The First Great Depression: Blow By Blow, From The BIS, And How It Mirrors Our Ongoing Second Great Depression

Tyler Durden's picture

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
hugovanderbubble's picture

Anyone see a potential paralelism between those years and current ones...?

Back to hard major collateral

Good bye happy 20´s... (Lehman Crash 2008).....1929 wall of worries...




LongBalls's picture

Pass the Pepto please. Thanks.

BlackholeDivestment's picture

                          plot   plop






                      what a relief it is 

                         R O L A I D S  

                            Roll AIDS

          Mr Robinson neighborhood hit with QE2

                   What Japan going ta do?

     Bitchez! Don't drink the municipal TAP water

              Pepto don't workout TEPCO perks

                   Watchout for those Jerks 

                They up to something

Something big is timed to go ofF, it looks like 2012 Lucifer Rising.

markmotive's picture

While we're creatively slamming the powers that be...


Here's a classic on 'how the financial system works':

Michael's picture

Dr Ron Paul completes me.

I'm sorry, I just had to say that.

Michael's picture

I hope Nichole is feeling OK today.

She had her bubble busted yesterday when she heard her puppy Facebook was losing users month over month to the tune of millions of users.

You'd think her puppied died a violent death while she was watching, while she heard the news for the first time.

Do your job Nichole!

I'm watching you.



Michael's picture
Michael says:

Your comment is awaiting moderation.

June 15, 2011 at 1:18 am

Boy, I thumped this issue hard during the early days of the Climategate scandal on this WUWT site.
I rode this subject like a, well here I should not say that word.
I posted may articles such as this one that gave me a heads up on the influence of our sun and what it was doing;
Solar Activity And Climate Change: New Sun-Watching Satellite To Monitor Sunlight Fluctuations
I prayed the caretakers of the universe would give us an extended solar minimum to teach those who needed it what is ultimately in charge of the Earth’s climate. I have not been disappointed. I monitor the sunspot activity every day. Very quiet indeed.

BlackholeDivestment's picture

...smells like roses in the room, but, they are still in the garden. ...must be an open window.

The Black Hole of Mr. Shadow's ''climate change'' offer is that of the accuser. The only way to keep the Sun calm is, for that fallen (Lucifer/all liars) angel's offer of temptation to be rejected. Fukushima blindness is in play, through the lukewarm waters of the Euphrates, now made bitter  by the fallen star.

It's all about ''the image'' of the bottomless pit and the claim of dominion. The people are fallen, as with the angels, but, the revelation of the risen Truth of our Father in Christ is the image that falls away first, as the line in the sand, the seal upon this last generation. Silence in Heaven, the Sun taking a lunch break, well, that will be ''changed'' by the beast rising as 2112 opens the star gate revelation in time with prophecy. The host, or the people, are the image of the angel of the whirlwind ''climate change'' but, that is just the evil twist portion of the parable standing as the accuser, whom has offered temptation, knowing you shall surely die. Deception claims all flesh, if it were possible, but, for the sake of the elect, this last generation is cut short. Watch.

Fear not, stand fast, do no harm, go with our Father in Christ.

BlackholeDivestment's picture

    QE3            Parabolic

     THE     ''Federal'' ''Reserve''

    MARK       Pair of LIESman



                    And            The   

                  RIDER         HORSE


Fedophile's picture



Yeah and just multiply all numbers by 1,500 (BIS) or more like 6,000 (SGS)

CompassionateFascist's picture

Not at all. Then, the US had a solid industrial base to provide a floor to the Crash. All gone now, nothing out there but smoke, mirrors, and debt. USA = Universal Ponzi. This Collapse is going to be exponentially worse, leading to what Toynbee called a "Time of Troubles". Not one in ten people posting/commenting on this site are going to be among the living when it ends.  

Ben Fleeced's picture



Fixeed it

BlackholeDivestment's picture

Interesting dates, to be sure. Looking at them it struck me, like a hand on a clock. There are many ''ironic''? images held within the market timing that remind me of the pyramid timing, connected to the same banker occult crowd that built the rise and fall of their own corrupt house of cards and set the Cornerstone(s) timed with the Fallen Stars, once above and now their measure has fallen below, now claiming dominion on Earth. They know their time is short, 2112 is designed inside the center of the Great Pyramid, which is buildt on the mark of the beast, the point within the circle. That stupid pyramid on the world reserve fiat currency of debt has a pyramid on it because it's new world order new age mark of the beast market corruption timed with the U.N.Sustainable Agenda.

just so many wild links

Ben Fleeced's picture



Fixed it

redpill's picture

"Welcome to the Recovery"


--Timothy Franz Geithner


hugovanderbubble's picture

Geithner is commiting fraud each day is his life, but who cares about ethics and laws...

