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Currency Intervention, Bitches
After a six year wait, the BoJ has finally had enough of the Federal Reserve's endless manipulation and has itself intervened in the currency market. The USDJPY jumps over 150 bps, the Nikkei surges 250 pts (that ES-Nikkei convergence or whatever the hell it was is closing soon) as the BOJ sells between 200 and 300 billion worth of yen. Yes, this is the time to short, short, short because if the now useless SNB interventions have taught is anything it is that central banks are populated by pompous morons who believe they can control the world, when the best thing they can do is hope for the last Viagra shot to result in priapism. For those who have taken Psych 101 - look up learned helplessnes. Next up - the SNB, and after that the Fed once again, and after that, the slow but sure end of fiat. The race to the currency devaluation bottom is now in the third and last lap. And incidentally, for all those who missed it, the BOJ's intervention is a symbolic capitulation, and the beginning of the end for the Keynesian system. Rejoice.
And here is what can only be classified as the funniest self-propagating, feedback-looping, confused fractal tick chart seen in a long, long time:
And here is the thingy from Reuters, confirming the BoJ's penis envy:
Japan intervened in the currency market on Wednesday for the first time in six years, selling yen to stem a rise in the currency that is threatening a fragile economic recovery.
Finance Minister Yoshihiko Noda confirmed the intervention in a news conference, saying Tokyo was also communicating with authorities overseas but indicating that Japan acted alone.
Noda declined to comment on whether the intervention, the first since March 2004, was to buy dollars for yen, but two traders said the Bank of Japan appeared to have bought dollars around 83 yen.
"We will take decisive steps if necessary, including intervention, while continuing to closely watch currency market moves from now on," Noda told reporters at a hastily arranged news conference.
The dollar, which had hit a 15-year-low at 82.87 yen <JPY=> earlier in the day, spiked one yen higher and was trading up 1.6 percent on the day at 84.50 yen.
Prime Minister Naoto Kan's government has been trying to talk down the yen but until Wednesday had stopped short of intervening in the markets, apparently worried that acting without Group of Seven partners would not be very effective.
Kan was re-elected ruling party leader on Tuesday, decisively fending off a challenge from powerbroker Ichiro Ozawa, an outspoken advocate of intervention.
15-YEAR HIGH
"There were views in the market that Kan was more tolerant of a higher yen and the yen rose after he won the ruling party leadership vote yesterday," said Yasuo Yamamoto, senior economist at Mizuho Research Institute.
"The government probably wanted to stamp out those views. But the question is: Will the yen stop rising from here? It's not clear."
Japan has not intervened in the foreign exchange market since March 2004 after a 15-month, 35 trillion yen ($421.7 billion) selling spree aimed at preventing a strong yen from snuffing out an economic recovery.
But the yen has surged to its highest against the dollar since 1995, as low U.S. interest rates have made the dollar cheap to borrow and sell for higher-yielding assets, bringing the Japanese currency closer and closer to its record peak of 79.75 per dollar set in 1995.
The yen's rise has weighed on the Tokyo stock market's Nikkei average, which climbed 1.8 percent on the day as news of the intervention spread.
The euro rose 1.5 percent to 109.65 yen.
The Bank of Japan acts on behalf of the Ministry of Finance in currency intervention.
Japan is not the only developed economy to have intervened to weaken its currency in the past year.
And amusingly, here is what BofA had to say on the topic of the USDYEN and intervention in the hours just before the BOJ threw in the towel. In a nutshell, BofA see USDJPY below 80 by year end even with FX intervention, when factoring in QE2. Oh yes, and note on Chart 13 how BOJ interventions have failed pretty much every single time.
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so much for conservative PM
Well , guess i need to go long eur/chf
SNB meeting thursday.
So when is this whole thing going to end? Just as i thought. No answer as usual. Until you come up with an answer, Rally on. No answer means its endless.
That's a pretty douchetastic thing to post. I shouldn't need to explain why.
Gold, Britches?
good one
Blue diamonds and buckets of water are no match for a ragin' black blizzard...
Tonight's action only serves to underscore that the Fed and Treasury are no longer on point in global affairs. Just last week lil' Timmay was saying that japanese intervention would be taken as a "challenge". Well, they're marching to their own music now.
And then there's the uncertainty over QE2. Economists are contradicting one another on if and when. Even Fed governors are split
<a href="http://online.wsj.com/article/SB1000142405274870428510457549181311504214..."> WSJ Article </a>
In this climate PMs will thrive, stocks will languish and currencies will keep on gyrating with every intervention.
"...currencies will keep on gyrating with every intervention."
Here's the warning:
Prolonged erection greater than 4 hours and priapism (painful erections greater than 6 hours in duration) have been reported infrequently since market approval of VIAGRA. In the event of an erection that persists longer than 4 hours, the patient should seek immediate medical assistance. If priapism is not treated immediately, penile tissue damage and permanent loss of potency could result.
@turd- still alot of upside before all time highs in EUR,JPY,GBP
USD 1270/1270
EUR 977/1050
YEN 107,000/115,000
GBP 818/867
All this noise and the yen is barely higher than it was prior to the PM election last night. Flea on an elephant's ass.
US Futures just climbing again...LMFAO, my god, there is no fucking shame anymore.
Falling USD = Rising market
Strong USD = Rising market
Mushroom Cloud = Rising market
Whatever.
For the last few hours, it appears that the S&P Futures are confused. DoucheBag algos churning in tight loops on decent nitytime volumn.
