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I commend you for educating the ADHD infested masses. Unfortunately that idiom is self defeating with this medium of presentation unless we can telepathically link to their cranium.
The videos are very good. He does look something like Shrek doesn't he?
I just came over from HuffPost and will watch these later, all the while thinking of Warren as Shrek. Thanks for that.
Mr. Pollock's piece is the first I have seen that breaks down what is happening socially. Particularly his comments on denial. I have found that my sphere are either to busy dealing with life challenges or just to ignorant to realize that yes that is a TORNADO and it is coming right for us.
The thing that I disagree with is how he paints the picture that our political and economic system was flawed and doomed from the begining. Take for example high frequency trading, it could be a positive tool for the stock market yet unscrupulous powers that be saw fit to use it for personal gain at the expense of their fellow man. The same could be said of our founding fathers' Republic. A fantastic system that has been abused by the unscrupulous or as Mr. Pollock calls them, "The Iron Triangle" What is happening polically, economically and socially is not by accident. I would encourage you to take a look at one of the best articles I have seen that breaksdown how we arrived to this current crises. (http://waketheherd.blogspot.com) The piece is dated 7-23-2009 and also provides great back up documentation for you to review.
I have a request for TD or anyone to clarify for me... is there anyway that we can unwind this derivative situation. I just read an article that states, "The latest tally: $202 TRILLION in notional value derivatives. And even that pales in comparison to the global tally by the Bank of International Settlements, now at $592 trillion."
"And yes, notional values may overstate the magnitude of the problem. But the OCC’s measure of credit risk does not: Despite some shedding of risk here and there, every single one of the five largest derivatives players is still grossly overexposed to defaults by trading partners: Bank of America has total credit risk in this sector to the tune 169 percent of its capital; Citibank, 216 percent; JPMorgan Chase, 323 percent; HSBC Bank USA, 475 percent; Goldman Sachs, a whopping 1,048 percent, or over TEN times its capital."
Here is the link to the article I just read. (http://www.moneyandmarkets.com/the-great-lie-of-2009-5-34534)
Here is what Fitch had to say about the derivatives outstanding:
"To assess the improvements in disclosure, Fitch reviewed the quarterly filings of 100 companies from a range of industries representing nearly $6.4 trillion in aggregate
outstanding debt. The 100 companies reviewed were those with the highest levels of total outstanding debt in the S&P 1,500 universe; they represent approximately 75% of
the total debt of S&P 1,500 companies. The companies reviewed had a total notional amount of derivative positions in excess of $296 trillion and a net fair value in excess of
$240 billion. Derivatives were utilized by 89% of the companies reviewed, 90% of which elected to designate derivatives for hedge accounting purposes."
So even after netting there is still exposure to $240 billion. Now the thing that bothers me is that if any entity goes bust then those who have exposure to that entity can eat their losses which will affect their capital and maybe cause them to fail which can adversly affect another entity, etc. etc.
good point Bobby. I read the link of moneyandtheamrkets. Great article.
This should be part of any good school curriculum in Political Science. Great food for thought, thanks.
Great presentation. I disagree with the "Ideal" part though. It would be difficult for a "garage tinkerer" to advance too many technologies. People living in pro-life and pro-choice villages? there's the first of the village battles.
I like the bit about the failure already having occurred. Like we've already driven off a cliff and we're enjoying the fall, not having realizing there is a sudden stop coming.
what happened to the American dream?
It was turned into the American Privilege, until we could no longer afford it. Now it's just a dream again for a lot of people.
Yes, there was such thing as an entitlement to exchange other's work for Fed's paper tickets, but that's going away now.
OK, so wait. According to this douchebag, genetically modified foods somehow do not equate with "fresh food," McDonald's is a "death merchant," and we all need to dramatically lower our standards and get rid of "materialism" and live like the poorest of the poor in India and throw away all the trappings of modern civilization, because somehow this equates with "getting our priorities straight."
There were a couple good points in the first few videos but video 4A made me realize this guy is just another ignorant hippie. He's anti-government, anti-corporation, anti-special-interest ... What is he in favor of, exactly? Living in a hut in the woods?
