• Gold Money
    05/03/2016 - 11:35
    Crude oil time-spreads have completely dislocated from inventories. Historically, such dislocations have proved to be short lived. We expect that either spot prices will sell-off again or the back...

A Global Album Of Sovereign Insolvency

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Sun, 01/09/2011 - 18:23 | 862513 LawsofPhysics
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This will get interesting should China buy into ponzinomics right about the time it all collapses.

Sun, 01/09/2011 - 19:40 | 862599 Crisismode
Crisismode's picture

 China will play the Euro off against the Dollar like a violin.

The Chinese have a big seat at this poker game, and will go all in at just the right moment.

However, they just might outsmart themselves . . . if they get too cocky.

Sun, 01/09/2011 - 19:44 | 862607 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

And they will cash in their chips for gold and silver.

Sun, 01/09/2011 - 19:52 | 862617 Arch Duke Ferdinand
Arch Duke Ferdinand's picture

""And they will cash in their chips for gold and silver.""

...The rich ones will relocate to Vancouver BC,

North America's Geneva of Switzerland.


Mon, 01/10/2011 - 07:56 | 863296 goldenbuddha454
goldenbuddha454's picture

China is the only solvent country out there right now.  They'd be smart to not get into ponzinomics. 

Sun, 01/09/2011 - 18:27 | 862516 bonddude
bonddude's picture

The bank failures are stacking up. Unfortunately, this 1 was not TBTF.


Sun, 01/09/2011 - 18:55 | 862557 blunderdog
blunderdog's picture

If you're going to spam for a website, why not just be upfront about it and plaster the link on every thread?

Sun, 01/09/2011 - 18:28 | 862521 Bigger Dickus
Bigger Dickus's picture

Which one falls more tomorrow? Gold or eur/usd?

Just want to get a general sentiment feel.

Sun, 01/09/2011 - 19:04 | 862570 Arius
Arius's picture

gartman, the best commentator after cramer says to buy gold in euros - change dolars in euros and then buy gold but DO NOT buy gold direct w/ dolars....WHATEVER....

Sun, 01/09/2011 - 19:36 | 862592 Crisismode
Crisismode's picture

What is the reasoning behind that???

All you end up doing is paying currency exchange fees.

Sun, 01/09/2011 - 19:45 | 862606 Arius
Arius's picture

yeah i know...go figure...i guess thats the best he could come up w/ after running out of excuses to sell gold.

Sun, 01/09/2011 - 20:51 | 862690 red2893
red2893's picture

you ever see gartman's returns on his hedgefund...not so good



Sun, 01/09/2011 - 19:34 | 862589 DosZap
DosZap's picture

I'm afraid the USD will take the PM's down, unless Asia really comes thru.

China,IMHO,is bailing Spain, so it can double play the dollar,and contiue offloading into hard assets, commods asap.

China does nothing for nothing.

Sun, 01/09/2011 - 18:32 | 862526 jaap
jaap's picture

off topic:

The Bears on Silver, part 3


Sun, 01/09/2011 - 18:32 | 862528 robertocarlos
robertocarlos's picture

Portugal is under IMF pressure. Is it Portugal>Spain>USA?

Sun, 01/09/2011 - 18:35 | 862532 red2893
red2893's picture

I bet the Euro keeps dropping....



Sun, 01/09/2011 - 19:40 | 862598 Bubbles...bubbl...
Bubbles...bubbles everywhere's picture

The european propaganda machine is quite effective.

Sun, 01/09/2011 - 19:46 | 862612 Horatio Beanblower
Horatio Beanblower's picture

Let's face it, they have had plenty of practice. 

Sun, 01/09/2011 - 18:50 | 862549 DoctoRx
DoctoRx's picture

Where did the metric of govt debt:GDP come from?  IMO what is at least as relevant is ratio of govt receipts to expenditures.  This makes the US look far worse.  It also looks for now that we have the opposite of the virtuous gridlock of the 1994-2000 era wherein the Repubs wouldn't let Clinton increase spending and he wouldn't let them cut taxes.  Thus we ended up w a cash budget surplus.  

When Bill Gross of all people writes that the US govt is running a Ponzi scheme, it's time for even the sheeple to stop taking their Soma (to mix some metaphors).

