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BOJ Intervention Half-Life Drops To 3 Hours As All Eyes Focused On Today's POMO
Remember when once, less than 8 hours ago, the BOJ decided to punish its currency in yet another rate reduction-cum-QE decision? Neither do we, and neither does the market - the half-life on currency intervention by the Japanese central bank is now 4 hours (and dropping), as the USDJPY is lower than where it was pre-intervention. According to market rumors, Shirakawa is preparing to take the honorable way out as he has now lost all control. Either that or LBO Radioshack. As for what does matter today, there are only two thing: $3-4 billion POMO today is currently being front run by millions of tiny, hollow vacuum tubes, while the 2-3 traders remaining are fully aware that SPY and IWM are on the Reg SHO 'suggested' buy-in list. All else is noise as the Fed will get the market higher today period. Also, don't look now, but gold just passed $1,330 - and you still can't eat the damn thing!
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I believe there is a very expensive drink "Gold Strike" which has gold in it. I believe it just went up in price.
Estimated at $1.38 in 2004, the flakes may soon pass the marketing in the cost of Goldschlager.
http://www.cockeyed.com/inside/goldschlager/goldschlager.html
This really isn't very complicated...
by Turd Ferguson
on Mon, 10/04/2010 - 12:12
#623998
Why a human trader wouldn't try to front-run the guaranteed rallies of tomorrow and Wednesday is beyond me. S&P 1135.55 as I type.
yes you can eat gold.. :D
http://itotd.com/articles/477/edible-gold/
Gold is a heavy metal, only a fool would eat it.
perfectly fine in small amounts...
thats why i only eat chinese pandas and french gold francs.
FACT and 'Food For Thought'
If you eat a small gold coin it will come out virtually the same and still have 99%+ of its value and buying power. If you eat paper Dollar/Euros they will come out as worthless shit.
This is absolute insanity. How does this end? Are we just going to globaly debase until we cross the rubicon? Where people finally lose all faith in paper currencies?
I just don't understand at this point, where the interventions don't work, why the central bankers continue to destroy things? It's fairly obvious the BOJ has lost control. Are these just token, we're trying, type of deal? Where if they do nothing they look like idiots?
Because the medicine tastes oh-so-bad, and is sure to lose an election for the ruling party.
It's really not very complicated actually. All of those pensions all around the world are set at fixed $$$ amounts. Inflation allows us to pay them off rather than default, and have worldwide riots. The fact that one month's pension will barely be enough to buy a loaf of bread, if you're lucky, is another matter entirely ;-)
"All of those pensions all around the world are set at fixed $$$ amounts."
Except Social Security COLAs, and Medicare which is loosely tied to the cost of healthcare.
Nothing quite like your money being worth less but everything you need to buy costs more -- great fucking strategy and working really, really well
yup,
wages and pensions will lag behind,
and if and when they try to catch up,
a higher tax bracket awaits.
The decisions were made anywhere from 3 to 100 years ago. It started with a few clever tricks to get something for nothing. As time went on the slope got steeper and slipperier. Now the economy is on a water slide and there is nothing the government or anyone else can do about it.
Its 8am est, do you know where your money is at?
Im one lucky dude to be hanging out with the guys and gals here, who know what the hell is going on.
Gooooo silver!
I remember that public announcement. How about my broker is E.F. Hutton and E.F. Hutton says......
Question: At what price does gold become edible? Is that with or without condiments?
A quarter pounder with cheese and a slice of 22k Gold. Oh, and don't forget the sprinkles of Silver on top.
I prefer a Happy Meal with 6 pieces of gold nuggets, fiat fries, and a silver shake.
About this gold eating thing. How come I keep seeing chefs coming out with $1000 burgers with gold shavings on top?
In other words, The Fed won. Just like i said. They will do whatever they must do to get the market higher. Congrats Fed. See ya at Dow 36,000.
If the Fed comes in 24 Karats, then yes.