The sure fire way to effect the Yen Dollar rate is for the Japs to sell US bonds. This would force the interest rates higher in the US and positively affect the exchange rate.
Sounds good. Now lets tariff the shit out of Japanese imports. Oops.
maybe they're doing both. USZ -09. Nice call.
ROR?
Rate of return--------or------------ Raugh out roud?
currency intervention, GOLDFINGERS!
Mission complete. Japan is still around and the sun will rise in the east. Good job Japan.
Query: Who are the bitchez who just bought $300 Billion in yen?
Did some BOJ minion just fat finger forex for a $300 Billion trade?
Or did he have to make a few calls to procure the liquidity?
How'd that call go?
Sukiyaki: Yo! What up?! Hey, how about buying $300 Bill in yen using dollars so I can devalue the yen you'll be taking from me?
Fat Finger Smith: Eh, sounds good. Ok!
And BOJ, with those dollars, will be THE BIDDER at the next T-Bill auction.
Win-win!
Boilermaker did you "mushroom cloud"? :)
Amo bitchez!
"Barathurm" "bitches" It's slang for a deep pit.
Wow...look at that sucker [usd/jpy] go.
I guess the power elities knew this was coming and bought gold today.
Makes sense now.
Gozilla's fat finger?
Gozirra's fat something!
And gold up 2000 yen just like that.
They can't hide the bullshit anymore, POG is calling them out and stinking like a rotten corpse stuffed in their mahagony sideboards.
Tyler, THIS after the EM you sent me? LOL.
This could justify a trillion dollar bond purchase, get even Ben, or did Ben just win a dollah from Timmy?
in '04, the manipulation only bought about 3 weeks of a squeeze before making several more lows.
http://business.timesonline.co.uk/tol/business/markets/japan/article1054...
2+2=5
2+2=5
2+2=5
2+2=5
Gaslighting bitchez!!!! Look it up!
Did you catch that bullshit ramp-down of stocks in the last 15 minutes of Tuesday?
@Digdeep:Human Greed is rampant in the sector of "Humanity" that want to obtain something for nothing. Those are often the same who use force or fraud through "government" to enable endless crime on those who want a fair deal using purely voluntary exchange. As long as you have a monopoly of adjudication power ("state"/"government") you will have those who seek to use force or fraud using that monopoly to stick it to the little guy. The most important ingredient to sustaining an actual free market is a free market in what some folks call "government". That does not come from elections, it comes from people retaining their "power of the purse" and only purchasing security and adjudication services from those non-monopoly providers who know and follow the basic principles of human civilization among those of the non-parasitical variety: "Do not steal. Do not bear false witness. Do not murder." ................................................................................................................................................. The hands down favorite choice of those who choose theft, fraud and threat of force is the monopoly provider of adjudication and security services (what some call "government"). A monopoly of anything is unstable in a market of free individuals. You must combine theft, fraud, and force into the equation to sustain them. Keynesianism is just another slick way to fool people as it has little correlation to human action by free individuals in a free market. It is a lie in a system of lies requiring fiat currency (theft, fraud) with monopoly "governments" ( theft, fraud,force) and central banks (theft, fraud). I suggest you study von Misses, Rothbard and Herman-Hoppe. I will help you get started. Just go to this link and start reading: ...................................................................................................................................................... http://mises.org/ Also http://www.lewrockwell.com/ ...................................................................................................................................................... For those who are fooled by the parasites propaganda that a "stateless" society can't work ("stateless" meaning actually a network of non-monopoly service providers), please study the history of Ireland before 1650. That's more than a thousand years that says it can work! Also Icelandic and other histories. You can not get justice from any combination of force and fraud, it is just not possible. ................................................................................................................................................ http://fringeelements.ning.com/forum/topics/anarchic-ireland-rough-draft http://www.libertarianstandard.com/articles/david-j-heinrich/justice-for-all-without-the-state/ http://www.lewrockwell.com/block/block165.html
I do love the simplistic conclusion that Keynesian economics is entirely at fault here. Failed tax policy, the plutocratic social structure, lobbying, the corrupt politicians and heartless corporations are all more at fault than Keynesian economics.
All of you Laissez-faire fans out there have far too much trust in the private sector. Human greed is rampant in our society, the narcissism epidemic, lack of values, all hail the mighty dollar. Without a severely progressive tax structure and government regulatory body to discourage greed and the resulting extreme wealth disparity combined and regulation to discourage monopolies and oligopolies while encouraging competition is a recipe for corporations to become, as they already have, the most oppressive, corrupt, polluting, short-sighted, heartless institutionalized power structure our world has ever seen.
Good luck with that libertarians.
Your whore mother crapped out a communist loser.
Take your act to caracas.
Do you understand Marxism and Communism in theory? Do you understand Keynesian economics in theory? No? You instead form your judgement and criticisms based on the failed application of both those social theories and economic theory. Read Marx's Concept of Man, Fromm, understand that at the root of every social and economic structure is MAN. Until we all stop arguing ideologies and right wrong - and focus on what is best for man... we will all be ruled by our most inferior emotions.
The misapplication of a clean theory doesn't in and of itself corrupt the theory.
Until we can align the goals of individual men with the goals of society, we will be animals competing for food and status... hmmm... sounds a bit primitive.
Until we all stop arguing ideologies and right wrong - and focus on what is best for man... we will all be ruled by our most inferior emotions.
and just who determines what is best for man? oh, let me guess. You do. A theory does not live and breath. It's simply an assumption. Living in the cobwebs of an overused mind trying to find it's way out of a ideological corundum that condemns every way wrong but the right way. As conceived by it's own narcissitic self.
