Stacy Summary: We look at “sucking gold and slurping silver” with Goldman Sachs in China and at banks refusing to buy back their toxic loans from Fannie Mae and Freddie Mac. In the second half of the show, Max interviews Vincent Fernando of Business Insider about debt deflation, wage inflation and austerity measures.
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I live in Montreal, and I remember how horrible the 90′s were. The official unemployment rate was in the teens, and I remember at least 3 major riots during that decade. None of the riots were organized, they just happened spontaneously. For example, one was triggered when a punk rock concert was oversold, and the angry punks who were locked out of the venue started moving en masse down a major commercial street smashing all the shop windows. There was also a large riot in Quebec City where the National Assembly was almost burned down. There were also a lot of smaller incidents that weren’t published in the media, often provoked by police who were looking for a pretext to arrest potential “trouble makers” and clear them from shopping and tourist areas.
From Michael Hudson to this joker?
pathetic
O H M A X
your co cute.
L O V E pink and a light purple tie, that is
r e a l l y
r e a l l y
H O T H O T
Dear Max,
Enjoyed the show last night on RT, observations on your guest Vincent Fernando and his comments about the euro and predictions on Europe, my modest comments, and your thoughts please.
1) The enemies of the Euro will always look at the Greek model and say this is the failure of the Euro, and numerious economist arguing the need to move away from the Euro. This is a ludicrious argument, this is not about currency it is about proper accounting/budgeting principles..this is akin to a home owner who is unable to budget overspends, and then blames the currency for all the problem he faces
2) The German bailout is a loan and not priniting euros as is the case of the US with the dollar.
3) Unlike the dollar which is not backed by gold, the Euro is a stable and “real” currency
Your guest speaker makes predicition on 3 factors and reminds me again of all the Euro antagonist that make arguments that are illogical…Your thoughts welcomed..Regards Naz
I ‘m right there with you and I love your show.
Hey Max.. It’s Bernie Madoff not Barney Frank. Not that I’m a fan of one or the other.
Incentivising boring banking :-
http://www.policyexchange.org.uk/images/publications/pdfs/Incentivising_Boring_Banking_-_June_10.pdf
EU investigates Greek-style budget fraud in Bulgaria.
http://www.euractiv.com/en/euro/eu-investigates-greek-style-budget-fraud-bulgaria-news-495064
Tamir
Jun 10, 2010 at 1:41 pm
Who? I’d pay to see Max vs. Timothy Geithner !!!
You mean Timothy Keiser vs Timothy Geithner
Max,
I can’t believe you let that guest get away with pushing austerity! Sure, let the people take responsibility for the bad gambling debts of these monster banks? That’s evil. Return to Glass-Steagall now, so we can write off the crap debt. We’ll still need to be fiscally responsible after that, but nothing compared to spending the tax money of the next 5 generations so GS can hand out bonuses. They should be declared bankrupt, and liquidated right now – not to mention, dragged off to gaol.
Now these guys dont give a crap about austerity and theyre the future.
http://www.youtube.com/watch?v=kFPNcWN7QnM
Maybe we should all try to be more like them? What yas think?
http://www.youtube.com/watch?v=4m48GqaOz90
It getting too obvious tbh, wheres the deftness? Maybe the “illuminati” dont really know wtf they are doing!!
http://www.youtube.com/watch?v=u8yoSAiwY18
Maybe they think were idiots
Canaduh ’94 as a model economy????
The world is bat-shit crazy
We (Canaduh) are supposed to be IGNORED…
keep moving… nothing to see here except clever double-entry book-keeping…
and some maple-syrup coated beavers…
with a hint of baby seal clubbing…
Burnt Timmy’s coffee made from fresh Bitumen anyone?
Two Hundread and FIRST!!
RICO
SUAVE
http://www.youtube.com/watch?v=jKT-o7fg2Rg
BREAKING NEWS! – New York Times “scientists in AWE” Oil plume HUGE and more! http://www.youtube.com/watch?v=T9lRF9eTGjI
@Stacy
TnX for the Sun flair update. Also worth listening Earth Changes & Solar Activity part 1/12 http://www.youtube.com/watch?v=Kk7UdR0abtM
I’ve dismissed most of the 2012 scenario’s but kept on researching some from which the sun outburst theory is one.
RED ALERT! MSM reports “DOOMSDAY scenario” about new Oil Spill developments http://www.youtube.com/watch?v=a_uMg84BBzE
Amateur Video Of Oil Spill in Gulf Of Mexico. Worse than we are told http://www.youtube.com/watch?v=r9t6hlXwyKg
@Paul – how’s your drinking game going?
So much for Gold!
Mike
“BHP is keeping mum on whether it has even contemplated the idea – but it is intriguing that it and BP share Goldman Sachs as an adviser…”
“Timing’s perfect for BHP to take over BP,
by IAN MCILWRAITH, June 11, 2010
http://www.brisbanetimes.com.au/business/timings-perfect-for-bhp-to-take-over-bp-20100610-y0jn.html
This latest show will end up one of my favorites. I really liked that phrase Max kept repeating: “RICO, baby!!” It would make a good protest slogan, preferably shouted with one fist in the air and preferably shouted on Wall Street.
Is it still a minimum 12 years sentence for a RICO conviction?
Sprott Signs Resource Sector Lending Deal With Quest Capital:
http://www.reuters.com/article/idUSN1021494920100610
(this is called merchant banking)
@Studs:
I think we hope for a messiah. Wasn’t that written about somewhere?
The inevitable turn of the screw.
Brussels as head of a new world order? Imagine it!
When World War I ended, “the League of Nations mandated Rwanda and its southern neighbor, Burundi, to Belgium as the territory of Ruanda-Urundi. The portion of the German territory, never a part of the Kingodm of Rwanda, was stripped from the colony and attached to Tanganyika, which had been mandated the British.” So, not only were the people ripped from each other, they were put with tribes they had never had to live with before…
Like the Germans before them, “the Belgian government continued to rely on the Tutsi power structure for administering the country. It also consistently favoured the Tutsis where education was concerned, leading to a situation where many Tutsis were literate, while the majority of Hutus were not. Belgians educated the Tutsis in Catholic schools, which widened the ethnic rift between Hutu and Tutsi.
Belgian rule in the region was far more direct and harsh than the German. The Belgians [were determined for] the colony turn a profit, and this meant forcing the population [to] grow large quantities of coffee. Each peasant was required to devote a certain percentage of their fields to coffee”. This new rule was strongly “enforced by the Belgians and their local, mainly Tutsi, allies.” Every morning, to get work started, everyone received eight lashes.”
http://emileelime.tripod.com/id4.html
There’s austerity for you!
Tight interbank lending fuels ECB’s latest crisis http://tinyurl.com/398ggnp
@Frances.. you’re a genius. You see the totals the others miss. Most people’s puny little brains stop at the simplest possible answer, ie., the harping call of the bonehead winger: screw the workers! Kill the unions! Fuck the poor! Maybe the big rich will reward us with a few crumbs from their groaning boards of loot!
The capos too will go into the ovens. In the big riot, the screws get it in the neck first. Revenge! It’s not sweet.. but it’s fucking INEVITABLE!!
Ok, that being said. Where do the smarties hang out during the Gooey Kablooie? I’ve heard from a native that a million bucks here is worth 150 million in Sri Lanka. No shit. That’s what he said. 150 to 1. Only problem: snakes.