I see right through the Fed. Bernanke says he must keep interest rates low and practice QE to help the " Economy". Bullshit!! To the Fed , The economy is the codename for The stock market.
Nothing to be surprised of here. I posted this link before as well, but once again, here is what Bernanke thinks abot deflation from a speech in 2002:
http://www.federalreserve.gov/BOARDDOCS/SPEECHES/2002/20021121/default.htm
Next step: FED starts buying foreign bonds (if they have not been doing it already behind closed doors)
Here is my favourite bit from Bernanke's speech:
"Japan
The claim that deflation can be ended by sufficiently strong action has no doubt led you to wonder, if that is the case, why has Japan not ended its deflation? The Japanese situation is a complex one that I cannot fully discuss today. I will just make two brief, general points.
First, as you know, Japan's economy faces some significant barriers to growth besides deflation, including massive financial problems in the banking and corporate sectors and a large overhang of government debt. Plausibly, private-sector financial problems have muted the effects of the monetary policies that have been tried in Japan, even as the heavy overhang of government debt has made Japanese policymakers more reluctant to use aggressive fiscal policies (for evidence see, for example, Posen, 1998). Fortunately, the U.S. economy does not share these problems, at least not to anything like the same degree, suggesting that anti-deflationary monetary and fiscal policies would be more potent here than they have been in Japan.
Second, and more important, I believe that, when all is said and done, the failure to end deflation in Japan does not necessarily reflect any technical infeasibility of achieving that goal. Rather, it is a byproduct of a longstanding political debate about how best to address Japan's overall economic problems. As the Japanese certainly realize, both restoring banks and corporations to solvency and implementing significant structural change are necessary for Japan's long-run economic health. But in the short run, comprehensive economic reform will likely impose large costs on many, for example, in the form of unemployment or bankruptcy. As a natural result, politicians, economists, businesspeople, and the general public in Japan have sharply disagreed about competing proposals for reform. In the resulting political deadlock, strong policy actions are discouraged, and cooperation among policymakers is difficult to achieve.
In short, Japan's deflation problem is real and serious; but, in my view, political constraints, rather than a lack of policy instruments, explain why its deflation has persisted for as long as it has. Thus, I do not view the Japanese experience as evidence against the general conclusion that U.S. policymakers have the tools they need to prevent, and, if necessary, to cure a deflationary recession in the United States"
So Bernanke must be knowing QE will never work in U.S. Why is he still insisting then? 'Cause he doesnt know anything else...
Ooops! Looks like we'll have the same situation in the U. S.
Too bad...
Because even a toddler knows that with enough force a square peg will fit in a round hole.
"MOAR!!" - Ben Shalom Bernanke
I think Bernankie is just trying to get his personal protfolio up and to hell with everyone and everything else. He even mentioned his portfolio in the question and answer session yesterday at one of his speeches.
It appears the only thing the Gold critics will soon be eating are their words.
S&P futures up a net 12 right now. This is a fucking circus that would make Ringling Bros. envious.
I think Ringling Bros has more respect for the animals.
Agreed...
Even with the S&P up 12, its still a big loss. Unless equity indexes are finishing up about .5% daily, stockholders are losing. And of course its all a moot point anyway as soon we all lose when the Titanic's stern goes.
Soelv Kvinder!!!!!!!!
Wow, now THAT'S a pre-market ramp job.
Triple digit positive open.
Who would have thunk it? Erase yesterday's losses before it even opens for trading. Outstanding...
Acts of desperation.
PO-MO! PO-MO! PO-MO! PO-MO!
Oh gawd we are soooooo screwed...
Can someone please tell me if it is possible to establish a currency based on something other than gold?
The goldthugs don't necessarily get to decide the standard for the next world currency.
Goldthugs, I like that.
Sure - today's currency is based on hopes and promises, and it's doing perfectly fi...uh, nevermind.
