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Guest Post: Currency Wars - Misguided US Economic Policy

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Submitted by Gordon T. Long of Tipping Points

Currency Wars: Misguided US Economic Policy

The critical issues in America stem from minimally a blatantly ineffective public policy, but overridingly a failed and destructive Economic Policy. These policy errors are directly responsible for the opening salvos of the Currency War clouds now looming overhead.

Don’t be fooled for a minute. The issue of Yuan devaluation is a political distraction from the real issue – a failure of US policy leadership. In my opinion the US Fiscal and Monetary policies are misguided. They are wrong! I wrote a 66 page thesis paper entitled “Extend & Pretend” in the fall of 2009 detailing why the proposed Keynesian policy direction was flawed and why it would fail. I additionally authored a full series of articles from January through August in a broadly published series entitled “Extend & Pretend” detailing the predicted failures as they unfolded. Don’t let anyone tell you that what has happened was not fully predictable!

Now after the charade of Extend & Pretend has run out of momentum and more money printing is again required through Quantitative Easing (we predicted QE II was inevitable in March), the responsible US politicos have cleverly ignited the markets with QE II money printing euphoria in the run-up to the mid-term elections. Craftily they are taking political camouflage behind an “undervalued Yuan” as the culprit for US problems. Remember, patriotism is the last bastion of scoundrels

An unusual Wall Street Op-ed piece appeared Wednesday October 13th , written by Yiping Huang, a Professor of Economics - China Center for Economic Research at the prestigious Peking University. He called for common sense from Americans and the G20 regarding the potential for destructive currency wars:

“The upcoming Group of 20 summit in Seoul could become a battlefield of this new conflict. But it doesn't have to be. Rather than focus on currency manipulation, all sides would be better served to zero in on structural reforms. The effects of that would be far more beneficial in the long run than unilateral U.S. currency action, and more sustainable. …  it would be much better for the G-20 to focus on a comprehensive package centered on structural reforms in all countries. Exchange rates should be an important part of that package. For instance, to reduce the U.S. current-account deficits, Americans have to save more. But simply devaluing the dollar would not be sufficient for that purpose. Likewise, China's current-account surpluses were caused by a broad set of domestic economic distortions, from state-allocated credit to artificially low interest rates. Correcting China's external imbalances requires eliminating all of these distortions.”

 

I have been arguing that the US must address its structural problems for a long time now. Read my articles: 1) INNOVATION: America has a Structural Problem, 2) INNOVATION: What Made America Great is now Killing Her! and 3)  America - Innovate or Die! for the facts that are being continually secreted from you.

We have a Public Policy failure that does not recognize we have a major US structural and secular problem.

The solutions should be central to US mid-term party campaign election platforms. They aren’t?

We all need to appreciate that from a Chinese perspective, with the world’s largest holdings of US$ reserves, a US lead currency war based on dollar debasement is an American act of default to its foreign creditors no matter how you camouflage it. As JP Morgan was reported to have said regarding sovereign defaults on US loans ‘ this is why we have the US navy – to stop that from happening’. So far the Chinese have been more diplomatic, but their patience is wearing thin.

With 25 currency interventions in a one week period, matters are quickly getting out of control. Stephen King, the managing director of economics at HSBC writes:

"the rich Western world has over-consumed in recent years. It has too many debts. But rather than dealing with those debts – living a life of austerity, accepting a period of relative stagnation – the West wants to shift the burden of adjustment on to its creditors, even when those creditors are relatively poor nations with low per capita incomes. And that rankles not just with the Chinese but also with many other countries in Asia and in other parts of the emerging world. During the Asian crisis in 1997-98, Western nations, under the auspices of the IMF, insisted that Asian nations, having borrowed too much, should now tighten their belts. But the US doesn't seem to think it should abide by the same rules. Far better to use the exchange rate to pass the burden on to someone else than to swallow the bitter pill of austerity. No wonder the Chinese are not willing to play ball."

The Chinese reject the conventional thinking.

  1. They could point to the yen's extraordinary rise over the last 40 years – from JPY360 against the dollar at the beginning of the 1970s to approaching JPY80 today – and note that, despite this huge appreciation, Japan's current account surplus has got bigger, not smaller.
  2. They could argue that America's prescription for China's economic rebalancing – a stronger currency and a boost to domestic demand – was precisely the policy followed by the Japanese in the late-1980s, leading to the biggest financial bubble in living memory and the 20-year hangover that followed.
  3. They could argue that the demand for a renminbi revaluation is, in truth, a policy of American default.
  4. During the Asian crisis in 1997-98, Western nations, under the auspices of the IMF, insisted that Asian nations, having borrowed too much, should now tighten their belts. But the US doesn't seem to think it should abide by the same rules"
  5. They could argue that Chinese manufacturing margins are so razor thin that significant change in exchange rates would wipe them out and force layoffs of millions of Chinese. Labor rates are already climbing in china and further squeezing margins.
  6. A revaluation of the Yuan would only push manufacturing to Vietnam, Cambodia, Thailand, Bangladesh and other lower paying nations without improving the developing economies trade deficits.

If we truly wanted to head off this Currency War then it is a matter of doing what we did in 1985 with the Plaza Accord. We need another 2010 Plaza Accord version. But here is the rub. This Plaza Accord is not about the US and G5 as it was in 1985. It is about an Asian Plaza Accord under the support and auspices of the G-20. It is about the Asia export led and mercantilist leadership agreeing amongst themselves. The chances of this happening, the west seeing the requirement for it or the west relinquishing its powers in any measurable fashion are not possible as part of the political gamesmanship presently being played with our lives.
 
Why all this has been allowed to knowingly unfold leads me into a discussion where all ‘government fearing people’ fear to tread. Though I love the country I call home, I am coming to question our government. Frankly, I am losing my trust in its true motives.

I personally now support neither party since they have become the two heads of the same monster which does not operate ‘for the people by the people’.  I don’t believe I’m alone as I sense real anger across America; and the political polls clearly show confidence falling for our political leadership. Americans want their country back!

Almost three-quarters of Americans — 72 percent — have a negative view of the federal government, according to a USA Today/Gallup poll released Wednesday. It is the highest level of dissatisfaction since the Watergate scandal that led to President Richard Nixon’s resignation in 1974.

“The federal government has an image problem,” said Frank Newport, editor-in-chief of Gallup. “It’s like the cable company; they may perform a necessary function but people are dissatisfied with the service.” Newport said when you ask people what they think of the government, “‘Bleah’ comes out of their mouth.” Congress is so polarized that it is hard-pressed to accomplish even the things that the public says are important. When respondents in the Gallup survey were asked what the government should do, more than a third placed top priority on economic and budgetary concerns:

  • Fifteen percent said the government should “create jobs.”
  • Six percent said “improve the economy.” 
  • Another 6 percent said “balance the budget.”
  • But 4 percent said the government should “expand health care coverage.”
  • And 4 percent said “cut taxes.”

All told, 35 percent mentioned those specific problems. Yet Congress failed to pass even one of 13 regular appropriations bills before recessing last month for the midterm campaign, while lawmakers have made little progress in addressing the deficit.

A PUBLIC POLICY SCORE CARD - WHAT HAVE OUR POLITICAL LEADERS ACHIEVED

Let’s recap where we are because the happy face media doesn’t want to tell you. They are reluctant to inform you because it hurts consumer consumption and therefore advertising revenues. It simply isn’t smart business to publically state the reality of the situation, and by the way, they get sued for any possibly unsubstantiated negative comments that might stop a stock(s) from rising.

Six corporations now collectively control US media and absolutely dominate news and entertainment.

 “When you control what Americans watch, hear and read you gain a great deal of control over what they think. They don’t call it ‘programming’ for nothing” (1).

Americans now watch on average 153 hours of television a month. You would think with this level of information consumption we would be informed – somewhat?

I’m sure you are all familiar with the facts in the chart above?  No?  Is it because no one tells you? Still skeptical? How many of the following major facts are you familiar 

With and you hear your political candidate discussing? Tick them off as you read them.

THE FACTS – JUST THE FACTS! – Of the 3 dozen below how many will you hear during the campaign?

1- The United States has lost approximately 42,400 factories since 2001.  About 75 percent of those factories employed over 500 people when they were still in operation. Source: The American Prospect

