Guest Post: What Writing A Book Taught Me About Obama And Those Who Followed Him

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Fri, 06/17/2011 - 22:27 | 1379421 sitenine
sitenine's picture

What gets me nervous is that they could project on him because this man Obama was and remains a mirage.  An illusion.  Someone whose greatness exists only in the minds of those who adore him for reasons they cannot even articulate because it is simply not rational. 

I know exactly what you mean.

Sat, 06/18/2011 - 00:40 | 1379621 chopper read
chopper read's picture


New Metals Trading Restrictions Posted by Lew Rockwell on June 17, 2011 04:36 PM

Writes Jason:

Just got a notice in the mail from my Forex broker. Apparently it is illegal to trade currencies against precious metals now. What a good way to show how safe the dollar is.


We wanted to make you aware of some upcoming changes to’s product offering. As a result of the Dodd-Frank Act enacted by US Congress, a new regulation prohibiting US residents from trading over the counter precious metals, including gold and silver, will go into effect on Friday, July 15, 2011.

In conjunction with this new regulation, must discontinue metals trading for US residents on Friday, July 15, 2011 at the close of trading at 5pm ET. As a result, all open metals positions must be closed by July 15, 2011 at 5pm ET.

When I got the notice I immediately thought of your blog, so I decided to share the news.

Sat, 06/18/2011 - 01:10 | 1379661 macholatte
macholatte's picture

I got the same notice. This is not good. Is shuting down the paper trade the beginning of shutting down the physical trade or is there something unique about Forex that made this happen?

Sat, 06/18/2011 - 01:19 | 1379675 sitenine
sitenine's picture

It means that you're gullible.

Sat, 06/18/2011 - 01:27 | 1379686 CD
CD's picture

The reason I have no basis to be flippant is that I had no idea about this aspect either, and am sure other well-buried riders and clauses will emerge from the 2.3K page wonder that is our current regulatory regime.

But of course, they still have not gotten around to mandating position limits, or any kind of meaningful regulatory bodies...

For a more direct route to a primer on the topic:


Elimination of OTC Metals

As for OTC precious metals such as gold or silver, Section 742(a) of the Act prohibits any person [which again includes companies]from entering into, or offering to enter into, a transaction in any commodity with a person that is not an eligible contract participant or an eligible commercial entity, on a leveraged or margined basis. This provision intends to expand the narrow so called “Zelener fix” in the Farm Bill previously ratified by congress in 2008. The Farm Bill empowered the CFTC to pursue anti-fraud actions involving rolling spot transactions and/or other leveraged forex transactions without the need to prove that they are futures contracts. The Dodd-Frank Act now expands this authority to include virtually all retail cash commodity market products that involve leverage or margin – in other words OTC precious metals.

The prohibition of Section 742(a) does not apply, however, if such a transaction results in actual delivery within 28 days, or creates an enforceable obligation to deliver between a seller and a buyer that have the ability to deliver, and accept delivery of, the commodity in connection with their lines of business. This may be problematic as in most spot metals trading virtually all contracts fail to meet these requirements. As a result, although the courts’ interpretation of Section 742(a) is unknown, Section 742(a) is likely to have a significantly negative impact on the OTC cash precious metals industry. Here too, it is essential that those who offer to be a counterparty to OTC metals transactions seek professional help to discuss possible operational and regulatory contingency plans.

Sat, 06/18/2011 - 01:36 | 1379695 WaterWings
WaterWings's picture


Lex mala, lex nulla.