Dude ... Go back to Canada.
Everybody needs to go back to their places of origin. That way this gigantic mess that is called the 'American Nighmare' will be left to those who stay behind.
Is living in a hut in the woods the only alternative you can think of to an economy based on usustainable permagrowth models that requires ever growing debts to prop up a gdp based on 70% consumption? And much of what we consume is now regulated by Corporations that have captured the government entities that "used" to regulate such goods and services without corporate "assistance."
The hut in the woods has a track record of thousands of years. Consumer driven debt based societies... well, not so long.
However, there is a middle ground. No need to give up on air conditioning just yet... the 5 flatscreen TVs bought on credit during the Christmas season in order to prop up the economy? Maybe that we'll have to learn to live without.
I am not so sure a cabin in the woods is the correct approach. Just because you attempt to get away from the conflagration, does not mean you can.
It's not. I was just knocking Missing_Link's knee-jerk reaction to the videos. See his post above mine. The middle ground I refer to involves not eschewing everything modern, but choosing between what we need (e.g. air conditioning) and what we don't need (6 flat screen TVs.)
This choice will be foisted on most of us anyway. As the FIRE economy implodes, watch for unemployment (U6) to reach 30%. Our economy, and world trade, to a large extent, is an unbalanced house of cards. However, the societal and political repercussions I fear the most.
I will not be going to a cabin in the woods... but I will be moving to a quiet island in the Meditterranean that my parents are from. I once thought that I would first accrue a lot of wealth and retire there. Now I realize that I don't have to accrue that much or wait any longer. I'm using this crisis to focus on what's important to me. It's feels good preparing to jump off the hamster wheel of modern life.
"what we need (e.g. air conditioning)"
Air conditioning is a need? I wonder how man survived prior to the 1950's?
Ever see a graph comparing the pre and post air conditioning population numbers in the SW USA? Without AC, nigh on nobody lived there.
Way to jump from one extreme to the other hippie lover!
As much as i have enjoyed the great run of MON through 2007, i have to admit, sudden loss of interest shown by pollinating bees seems to be a deterrent for me to have any further interest in genetically modified foods--sorry that is what he is talking about.
...we all need to dramatically lower our standards and get rid of "materialism"
Right, because you are entitled to your cheap Chinese goods you pay for with debt right? Did you actually watch the videos? Because he's talking _about_ You.
I think you are missing more than a link.
Why would anyone be pro government? Because they like to be robbed a gunpoint of 40% their income?
And yes, we need more "materialism." The average American should being buying more things we don't need with money we have to borrow from China.
Yes, if only we could eat more processed food! We would be far better off if we ate more hydorgenated fat, corn syrup and nitrates--we woud be much healthier.
Posted in prior thread but more apropos to the above - from conspiracy corner (note: the conspiracy types are sounding more and more rationale)
I'm not sure what how this presentation and the rest of site intersect. This presenter lifts so many ideas from other people, notably John Hobbes, Stephen Hassan, and possibly Stephen Karpman, and tries to repackage them into some coherent financial piece. If you spend an hour clicking through the "Mind Control" and "Social Contract" wiki's, you can get the same information and draw your own conclusions.
As one of many visitors to this site, I realize that my input is limited value in the grand scheme of things. But this is one of the worst posts I've seen yet.
Correction - "Thomas Hobbes"
Agreed. This really is a weak pseudo-political rant completely lacking in specifics and with little usefulness for people interested in understanding trading, investing, or the current state of affairs on Wall Street.
As if your silly little neck of the woods is the be all and end all of civilization. Get the fuck over yourself and open your mind a little bit, tweaker.
I am Chumbawamba.
I like you. Many on this site probably think of you as a kook. I think you very well may be the member of this site most enlightened to the totality of our current circumstances. Never let anybody tell you different (I doubt you do). I sure don't.
haha! sounds like a case of the very coginitive dissonance that was described.
Dude flat out stole "The Great Reset" from me, here is my blog started last November.
I did a couple posts, got bored and moved on. Obviously he can't come up with an original thought. Thief.
neither can you, it seems.
Yea, great examples of how the economy is being reset. How could I be so blatent? Not even close, it seems.
