to copy the dry with the fruitiness like the French do.
Youri try a nice crisp New Zealand suvignon blance, I recommend Mills Reef
@Youri
The French are snobs. It isn’t easy to beat the French wines in a rigged comparison, where the labels are known. The French wines are beat all the time in blind taste tests. That is not to say that there exists a French wine that you personally, prefer.
One silver lining of the economic collapse. $100 bottles of very good wine now are available for $10 to $20 a bottle. Stock up!
@Ronron
I think on a thursday..What do you think?
Try South African Chardonnay
Power cannot be confronted by rhetoric or philosophy but by demand. Too much talk too little action, too many intellectuals gazing at their navels will not achieve anything but frustration.
The people of Greece and Iceland show the way
@M/E. i think april 13.
@Youri – hate to say it but @Dan II is right; French wine sucks; I’d take an Italian or Spanish over a French wine any day; my favorite being Italian; can’t stand Australian wine, too mono-culture Parker for me; I encourage ALL to watch one of the best documentary films I have ever seen, MONDOVINO . . . awesome film that says a lot about the world as we know it
@ Troy
Love SA wine difficult to get here in NZ
@ Stacy
We lived in Italy for a year and really loved the Pinot Grigo from Veneto–yum
In general, I think the ratings agencies are full of hot air. Just a look at the debt to GDP ratios would indicate that the US & UK are bankrupt. Heck, we deserve a Z rating.
Re: Pound Sterling
Pound Bears Bet More Than When George Soros Beat BOE
http://www.bloomberg.com/apps/news?pid=20601010&sid=anZYsKwNSuiY
“Wagers on the pound weakening against the dollar outnumber futures that profit on a rise by eight times more than when George Soros made $1 billion betting against the currency in 1992″
“The so-called net-short position has averaged 60,548 in the five weeks to March 9, compared with about 7,200 in October 1992, when Soros was profiting from the pound’s plunge.”
“Sterling is increasingly trading like an emerging-market currency with rising bond yields no longer working in favor of the currency.”
_ _ _
- So, there are already record bets on Euro to decline and now record bets on Pound Sterling to decline… Have America started a currency war against Europe? Or is it China perhaps that is trying to increase the value of the US Dollar by demoting Euro and Pound Sterling?
Personal prejudice: Napa, Sonoma and Lake County wines.
hey you guys in europe. take a watermellon and a hypadermic needle. fill it evenly with tecilla. hahaha. fucked up.
@Stacy
It’s a silly thing, but I had a big grin on my face for your notice of my comment and the agreement. Thank you.
Try Chilean,
Or am I soo 90′s ?
@Dan II – and I only hated to agree with you because I live in France, so it would be nice if the wine were even half as good as its reputation! while you can find a nice bordeaux if you look hard enough, it’s mostly paint varnish
@Stacy
Sucks? Really..I just (well, saturday) got completely wasted on a very good pomerol (from the Chateau estate of Petrus) and my own 2003 cru bourgeois and I can say it is pretty pleasant to drink such delicate wines..Italian wines are great but you pay a lot more and they are pretty heavy all of them.. Are you planning to move to Italy when that has imploded?
@Stacy. have you tried joevianni 0 red. lovely italian.
Hey the FED and Bank Bank of England, go “Iceland” yourself ! Yesterday I “icelanded” a bankster.
I read in a belgian newspaper that North Korea executed a man in Januari because he used a mobile phone to tell a foreign friend about the price of rice and other staple foods..Prettu insane country..
@ GGees
The internet beats everything:
Order Fairview with Scenic Cellars in NZ
http://www.sceniccellars.co.nz
I can recommend Fairview “Goats do Roam” (name invented to take the piss out off the French Cote du Rhone).
By the way, Fairview also has “Goats Do Roam in Villages”.
@Mother – well, everyone knows you have THE best wine cellar!
@M/A. i heard of a black man shot many times after leaving his wedding dinner in the us last year. same guys?
Chile lost 100 million liter due to the quake;
American vineyards are infested with moths
South African harvest is down app 25%
and wine is sold cheaper than Water and Coke, sorry black sugar water.
@Stacy
Well, Le Vine Ce’st une qusetion L’arbitrage, N’est-ce pas?
You just drink your poison I drink mine. ahah!
Hic
@Stacy
hihi..Well, one rack is next to my kitchen stove! And I keep a nice collection of paséé white wines as well
This stuff makes me faint:
The World Bank is really knocking every door..
“North Korea should first open dialogue with the world if it wants foreign investment to revive its troubled economy, a senior World Bank official …”
http://www.google.com/hostednews/afp/article/ALeqM5hUwI_-YVIQh-VNJKAwrri7lgvbmw
this ‘revive the troubled economy through investment’ is the biggest balony but it can be asserted at no real cost, time and time again..Can we start flogging the people that drool this drivel over our bright minds all the time?