I hate snakes. Really. Really really. I still have nightmares about Central America in the 70s. Snakes and bugs.
http://manticoregroup.com/radio/2010/06jun/jamesfox2010.mp3
China’s export surge fuels calls for end to dollar peg http://www.telegraph.co.uk/finance/china-business/7817068/Chinas-export-surge-fuels-calls-for-end-to-dollar-peg.html
BP – Black Plague, 21st Century
http://www.flickr.com/photos/greenpeaceuk/4681776155/in/set-72157623796911855/
more new “BP” logos:
http://www.flickr.com/photos/greenpeaceuk/4659640338/in/set-72157623796911855/
http://www.flickr.com/photos/greenpeaceuk/4641611247/in/set-72157623796911855/
http://www.flickr.com/photos/greenpeaceuk/4681784599/in/set-72157623796911855/
As Professor Sachs concludes: “There are no short-term miracles, only the threat of more bubbles if we pursue economic illusions. To rebuild our economies, the watchword must be investment rather than stimulus.”
Ooops, I forgot about bubble stomping.
Where’s Marc, Youri? Weren’t you both chirping about the inevitable default of the world’s governments? If so: why the new song about austerity?
How can austerity save the governments if default if inevitable?
Isn’t this just another in a long string of scare tactics set to see the agenda of the new world order?
Last winter it was a pandemic/no. Then the dollar was set to crash/no. Now the coast of Florida is set to drown in oil/no.
Freaken pop some corn, the next ‘act’ should be really interesting (as Soros has indicated).
Gordon Brown’s henchmen are rewriting history as we sink into the red
The time for delusion, deceit and dodgy economic figures is over http://www.telegraph.co.uk/finance/comment/jeffrandall/7819327/Gordon-Browns-henchmen-are-rewriting-history-as-we-sink-into-the-red.html
“Then we will see an economic life closer to our biological environment: smaller companies, richer ecology, no leverage. ”
http://globalguerrillas.typepad.com/globalguerrillas/talebs-rules.html
Taleb is calling for a catastrophic collapse of our entire banking system in favor of a post-industrial world utopia. His advice should be discarded concerning severe austerity. The ‘extrepeneurs’ he advances over bankers will must needs work for those with access to state liquidity: the only liquidity. The system is one of apartheid.
It is global tyranny he advances: not utopia.
http://www.businessinsider.com/nassim-taleb-bring-down-worldwide-the-level-of-debt-with-severe-austerity-measures-2010-6
New Logos for “BP” – over 1000 logos (via “Radiohead” website http://radiohead.com/deadairspace/ )
http://www.flickr.com/photos/greenpeaceuk/sets/72157623796911855/?page=2
Another criminal enterprise – on the way out:
“Music Industry on Verge of Total Collapse”; “Radiohead’s Thom Yorke is warning …major labels will “completely fold” within months.”
http://www.infowars.com/music-industry-on-verge-of-total-collapse/
US faces “severe” losses on AIG, Commission warns http://tinyurl.com/327yk4v
“The real question is whether jittery financial markets are distracting austerity-oriented governments from economic realities, says Paul Krugman in a recent blog post. Calls for severe austerity measures among the world’s stronger economies reflect a “presumption that markets will turn on us unless we demonstrate a willingness to suffer, even though that suffering serves no purpose,” he says. The Economist’s Ryan Avent adds that the size of fiscal stimulus packages “means very little in the context of broader budget problems, and so cutting it hurts economies without doing much to improve the budget picture.”"
http://www.cfr.org/publication/22384/fiscal_austerity_debate.html?breadcrumb=%2Fpublication%2Fpublication_list%3Ftype%3Ddaily_analysis
Keynesian for those with sdr/access: Austrian austerity for everybody else. Bankrupt the competition; starve the poor; take hope from the children.
The sun sets weeping.
Linsey Willaims up at AJS with astounding info again
MUST LISTEN NOW! http://www.infowars.com/
Corporate bonds tumble http://tinyurl.com/2vs6vu4
Spain faces general strike as labour reform talks collapse http://tinyurl.com/345scwg
Reform of rating agencies poses dilemma http://forum.prisonplanet.com/index.php?topic=174468.0
we should nationalize the other side of the banks’ ledger, the profits,
before we talk about austerity.
That’s the most strangest thing about Goldman Sachs that it all has come out as fraud. the triple A, the preapaired to fail secutoriazion packages, Goldman betting against the housing market, using it’s client info betting against them etc..etc..etc..
But nobody, no country is doing a damn thing!
Goldman Sued by Hedge Fund Basis Capital Over Timberwolf CDO http://www.bloomberg.com/apps/news?pid=20601080&sid=aGJZ542k8Gpw
@ Max and Stacy
Before I watch this new episode of the Keiser Report, I have to say that your last TAM NZ was the best show ever; the flow was so fluid and the way you guys went from one topic to the next was true edutainment–so much content in a 30 minute period.
Congrats on your new engagement…with GCN…hehe.
And now on to the new Keiser Report…I’m going to conduct a drinking game…a shot for every HSX or Cantor Fitzgerald reference.
Wish me luck.
wow was just checking out Computer-implemented securities trading system with a virtual specialist
http://www.google.com/patents?id=n2sXAAAAEBAJ&printsec=abstract#v=onepage&q&f=false
very interesting
SEC Approves Five-Minute Trading Halts for S&P 500 Companies That Move 10% http://www.bloomberg.com/apps/news?pid=20601087&sid=aMinRE3ew4No
@ FiatMentalist
This site always loads very smoothly and quickly for me , maybe you need to upgrade or change your browser.
Most of the stuff on right hand side is not adverts but links to other sites, rss feeds of interesting sites or archived videos
Jun 10, 2010 at 3:06 pm
@Stacey
Talking about propaganda, any chance of you fixing the right hand pane. You got so much stuff there that it takes an while to load and sometimes crashes my browser.
Maybe redesign it so half your web page isnt an advert?
U.S. Home Foreclosures Climb 44% to Record in May http://www.bloomberg.com/apps/news?pid=20601087&sid=aF9v9t9hrr7Q
Dutch Face Months of Coalition Talks; Wilders Third http://www.bloomberg.com/apps/news?pid=20601085&sid=axzw6ovbm7js
Pento
ALL US debt/GDP was 299% in Great Depression and now 370%
http://www.youtube.com/watch?v=g17UX8FoPbY
The austerity measures in the U.K. really are a big joke. The one-year budget deficit is 12% (or 360 billion dollars, the same size as the debt of Greece!). The only solution for the U.K., and the rest of the world, is to restructure debt.
Baalbeck ruins I says Aliens are amongst us tees freakin baskets wanna take over our planet and tey made a deal wit our leaders tat we can convince tem into slavery ta mass public
Freakin BASTARDS
no no Bonn go to yer corner yas speakin all nonsense
Do i hafta post me links again
Mammoths I tell yas tey used Mammoths
To move tis shit
http://www.bibliotecapleyades.net/imagenes_arqueo/baalbek06_05.jpg
http://www.bibliotecapleyades.net/arqueologia/esp_baalbek_6.htm
Tey walk amongst us tee freakin bastards ( Aliens)
Sorry Stacy & Max
Cause I know ta truth
And I aint lettin go
lololplolololol
ROFL
Hic
S&P Downgrades Spanish Region Of Valencia From AA- To A+ “Because Of Growth In Debt Burden” http://www.zerohedge.com/article/sp-downgrades-spanish-region-valencia-aa-because-growth-debt-burden
Soros Says ‘We Have Just Entered Act II’ of Crisis http://www.bloomberg.com/apps/news?pid=20601087&sid=aSewDrZuj1Vg
Ongoing Private Sector Credit Contraction http://www.zerohedge.com/article/q1-flow-fund-indicates-ongoing-private-sector-credit-contraction-consumer-wealth-growth-due-
@ Max I kinda agree wit in2dwww Didnt wanna be ta first to say it
Idictements
Whats up wit tis Quatative Easin is Good Fuck ya tee End result is ta same
Hic
“Austerity” worked in Canada in 1994? Well, if you mean that an artificial government surplus was created on the backs of huge run-up in private debt hen it worked… Today, western economies (including Canada) are saddled with dual public/private debt crises… no fuel left to take over — and austerity will only shrink our ability to service the debts already incurred.
