Stacy Summary: I found this video interview with Chris Whalen via Jesse’s Cafe Americain. And here is another article from his site with some great, if scary, charts (see one below) about the recent deterioration in the US housing market.
Pending home sales:
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Most recent: 
![[Most Recent Quotes from www.kitco.com]](http://www.weblinks247.com/indexes/idx24_usd_en_2.gif)
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/charts/metals/silver/t24_ag_en_usoz_2.gif)
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/charts/metals/gold/t24_au_en_usoz_2.gif)
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/charts/metals/platinum/t24_pt_en_usoz_2.gif)
And what’s even WORSE is that when Americans come in voice chat on Playstation Network games…..everyone leaves…I’ve never seen such a dramatic shift towards anti-Americanism by the under 15 button pushing crowd !
>People at the Fed who work hard……..< Who is this clown kidding here? Another Jew covering for a pack of thieving Jews at the Fed……….Please…Nobody buys it any longer. Stop it. That blond should be doing belly dancing, not commenting on economics which she has no clue about. Can somebody give ME a job at the Fed. I PROMISE I'll be working hard. A swear, I would not stop the printing press even to cool off. Please, give ME that job…No?! Reserved only for "hard working" Jews?
Why is everybody crying over Wages they´re increased dramatically ….in the NBA
http://www.youtube.com/watch?v=vkAwuEN8KQA&feature=related
Panic !!
http://www.youtube.com/watch?v=9AlH2oYedfk
Michael Steele Talks About Fight Club
http://www.youtube.com/watch?v=MV_sau7dsIM&feature=player_embedded
Wow, when did the planet Financial Common Sense send their ambassador Whalen to visit Earth’s Magic Talking Box of Experts on Everything? (The “MT Bees”)
Rarely do you get to hear someone on msm talk so directly and frankly to the issues without constant interruption by one of the talking head propagandists, what gives?
And would someone get Noriel a translator, please? Or just run a banner translation, or something, he sounded like Bear Bryant’s incoherent mumbling.
You did see Whalen’s brief look at the very end? Good on ya, Whalen. Got the issues out in a very even mannered delivery, very effective.
Compare what Chris is saying with knucklehead “The Oracle of Omaha’s” pronunciation everything economically is “hunky-dory and I am hiring!” Senile, much, Warren?
I’d sure like someone to ask him where he is hiring? Lobbyists for coal driven US Navy ships, perhaps? Lobbyists for Coal-fired powerplants? Damn sure ain’t at his jewelry store chain.
Maybe he set up one of these Thai street vendors with a Coke franchise, who knows? They actually sell it buy the small glass for those that cannot afford all 12 ounces. That will soon be 50% of America.
Hey Warren” where DOES all the cocaine extracted to make Coke go, anyway? Don’t own any 100 ft. long submarines, do ya?
Thanks for posting this.
Looks like we are going to see biflation in the coming years. I don’t know if this has ever happed in modern times before.
House prices hafta fall further
Tey are still @ insane prices I gather it hasta fall 60 – 65 % from 2007-2008 levels
raise interest rates and credit card bankruptcies increase
Who’s going to pay for that?
How many people will that effect?
How many people are putting their mortgage, medical and food on their cards?
Will the increase make people mad enough to revolt?
http://www.youtube.com/watch?v=BHZ5AJHiGBg
Vickers – Markets Look Dicey Unless Plunge Protection Team Intervenes
My guess is this is the last time you see Vickers on CNBC. Joe Kernan tries to poo poo the PPT.
Vega Man
Wayne Allen Root is a tool
I posted this 6 blogs ago
great clip.
why would you need to confiscate my gold when you could tax me 40 percent?
jan1 2012?
congress ?
massive inflation
gold doubleing want to make money?
good old screw the saver again.
or hyperinflation
anyways with wars 2 fronts and iran.
collapseing economey the gulf in ruins congress can do no good.
hope to hear some thoughts from you?
MAX STACEY WHAT DO YOU THINK ABOUT THIS?