@Youri
You’re dutch, I say :”Over een gebrek aan smaak valt niet te twisten!”
h/t MEP:
For those who missed it.
Why we fight..
http://video.google.com/videoplay?docid=9219858826421983682#
@Stacy
Your Brunello is aging well by the way..
“Brigitta the bankster terminator.” Arnold’s next fim.
@M/E. geithner will let us know.
While elitist hypocrites discuss their wines
Is The US Preparing For “The Total Destruction Of Iran?”
http://www.zerohedge.com/article/us-preparing-total-destruction-iran
@WL. good find. they didn’t comment on my favorite.
Ben Stein ? You mean Ben Laden’s brother in law ?
Swiss wine is surprisingly good. Surpising because so little is available for export; the Swiss do not like to share. lol
Speaking of that US preparation for war…
http://jessescrossroadscafe.blogspot.com/2010/03/us-preparing-for-pre-emptive-strike-on.html
@M/A. yep ben stein is born again. hahahaha.
@Snoot. denninger is a man that knows how it works. that’s it. no real exposure. gold is money and it’s going viral in rich circles. gold will be bought from the top down now. the dollar will lose another 10% this year.
Denninger should know better than to make a statement that is not only unverifiable but absolute nonsence. What? If I said I believe “in gold” could I then declare pigs fly?
This is a ‘spin story’ to detract the public from the reality of the G20. It’s infuriating to me.
@Stacy
Himmler’s wine cellar. 32 km carrés of the finest wines on Earth. Why does nice things always end up in the hands of bastards ? Anyways. Wine is just raisin juice with alcool. Don’t believe in the mystique.
http://www.milestii-mici.md/engo
Looking for good wine. The biggest wine cellar in the world is in Moldova, Used to be the personal property of one of Adolf Hitler’s buddies.
@Snoot. you watch gold with me. we’ll see. pigs may fly. bunch of white fish fell from the sky in austrailia the other day. still alive. tube it.
fish. no shit. http://www.youtube.com/watch?v=LzzxT9WgskE
@ronron:
So the international financial system is so esoteric that we must have a translation service?
Well, then translate this question. Why would someone actually expect payment on a US sovereign credit default swap (and there was no clarity concerning naked or hedged) in anything, much less gold. That is like asking a cow to lay a hen’s egg after the chicken has been run over by a freight train.
Denninger relates that the big banks are selling sovereign US cds with payment in physical gold. Please, someone who “knows how it works” explain which bank would do this, and provide a link to the actual phenomena.
Otherwise I consider it a blatant lie fielded to garner support for the sovereign cds ban being proposed.
Or worse: a story to detract from the real criminals when the system implodes.
I meant payment after the US chooses to default.
@Snoot. if you think denninger plays on both sides of the fence your right.
Beer Wars Movie Trailer
http://www.youtube.com/watch?v=uY-Bg5Odi0M&feature=related
cheers!
Boo
Geee,..what happened,….I’ve been unbanned,….huh!
LMAO @ Goats to roam
@Dedo. Snoot stuck up for ya.
@ronron,….how come?
Are you on the inside frances?
@Dedo. your posts were dull but we could see them.
This is the piece on US CDS and gold
Are Traders Demanding US Credit Default Swaps Payable in Gold?
If another author had said this I might not pay it so much attention. Lately some have been given over to a tabloid approach to overstatement and sensational headlines to attract attention. This is a strong temptation as the blogosphere expands, similar to the development and evolution of newspapers as a popular medium in Victorian London for example.
But as you know, I have a great deal of respect and admiration for Janet Tavakoli and her knowledge in this area. If she is seeing a new demand for Credit Default Swaps on the US payable in gold I would credit it since this is her area of expertise and industry connections, but would ask for some particulars, which I have done. This would match up with some things I have heard from other sources, and desire to continue to put the puzzle pieces together without traveling false trails. For now it remains all opaque, speculation, and rumour.
@GGees. good find. thanks.
Best Beer Adved: http://www.garagetv.be/video-galerij/kontraband/Amstel_Afscheid_Reclame.aspx
Best near is made by the Belgium’s, point. End of discussion. “De Konick” is one of my favorites.
@ronron,….No comprendo!,…what you mean, you could see them?
@Dedo. c’mon you must know me by now. i pull legs for a living.
Hey, ronron,..I was listening to this talk today,..have a listen, quite fascinating stuff,..know thyself and all that bollocks! : )
http://www.youtube.com/watch?v=gbiq2-ukfhM&feature=SeriesPlayList&p=B3F2CF45EEB95C80
WOW, Paul Krugman statement today. Funny rewind in the vid but at the end he claims that the Chinese must raise their currency or else we’ll bring out the baseball bat. He is the trial balloon frontman.