You were claiming that he had stolen "The Great Reset" from you, not that he had stolen content from your site.
I took this to refer to the term "The Great Reset". However, this term has been used before many times. So you didn't invent it either. That's all I am saying.
Buckyballs Fuller may become the architect of the world eventually, but i think, not anytime soon. I am sure his advocates will say that all opponents are STUPID, but too bad.
I am not willing to give up on capitalism yet. BUT, the first several parts of his essay are RIGHT ON. It is a revolutionary time and the interests of our elected officials (except for a few representatives in the house who can't be bought) are aligned with their supporters and at this point, the majority of support all elected officials come from banking interests since the privately held federal reserve has gained so much at the expense of all US taxpayers over the last 96 years.
We have to revoke the ownership of the 300 shares of the federal reserve corporation that are privately held, in order to stop the MONOPOLISTIC POWERS OF THIS ENTITY.
Maybe Buckyball Fuller and his ideals will come to fruition some day, but definitely not now.
NOTE: DIDN'T ANYONE HAVE ORGANIC CHEMISTY, REMEMBER "BUCKY BALLS" ? FULLER TOOK THE CONCEPT OF THIS FORM TO A WHOLE ARCHITECTURAL AND ECOLOGICAL AND PHILOSOPHICAL NEW LEVEL. THAT IS WHY I AM CALLING HIM "BUCKY BALL FULLER"
Check out buckeypaper if you wanna see how mind-boggling the future can be if we don't plunge ourselves into the Dark Ages in the meantime.
C60, Buckminsterfullerene: http://en.wikipedia.org/wiki/Fullerene
Yeah, it wasn't immediately apparent there that the stuff is >200x stronger than steel at 1/10 the weight, 2x as hard as diamonds, exhibits extreme electrical and thermal conductivity and all that.
Absolutely agree, it's not horrible but all over the place.
One villege pro-life and another village por-choice was the nail to the coffin.
One villege free capitalism, the other village totalitarian control...suuuure we're talking about a stable equilibrium there :)
Any concept of any equilibrium is lost in his stuff.
Warren Pollock circa 2004
"5.6 The real estate bubble that ate the stock market
Real estate's contribution to the over-inflation of the Dow may prove to be the greatest of all present economic dangers to the US economy..."
Feel free to criticize what I'm about to say, but...
Is a type of oligarchical Fascism the inevitable end to our complete free market, lack of any effective regulation, economic system?
Are we not one already ? 'Free Market' has ended, it took a while for us to realize that. We are in a state of high distress and confusion. There is no true leader, just a bunch of talking heads trying to confuse one even more.
Yes "Oligarchical Fascism" would be the best way to say it.
Against that type government, yes.
Against "special interests" ruling that government, yes.
Thanks for posting the 2004 forecast. As far as that goes it looks to be about 90% on target.
That forecast was just as radical then, as "The Great Reset" is now.
I have to disagree with your premise. This isn't a free market. We do have a lack of effective regulation, but we also have massive interventionism in a host of other aspects right to the nexus of the problem, fiat emission. The reason things are so lopsided toward big players who enjoy favored positions is in large part from government intervention that plays favorites with well-connected prime lenders and industrials who help players in government achieve policy aims. This is anything BUT a free market.
Nothing is inevitable. This is still America, and the American people, docile as they are, are still capable of waking up and rising above this bullshit. All we need is that elusive spark. . .
This is still America, but what does that mean?
It used to be that distinctions were black and white. "If you're not with us, then you're with them." But who is us? And who is them?
Can we identify with the things we make? We used to say "An American Car". But now Honda's are made in KY and Fords are made in Mexico and Canada. Is the new "us" now the workers of the world and "them" are the companies? What does that say about sovereignty?
If we went to war with Mexico, which side do mexican-americans fight on? Do they stand at the border and straddle the line? The same could be said of any American with a hyphen in front of "American". When the bullets start flying, which side do you choose?
Until we define what it means to be a resident of this country, I think we will have a hard time living here. BTW, I believe that the blurring of these distinctions is not an accident. I could cite numerous other examples, which includes but not limited to, the elected leaders of the country.
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