2- The United States has lost a total of about 5.5 million manufacturing jobs since October 2000. Source: The American Prospect
3- The United States has lost a whopping 32 percent of its manufacturing jobs since the year 2000.
4- As of the end of 2009, less than 12 million Americans worked in manufacturing. The last time less than 12 million Americans were employed in manufacturing was in 1941.
5- In 1959, manufacturing represented 28 percent of U.S. economic output. In 2008, it represented 11.5 percent. Source: The American Prospect
6- Ten years ago, the United States was ranked number one in average wealth per adult. In 2010, the United States has fallen to seventh. Source: Zero Hedge
7- The United States once had the highest proportion of young adults with post-secondary degrees in the world. Today, the U.S. has fallen to 12th.
8- American 15-year-olds do not even rank in the top half of all advanced nations when it comes to math or science literacy.
9- In America today, consumption accounts for 70 percent of GDP. Of this 70 percent, over half is spent on services. Source: Economy In Crisis
10- In 2001, the United States ranked fourth in the world in per capita broadband Internet use. Today it ranks 15th. Source: MACLEANS.CA
11- In 2008, 1.2 billion cell phones were sold worldwide. So how many of them were manufactured inside the United States? Zero. Source: The American Prospect
12- The television manufacturing industry began in the United States. So how many televisions are manufactured in the United States today? According to Princeton University economist Alan S. Blinder, the grand total is zero.
13- Printed circuit boards are used in tens of thousands of different products. Asia now produces 84 percent of them worldwide.
14- Manufacturing employment in the U.S. computer industry is actually lower in 2010 than it was in 1975. Source: Businessweek
15- One prominent economist now says that the Chinese economy will be three times larger than the U.S. economy by the year 2040.
16- According to a new study conducted by Thompson Reuters, China could become the global leader in patent filings by next year.
17- Back in 1980, the United States imported approximately 37 percent of the oil that we use. Now we import nearly 60 percent of the oil that we use.
18- The U.S. trade deficit is running about 40 or 50 billion dollars a month in 2010. That means that by the end of the year approximately half a trillion dollars (or more) will have left the United States for good.
19- Between 2000 and 2009, America's trade deficit with China increased nearly 300 percent.
20- Today, the United States spends approximately $3.90 on Chinese goods for every $1 that China spends on goods from the United States.
21- According to a new study conducted by the Economic Policy Institute, if the U.S. trade deficit with China continues to increase at its current rate, the U.S. economy will lose over half a million jobs this year alone.
22- If our trade deficit with China increases at its current rate, the U.S. economy will lose over half a million

jobs this year alone. Source: Economic Policy Institute [PDF]
23- As of the end of July, the trade deficit with China had risen 18 percent compared to the same time period a year ago. Source: Economic Policy Institute [PDF]
24- The United States spends approximately $3.90 on Chinese goods for every $1 that the Chinese spend on goods from the United States. Source: The Economic Collapse
25- One prominent economist is projecting that the Chinese economy will be three times larger than the U.S. economy by the year 2040. Source: MarketWatch
26- In the 2009 "prosperity index" published by the Legatum Institute, the United States was ranked as just the ninth most prosperous country in the world. That was down five places from 2008.
27- The economy of India is projected to become larger than the U.S. economy by the year 2050.
28- From 1999 to 2008, employment at the foreign affiliates of US parent companies increased an astounding thirty percent to 10.1 million. During that exact same time period, U.S. employment at American multinational corporations declined 8 percent to 21.1 million.  Source: Tax Analysts [PDF]

International Job Growth = 30% to  10.1 = 233K Jobs
Domestic Job Cuts =  8% decline from 21.1M = 184K Cuts
Net Growth =  233K – 184K = 49K
Net Percentage Growth = 49 / (10.1M + 21.1M) = 0.16% Employment Growth.

Multinationals show paltry hiring growth and are moving the existing work force steadily offshore.

29- The Census Bureau says 43.6 million Americans are now living in poverty, which is the highest number of poor Americans in the 51 years that records have been kept. Source: Washington Post
30- Approximately 750 good paying middle class jobs are going to be lost because making Ford Rangers in Minnesota does not fit in with Ford's new "global" manufacturing strategy. Source: Economy In Crisis

31- Dell Inc. has announced plans to dramatically expand its operations in China with an investment of over $100 billion over the next decade.  Dell has announced that it will be closing its last large U.S. manufacturing facility in Winston-Salem, North Carolina. Approximately 900 jobs will be lost.
Median household income in the U.S. declined from $51,726 in 2008 to $50,221 in 2009. That was the second yearly decline in a row.
32-The United States has the third worst poverty rate among the advanced nations tracked by the Organization for Economic Cooperation and Development.
33- Since the Federal Reserve was created in 1913, the U.S. dollar has lost over 95 percent of its purchasing power.
34- U.S. government spending as a percentage of GDP is now up to approximately 36 percent.
35- The Congressional Budget Office is projecting that U.S. government public debt will hit 716 percent of GDP by the year 2080.
36- Do you know what our biggest export is today? Waste paper.  Yes, trash is the number one thing that we ship out to the rest of the world as we voraciously blow our money on whatever the rest of the world wants to sell to us.
 
Has anyone been telling you this and have any of your politicians raised this in the current election campaigning?

Forgetting for the moment that failed US public policy is at the root of the financial crisis, the above chart shows that even the US’s recovery has been noticeably and significantly worse than other developed nations.  The US policy approach to the solution to the financial crisis has been the least effective according to these figures just released by the Organization for Economic Co-operation and Development (OECD).

THE GUILTY PARTIES ARE FLEEING LIKE RATS FROM A SINKING SHIP

We have witnessed defections in the last month of three of the top four architects of Obama’s economic policy team. Plus the hidden fifth, Rahm Emanuel announced his departure October 1st. Rumors are now swirling that Tim Geithner will leave after the election and rumors grow that Michael Bloomberg is going to be the next Treasury Secretary (for a presidential run in 2012 or 2016, (another recent rumor)). They all know their policies failed, the public knows it, the media does but is afraid to say it and President Obama knows his administration is facing being a lame duck Presidency for the last two years of his term because of it.

Recovery Is Stuck in Neutral  WSJ   - “The economic recovery is largely stuck in neutral, reports on manufacturing, construction and spending show, and the president of the Federal Reserve Bank of New York gave the clearest signal yet that the Fed was preparing new actions aimed at boosting growth. In a speech Friday (Oct 1st) before the Society of American Business Editors and Writers, New York Fed President William Dudley indicated that the Fed, confronted with "unacceptable" conditions of high unemployment and low inflation, is likely to take new action to support the economy.  Mr. Dudley said $500 billion in additional asset purchases would provide stimulus equivalent to a reduction of 0.5 to 0.75 percentage point in the federal funds rate, the Fed's typical lever for stimulating the economy - The current situation is wholly unsatisfactory” and “both the current levels of unemployment and inflation and the timeframe over which they are likely to return to levels consistent with our mandate are unacceptable,” Federal Reserve Bank of New York President William Dudley said in a prepared text.

 

MY PREDICTION DOCUMENT RESULTS



Fiscal:
Stimulus II will be required Extend and Pretend Post Labor Day Announcements
    $50 billion Infrastructure Initiative
    (Highways, airports, roads)
    $200 billion Capital Investment Write Offs
    $30 Billion Small Business Fund
    $100 Billion R&D Tax Credit
    $14 Billion FHA Homeownership Guarantees
     
Monetary:    
QE II will be required Guide to Road Ahead September 21 FOMC Minutes
Shadow Banking Collapse Slide Presentation Shadow Bank Liabilities Plunge $2 Trillion Year To Date (ZH)
     

The chart above was updated in the fall of 2009 in my thesis paper: Extend & Pretend. It was pointed out that the public policy decisions taken by the administration would be the deciding factor on where the market headed after a 2008 market sell-off counter rally was completed, a subsequent consolidation down leg took place and the effects of the policies were evident. We are now entering the latter period. It doesn’t look pretty.     

FLAWED POLICY THINKING:

Housing Prices Let prices fall and allow the system to clear.

  • We keep trying to hold housing prices up to protect bad banking decisions and reward bad homeownership decisions.
  • Why isn’t lower housing prices and more affordable housing good for Americans?

Commercial Real Estate (CRE) is Out of Time Let prices fall and allow the system to clear.

  • Extend & Pretend accounting games have run out of time.
  • Occupancy rates of offices, hotels and retail shows us massive overbuilding took place and must now be re-priced. Instead we are trying to hold them up artificially.
  • Why are cheaper rents not good for America?

Too Big To Fail Let major players fail and let M & A and the bankruptcy process work.

  • The Frank-Dodd Legislation is a  complete legislature failure
  • Regulators are now in control and are in turn effectively controlled by the lobbyists and major private player interests.
  • Less than 9 Congressmen / Senators claimed to have read the full ~2400 page Frank-Dodd Bill

Obamacare- A Hidden Tax Code in disguise

  • Few elected officials claim to have read the full approximate bill ~2000 pages.

The obvious cause of these failed public policy approaches are the following:

  1. A Washington Political System of lobbyist, electioneering costs, legislative/regulatory complexity and lack of accountability which is no longer serving the public.
  2. The concept of a “Federal Reserve”  and US Money Centered Banking is unstable long term under a fiat currency regime.
  3. The media is no longer effectively serving the democratic system. It must be broken up.

Stop interfering and let capitalism work its proven magic!

We are locked into Crony Capitalism, Socializing Losses, Political Pandering and never ending Campaigning versus Governing

The following chart shows that money has become a commodity. It can’t command any return for holding it (interest coupon) similar to any commodity where there is excess supply. The unique structure of notes and bonds are generating paper capital gains due to falling rates. Remember, these gains are not realized until the ‘paper’ is actually sold or expires and the issuer is capable of paying the surrender value.

“When Money Becomes a Commodity, Commodities become Money”

Gordon T Long        
Tipping Points

 

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Sat, 10/16/2010 - 12:53 | 655184 kaiserhoff
kaiserhoff's picture

This is some measure of their desperation.

Sat, 10/16/2010 - 12:52 | 655185 37FullHedge
37FullHedge's picture

The Bottom line, The US UK  EU are living beyond their means and the market is doing its job to correct this, A Long way to go.

Sat, 10/16/2010 - 14:36 | 655319 caconhma
caconhma's picture

37Full,

You are perfectly correct. The US UK  EU were/are living beyond their means for too long. This is coming to the end.