BP says not aware of reason for share price drop http://www.marketwatch.com/story/bp-says-not-aware-of-reason-for-share-price-drop-2010-06-10
You know, you know, you know… subtle stimulus, and you know, decent austerity measures, you know, are the, you know, way to go. And, you know, deflation is likely.
Your guest is a moron, Max.
With deflation, all we need is a crash. Burn, baby, burn!
Remember the ‘move your money’ campaign? Basel sees the regional banks as sitting ducks in any sovereign defaults through the arbitrary designation of government securities as tier one liquid assets (collins amendment predates basel iii in accord)
http://www.bankinvestmentconsultant.com/news/collins-amendment-2667293-1.html
http://www.businessweek.com/news/2010-06-08/banks-in-downward-spiral-buying-capital-in-cdos-update2-.html
Investors pull $1.1 billion from U.S. stock funds http://www.marketwatch.com/story/investors-pull-11-billion-from-us-stock-funds-2010-06-10
J.P. Morgan Chase analysts on Thursday lifted their price targets for several gold and silver mining firms http://www.marketwatch.com/story/jp-morgan-ups-price-targets-for-miners-gold-2010-06-10
China’s State Administration of Foreign Exchange, the regulator which oversees the nation’s nearly $2.5 trillion foreign exchange stockpile, said Thursday that the gold market is too small, illiquid and volatile to be considered suitable for asset allocation. http://www.marketwatch.com/story/china-says-gold-not-suitable-for-forex-holdings-2010-06-10
http://www.bis.org/publ/bcbs165/fifththirdbanco.pdf
(link)
PIMCO is reacting to this, Youri:
“While we understand the desire to have banks maintain a stock of liquidity, it should be clearly recognized by public policy makers and the Basel Committee that if banks are required to hold larger stores of liquidity on their balance sheet to eliminate the perceived contingent risk of maturity transformation, the availability of credit will be reduced and
the cost of credit will go up. Given the Liquidity Proposal as currently drafted, banks, particularly regional banks whose balance sheets are primarily composed of loan and deposits, will have to add liquidity by buying government securities instead of lending, and fund those purchases by issuing term deposits or long term debt. This will divert
funds from loans to government securities, thereby reducing the flow of credit to the economy, and sharply reduce the profitability of banks, thereby increasing the cost of credit, as they try to earn a reasonable rate of return in order to serve their various stakeholders.”
New SEC circuit breakers go into effect Friday http://www.marketwatch.com/story/new-sec-circuit-breakers-go-into-effect-friday-2010-06-10
Freddie Mac: 30-year mortgage rate slides again http://www.marketwatch.com/story/freddie-mac-30-year-mortgage-rate-slides-again-2010-06-10
Every Brit i talk to wants another election within a year. The Labour people actually think they can win.
Sorry its off topic but I like the one comment on this :-
http://www.dailymail.co.uk/health/article-1285599/Smartypants-The-intelligent-underwear-save-lives.html
I meant Lenovo 410S
Moody’s cuts Transocean outlook on Gulf oil spill http://www.marketwatch.com/story/moodys-cuts-transocean-outlook-on-gulf-oil-spill-2010-06-10
@Bonn & Youri: I have always sticked to XP till my old laptop was broken agian: bought a nce Lenovo 401S and migrated all programs, including dongle prevented programs and all. To my own amazemend all programs but one worked fine on WIN 64. Took me only 3 full days of work…
The one that didn’t work was a small program special made for me. I had to use WIN XP mode running in Virtual PC to get it working.
I love the MAC and hate stupid PC but my proffesional programs won’rt run on OSX.
Pimco back into Treasurys http://www.marketwatch.com/story/pimco-back-into-treasurys-wsj-2010-06-10
interesting that the average persons debt to income is also 130%
So, what do y’all think about Bill and Glenn’s little white list? Oh, we need to
‘exempt’ defense cuz “you never know what might happen”.
Glenn should take the fork and stick it up his little cracker *ss.
Bearish Schultz says hyperinflation may happen suddenly http://www.marketwatch.com/story/hyperinflation-could-happen-suddenly-2010-06-10
Mortgage rates drop – 15-year fixed-rate mortgage sets record low for fourth week in a row http://www.marketwatch.com/story/reports-find-widespread-failure-in-irish-crisis-2010-06-10
The rippels the waves and the currents.
DOW THEROY
catch the wave!
got gold?
mike for you.
for every nut who says its down thiers one for its up.
http://www.cnbc.com/id/37550457
me buy i buy buy buy
one day you will se why.
hi max stacey
“In Austerity We Trust”
http://www.infowars.com/in-austerity-we-trust/
The most prescient statistical guide to the health of the U.S. economy is set to turn negative on Friday for the first time since early 2009 http://www.marketwatch.com/story/economic-predictor-set-to-turn-negative-2010-06-10
Weekly first-time jobless claims 456,000 http://www.marketwatch.com/story/us-jobless-claims-off-3000-to-456000-last-week-2010-06-10
Feds Didn’t Do Enough To Avoid ‘Poisonous’ AIG Bailout And Now Changing Story To Defend It, Watchdog Says http://www.huffingtonpost.com/2010/06/10/feds-didnt-do-enough-to-a_n_607141.html
‘there will be riots…but that’s the price we have to pay to protect “our sovereignty”….
http://3.bp.blogspot.com/_473nrD5vEv8/SW3QML3LDpI/AAAAAAAABRI/FjPiEidXeyY/s400/poor-black-children.jpg
Wherever Goldman goes, fraud follows… Confucius, ha ha.
Sucking gold, slurping silver (Crouching tiger…)
Rico….suave!!
Guest Vincent Fernando seems to have a very different viewpoint than most of the KR guests. That’s cool, though.
Stacy,
I love your, You… your awesome! And Max is very cool! Watch this link to see what happens after the chart of the day and the US’s GDPP!
http://www.youtube.com/watch?v=kYGGCVE2lKY
talk about a crash!
Cheers,
Mic
Foreclosures remains Extraordinarily High even while Banks Hold Back http://www.huffingtonpost.com/2010/06/10/may-foreclosure-rate-stea_n_607159.html
In an interview with Yahoo Tech Ticker on Wednesday, Arianna said that a shrinking middle class is causing America to resemble a third world nation.
Arianna: ‘The Odds Are Against’ The Middle Class (VIDEO) http://www.huffingtonpost.com/2010/06/09/arianna-the-odds-are-agai_n_606438.html
BP Stock Falls AGAIN On Dividend News – British Pension Funds Could Be Hit Hard http://www.huffingtonpost.com/2010/06/10/bp-stock-falls-again-brit_n_607238.html
@maxkeiser:
You referred to something you described as “losing our sovereignty” in regards to the need to implement austerity to ‘pay down the deficit’.
But you don’t mention Afghanistan or Iraq.
You don’t mention the G20.
You don’t mention the IMF.
Instead you forward the agenda of the IMF/EU.
What sovereignty are you referring to? Can we claim any as members of the G20? How would austerity force-fed upon the US poor service the move to sovereign digress?