A theory does not live and breath? Living in cobwebs of overused mind, trying to find it's way out of an idealogical conundrum that condemns every way wrong but the right way
The reality is that every time you act you are manifesting your own theory and assumptions of life. Some people create their own theories, clarify and align their actions with their assumptions and values, and others simply fall in line with society and inevitably another person or group's theories or assumptions.
I don't know if you were trying to imply that simplicity is paramount... to which I would agree, or that challenging mainstream propaganda is silly and useless.. to which is the very mission of ZH, or to simply act entirely off of emotions... but emotions are even a reflection of a person's value system and cognitive filtering?
In any case, I don't seek to assert that I am right and all else wrong. I seek only to invoke a little discussion and challenging of ideas. I think i was bit too impassioned in writing my initial post, and I came across condescending, critical, antagonistic, self-righteous, etc. My apologies, I should have expressed my opinions a little differently.
Don't apologise digdeep... Some people have actually bothered to study Marxist economic theory but it remains a very emotionally sensitive area... Kinda like confiding in your best friend that you used to sleep with his sister, it takes time to heal emotional wounds... And no wound is more deep to die hard capitalists than that made by Marx...
No theory has failed so spectacularly everywhere it was tried as Marxist theory. And then you say 'they weren't really marxists', and then I say 'tell the chinese and russians, not me'.
So I will ask you "are the chinese capitalists?" And you say, "no they are state capitalists"... Then I say "whats the fucking difference"... Then you say " Chinese production is run to produce profit but is state controlled"... Then I say "So it shares features with many schools of economic theory, why not just call it chinese capitalism, isn't that easier for everyone or, wing chow quack duck communism mixed with a large splash of spicy maoist keynesianism but no, why not just call it capitalism because capital is just technology used to increase net energy gains greater than that which can be produced by human muscle power alone which allows greater production of goods per unit of energy and even the soviets used capital technology so wasn't stalin really a capitalist too?"... Then you say "huh?" ... Then I say " well, hasn't man always been capitalist ever since our first pre homo sapien ancestor picked up a rock, extended its arm and used the energy efficiency gained by the increased angular momentum to crack a a nut shell to consume the energy within that would otherwise not have been able to be utilized?"... then you say " ahhhhhhh"... Then I say... "if one is a devout capitalist then isn't it a sin to share my wealth with my wife and kids cos thats kinda communist right? Does it look like my skin is turning red bing bang boo yada yada?"...
I DONT PLAY LABORIOUS INTERNET SEMANTIC GAMES... Unless you have a specific marxian economic, social or political theory to debate, please don't bother to provoke a pointless fight over a comment that was not directed at you and if you really want to hear my honest reply, then I'll do it in the forums, like gentleman ;-) Oh, and please do yourself a favor and actually read capital, your ignorance stands out like dog balls...
Is this Tito' 2.0 you lazy fuck .. I bet your mom still wipes your ass with two and 1/2 fingers.
Take your marx's crap back to the gay bar.
wow... i worry the day people like you rise to power... every man for himself, huh. You have no idea what is at the basis of social progress. Empathy... empathy.
Ya thats right, an American getto, slum is still better than Europe. How does it feel to live in a union tied together by money but everyone hates the next country...
Europe is a ticking time bomb...
Capitalism gives you the chance to reach your dreams with hard work, marxsism is for the weak, the lazy, the mindless ....... Enjoy.
You must have hit a nerve on account of him junking you. Good work.
I live in Chicago the meltingpot I would not trade this for anything. We can crater and still rebound in 6 years. No need to implement socialism,hard work will lead the way and then you get rewarded for your hard work, hes a Soros shill selling that crap online like a pimp'
Reach your dreams. Well son... if your dreams are based in wealth and greed, then pursue along. The key thing all you are arguing is that money is the noblest of all pursuits? You all bitch about Wall Street and Washington, and yet you all share the same values... money above all else. If you were as progressive as you preach, you would see the futility in the pursuit of wealth for yourself at the expense of the impoverishing the masses. According to what all your values are, you would take the same million dollar bonuses and under-the-table lobbying like all the politicians and Wall Street bankers.
CLEARLY - you aren't any different than those men, you're just not in their position. You are more jealous and envious that it's not you - than you are even aware of the underlying factors that have caused our circumstances.
And if you think America is any better off than Europe, than shit - have fun with that idea. We're all in the same boat, and it's all based on greed. It's all based on the selfish, narcissistic ignorant pursuit of monetary gain... at the expense of EVERYTHING ELSE. No one educated person is willing to make the HARD, NECESSARY decisions for the greatest good - THE GREATEST GOOD - instead they're all taking their paydays opportunistically and as quickly and often as possible.
Are you in debt ???
I'm not ...
Don't talk to me about greed. Capitalism affords you the right to be paid for hard work. Living what ever, where ever you like. Go from Florida to Texas free, free, free as a bird.
Spalding, we're prob more alike than we realize. I don't seek to punish you or any working man for his efforts. I do however seek to reign in on the greed at the top. The easiest way for this to be done is higher taxes at the top. Review the historical tax schedule in America - pre-Reagan, the highest marginal tax rate was consistently 70%... which discourage EXCESS greed, and still allows for industrious entrepreneurial effort.
http://en.wikipedia.org/wiki/Income_tax_in_the_United_States
But you being from Chicago, should of all people appreciate the socialist movements in the early 1900's that fought for worker rights in the meat packing industry. Chicago of all large cities was build on blue collar labor. Built and sustained by the working man. Working families. Have we forgotten in America what led us to have the civil rights that we do?