The present situation is very simple:

  1. The West (US, UK, and EU) cannot any more continue its colonial and neo-colonial policies any more. GWB handlers and UK has engineered "the war on terror" activities  to regain and solidify their neo-colonial status following the Soviet collapse. However, it did not work. The West bogged down in Iraq, Afghanistan, Pakistan, Somalia, Yemen, etc., At the same time, China, India, and Brazil substantially improved their geopolitical standing and capabilities (specifically, China military capabilities). The West cannot impose its rules by its military might anymore. Period.
  2. The West is not self-sufficient. It cannot function without international trade. The West has lost its competitive advantages due to near-sighted transfer of its technology & know-how and due to a huge disparity of labor cost. Either labor cost must hugely increase in China, India, Russia (it is out of question) or the West labor cost and standards of living must go substantially down (the only available solution).
  3. The FED do understand this. By debasement of the US$, the FED is trying to improve US competitive standing. Unfortunately, the FED is to incompetent and lost tough with the reality. Just debasing US$ will not work since US legal and political system as well as its economy cannot successfully function in the present lawless and anti-business environment.
  4. Presently, there is nothing on a horizon for any optimism.
Sat, 10/16/2010 - 14:57 | 655361 fxrxexexdxoxmx
fxrxexexdxoxmx's picture

I just love your GWB handlers comment. Obama has no handlers?

Without fraudulent, illegal, campaign donations generated and funneled through George's 527 c 's Obama would still be cruising for sex at the YMCA.

Sat, 10/16/2010 - 16:46 | 655506 Conrad Murray
Conrad Murray's picture

That post was written by one of Obama's handlers.

http://www.forbes.com/forbes/2010/0927/politics-socialism-capitalism-pri...

Sun, 10/17/2010 - 17:47 | 657104 DosZap
DosZap's picture

Obama would still be cruising for sex at the YMCA.

He's not?
Sat, 10/16/2010 - 16:29 | 655498 CrackSmokeRepublican
CrackSmokeRepublican's picture

I'm optimistic the Bankrupting Talmudic Jews will be removed from the US/UK/EU...

 

Sun, 10/17/2010 - 08:46 | 656313 AnAnonymous
AnAnonymous's picture

the West labor cost and standards of living must go substantially down (the only available solution).

 

 

The option is not on the table. Cost and standards of living are mostly determined by the quality of the general environment, this basically (a place with running water/ a place with no running water)

There is little margin to decrease the cost and standard of living in the West.

The most likely solution is that people who can no longer afford to live in the West will have to relocate.

Mon, 10/18/2010 - 00:12 | 657685 thefedisscam
thefedisscam's picture

+1000!

Sat, 10/16/2010 - 13:02 | 655194 masterinchancery
masterinchancery's picture

The actual quote from Dr. Johnson, which referred to the Patriot Party in Britain, not patriotism in general, is "Patriotism is the last refuge of a scoundrel."

Sat, 10/16/2010 - 14:43 | 655333 doolittlegeorge
doolittlegeorge's picture

could be "handing out an MRE near you" too.  Keep goin' there, tho.  Keep goin' there.

Sat, 10/16/2010 - 18:04 | 655578 tmosley
tmosley's picture

R~ight, and Winston Churchill was talking about the Democratic party of America when he was talking about it being the worst form of government except for all the others.

Sat, 10/16/2010 - 13:18 | 655199 Spirit Of Truth
Spirit Of Truth's picture

Wow...

 In 1959, manufacturing represented 28 percent of U.S. economic output. In 2008, it represented 11.5 percent.

Sat, 10/16/2010 - 13:22 | 655223 snowball777
snowball777's picture

What you missed two decades worth of Springsteen albums?!

Sat, 10/16/2010 - 16:51 | 655510 Djirk
Djirk's picture

I wish!

Sat, 10/16/2010 - 14:15 | 655279 Oligarchs Gone Wild
Oligarchs Gone Wild's picture

Real things have been replaced with the FIRE economy, or magic, or Alchemy or fraud or

http://www.youtube.com/watch?v=RZ-uV72pQKI

 

Sat, 10/16/2010 - 13:08 | 655202 masterinchancery
masterinchancery's picture

More to the point, "No People can be great who have ceased to be virtuous." Johnson, An Introduction to the Political State of Great Britain.

Sat, 10/16/2010 - 14:46 | 655341 doolittlegeorge
doolittlegeorge's picture

certainly true if we're talking the concept of virtue.

Sat, 10/16/2010 - 13:12 | 655207 Oligarchs Gone Wild
Oligarchs Gone Wild's picture

We have a Public Policy failure that does not recognize we have a major US structural and secular problem.

The solutions should be central to US mid-term party campaign election platforms. They aren’t?

 

This is because it would take the average voter (and politician) about 6 months worth of reading to understand 1/10th of the heavy machinery to the point where they could hold a discussion about it, let alone debate it.

The message needs to be distilled down to something simple to understand and simple to stand behind.  Otherwise, it will remain a shadow that is maintained by the Oligarchs and everyone will keep watching TV and flip flopping be between two different shit sandwiches every two years until they wake up realizing they've given away everything (including freedom) and have nothing left.

Sat, 10/16/2010 - 13:29 | 655235 RockyRacoon
RockyRacoon's picture

When even one electoral candidate will name exactly what gov't program or agency he/she would like to eliminate in a process to reduce the deficit I'll start paying attention.

Sat, 10/16/2010 - 17:16 | 655525 Ragnar D
Ragnar D's picture

Department of Energy.

Department of Education.

Department of Labor.

Department of Agriculture.

Office of National Drug Control Policy.

Health and Human Services.

Housing and Urban Development (lol).

PBS and NPR.

EPA.

FCC.

FDA.

Amtrak.

 

Then start unwinding the bankrupt pyramid schemes (SS/Medicare/Medicaid).

Sat, 10/16/2010 - 18:24 | 655596 Mariposa de Oro
Mariposa de Oro's picture

Ragnar D for President!

:o)

Sat, 10/16/2010 - 18:37 | 655610 cossack55
cossack55's picture

Which state are you running in and where do I send my money order.

Sat, 10/16/2010 - 20:17 | 655715 RockyRacoon
RockyRacoon's picture

I admire your spunk... Your name is on which ballot?

Let's get a real candidate on here to say the same!

Sat, 10/16/2010 - 20:37 | 655732 rwe2late
rwe2late's picture

junked for not starting with

draconian cuts to the "Defense" Dept., Homeland Security, CIA, and NSA.

Sat, 10/16/2010 - 20:47 | 655740 hamurobby
hamurobby's picture

+1 on the cuts,

is that you Ron Paul?

Sun, 10/17/2010 - 17:56 | 657117 DosZap
DosZap's picture

Dude,

How did you forget the "United Nations" of we vote 99% of the time against the nation that funds us most?.

Gave us prime RE in NYC, where the average pay for a Sanitation Eng (Janitor) was $75k 5 yrs ago?.)

Mon, 10/18/2010 - 00:21 | 657694 thefedisscam
thefedisscam's picture

You missed one:

U.S. Census Bureau

Their head counts now is somewhere bet. 7000-8000!

Sat, 10/16/2010 - 14:07 | 655281 Pseudo Anonym
Pseudo Anonym's picture

The message needs to be distilled down to something simple to understand and simple to stand behind.

you worry too much Olie. A Hitler-like leader is already waiting in the wings. He will distill it for you! But, what color will (s)he be now? That's what I want to know.

Sat, 10/16/2010 - 13:18 | 655215 williambanzai7
williambanzai7's picture

Pass the O Bonga!

Sat, 10/16/2010 - 13:20 | 655220 Oligarchs Gone Wild
Oligarchs Gone Wild's picture

And this is precisely why WB7 is #1.

Sat, 10/16/2010 - 13:30 | 655236 RockyRacoon
RockyRacoon's picture

He's not inhaling...

Sat, 10/16/2010 - 15:42 | 655433 Hulk
Hulk's picture

Whatever happened to Barbecue Frito's? Just what in the hell is this country coming to?

Sat, 10/16/2010 - 15:49 | 655444 williambanzai7
williambanzai7's picture

Yes I am

Sat, 10/16/2010 - 16:08 | 655476 Hulk
Hulk's picture

We were kinda thinking that was the case...

Sat, 10/16/2010 - 13:50 | 655257 Lucius Corneliu...
Lucius Cornelius Sulla's picture

lmao

Sat, 10/16/2010 - 15:55 | 655456 williambanzai7
williambanzai7's picture

Careful with your coffee!

Sat, 10/16/2010 - 13:51 | 655258 Atomizer
Sat, 10/16/2010 - 15:54 | 655452 williambanzai7
williambanzai7's picture

These are excellent. Tnx for posting!

Sun, 10/17/2010 - 13:15 | 656705 PeterSchump
PeterSchump's picture

http://www.ehomemortgages.com/blog/img/mortgage-crisis2.png

 

The GLB Act was passed in 1999, not 1992.  Other than that, a fine timeline.

 

Sat, 10/16/2010 - 14:16 | 655293 Jake Green
Jake Green's picture

 ... and Eric Holder has come out of hiding. Not to prosecute war criminals, or torturers, or even bank executives who have committed trillions in fraud, no, our brilliant AG has declared that he's gonna throw the book at California weed smokers.

Hey Eric, the other rats are swimming for shore, get a move on.

Sat, 10/16/2010 - 15:45 | 655437 williambanzai7
williambanzai7's picture

Let's hope he goes with Geithner!

Sat, 10/16/2010 - 17:34 | 655544 Crab Cake
Crab Cake's picture

Eric Holder is the definition of a tool. Obama holds an open forum to find out what the people of the US want, and they resoundingly said they want an end to marijuana/hemp prohibition. What does he do? He shuts down the forum, and tells the people to fuck off. It makes my blood boil. Let alone what's going on at the border. A state is on the verge of displaying its constitutional right to self determinate.... and Obama and his goon Holder have the gall to say that the DEA will get involved at a local level... Fuck them. Where does it state in the Constitution that the Federal government has been specifically ceded power by the states to enforce drug policy?