Former Chief Elections Clerk in Hawaii “Soetoro was not born in the US” http://www.youtube.com/watch?v=X9fdsz1iqEE
@Dan
Well yourright and you only have to look at Japan to understand some of the consequences. Some cause Japan is a strong exporting nation and a strong saving nation unlike the U.S. who waste a lot of money on the military industrial complex which Japan didn’t.
Bottemline: U.S. will be far worse off than Japan ever was – everlasting deflation till the debt levels get unsustainable.
You really need to look at total debt to GDP, because the only source of funding for the interest on all debt within a nation would be GDP what other source if there? and total debt to GDP is about 400%
If it would be possible to work out interest or projected interest on all the debt which it really isnt because its variable you could probably quite accurately pinpoint where GDP would no longer be adequate finance the interest.
Banks Face Short-Sale Fraud as Home ‘Flopping’ Schemes Spread http://www.bloomberg.com/apps/news?pid=20601109&sid=avevHVg0VvHs
Deutsche Bank CEO Says Stress Tests Could Be ‘Very Dangerous’ http://www.bloomberg.com/apps/news?pid=20601087&sid=aTbbwidLzqHQ
Roubini Urges ECB to Cut Rates to Offset Austerity http://www.bloomberg.com/apps/news?pid=20601087&sid=atvIW7yeN.NA
Liechtenstein Makes Pitch to Tax Evaders as Swiss Guard Secrecy http://www.bloomberg.com/apps/news?pid=20601109&sid=a4mATBNt9L1Q
@max & stacy
Bearded Women Challenge French ‘Boys Club’ Boards in Paris http://www.bloomberg.com/apps/news?pid=20601109&sid=aGgklHI.W6eo
Trade Deficit in U.S. Widens to Highest Level in a Year as Exports Decline http://www.bloomberg.com/apps/news?pid=20601087&sid=a0vPCU72GwJM
I found the “odd meme”!
“Small Business Borrowers – Credit Still Tight, and the Outlook for 2010 is Uncertain
While the larger corporate loan market has shown signs of recovering, indications are that small businesses are having a hard time obtaining credit. Federal and state regulators became so concerned that they joined together in February 2010 to issue a joint statement encouraging depository institutions to lend to small businesses, “Interagency Statement on Meeting the Needs of Creditworthy Small Business Borrowers”, issued jointly by the Federal Reserve, the FDIC, the National Credit Union Administration, the Comptroller of the Currency, the Office of Thrift Supervision and the Conference of State Bank Supervisors.13
In the Interagency Statement, the federal regulators state “The agencies expect all banking organizations to fulfill their fundamental role in the economy as intermediaries of credit to businesses, consumers, and other creditworthy borrowers. Moreover, as a result of problems in financial markets, the economy will likely become increasingly reliant on banking organizations to provide credit formerly provided or facilitated by purchasers of securities. Lending to creditworthy borrowers provides sustainable returns for the lending organization and is constructive for the economy as a whole … if underwriting standards tighten excessively or banking organizations retreat from making sound credit decisions, the current market conditions may be exacerbated, leading to slower growth and potential damage to the economy as well as the long-term interests and profitability of individual banking organizations.”
In his State of the Union Address in late January, President Obama pledged to direct $30 billion from the Troubled Asset Relief Program (TARP) to community banks to assist them in lending to small business. In early February the President outlined the program: transfer $30 billion from TARP to the new program and establish a new Small Business Lending Fund, which will invest in small and medium sized banks (with assets under $10 billion) and permit them to pay a reduced rate dividend. As of press time for this article (March 2010), further details about the program have not yet been announced by the U.S. Treasury. There is currently a push by some to enable the Small Business Administration (SBA) to be a “lender of last resort”, i.e., the SBA would assist borrowers in finding loans but if unable to do so, would loan directly. However, others oppose converting the SBA into a direct lender because it does not presently have the infrastructure or staff to undertake a direct lending initiative. The SBA currently administers loan programs through banks, guaranteeing up to 90% of a loan, and it lends directly to companies only in geographic areas hit by natural disaster.14
Some analysts have predicted that bank lending for small business will remain tight in 2010. Indications are that losses in commercial real estate portfolios are predicted to adversely affect community banks and mid-size banks (see discussion later in this article). These banks are already under pressure to reduce risk and increase capital adequacy. Distressed assets remain on banks’ balance sheets and they fear additional loan losses. There is uncertainty about how the rules for capital requirements will change.15 Moreover, changes in accounting rules will likely require banking organizations to bring billions of dollars of asset-backed securities back onto their balance sheets, thus increasing the amount of capital that needs to be maintained.16 A further deterrent is the deteriorating credit quality of businesses that have been hard hit by the recession.17″
http://www.lexology.com/library/detail.aspx?g=f1b502e0-50b4-41cb-82fa-87606eec54ae
Liberals take narrow lead in Dutch election (FT) http://forum.prisonplanet.com/index.php?topic=174410.msg1036556#msg1036556
Suicide Terroristic Banks start threatening again!
Bankers warn of Basel III hit to GDP – Growth would be cut by 3% http://forum.prisonplanet.com/index.php?topic=174416.0
Max You mentioned the wonderful Canadian austerity program of the 1990s which saved us from becoming a third world country. Unfortunately today we are under the guidance today of a central banker named Mark Carney. Any ideas were he came from???? GOLDMAN SACHS !!!! With deflation comes a reduction in commodity prices. Any idea of the main driver to Canadas economy ?? Commodities and U.S. demand….It was nice while it lasted
Remember this?
http://www.signonsandiego.com/uniontrib/20081010/news_lz1e10schiff.html
Global growth could slow to 2% this year: World Bank http://www.channelnewsasia.com/stories/economicnews/view/1062356/1/.html
http://www.palmbeachpost.com/money/real-estate/banks-home-takeovers-surge-81-percent-from-same-738328.html
So much for the dont-pay-your-mortgage advice. Are those who doled out the advice now on the streets?
I am so tired of the blame game being perpetrated on the governments when its been for the most part the financial sector dumbing their gambling debts on governments. Max call these people out when they play that game. Much of this debt is odious.
World Bank Says Some Europe Nations Risk ‘Double-Dip’ http://www.businessweek.com/news/2010-06-10/world-bank-says-some-europe-nations-risk-double-dip-update1-.html
typo
why doesn’t fernando cover FAS 166/167
Why does Fernando indicate that those concerned about losing their businesses are under diress due to this Bair dictum?
http://www.accountingweb.com/topic/fdic-expects-fas-166-and-167-increase-bank-capital-requirements
Is the FDIC strident strategy called an “odd meme”? Why is the FDIC coupling with Barclays?
http://www.structuredfinancenews.com/news/-203594-1.html
http://www.barclays.com/latitudeclub/er_gr_global_news_article.html?ID_NEWS=137244229
@Bonn
For Maya I would advice Win 7 64 Bit you’re old progs will run just fine a friend told me.
Invisible Empire Official Trailer
http://www.youtube.com/watch?v=S3Fo1zEjCRw&feature=related
Hic
@ Youri Carma
But even Win 7
tee way MS markets itself Esp fer S/W developement addons its freakin daylight robbery
Twerps
Hic
One me friends has a Mac OS crack
Will be Dual or triple OS on me New comp which I am yet to freakin buy fer learnin Maya
To fail or not to fail… Piratenpartij 2.0 http://depiratenpartij.wordpress.com/2010/06/10/to-fail-or-not-to-fail-piratenpartij-2-0/
@ Bonn
Wait until AJ gets a hold of this story.
http://www.kltv.com/Global/story.asp?S=12625152
Also, there was a drill yesterday on highways in Texas. It involved a truck convoy.
http://www.kilgorenewsherald.com/news/2010-06-09/Front_Page/Only_a_drill_Emergency_convoys_practicing_on_I20_U.html
We often hear that things happen when there is a confluence of drills. I hope not.
future guest suggestion:
Nassim Taleb
?
