Bernanke Tries To Explain Why A Ponzi Scheme Is A Perfectly Acceptable System For Post Civil-War America, Fails

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Wed, 03/09/2011 - 17:57 | 1034224 bankrupt JPM bu...
bankrupt JPM buy silver's picture

I feel better now, gold bless chairsatan

 

www.silvergoldsilver.blogspot.com

Wed, 03/09/2011 - 18:05 | 1034246 Michael
Michael's picture

If we abolish the Federal Reserve Corporation, The federal government can borrow money from itself at 0% interest and pay no fees to Wall Street. Real Winning!

Form now on if everyone on ZH refers to the Fed as the "Federal Reserve Corporation", we will raise public awareness with these three simple words and the public will learn to hate them more.

Wed, 03/09/2011 - 18:08 | 1034258 IQ 145
IQ 145's picture

 We need a wealthy person to buy blocks of TV time and repeat this and other true statements over and over and over; if our enemies can create consensus; we can at least copy their methods.

Wed, 03/09/2011 - 18:20 | 1034304 Michael
Michael's picture

I'm honored by your response IQ 145, perception is reality. I'm only 125, well that's what they tell me.

Wed, 03/09/2011 - 18:33 | 1034362 WSMassiv
WSMassiv's picture

IQ does not factor in knowledge, and experience my man... its just a number of a test score, and if you practice taking IQ tests you will score much higher.

Wed, 03/09/2011 - 19:02 | 1034441 razorthin
razorthin's picture

Indeed.  I practiced until I scored 164.  Throw in a valedictbullshit and Summa cum my drawers.

Wed, 03/09/2011 - 19:04 | 1034451 Michael
Michael's picture

My dad was in Mensa at 160+.

Wed, 03/09/2011 - 19:15 | 1034478 william the bastard
william the bastard's picture

My Dad had a 3 handicap at 75.

Wed, 03/09/2011 - 19:19 | 1034496 Guy Fawkes Mulder
Guy Fawkes Mulder's picture

All IQ scores are inherently suspect.

Genius is often more powerful in its intellect than any scope measured (or even conceived of) by the "IQ" test's creators.

Also, the Q stands for "quotient". You divide by your age. One's IQ, over the years, falls drastically and never rises.

Wed, 03/09/2011 - 19:35 | 1034538 cosmictrainwreck
cosmictrainwreck's picture

Finally, I have the answer! Is why i keep getting dumber & dumber.....

Wed, 03/09/2011 - 20:21 | 1034670 A Nanny Moose
A Nanny Moose's picture

You are not alone.

Wed, 03/09/2011 - 21:13 | 1034798 caconhma
caconhma's picture

My suggestions to save America and regain its independence:

- The US government declares a bankruptcy and negotiates to pay no more than 10-20 cents on a $1

- The US government terminates the Federal Reserve Bank Corp. (FEDC) operational charter in America

- The US Treasury becomes responsible for and takes over operations previously conducted by FEDC

- The Glass-Steagall act is reinstated

- Banking executives responsible for the latest meltdown are prosecuted

Wed, 03/09/2011 - 22:19 | 1034962 clymer
clymer's picture

this site couldn't be more brilliant. Sacrilege, how'd you pull this off? Simple layout, always pertinent content, and just enough openness combined with savvy posters to weed out the shills, either via down-mod and public humiliation, or because they don't understand enough about the world to post a cogent message.

 

Thanks ZH

Wed, 03/09/2011 - 22:43 | 1035041 chopper read
chopper read's picture

+1776

Wed, 03/09/2011 - 23:31 | 1035255 Michael
Michael's picture

The collective intelligence always wins the debate with the special interests. No need for moderation on ZH. A side benefit of being a freeman's blog is we are self policing.

Thu, 03/10/2011 - 00:20 | 1035468 RockyRacoon
RockyRacoon's picture

 

My dad had an 8th grade education from 1945 and he was smarter than all you sonsabitches.  That includes me.

Thu, 03/10/2011 - 00:23 | 1035485 Dr. Porkchop
Dr. Porkchop's picture

Probably true. My grandfather could add things up like lightning in his head, where my generation stumbles and falls.