Corporations have simply regained control of government, money has corrupted our political establishment, and yet again the average American suffers and fails. But let us be 100% clear who is the perpetrator of these crimes. Corporations - the rich, the powerful, the entitled and the few. I don't understand why people can't see this? I realize that governments have been corrupted - but the source is Corporations!!!
It's difficult to hate the rich because we all aspire to be rich. But they, Corporate America, greed, narcissism, etc. are all the source of this breakdown in society.
... no, I have a negligible amount of student loans at 2% interest, and otherwise debt free.
Just a thought, all the isismssss except capitalism are based on other peoples money, most and I would put it at 95% or better, people are socialist at heart with there family and friends, it only gets offensive when you want to be giving with my money.
Central planing by people who talk great and want to help us to the poor house, Politicians live like rock stars, build monuments to themselves and tell us they are helping us.
There was a study that in all systems 20 % of the population ends up with 80 % of the wealth and vice-a-versa so should we be free and have more wealth to spread around or live under someone else's rules and have less wealth.
We are living the embodiment of Capitalism. Capitalism to the extreme. Money is power. We live in a plutocracy where capitalism and money have undermined and corrupted man, corrupted democracy and the equal rights of all men.
You think we're here because of Keynesian economics? You think we're here because of a couple government bailouts? Think more clearly friend. We are here because people value money more than anything else. And if you value money more than man, you will be easy to buy, easy to control, easy to manipulate. If instead, you have the noble value of man at the heart of self - than you act in ways that benefit yourself and every man.
The unfortunate reality is - that line sounds a little marxist, uh oh!!! I'm a communist fool!!! Shit... go watch Glenn Beck and be propagandized
Europe is a tinderbox, currency disfunction, the long,long history of hate, unemployment, riots, have you seen 1 riot yet like you have seen throughout Europe over the last 2 years. Marxism should be able to wash all this away with love ....
Now why oh' why has Sir marx not fixed this with his great forsight ...
"You think we're here because of a couple government bailouts? Think more clearly friend. We are here because people value money more than anything else."
ur dum.
fannie/freddie, frac. res. banking, the fed's unrealistic interest rates, keynesian central economic planning... are all anathema to the free market. we havent had free market.
so go bitch somewhere else, with empty headed neocon palin-lovers. like glennbeck or hannity.com
Do you think America has ever had a free market? Hmmm.... think again. Historically, big industries have been controlled by monopolies and oligopolies. And last time I checked, it was the right... libertarian or other... that racked up $5B in debt... George W with his war, $2B on Hank Paulson pump and dump ramp job bailout...
Please, let's be clear about this... prior to that... Reagan was the infamous founder of deficit spending at the great degree... and the sale of Washington to Corporate America.. So why? Why? Would I suddenly have newfound faith in the libertarian right? Aside from Ron Paul, all your libertarian talking heads have aligned themselves with the neocon right in Congress and done little to nothing different?
Don't bother arguing with this commie doosh bag. He still thinks the Soviets succeeded...
We have not had capitalism for many years.
Equal rights of men is great, why when you work harder you get taxed more, fix your house up instead of watching the simpsons get higher property taxes, save your money and forgo vacations, dinners, new cars, and so on to live a nice life in your retirement and lose it to inflation or die before you spend it and lose it to taxes.
no we do not have capitalism or fairness.
at the very best we have a mixed economy.
you are an idiot.
duplicate idiocy
They are and have been in power. If only they could hear themselves for just one despicable minute. At least they don't pretend anymore.
Thanks for summing up your community college econ 101 class. That was helpful. Come back when you pay your own bills.
community college 101 - your superficial understanding of economics and social theory is about as innovative and illuminating as george w ... cheney ... and your hero reagan himself.
Educate yourself on the basis of philosophical, psychological, social, and scientific theory - and stop preaching your misinterpretation of the bible, constitution, and declaration of independence
Reagan was a bum, wallstreet puppet, he started this credit orgy ....
In my experience, those flaunting their superior knowledge and calling for others to "get educated" are usually FOS.
I doubt you'll stick around here, aside from self-aggrandizement, there isn't much for you at ZH. But for those interested in real fulfillment and knowledgeable discussions, it's a gold mine. Maybe try Free Republic if you just want to get morons stirred up.
It's amazing to me how you can so quickly write off education as self-aggrandizement. An how convenient it is for you to read only information that you agree with. Last time I checked, that was called ignorance, but hey, what do I know.
Every American, every human, has not only a responsibility to himself - but a responsibility to society. And remaining ignorant, isolated, comfortable, and selfish is exactly what has led our nation to the state that is in. A mass population of people who are easily influenced by BS propaganda and emotional hot button topics.
I at least am willing to read this site on regular basis to expand my perspective of the world. I encourage you to further your education and play a more constructive role in society than just a self-interested, ignorant, gun wielding, scripture preaching head.
Oh, so you're an educator?
You have subscribed to a belief (Marxism) which your recognize as unfaltering and infallible and you're preaching it from the rooftops. You hold that intimately with the same degree of certainty as a religious fanatic because he's absolutely positive that his invisible smurf is out there somewhere. Hell, it better be because he was promised a plush afterlife. Much like you were promised a societal Utopia. :p
I prefer ideas to beliefs because they are far more pliable, rational and you don't look like an asshole when you're pitching them. Not that I even care about the last one much anymore.
That's all I can say here, good luck with your sales and hopefully for your sake you can find some comparably weak minded people who may bite. But I don't think ZH is your hunting ground.