“The IIF bankers were particularly critical of the liquidity proposals, which are a direct response to problems that emerged in the recent financial crisis but also mark the first time global regulators have tried to set liquidity rules.”
Bankers with access to sdr/liquidity are defining liquidity for other banks without access to the sdr. Does that sound fair?
Me Laptop has never Crashed in tee last 4 Ears
Hic
And I always do an immediate Powerdown by keepin tee off button pressed continously till ta stupid OS shuts down
I am confident also tat I coulda kept me comp on for 4 Ears continous and it still would’nt Crash
Wink Wink
Hic
@Bonn
I also use XP John Doe but I heared that Win 7 is doing allright too.
The question being forwarded is in regards to the timing of the regulations coming out of Basel committee regarding tier one capital and the affect on bank lending to the public.
Debt dEbt deBt is not the focus.
“Economic growth in the eurozone, the US and Japan would be cut by 3 per cent between now and 2015 if current proposals to force banks to hold more capital and liquid assets go forward unchanged, the world’s leading banking industry group warned Thursday.
As a result, 9.7m fewer jobs would be created in those areas over the period, according to an impact assessment issued by the Institute of International Finance at a meeting in Vienna….
The industry group is pushing hard for the Basel Committee on Banking Supervision to water down or at least delay implementation of the proposals, known as Basel III, which are slated to be voted on later this year.
According to the IIF, the eurozone would feel the largest impact from the new Basel proposals with growth cut by 0.9 percentage points per year, resulting in a cumulative reduction in gross domestic product of $920bn (€765bn, £631bn), or 4.3 per cent, by 2015. The US would see a cumulative reduction of 2.6 per cent, or $951bn, and Japan would see a 1.9 per cent or $130bn cut. The group did not look at the impact on the UK or Switzerland…
The Basel committee, which sets global standards that are implemented by national regulators, has proposed tightening the definition of what can be counted as core tier one capital, the basic measure of bank capital.
It also wants banks to be required to hold enough liquid assets to survive a short-term market crisis and reduce their reliance on short-term wholesale funding to cover long-term commitments. The committee is due to issue its own estimate of the impact later this year.
The IIF study estimates that banks will need to raise $700bn of common equity and issue $5,400bn of new long-term wholesale debt over the period 2010-15 to meet the meet the new requirements.
The IIF found that the impact of the new rules would ease significantly over time, forecasting that the rules would cut less than 0.1 per cent off the three area’s combined GDP between 2015 and 2020…
The IIF bankers were particularly critical of the liquidity proposals, which are a direct response to problems that emerged in the recent financial crisis but also mark the first time global regulators have tried to set liquidity rules.
“The proposal brings into question the basic maturity transformation function of banking, and, especially when markets are tight, it would have highly procyclical effects if banks have to sell assets or reduce lending,” warned Stephen Green, chairman of HSBC, who chairs an IIF committee on regulatory capital.”
http://www.ft.com/cms/s/0/92a3e422-747c-11df-b3f1-00144feabdc0.html
Polarized Dutch voters back right and left parties http://www.timesunion.com/AspStories/story.asp?storyID=938875
@ FiatMentalist
I got a 64 K RAM an i feel me laptop is ancient but tee pages load just fine plus @ anygiven time I have 5 browsers of whic @ 1 to 2 will be loadin some otter documentries
Dont tell me ya got a 32 K RAM ????
or are ya usin Vista by any chance ???
I have pirated kinda Windows XP professional which I never update
Cause when ya have a Stable OS Esp MS’s dont update
Also Viruses are made for tee latest OS versions
tee Dumb twerps @ Mc Affee and Norton keep makin Viruses fer ta latest versions of OS’s
If ya got Vista yas need 2 GB RAM to function witout problems
But Vista has already gone belly up
Its tee latest Stupidist house of Cards / Conn from Microsoft
Hic
I am proud to say that we’ve got the most honest election system in the world.
We have direct representation (so not with bogus districts which get changed for some party benifit every year like for example in the U.K.)
We vote on paper (we’ve thrown out the voting machines which can be tempered with by the secret services)
http://ftalphaville.ft.com/blog/2010/06/10/257591/of-taunus-and-tier-1/
“RTRS-DEUTSCHE BANK CEO AND IIF HEAD ACKERMANN SAYS REGULATORY REFORM ESSENTIAL TO SOUNDNESS OF BANKING SYSTEM
RTRS-ACKERMANN SAYS BASEL PROPOSAL IS MORE IMPORTANT PART OF REFORM
RTRS-VIENNA-IIF CHAIRMAN ACKERMANN SAYS CALIBRATION, IMPLEMENTATION, TIMING OF BASEL 3 ARE THE KEY QUESTIONS”
Far-Right Surge Fragments Dutch Election http://online.wsj.com/article/SB10001424052748704312104575298272227609844.html?mod=WSJ_hpp_MIDDLENexttoWhatsNewsThird
Fernando is indicating that tier-one capital requirement changes to be issued by Basel Committee don’t have any affect of bank lending?
@FiatMentalist
Never crashed at my end – maybe try an other browser?
@Stacey
Talking about propaganda, any chance of you fixing the right hand pane. You got so much stuff there that it takes an while to load and sometimes crashes my browser.
Maybe redesign it so half your web page isnt an advert?
Wheels within wheels, hubs, hubbubs and hubbub-aloo.
VHS or Betamax? The Internet provides opportunity for gaining monopoly share in cyber realestate because once the brands gain ascendency then the majority of people enter through these handfull of portals. Hence the likes of amazon, ebay, google, youtube, facebook, twitter etc.
The people who set up these sites are not the necessarily the smartest but are more than likely the luckiest. That may be a contentious comment but I am trying to paint the picture regarding how the internet reduces to a limited number of major hubs.
Anyhow, these days finding patterns within data is big business. Finding hubs within the blogosphere is a marketing/propoganda target. Google is a self fullfilling marketing environment where Google Analytics are heralded as a science by which to find and manipulate customers. Business Intelligence, Buzz Marketing etc and all the above are becoming the ‘world’.
Wheels within wheels and the twerps thinking this juggernaut is reality and a window on the truth.
The main point is, unheard of amounts of data gathering is going on and the science of its manipulation is being refined. It is becoming the focus of intelligence gathering, manipulation and creation. It is being cross referenced to models of cogitation and behavourial propensity.
At some point the whole mess is going to need pyschiatric help.
CDA= Center right wing
PVDA= Left Wing (center)
SP= Left wing
VVD= Right wing
PVV= Center right wing – Geert Wilders
Groen Links= Left wing
D66 = Center
Gold IS going to get killed!!!!!
http://www.zerohedge.com/article/jpm-increases-gold-price-target-upgrades-precious-metal-miners-see-25-probability-1500-gold
mike
Gold down
Mike
Election outcome: http://nos.nl/dossier/141463-nederland-kiest/tab/46/live/
We just had Elections in the Netherlands yesterday (I voted on the Pirate Party – who else?) so here some International news on it:
Surge for Dutch anti-Islam Freedom Party http://news.bbc.co.uk/2/hi/world/europe/10271153.stm
Dutch election: Geert Wilders profile http://www.telegraph.co.uk/news/worldnews/europe/netherlands/7815769/Dutch-election-Geert-Wilders-profile.html
German Bild: How dangerous is Holland’s Haider for Europe? (google trans from German) http://tinyurl.com/2wsjsxn
After all, sustainability means running the global environment – Earth Inc. – like a corporation: with depreciation, amortization and maintenance accounts. In other words, keeping the asset whole, rather than undermining your natural capital.