Thu, 03/10/2011 - 03:00 | 1035818 Bay of Pigs
Bay of Pigs's picture

Rocky,

My Dad will be 90 this year. He went through the Great Depression. He taught me everything I know about gold and silver.

Got it Bitchez?

Thu, 03/10/2011 - 00:27 | 1035504 Michael
Michael's picture

It's that word "corporation" that gets peoples attention. By proxy at least, the FR is a defacto corporation.

Who owns and controls the Federal Reserve

http://www.usagold.com/federalreserve.html

Beautiful diagram of ownership here;

OWNERSHIP OF THE FEDERAL RESERVE

http://land.netonecom.net/tlp/ref/federal_reserve.shtml

There's plenty of Gold in Fort Knox to back a new currency. We can have a new monetary system up and running in 60 days.

Thu, 03/10/2011 - 02:04 | 1035722 Michael
Michael's picture

Food for thought; I know it's cut and paste from web research, but very interesting for the nubes.

"The Depository Trust & Clearing Corporation is the biggest Bank in the World that you have probably never heard it. They happen to be the registered owners of 99% of all paper (stocks, bonds, securities, etc.). Scary, but true. And they have a perfectly good reason for it - with electronic trading, it is impossible to make timely changes to registered ownership of the paper.

The DTCC retains registered ownership while you as the peasant investor have the designation of beneficiary of the instruments. More on all of that below. First, lets see what the DTCC has to say about itself:

DTCC, through its subsidiaries, provides clearing, settlement and information services for equities, corporate and municipal bonds, government and mortgage-backed securities, money market instruments and over-the-counter derivatives. In addition, DTCC is a leading processor of mutual funds and insurance transactions, linking funds and carriers with their distribution networks.

DTCC's depository provides custody and asset servicing for 3.5 million securities issues from the United States and 110 other countries and territories, valued at $40 trillion. In 2007, DTCC settled more than $1.86 quadrillion in securities transactions.

DTCC operates through six subsidiaries - each of which serves a specific segment and risk profile within the securities industry:

National Securities Clearing Corporation (NSCC)

The Depository Trust Company (DTC)

Fixed Income Clearing Corporation (FICC)

DTCC Deriv/SERV LLC

DTCC Solutions LLC

EuroCCP Ltd.

DTCC's customer base extends to thousands of companies within the global financial services industry. DTCC serves brokers, dealers, institutional investors, banks, trust companies, mutual fund companies, insurance carriers, hedge funds and other financial intermediaries - either directly or through correspondent relationships. Increasingly, DTCC's customers operate both in the U.S. and overseas, where DTCC continues to provide them with services.

In the U.S., DTCC provides critical services to the markets for U.S. Government and mortgage-backed securities, and to all U.S. equity marketplaces, including the New York Stock Exchange, The Nasdaq Stock Market, the American Stock Exchange, and regional U.S. markets, as well as electronic trading and communications networks (ECNs).

All services provided through the clearing corporations and depository are registered with and regulated by the U.S. Securities and Exchange Commission (SEC). The depository is also a member of the U.S. Federal Reserve System and a limited purpose trust company under New York State banking law.

"DTC is 35.1% owned by the New York Stock Exchange on behalf of the Exchange's members. It is operated by a separate management and has an independent board of directors. It is a limited purpose trust company and is a unit of the Federal Reserve." -New York Stock Exchange, Inc.

The banks and brokers are merely custodians for their clients. By federal law (SEC), they cannot hold any assets in the customer's name. The assets must be held in the name of DTC's holding company, CEDE & Co. That's how DTC has more than $19 trillion dollars of assets in trust... or is it really in "trust" if the private Federal Reserve System is technically holding it in their "unknown" entity's name?

Obviously, if stock and bond certificates you've purchased aren't in your name, then the "holder" (the Federal Reserve System) could theoretically refuse to surrender them back to you under a "national emergency" according to the Trading with the Enemy Act (as amended).