Krugman is a member of the Group of 30
http://www.group30.org
Krugman Says China Yuan Policy Depresses Global Growth
http://www.youtube.com/watch?v=jT9uRk2WK9o
@Dedo. you in ireland as well?
Wrong. We are the forever banned here. They study us.
I’m a big fan of hotdogs.
HAHAHAHA
Krugman.
@ronron,…I’m Oirish,.but haven’t lived there since birth,..
@Frances,.I know you like hotdogs, Cleetus told me, while we were wrestling the pigs !
I know he is the village idiot, watch the entire vid for LOLs
so now you have to play pingpong to view comments. gulag pingpong casino.
ping
see. i just discovered 2 comments from snoot i had not seen. going back with this IMHO.
pong
@WL. what do you think? pingpong?
Your serve
scrolling down is the future. scrolling up is the past.
exactly. fuck
@WL. if we keep this up we will fall off the right of the flat screen.
Lets see
pingpong fuckfuck
pong.
@WL. hahaha we ran out of space.
pingback
you sneaky fucker.
is this fractional reserve comment posting
snoots up one gulag chip
Best 2 out of 3
for beers
@WL. upper canada lager is on sale and it’s 7.30 here. i’m half drunk.
can I play with y’all…
@chArles. don’t mention the war.
ooh, a nice cold Canadian beer would be nice
but I am on antibiotics as I am being treated by a US Dr after being tossed aside by the Universal Canadian Rationed Care System
Great if your Acute but not for Chronic
I think Krudman is what passes for “reasonable informed thought in America” sad but that is true
If he thinks it is just a matter of forcing imports into China with a lower Yaun to get this gerbil back running in its cage he is sadly mistaken….but his policy as far as American spending is concerned is more reasonable than the troglodytes who want to shove austerity onto us out of some false sense of Puritan duty to suffer needlessly
what war?
reply
I iz gettin dizzy
there is a war going on? when did this happen? shouldn’t this be in the papers or on tv or something?
pingpong bullshit
@WL. the health care in ontario is a-1. you brought the weapons shipments to my attention. there gonna use them?
war on savers maybe?
Krugman said in the vid I posted that the problem is too much savings
We must go to war against them
all well and good but if someone responds to me a page back. how the fuck would i know. i have fans to respond to.
War of 1812?
Last!
Heh, ronron. I left you a reply on the first.
oh…finally a war I can support…THOSE SLACK JAW SAVERS HAVE DESTROYED THIS WORLD
@WL. thought you posted the weapons shipping report at zerohedge while the bosses were drinking wine?
exactly…
What did you say?
well @Snoot it really is childish. IMHO
They are trying to get rid of dissenters
now all your fans can keep in touch…and this way all the cool kids will gravitate to comment on one another’s post and ignore us uncool kids
i hope i don’t get banned. there sleeping now.
Wear it as a badge of honour
@WL. max and stacy like you. not that. trying to be hip i think. not working?
That’s a good description. The french wines I have bought in the past few years have a really strange taste.. like varnish yes. I wonder what they are doing to them. Of course I am talking about the little inexpensive ones I like to buy for home.
no charles. it’s a fuckup. i’m not cool.
@Snoot. you got to talk to stacy. she will listen to you.
I don’t know if this new thingy will work…just to many uncontrollable egos/would be writers here (and yes I’m one”
this will get confusing fast
Not sure who posted the You Tube of canadian hockey players body checking. Perhaps @Marc… please repost if you can…. thanks
@WL. i don’t weigh in on the climate racket. you know that?
@Carmen. we all missed that cause it was joined to a donkey.
They are asleep dreaming now, Stacy is dreaming that fucken snoots and WL nothing but trouble,
Max is dreaming this…
http://i871.photobucket.com/albums/ab274/doubleyouelle/maxcomputer.jpg
hahaha. see you my friend,
this stops others from learning snoot. @Snoot. you know. learning.
Yes, I enjoyed the juxtaposition. After criticizing the elitists, we forget how good we have it vs other people in the world. To 90% of the world we are the elites
this is too fucking confusing
Just wait, it is a great health system for simple stuff, but when it gets serious you are fucked over.
did anyone say anything while i was out. maybe. scroll man scroll.
ya
That would be me. Here are my boys….
http://www.youtube.com/watch?v=6iSjCZfWqUk
yes, i bet he is front running congressional trade barriers
OOOOOHHHH! Reply icons. Me like-ahl! Great idea ’cause I can’t spell have of the names on this board when I’m trying to reply to a comment.
I meant half, not have. I think the next thing you need to do Max and Stacy is have a special spell and grammar check for people like me
All this Canadiana! I feel like I’m in Mississauga at a Timmy’s drinking a double, double and snacking on a minced meat pie. Go figure, eh!