Maurice Strong
http://www.brainyquote.com/quotes/authors/m/maurice_strong.html
video is broken here
“Good change is that unlike in history Europe will do OK but the U.S. will fall into it’s “black hole” debt and taking Europe with it. That’s a far likely scenario now.”
You have heard of the G20 and the sdr, Youri? The debt is going to be shared and the planet parceled out to the elite.
Mabel, just set it over thair.
Okeeydokeey. It’s pretty heavy.
Yep. It’s a mite huge.
Whatcha need it for seein’ it’s out-of-date?
Well, I’m hacking off bits and pieces to include in my ‘toolkit’. Tearing down this old paradigm we be needin’ bits of the old to meld in the wreaking devices.
Yeah. Else nobodied buy it!
That’s right. Now let’s see. Do ya see Abraham Lincoln in that mess of lumber?
Well, he’s sorta messed up with the Founding Fathers, but I can just glimpse his long nose.
Get-him-fur-me.
zzzzzzsnap/yank
Here’ya go!
Thanks! He sure do smell funny! Well, never-do-mind. It’s just a condiment to make my message tasty. You know “the comfort of familiar thangs” and all.
You sure do work hard!
Yes, tearing down this monstrosity is almost a profession, but I got my reward comin’ with the new system. I think they promised me Kansas.
Kansas?!
Yeah, Maurice Strong’s got everything else west of the Mississippi.
Stacy,
Great appearance of Max in “The fall of the republic”.
Here is a link:
http://www.youtube.com/watch?v=VebOTc-7shU&NR=1
I like to add:
It’s funny how the Americans shout fire and murder when Europe is talking about the “Nuclear option” while the U.S. itself is doing this for more than 12 months now? Very funny.
Even when Europe is doing the same as the U.S. eating it’s own dog food it won’t have to eat as much as the U.S. with a huge overhang of the military system slurping up trillions into oblivion.
Good change is that unlike in history Europe will do OK but the U.S. will fall into it’s “black hole” debt and taking Europe with it. That’s a far likely scenario now.
Putin asks a funny question
http://www.youtube.com/watch?v=-7PlQaV7Iro#t=8m5s
Bernanke: I Don’t Know Yet How The U.S. Will Fix Its Deficit http://www.businessinsider.com/bernanke-i-dont-have-a-plan-to-bring-down-the-deficit-yet-2010-6#ixzz0qN3EyqKr
Parties Clash as Albany Edges Closer to Shutdown
http://www.nytimes.com/2010/06/10/nyregion/10shutdown.html?nl=nyregion&emc=ura1
Frankly I think that Vincent Fernando believes in fairy tales.
He’s stating that Europe must practise austerity measures while the U.S. will be OK together with the rest of the world while the reality of the situatin is that the U.S. is worse off on paper. “We don’t need Europe” he even says showing that he realy thinks that the U.S. is doing OK.
That won’t happen. After the focus is lost on Europe the focus will be back on the U.S. dollar which will continue it’s slide and all the worries will be on the gigantic U’S’ debt. Wishfull thinking won’t help the reality of the situation Vincent Fernando.
@Bonn – yes; and now I will probably be disappeared for having to spell it out
“these propaganda machines disguised as regular people”
I knew it!
http://4.bp.blogspot.com/_oTwEGiup_Wo/SkrxGS4-aoI/AAAAAAAAE3o/HRbfAGQeEHM/s400/Kneale_Dennis_.jpg
@ Gordo
I tink tat should be it cause tey havent had peter schiff on fer sometime I dont tink he was on tis June hasta be may
@ stacy is tat correct ???
Prediction: Media Will Be Angrier About AT&T Breach than Illegal Wiretapping
http://emptywheel.firedoglake.com/2010/06/09/prediction-media-will-be-angrier-about-att-breach-than-illegal-wiretapping/
“that opinions are being shaped via these propaganda machines disguised as regular people”
“so you tell me where does propaganda begin and where does her anonymous commenting begin”
Propoganda begins in the heart of the beast manufacturing desire in the souls of men. If you’d like we can go mastadon hunting, Stacy.
And I forgot one thing – Germany will not leave the eurozone since Germany needs the Euro to re-conquer financially what they lost after WWII as property. Here I do not mean property Hitler occupied – I mean property Germans owned throughout Europe for ages. With the help of the EU and the euro, giving empty promises to smaller eastern european nations, they were able to re-conquer some portion of it. The thing is Germany helped destroy whole economies on their way and the only hope for these economies is now the EU and the Euro (as pathetic as it may sound). If Germany is to leave the eurozone it will have all those slavonic people turn against them (which is slowly happening already) resulting in a complete boycott on everything German and a fierce silent hostility against everything EU, euro or Western – the same way slavs turned their back on Russia and left it collapse. Since Germany is currently surviving mainly on the backs of the slavs (cheap labor, cheap privatization, cheap food, cheap materials) it will quickly collapse without their support and the EU will soon follow.
So no – Germany is never quitting the Euro, it will rather wait for its collapse but not leave the eurozone.
@ Bonn
Is this it?
http://maxkeiser.com/watch/the-keiser-report/keiser-report-39-4-may-2010-guest-peter-schiff/
@Stacy
Are you familiar with http://www.adbusters.org and Kalle Lasn? I’m reading his book at the moment, Culture Jam. Its pretty much in line with everything yourself and Max have been saying for years. (Although I’m only half way through)
I’m finding it all rather fascinating.
@snoot – I have an old friend who works as one of these anonymous commenters on forum boards (mostly about middle east stuff and recently also spreading disinfo about Mexico), the company at which she works is private but their contracts are almost entirely MoD and DoD whose staff are in her offices every day (often with some non-uniformed men who are not military but she doesn’t know if they are corporate or intelligence); so you tell me where does propaganda begin and where does her anonymous commenting begin . . . I’m not suggesting tagging and tracking people online (though it’s already done anyway, despite the apparent freedom you seem to herald as real), but I’m more surprised that most people don’t seem to know how vast these sort of operations are . . . and that opinions are being shaped via these propaganda machines disguised as regular people
@ Tamir
We all would like to see Timmy on here
But tat Chicken wont come on
Also Max & Peter Schiff are willin to put up some monies to inerview /debate Alan Greenspan too but tat chicken also wont come on
I tink max was willin to put up 100 K fer tat interview
U’ll hafta check ta archives for tee peter schiff interview
just recently it was done
Tried to find it I couldnt
Hic
anon?
http://www.youtube.com/watch?v=GlBpROnlIDk
Perhaps, in future, (in our modern digital age’s return to the positively medieval) we will be fingerprinted and tracked online to control any subversion of state principal or truth.
But until that day:
hip-hip-hippity-hip-hip-hoorah for freedom
Who wants to direct my movie over on PMF? It’s called ‘Stacy v Snoot: The Mud-Fight Showdown”.
Either that or get a room!
….and; Hows the view from the Ivory Tower Vincent?
But perhaps the Fake Frances Snoot does see a correlation?
@Stacy:
Are we speaking about the use of pseudonyms on online forums/chat boards or are we speaking of tolerating propoganda?
Because I don’t see how the two are even remotely related.
You cannot compare Canada & their austerity with the rest of the world. Canada was not helped by austerity as much as by completely destroying/burning their nature. Of course – Canada had nature to burn, no one else has such anymore. The result is austerity will push all countries implementing it into decades of severe depression.