It's time for revolution. The Federal government has jumped the shark, is wildly overstepping its mandate, and is quickly becoming a tyranny.

Lets decorate the lampposts of DC and Wall St, that's what I say. Burn down the Fed, hang the criminals, and when we're done we have a ConCon.

Sat, 10/16/2010 - 21:35 | 655786 tip e. canoe
tip e. canoe's picture

don't worry CC, if prop 19 passes, cannabis will be the FairO's achilles heel.

Sat, 10/16/2010 - 21:17 | 655767 New_Meat
New_Meat's picture

nor even New Black Panthers--well,they can't do voter intimidation, since they go up against light green voters. - Ned

Sat, 10/16/2010 - 14:19 | 655299 williambanzai7
williambanzai7's picture

Special charterpretation tutorial (the real meaning)

 

Sat, 10/16/2010 - 14:33 | 655320 nope-1004
nope-1004's picture

Looks good, but I prefer this one:

 

......................./´./)
....................,/¯../
.................../..../
............./´¯/'...'/´¯¯`¸
........../'/.../..../....../¨¯\
........('(...´...´.... ¯~/'...')
.........\.................'...../
...........\.............. _.·´
............\..............(
..............\.............\
...............\..............\
................\..............\
.................\...............\

 

 

Sat, 10/16/2010 - 14:35 | 655324 snowball777
snowball777's picture

Looks like you pulled a Rahm on that hand.

Sat, 10/16/2010 - 15:47 | 655440 williambanzai7
williambanzai7's picture

I like your profile mug

Sat, 10/16/2010 - 21:17 | 655768 New_Meat
New_Meat's picture

Dang, System 360 Line Printer art!

Sat, 10/16/2010 - 17:59 | 655574 What_Me_Worry
What_Me_Worry's picture

A+.  Extra credit for "O Bonga"

Sat, 10/16/2010 - 18:39 | 655611 cossack55
cossack55's picture

Best laugh all day, WB.  Damn you do fine work.  Ever consider a book, coffee table sized.

Sat, 10/16/2010 - 21:38 | 655783 tip e. canoe
tip e. canoe's picture

classic

Sat, 10/16/2010 - 22:53 | 655861 williambanzai7
williambanzai7's picture

Four good reasons to junk this image:

a. You are Charles Munger and coping just fine;

b. You are visually challenged and fail to understand the political message of this image and how it relates to the main post;

c. You are DEA;

d. You are Junk Dog Smith and "junk therefore you are"

Sat, 10/16/2010 - 23:26 | 655878 Spalding_Smailes
Spalding_Smailes's picture

Tip of the day .....

 

Go into photoshop, go to layers, if you have an image that contrast or say you have uncle ben on a white backround and want to drop out backround without pen/eraser. Double click that image layer to brings up layer styles------ drop shadow,inner shadow,outer glow,bevel emboss ect ...

Now see the....... Blend if grey: at bottom of window well go below and see the triangle slider 0-255. well move over the black one and click on it as you hold down option/alt key. You will now split the triangle in 1/2 and now slide one to the inside as you keep the other half on 255 or to drop out your white backround go to the triangle on the 0 and split that up.... You can remove your backround in seconds now, now blur ... and your done!Mess around moving all 4...

If you notice you can control this layer/underlying layer, this is great when you want to blend two layers (plane in clouds) you blend using the 255 shades of grey, seemless photorealistic montage ...

Enjoy.

 

Also if you have a weak image dup layer and change top layer from normal to overlay move opacity to 20% give your image extra punch great for old photos...

Sun, 10/17/2010 - 02:06 | 656038 williambanzai7
williambanzai7's picture

I need a PS assistant to clean up after me ;-)

Sat, 10/16/2010 - 13:17 | 655216 Atomizer
Atomizer's picture

In order to help humanity, I've decided to contact a NGO and request for new job creation project. Since Mazlan Othman director of the UN Office for Outer Space Affairs has now reclassified her job by speaking to Alien Bacteria.

Had this brilliant idea this morning while taking a dump. Before I flush my turd down the toilet, we need to provide counseling to the floaters before pressing the flush button.

Again, which NGO's are willing to pony up billions to evaluate, then create new UCC statute law? This new job creation market could be endless.

Think about it. All new revenue streams are created by things going down the toilet. Imagine all the padded hours you could submit.

Just satire - Enjoy

 

Sat, 10/16/2010 - 14:52 | 655350 doolittlegeorge
doolittlegeorge's picture

satire?  I'm disappointed in you Atomizer.  I much prefer a man who talks to his turds in the morning before flushing and is serious.

Sat, 10/16/2010 - 18:40 | 655612 cossack55
cossack55's picture

I try to, but the Senate office is always a busy signal.

Sat, 10/16/2010 - 15:37 | 655426 macholatte
macholatte's picture

Had this brilliant idea this morning ....

 Way too much information!

 

 

Sat, 10/16/2010 - 18:28 | 655601 Atomizer
Atomizer's picture

:>P  Just being silly.

And now back to the currency wars and other tin that will be attempted thru TelePrompter fantasy land. 

Sat, 10/16/2010 - 13:25 | 655227 99er
99er's picture

China's Strategy

This scene from John Woo's Red Cliff may well capture China's strategy in the Currency Wars. The "good guys" are almost out of ammunition and face defeat. Then the greatest general in Chinese history, a poet named Zhuge Liang, devises a clever plan. Brilliant.

http://www.youtube.com/watch?v=RWYpK11LlrE

Sat, 10/16/2010 - 13:27 | 655232 RockyRacoon
RockyRacoon's picture

When Money Becomes a Commodity, Commodities become Money.

-- Gordon T Long Tipping Points

Nice one!

Sat, 10/16/2010 - 13:40 | 655247 gnomon
gnomon's picture

Mr. Long lets China off VERY lightly.  China bought our politicians years ago through the multi-national corporations.  And then our politicians proceeded to pass laws and to look the other way as our jobs were shipped overseas, primarily to China.  

When you are a debtor who has "lost his limbs" you will be forever trying to pay off the debt.

China has pulled off the coup of the past two centuries with a perfectly executed mercantilist policy that spanned decades. 

They never had to fire a shot, and they have The United States on its knees.  

I hold no brief for this current administration or the ones before it.  We should deleverage now and take our lumps rather than go the hyperinflationary route.  China will go down with us.  That will be a small recompense.

It is China against the world.  The recent East Asian headlines tell anyone who wants to know all that they need to know on that score.

Sat, 10/16/2010 - 13:57 | 655261 Lucius Corneliu...
Lucius Cornelius Sulla's picture

This sounds like the same old attitude posted all over the ZH boards.  Blame the drug dealer for losing your house, car, wife and kids.  The American public deserves the spineless, cowardly, hapless leaders in Congress.  They were only trying to make life "fair" for everyone.  Bread and circuses.

I do agree with your cure though.  De-leveraging is the only way to truly get us out from under the banksters.

Sat, 10/16/2010 - 14:00 | 655271 Segestan
Segestan's picture

You don't really believe they had , have altruistic motives do you? Internationalism is a selfish religion not a truth.

Sat, 10/16/2010 - 14:11 | 655285 Lucius Corneliu...
Lucius Cornelius Sulla's picture

Like I said, bread and circuses.  If Congress were interested in fighting mercantilism and keeping our National wealth intact, some uncomfortable choices would have to have been made.  It all goes back to 1971.  All discipline was lost when the politicians were given a blank check for wars and entitlements to pacifying the masses.  Total corruption.  Both parties are at fault.  Real reform would mean structural changes to the political system which would put all of the goons out of power.  It ain't going to happen.

 

Sat, 10/16/2010 - 14:27 | 655310 Segestan
Segestan's picture

Agree with you're view. With the massive changes to America since 71 when the old system weakens it will get ugly. A house devived cannot stand someone once said. In my view....It will all come down to who wants to live by the laws of the constitution... as free men. ....or will we reach for the utopian stars of the ( failed) socialist agenda. Bottom line ... any policy that restores American industry is a good start.

Sat, 10/16/2010 - 14:55 | 655351 doolittlegeorge
doolittlegeorge's picture

i don't see the bread and i don't see the circuses either.  and that pisses me off, too.

Mon, 10/18/2010 - 00:33 | 657705 thefedisscam
thefedisscam's picture

+10

 

Sat, 10/16/2010 - 14:44 | 655335 snowball777
snowball777's picture

Correction: they've never had to fire a shot...to date.

They may before this is said and done to protect the value of those treasuries their holding. Meanwhile the people shopping at Wal-Mart continue to destroy their own country while facilitating the very debt accumulation they protest the next day.

 

You keep buying these things though you don't need them

but as long as you're comfortable, it feels like freedom

And my American friends know what to do,

but I'll wait a long time for a Beverly Hills Coup

- Billy Bragg, North Sea Bubble

Sat, 10/16/2010 - 18:52 | 655618 cossack55
cossack55's picture

I only shop at Wal Mart and the local gun shop.  Draw your own conclusions.

Sun, 10/17/2010 - 00:07 | 655942 TGR
TGR's picture

Fitting. This song had crossed my mind some time ago as well.

We're living in a North Sea Bubble,

Trying to spend our way out of trouble

- B.Bragg

Sat, 10/16/2010 - 17:12 | 655521 i-dog
i-dog's picture

"China bought our politicians years ago through the multi-national corporations."