Mon, 01/10/2011 - 11:04 | 863556 MachoMan
MachoMan's picture

Bingo...  That would be too simple though.  This way, you can screw with metrics to yield the desired debt:gdp ratio...  given the plausible relationship between spending and gdp growth...  meaning, debt increases, but so does gdp...  of course, that presumes the stimulus actually succeeds at stimulating the economy and they're not just pulling numbers from their ass...  a substantial stretch by all accounts.  [when the stimulus wears off, we'll just be that much worse with the increased debt].

Sun, 01/09/2011 - 18:54 | 862555 Chartist
Chartist's picture

If everyone is insolvent, isn't it true that no one is insolvent?

Sun, 01/09/2011 - 19:06 | 862574 blindman
blindman's picture

it means the system is a lie and is insolvent.

the people need to recognize the difference.

Sun, 01/09/2011 - 19:08 | 862576 Horatio Beanblower
Horatio Beanblower's picture


Sun, 01/09/2011 - 22:04 | 862828 Thomas
Thomas's picture

No. It means that collective societies are expecting more on per person basis than the collective societies can produced. They were over promised.

Mon, 01/10/2011 - 04:17 | 863190 AnAnonymous
AnAnonymous's picture

If everyone is insolvent, isn't it true that no one is insolvent?


Would be too good. It means that the insolvent can no longer tap into the solvent to pretend they are solvent. A nasty situation as there is no way out for the insolvent.

Sun, 01/09/2011 - 19:04 | 862572 blindman
blindman's picture

the crash of 1929




.." master of malpractice" jca


Greenspan: Prove I Was Wrong! ... 

" i'll basically say this that the stock market, overall,  is the only

type of stimulus that you can get in the economy that doesn't

have any debt associated with it." .......


comment: intellectual chum, the banksters are fishing.  watch out below.

when will he be on larry king?  or is he now the larry king of the fed?

Sun, 01/09/2011 - 19:07 | 862575 YHC-FTSE
YHC-FTSE's picture

Read my mind - Many thanks for this list. Precisely what I've waited and wanted to see from ZH for a couple of months. 

Sun, 01/09/2011 - 19:32 | 862587 Hulk
Hulk's picture

Bob Brinker currently interviewing Christopher Whalen, its  a must listen.

Chris just took Bob, who is a supporter of the fed, to the woodshed on abolishing the fed board of governors 

and establishing a pm backed currency...

Sun, 01/09/2011 - 20:59 | 862687 ebworthen
ebworthen's picture

Heard that on the radio a couple of hours ago, good stuff.

Bob Brinker was having a hard time; the old stalwarts like him that still believe we have "free markets" and that the game is not a rigged Kleptoligarchy - they just want to keep believing in the dream.

Wake up Bob and Larry and...

Sun, 01/09/2011 - 21:54 | 862813 Hulk
Hulk's picture

you pegged it. Bob is coming around, slowly though. No hope for Kudlow...

Sun, 01/09/2011 - 19:37 | 862593 stormsailor
stormsailor's picture

/es opened gap down,  oh no, batten down the hatches

Sun, 01/09/2011 - 19:43 | 862603 EscapeKey
EscapeKey's picture

Geez, the markets aren't open, and yet Marketwatch has a bullish headline.

Obviously, when you actually click on the headline, you find the story contains the key word "may".

Absolute fucking liars.

U.S. gets boost from retail

 Economic data to be released this week may begin to show that the virtuous economic cycle is slowly, creakingly, starting to turn.

Sun, 01/09/2011 - 20:16 | 862635 RobotTrader
RobotTrader's picture

It's true.

Just look at restaurant stocks like Panera Bread or Cheesecake Factory.

Pinned at the highs.

And unlike the resource stocks, they are unfazed from:

-  PIIGS defaults

-  Strong dollar

-  Inflation vs. deflation

-  9.5% unemployment

-  $14 trillion deficits

-  Endless crash forecasts from the doomers

Sun, 01/09/2011 - 19:43 | 862604 Weisbrot
Weisbrot's picture

with so much bad news, and so much cheerleading, it makes me wonder if there really are some good guys out there somewhere doing the right things for us common folk.

Sun, 01/09/2011 - 19:43 | 862605 Salinger
Salinger's picture

ATT. George Washington

Market on alert over BP leak

By Sheila McNulty in Houston

Published: January 9 2011 20:18 | Last updated: January 9 2011 22:35

Oil markets were braced on Monday for the impact of the loss of up to 15 per cent of US crude after a pipeline leak forced BP the UK-based oil company, to shut down 95 per cent of production from North America’s biggest field.