What a fraud for the US to have a Guy like Timothy rolling and ruling the game...



JW n FL's picture

No Taxes Collected Jobs Shipped to China 50K a Month since 2000 and now Cuts to Real Working Americans


For a DECADE! We have shipped 50,000 Jobs a MONTH! To China! (alone)


For the majority of that time we have given Tax Breaks to Corporations to Move those Jobs.


For the better part of a DECADE! We have undermined our own Tax Base!


For Longer! Than a Decade we have allowed the Largest Money Makers, with the Largest Lobby’s to Pay almost NO! Fucking Taxes!


America is NOT! a Country that has no social safety net or that is supposed to be OK! With being a Police State.


If any Citizens want to live in an America with no Social Safety Nets!

If any Citizens want to live in an America that is a Police State!

Should get the fuck out and go live in one of the MANY! Shit Hole Countries that are already living under those conditions!


America is Supposed to be better than those 3rd World Countries!

But the top 1% of the 1% keep spending Lobby monies and Buying T.V. ad time to realize a 3 rd World America!


Most of you buy Gold and Silver to insulate yourselves from an uncomfortable life style! I buy Gold and Silver so that in the event of Social un-rest that I may be able to pay for / feed an army to Rout by the Almighty God! You Wanna Be Tight Fisted, Treasonist Scum from My Country! I pray for the chance to rid this once Great Country of the scum that is the real drag that keeps hungry children hungry! God have mercy on you because I will NOT!


All of you that support people / corporations NOT paying their fair share!

All of you that support a 3rd World Living Standard for any American for ANY REASON!

I want to see you Hanged on the White House Lawn!

      Top 10 corporations which paid no taxes

Here is Sen. Sanders’ list of the 10 worst corporate income tax avoiders:

1) Exxon Mobil made $19 billion in profits in 2009. Exxon not only paid no federal income taxes, it actually received a $156 million rebate from the IRS, according to its SEC filings. (Source: Exxon Mobil’s 2009 shareholder report filed with the SEC here.)

2) Bank of America received a $1.9 billion tax refund from the IRS last year, although it made $4.4 billion in profits and received a bailout from the Federal Reserve and the Treasury Department of nearly $1 trillion. (Source: here, ProPublica here and Treasury here.)

3) General Electric made $26 billion in profits in the United States over the past five years and, thanks to clever use of loopholes, paid no taxes.(Source: Citizens for Tax Justice here and The New York Times here. Note: despite rumors to the contrary, the Times has stood by its story.)

4) Chevron received a $19 million refund from the IRS last year after it made $10 billion in profits in 2009. (Source: See 2009 Chevron annual report here. Note 15 on page FS-46 of this report shows a U.S. federal income tax liability of $128 million, but that it was able to defer $147 million for a U.S. federal income tax liability of negative $19 million.)

5) Boeing, which received a $30 billion contract from the Pentagon to build 179 airborne tankers, got a $124 million refund from the IRS last year. (Source: Paul Buchheit, professor, DePaul University, here and Citizens for Tax Justice here.)

6) Valero Energy, the 25th largest company in America with $68 billion in sales last year, received a $157 million tax refund check from the IRS and, over the past three years, received a $134 million tax break from the oil and gas manufacturing tax deduction. (Source: the company’s 2009 annual report, pg. 112, here.)

7) Goldman Sachs in 2008 only paid 1.1 percent of its income in taxes even though it earned a profit of $2.3 billion and received an almost $800 billion from the Federal Reserve and U.S. Treasury Department. (Source: Bloomberg News here, ProPublica here, Treasury Department here.)

8) Citigroup last year made more than $4 billion in profits but paid no federal income taxes. It received a $2.5 trillion bailout from the Federal Reserve and U.S. Treasury. (Source: Paul Buchheit, professor, DePaul University, here, ProPublica here, Treasury Department here.)