Did you mean to say Hope and (small) Change?
Try Hope and No Change...You'll pay a lot for Hope and get no change back on money
I dont see how todays world economy and everything in it can be based on something that can only fill 2 swimming pools?
Our currency is backed by something, and it is measured in megatons.
Horse shit...?
Military might worked for Germany, no?
As RockyRaccoon pointed out, military might failed Germany. Military strength also failed to prevent hyperinflation for Roman Emperor Diocletian.
It's been working great for us for almost 40 yrs., since Nixon closed the gold window. There is a good reason we incur half the world's military expenditures, making the world safe for the dollar.
Now the race begins to spend them while they still can buy tangible resources and goods. As the FED's QE to infinity or beyond debases FRNs another 97%. In other words, "smoke em, if you got em".
And safe for Democracy! Seems like a failed strategy sinks all boats.
Silver works fine for me :)
Prices are ratios, Dog, all that matters is what's accepted by the economic actors (ie: people). How much of the denominator exists makes no difference.
Gold isn't the issue. A crooked short sighted government can steal gold standard or no gold standard. An honest far sighted government can build a strong economy with or without a gold standard.
The confusion may exist because Great Britain used the gold standard as part of its Imperialist policy. For 100 years from the Napoleonic Wars to WW1 they were on the gold standard and had little or no inflation. For this period of time the most ignorant peasants in the most remote countries accepted English gold and silver at par because they knew it was good. The whole world looked to London for capital, and all the rich people in the world looked to London for international investments. The Empire covered 1/4 of the world's land area and the British Navy controlled the seas.
The gold standard was a policy tool that made international trade possible. If any country stopped chiselling and made honesty their policy they could soon become a financial powerhouse. Look at Switzerland. What do they have to account for their riches except a government and financial system people trust?
Any system will work if it has responsible and concerned elected officials.
We are floundering around here trying to fix a broken economy when it's not the economy that is broken.
A gold standard was adopted to restrain government, but NO standard will work in the face of devious and greedy politicians and an out of control military.
The Sept 800+ DOW prop is a failure, it didnt have the desired effect of turning the soured insolent peasantry back to positive polling number results. Now the beatings will commence again.
Thanks for keeping on this.
Wow. That's amazing. They try and they try, and it doesn't budge, and they wasted all that money.
They should have bought gold, straight up. This is really getting nuts.
Straight up straight down no pause or pull back. All the gains or losses happen in a blink. You have to have first had knowledge of the economic data so you can front run these market gains or losses, sorry main street.
Whiskeyrunner thats ok, the insane clown posse is only pissing off the already insolent pitchfork peasantry even more. This wont go on much longer at all, election nightmare set, the people will burn it to ashes.
Our system is designed to fail in the face of catastrophic situations.
We now face one -- and it will fail. There is no "fixing" this.
It is corruption, cronyism, and empire-building that are at the root of this.
Complete deconstruction is the only way out.
Bernanke talking about fiscal discipline right now on TV. Says he joined the Tea party and supports Glenn Beck now. Big fan!
Hey Bernanke- Sticking feathers up your butt does not make you a chicken!
I'm sure the MSM will be talking about how the Japanese intervention, "Lifted the Market". Are these people stupid or are they in on the big lie????
Yes, it all boils down to Team Stupid vs Team Evil.
Most fall in the latter team.
Team Stupid aka Team Useful Idiots
Chart: ES and ZB
Pomo nomo.
http://99ercharts.blogspot.com/2010/10/es-and-zb_05.html
Gold keeps breaking to new highs. This is getting boring! ;-)
theflyonthewall.com supposedly posting that JPM is hosting a meeting on the 7th and Hecla Mining's CEO is to be in attendance.
Got anything on that, TD?
I think CNBC's been stalking Tyler... didn't he just explain this phenomenon, far more intellectually and with more historical perspective, just this weekend?
http://www.cnbc.com/id/39510784
They can pump their empty stock markets all they want, now everyone sees economic implosion imminent and rushing for gold and safety. Endgame next.
