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Dump'em and buy gold!
Buy more gold and silver!
That's the price to pay for the participation in the world led by Uncle Sam.
cant Bernanke just give the billions needed to China who in turn buy US treasuries ? This would make it look like china is still buying US debt...
Nobody can trust the Chinese because they have proven themselves the worst fraudsters in the world.
Thats like Capn Jack Sparrow calling Blackbeard a damn thief!
Yea lets debate some more about which outright criminal lying thief thug govt, China or USSA, is the bigger fraudster! LOL!
If China's Treasury holdings have remained "flat" while their reserves have been steadily increasing, does it really appear that China is still buying US Gov. Debt?
The Fed uses British and Caribbean banking centers to launder bogus bills. Check it out here: http://www.treasury.gov/resource-center/data-chart-center/tic/Documents/...
Someone needs to print up some money to bribe this guy.
+1 Billion -- what the hell it's only paper, "eat all you want - we'll make more" - The Ben Bernank
An Ex-PBOC member dissing the US is bad, but frankly it's not that bad. One would expect that.
What's really jaw-droppingly bad is when a *current* Fed Chief says that the US is "in a death spiral". Yes, he said "death spiral". It's the kind of thing that Max Keiser would say, not a f*cking Fed Chief. Did it make front page news?
Of course not.
"Our duty is most distinctly not to monetize - or even be perceived as monetizing - the debt of fiscally imprudent government. Throughout the history of nations, monetizing the budgetary excesses of governments has proven to be a direct path to economic perdition. Having already peeked inside that door, I feel strongly that we must now shut it, lock it and throw away the key. "
Not only was this the most eloquent statement I have heard out of the Fed for a long time, but it is a clear sign that some connected people are beginning to wake up. Bernanke is not evil or devious, he's just a simple academic who has been used by the likes of Summers, Rubin et al, to advance their grand plan.... but the situation is far too serious to allow this to continue.
"some connected people are starting to wake up"
Did they wake up or were they allowed to say what they long ago knew? Last week there were several errors on MSM when they were blindsided ( at least the interviewers were blindsided) with a few people telling the truth. Sunday Fareed Zakaria had James Baker on who said for all to hear "the US is bankrupt".
Is this planting seeds of market worries for the retail investor so the banksters can short the hell out of the market, boost their cash profits to plow back in on the long side after a mild down draft? The sell off can't be too severe so retail investors don't get freaked, YET. Then build up confidence as the market goes past current highs, sucking in Mr. & Mrs. retail again before the final death spiral.
Just my simple thoughts.
I don't think this is anything as minor as manipulating the stock market. This is the very issue of the solvency of the US government, the integrity of the Treasury market and the future of the global reserve currency. I know these are the important issues that have been occupying the minds of people like James Baker for a long time, and frankly the equity market is merely a sideshow. Often the stock market is held at absurd valuations so that the sheeple don't worry too much (case in point the run up to the Lehman collapse). This crisis goes to the core of the military financial complex and the US's role in global affairs, and these guys don't really worry too much about the middle classes and their 401ks..
Of course, the Chinese economy is a Ponzi scheme to match anything in the US (although they have got their in record time), with their shadowing lending, state owned enterprises, loss making corporations and local government corruption. The US will emerge the winner, if they take the pain now, stop skewing the game to protect those at the very top and reduce the size and control of the big banks.
Actually it depends on the Ex-PBOC member, more specifically, his age and the individual respect accorded his opinion. Western financial journalism rarely sees,much less comments on, the distinction, and the ignorant sheep are slaughtered. In the US though, Volker might be an exception to rule of granting less weight to an official's words once he leaves office, but in his case it would be more a reflection of his specific stature and the current circumstances than a cultural norm.
They say that the truth....hurts.
great interview with peter grandich on this issue and the sad state of financial affairs in the US: http://www.youtube.com/watch?v=4XtH28M3Bbc
China is working you America...like a Brit po'ten'tatertot on (h)opium.
Weird. I got a flash of Rudyard Kipling when I read your comment.
Watch out for those "copybook headings"...don't care to scrub-a-dub the frontal cortex with that drivel.