9) ConocoPhillips, the fifth largest oil company in the United States, made $16 billion in profits from 2006 through 2009, but received $451 million in tax breaks through the oil and gas manufacturing deduction. (Sources: Profits can be found here. The deduction can be found on the company’s 2010 SEC 10-K report to shareholders on 2009 finances, pg. 127, here.)

10) Carnival Cruise Lines made more than $11 billion in profits over the past five years, but its federal income tax rate during those years was just 1.1 percent. (Source: The New York Times here.)




‘Dutch Sandwich’ saves Google billions in taxes Internet giant uses complex structure to keep its overseas tax rate at 2.4%





Microsoft’s purchase of Skype for $8.5 billion provides a perfect illustration of why adopting a true worldwide corporate income tax system is critical to our economic future.  

According to the Wall Street Journal, the cash for Microsoft’s purchase of Skype (a Luxembourg-based company) will come out of its $42 billion in liquid assets held in foreign subsidiaries.

Because it is purchasing a foreign company with its overseas assets, Microsoft can avoid paying any U.S. tax that would be due if it had repatriated foreign earnings in order to purchase a US company for the same amount. Based on the company's effective foreign income tax rate disclosed in their most recent SEC filings, a repatriation of $8.5 billion dollars would cost Microsoft somewhere in the neighborhood of $1.1 billion in U.S. tax.

As a Forbes commentator opines, the Microsoft-Skype deal demonstrates the harmful incentive created in our current system that encourages companies to invest in overseas companies rather than domestic ones. The fear is that this deal may just be “a harbinger of things to come.”


Republicans to roll out new tax-cut proposal: WSJ
25 May 2011, by Michael Kitchen - Los Angeles (MarketWatch)

Republicans in the U.S. House of Representatives are set to unveil a new economic proposal Thursday that will cut taxes for multinational corporations and lower other tax rates.

Ben Fleeced's picture

Persistance = posting the same shit overandoverandoverandoverandoverbecuseyouaresooosuperioroverandoverandoverandoverandoverandover.

Gandalf6900's picture


Thats cause the Federal Income Tax is a fraud, not in the constitution my friend, not LEGAL my friend, and they know it, and the gov can't fool them, but it can fool you dummies...keep buying your SUV's guys, keep buying your flat screen tv's guys, keep hauling shit in your garages and feeding junk to your kids, I'm laughing but will you be laughing in the near future....

blindfaith's picture


We financed our own down fall, and continue to do so right this very minute with special treatment for the few.

The speaking of targeted 'entitlements' as the 'cause and cure' is selective labeling.  Conveniently left out of the ruckus is, special tax treatment to corporations, ultra rich, hedge fund and banker bonuses treated as long term cap gains, etc., etc., etc. 

All the tax breaks since 2000 has done nothing but put a knife in small businesses heart and choked the average American to his knees.

SilverDoctors's picture

Registered silver inventory on the COMEX drops below 28 million ounces.
Biggest deflation we have today is not in dollars, its in silver supply!

Highrev's picture

The news flow (the real news flow that is) is just too negative for where we are price wise.

This is news flow for panic bottoms.

The S&P is still at 1287 +.

The CBOE put/call hitting bearish sentiment extremes.

Man, if this is all the lower we get, the bears are in deep shit.


dwdollar's picture

Where was the volume today?

hugovanderbubble's picture

who cares about Volume for the superalgos? markets completly uncorrelated, no real flows, we are trading lies.


"quién será el primero en apretar el botón de vender"?

whos gonna be the first to press the sell key?

mynhair's picture

See T&S for the Roach Motel at 10:25am.  500 shares @ 129.98 followed by 100 @129.02, then 6000 @ 129.22.  It went nuts for a minute like that.

Greeny's picture

Market volumes are usually low during summertime

no need for conspiracy theories here.

JohnG's picture

I find it disturbing that you have not been paying even a little bit of attention.

Or are just an idiot?

Mind bogglingly stupid "observation."

hugovanderbubble's picture

Youre Right Highrev (this bounce has been pure oversold market and xtremly bearish news...but...)

The matter is not more Pomos after all the pump since september 2010 will be destroyed...:) and retraced....So lets go back to sp 1.100, first ok 1305-1310,,ok...its a "b" wave...the C or draupner wave will come like the hardest tsunami...

