• Sprott Money
    05/06/2016 - 06:03
    The US, in its own decline, is showing this same self-destructive tendency. The worse things get, the greater the inclination of the citizenry to say, “Carry on, everything’s fine.”

Live Blogging The S&P Conference Call

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Mon, 04/18/2011 - 11:40 | 1180607 TruthInSunshine
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Fisher just basically stated Bernanke perjured himself (which we all knew, anyways).
LULZ.  On an EPIC scale.
Mon, 04/18/2011 - 11:48 | 1180642 SheepDog-One
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Mon, 04/18/2011 - 12:26 | 1180767 Cursive
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Mon, 04/18/2011 - 11:55 | 1180669 cougar_w
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The Bernank is part of this setup. His immunity is already assured, unless someone else needs a patsy, in which case he'll go down as a temporary diversion.

The chopper is on the roof. Whoever is destinted to be the last one out is already dead.

Mon, 04/18/2011 - 12:38 | 1180813 j0nx
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Who cares. Not like anyone is going to call his ass on it and arrest him. Not even everyone's beloved Ron Paul...

Mon, 04/18/2011 - 12:49 | 1180867 TruthInSunshine
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The following is video footage of Bernanke from June 3rd, 2009 testifying before Congress that the Federal Reserve would not monetize the debt....





Mon, 04/18/2011 - 11:44 | 1180620 Ray1968
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Here is what the S&P executives have waiting if Obama and Turbo Timmy have their way:



Mon, 04/18/2011 - 11:44 | 1180627 Mongo
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I'd give it a one in one that US will go broke within 2 yrs.

Mon, 04/18/2011 - 11:48 | 1180631 SheepDog-One
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You win. US already broke, 1,000 times over at least.

Mon, 04/18/2011 - 11:51 | 1180659 BORT
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Only difference between Madoff and US is Madoff couldn't print money.  Probably thought about it, but couldn't get a deal with North Korea in time.

Mon, 04/18/2011 - 12:01 | 1180689 Mongo
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Printing money is simple. Start a bank...

Mon, 04/18/2011 - 12:59 | 1180875 gkm
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Actually that would have worked for Madoff too.  All he had to do was sell calls and buy puts since the most likely case for him to have any redemptions was if the market fell.  If people believed the market would always keep going up, redemptions weren`t likely.  In fact there have probably been other ponzi schemes that worked this way and paid off.  You wouldn`t hear about those ones however because they were deemed a success.  

Mon, 04/18/2011 - 11:46 | 1180628 SheepDog-One
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I hear theres nothing to fear here, confidence is quite high among Wall St "Gods own chosen' that our rat bastard payolla crazed political puppets will now 'see the light' and get right to work to curb the mathematically impossible debt immediately.


Mon, 04/18/2011 - 11:48 | 1180641 knukles
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A lot of must needs to be done by 2013, including the comment that there is still ample scope for deficits of this magnitude in the near term.

First question (chosen by S&P) has the US even had a rating other than AAA? 
Flag raised, lots of wiggle room.

Exactly as would be expected.  Don't want to attract the SEC and or black helicopters.

Mon, 04/18/2011 - 11:48 | 1180643 andilinks
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Volatility is instability, it will happen faster than you can imagine. I'll be bored until it takes my breath away.

Mon, 04/18/2011 - 12:03 | 1180699 Spastica Rex
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Same here.

Mon, 04/18/2011 - 11:51 | 1180649 cougar_w
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 If Congress and President do not succeed in coming to an agreement to consolidate fiscally by 2013, which S&P views as credible

33% credible? What's this guy smoking? I'd put the chance of that statement becoming true at closer to 75%, meaning all but certain. The budget will become a complete football for the election crowd, and SS/Def/Medi* will remain the lethal third-rail.

There is just about no way short of a "road to Damascus" style moment to turn this Titanic around. Nothing will happen until the second half of the Presidency of whoever inherits this radioactive shit storm in '12

Now I have a headache. Never mix metaphors like that before your first cup of coffee.

Mon, 04/18/2011 - 12:37 | 1180808 aheady
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Mon, 04/18/2011 - 12:39 | 1180819 traderjoe
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Not that I believe in profligate spending, useless foreign wars, etc., etc. - but any attempt at austerity at this point is actually the final noose of the bankers to collect and repossess. We should not be attempting to repay the debt. The debt is fraudulent. The US Government should not be borrowing its own currency from private corporations (the fractional reserve banks and the Fed). Lending money created out of thin air - at interest to a sovereign - is the biggest scam possible. 

We should not repay, we should repudiate...

Mon, 04/18/2011 - 11:53 | 1180656 mt paul
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aardvark anus anyone...

Mon, 04/18/2011 - 11:52 | 1180662 King_of_simpletons
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When people keep saying "Shit will hit the fan" soon, I remind them "Shit has already hit the fan, you will smell the stink soon".  For those who are still in the stockmarket, good luck.

Mon, 04/18/2011 - 11:52 | 1180665 TomJoad
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Wait! What is that sound? Why is that chubby gal warming up her vocal cords?


Jump! You Bankster Fuckers!

Mon, 04/18/2011 - 11:54 | 1180670 fuu
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JPM $43.90/share

Silver: $43.92/oz spot


That is just making my day right now.

Mon, 04/18/2011 - 12:20 | 1180752 Josh Randall
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Roger that -- Monday is starting off with a flippin' BANG

Mon, 04/18/2011 - 12:28 | 1180770 Josh Randall
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Roger that -- Monday is starting off with a flippin' BANG

Mon, 04/18/2011 - 12:29 | 1180787 knukles
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Silver: $48.83  -0.15
PSLV:  $20.17 +0.56

Gotta love that unencumbered, allocated vaulting arrangement premium.