I'll share this one more time. I agree with much of what is here on ZH. I like to read it, there are great insights. I am simply challenging the conclusion that Keynesian economics is the entirety of the issue. If you can't partake in a conversation specifically about that - than don't. But that was the essence of my post; there are many issues at hand and they all come down to the corruption of men. Corruption of men, just like you, not too different than me.
If you can truly say that you would act any different than those men, if you were in their shoes, than please layout your value system so I can understand what drives you and what motivates your actions?
But all that I am hearing is - that all these fuckers are idiots and corrupt - but uh, I would the same thing as them if I were in their shoes, because, uh, I value money as much as they do?
It's hypocrisy sir. I don't intend to be rude or judgmental - just to challenge the thoughts and ideas and pursue a dialectical argument. Your spewing of hateful rhetoric is what has divided our country and corrupted ourselves.
I appreciate that we may have different perspectives, let that be it. But I think there are more underlying issues at hand. And the corruption of man, the extreme value of money above all else - has corrupted us all.
Here's the thing.
So far, you have pegged Spalding as a Reaganite, me as a bible thumper (or whatever that "misinterpretation" charade was supposed to mean), most likely junked us* for which we haven't retaliated (myself for lack of caring) and referred to another poster disparagingly as "Son". Plus you've ostensibly drunk philosophical kool-aid of one sort or another. All of that formulates one nagging question in my mind: Why the fuck should I pay you any regard? Is it because you have the answers? Guess what, so does everyone else. Even people who aren't douches (eg, not you). I'm not convinced the right answers even exist and that's the most liberating realization I've ever come to (you'll write this off as defeatism for which I soundly don't give a shit, but that's my destiny)
Peace, Clowny.
*either this or you have a convert with impeccable timing
Clowny, Douche? "for which we haven't retaliated" ??
I admit to a bit of sarcastic and antagonistic tone in my posts, too which I apologize if it upset you. The so called philosophical kool-aid you're referring to is the basis of your life. Adam Smith, Thomas Jefferson, Plato, etc. etc. are all the creators of your/my circumstances. Sorry if I drank it, guess I'm destined for doom.
I've asked all of you to assert your values - to get to the root of our problem. Valuing money more than other men.
You've conveniently side-stepped that point, to which you attribute to defeatism. Listen, I appreciate the sophistication of Tyler, Marla, all the authors on this site. I guess I erroneously concluded that it's readers were deep thinkers as well?
Please, just do everyone a favor and go away. Most of the folks here made their money with hard work, skill, and brains; not sucking from the public tit like yerself. Better check yer pension, I hear it's slipping.....
Adam Smith, Thomas Jefferson, Plato, etc. etc. are all the creators of your/my circumstances.
Not correct there. They created a legacy and a belief that if a man wanted to spend his life living humble, not MAKING or SPENDING a lot of money, having a mule instead of a horse, renting a small flat instead of buying a piece of property, that man could do so while living in the very same town as somebody who does the EXACT opposite of all of those things. They set the stage for men/women to have choice.
The reason we got to where we are isn't because they created your circumstance... their legacy, the country that has provided a good place to start a business and raise a family, was given over to lesser men/women who did NOT live up to the responsibility that comes with living as I described above.
I am simply challenging the conclusion that Keynesian economics is the entirety of the issue.
No it just allowed the downfall or speeding up of the process of the fall of the USA and the rest of the west with it. It you do not need to tax to impliment you resopsibitly and great ideas all politics sounds great.
that is why you get attacted it is the greed of the politics that cause the problem and if put in that position most people would go for it.
Friend... you make it sound like Europe's fate is somehow so different than our own? You have to be kidding me. It was global corporations and capitalism that FUCKED every country - and yet you want to give those corporations MORE POWER???
Money corrupts son. PERIOD. All men should have the opportunity to achieve and be rewarded for hard work, but not to the tune of 600x more than the average man. Not to the tune of $100M pay compared to the 27K pay of another man.
What do you value? Would you turn down the payday of Wall Street execs? Hell no, so how are you any different than those men? You are the same, just not as lucky to be in their shoes.
Buddy I am surrounded by Americans from border to border, you live a recipe for disaster.
When crisis strikes, we drop all diffrences and unite. Europe will crumble ...
We will bail you out afterward and you will be paying reparations again.
I'm done, goodnight ...
You don't know what you're talking about. Life in France is so much better than in the US. You might want to take a peek through the moon shaped hole in the door of your outhouse at some point.
No. My salvation does not lie in yours, you piece of shit. If you want a civil war, you will find one.
Civil war... hmmm.... ok.
Unfortunately our fates and destinies are more intertwined than you appreciate. I will consider your assertion of my self-worth, that means a lot to me. I'll keep that in mind when I wake up tomorrow, and 'll too realize that you and I are both men, equal, feeling, thinking men... and as different as we think we are we're not that different.
I can't speak for others here, and I am no where near as polished in my written tone as most here, but I understand where you come from and what you seek to express. I am discouraged by my (avereage) fellow American. They are lazy and stupid. I come here to read comments from those of you who are beyond the dumbass commercial ridden show on tonight. And for the most part agree w/ your conclusion that corporations fuel the fire. The world is run by psycho bastard asses (read: corporations) they have no morals, no consciences, and would rather you were replaced with a mindless consuming dolt than toil away at trying to fight/change the current path/system.
