Stacy Summary: This will hopefully provoke some interesting debate.
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ref. max keiser & Get 6 mo’s free storage
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Rick Ackerman-
- King World News
- Mish
- Karl Denninger – Market Ticker
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- Michael Hudson
- ZeroHedge
- The Big Picture
crash banksters – Buy Silver & gold
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Most recent: 
http://www.youtube.com/watch?v=P36x8rTb3jI
America is so screwed. Its only 26 seconds long.
Vega Man
didn’t James Dines
write about this in the eighties.
How Investors can make Money using
“MASS PSYCHOLOGY”
@fUny1
I’ve talked briefly about PROMIS here before. @Phil/Germany has read the book where I learned about it too, and mentioned by Max as part of his PMF Insider Trading Film. Nice to see it mentioned here by another.
Extremely worrying subject.
The building should be surrounded by police and these rats arrested. USA terrorist number ONE: THE FED. You have to see Geithner as a terrorist indeed.
You mean that justice is starting to work in the USA. Is there a possibliity of appeal ? Anyways we know the answers. If you want to rob the people and an international war criminal, become a central banker.
Love this one.http://theburningplatform.com/blog/2010/03/18/it-was-a-wonderful-life/comment-page-1/#comment-187
@Dedo
No not my life ust some soon to be useless Fiat currency. British pounds bet against British pounds. Im only right about 55% of the time LOL, but that 30 year run has been profitable Now working on my spirtual self as well. So if Im wrong on this bet ……so be it. Im still a happy camper (farmer).
last, ‘the wall st song’
money for nothing
m knopfler
http://www.youtube.com/watch?v=dlPjxz4LGak
Fed loses FOIA decision before US Court of Appeals in Manhattan:
http://www.bloomberg.com/apps/news?pid=20601087&sid=a2rzjENZQV5k
Must disclose names of banks bailed out during crisis.
@balois,….Wow,..first person to realize,..I applaud,…
@ingrid,..Nah,..not a mad world,.just how the folk are led,…
The world is quite sane,.always has been,..: )
Psychopaths could be best financial traders
A team of U.S. scientists has found the emotionally impaired are more willing to gamble for high stakes and that people with brain damage may make good financial decisions.
http://www.chinadaily.com.cn/english/doc/2005-09/21/content_479731.htm
@x Thanks for the gold info.
@Ronron,
A couple of times when I tried to post something the screen goes white, and when I go back onto the site the posting’s not there….
Anyway, have a great weekend everyone. Heading to the mountains,again. With all that’s goin’ on, maybe we’ll just have to stay there and get some rations.
http://www.youtube.com/watch?v=4N3N1MlvVc4
Depression Alert,…..hmm,..you seem so sure (20/30% reduction),..
Have you put your life on the line?
I’d bet 99% you haven’t : )
g harrison
while my guitar gently weeps
http://www.youtube.com/watch?v=T7qpfGVUd8c
I the World Monetary Enslavement system, PROMIS not to use my software to hook out the little fish in the barrel unless it benefits Serfdom and enriching the Financial Terrorists with soon to be worthless paper assets.
Fellow serfs:
We now interrupt your regularly scheduled self destruction to the benefits of Metropolis’s underground machinations:
Listen up fellow slaves….
You’re only a slave if you accept to continue to be enslaved by the Thin Air Monetary Unitarian system.
What one must do is wake up the masses and get them sufficiently educated in self reliance but first they must stop allowing themselves to self destruct by polluting their bodies with toxic intake.
Almost every person on this planet has become a money slave. Even some of the elite are slaves to their own demanding lifestyles.
There has to be a better and more harmonious way to interact with this reality.
As we have seen from the Greeks, we are very close to the end game of this usury based enslavement.
We do not need a revolution to keep tyranny flowing from one revolving door to another.
We need self reliance and self governance and a new perspective that is not based on competing against our fellow man for dwindling resources.
All easier said than done. For most adults it may be a lost cause. The few must wake up the children to look out for their own future otherwise Humanity is near its end.