What a load of divisionist propaganda!

The British, French and Germans were already ramping up their industrial interests in China when the US started playing catch-up under Nixon. China didn't suck anyone in, they were invaded ... again. But, this time, they get the last laugh.

"It is China against the world."

How much do they pay you to post this crap here?

Sat, 10/16/2010 - 20:05 | 655697 Kayman
Kayman's picture

i-dog

Please tell your Chinese Masters to export only to Britain, France, and Germany and then see what happens to Chinese employment.

And since you claim a clear view of contemporary China history, enlighten us with the British, French and German industrial investments in Mainland China prior to Tricky Dick's visit to the Butcher of Peking. 

 

Sat, 10/16/2010 - 22:07 | 655811 i-dog
i-dog's picture

Chinese masters? Hahahaha. Knowing them by having lived with them doesn't mean I'm popular there! Like you, they don't always like the truth.

Why would China only want to export to Britain, France and Germany? Japan, South Korea, Singapore, Taiwan, Russia and the Netherlands are already bigger trading partners. Recent trade pacts with Taiwan and ASEAN will expand that even more quickly. New pacts with Turkey, Eastern European and Central Asian countries, plus closer ties with African and South American countries, are underway. I doubt it would take them more than a year to recover from losing the non-paying addict and find new paying customers.

Britain, France and Germany maintained close diplomatic relations with China through their respective "bases" in Hong Kong, Peking and Shanghai before Nixon arrived. As soon as the butcher died and Deng Xiaoping opened the door, Volkswagen was the first to set up vehicle assembly in China and Zeiss cornered the quality optical market. France, typically, concentrated on arms sales. Britain had, and still has, continual trade through Hong Kong.

That's enough education for this thread. Do some of your own research from sources other than MSM jingoistic propaganda.

Sat, 10/16/2010 - 22:42 | 655849 Spalding_Smailes
Spalding_Smailes's picture

Take the most obvious example, the PBoC itself.  The central bank officially has about $2.5 trillion in reserves.  This by the way almost certainly understates its true position but let’s ignore that for a moment.  The PBoC has funded this position with an equivalent amount of RMB liabilities, which makes it very vulnerable to changes in the value of the currency.

Rate addiction

In fact there were strong rumors last year that the PBoC was technically insolvent as a consequence of the 20% increase in the value of the RMB against the dollar during the 2005-08 period of currency appreciation.  Weirdly enough, although the numbers are huge, it has proven difficult to convince anyone that the PBoC is not the richest institution in the world, and that it is actually very vulnerable to big losses (although I notice that Sovereign Trends’ Terrence Keeley, in an OpEd in the Financial Times Tuesday, seems also to have done the numbers).

The problem for the PBoC occurs not just because of the currency mismatch but also because it needs repressed funding costs to keep it profitable.  How much do the PBoC foreign currency assets earn?  I would guess probably between 3% and 4%, maybe less.  The RMB funding cost, on the other hand, is roughly between 1.5% and 2.5%.  This leaves the PBoC with a net positive carry of between 1% and 2%.

If the RMB appreciates by as little as 2% a year, in other words, the PBoC runs a negative carry on its assets.  Every further 1% increase in interest rates, or additional 1% rise in the value of the RMB, then, erodes its capital by at least $25 billion (annually, if it happens through an increase in interest rates).

Let’s assume, for example, that over the next two years we see a combined appreciation and interest rate increase of 10% (let’s say a 2% increase in interest rates and a 4% annual appreciation), which is, in my opinion, the absolute minimum that China must do to slow down the worsening domestic imbalances.  Assuming no change in the rate earned on reserve assets, which in fact may decline, this means that the PBoC’s net indebtedness would rise by over $250 billion, or roughly 5% of the country’s GDP.

These kinds of number quickly add up.  And of course it is not just the PBoC that has this addiction to repressed interest rates.  Many years of very low cost borrowing has created a huge dependency on low interest rates among SOEs, local governments, and other creditors of the bond markets and the banks (not to mention the banks themselves), all of whom are directly or indirectly funded by long-suffering households.

As I discussed in an entry several weeks ago, repressing the interest rate is the equivalent of granting hidden debt forgiveness.  It is probably a safe assumption that an awful lot of borrowers depend heavily on this hidden debt forgiveness to remain solvent, and would be unable to repay if rates rose to anywhere near a reasonable level (at least 400-500 basis points, I would guess, if we wanted to eliminate the overinvestment and repressed consumption consequences of financial repression).

In that case any attempt to raise interest rates to levels high enough to reduce China’s investment misallocation and to allow households to raise their consumption levels would come, in the short term, with a massive rise in bankruptcies and in government debt levels.  If nothing else the PBoC is probably under huge pressure from local governments not to raise rates.

The cocaine of cheap money

All this might sound like I am effectively recommending that the PBoC continue to repress interest rates, but of course repressed interest rates are what caused the problem in the first place.  To continue to do so simply makes the underlying problem worse, by piling on even more non-viable debt.  Rather than suggest that the PBoC must keep rates low, what I am really arguing, I guess, is that this is a very difficult trap from which to escape.

What can the authorities do?  If Beijing raises interest rates quickly, debt and bankruptcy will surge and growth will collapse – although the eventual rebalancing of the economy might happen much more quickly.

If they don’t raise interest rates, they can keep growth high for a while longer, but the amount of reserves and misallocated capital will continue rising, making the eventual cost of raising interest rates even higher.  The risk is a Japanese-style stalemate in which for many years the authorities are forced to keep rates too low because they simply cannot countenance the alternative, and during this time consumption growth continues to struggle.

Finally, if they raise interest rates slowly, they will slow growth while still suffering many more years of worsening imbalances, until rates are finally high enough to begin reversing the imbalances.  But for this strategy to work, they would need a very, very accommodative external sector – China’s domestic imbalances require high trade surpluses until they are finally reversed.

So there’s the dilemma: they’re damned if they do and damned if they don’t.  So far the authorities do not seem to be seriously considering raising interest rates, and my guess is that if the US successfully pressures them to revalue the currency, they will be even less likely to do so.

Michael Pettis

professor at Peking University’s

 

Q.E ~ 2.0,tarp 2.6.... is going to kick them in the nutz.

Mon, 10/18/2010 - 00:35 | 657708 thefedisscam
thefedisscam's picture

+100

Sat, 10/16/2010 - 13:53 | 655259 buzzsaw99
buzzsaw99's picture

I have the equivalent of 10 chinese slaves working for me. Until that changes I am not going to complain.

Sat, 10/16/2010 - 14:15 | 655264 Jake Lamotta
Jake Lamotta's picture

Say yes to Obama's change.  All the black people thought they would get mansions.  Come to think of it, they are through forclosures!

Sat, 10/16/2010 - 13:58 | 655267 monopoly
monopoly's picture

Always learn something new here at ZeroHedge. I have felt for a long time now that structural change is the only possible outcome short of revolution. But that cannot happen because the sheeples want what is not theirs to have and politicians main goal in life is to get reelected and continue their million dollar expense accouts, obscene perks and sleep with their lobbyists.

So I guess it will be revolution. But it has to change.

Sat, 10/16/2010 - 14:39 | 655328 rocker
rocker's picture

It has to start with the media. Americans have NO clue what is really going on. If every American was required to

read Zero Hedge and Vote. It would be a revolution. But, they get fox, cnbc, and cnn. I did not cap on purpose,

they are that worthless. Some Americans only want what they earned. If you worked in a factory making stuff for

thirty years and payed in to social security, you deserve to get it. If you did not earn it, you do not deserve it.

But, as always, we get broken promises over and over again. While the rich elite steal from those who do earn it.

 

Sat, 10/16/2010 - 15:02 | 655367 doolittlegeorge
doolittlegeorge's picture

what is "it" and "why does it have to change"?  whose to say the Fed hasn't succeeded already?

Sat, 10/16/2010 - 18:55 | 655620 cossack55
cossack55's picture

I would recommend the French version.  Much more fun and you can complete a lot of those pesky knitting projects.

Sat, 10/16/2010 - 14:01 | 655273 Whatta
Whatta's picture

geebus aitch rice...after reading that I am grabbing a bottle of tequila and checking out for the day.

until the Harvard MBA is an extinct species and the Uniparty is gone things shall not change drastically. We shall continue hurdling toward the wall at breakneck speed. gawddamning our kids and grandkids....maybe they can sneak across the border and get good jobs in Mexico.

Sat, 10/16/2010 - 14:34 | 655322 High Plains Drifter
High Plains Drifter's picture

Remember, patriotism is the last bastion of scoundrels<<<<  Correction. False patriotism that is.

No wonder the Chinese are not willing to play ball.<<<  well they had no problem playing ball, when our traitorous politicians gave them most favored nation status in 1994, so they could dump their junk on us for the last almost two decades now.

 

Why all this has been allowed to knowingly unfold leads me into a discussion where all ‘government fearing people’ fear to tread. Though I love the country I call home, I am coming to question our government. Frankly, I am losing my trust in its true motives.

I personally now support neither party since they have become the two heads of the same monster which does not operate ‘for the people by the people’.  I don’t believe I’m alone as I sense real anger across America; and the political polls clearly show confidence falling for our political leadership. Americans want their country back!<<<<<

Well geez, no shit. welcome to the party pal. welcome to zerohedge. it took you long enough to come at this amazing deduction.

 

Housing prices .....Let housing prices all and the system clear.<<<< if they did this, wouldn't this cause many banks to go bankrupt?  as if they aren't already.