As for what drives me: I am desperately trying to shore up my pantry to ensure my family can eat in an extended crisis and that ultimate evil *money* (tounge in cheek) is the only way I can do it. Be it through growing my own food- which is not free by any means, to purchasing storable items. I intend to stock pile enough so I can feed my neighbors, too. Not because I'm a mormon (I am not), but because I want them on my side if the fan becomes a turd herder. I do this because I don't trust the average joe. I am a public servant and the general public scares the shit out of me (with pleasant suprize from time to time- like this site).
Well said.
liberal sodomy, you are a wizard with words! Oh please say that again...Ouch! Again please! Oh, that hurts..
"but hey, what do I know"
not much
Every American, every human, has not only a responsibility to himself - but a responsibility to society.
Who decides the responsibility, that is the whole debate as soon as your hand is in my pocket then you give me the right to get into your pocket or whatever else you have.
That is why free markets work money sets a price and the you decide how hard you want to work for it.
Oh so you are a Government teacher. What a loser, no wonder you sound so foolish. Socialism is really a a scam for the corporations.
The repubs and Democraps stole capitalism when they created the illegal Federal Reserve.
But you are so brainwashed you are the perfect sheeple.
Do you not work in the private sector? Last time I checked regulation is what allows monopolies and oligopolies to exist. Hells bells, I was in a meeting where a client wanted to push for medical certification to force all the smaller competitors out of the market (currently no one has been able to achieve it due to the nature of the product).
As for the government regulatory bodies I call shenanigans. How is that SEC working out. On the flip side, when was the last time you heard of an electrical appliance killing someone because of a design flaw. TUV CSA ect are private institutions and they seem to be functioning rather well. Finally and most importantly, the only check on greed is the threat of loss. Classic example is BP. The government puts a cap on the maximum they could be sued. Therefore, what is there incentive not to kill another chunk of the planet if the possible payout is big enough. Its not like the Government is helping them cover up the spill, ohh wait.
Thank your for thoughtful reply...
I agree our government is corrupt - it's all bullshit, the Senate is the worst of them. All that I am saying is that corporations are the root of the problem? Lobbying, special interests, politicians bought and paid for by corporate powers, I am confused at what people expect when you eliminate the government role? Corporations have more power?
A corrupt government doesn't mean that all governments are wrong? We do need however to restructure and changed the reach of the corrupt government officials. No more lobbying, no bailouts... proper application of keynesian economics would rely on higher taxes for the rich during private expansion - and spending the surpluses during periods of private contraction...
There are so many areas of our government and society that are corrupt - and government is bad - but corporations are pulling the strings of all these government puppets. What happens when it's just corporations?
Talk about oppression and a tremendous disparity in wealth? Private corporations going to pay for education? Roads? Infrastructure? Public Services? How about pensions? Our whole society is fucked by the pursuit of wealth above all else. Greed has supplanted every other motivation or goal of man.
Most of your post makes the case for what you professed to oppose in your earlier post, libertarianism.
If power corrupts, or tends to corrupt as Lord Acton had it, how can you eliminate or minimize corruption? Not through having only wonderful people in power. It doesn't happen. And even if they start out that way, they get progressively worse the longer they're in power.
The best solution is to not create the power or not allow it to continue. Of course, the founding fathers thought they had done this. But eventually the 9th and 10th amendments were ignored and the commerce clause was ignored till we reach the position where we are, where the federal gov't determines what the minimum diameter of a peach is that you can legally sell and how many bras of each cup size may be imported from Mexico.
As to your last paragraph, go read some Solzhenitsyn and some Victor Serge and Vasily Grossman. Greed, to be sated in one form or another, is a fact of human character. Often, it's a desire to express status. You can have just as much greed and in even more obscene forms in systems where capitalism is, at least officially, not part of people's lives. Yes, it would be better if our culture would place less emphasis on consumption. But the worst and most unrealistic self-loathing american is the one who imagines the worst parts of human nature someone absent in other countries and cultures.
Good post.
The best solution is to not create the power or not allow it to continue.
Well, that's the real trick isn't it?
That's where libertarianism falls apart in my view. Nice idea, but completely impossible practically. There is no mechanism to prevent the concentration of power. We would be Somalia in a week.
Great points. Thank you for the post. I do agree that man in any institution is inevitably corrupted, and I often ponder what a future looks like with that reality in mind. I just think that that speaks to a much larger social and economic issue, one of society's value of money, than merely Keynesianism being the reason and source of all of our problems.
I do believe in a leftist libertarian perspective - but that is a very egalitarian viewpoint, and one that has many socialist / marxist undertones. I however disagree with the conservative / right libertarian perspective, which is the majority of American libertarians.
I will go look up Grossman, as I have not read him. If I recall correctly though - Serge adhered to certain socialist values. Solzhenitsyn adhered to a common theory as Tolstoy - that only through a divine pursuit will man liberate himself from the oppression of materialism, vanity, pride, etc. I couldn't agree with you more about your choice of authors, I would extend that list to Dostoyevsky - and simply say that man's corruption of self is his own doing and the doing of our society, as man cannot fully escape his identity in society. And I guess I challenge us all to consider how to overcome this drive and attraction and excessive pursuit of wealth; at all levels of society. If the wealthy weren't as revered in our society, people would aspire to achieve different things.
I do think though, that while you are right about the current nature of man, that we can personally, and thus socially, aspire toward something greater. Reading Maslow highlighted for me that as men get more of their basic needs met, they begin to have new needs; needs for actualization, absent materialism and consumerism.
A book that has recently highlighted the potential of man and the future of society is Jeremy Rifkin, The Empathic Civilization, based entirely on the power of empathy, cooperation, and egalitarianism.