I believe the exposure of the worthlessness of Goldman Sachs and JP Morgan and their cross Atlantic Ilk not only in Balance sheet but in Morale compass will be the trigger for the complete and expedited crash of the big one: the bond market. The stock market is the sideshow. Always has been.
http://funy1.blogspot.com/2010/03/whose-leverage-is-more-worthless-jp.html
Jenifer keep those dirty Irish lads out of South Dakota – once you let us in your property prices are doomed to a lifetime of deflation
http://www.youtube.com/watch?v=qRdUKkxYzXk
PS@Greece .. lost a tag I think !
The Clash? Pipe and slippers with a nice cup of tea.
What you want is some Revolution Action!
http://www.youtube.com/watch?v=hkb3r9filcM
((>.<))
Greece … “What would happen if we abandon Greece is the euro and return to the Drachma ?”
http://www.makthes.gr/index.php?name=News&file=article&sid=52535
…What if we turn to the penny
What would happen if we abandon Greece is the euro and return to the penny? The unthinkable scenario, not even contemplated by the circumstances, it would probably be disastrous, if not the country, certainly for the Greeks. It will probably follow a period of galloping inflation, while the value of our deposits will be deleted brushed aside. This happened for example in Russia in the late 1990s, when households suddenly saw the value of their savings to zero. Moreover, the nostalgia of the drachma have to think: what will happen to the debts of households and firms in the euro? By undervalued penny, the service will be practically impossible, leading to a barrage of bankruptcies and even the strongest banks. ….
Suckers are graded by the level of cynicism not intelligence. So the fellow preaching about behavioral stuff is preaching to suckers on a different tier from the “stupid” ones. Same con, but fishing for bigger fishies. The whole intent of the Gnostic Scam (been widely practised for 10,000 years) is to suck in the cynical ones who want to dupe and control the other ones. Duping the dupers. Pitching “secret knowledge that will bring you POWER!” Muhuhahahahahahahahaha! Like a charm it works! Universities run on this stuff.
It’s time to play the music
It’s time to light the lights
t’s time to meet the Keisers on
the Keiser Show tonight.
Why do we always come here
I guess we’ll never know
It’s like a kind of torture
To have to watch the show
And now let’s get things started
Why don’t you get things started
It’s time to get things started
On the most sensational inspirational
celebrational Keisersational
This is what we call the Keiser Show!
Celente today on RT
http://www.youtube.com/user/RussiaToday
“I’ve narrowed it down to six words_ Princeton Harverd Yale Bullets Bombs and Banks”.
How you gonna go?
http://www.youtube.com/watch?v=hiQoq-wqZxg
Beware of those Leprechauns
They were the original greed is good merchants
http://www.youtube.com/watch?v=YVfxrSGfXN0
Londons Burning
http://www.youtube.com/watch?v=yzPbNvIzMf0&feature=related
@Mike/Liverpool
From now until the fall , look for and bet on UK pound getting pummeled…… at least 20-30% down from here.
@Ggee,..I remember some intelligent folk on here looking at the “wrong” side of the coin,.thinking they were right! (Nobel of them)
“Gold is simple, even “stupid” people can easily understand it”.
There are just two words,..” New Paradigm”,..: )
little feat
fat man in the bathtub
http://www.youtube.com/watch?v=VDp3Grz28mE
@Mike. i heard 2012.
@ The Dork of Cork
thanks for Runpole link…what little I know of Britain I gleamed from that show, Cracker, Lovejoy, and Hellblazer comics
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oh ya. and here’s the big secret. india is sitting on skids of us cash. not paper assets. printed bills. they don’t know what to do with it. same in many country’s. skids of paper us money.
Lehman used the –Mark to fantasy accounting rules—still in day to day use at a bank near you
LMAO @ Horny arabs waving money
By Michael Corkery
In May 2008, former Lehman Senior Vice President Matthew Lee wrote a letter to senior management warning that the New York securities firm may have been masking the true risks on its balance sheet. A month later, he had been ousted.