This is to all coin collectors out there..The usa government wants to know what you are collecting:
$600 Sale? Get Ready for Tax Form
By David L. Ganz, Numismatic News
June 29, 2010
Other News & Articles
■Mint Stats: Vet Dollar Sales Ratchet Lower
■CCAC in Search of Design Excellence
■Trade Dollar Made it Into 1878 Sets
This article was originally printed in Numismatic News.
>> Subscribe today!
A blizzard of paperwork could be about to hit numismatics.
Passage by Congress of the national health care legislation has had an unintended consequence to the nation’s coin collectors, vest-pocket dealers who buy and sell coins, and larger dealers who are frequent buyers of coins that collectors periodically liquidate as they trade up their collections for better coins, or simply sell to take a small profit or loss.
What has happened is that effective Jan. 1, 2012, the whole system of giving and receiving Internal Revenue Service 1099 forms will be turned on its head and all persons (including corporations) who are in business will now have to give 1099 tax reporting forms for coins and other goods that they sell as well as buy.
The responsibility for issuing forms kicks in at $600 for coins or bullion – not a very high level and one that has already started sounding alarm bells. It doesn’t matter in what form payment is made, whether cash, check, credit card, or Yap stone money, the $600 threshold applies.
There’s a bill introduced by Rep. Dan Lungren (H.R. 5141), which has gathered over 80 members of Congress as co-sponsors to repeal this section. Evidently, however, the drafters of the provision think there is a $17 billion loophole that this plugs.
The Industry Council for Tangible Assets is alerting member dealers and the public at large in the hope that some sense of outrage will lead to a ready modification before the law becomes operational in 2012.
Form 1099 is used to report independent contractor income, income from dividends, income from other things – and is one of the reasons why children receive tax bills for work or labor or services performed.
Section 9006 of the Patient Protection and Affordable Care Act (Public Law 111-148, signed into law by President Obama this spring) turns 1099 forms into reporting forms not only for independent contractor’s income – what they have long been used for – but also to show sales, gains and losses on purchases and sales of goods as part of a trade or business.
The section reads (in relevant part) “SEC. 9006. EXPANSION OF INFORMATION REPORTING REQUIREMENTS. (a) IN GENERAL. – Section 6041 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsections:
‘‘(h) APPLICATION TO CORPORATIONS. – Notwithstanding any regulation prescribed by the secretary before the date of the enactment of this subsection, for purposes of this section the term ‘person’ includes any corporation that is not an organization exempt from tax under section 501(a).
‘‘(i) REGULATIONS. – The secretary may prescribe such regulations and other guidance as may be appropriate or necessary to carry out the purposes of this section, including rules to prevent duplicative reporting of transactions.’’
(b) PAYMENTS FOR PROPERTY AND OTHER GROSS PROCEEDS. –
Subsection (a) of section 6041 of the Internal Revenue Code of 1986 is amended –
(1) by inserting ‘‘amounts in consideration for property,’’ after ‘‘wages,’’
(2) by inserting ‘‘gross proceeds,’’ after ‘‘emoluments, or other’’, and
(3) by inserting ‘‘gross proceeds,’’ after ‘‘setting forth the amount of such.’’
The property section means that if B. Max Mehl was selling coins to another major dealer of that era, a 1099 would have to be issued. When he bought from the public, the same thing is also required. The “report” does not necessarily measure profit or loss, but it does show activity.
The old exemption against corporations is also gone. If you buy or sell more than $600 of coins, or whatever, from, to or with a bullion dealer, for example, you have an obligation under the new law to issue 1099s.
If China decides to sell off all of the USG treasury notes they will own half of America. Thank you congress. Greece is now selling some of their islands to pay off their debt. I guess we could give Chicago to China.