In essence, while the history of man has been doomed by his shortcomings, the goodness of man, empathy, love, acceptance has sustained humanity and will lead to it perseverence.
There is really a simple solution to all of this - end corporatism by making people personally responsible - remove the protection of Inc. and LLC - if every investor in a company can be sued and liable as well as employees of a corporation or actually do jail time you can bet your ass people are going to start behaving responsibly in these organizations or the investors won't show up . Even people on the board would be liable .Can you imagine the lawsuits against the CEO , CFO etc. on BP's people right now if they werent protected by a corporate charter (they would probably end up losing everything ) like they deserve to . Would the financial crisis even exist if lawsuits were piling up against Greenspan right now? would Ben be following in his footsteps ? the list goes on and on of those who should be held accountable and be stripped of their wealth (even if that wealth is paid to lawyers only ,it would put all of this to an end ) .
If people are threatened with the possibility of losing everything they will behave much more responsible - a material wealth "death" sentence would scare the crap out of anybody who only cares about material things .Oh and obviously insurance or the corp paying for legal costs would be prohibited .
Capitalism would work if everyone was responsible for their own actions
B2A5DE8E-17C4-29EB-4B06-4C8A89D4ED7D 1.02.28"Capitalism would work if everyone was responsible for their own actions"
i think so too
"Reading Maslow highlighted for me"
Hey junior, class is starting...
I can hardly wait for the shit your glorious Bureau Of Empathy will cram down our throats. The issue is Liberty, fool!
Won't work. Man was designed to be a competitor, a hunter, a killer.
Our primary emotion is fear, not love. Our primary purpose is to destroy, not create.
You can preach brotherhood and empathy all you want, but if and when some wealthy dude with guns wants you to stop, you will be stopped. Therin lies the problem with your desire for peace; you cannot force it upon anyone.
.
Let me ask everyone who is taking aim at me...
What do you value?
Do you really think you would act any differently than politicians or Wall Street execs, or corporate execs and why? They are humans, men and women, just like all of us. They act opportunistically as any man would. It's easy to criticize and judge from the outside, but are any of us that different? And what motivates them to act? What motivates us to act?
If all capitalists, Americans, etc. fundamentally share the same value system - money, success, being rewarded for hard work, capitalizing on opportunity, taking care of yourself and your family, all via monetary means, than please explain to me where the pursuit of monetary gain should end? At 50x the average man's salary, 500x, 5000x, .... never ... damn it you're worth it and you've worked hard for it, you deserve it?
Would I act more nobly than every other man... I don't know, hopefully but probably not. I would be the same opportunist that every other man in power is being. So then, why, how is this situation even made possible in our society?
Well, if it isn't government officials who are being corrupted, it's going to be corporate execs, and if it isn't corporate execs, it's going to be union leaders, organized crime, trival leaders, etc. etc. Nearly every man, society, exclusively seeking money (power) will inevitably be corrupted. Not just them, you, myself, nearly every man.
So fuck all the marxist and communist and socialist hot button words that keep being thrown out there - all these automatic passionate unconscious emotional reactions.
I ask honestly, and curiously. If we all share the same value system that these politicians and corporate execs do, then what makes us think we would act differently? Only a man who inherently has a different value system, one that values humanity, equality, love, empathy, well-being of all men would be motivated to act differently. Ironically, those men don't seek power, wealth, status, or material pleasures for him/herself at the expense of other men.
So next time you take aim - with the communist fuck, and marxist bitch, and yada yada yada, I have to ask how all of you would be any different in similar positions? Are your values different ? And you will all say that getting rid of government fixes this, no. In any society able, hard-working ingenious people distinguish themselves from the rest, the key is what these people do with this "perceived power" ... technological power as one poster presented. What he would do, what you would do, what we would all do comes down to our values and the collective values society. And the power is simply a compensatory mechanism for humans' basic needs to have value, be loved, accepted and have significance in our social environment.
So, guess we're back at square one. Different people in power valuing power and status? Change your values - change the course of society. I can see people try to argue the quest for status for all men, and status is simply measuring oneself against another. So it too has no end... an addiction to the end, more and more status, more and more power, more and more oppression and despotism.
Love guys who can write what they know Thank you I have problems coming up with the words.
Good post thanks.
[quote]
The problem with socialism is socialism, because there are no socialists.
Socialism is a system based upon an assumption about human nature that
simply isn't true. I can design a perfect canine community in which dogs
never chase squirrels or groom their nether regions in an indelicate manner.
But the moment I take that idea from the drawing board to the real world,
I will discover that I cannot get dogs to behave against their nature--at
least not without inflicting a terrible amount of punishment. Likewise,
it's easy to design a society that rewards each according to his need
instead of his ability. The hard part is getting the crooked timber of
humanity to yield to your vision.
And it's also why the problem with capitalism is capitalists. Some people
will always abuse the system and take things too far. Some will do it out of
the hubris of intellect. Some will do it out of the venality of greed.
I bring all of this up because many in Washington seem convinced that the
solution to the problem with capitalists is always less capitalism. To be
sure, a free-market society is in some sense a government program. The
government must prosecute criminality, enforce contracts, and demand that
the rules be observed. Few lovers of free markets are so laissez-faire as
to want to strip the government of its role as REFEREE.
But few should want the REFEREE to suit up and play the game.
[/quote]
The US Govt not only wants to play the game, but is Bogarting the ball as well!
So, it takes $300 freakin' billion to go back in time a few weeks? I can't wait to see the P&L for the BOJs currency desk when they finally capitulate. There will be no words to describe the carnage.