His warning was revealed for the first time in a report by a U.S. bankruptcy-court examiner and showed that Lehman’s auditors knew of potential accounting irregularities and allegedly failed to raise the issue with Lehman’s board. Here is the letter that placed the little-known Lehman executive at the center of allegations that Lehman manipulated its numbers and misled investors.
MATTHEW LEE
May 18, 2008
PERSONAL AND CONFIDENTIAL
BY HAND
Mr. Martin Kelly, Controller
Mr. Gerard Reilly, Head of Capital Markets Product Control
Ms. Erin Callan, Chief Financial Officer
Mr. Christopher O’Meara, Chief Risk Officer
Lehman Brothers Holdings, Inc. and subsidiaries
745 7th Avenue
New York, N.Y. 10019
Gentlemen and Madam:
I have been employed by Lehman Brothers Holdings, Inc. and subsidiaries (the “Firm”) since May 1994, currently in the position of Senior Vice President in charge of the Firm’s consolidated and unconsolidated balance sheets of over one thousand legal entities worldwide. During my tenure with the Firm I have been a loyal and dedicated employee and always have acted in the Firm’s best interests.
I have become aware of certain conduct and practices, however, that I feel compelled to bring to your attention, as required by the Firm’s Code of Ethics, as Amended February 17, 2004 (the “Code”) and which requires me, as a Firm employee, to bring to the attention of management conduct and actions on the part of the Firm that I consider to possibly constitute unethical or unlawful conduct. I therefore bring the following to your attention, as required by the Code, “to help maintain a culture of honesty and accountability”. (Code, first paragraph).
The second to last section of the Code is captioned “FULL, FAIR, ACCURATE, TIMELY AND UNDERSTANDABLE DISCLOSURE”. That section provides, in relevant part, as follows:
“It is crucial that all books of account, financial statements and records of the Firm reflect the underlying transactions and any disposition of assets in a full, fair, accurate and timely manner. All employees…must endeavor to ensure that information in documents that Lehman Brothers files with or submits to the SEC, or otherwise disclosed to the public, is presented in a full, fair, accurate, timely and understandable manner. Additionally, each individual involved in the preparation of the Firm’s financial statements must prepare those statements in accordance with Generally Accepted Accounting Principles, consistently applied, and any other applicable accounting standards and rules so that the financial statements present fairly, in all material respects, the financial position, results of operations and cash flows of the Firm.
Furthermore, it is critically important that financial statements and related disclosures be free of material errors. Employees and directors are prohibited from knowingly making or causing others to make a materially misleading, incomplete or false statement to an accountant or an attorney in connection with an audit or any filing with any governmental or regulatory entity. In that connection, no individual, or any person acting under his or her direction, shall directly or indirectly take any action to coerce, manipulate, mislead or fraudulently influence any of the Firm’s internal auditors or independent auditors if he or she knows (or should know) that his or her actions, if successful, could result in rendering the Firm’s financial statements materially misleading”
In the course of performing my duties for the Firm, I have reason to believe that certain conduct on the part of senior management of the Firm may be in violation of the Code. The following is a summary of the conduct I believe may violate the Code and which I feel compelled, by the terms of the Code, to bring to your attention.
1. Senior Firm management manages its balance sheet assets on a daily basis. On the last day of each month, the books and records of the Firm contain approximately five (5) billion dollars of net assets in excess of what is managed on the last day of the month. I believe this pattern indicates that the Firm’s senior management is not in sufficient control of its assets to be able to establish that its financial statements are presented to the public and governmental agencies in a “full, fair accurate and timely manner”. In my opinion, respectfully submitted, I believe the result is that at the end of each month, there could be approximately five (5) billion dollars of assets subject to a potential write-off. I believe it will take a significant investment of personnel and better control systems to adequately identify and quantify these discrepancies but, at the minimum, I believe the manner in which the Firm is reporting these assets is potentially misleading to the public and various governmental agencies. If so, I believe the Firm may be in violation of the Code.