Just wait untill the first rate hikes happen and the farts turn into a shitstorm...
SD..Great Insight, however, your delivery was....poetry...were you quoting Dylan Thomas?
Explosive diahrea FTW.
We're going into a Depression! It is going to be the worst in history. Be warned; be prepared.
Ben's thesis was dead wrong.
I own Gold + Silver, sleep much better at night
BB-you are preaching to the choir.
You may really enjoy reading The Automatic Earth blog, btw. Even more depressing than ZH
Are you trying to teach the clown how to laugh??
Well, she seemed so cheerful already...LOL
What do you mean, "we are going into a depression". We may not technically be in ression or a depression but based on what "adjusted" numbers. My take is we are in a depression and it will deepen making the last Great D look like the previous Mild Depression. If you don't think we are in the earlier stages of a depression it is because you are still earning or have money and your home is paid for.
Yes that is exactly what I meant, we are in the early stages but the WORST is yet to come.
Usually I get junked when I sound like a doomer. It seems like everyone has become a bull latley so I like to balance it out.
Do you sleep better with or without your teddy bear? It may remind you of the Bernanke...
Fucking awesome. My PMs are shining even brighter. And for those fucknuts that will go on about "what do you expect people to do, carry massive bags of silver around?"
The answer is; no dumbass, it is about buying power, pure and simple. Kill all the fiats and you kill the fraud surrounding fiat and its manipulation. I don't hold PMs so I can use them for daily purchases, I hold them so I can make big moves in real equity and security for myself and my business. For example, I dumped half my paper gold holdings in November to buy more real estate and arable land. Both of which are now providing real returns. Yes the is more fiat, but I am using it to buy more PMs. Quite simply, since 2006 in terms of investing for my company and myself. PMs, including copper by the way, have become safer stores of value. Anyone who lived through the 70's saw this coming.
Real estate goes to near zero just like fiat money does. Remember Weimar.
I hope so. I'd love to buy the house next door for a couple of gold coins.
i d love to buy the girl next door for some silver coins
the only true sign of currency failure: hookers won't take paper.
Merely renting is the way to go with that scenario.
Yes, I love collecting rent in this environment.
I think he meant renting the.girl, or at least subcontracting with the vagina.
Following threads is tough for some.
I'd love to buy her sister and mother too for a few silver coins a year.
Maintenance costs on that bitch could be a bitch.
Precisely, people will still need shelter and still need to eat. Regardless of who is killing who. They always have, and always will.
US wants China to let the Yuan move freely against the $...but what the QEs stand for....both countries are sailing in the same boat....
OK Mr. Chinaman... what is it exactly that keeps them in the paper? Do you really think it's the quality of the paper? Is that even in the top 3 considerations? But, I'm sure that illustrious blue water navy will start pushing us around soon...
Uh, Mr Chong,
YOU know this, so why aren't you cashing out and buying assets of value.
If you know you have /are being screwed, WHY continue to be broke over?.
China has wanted to keep the dollar afloat until they are ready to move. This point is coming quickly now. When they make their move it will be an attempt to kill the dollar and take its place. Whether or not a ponzi is screwing you is a matter of perception and position (if you make 20% a year that you don't reinvest, then did you really lose anything after 5 years?)
What good is manufacturing capacity without ingenuity? What do ghost cities do to faith in the government (who controls the currency)? Without rudimentary property rights, what organically attracts foreign capital?
China wants to do a lot of shit, but isn't remotely in a position to do it.
I think the ghost cities are a form of preparation. I'll bet the Japanese sure wish they had a couple of ghost cities right now.
Kind of like a bridge to nowhere is preparation for....
I think the answer is that it's the necessary derivative of cheap financing... nothing more, nothing less... sometimes easy money finds a good home... sometimes it just gets burned.
And I don't think the Japanese want any ghost cities... I think they wish they had the equivalent of Alaska and could repopulate there... The japanese are going to have plenty of ghost cities shortly if not already.
Tyler: I real do not appreciate your unwarranted attack on acid, especially when most my trips are more like "They Live".
Alright everybody, sing Pink Floyd: C-comf-fortab-l-y numb-b-b....
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