Well, it's actually quite clever.
JPM/HSBC/... spend billions suppressing the value of Gold. Meanwhile, the directors take physical delivery. So, in other words, when JPM/HSBC collapse, the wealth has been transferred to its top executives.
Sad Sack
Gold, $1,330...check, UST 10YR-->2.47%...check, Unemployment -->9.6%...check (unfortunately) DJIA 10,750...Houston, we have a problem..."Roger that, Willie...ummm no everything is go....Bennie bringin' da POMO"....Jim Lovell out...
So Japans intervention lasted 3 hours?
So does that mean todays POMO/ramp job this morning mean stocks will be red by lunch time?
POMO today should be viewed as chunks of roast thrown into the shark tank, I would think.
So does that mean todays POMO/ramp job this morning mean stocks will be red by lunch time?
Nope, that's when they start tomorrow's advanced pomo run.
But Wednesday's pomo is the last for some time, right? I am sorely tempted to go short around noon tomorrow... without the fix, the junkie must crash at some point and they have been riding the horse pretty hard for weeks now.
Who the fuck knows.
Pump it up.
http://www.youtube.com/watch?v=tpprOGsLWUo
I hope so because this green stock market thing is pure BS
look at the SOMA holdings spreadsheets... 13.2 billion in maturing debt between 9/30 and 10/7... that's a lot of debt to replace.
if you factor in that there are no announced POMOs beyond tomorrow, you might want to add in another 28 billion in maturing debt through the end of the month.... hmmmm.....
wouldn't it be interesting if there was no POMO between tomorrow and the next Fed meeting. maybe they could let the market tank a bit just to "prove" how necessary QE2 - QE551235 will be.
http://www.ny.frb.org/markets/soma/sysopen_accholdings.html
wow, just wow.
I guess you can buy them in bulk now
http://www.amazon.com/3-pack-Gadsden-5-625-Vehicle-Magnet/dp/B0042QZ5WG/ref=sr_1_10?ie=UTF8&qid=1286285579&sr=8-10
sweet! I see more and more of them each day. :)
My understanding was today was the last POMO day until the next schedule would be released on October 13th?
I think CNBC's been stalking Tyler... didn't he just explain this phenomenon, far more intellectually and with more historical perspective, just this weekend?
http://www.cnbc.com/id/39510784
So the Feds are going to force the SPX through 1150 then? Seems then technicals are no longer valid as any sort of indicator. This market is f#cked beyond repair at this point.
And, there it is. A triple point, 1% open.
Ahhh...the smell of epic fraud early in the morning. My favorite...
A theory? Brian "POMO Boy" Sack has had a preview of the ISM number, due to be released in about 5 minutes. Maybe it's so bad, he needed to get out in front of it with some extra juice, so we'll only plummet back to zero...?
So much for that theory...
Shirakawa could try the opposite, maybe in this world up-side-down, in this Alice in Wonderland World, rising interest rates will bring the desiderate effect of devaluating the yen... who knows?
Gold stands on it's own two feet, while the Stocksuckers beg for POMO crumbs from the FED. It's pathetic to watch.
Chart: SPX
Well, so much for Pomo. No mo.
http://99ercharts.blogspot.com/2010/10/spx_05.html
There is so little real volume, the Fed can use a tiny bit of POMO cheese injected into the PM futes and then the algos handle the rest
All right, this is the crescendo
If this market with POMO and Pump sells off...............................?
You will know we are in "DEEP" 5hit !
Quick !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
P.S. Everyone notice how "they" (MSM) are pumping the stories and pleasantries of all the beta stocks on all markets.
Dow - Nas - S&P ?
Right ?
I love this meme but you can eat the "barbaric relic".
Not to be too nit-picky, but the barbarous relic that Keynes referred to was the gold standard, not gold itself.