2. The Firm has an established practice of substantiating each balance sheet account for each of its worldwide legal entities on a quarterly basis. While substantiation is somewhat subjective, it appears to me that the Code as well as Generally Accepted Accounting Principles require the Firm to support the net dollar amount in an account balance in a meaningful way supporting the Firm’s stated policy of “full, fair, accurate and timely manner” valuation. The Firm has tens of billions of dollars of unsubstantiated balances, which may or may not be “bad” or non-performing assets or real liabilities. In any event, the Firm’s senior management may not be in a position to know whether all of these accounts are, in fact, described in a “full, fair, accurate and timely” manner, as required by the Code. I believe the Firm needs to make an additional investment in personnel and systems to adequately address this fundamental flaw.
3. The Firm has tens of billions of dollar of inventory that it probably cannot buy or sell in any recognized market, at the currently recorded current market values, particularly when dealing in assets of this nature in the volume and size as the positions the Firm holds. I do not believe the manner in which the Firm values that inventory is fully realistic or reasonable, and ignores the concentration in these assets and their volume size given the current state of the market’s overall liquidity.
4. I do not believe the Firm has invested sufficiently in the required and reasonably necessary financial systems and personnel to cope with this increased balance sheet, specifically in light of the increased number of accounts, dollar equivalent balances and global entities, which have been created by or absorbed within the Firm as a result of the Firm’s rapid growth since the Firm became a publicly traded company in 1994.
5. Based upon my experience and the years I have worked for the Firm, I do not believe there is sufficient knowledgeable management in place in the Mumbai, India Finance functions and department. There is a very real possibility of a potential misstatement of material facts being efficiently distributed by that office.
6. Finally, based upon my personal observations over the past years, certain senior level internal audit personnel do not have the professional expertise to properly exercise the audit functions they are entrusted to manage, all of which have become increasingly complex as the Firm has undergone rapid growth in the international marketplace.
I provide these observations to you with the knowledge that all of us at the Firm are entrusted to observe and respect the Code. I would be happy to discuss any details regarding the foregoing with senior management but I felt compelled, both morally and legally, to bring these issues to your attention. These are, indeed, turbulent times in the economic world and demand, more than ever, our adherence and respect of the Code so that the Firm may continue to enjoy the investing public’s trust and confidence in us.
Very truly yours,
MATTHEW LEE
cc: Erwin J. Shustak, Esq.
beach boys
i get around
http://www.youtube.com/watch?v=MDIBMaCTwFw
Are you guy being online in the restaurant?
This is why we need action quicker: Economist and banker preaching violence
http://www.youtube.com/watch?v=YH-A1yBtVGA#t=1m20s
On topic: This article is a ruse to cover the fraud. It banks on the premise that people like to feel stupid and therefore likes to call some people extremely smart. People rather blame themselves for failing in the ‘social context’ than having to abandon the context alltogether.
There may be predictable irrationality (what is more predicable than stupid behaviour), but it covers simple manipulation and fraud..
Joe Zalluzi worded it right today when he said that he knows it’s all algorithms, but the lure of catching an upwave is to attractive to resist.
Stockmarket = Bellydancer
Traders = Horny arabs waving money.
Warren Pollock: The Racketeering Sector
http://www.youtube.com/watch?v=DFgBpneUCNw
‘What is the largest sector of the US Economy? it has to be the “Racketeering Sector!” We see regulations PLAYING INTO widespread racketeering in the delivery of healthcare and insurance. We see regulations WORKING AROUND legalized loopholes in the provisioning of endless (and useless) financial products. As long as racketeering remains pervasive we will draw down on our future prospects in terms of freedom as well as wealth. We need to design our society-culture-systems so they are free from the forces of racketeering.’
“It stops our government from being effective.”
Looks pretty ‘effective’ to me. *sigh*
What’s that quote about the devil’s best trick was convincing people he didn’t exist?
Little boy points to a government building and shouts, “The mafia has no clothes!”
@Mike
As to when—when PIIGS fly
Life insurers may spend as much as $100 billion on corporate debt in the next 18 months http://www.bloomberg.com/apps/news?pid=20601109&sid=anljLrBSc_D0
Save the baseball bat for right wingers, conservatives and libertarians.