Between the market crash and terrorism attacks, I don't think the powers that be will have too much trouble manufacturing more "national emergencies" with which to further erode our Constitutional Rights. Remember the Patriot Act? They have not even begun to use that on us yet.

And it appears President Clinton has paved the way for a Gulag Society with his 1994 Executive Order 12919 (which I will also examine in subsequent articles). Right now though, the DTCC:

Simply put, the Depository Trust Company absolutely controls every paper asset transaction in the United States as well as the majority of overseas transactions, and they now physically hold (as of April 1999) 99% of all stock and bond book-entrys in their street name, not the actual owner's names.

REGISTERED HOLDER- A Registered Holder literally possesses, owns, and holds, his stock or bond with his name appearing on the face of the certificate. The company that issued the certificate has registered the owner's (holder's) name on their official books. This is the safest way to own a paper asset. You literally possess the fully registered certificate and only you can transfer or sell it. By all Rights and definition of law, you are the owner. You have it, you hold it, you possess it, and you keep it. You have the complete control over it.

BENEFICIAL OWNER- A Beneficial Owner is nothing more than a beneficiary, "One who is entitled to the benefit of a contract"- A Dictionary of Law, 1893. All book-entry stocks and bonds you purchase make you the beneficial owner, not the registered holder. The owner of a book-entry stock or bond is the entity or name that it is registered under.

Even the name of the shadow company that is the agent of who knows, possibly the IMF according to this article: CEDE. Can you believe that. CEDE. I kills me.

CEDE- To surrender possession of, especially by treaty. See Synonyms at 'relinquish'." -American Heritage Dictionary of the English Language, 3rd Edition of 1992.

And that is just the plan, just as soon as everything gets a little more chaotic in our once static lives. Living in an Empire at it's peak is like living in the eye of the hurricane - and if you lived your whole life there under the still, blue skies, you really have no idea what is heading your way.

It's quite obvious that the stock markets are going to 'crash and burn' at some future date and for some 'unknown' reason... The Great Depression is about to be repeated, and it will be as deliberate and manipulated as the first one that began with the stock market crash of 1929. We are, without a doubt, on the brink of the Mother of all economic Depressions.

Remember, this was penned in 2003. Pretty prophetic in light of this weeks news. So, how does your portfolio look now?

Your broker sends you a fancy accounting every month of your purported holdings, along with dividend and interest payments paid. The fact is, you only receive the benefit of ownership (interest and dividends) without holding title to your property. You are at the mercy of the registered owner, the DTC. If you don't believe this is true, then call your broker right now and ask them who's name is listed as the Registered Holder of your book-entry stocks and bonds. If you're lucky, the broker will tell you "why of course you're the Beneficial Owner", then you'll know the truth. He may emphasize to you that the stocks and bonds are being held in "safe keeping" for your own protection. This is broker language for "your stocks and bonds are held by the DTC in their street name as the creditor".

I tried it, and they don't like to talk about it. At all. I had the feeling they did not understand it completely either, but they swore it was only for expedience and nothing sinister. Fine. But why a private company, and why all the cloak and dagger mystery surrounding what is purported to be the most regulated, the most transparent of all industries? "

http://www.vnnforum.com/showthread.php?t=87292

http://en.wikipedia.org/wiki/Depository_Trust_%26_Clearing_Corporation

Thu, 03/10/2011 - 04:11 | 1035882 cranky-old-geezer
cranky-old-geezer's picture

TYLER REALLY NEEDS TO FIX THIS RIGHT MARGIN SQUEEZE PROBLEM.

Thu, 03/10/2011 - 04:16 | 1035885 cranky-old-geezer
cranky-old-geezer's picture

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TYLER REALLY NEEDS TO FIX THIS RIGHT MARGIN SQUEEZE PROBLEM.

Thu, 03/10/2011 - 19:56 | 1038704 BigJim
BigJim's picture

Buy a bigger monitor with higher res.

Thu, 03/10/2011 - 04:10 | 1035881 Raphio
Raphio's picture

Thanks for the informative links.....

when is the last time fort knox was actually audited, though?