I fear that the next 5 yrs. is going to be ugly, if not sooner. In fact, I strongly recommend everyone to read that new book out about a small town that stands up to corrupt politicians/bureaucrats & ends up starting the 2nd American Revolution. It seems to be a great read for what’s happening nowadays. It’s that good.
http://www.booksbyoliver.com
This double-dip recession is gonna be a lulu.
http://www.youtube.com/watch?v=vaOg2prN6H0
I like how he threw GE under the bus on CNBS.
huzzah
the Fat guy told Roubini to
Fuck off
(using more words)
did I miss something of pertinence in this vid?
ant spell….its HERE…but its the drugs
@ Mep
why bother…I stopped comment on hear except the periodical blurb when I am bored to death at work because one seldom can have a discourse any more….”Oboma is a Socialist” just shows how captured the intellectual field is…the economy is just stuck in a ditch as the economic system is winding down (again Capitolism has reached its tether)…in a War for 9 years that we as a nation are oblivious to…one of the worst ecological catosptrophe ever just grinds away daily…and so long as LeBron or I-phone is there for the great unwashed and Glenn Beck, Alex Jones are there for the semi informed nothing will change
a certian segment of the society have their comfortable narrative…and will not break from it and the vast majority are oblivious to anything except the reflection in the mirror
the system would not lead to socialism, anyway
@Mep: those villages where people live in fear of peak oil are a form of collective, right?
Biggest Defaulters on Mortgages Are the Rich
http://www.nytimes.com/2010/07/09/business/economy/09rich.html?_r=4&hp
http://www.kt.kz/index.php?lang=eng&uin=1133435339&chapter=1153521034
http://eurodialogue.org/osce/Kazakh-Russian-Presidents-met-in-Astana
@ Mirrormirror- Ermmm, no. Barack Obama is no socialist. And in our situation, a conscious attempt to overwhelm the system would not lead to socialism, anyway. You can see where it’s leading . . . we’re not tilting to the left; we’re tilting even further to the right.
Preposterous I think not. http://www.tudou.com/programs/view/Sealxd75_MQ/ perhaps an example of National and International socialism.
http://www.ibtimes.com/articles/33299/20100707/fed.htm
“I am not saying raise rates to very high levels, I am saying get it off zero,” Hoenig was quoted as saying. “What I am advocating is a policy of shooting toward normality.”
Hoenig also asserted that the Fed should commence liquidating assets acquired during the financial crisis and quickly as possible. immediately.
Germany and Russia are not acting in a bilateral way outside the moves to a multilateral exchange rate system. The idea is preposterous.
“Meanwhile, a proposal that would force big banks to pay hundreds of billions of dollars to wind down Fannie and Freddie is likely to be defeated, a congressional staffer told MarketWatch.
Late Tuesday, under prodding from Republicans, members from the House proposed that mortgage giants Fannie Mae and Freddie Mac be eventually liquidated through the Federal Deposit Insurance Corp.’s receivership system. That could mean losses of up to $200 billion that would ultimately be recouped from banks with more than $50 billion in assets.”
http://www.marketwatch.com/story/smaller-banks-get-break-on-capital-standards-2010-06-24
Go Barclays!
http://www.fdic.gov/buying/goods/ListofAwardsandContractorContactInformation.html
The only way rates can go up is if they vapourise all the other instruments the cartel is subsidising.
A wolf pack can only create a certain surplus at any given time – if for some reason, lets say there is a decrease in the number of prey the pack can make a choice of either sharing the smaller surplus and they all go hungry or some animals leave or are forced to leave the pack.
Either way the productivity of the pack decreases but the efficiency of the pack changes depending on the dynamics of the environment.
In my history, Germany and Russia were the social powers of the early twentieth century giving the people the results of their labor. I see that this power was a threat to the Monarchist oligarchs of England and France, and a divisional wedge was rammed between them. It only stands to reason, these powers would become cooperative and collaborative friends again.
The talk of the two part euro has leanings to this end, and I don’t think one has to read between any lines to see blanks the regular press shoots at you.
China could also be a party to this game, with the workers standing up asking for, and receiving better compensation from their labor.
http://www.businessweek.com/news/2010-06-14/fannie-freddie-fix-at-160-billion-with-1-trillion-worst-case.html
WAYNE ALLYN ROOT: Obama’s agenda: Overwhelm the system
Rahm Emanuel cynically said, “You never want a crisis to go to waste.” It is now becoming clear that the crisis he was referring to is Barack Obama’s presidency.