Or as Jon says ” lie bert Aryans “
@Y’All
Medical Marijuana Stops Spread of Breast Cancer!
http://www.youtube.com/watch?v=N4JFbC1gXXk
Bloomberg’s Oster Discusses Fed Bailout Records Ruling Bloomberg Vid http://tinyurl.com/y9zqqyq
@Stacy @Ronron
The phrase just came to mind
I always had a great affection for this character
He could recognize power in its most fearsome manifestation
She who must be obeyed
http://www.youtube.com/watch?v=LMw_rbxtC90
@Mike. never knew you could watch porn that long. hahaha.
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tom petty
learning to fly
http://www.youtube.com/watch?v=s5BJXwNeKsQ
@Y’All
‘No police officer disciplined over G20 protests, says report’
http://www.guardian.co.uk/uk/2010/mar/18/g20-protest-officers-not-disciplined-report
Roach Says `Take Out the Baseball Bat’ on Krugman Over His Stance on Yuan Morgan Stanley Asia Chairman Stephen Roach said that Paul Krugman’s call to push China to allow a stronger yuan is “very bad” advice and that increased Chinese spending is a better way of reducing trade imbalances. http://www.bloomberg.com/apps/news?pid=20601068&sid=aaDhEg_mZprU
Bloomberg : .. for Frances
The Chatham House report, which included a contribution from DeAnne Julius, a former member of the Bank of England’s Monetary Policy Committee, was titled “Beyond the Dollar: Rethinking the International Monetary System.” Among its recommendations are a multicurrency reserve system and increased use of Special Drawing Rights as a supranational currency. SDRs are a unit of account, based on a basket of currencies, used in International Monetary Fund transactions.
http://www.bloomberg.com/apps/news?pid=20601103&sid=aD4LDUDg61VU
Soros buys gold, Jim Rodgers buys gold, Marc Faber buys gold, Gerald Celente buys gold, Max Keiser buys gold even Peter Schiff buys gold—I,ll believe this mob who have actually shown what they can do before listening to the gold has no monetary value. No one has ever said it has monetary value what it is, is a STORE of value.
Gold is simple, even “stupid” people can easily understand it.
@Danny: This is one thing that Taleb does well in his book ‘The Black Swan’; he explains his personal experience with the same condition as a child in Lebanon, where he hails from. Again, no one saw the collapse and civil war coming there, and still were in a state of denial some years later…
bunch of philberts around here.
@Stacy. Bonn always writes a few notes before bed. you made me smile a big one. @Bonn Stacy loves you. Max too. hahaha ancient wars. the world as Bonn sees it. one interesting nut.
Bonds sale to unlock door for UC San Francisco project
http://sanfrancisco.bizjournals.com/sanfrancisco/stories/2010/03/22/story4.html
no money for faculty or students, only for neuro-centers trying to predict irrationality.
@Dork – “kill all the lawyers” is soooo two centuries ago: http://www.guardian.co.uk/business/2005/aug/06/executivesalaries
Story about Icelandic bankers about to be prosecuted for tax evasion
http://www.e24.se/makro/varlden/islandska-bankirer-i-miljardsvindel_1937629.e24
Standfirst reads:
“Icelandic bank directors and customers evaded taxes equivalent to 580 million euros prior to the island nation’s financial collapse in 2008. Some of these cases might soon go to trial.”
It cites an article in Iceland Review:Tax Evasion at Icelandic Banks Before Collapse
http://icelandreview.com/icelandreview/daily_news/?cat_id=16539&ew_0_a_id=359577
regards,
J
tom petty
running down a dream
http://www.youtube.com/watch?v=L8Sy2RAvQTU&feature=PlayList&p=51325637B9904C5A&playnext=1&playnext_from=PL&index=8
The financial community love complexity because it creates a need for “experts” who can then scalp the stupid “clients”. Look at the push world wide for the State to relinquish funding pensions, the financial community was salivating at the prospect of scalping the subsequent privatized pension funds. Most retirees face a bleak future as their pension values have plummeted and annuity rates are a laugh.
In addition our children and grand children face a tax mountain to service the debt we have allowed to accumulate.
