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bacasper
Joined: 26 Mar 2007
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 Posted: Tue Jul 21, 2009 10:44 pm Post subject: |
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| mises wrote: |
http://www.zerohedge.com/article/grayson-grilling-bernanke-half-trillion-foreign-liquidity-swaps-and-constitutional-basis-suc
The above is a breathtaking video. Why has the US congress permitted the Fed to become an unaccountable government within an elected government? This is bizarre stuff. |
According to it, the Fed lent dollars to foreign central banks for the first time in 2007, half a billion of them. They did this with no input/authorization from Congress.
So they just totally took this new power upon themselves?
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| Give me control of a nations money supply, and I care not who makes it's laws. |
Mayer Amschel Rothschild |
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visitorq
Joined: 11 Jan 2008
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| Posted: Wed Jul 22, 2009 1:53 am Post subject: |
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Anytime I have to look at Bernanke's despicable, smug, criminal face on the tv and listen to his lies, I get really angry... I seriously hate these people with a passion, and I would actually like to see them killed for their crimes. And I don't usually advocate for the death penalty.
Obama is nothing but a demagogue and a crony, he is utterly useless. The more this blatant corruption and dismantling of our country goes on the more likely a violent revolution becomes. These bankers are destroying us and giving it everything they've got. At this point I really think it's going to be us or them. Scary, but very real. |
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mises
Joined: 05 Nov 2007
Location: retired
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| Posted: Wed Jul 22, 2009 10:34 am Post subject: |
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Watch Ron Paul speaking yesterday. Read the comments at ZH too.
http://www.zerohedge.com/article/ron-pauls-3-minute-summary-causes-and-effects-crash
Notice the new anger in him? This is all getting so absurd now.
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Beijing will use its central bank's international reserves, No. 1 in the world, to accelerate Chinese business expansion overseas, the country's premier said.
"We should hasten the implementation of our 'going out' strategy and combine the utilization of foreign exchange reserves with the 'going out' of our enterprises," Wen Jiabao told Chinese diplomats.
Wen said Beijing also wanted Chinese companies to increase China's share of global exports, The Financial Times reported.
The "going out" strategy is a catchphrase for encouraging investment and acquisitions abroad, particularly by big state-owned industrial groups such as PetroChina Co., owned by China's biggest oil producer; Aluminum Corporation of China Ltd., the country's largest aluminum producer; China Telecom Corp., its largest fixed-line and mobile-phone provider; and Bank of China Ltd, one of China's big four commercial banks.
Wen did not elaborate on how much of the $2.132 trillion in international reserves would be channeled to Chinese enterprises.
HSBC Holdings PLC chief China economist Qu Hongbin said the decision was part of a Chinese strategy to reduce its reliance on the U.S. dollar as a reserve currency. |
http://www.timesoftheinternet.com/94174.html
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In an interview published in state-controlled media, the chairman of China Development Bank said Chinese outbound investment would accelerate but should focus on resource-rich developing economies.
�Everyone is saying we should go to the western markets to scoop up [underpriced assets],� said Chen Yuan. �I think we should not go to America�s Wall Street, but should look more to places with natural and energy resources.� |
http://www.ft.com/cms/s/0/b576ec86-761e-11de-9e59-00144feabdc0.html?nclick_check=1
We're nearing the end. No hyperbole. It's almost over. Bretton Woods 2 will very likely end with a bang. |
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mises
Joined: 05 Nov 2007
Location: retired
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| Posted: Wed Jul 22, 2009 10:42 am Post subject: |
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http://kunstler.com/blog/2009/07/is-obama-gorbachev.html#more
By James Howard Kunstler
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It should remind us more generally that when a society's operations become broadly fraudulent and unreal, authority and legitimacy wither. This is analogous to the position Barack Obama now finds himself in. He was elected as the politician most trusted in America to change the fraudulent and unreal operations of the US government. Don't bother protesting that all politics is necessarily unreal and fraudulent. If it were so, you'd have to argue that the US Constitution was wholly a fraud, as well as Madison, Jefferson, Hamilton and the rest. It only has strong tendencies in that direction. (The Declaration of Independence was itself a direct strike against the fraud and unreality of British royal governance in America.)
As president, Barack Obama is faced with the essential fraudulence and unreality of the US economy.