Mon, 04/18/2011 - 14:24 | 1181230 fuu
fuu's picture

Little typo there. Should have read $42.92 on spot.


now though we are even closer:


JPM: $43.81/share

Silver: $43.25/oz spot

Mon, 04/18/2011 - 11:58 | 1180675 kaiten
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Dont worry, Bennie will buy Treasuries even if US is downgraded to Z-

Mon, 04/18/2011 - 11:59 | 1180678 slaughterer
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US should prepare for Europeanization... what better President to lead the overconsuming, overspending, overleveraged Americans into the grey world of social democracy...

Mon, 04/18/2011 - 12:31 | 1180792 knukles
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social justice, not social democracy... there is no functional democracy whilst the elites order society about

social justice

Mon, 04/18/2011 - 12:39 | 1180816 IdioTsincracY
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Europe is a big place ... I would not mind systems like the ones in place in northern European countries. they are constantly rated best countries in terms of quality of life.

If you're talking Countries with lots of debt and huge social inequalities, then we are already there ... look at our GINI coefficient.

Mon, 04/18/2011 - 11:57 | 1180679 Dr. No
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11:45: US has been slowest of all developed countries to implement a fiscal credibility plan: compares US to UK and France, which are shown as better countries;

How can they say that?  No one has implemented credible fiscal plan.  Therefore it is wrong to conclude the US is the slowest.

Mon, 04/18/2011 - 12:01 | 1180682 Dreadker
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11:45: US has been slowest of all developed countries to implement a fiscally uncredible plan: compares US to UK and France, which are shown as faster countries;



Mon, 04/18/2011 - 12:03 | 1180698 Dr. No
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Thank you.  Unless by "fiscally credible", they mean a fiscal plan which will allow the continuation of issuing credit to the country..... well then the US is the fastest since we got the FED.

Mon, 04/18/2011 - 12:03 | 1180694 vast-dom
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Mon, 04/18/2011 - 12:06 | 1180700 Alex Kintner
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 Did anyone suggest we stop conducting pointless wars we cannot afford?


Answer: Of course not. Firing more teachers is the answer to everything.

Mon, 04/18/2011 - 12:05 | 1180703 uno
uno's picture

pslv is holding 3% positive today (around 20% premium) regardless of spot silver price, what a tell

Mon, 04/18/2011 - 12:11 | 1180723 digalert
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My buddy Santelli said it best:

"S&P looked at Ryans 2040 plan and Barama's 2030-2060 plan and said 'NO' that aint gonna cut it, 2013 or else."

Really, let's get serious here, 2020/30/40/60 is all nonsense. We've got to do something now.

Mon, 04/18/2011 - 12:21 | 1180745 Alex Kintner
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Yes, let's get serious.
1) Stop all the pointless wars.
2) Cut Military spending in half (at least).
3) Claw back all the people's money that was given away to Wall St.
4) Start prosecuting all the malfeasance that led up to the 2008 crash.
5) Reinstitute public hangings. Then Prosecute Gietner and Bernanke for treason.

That's my short list.

Mon, 04/18/2011 - 12:30 | 1180777 IdioTsincracY
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short and to the point!!

Mon, 04/18/2011 - 12:39 | 1180818 DUNTHAT
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A  50% reduction would take us back to 2001 defense levels in today's dollars.  Very feasible.

Mon, 04/18/2011 - 12:40 | 1180832 IdioTsincracY
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All we need ito balance the budget is to cut defense in half and bring tax levels for the top 1% to pre George W level.

Doable ... but who is going to do it? The 1% who controls the Country ... not likely.

Mon, 04/18/2011 - 14:11 | 1181176 Alex Kintner
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Oh right. I forgot. Start taxing the Morbidly Rich at a fair rate. Good catch!

Mon, 04/18/2011 - 14:05 | 1181164 Alex Kintner
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We spend 6X what China spends on military -- the second biggest spender on MIC. So yes, very serious, quite doable.




Mon, 04/18/2011 - 15:24 | 1181460 knukles
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And let them commie, Islamo fascist, socialist, European, foreigner, Jesus Snake Tent hating tools of Satan breach our borders, rape our children, hook our families on drugs, spread bestiality and perversions across the land, limit our freedom of speech, taint our love for and halt our bestowal of freedom, peace and civilization forcibly upon other sovereign countries?
God will punish us of we do that.

Mon, 04/18/2011 - 15:10 | 1181413 dracos_ghost
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6) Reinstate Glass-Steagal.

Mon, 04/18/2011 - 12:11 | 1180725 mynhair
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Q&A critical to what or whom?

Pumpapalooza time?

Mon, 04/18/2011 - 12:13 | 1180726 slaughterer
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Anybody care to intone on this twisty-turny "answer"? 

6. What does credit risk mean when the borrower can monetize its own debt? Answer: In the US, or any other central bank country, S&P has always thought that it is very short sighted to say government can not default if US can print its way out. Counterintuitively, US should never have to levy any taxes and just monetize all deficits. That is not a credible or realistic alternative to levying taxation. The short answers is that in longer term, if deficits continue to rise, this impairs the credit standing of a gov't including the US.

It is as if S&P thought the Q meant: If Ben can print, why does anybody need to pay taxes?  When the real question is: how can you downgrade a country with a gigantic printing press and a Chairsatan extremely willing to use it?  This is the key question...

Mon, 04/18/2011 - 12:32 | 1180790 Dreadker
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Maybe Chairsatan is going long on paper... did he purchase any large rainforests recently??  Damn i shouldn't have said that... UN campaign in brazil next to secure the trees! lol

Mon, 04/18/2011 - 12:20 | 1180748 mynhair
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So, has anybody read ODummer's new budget?

Oh wait, there isn't one.

"Words, just words."

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