There is another option – WWIII in the Middle East if the anglo-americans are crazy enough to commit such a suicide, with the hope a huge war would restart the machine in WWII style.
There is no easy way out of the current situation and what I am seeing currently is the countries of the West going in the opposite direction. But there is nothing to be surprised about – we should not forget these same people managed to “lose” the receipt for making beton when they burned the city of Rome 1700 years ago and these same people needed 1500 years to find it again. And we should not forget beton is (even though it is essential) a zillion times simpler compared to a society structure. And when we came to the society – economics is there to provide for the society so its issues should be looked upon as issues of society which is not done currently so we are on the road to the new Medieval ages now – destroying education, after that medicine, after that no middle clas and finally neo feudalism.
@Fiat – yes, and Julian Assange has talked about the work they do to try to ascertain whether or not their anonymous sources are real or whether they are just government propaganda agents; they don’t just post any anonymous file willynilly; they have methods of confirming that they are legitimate; this suggests that wikileaks suppresses the anonymous free speech rights of spies and provocateurs . . . who I guess could take their case to the supreme court
http://yhoo.it/bmoZwF NKorea warns UN not to discuss warship sinking…..is it ok to laugh???
@Youri – solar storms coming: http://www.csmonitor.com/Science/2010/0609/Coming-to-Earth-soon-Nasty-solar-storms
“Chairman of Goldman Sachs International Was – Until Last Year – Also Chairman of BP”
http://www.prisonplanet.com/chairman-of-goldman-sachs-international-was-until-last-year-also-chairman-of-bp.html
@Stacy….right on….this needs to be reversed.
The Prelude to Cheney’s Katrina
“Big Oil did not miss the opportunity. A deeper look at the energy legislation based on Cheney’s secret energy task force underscores how the unabashedly pro-oil policies and permissive regulatory environment created during the Bush administration set the stage for Cheney’s Katrina—the BP oil catastrophe.”
http://www.americanprogress.org/issues/2010/06/prelude_cheney_katrina.html
Anon?
http://news.bbc.co.uk/1/hi/technology/10265430.stm
@snoot – the Supreme Court has recently confirmed the first amendment rights of corporate persons ; hopefully the Supreme Court will also strike down the requirements that forces these ‘voices’ to identify themselves when they pay for campaign ads or for news feature items . . . and, while they are at it, they should remove the restriction on the government we finance from allowing us to listen to their propaganda, like VOA
@MARK
The UK has a good line in arms exports and artillery.
Yes & i don’t understand the lack of “TOB”
Mike
@Tamir – Max and Timmy G are a few months apart in age and Timmy G’s grandparents lived a mile from Max; so I have a feeling they may have already fought over a shovel in the sandbox in the local park . . .
@Stacy….I think he was suggesting someone of the wife-beating child hating racist sexist variety.
@Mike
Not just GM. The whole country is full of it. United BullShit of America. The real secret of USA in 2010 is bullshit. Foreigners prefer the American bullshit compared to any other type of bullshit. You have to regularly write to Russians or Eastern Europeans to conclude how the USA bullshit is still very strong. That’s the secret. USA shit is more richer with lies, manipulation and fraud the other bullshit. And besides that it’s bullshit with 6000 nuclear wat heads and big Hollywood silicon tits.
Mike you don’t understand e-con-omics. Me neither.
Who? I’d pay to see Max vs. Timothy Geithner !!!
@Tamir ….HOW DARE YOU!!!
Who might you suggest by the the way??
@Tamir – Max doesn’t agree with many of our guests; if you watch all of them back to back you will see that many guests hold the absolute opposite view from a previous guest; there are those we have interviewed that believe in inflation not deflation and vice versa; there are those that believe in fiat currency and those in gold standard; those that are bulls on China, those that are bears; etc.
Hate in any form should be eschewed, but I find that some forms of hate have become accessories rather like jewelry to adorn the truly modern progressive.
Faulkner would laugh.
After all, we anonymous commenteurs haven’t the position in society to relegate a tribal following: do we?
So we get to be mascots.
A type of pet that can be controlled? An icon? A relative pretense?
The focus on the name seems rather limiting when the words themselves are the perceived threat.
Hello Stacy,
I have noticed that Max generally interviews people who shared his point of view. Don’t you think it could be very interesting indeed to see a real debate between Max (whom I deeply respect) and somebody with a different opinion?
@snoot – and I wonder what Faulkner would say of the digital anti-semitic ‘voices’ . . . http://original.antiwar.com/frykberg/2010/06/07/idf-beatings-abuse-doctored-evidence-emerge/ But I’m fairly certain what Faulkner would say about the voices of propaganda.
“The FSA annual report from 2009 revealed that the regulator borrowed £200 million from HSBC and Lloyds Banking Group after running over its budget”
http://www.citywire.co.uk/money/chief-of-city-regulator-collects-108k-bonus/a405732?ref=citywire-money-latest-news-list
Crikey the UK regulator has to borrow a wopping 200m from those its suppose to regulate.
@Gordo
The problem with UK is that it produces NOTHING except shit paper trades at the City. Canada has the advantage of prodiucing grains, potash, uranium, hydro electricity, wood, paper, water, gas, oil. gold. copper, zinc, silver, molybdenum, rare earths. We still have a moribond manufacturing sector. What’s left in the UK. Sweet f@\! nothing a part from banks.
but alas, these anonymous commenters lack the courage of their convictions
Here’s what Faulkner had to say about origin and authority of voice:
“I listen to the voices…and when I put down what the voices say, it’s right. Sometimes I don’t like what they say, but I don’t change it.”
Do we need to copyright our words with our ‘names’ to show “courage”?
@snoot – and lordie don’t we know that anti-semites are as down-trodden and suppressed as women in Victorian England; that’s why I suggested they be a mascot for our digital times
@dan valley – great, that’s just what we need
These Chineese are dumb fucks screwing with Goldman SS-achs. Stupid godamn morons from China. Cheap labour, hard working but no brains.
Auerback: The United Kingdom Draws the Wrong Lessons from Canada
http://www.nakedcapitalism.com/2010/06/auerback-the-united-kingdom-draws-the-wrong-lessons-from-canada.html
Good Lord, Stacy. I was rallying for the anonymous commenteurs, not for anti-semitism. I would wonder why I would rally for anti-semites, seeing as my grandmother was Jewish.
What’s in a name, Stacy? It would seem our very President, quite a public figure, rallys behind his pseudonym.
I rather like pseudonyms. It was a tradition in Victorian England for women to assume a male pseudonym to project their voice outside socially accepted circles.
Words function independently of the source. In fact, that was one of the Catholic church’s main beefs about the written word vs. the spoken word.
One could say words are autonomous, not the writer.
Carry on: your tweets are far superior to most.
@Stacy…on that note…Israel, Palestine Now Fighting Over Cemetery Space
frances snoot, lover of anonymous anti-semites; I am all for their freedom of speech, but I wonder why they don’t identify themselves . . . probably one of two reasons . . . one, they would be helen thomased if they spoke their true feelings; but alas, these anonymous commenters lack the courage of their convictions; or 2) they are paid by one or another intelligence agency to discredit and/or to create illusion of victimization . . . so, yes, agent provocateurs also love freedom of anonymous hate speech . . . . but, you are a bit naive if you think real people who want to comment anonymously about what or who they hate are truly able to comment anonymously . . .