Losses?
Look, the BOJ is one of the few central banks that can print and not take losses. The Yen is a world reserve currency, and it's funded growth all over the planet for 20 years now.
there's no such thing as a loss for a CB like the BOJ.
i want to know what happened to floating exchange rates - that brilliant invention of which quack economist milton friedman was so fond....
it looks like currency floats with a boat anchor or 3 balloons full of helium and hot air...nothing like good old fashioned state sponsored fraud and deceit to lubricate the markets....
Japanese bitchez, bitchez!
So, then the market DOES correct again, will metals go down again like they did in 2008, as everyone liquidates to cover calls? Back then, I bought palladium for $175.
don't the Japanese have tiny a tiny penis in general?
http://www.southparkstudios.com/clips/103420
LOL
hahahahaha
ah-so, they are affectionately known as rice dicks.
ahhh soooo
Japanese hindenburgers
Japanese hindenrolls, with spiral-death-fried rice...
Great Article - Better Title - (Strains of the Vapors 'Turning Japanese' plays in the background)
Land of the Rising Sun...so it is the blue pill and not the red pill on their flag
Gold, you Imperialist Dogs!
From the day's lows to the highs.
About 500 points so far on the Nikkei.
Will probably be up 750 before the night's out.
Getting better ...
Robo, can you sell me some Japanese Girl Default Swaps that will make you pay me money if those girls turned out not to be Japanese?
Well, there's only one thing to do - I'm long with trailing stop!
So, far it seems to be a pretty weak intervention, ~200 pips.
We'll have to see what happens after London wakes up.
Wow, it is back to where it was...2 days ago.
seriously, only a 1 week chart, who cares
For the "Japanese Penis Envy"
http://www.youtube.com/watch?v=ZsOCDdlVo9I
http://www.youtube.com/watch?v=RrAHtjt2cqQ&feature=related
i simply don't understand anything, lately everyman.
SUKI (tm) RELIGION SuperElite (tm), motherfuckers! (major international Japanese religion!)
Climb Mt. Niitaka
Apparently Noda informed other central banks of their plans before this move. Curiously, someone had the foresight to purchase 3000 FXY JAN 2011 116 PUTS today. That dwarfs the usual 100 contracts traded.
Apparently Noda informed other central banks of their plans before this move. Curiously, someone had the foresight to purchase 3000 FXY JAN 2011 116 PUTS today. That dwarfs the usual 100 contracts traded.
US E/S futures seem to like it. Up go the indices tomorrow...again.
Yea, that's the reality of it. Care to try to rationalize that?
It amazing how much central bankers act like petulant children when they don't get their way.
Redpill has it right. Death to the Central bankers!
that was short lived. Went to 85.125 and is now dropping past 84.76
As i said earlier, not much of a move at all for all the excitement. About where it was a couple of days ago.
You only receive your Free Money™ if you short against the intervention afterwards.
Just an aside.. our work is done. The concerns which use the money markets could never hope to compete with those which run the regulatory structure, well, I suppose they could hope... just like a War, isn't about lives lost but the ideologies behind those who take up arms... the reigning paradyne is now ours.
http://www.bloomberg.com/video/62909152/
made some good money. Domo arigato japan. usd / jpy 79.50 if you prease
If they all devalue to zero, will we resort to using toilet paper to buy our goods and services? (Just kidding, of course).
Isn't this what they call a kabuki dance, or some shit like dat.....?
Is it an honorable indication that we want you to take your imperialist penises out of our asses at your earliest possible convenience....?
Sushi, anyone...?
Ciao,
Econolicious
With the US Dollar now below parity to the Swiss Franc, and the Yen taking flight, and precious metals, and even the Renminbi, I can't shake the feeling that the US Dollar is swirling down the toilet. Our current ruling class of elected officials seems particularly destructive to wealth these days, growing government and shrinking private enterprise. Running a trillion plus budget deficit is certainly not helpful.
And I was worried I owned too much precious metals. Not worried so much just now.
I suspect I am not the only one who feels that events are gathering pace at this time. We see moves in the Swiss Franc,rumours of more quantitative easing by the Fed. next week and now currency intervention by the Bank of Japan.
On that subject I noticed an interesting way of looking at it on notayesmanseconomics.
"Personally I often wonder if talk of intervention often creates its own problems as in being responsible for a market climate where the markets test the central banks resolve."
So perhaps it becomes self-fulfilling? http://notayesmanseconomics.wordpress.com
Finally.
Time to get even with the American/European gold bugs at ZH.
Now the question is, when should we start buying JPY again?
The BOJ used up their ammo but they can't use nukes like the FRB because well, its Japan.
Umm we prefer to be called gold bitchez not bugs.
Those are old people, we are the pepsi generation
Firstly, is this ... the grim?
And second, I called peak "bitches" some time ago. See here. The only problem is that I don't really know what to suggest as a replacment.
Peons? perhaps...
you know what they say, early is same as wrong
Yen Intervention Gimpoidz
Not that what you saw isn't Ok but I think I may hurl shortly. BTW does a negative captcha number mean we'll have deflation.
They are kind of like tea leaves aren't they?
ZH is all seeing man
Futures buying spigot now wide open and will be green by the open. So fucking obvious.
Desperate International Currency Sales .
DICS for short.
Damn like I said before there is something very very deep and religious about those captcha numbers.
Deflation?
JPY/USD?
USD/CDN?
Maybe Tyler could do a study on the correlation..........................
Oh never mind..............