Scrolling up, scrolling down. I’m dizzy.
“Beer Wars: Brewed in America, is an eye-opening, funny and righteosly infuriating documentary by first-time filmaker Anat Baron. Her film (think of it as Suds: A Love Story) is also a pretty damning idictment of not just the beer industry but contemporary unfettered unregulated capitalism’s disturbing excesses”.- Box Office Magazine
the entire financial system is bust. But the big wigs are coming up with yet another excuse to make us beleive everything is just fine.
My question. Since this financical system is so bogus why not give millions to the average joe instead of the big banksters that already have the kingdoms and yaughts. What does it matter any more. Other than keeping the poor – poor and the rich- rich.
Really Stupid Americans. It’s useful. More meat for the army. Look at the morons !
USA number one ! That’s my biggest apprehension. Becoming American and a freakin moron ! Canada and Québec are much too close to the USA, Bad stuff.
A third world education system for the masses in the USA. Dumb and dumber.
http://globaleconomicanalysis.blogspot.com/2010/03/stupid-in-america-whats-wrong-with-us.html
Where’s the money going ? Administration ! You have to pay managers bonuses !
I would think you could denominate the payout of a contract in bananas if you so chose.
America’s Solid Credit Rating Gets Shaken
5 hours 14 minutes ago
Joseph Schuman
Senior Correspondent, AOL News
‘”This exposes governments to substantial execution risk in the implementation of their exit strategies, which could yet make their credit more vulnerable,” said Arnaud Mares, a senior vice president at Moody’s Sovereign Risk Group and author of the new report.
The loss of the nation’s triple-A credit rating would add billions or trillions to the cost of borrowing money through the issue of Treasury securities, although that trouble might pale in comparison to the kind of economic cataclysm that would badly weaken confidence in American fiscal trustworthiness. Even worse than the recent financial crisis, picture a run on the dollar and a credit freeze that could keep banks from lending.’
http://www.aolnews.com/nation/article/americas-solid-credit-rating-gets-shaken/19399527
@maxkeiser, stacyherbert
I just returned to China, and Max is not blocked, though Jesse is. So maybe there’s still chance for a Max & Stacy Show on CCTV 9. Those odds would be improved a lot if Max (& Stacy) were to guest on Dialogue.
The current episode of Dialogue has a discussion on Greece with American know-it-alls, S&P analysts I think. When drawing parallels with the US, the thorniest issue was how China could get out of its exposure to the USD. The Americans were saying, don’t even think about it. You’re stuck. Ha, Ha.
WW III Man from Glad. Prepare for it.
@Marc Authier, To paraphrase Max, WWIII is a currency war. Kind of like Cold War II. Cold War I spilled over into hot war in SE Asia. Cold War II in the Persian Gulf.
@WL:
I watched the Krugman video. Thanks! Very good link!!!
I think the system has said it is “time” to prepare for this:
“Jan Randolph, head of Sovereign Risk at Global Insight explains to Alphaville :
George Soros’ latest idea here I think is really all about boosting this SDR currency’s money supply, though still restricted to sovereigns in circulation, to enable them to maintain or raise levels of liquidity and therefore conduct more international trade. It would be of special help to emerging markets that may face liquidity pressures as a result of the credit crunch and unlike an IMF loan, would have few, if any, strings attached.
The reallocation of country quotas in any significant manner could also presumably address the large surpluses built up in countries like China. At the end of the day, the solution to the global financial crisis problem is connected to restoring liquidity and confidence to the financial system. To do so, many say the solution must address the current imbalances which see vast sums of dollars stored-away on some sovereign balance sheets and not on others.”
http://ftalphaville.ft.com/blog/2008/11/05/17858/a-paper-gold-reserve-system/
Future? Here’s Martin Wolf writing in 2008:
“What is interesting about this agenda is how familiar much of it would seem to the participants at Bretton Woods, with one exception. Keynes would be horrified that the world has let the genie of free capital flows out of the bottle. This, he would note, is why more external financing is needed than ever before, why vast foreign currency reserves have been accumulated and why financial crises are once again global, rather than local. He would add that “a sound banker, alas, is not one who foresees danger and avoids it, but one who, when he’s ruined, is ruined in a conventional and orthodox way along with his fellows, so that no one can really blame him”. We have far too many such bankers. He would surely add that these undercapitalised and illiquid institutions are little short of financial time-bombs (see chart below).”
http://www.ft.com/cms/s/0/7cc47dfe-aa95-11dd-897c-000077b07658.html?nclick_check=1
Wolf is referring to the control of international capital flows through a central clearing global utility:
Keyne’s international clearing union. The words of Krugman concerning “capital flowing uphill”, regarding China’s surplus, are an indicator that this is the direction being taken by the international monetary authorities.