Regulators are now in control and are in turn effectively controlled by the lobbyists and major private player interests.<<< as has been discussed infinitum on deepcapture blog by patrick byrne.

 

Few elected officials claim to have read the full approximate bill ~2000 pages.<<< Ron Paul says they never read any of that stuff, never.

 

The obvious cause of these failed public policy approaches are the following:

  1. A Washington Political System of lobbyist, electioneering costs, legislative/regulatory complexity and lack of accountability which is no longer serving the public.
  2. The concept of a “Federal Reserve”  and US Money Centered Banking is unstable long term under a fiat currency regime.
  3. The media is no longer effectively serving the democratic system. It must be broken up.<<<<   yes and be sure and don' forget the needless and unnecessary and immoral wars that we are fighting now based upon stupid and silly lies and silly concepts such as preemptive strikes etc.

China is the new golem.  Its always been this way for a very long time. States are created and then they are destroyed when they are no longer needed.

“When Money Becomes a Commodity, Commodities become Money”

Got Gold????


 

Sat, 10/16/2010 - 20:14 | 655710 Kayman
Kayman's picture

Number One Problem in America.

Power in banking, corporations, and the media held in the hands of a few. No new blood, just old desperate dinosaurs rotting away.

Sadly, they are killing the nation they require for their own survival.

Sat, 10/16/2010 - 14:55 | 655357 Victor Berry
Victor Berry's picture

The Federal Reserve should take no actions immediately prior to a national election that could be seen as affecting the outcome of the election.

So, what to make of the QE II rumors?  Which one would have the most impact on the election:  QE II will commence or QE II will not commence right after the election?

Given the fragile economy and the mortgage foreclosure situation, I contend that an official Fed denial of QE II would appreciably alter the financial landscape and most influence the election.

Moreover, early in this economic depression, Bernanke said the Congress must not lose its political will to do what is necessary (notwithstanding his recent remarks about fiscal restraint).  Bernanke and the Fed will not take full responsibility for saving the U.S. economy with stimulative monetary policies.

In my opinion, there will be no massive QE II program announced after the election thus putting pressure on Congress to stimulate the economy with taxing and spending policies.  Bernanke and the Fed will insist that Congress walk the plank with them.

Of course, Bernanke may conduct a personal risk/reward assessment and decide that he is willing to take total blame for the sinking of our economic ship of state.  But somehow that seems doubtful since the common wisdom is "success has a thousand fathers while failure is an orphan."

Sat, 10/16/2010 - 18:56 | 655623 cossack55
cossack55's picture

But he is Time magazine's man-of-the-year.

Sat, 10/16/2010 - 15:04 | 655371 Spalding_Smailes
Spalding_Smailes's picture

Wait ........... Everything is going to be o.k...

The euro is ready be the foundation of a new reserve currency....

China is ready, get out of her way, she only has to de-peg(Lol...) from the dollar and she will take off like a bird, fly, fly away ..

http://www.youtube.com/watch?v=NOzR3UAyXao&feature=related

 

Sat, 10/16/2010 - 15:59 | 655414 Spalding_Smailes
Spalding_Smailes's picture

 

Austerity will take care of everything, they are going to tighten the belt, suck it up, save the insolvent banks ....

 

 

President Nicolas Sarkozy's flagship pension reform.

First government estimates put the total number of protesters at around 825,000, while unions said between 2.5 million and 3 million had taken to the streets.

The French president is determined to stand firm on his plans to raise the retirement age, but unions have staged weeks of nationwide demonstrations to try to force him to back down. Five-day-old rail and refinery strikes are piling pressure on the government by disrupting travel.

http://www.france24.com/en/20101016-workers-take-streets-fifth-day-strik...

 

 

More than six million credit card holders in Britain have been in debt for a year or more, according to a new study. Research carried out by moneysupermarket.com found that while 41 percent of credit card users in the UK have not paid off their debt for more than a year, an amazing 14 percent have had an outstanding balance for more than five.

Experts at the online company are warning that the three million (nine percent) or cardholders who only pay off the minimum amount each month are playing a risky game. Although it may seem like you’re not spending much, moneysupermarket.com points out that the final sum to be paid back will be much more than that initially borrowed.

http://www.discountvouchers.co.uk/news/46263535.html

Sun, 10/17/2010 - 10:31 | 656424 Dollar Bill Hiccup
Dollar Bill Hiccup's picture

Very funny clip ...

Sat, 10/16/2010 - 15:11 | 655380 LeBalance
LeBalance's picture

To frame and discuss this issue without the backdrop of the "banking families", their fractional reserve theft organizations, and the resulting "civilizations for a day" does not do the situation justice in my mind.

Policy deficiency?  No!

It is biz as usual!

Something's wrong with the system? No!

Something's wrong with the content of the discussion of the owner's biz.

Sat, 10/16/2010 - 15:14 | 655387 DamnThe Fed
DamnThe Fed's picture

The Fed is going to keep printing until the Chinese are forced to revalue the RMB enough to cripple Chinese exports.  It's war, and the inflation that US consumers and savers will suffer doesn't matter to the Ruling Class.  They will protect themselves.

I've made about 30% on my gold and silver this year, and I won't sell until everyone else is trying to pile into these assets.

Mon, 10/18/2010 - 00:45 | 657714 thefedisscam
thefedisscam's picture

China will be slowly switching away from using US$ to settle their trade before they appreciate Yuan to where the U.S. wants.

 

Sat, 10/16/2010 - 16:04 | 655463 macholatte
macholatte's picture

The MSM keeps the focus on the Bush 2 administration. Although you can make a case that things got seriously out of hand beginning with Nixon, that the Vietnam war certainly changed America forever, the foundation for the current mess was cemented during Clinton (repeal of Glass-Steagal, WTO, GATT, NAFTA, Community Reinvestment Act, etc).

 

We have witnessed defections in the last month of three of the top four architects of Obama’s economic policy team.

 

They were from Clinton and then went to work for Soros via the Center for American Progress where Podesta still lives.

http://www.americanprogress.org/experts/PodestaJohn.html

 

They all know their policies failed...

Beauty is in the eye of the beholder. Perhaps their policies are wildly successful and they have achieved the goals they set.

Does anybody believe that the course the USA is on is going to lead to anything other than a reduction of lifestyles, at best, or a major calamity, at worst?

Does anybody have anything good to say about what's going on?

Isn't the debate about what America will look like AFTER the "collapse" and when the disaster will happen and not IF it will happen? 

 

Sat, 10/16/2010 - 16:27 | 655495 midtowng
midtowng's picture

The Yuan will eventually be revalued. It's inevitable. it cannot be stopped, only managed.

Sat, 10/16/2010 - 16:49 | 655508 Djirk
Djirk's picture

Housing Prices – Let prices fall and allow the system to clear.

Best advice I have heard in two years!

Too Big To Fail – Let major players fail and let M & A and the bankruptcy process work.

Sing it Brother!

One of the advantages the US had in the past was a robust bankruptcy process which cleared out bad investments without remorse.

Taxpayer back stopping risk is criminal and will extend the pain.

The problem is not with the free capital markets, the problem is govMINT rigged capital markets.

Oh yeah and Wall Streeters are overpaid and are a huge drag on returns. 

Sat, 10/16/2010 - 16:58 | 655512 Dollar Bill Hiccup
Dollar Bill Hiccup's picture

dupe deleted, apologies

 

Sat, 10/16/2010 - 17:21 | 655530 Spalding_Smailes
Spalding_Smailes's picture

.

 

 

Sat, 10/16/2010 - 17:00 | 655513 Dollar Bill Hiccup
Dollar Bill Hiccup's picture

A few years ago it was all the rage how BRICS were going to leapfrog the west in infrastructure. Why lay expensive copper telephone wire in India or China when all you need are cell towers? The argument is compelling and I think that it is panning out. Zap, China is transported into the 21st century. Add to that show pieces of nationalist planning like high speed rail and one must truly be impressed.

Now, turn it around. The US offshored much of its dirty manufacturing starting in the 60s and 70s. Did we do this because of the Oligarchs penchant for higher margins and cheap labor or because Americans were tired of things like the Love Canal? Maybe both.

Page forward. If the US were to rebuild its manufacturing base at this time, wouldn't it concurrently be able to leap frog past Chinese factories that were being laid down in the 80s and 90s ? Factories that are hugely dependent upon labor? Don't you think that we could rebuild manufacturing that is more energy efficient and cleaner than anything we have now? However, if we were to do this, and believe me we will do it, it does not necessarily solve the problem of manufacturing jobs since the greater efficiencies would entail even higher automation and robotics. But what would be out of the way is the cost overhead of players like the UAW ... No, manufacturing by itself will not bring the jobs back even if a strong base is rebuilt. Neither however, will shopping malls. Without an answer, I think that these issues are the important ones going forward.

Who will be the hand that guides such a process? Will it be an invisible hand, the hand gloved in beneficent regulatory power, or the fisted leather glove? There is an overt admiration that I see time and time again for the Chinese because they have made such great strides and the leadership appears to be so intelligent. At that point, you have to start to worry that national socialist structures may be coming back into vogue. The Chinese are very lucky to have entered into a symbiotic state with American and European manufacturing over the last 30 years, so stroke this up to Taleb's notion of good fortune. Or as traders are apt to say, better lucky than smart. It's the next 30 years that are important, and many trends are not in China's favor despite the hyperbole born of the current pessimism.

So how does manufacturing come back in a greener and more efficient fashion? I've seen some ideas on ZH. I'd like to see more. How does small business develop the next best ideas? We already have a highly sophisticated investment infrastructure for generating technology companies. How can this be expanded across the board? DARPA was behind the internet. XEROX PARC was behind a lot of great innovation.