We are preparing the terrain for a big and huge drop, just that.

swissinv's picture

very interesting - thnks

DNB-sore's picture

welcome to the standard

buzzsaw99's picture

This will not be an easy mission, monkeys slow the expedition.

TruthInSunshine's picture

Math doesn't lie, bitchez & bitches.

Do a "back of the cocktail napkin" simple mathematical equation plugging in CURRENT (you don't even have to use future) financial obligations, throw in total amount of current governmental, bank/financial, business, household/consumer debt, aggregate it...

Unless most developed nations are prepared to cut approximately 25% (in real and current terms) of their budgetary outlays, including the biggest PIIGS+UK+US, stagflation is coming that will make the 80s look mild, and it will devour the business cycle, wipe out trillions more in bad debts, lower consumption and investment, etc., which then cause massive deflation, ultimately resulting in intolerable inflation on the back end.

Krugman's hair of the dog that bit us will stagflate us into a long depression, while austerity of a serious method will put us into a sharp but much shorter lived depression, and allow for the rebuilding of a strong base from which to rebuild solid economic growth.

Austerity - Krugman HATES that word and concept, and he'll tell all his Walleye Vision friends to spread the gospel of anti-austerity, but a serious and controlled burn of the forest is the only thing that can save us from the much worse Krugmanite/Bernankean/Keynesian forest fire that will otherwise kill us all.

Oh - banks and Wall Street get to burn first.

Deepskyy's picture

Agreed.  I've been calling for a "controlled burn" of the diseased growth since 2k8 when it became obvious that the whole damn system was rotten to the core. 

TruthInSunshine's picture
Sudden Debt



Deepskyy's picture

Thanks Truth.  I'll be adding that one to the bookmark list once I get home.


Highrev's picture

What's different from the 30's and 80's?

1) Technological Revolution

2) Global Village (in economic and trade terms)

3) Ever expanding democratization


I'm sure lots of us could add lots more to that list, but the point is to point out just 3 big reasons why growth and rising real standards of living (that's not necessarily the same as conspicuous consumption) is also a possibility (as contrasted with strict "cost cutting").

NotApplicable's picture

Meanwhile what's the same?

Debt Fueled Capital Consumption

Until we stop eating the seed corn, there is no escape from the downward spiral that is destroying your first two points. As for your third one, well that's the reason all the capital is being consumed. Mob-rule is simply moral hazard personified.

TruthInSunshine's picture

Krugman said that if we consume the seed now, not only will it satiate our hunger, but that crops will grow in our bellies, and spill forth from our mouths into the stalls of of the market, where others can purchase it from us (with Keynesian Bancors).

NotApplicable's picture

Too bad he wasn't a better student of history, as I'd much rather hear tales of "roasted pigeons flying into the mouth's of the proletariat."

I'm told they're quite tasty!

hugovanderbubble's picture

1)Technologial Rev..

Yes like Facebook,¡¡¡¡Bubble? no come´on¡¡¡ Yandex¡RenRen....

-Agree that that internet makes thing throttle or accelerate faster---Contagious Spread Effect -

Markets are much more intercorrelated so thats a risk too, different than in the 30´s (Globalization Risk)


2) Global Village

Global DebtHolders...) ----

3)Ever Expanding Democratization

Like in Mena Countries;Pakistan, Afganistan:) USE The guns and army power to install democratic development..¡¡¡ these changes will made world turn poorest, my humble view.

Spread the wealth without a scheme and patience is dangerous and the worst thing is comparing democracy in France with Pakistan , World Corruption inside politics sir

We need to use the best things of the protectionism to fight China uncontrolled Reserves, China is crashing the world , the opposite of what majority think.

No one in the world can compete in costs terms vs china and Emerging Countries.So massive delocation is not a good thing for real wealth in real countries , also offshore countries may have to be avoided and eliminated or at least minimized.



Still waiting for Chinese Real Banking Privatization, Chinese Unions,...Cuba Revolution, North Korea failure..., too idealistic maybe...

Highrev's picture

Nothing like sharing ideas!

Diametrically opposing views (on this one anyway).

And somewhere in the middle lies the truth.

That's why I'm here.


I'm checking out for today, but before I go, I'd like to leave the following reflection: in Europe today, even the poorest of the poor live better than the kings and queens of Medieval Europe (yes I'm conscious that 3/4 of the world still has a long way to go to make it to this same level, but the implication is that not only is it attainable, it is, by historical example, actually probable).