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We're so close to going past $1500, once it breaks then up up up we go!
Futures down big, flash crash 2 would be nice.
I think I just exploded!
feel the burn, jamie, feel the burn.
"Burn, baby, burn!Bernanke inferno!Burn, baby, burn!Burn that mama down..."
Burn indeed...."fighting fire with fire....''
The day is not over... Check out silver...
Blythe laid a negative $1 smackdown on Ag in the span of thirty minutes. Un-frickin-believable!
Could it be the Chinese? Raising their reserve for the 4th time, this year? Or that the Fed effective has a license to hike rates (channel through S&P... there is just NO WAY that the treasury/Fed/White House did not know about this "outlook" in advance.)
Pretty smart though, getting the beated stepchild (S&P, Moody and even Goldman) to do the dirty job for them.
It is all politics, if gasoline is above 4.5 over the summer, Obama won't get elected in 2012 and it's not like anybody from Republican party and/or Tea Party really wants the job...
Zerohedge server through EasyDNS must be swamped... Sorry for the dupes.
(BTW, I highly doubt Blythe or JPM is stupid enough to short any of these naked... at a minum, some of of spread hedge must be used...)
All this breaking JPM is a fool's errand... they can always shift the loan-loss provisions/reserves to make it look like they are making money.
Did you know, JPM/Chase/WAMU/Bear has *not* lost money any quarter? since at least 2005? Even though the "crisis"? What fundamentals? It is all balance sheet accounting tricks...
Something is truly significant by this move though , it will be very hard for Fed to do a QE3.. and that is something that is already implicit accepted by the WH/Fed/Treasury.
"Something is truly significant by this move though , it will be very hard for Fed to do a QE3.."
Good thinking! That ought to knock stocks down by 5%, once it sinks in by the end of the month.
Looking at charts on Netdania. Euro popped on the news. Yen popped. Gold and Silver popped.
DXY -- no change. Still in a range and trending up.
How can that be?
DXY on Netdania is not live, it has a 15min delay in quote. Same is true for some other instruments such as some index futures...
Flight to safety and liquidity.
Dollar did take a hit but has not given up all of last night's gains.
It just takes a few words like:
"The US will need to fund itself"
LET'S ALSO NOT FORGET TO BLAME BUSH! (he's not around anyway...)
Sorry this flight to safety has the TSA raping it in the bathroom.
in your pants?!?
$2500 gold by December
Joe Biden email to Obama: "Yo, Yo, my name is Joe - My pants are low and my boxers show."
*****WHITE HOUSE MOVES TO DEFCON 5*****
Wakanda: Bernanke, Wall St, a good chunk of Dems and Repubs should be hung from lamp posts for what they are doing to America.
GOD DAMN SELLOUTS to the very principles of freedom and liberty!! Sadly like Alex Jones I think we will see a prison planet with those few in charge having everything while the rest of us get to live in tents and work in sweatshop low wage conditions.
I'm hoping the US waits until at least a while after a COMEX default to default on their debt. I want to have time to switch from silver to gold I'm thinking the time to switch may come much faster than I expected it to.
I am the only one gives a rat's what you think but that's because I'm low on toilet paper.
Next you'll be telling us you "accidently a whole coca cola bottle".
Might I suggest you actually learn how to form a complete thought prior to your next post?
Gee T, you waited long enough to do that..
What are you talking about?
Yeah, I largely agree. In the medium term, as the downturn hits the economy, industrial demand for silver should reduce, which will free up additional silver for the investment market.
I don't think we've seen the peak yet, though.
+1 I have already started do that, but just a little at a time. There is no way will I hit it perfect.
All I can do is laugh at that big spike that looks like a middle finger to the global banksters!
Excerpted from Al-Jazeera:
The White House, which needs to continue increasing borrowing to finance immediate fiscal shortfalls, has warned of financial "Armageddon" if congress refuses to raise the $14.29 trillion cap.
The limit will be reached by mid-May and politicians must act or see the US default on its debt.
Republicans are demanding more budget cuts before they agree to increase the debt ceiling.
"House Republicans will only move forward on the president's request to increase the debt limit if it is accompanied by serious reforms that immediately reduce federal spending and end the culture of debt in Washington," Eric Cantor, Republican majority leader in the House of Representatives, said.
Yet the AAA rating remains...ROFL.
AAA stands for: Anonymous Alcoholist Accountingtricks
This looks to be a day full of 'off the lows' for the rah-rah squad on CNBC.
Faber put it best today: "Don't put all your money into gold, but be your own central bank. Gradually accumulate your own physical reserves of it. And store it outside of US"
Outside of the US-- That'll do you a lot of good when you need it.
Black market is a bitch when the financial system collapses.
Initially, you are better off with cigs and liquor. Gold won't be usable at the start of TEOTWAKI until the market develops for it.
I think Cigs are BS. Nobody needs cigs or liquor. Who really wants to want to trade with addicts when TSHTF? Now if you that is the last thing you need then go at it but first things like food and candles and batteries and TP for my bunghole and matches, etc. seem much more important than luxury items...although liquor at least has a few uses.
The rubes get the job done in this country.
Here's a story my ole daddy told me. He was a marine ww2. While on Hawaii, he bought hooch with every paycheck and stored it in his stuff. When they stormed Mindanao or somewhere near there, there were a lot of guys killed and morale was low. They needed to get camp set up. The guy in charge couldn't get supplies or anything. Daddy O went to the officer and said to put him in charge, he could get the job done. The guy said go ahead. First thing, DaddyO called the supplies guy and said what he needed. The guy said, why should I give you anything. Daddy O said, I got hooch. He said, "You got hooch? What'dya need?"
They took a truck or two and got what they needed.
Chocolate can go just as far, and sure liquor in war time that's a no brainer. But people can make liquor at home in a still if they choose to. Ever see Hogan's Heroes or The Great Escape? Anyhow the point was trade anything but cigarettes and liquor are luxury items not necessities. And fewer people smoke with more knowledge of the negative health aspects than during WWII when they used to have news reports sponsored by Camels...the brand most doctors choose.
Gold can't spill and won't get destroyed by water or fire. Also you might hear "I don't smoke" or "I don't drink" but you won't ever hear "I don't like real money especially when it's too shiney."
I'm long toliet paper.
I'm all for the liquor but cigs get very stale and that aint good.
If they're all that's around, any real smoker will pay good money for cigs with fungus growing on 'em.
Outside of the US
does that mean the rubes are toast?
Ya GATA link for that interview? TIA.
Nah man, hate to say it but it's the damned CNBC :)
Investing in goldhttp://video.cnbc.com/gallery/?video=1886291685
Btw, there are headlines like this already: 'Treasury: S&P underestimates ability to cut debt' xD
I just finished reading "The Four Ends of the Greek Hyperinflation of 1941-1946", and three noteworthy items were that unsustainable deficits were involved (dur!), gold sales led to intermediate stabilization of the Drachma, and that press releases and equivalent were used to manipulate expectations of inflation despite not actually changing fiscal policy.
Cheers for that ^
Btw, something to muse about too (i've only recently found about this)
Money: De Gaulle v. the Dollar
”There can be no other criterion, no other standard than gold. Yes, gold which never changes, which can be shaped into ingots, bars, coins, which has no nationality and which is eternally and universally accepted as the unalterable fiduciary value par excellence.” - Charles De Gaulle, First French President
But you just summed it up so well, I think I'll keep my cash.
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