 

Wed, 03/09/2011 - 22:18 | 1034955 spudboy
spudboy's picture

That is incorrect. The mental age concept was originally developed by Alfred Binet, who developed the Stanford-Binet Intelligence test, which is still used (in much later versions) today. He specialized in working with the "feeble-minded". However, that concept is generally only applicable when testing children and those with mental handicaps, as a person generally attains a mature level of intellectual development at approximately age 16, although of course there are other intellectual traits such as good judgment and foresight which must be further cultivated in the mature adult.

When adults and even children are tested today, they are compared to the rest of the population at their precise age and then put into a percentile which corresponds to a standard score. For example, someone who scores at the 84th percentile compared to their same age group would score an IQ of 115.

Genius is certainly a very difficult concept to quantify. Nevertheless, to say that "all IQ scores are inherently suspect" is to be unaware of an IQ test's radical ability to predict speed of learning and even future earnings potential with a pretty high level of reliability. For further information, you may want to read "The Bell Curve" by Richard Hernstein & Charles Murray.

IQ is pretty stable between ages 12 and about 35, and even then it should not drop much as one ages, because one's peers are also experiencing a generally similar level of cognitive decrement. Many millions of dollars are invested annually by corporations who believe in the veracity of the concept of IQ, and thousands of studies attest to the validity of IQ tests.

Wed, 03/09/2011 - 23:05 | 1035117 Guy Fawkes Mulder
Guy Fawkes Mulder's picture

You might have beat me on the facts here, but I'm still right in spirit. As are you wrong.

Explaining myself here would take too long, so you can still go ahead and think I'm wrong, that I've "lost". Or call it a "draw" if you are feeling generous to me.

I still win though.

Thu, 03/10/2011 - 00:48 | 1035572 Miss anthrope
Miss anthrope's picture

What was the prize being played for.... ?????

Thu, 03/10/2011 - 00:50 | 1035578 MayIMommaDogFac...
MayIMommaDogFace2theBananaPatch's picture

Just shout WINNING!!!

Thu, 03/10/2011 - 00:08 | 1035422 IQ 145
IQ 145's picture

 Langdon adult IQ test; take it now; and then bitch at me , bitchaez.

Thu, 03/10/2011 - 00:23 | 1035464 dark pools of soros
dark pools of soros's picture

the debate of IQ tests' validity always proves the validity of IQ tests

 

The best way to explain the different levels of IQ is in the amount of permutations one's brain will consider a thought. So inherently a lower IQ can not comprehend a higher IQ's path and the wisdom is in communicating the result in its lowest connection points instead of the long range of madness that lead the higher IQ past initial barriers of reason that prevent the lower IQ of reaching said result on their own.

 

 

Thu, 03/10/2011 - 00:29 | 1035512 Guy Fawkes Mulder
Guy Fawkes Mulder's picture

Sounds like something Bennie would say, if you questioned the validity of his IQ.

Thu, 03/10/2011 - 00:52 | 1035567 dark pools of soros
dark pools of soros's picture

wonderfully thought out retort..  I have absolutely no problem connecting the 2nd grade path you took

 

to perhaps awken you at all, IQ is just the engine.  IQ + Knowledge = Smart. So just because you have bias vs something you can't comprehend, rest easy that many smart people get that way with lesser IQ's but from learning well from others.  And many with high IQ's can get lost in their own muddy travels in worthless circles.

You can ignore how a watch works and just focus on what the watch tells you if all you care about is the time 

Thu, 03/10/2011 - 01:38 | 1035687 Guy Fawkes Mulder
Guy Fawkes Mulder's picture

No hard feelings.

I've seen plenty of people who knew they were really smart and had all this so-called credibility from things like IQ tests and so on to confirm it.

They still wind up believing false things and taking action that proves them wrong at the end of the day.

I yield the floor to you and retire from this conversation.

(still listening to you though if you want to say more)

Peace til next time.

edit: If you knew me better you wouldn't think I have anything but a high IQ.