Apres les deluge mes ami
oh jaysus, I couldn’t get into the whole humans rational/irrational, bernays quagmire on a Friday night; I’m off to tuck into some good ol’ gut rot. I will however, leave y’all with an extarct with an article J. R. Nyquist which made me ponder today.
“According to Roepke,(Wilhelm Roepke’s 1948 book, The Moral Foundations of Civil Society) “It appears that in all great crises of world history most people utterly deceive themselves as to where they stand, just as if Providence had drawn a veil over the impending disaster.” Though a society inwardly crumbles, an “optimistic self deception” prevails — attended by “that astounding superficiality of diagnosis with which so many of us have judged the state of the world” in the past. How slowly we grasp the meaning of facts. How tenaciously we struggle against a “disagreeable awakening.” How unready we are to admit that we have built our society upon an avalanche.”
Govt. Stats FWIW ( i.e. if you like to believe them )
35% of workforce ( 16 yrs. and over ) NOT working
Labor Force Statistics from the Current Population Survey
http://data.bls.gov/PDQ/servlet/SurveyOutputServlet?data_tool=latest_numbers&series_id=LNS11300000
@Dork. i don’t mind you turning Philbert upside down. but don’t kill any lawyers. there will be thousands of professional suicides soon. won’t be funny.
We the have evolved animal in Australia, a combination of client, plantif and lawyer, we call them leaders of the Opposition and Federal Government. Malcom Turnbull, the very recent former leader of the Opposition Federal Government and former lawyer and CEO of Goldman Sachs represented in Australia (Turnball and Partners Ltd), crossed the Parliament floor to vote with the Government on the Carbon Trading bill that would cost Australia $7-9 Billion dollars per year donated to the proposed Copenhagen Treaty Mark II a.k.a quasi UN third world cabon trading prostitute. The same Government has just signed a $43 Billion dollar broadband deal with you guessed it, with an Australian Goldman Sachs company, NBN/Goldman Sachs so that we could all have faster download, so that we could transfer LC’s faster and buy more crap and most importantly sell more coal, minerals and metals to our horniest customer, from P R Cina et al. Just like you said Max, lawyers and the evolved lawyer, the novo-politician, will change laws, disregard political party loyalty, even vote for the opposition openly in public to make sure the banker’s interest and pockets are lined. And just like Goldman Sachs RORT in Greece, they will use the excuse, it was legal at the time when we implemented the STING! with love but Never on a Sunday, Mr Kosta Fortune-Derivatopoulos
Anyone want to nominate Goldman Sachs:
The ‘Open100′ competition is a celebration of the power of openness and mass collaboration. You can be part of the competition by nominating the company you think is the best open innovator. http://www.openbusiness.cc/category/directory/
There will be a Violent Revolution in America Max Keiser
http://www.youtube.com/watch?v=lPU_hOBXGqs
Was posted on a Trading Msg board.
it’s “you’re” .
@Max
The Indians (Native Americans) called it scalping.
max forgot to say first. it’s still open.
@WL …
After 10 years of trading..
All government data is corrupt
All corporate data is corrupt
Markets are 75% psychological and driven by propaganda
Knowing this you have a chance at making money
LOL … that’s my take as well !
The Chance at Vegas is of course much better !
I remember taking a 4000 level seminar course (Senior level course in most colleges in the States) on something called Economic Psychology…it was great because it was the first time the Econ students wandered into a “Hard Social Science ” course…there was constant fights inside the class from Freidminites continually arguing the inherent autonomous rationalism of “Economic Man” after reams and reams of data showing the pack nature of humanity
great fun…G-d I miss Acedemia
Buy fear, sell greed
Nothing complicated with the markets,..fear and greed,..always has been always will be.
How’s that for a watered down synopsis,..huh! : )
No debate, it is blatantly obvious who the mark is and how they get played
After 10 years of trading..
All government data is corrupt
All corporate data is corrupt
Markets are 75% psychological and driven by propaganda
Knowing this you have a chance at making money
First thing we do is kill all the lawyers
then there are the active clients. the name for them: plantifs
we had a name for these types of people: clients