Obama is no fool. He is not incompetent. To the contrary, he is brilliant. He knows exactly what he’s doing. He is purposely overwhelming the U.S. economy to create systemic failure, economic crisis and social chaos — thereby destroying capitalism and our country from within.Â
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Barack Obama is my college classmate (Columbia University, class of ’83). As Glenn Beck correctly predicted from day one, Obama is following the plan of Cloward & Piven, two professors at Columbia University. They outlined a plan to socialize America by overwhelming the system with government spending and entitlement demands. Add up the clues below. Taken individually they’re alarming. Taken as a whole, it is a brilliant, Machiavellian game plan to turn the United States into a socialist/Marxist state with a permanent majority that desperately needs government for survival … and can be counted on to always vote for bigger government. Why not? They have no responsibility to pay for it.
…
…
…
http://www.lvrj.com/opinion/obama-s-agenda–overwhelm-the-system-95716764.html
True ? …. interesting if true !
holy fuck.
‘Cheezeburgers and Friez’ is merely explaining the result of the yuan flexibility to US markets (coupled with Fannie and Freddie, oh boy).
“and I say let rates go up”
utter nincompoop
“Germany’s state-owned banks, which have been especially careless in recent years about investing in American securities backed by subprime loans, are considered greatly at risk. One of them, Bayerische Landesbank, is currently considering writing off €1 billion ($1.54 billion) — or possibly even more — in bad debt. In the first two months of 2008 alone, the Bavarian bank’s troubled securities portfolio has lost €1 billion in value, and it has fallen even further since. “There could be another billion in losses on top of that,” says one banker.
At another state-owned bank, Dusseldorf-based WestLB, €5 billion ($7.7 billions) in government bailout funds are apparently not enough. The bank is already losing its next billion.”
http://www.spiegel.de/international/business/0,1518,543588,00.html
“A year after Duhon took on the post, she got word that Bayerische Landesbank, a large German bank, wanted to use the credit derivatives structure to remove the risk from $14bn of US mortgage loans it had extended. She debated with her team whether to accept the assignment; working with mortgage debt wasn’t a natural move for JP Morgan. But Duhon knew that some of the bank’s rivals were starting to conduct credit derivatives deals with mortgage risk, so the team decided to take it on…
Duhon and her colleagues were reluctant simply to turn down Bayerische Landesbank’s request. The German bank was keen to go ahead, even after the uncertainty in the modelling was explained, and so Duhon came up with the best estimates she could to structure the deal. To cope with the uncertainties the team stipulated that a bigger-than-normal funding cushion be raised, which made the deal less lucrative for JP Morgan. The bank also hedged its risk. That was the only prudent thing to do, and Duhon couldn’t see herself doing many more such deals. Mortgage risk was just too uncharted. “We just could not get comfortable,” Masters later said.”
http://delong.typepad.com/egregious_moderation/2009/05/gillian-tett-fools-gold-genesis-of-the-debt-disaster.html
““German Landesbanken may harbor a black hole,” said Michael Helsby and Derek De Vries, analysts at Bank of America Merrill Lynch, in a note to clients on June 18. “These are arguably unlikely to pass an unstressed test let alone a stressed one.””
http://news.businessweek.com/article.asp?documentKey=1376-L4QMB20UQVI901-2RRFLRD5VIDT5SQI07ESAPHSG7
All interest bearing money which is currently giving miserable interest is really giving negative interest partially because of the subsidisation of all risk bonds within the financial system.
Its over for fiat now that all that excess cash will get converted into gold if they continue with monetarist policies.
Got gold but I don’t know how much it will be of use when people realise their life savings is backed by housing that would be better utilised as agricultural land.
Compare that to what Reuter’s says:
http://www.reuters.com/article/idUSTRE65L36T20100622
Hope you haven’t given Obama your gun – along with your health, your home, your job, and your soul.
Me thinks someone sprayed millions of gallons of Round-Up all over the freaking green shoots!!!!!!!!
Quick, everyone close your eyes, click your heels, and chant “green shoots, green shoots, green shoots, green shoots!”