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Since September of 2008, when Hank Paulson began shoveling bail-outs to the very banks who screwed the world on fraudulent and unreal securities, and left American society comprehensively bankrupt, the consensus has only deepened on the perception of an historic swindle. And so far, President Obama has positioned himself as chief enabler to further swindling. One need look no further than the rulings this past spring of the Financial Accounting Standards Board (FASB) as authorized by the Securities and Exchange Commission (SEC, an official government agency, created 1934), which have allowed the biggest banks to pretend that the fraudulent paper in their vaults does not have to be recorded as a loss on their books.
The US economy is now dying a slow and painful death because it had become based on activities that had nothing to do with producing real wealth. Instead, it became dependent on rackets, that is, behavior geared to getting something for nothing. These rackets are often summarized under the acronym FIRE (for finance, insurance and real estate), a system set up to strip-mine profits from the wish commonly labeled "the American Dream" -- itself largely a product of televised advertising and propaganda. The end product of all that was the doomed economy of suburban sprawl, an infrastructure for daily life with no future in a world defined by fossil fuel scarcity. The unraveling of debt at every level now is directly related to the mis-investments made in that way of life.
As another blogger put it so nicely last week on the web (sorry, but I forget who or where), this isn't a "recession," it's a collapse. |
I agree. The whole of the US economy depends on continual asset inflation to fund every program any group could possibly want. Canada provides the raw materials, meaning we're down the supply line, but on the chopping block too. |
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RJjr
Joined: 17 Aug 2006
Location: Turning on a Lamp
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| Posted: Wed Jul 22, 2009 8:18 pm Post subject: |
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| mises wrote: |
Anyways, not the thread for this. |
Don't bring it into the thread next time.  |
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mises
Joined: 05 Nov 2007
Location: retired
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| Posted: Wed Jul 22, 2009 8:29 pm Post subject: |
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| RJjr wrote: |
| mises wrote: |
Anyways, not the thread for this. |
Don't bring it into the thread next time. |
Killbox add. |
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mises
Joined: 05 Nov 2007
Location: retired
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| Posted: Thu Jul 23, 2009 10:27 am Post subject: |
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| NEW YORK (AP) -- The Dow Jones industrials rose back above 9,000 for the first time since early January. |
A 9,000 DOW. Absolutely delusional.
Andy Xie:
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This institutional weakness (that the finance sector is biased towards bullish sentiment) has been a catastrophe for people who trust investment professionals. In the past two decades, equity investors have done worse than those who held U.S. market bonds, and who lost big in Japan and emerging markets in general. It is astonishing that a value-destroying industry has lasted so long. The greater irony is that salaries in this industry have been two to three times above what's paid in other sector. The key to its survival is volatility. As markets collapse and surge, possibilities for getting rich quickly are created. Unfortunately, most people don't get out when markets are high, as they are now. They only take a ride.
...
If you are a speculator and confident you can get out before it crashes, this is your market. If you think this market is for real, you are making a mistake and should get out as soon as possible. If you lost money during your last three market entries, stay away from this one � as far as you can. |
http://english.caijing.com.cn/2009-06-09/110180019.html
The only thing holding up this market is investor sentiment. |
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mises
Joined: 05 Nov 2007
Location: retired
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Ya-ta Boy
Joined: 16 Jan 2003
Location: Established in 1994
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| Posted: Fri Jul 24, 2009 5:57 am Post subject: |
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I'm mildly interested in hearing if those who claimed Obama was wrecking the stock market back in February are singing the same song now that the market is above where he came in.
Just saying. |
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Pluto
Joined: 19 Dec 2006
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| Posted: Fri Jul 24, 2009 5:58 am Post subject: |
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What information is out there for investors that persuades them to buy? Profits are up, but costs are down. Revenues are down and production is down.
Still, I see nothing in the real economy that would make me conclude to buy. I see no opening of factories, no one is hiring workers and I see no reason to believe that production has increased. I don't see any indications that production will increase; future earnings are a fantasy.
What information is causing this bullish sentiment? It's a dead cat bounce and it can't last. |
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bacasper
Joined: 26 Mar 2007
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| Posted: Fri Jul 24, 2009 7:52 am Post subject: |
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U.S. economy forecast to hit bottom this summer
Posted: 2009/07/23
From: Mathaba
The U.S. economy might reach bottom this summer and modest growth is forecasted for 2010, according to a report released Wednesday by the Kyser Center for Economic Research of the Los Angeles County Economic Development Commission (LAECD).