Lastly, if financial "innovation" were curtailed on the industrial level by downsizing the TBTFs and the ridiculous online poker game of global derivatives, wouldn't there be a lot more math and science PhDs who could actually do some good?

 

 

Sat, 10/16/2010 - 17:33 | 655532 Spalding_Smailes
Spalding_Smailes's picture

Great post.

Take a look at this 3 million dollar ~ 5 axis milling machine. Look at the detail at the end of the video.

http://www.youtube.com/watch?v=RnIvhlKT7SY

 

 

 

We control all the large corporations now building within china, push comes to shove, they close shop and come home,start putting tariffs on some products, they do it to us try selling presses into china, its tagged with 40% mark-up.

Cat is the largest machine shop in the world, they are building huge plants in kentucky.We need to bring some manufacturing home, the unemployed need this and easy credit can not hide this. Easy credit drove everything hiding the cancer of nafta/globalism. Well that party is gone with securitization/super credit not juicing the pump.

Alt energy will be very big in the future, I would bet on that horse. Leo gets hammered but *some* of those solar stock will be worth a small fortune in 10-15 years. Not sure which ones but alt energy is my long term bet, not just solar ...

Sat, 10/16/2010 - 18:32 | 655605 Dollar Bill Hiccup
Dollar Bill Hiccup's picture

Spalding, thx.

That mill is wild, I thought they were making the terminator 2 .... amazing.

Efficient / Alt energy is definitely key. Now that Teddy K. has passed to a far far better place than this, maybe those offshore windfarms will start to be built. The google windfarm grid is also very interesting ...

http://online.wsj.com/article/SB10001424052748704342604575222420304732394.html

Sat, 10/16/2010 - 20:24 | 655718 Rusty Shorts
Rusty Shorts's picture

When push comes to shove, my money is on small scale steam power.

 

http://www.youtube.com/watch?v=fykeQNVadYk&p=CFE3A43B1AC5779D&playnext=1&index=66

Sat, 10/16/2010 - 20:49 | 655731 Spalding_Smailes
Spalding_Smailes's picture

http://www.youtube.com/watch?v=IiBsD-cafH8&feature=related

 

I'll take 2 miles per second.

 

 

Or

The X-37B prototype space plane that was launched by the United States Air Force (USAF) earlier this year has changed orbit again, forcing amateur astronomers in a frenzy to locate it again.

This has been their goal ever since the USAF launched the hush-hush project, details of which are classified. Satellite trackers and backyard astronomers have been scouring the skies for the plane.

The Boeing-designed X-37B spacecraft is an unmanned robot, which is capable of remaining in Earth's orbit for prolonged periods of time. It was launched this April 22.

Take-off took place from the Cape Canaveral Air Force Station (CCAFS), in Florida, atop an Atlas V delivery system. Since being deployed, it has changed orbit several times.


But many fear that the new platform in fact nothing more than an attempt to take weapons to low-Earth orbit (LEO) and beyond. Speculations about this are fueled by the fact that NASA was taken off the project.


China is especially concerned about the new test flights, and has made this known repeatedly and clearly.

Sat, 10/16/2010 - 21:31 | 655781 Rusty Shorts
Rusty Shorts's picture
Industrial Society and Its Future

by Theodore Kaczynski

 

"... First let us postulate that the computer scientists succeed in developing intelligent machines that can do all things better than human beings can do them. In that case presumably all work will be done by vast, highly organized systems of machines and no human effort will be necessary. Either of two cases might occur. The machines might be permitted to make all of their own decisions without human oversight, or else human control over the machines might be retained.

If the machines are permitted to make all their own decisions, we can't make any conjectures as to the results, because it is impossible to guess how such machines might behave. We only point out that the fate of the human race would be at the mercy of the machines. It might be argued that the human race would never be foolish enough to hand over all the power to the machines. But we are suggesting neither that the human race would voluntarily turn power over to the machines nor that the machines would willfully seize power. What we do suggest is that the human race might easily permit itself to drift into a position of such dependence on the machines that it would have no practical choice but to accept all of the machines' decisions. As society and the problems that face it become more and more complex and machines become more and more intelligent, people will let machines make more of their decisions for them, simply because machine-made decisions will bring better result than man-made ones. Eventually a stage may be reached at which the decisions necessary to keep the system running will be so complex that human beings will be incapable of making them intelligently. At that stage the machines will be in effective control. People won't be able to just turn the machines off, because they will be so dependent on them that turning them off would amount to suicide."

 

http://en.wikisource.org/wiki/Industrial_Society_and_Its_Future

Sun, 10/17/2010 - 11:06 | 656476 Dollar Bill Hiccup
Dollar Bill Hiccup's picture

I'd like to see some Hyper fuel efficiency ... I would expect that the Blackbird was retired because there were already much better implementations extent. I have no doubt that the guys over at the skunkworks are quite talented.  What keeps bothering me is why a fuel efficient V-6 from a 15 year old Toyota Camry gets about the same mileage as the current crop ... The pace of change there is glacial.

If the Joint Chiefs of Staff have openly opined that national debt is the biggest security threat and imported energy is the major component of current account deficits, then shouldn't agencies like DARPA be better at advancing accelerated efficient energy projects ... ?

http://www.jcs.mil/newsarticle.aspx?id=360

 

Sat, 10/16/2010 - 19:00 | 655628 cossack55
cossack55's picture

Check out Hyperion Power Generation.  Good investment? Probably after the next set of brown outs quells the antinuke crowd.  Beauty is plug and play.

Sat, 10/16/2010 - 19:50 | 655675 calltoaccount
calltoaccount's picture

"We control all the large corporations"

But they control the US govt-- and the public is deaf and dumb to this because it has been totally shoved under the rug by the msm and bought off politicians and demagogues.  

Americans have no idea how badly they have been and are being screwed over.  Without that changing-- don't see how anything can get better until it gets painfully worse first.

Sat, 10/16/2010 - 17:44 | 655559 Escapeclaws
Escapeclaws's picture

The bulk of math and science PhDs are foreigners. Americans do rock and roll.

Sat, 10/16/2010 - 18:19 | 655591 Dollar Bill Hiccup
Dollar Bill Hiccup's picture

Give them a free house, courtesy of Fannie and Freddie, a job and citizenship ...

Mon, 10/18/2010 - 00:52 | 657718 thefedisscam
thefedisscam's picture

+10

and those foreigners are now starting to return to where they come, abondon the U.S.

Sat, 10/16/2010 - 17:36 | 655546 Escapeclaws
Escapeclaws's picture

"We are locked into Gotcha Capitalism, Crony Capitalism, Socializing Losses, Political Pandering and never ending Campaigning versus Governing."

There, now that a small error has been corrected, you can cut and paste this into your article. You might also mention that we need to let the magic of gotcha capitalism flourish as well.


Sat, 10/16/2010 - 17:39 | 655553 sethstorm
sethstorm's picture

Not all of us care for the lovefest for those despotic hellholes. 

 

Multinationals show paltry hiring growth and are moving the existing work force steadily offshore.

Close that off to them.  If they want to hire, do it in the US for US companies.  The same with western EU/Europe-by-region based companies).  The shenanigans need to stop, not increase.

 

A revaluation of the Yuan would only push manufacturing to Vietnam, Cambodia, Thailand, Bangladesh and other lower paying nations without improving the developing economies trade deficits.

Then find some classification that includes those countries, and apply the penalties to that set of countries.  I believe NATO has a designation for that - the Third World. 

What happened to building closer to the market in the US and Europe?  Or is it only good for the Third World goose and not for the First World gander?

Sat, 10/16/2010 - 17:41 | 655554 Crab Cake
Crab Cake's picture

I say we have done with it and tell China to eat it, the treasuries are wothless, and you ain't getting paid; so sorry buhbye now.

Sat, 10/16/2010 - 18:03 | 655568 Spalding_Smailes
Spalding_Smailes's picture

China is hell on earth ...

21. Shanxi Province is the most polluted areas of China. It is also the province with the highest rate of birth defects. This loving farmer couple adopted 17 disabled children. April 15, 2009

“In Some areas of China people’s lives were threatened because of the environmental pollution. Residents suffering from all kinds of obscured diseases, the cancer villages, increase of deformed babies, these were the results of sacrificing environment and blindly seeking economical gain.”

- Lu Guang

 

25. Villagers from Kang village in Linfen City, Shanxi Province (?????????) due to long-term consumption of the polluted water contaminated by industrial waste, there were 50 people who have cancer and cerebral thrombosis. 64-year-old Wang Baosheng got ill since 2003, he has fester all over his body so he cannot go to bed and lying face down on the edge of the bed each day. July 10, 2005

37. Every year, a lot of deficiency babies in Shanxi Province were abandoned. Kong Zhenlan (???) in Qi town (??) who was making a living by recycling trash adopted 25 abandoned children. April 14, 2009

23. 15-year-old boy from Tianshui, Gansu Province (????), dropped out of the school after 2nd grade, followed his parents to Heilonggui (???) Industrial District. He earns 16 yuan a day. April 8, 2005

 

http://www.chinahush.com/2009/10/21/amazing-pictures-pollution-in-china/

 

China is the new superstar Lol'

Got water ?

Sat, 10/16/2010 - 19:01 | 655630 cossack55
cossack55's picture

Got nukes, get water.

Sat, 10/16/2010 - 21:44 | 655702 Spalding_Smailes
Spalding_Smailes's picture

NetEase: How did you find and choose the locations of your photos?