Mon, 01/10/2011 - 00:09 | 862993 BankRiot
BankRiot's picture

Prob a BS reason to curb supply.  Lindsey Williams claims Oil is on its way to $150-200 of today's dollars.

Sun, 01/09/2011 - 19:45 | 862609 tony bonn
tony bonn's picture

the real gdp numbers for the usa are total unmitigated undoctored horseshit straight from the horse's ass....the government so distorts inflation - hence gdp - that even pinochio would blush...the government adds and removes housing from the inflation numbers whenever it wishes....after the housing crash became prominent it added housing again to the index et voila the inflation numbers declined....this is total and complete fraud brought on first by the clinton shysters...

the impact is that since inflation is much higher than the cooked figures show, gdp growth is much lower - nay - even negative...the usa economy is shrinking and has been doing so non-stop since 2000....this is why unemployment is 25%....


Sun, 01/09/2011 - 19:50 | 862615 EscapeKey
EscapeKey's picture

Without imputations + hedonics, GDP (2009) I believe was $8.65tn.

Sun, 01/09/2011 - 19:53 | 862618 M.B. Drapier
M.B. Drapier's picture

No promise not to restructure the [Irish] senior unsecured bank debt was part of the EU/IMF programme.

This is quite possibly true, but I don't know if it's known to be true. The problem is the side-letter:

The Government has withheld from publication a side letter agreed with the EU and IMF outlining confidential measures for the banks and tax changes to be included in Tuesday’s budget.

Sun, 01/09/2011 - 20:38 | 862661 CrashisOptimistic
CrashisOptimistic's picture

This article and analysis has zero value.

It is easy to determine this is true.

In all this gobbledygook about the growth of who, when, there is NOT A WORD OF MENTION ABOUTTHE ALPHA ASSET OF CIVILIZATION: OIL.

Mon, 01/10/2011 - 00:38 | 863035 StarvingLion
StarvingLion's picture

The Council on Renewal (Hahaha) is ceasing operations after 1 year.  They are giving up on Amerika:


"It’s an illusion to think arguing about finance, economics, and markets will fix anything

There is no way around it because the ruleset we’ve lived within for decades was not sustainable. It depended upon exponential growth, exponential debt, exponential resource consumption, and exponential environmental impact.

As the world goes through a necessary reset of the rules, we will experience significant upheaval. "


Oil is an alpha asset?  Not according to this FIAT lover.  Guess what he thinks is the biggest investment opportunity of a lifetime?  Ans: LABOUR.  Yep, you got it, LABOUR.  Holy shit, is he deluded.


Sun, 01/09/2011 - 20:37 | 862663 blunderdog
blunderdog's picture

This is a terrific piece, but I'm in strong agreement with the previous post from DoctorX who points out the folly of a "Debt to GDP" ratio.  My gripe is more simple-minded, though: GDP just isn't measured accurately.

"Debt to revenue" would seem a far more useful metric, but I suspect it'll never be published because it makes the bad news so obvious even the average 20x-leveraged underwater homeowner would start to worry.

Sun, 01/09/2011 - 21:58 | 862820 twotraps
twotraps's picture

Check out the situation in Illinois where Gov Quin is trying to raise taxes in a big way without much mention of fixing the larger problem.  There is No 'out of bounds'....absolutely No appreciation for the gravity of it.  How Stupid are we to put up with it?  Everyone is shocked with debt/gdp ratios but two issues dominate the topic for me.........1. Agree or not, like it or not....what can be done if it all goes pear shaped, where will money run to and how to protect assets you have.    2.  Govt driven by a union-type mentality will eventually run it into the ground, like Illinois.   Maybe the govt can get into a partnership with the unions...like GM.  What a joke.

Sun, 01/09/2011 - 23:20 | 862935 gwar5
gwar5's picture

Agree, what will China do when Eurozone really starts to melt down?

Mon, 01/10/2011 - 04:02 | 863184 Drag Racer
Drag Racer's picture

Brazil Accuses US, China of Currency Manipulation; Intense Monetary Tightening in China; Iceland Solution Temps Ireland; Unprecedented Hell in Belgium


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