The report said the U.S. economy will shrink by 2.7 percent during 2009 and grow modestly by 1.7 percent in 2010.
Inflation is unlikely to be a problem in the near term, though higher energy prices are cause for concern, the report said.
Monetary policy makers acknowledge the inflation risk they are creating by their actions, the report said, but are focused on restoring the health of the nation's economic and the financial sector.
Thus, the report continued, they have pushed short-term rates to extremely low levels and poured extraordinary sums into bank reserves.
The outlook for long-term rates is more uncertain, according to the report. Given the Fed's current activist policy stance, they are unlikely to rise much until later in 2010.
"We think the economy is nearing bottom this summer, so the current economic news looks terrible," said LAEDC Chief Economist Nancy D. Sidhu.
"This recession officially began in December 2007 and looks like it will be the deepest downturn since the recession of 1981-1982," she added.
According to the report, several factors have put U.S. households under considerable stress. Employment has declined sharply since the recession began in December 2007. Some 6.5 million jobs have disappeared. Job losses likely will continue until mid 2010.
The unemployment rate in the U.S., currently 9.5 percent, will rise through the rest of 2009 and reach the "mid 10's" by midyear 2010, the report said.
The report indicated problems have deepened and will persist for the auto and housing industries, noting that conditions have driven two automakers and many suppliers to bankruptcy, while the U.S. housing sector has been shrinking for more than three years. However, the report said it appears the bottom is near for housing.
more at link |
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mises
Joined: 05 Nov 2007
Location: retired
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| Posted: Fri Jul 24, 2009 10:01 am Post subject: |
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bacasper: The economy won't permanantly bottom this summer. When one looks at historical patterns of growth, and for us now the great depression is the most relevant, there are ups and downs that follow a trend line. While there may be a small up, or a stagnation in the near future (or even now) the trend line is nowhere near level. Using equities as a measure, of the 3 largest 3 month gains in history 2 were in the great depression and we're in the third now. Every measure of the 'real' economy is in free-fall. What isn't, is the fake economy. Obama/Benny/Larry/Timmy are trying their god damn hardest to blow another bubble and all that money sloshing around increases asset prices for the very short term.
Pluto, did you read this?
http://www.scribd.com/doc/17588181/Sprott-Comment-July-2009
Given the "Obama fixed the economy" nonsense I see it is useful to post this again:
http://www.voxeu.org/index.php?q=node/3421 |
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MollyBloom
Joined: 21 Jul 2006
Location: James Joyce's pants
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| Posted: Fri Jul 24, 2009 7:04 pm Post subject: |
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| Keep in mind that history has proved war improves economic depressions. You never know what the world leaders are planning. |
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bacasper
Joined: 26 Mar 2007
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| Posted: Fri Jul 24, 2009 8:35 pm Post subject: |
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| mises wrote: |
| bacasper: The economy won't permanantly bottom this summer. When one looks at historical patterns of growth, and for us now the great depression is the most relevant, there are ups and downs that follow a trend line. While there may be a small up, or a stagnation in the near future (or even now) the trend line is nowhere near level. Using equities as a measure, of the 3 largest 3 month gains in history 2 were in the great depression and we're in the third now. Every measure of the 'real' economy is in free-fall. What isn't, is the fake economy. Obama/Benny/Larry/Timmy are trying their god damn hardest to blow another bubble and all that money sloshing around increases asset prices for the very short term. |
Yes, I forgot to include my comment with that last post, which would have been:
"Does anyone believe this?" |
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visitorq
Joined: 11 Jan 2008
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| Posted: Sat Jul 25, 2009 3:49 am Post subject: |
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| MollyBloom wrote: |
| Keep in mind that history has proved war improves economic depressions. You never know what the world leaders are planning. |
A major world war is almost certainly in the cards. The international bankers can once again pit nation states against each other, finance both sides with debt-based fiat currencies that they control (soon to be a world bank issued currency like SDRs), put all these countries permanently in their debt, while posing as the saviors by bringing in world government institutions that supercede national sovereignty of countries and prevent 'future wars'. |
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