‘World melts down as bank fees soar’
http://www.smh.com.au/business/bank-fees-jumped-9-during-gfc-20100610-xycd.html
New Eco-Friendly Cigarettes Kill Destructive Human Beings Over Time
http://www.theonion.com/articles/new-ecofriendly-cigarettes-kill-destructive-human,17529/
Massive Flow Of Bullshit Continues To Gush From BP Headquarters
http://www.theonion.com/articles/massive-flow-of-bullshit-continues-to-gush-from-bp,17564/
Here’s to the anonymous mascots, Stacy.
Hip-hip-hippity-hoorah to our last vestige of freedom!
O/T
Do the Glee kids break copyright laws?
http://balkin.blogspot.com/2010/06/copyright-elephant-in-middle-of-glee.html
It’s ’cause gold’s not a commodity; it’s money
Physical or paper gold, Dan?
The world doesn’t need Europe for gorwth because it doesn’t need growth. Growth being a good thing I think has been adequately debunked by the current situation..This guest did not light my switchboard for brilliance..
Jim Rickards sayz….repost
Bernanke says #gold doing “something different” than other commodities http://bit.ly/bSZAMd. It’s ’cause gold’s not a commodity; it’s money
Bancor-based world currency with IMF as the global central bank – possible? Best to position in gold, oil, or Swiss francs?
More than possible; this is happening. Called SDR’s, not Bancor but same idea. Original Bancor had #gold backing; SDR’s just paper
Another guest who is a cheerleader for mending a slave debt banker run system. Why dont ya just invite rothschild and completley beat around the bush with him? you know you want to.
lololololol
See which FEMA camp is closest ta yas
http://www.kickthemallout.com/article.php/Story-FEMA_Camps_Executive_Orders
This is a compilation of roughly 800 actual or suspected FEMA Camp locations. These locations are, or could be operated by FEMA (Federal Emergency Management Agency) should Martial Law need to be implemented in the United States and all it would take is a presidential signature on a proclamation and the attorney general’s signature on a warrant to which a list of names is attached.
EXECUTIVE ORDER 10990
allows the government to take over all modes of transportation and control of highways and seaports.
EXECUTIVE ORDER 1099
allows the government to seize and control the communication media.
EXECUTIVE ORDER 10997
allows the government to take over all electrical power, gas, petroleum, fuels and minerals.
EXECUTIVE ORDER 10998
allows the government to seize all means of transportation, including personal cars, trucks or vehicles of any kind and total control over all highways, seaports, and waterways.
EXECUTIVE ORDER 10999
allows the government to take over all food resources and farms.
EXECUTIVE ORDER 11000
allows the government to mobilize civilians into work brigades under government supervision.
OKS INO I am paitin a really doom & Gloom Picture
But its better to prepared incase Sh!t goes down
Hic
Ex-lawyer in Florida gets 50 years prison sentence for orchestrating $1.2 billion Ponzi scheme
http://www.google.com/hostednews/canadianpress/article/ALeqM5jBfehPmZmdg80YspmYUxTqSUhKew
“The Ponzi scheme involved attracting investors with fat interest rates from the sale of confidential legal settlements that were nothing but fiction, as well as fake bank statements showing money in accounts that didn’t exist. Money from new investors was used to pay off older ones, until the scam collapsed in late October.”
@ Stacy
This guy says that austerity is complete BS.
http://bilbo.economicoutlook.net/blog/
Takes a while to digest but have to agree with most of his conclusions.
Big fan of austerity?
Bet this bloke liked pulling the wings off flies as a kid too….
Sorry, “Vote 4 me”.
Some journo’s just write better than they speak.
@ Bonn We are very insecure: (The politicians have no faith in us) wer will do anything to curry favour with the bullies
Can anyone guess wat is on me mind
I am tinkin of tis
http://en.wikipedia.org/wiki/Hundred_Years'_War
Listenin to AJ while waitin fer ta show to buffer up
Why dont ta US MIC grow tear opium on top of Area 51 ????
Cost cuttin and improove profits
Anyway no media is allowed tear
Oops I hope I did’nt give ‘em ta idea
lololol
ROFL
Hic
Guest “Nuance, Sugar Coat Austerity”
Max “Ok, Lets move on”
Nuance?
Vote you me!
If BP goes down. I think it would be the catalyst to take down the UK. The UK government will possibly bail it out, and then have to pay the US fines, liabilities etc.., and also all the cap in hand beggars who think their business has been hit by the oil spill. (I’m not talking about fishermen, I’m talking about insurance companies who will pay out the minimum to the real people affected, but demand maximum payment from BP)
Also, While BP doesn’t have much influence in the US, it does in the UK. so I can imagine that the US will adopt the same stance as the UK did with Iceland. Demand payment for its own risks and own disaster. And the UK government stuck between two very tough decescions.
lots of ifs and possibltilies I know. Looks like a fun summer we got ahead of us.
GM Mangerment are full of shit:-
http://www.autocar.co.uk/News/NewsArticle/AllCars/250426/
Mike
http://sify.com/news/afghan-war-surpasses-vietnam-war-in-its-duration-news-international-kgimucbahih.html
Ding Ding Ding
Afghan War surpasses Vietnam War in its duration
2010-06-08 12:20:00
The Afghan war is now the country’s longest, surpassing Vietnam in its duration.
Twerps
Hic
Hahahahahaha
You two are great. You have so much fun on these shows.
Max “Stacy, thanks for being on the show”
Stacy “No, thank YOU”
so 8 ears = 4 trill
30 ears dived be 8 ; 4 X 4 = 16 + 2 = 18 trillion dollars plusmaintain 700 odd bases 7 or 8 trillion so 27
man I’ve never seen so much $$$$$ being blown up fer a few individual
MIC when will ya wake up yer pawns ya twerps How much ya makes
Foot soldier
Hic
Oh look, the ECB deposit facility still growing. Now at ~€369 billion!
lolololololololol
ROFL
Aussies could be in Afghanistan ‘until 2040′
http://www.abc.net.au/news/stories/2010/06/10/2923407.htm
A former high-ranking United States defence official says Australian troops could be in Afghanistan for the next 30 years.
Australia’s strategy in the country has been thrust back into the spotlight this week with the deaths of two Australian Army engineers in Uruzgan province.
Drug trafficin Twerps
Hic
The guest needs to move his camera higher and lose the creepy serial killer look. I expected him to say ‘it rubs the lotion on its skin’ repeatedly while smearing lipstick on his face.
and Max, pink shirt and purple tie?!?! WTF?!?!?! Going for the Willy Wonka look next show?
http://designchampagne.files.wordpress.com/2009/05/willy-wonka-wilder.jpg
http://www.nytimes.com/2010/06/09/science/earth/09amish.html?hp&ex=&ei=&partner=
But farmers like Mr. Stoltzfus are facing growing scrutiny for agricultural practices that the federal government sees as environmentally destructive. Their cows generate heaps of manure that easily washes into streams and flows onward into the Chesapeake Bay.
And the Environmental Protection Agency, charged by President Obama with restoring the bay to health, is determined to crack down. The farmers have a choice: change the way they farm or face stiff penalties.
“There’s much, much work that needs to be done, and I don’t think the full community understands,” said David McGuigan, the E.P.A. official leading an effort by the agency to change farming practices here in Lancaster County.
Freakin lunatics what now ya wanna go after one of ta most environment friendly peeps
@ Max
Tis is why I scoff at Carbon credits or Climate change
If tey were to say lets look @ technologys which attack the Environment pollution so that we continue livin tee way we do I am 100 % for tat
Tis conn job doesnt solve anytin
Do you really belive a Drug trafficin US Govt. ??????
Confucius Say “For every sucker there is blower”
@Mike/Liverpool – of course it is; it was trading at less than book value; that wasn’t going to last for very long
BP recovering….bugger
Mike