Lu Guang: The information was all provided by friends.

NetEase: There are many polluted places, how do you choose the order of your visits?

Lu Guang: Continuously travel and constantly work. Every place I went, there were always friends helping me, I gave my phone number to him, he also gave me his. Whenever something happened over there, he would call me, and I would go over there right the way. Of course there were times I couldn’t make it over there.

NetEase: You said you ate and lived with the villagers, what were most of the reactions of the villagers living in polluted villages when talking about pollution?

Lu Guang: Whenever talking about pollution, they would become very talkative.

NetEase: They want to tell you things?

Lu Guang: Yes, including “Hong River flows through here, 20 years ago the river was very nice, there were fishes, we all bathed in the river, and used water to irrigate wheat, but now we cannot do that anymore. And for so many years we have talked about it many times. We reported to the government, but nothing was ever resolved. Therefore we are now numb and don’t want to complain it anymore.” They were very miserable.

NetEase: The places you shot at where you think the pollution was very serious, how did the villagers see the pollution in their lives? Did they feel the pollution was very serious and threatening their lives or (that the polluting industries) driving the local economic development was more important?

Lu Guang: In fact, there is no economic development for them, it only brought them destructions. Back then they had fertile fields. There were many water conservancy facilities built in the 70’s, all were every good, used to irrigate the fields. But now, pollution came and the water could not be used to irrigate the fields anymore. After a long time, now all the water conservancy facilities are wastes. The polluted water has led to contamination of the underground water. All their drinking water is underground water, water in the wells or from the water tower. Water from water tower flows straight to their homes, unlike us, the tap water we drink is already processed. Drinking this kind of water for long time, many people got very ill. I interviewed a village 3-5 kilo-meters away from Hong River village and asked them if there were people with cancer there. They said yes, but only 1-2 in couple years, and very few. However (in Hong River Village), they have a dozen in each year. The difference is obvious from the same district.

NetEase: How did Hong River (region) village head see the water pollution in his own village?

Lu Guang: This is not their problem because it is upstream, a county, a city where people dump sewage and flow to them. What I am talking about is (Hong River region) Zhang Yu Zhuang village. The head of the village was very helpless, they repeatedly reported the issue to the town and county government, but it was never resolved. Even the county could not resolve it because the water is not dumped by them, it was another county, another city that was dumping sewage, they couldn’t do anything.

NetEase: What do you think the crux of pollution is? What is the root cause?

Lu Guang: The root cause of pollution is (businesses) want to get more profits, business owners want to get more profits, put aside their own moral and destroy environment. They gained more profits, and that’s it.

NetEase: Is it that they don’t have the rights to hold talks equally? The polluter and the people do not have the equal rights to communicate?

Lu Guang: Who do you talk to? They let you talk? Do you know what they see the farmers as? I should bring you to see what kind of people farmers are. I am telling you, they totally look down on the famers, the true poor people. When you go to the front line you will feel it, the local farmers are suffering in poverty. The right to talk is not for them, it is for the rich people. They (the rich) got the right to talk, not the famers.

NetEase: You took so many pictures of pollution, what do you think the best solution for pollution is?

Lu Guang: If China really wants to solve the pollution problem, I personally feel that it does not depend on a few people from Environmental Protection Administration (EPA), nor relying on the public to report. I personally think that it is a matter of law, because in China’s “Environmental Protection Law”, the maximum fine is 500,000 yuan, with no criminal responsibility. For a company with couple tens and hundreds of millions yearly profit, what is 500,000? Go ahead fine me, it’s ok, because the cost of processing sewage is not 500,000, maybe is millions, it’s ok to give you 500,000. Therefore it is useless to only impose a fine. It is necessary to hold criminal responsibility and to develop more strict laws.

As a legal representative, an owner, if strict laws target him, he will certainly care more about his business. There is no need for the EPA and supervision by the public. If companies who were found of dumping illegally or reported by someone of polluting get the prosecution sentencing, no one will dare to do it anymore. Just because our law is weak right now, the fines are no big deals to the companies. They will pay you as much fines as you want.

http://www.chinahush.com/2009/11/11/interview-with-lu-guang-the-photogra...

Sat, 10/16/2010 - 20:26 | 655722 Kayman
Kayman's picture

Better yet. Package up all the worthless crap and return to China for a refund.

Mon, 10/18/2010 - 00:57 | 657722 thefedisscam
thefedisscam's picture

Actually, MOST of U.S. treasuries are owned by the U.S. pension funds, US mutual funds, US insurance companies, US banks, and US Social Security Trust Fund...

So make treasuries worthless will hurt MORE Americans than foreigners

Sat, 10/16/2010 - 18:19 | 655592 Gloomy
Gloomy's picture

Tidbit:

 

"In commentary to his subscribers last night, silver analyst Ted Butler had this to say... and I'm paraphrasing a lot.  "...over the past 7 weeks, gold has climbed by $140... and silver is up by $6.30.  The commercials didn't increase their short positions materially on those rallies... nor did they reduce them.  It is important to understand how the futures market operates.  Every day, all long and short position holders have their holdings marked to market.  If a position moves in one's favor, the mark to market amount is credited to each account.  If a position is adversely impacted by the daily mark to market, each account is debited by the appropriate amount.  Additional funds covering the adverse move are required to be immediately deposited to make up for the market to market paper loss.  This is a margin call.  If you don't cover margin calls immediately by depositing additional funds, the brokerage house will close out a sufficient portion of your position to cover the margin deficiency.  If you hold long positions, they will sell you out.  If you hold short positions, they will buy back your short position."

"As of the end of trading on Friday, the total collective margin call to the silver shorts was $3.78 billion... and to the gold shorts it was $7 billion.  Since I believe that many of the gold shorts also hold silver shorts, it is reasonable to look at the silver and gold total margin calls on a combined basis of almost $11 billion.  Because the big 8 commercial silver and gold shorts [read bullion banks - Ed] hold a concentrated short position of more than 50% of the true net total open interest, these 8 trading entities have been hit with $6 billion in margin calls.  JPMorgan is out almost a billion dollars on silver alone."

Ted feels that these killer margin calls have already claimed many casualties... but it's too soon to know who they are, as "the bodies haven't floated to the surface yet."

Ted also says that this has created a dangerous situation for the market itself... as the '8 or less' traders are more desperate than ever to rig a sell-off.  Can they, or will they?  As I've said many times in this column, the resolution of these obscene and grotesque short positions will determine the future price of silver and gold... and timing is running out."

Sat, 10/16/2010 - 19:05 | 655636 cossack55
cossack55's picture

I would love to see film of Blythe the Ice Queen floating face down.  HaHaHa.  Make my day.  British bitch.

Sat, 10/16/2010 - 19:17 | 655643 cranky-old-geezer
cranky-old-geezer's picture

"I have been arguing that the US must address its structural problems for a long time now."

By now it should be abudantly clear:

a) government is not going to address the structural problems, much less correct them,

b) Bernanke et al are determined to debase  the dollar,

c) in order to drain wealth from the people

d) and transfer that wealth to his elite banker friends.

It has happened every time a nation gives control of it's money to a central bank, but people don't seem to learn from history, they have to repeat it themselves.

When will it all end?  Perhaps when there is no more wealth to drain from the people?

Sat, 10/16/2010 - 19:54 | 655680 macholatte
macholatte's picture

Krugman is an idiot

Death Penalty for debasement of the currency.

 

Jim Rogers on Freedom Watch with Judge Napolitano 10 /16 /10

http://www.youtube.com/watch?v=hBN7UvaEKmI&feature=sub

Sat, 10/16/2010 - 20:31 | 655726 Kayman
Kayman's picture

Even idiots would shun Krugman.

Sat, 10/16/2010 - 20:17 | 655713 Coldfire
Coldfire's picture

We would do well to remember that the entire Fed enterprise is still a capital crime punishable by death under the Constitution.

Sat, 10/16/2010 - 22:47 | 655857 saulysw
saulysw's picture

That kind of talk is against national security and makes you a terrorist!

Sat, 10/16/2010 - 20:36 | 655728 Atomizer
Atomizer's picture

Not endorsing, just food for thought.

Movie released yesterday

I Want Your Money Trailer (2010) HD

http://www.youtube.com/watch?v=4wty7974IKg

To my surprise, Dr. Doom will be releasing a flick. Have no idea on the date.

End of Liberty Trailer

http://www.youtube.com/watch?v=PB6hsfAIs8Y

Its always good to look at different perspectives. Enhanced logic typically prevails.

Sat, 10/16/2010 - 20:55 | 655749 QQQBall
QQQBall's picture

 

Misguided US Economic Policy is redundant

Sat, 10/16/2010 - 22:56 | 655863 Mr.Kowalski
Mr.Kowalski's picture

One day this will come crashing down; when it does, it'll be very quick; most of us serfs will not see it coming. Lets hope that this will wake up the people to make real changes. 

Sat, 10/16/2010 - 23:46 | 655918 honestann
honestann's picture

I've seen it coming my whole life, and I am getting so damn tired of waiting!  Bring it on ASAP.

Sun, 10/17/2010 - 04:39 | 656172 Grand Supercycle
Grand Supercycle's picture

GOLD updated chart showing parabolic move.

http://stockmarket618.wordpress.com

Sun, 10/17/2010 - 19:18 | 657221 Jim B
Jim B's picture

Kudo's!

Tue, 11/16/2010 - 10:15 | 730463 daniel
daniel's picture

Really this is a great post from an expert and thank you very much for sharing this valuable information with us.
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