Thu, 03/10/2011 - 02:14 | 1035759 dark pools of soros
dark pools of soros's picture

good night and may the burden of a high IQ also bring you headphones to shield you from automatically wasting energy figuring out others' outspoken simple dilemmas  

IQ is grossly misunderstood so I hope I shed some light to you or anyone here that high IQ in a vacuum is not smart anymore than a 5 yearold driving a sportscar is a good racer.

You seem to have met a few of those folks.  But I bet you didn't - they just thought they were.  For high IQ's tend to question themselves much more than anyone questions them.  Just like a great golfer thinks more about the shots he missed than any of the ones he makes.

Thu, 03/10/2011 - 01:43 | 1035707 Milestones
Milestones's picture

Exactly. All I want is the time of day and some insist on building a clock for me.     Milestones

Thu, 03/10/2011 - 04:00 | 1035863 merehuman
merehuman's picture

its really a matter of conciousness.  Some think emotionally, some mentally, some not at all and a few let the lower instruments decide.  hurrah for the education we failed to get = how to be human and what being human is. Sorry to cut in, but I Q is  an incomplete  measurement.

But it may make your ass look bigger . 

Wed, 03/09/2011 - 23:30 | 1035250 Quaderratic Probing
Quaderratic Probing's picture

I have a ponzi IQ, by printing infinite amount of numerators as in IQ2/age, IQ3/age I can become as hyper intelligent as I wish.....Hmmm maybe enough of this and I can be the Fed Chair too...

Thu, 03/10/2011 - 04:00 | 1035867 merehuman
merehuman's picture

no matter how smart you are , she will have you take out the garbage

Thu, 03/10/2011 - 00:10 | 1035431 IQ 145
IQ 145's picture

 False statement; the langdon adult IQ test; take it now; and then remain silent forever.

Thu, 03/10/2011 - 02:17 | 1035760 Liquid Courage
Liquid Courage's picture

If I do, will I learn how to spell "unequivocally"? ;)

Sorry, couldn't resist. I have no idea what my IQ is, but I did score in the 99th percentile in the English Lang. section of our equivalent of your SATs, so I have an annoying habit of correcting everyone's grammar & spelling - no matter what their IQ might be!

Thu, 03/10/2011 - 00:31 | 1035517 MrSteve
MrSteve's picture

I resemble that remark!

Thu, 03/10/2011 - 04:19 | 1035891 Raphio
Raphio's picture

I'll reassemble that remark.......

Thu, 03/10/2011 - 04:21 | 1035892 Raphio
Raphio's picture

I'll reassemble that remark.......

Wed, 03/09/2011 - 19:25 | 1034513 Salvatore CFA
Salvatore CFA's picture

My dad flew missions against the NVA.

Wed, 03/09/2011 - 19:32 | 1034529 WaterWings
WaterWings's picture

My uncle was at the '68 Democratic Convention.

Yippie!

Wed, 03/09/2011 - 20:55 | 1034744 Pegasus Muse
Pegasus Muse's picture

My dad didn't do any of those things but he stayed at a Holiday Inn Express last night.

Wed, 03/09/2011 - 21:22 | 1034813 cosmictrainwreck
cosmictrainwreck's picture

my dad didn't do any of that shit either, but did poison himself over-dsoing on vitamin tablets over the years - you wanna see a reaaallly ugly way to die? no bullshit. just a side note you'll never hear about anywhere

on a lighter note - my uncle was a professor at MIT (fat lot of good it ever did me....) he was also a Turk...er...uh...a Turkish-American. oh - and also married to my aunt

 

Wed, 03/09/2011 - 23:11 | 1035163 CitizenPete
CitizenPete's picture

My dad was in the anti-aircraft division of the Luftwaffa.  

http://www.youtube.com/watch?v=e2ekYgGfTWY&NR=1

I think he worked in the feild offices and had missions like delivering the mail.   Not as cush a job as you may think.  The Russians didn't like the mail being delivered at the time.  

Wed, 03/09/2011 - 23:36 | 1035271 JethroBodien
JethroBodien's picture

My dad can beat up your dad!

Thu, 03/10/2011 - 03:16 | 1035837 malikai
malikai's picture

My dad is Kim Jung Il.

Do NOT follow this link or you will be banned from the site!