Sat, 06/18/2011 - 02:06 | 1379722 sitenine
sitenine's picture



    (a) In General.--Section 2(c) of the Commodity Exchange Act (7

U.S.C. 2(c)) is amended--

            (1) in paragraph (1), by striking ``5a (to the extent

        provided in section 5a(g)), 5b, 5d, or 12(e)(2)(B))'' and

        inserting ``, 5b, or 12(e)(2)(B))''; and

            (2) in paragraph (2), by adding at the end the following:

                    ``(D) <<NOTE: Contracts.>>  Retail commodity


                          ``(i) Applicability.--Except as provided in

                      clause (ii), this subparagraph shall apply to any

                      agreement, contract, or transaction in any

                      commodity that is--

                                    ``(I) entered into with, or offered

                                to (even if not entered into with), a

                                person that is not an eligible contract

                                participant or eligible commercial

                                entity; and

                                    ``(II) entered into, or offered

                                (even if not entered into), on a

                                leveraged or margined basis, or financed

                                by the offeror, the counterparty, or

                                a person acting in concert with the

                                offeror or counterparty on a similar


                          ``(ii) Exceptions.--This subparagraph shall

                      not apply to--

                                    ``(I) an agreement, contract, or

                                transaction described in paragraph (1)

                                or subparagraphs (A), (B), or (C),

                                including any agreement, contract, or

                                transaction specifically excluded from

                                subparagraph (A), (B), or (C);

                                    ``(II) any security;

                                    ``(III) a contract of sale that--

                                            ``(aa) results in actual

                                        delivery within 28 days or such

                                        other longer period as the

                                        Commission may determine by rule

                                        or regulation based upon the

                                        typical commercial practice in

                                        cash or spot markets for the

                                        commodity involved; or

                                            ``(bb) creates an

                                        enforceable obligation to

                                        deliver between a seller and a

                                        buyer that have the ability to

                                        deliver and accept delivery,

                                        respectively, in connection with

                                        the line of business of the

                                        seller and buyer; or

                                    ``(IV) an agreement, contract, or

                                transaction that is listed on a national

                                securities exchange registered under

                                section 6(a) of the Securities Exchange

                                Act of 1934 (15 U.S.C. 78f(a)); or

                                    ``(V) an identified banking product,

                                as defined in section 402(b) of the

                                Legal Certainty for Bank Products Act of

                                2000 (7 U.S.C.27(b)).

                          ``(iii) <<NOTE: Applicability.>> 

                      Enforcement.--Sections 4(a), 4(b), and 4b apply to

                      any agreement, contract, or transaction described

                      in clause (i), as if the agreement, contract, or

                      transaction was a contract of sale of a commodity

                      for future delivery.

                          ``(iv) Eligible commercial entity.--For

                      purposes of this subparagraph, an agricultural

                      producer, packer, or handler shall be considered

                      to be an eligible commercial entity for any

                      agreement, contract, or transaction for a

                      commodity in connection with the line of business

                      of the agricultural producer, packer, or



Sat, 06/18/2011 - 06:22 | 1379860 Yen Cross
Yen Cross's picture

 I took the time to decipher that! Nice work!

Sat, 06/18/2011 - 07:58 | 1379928 Coke and Hookers
Coke and Hookers's picture

"A black President cleaning up the white Republican mess."

And he does that how?

Republicans spent too much - Obama spends more.

Republicans falsified the economy with money printing - Obama prints more.

Republicans started fake wars - Obama continues them and starts more wars.

Republicans bailed out failing companies at taxpayer's expense - Obama bails out more companies.

Republicans cut civil liberties - Obama cuts them more.

Republicans ruined the middle class - Obama is finishing the job.

Republicans hired Wall Street oons to run the economy - Obama hires more.

Republicans were deindustrializing the country - Obama deindustrializes it more.

Etc etc etc ad infinitum.

Obama is nothing but George Bush on speed and steroids. An establishment puppet running the show on behalf of someone else than the American people.

You are either joking or you are a total moron. As such you are very representative of the population.

Sat, 06/18/2011 - 08:11 | 1379939 ATM
ATM's picture

Obama cleaned up the debt problem left by 8 yrs of Rep presidents by borrowing and printing trillions. Everyone knows that. Thank God we have such a smart person in charge because only he would know that the cure for a debt problem is debt.

Sat, 06/18/2011 - 08:45 | 1379956 The Alarmist
The Alarmist's picture

I think you all are looking at the debt problem the wrong way.  The problem was that the Republicans, although having run up too much debt, did not run up enough debt for the right reasons, so Obama fixed that mess by running up even more debt for the right reasons.

Sat, 06/18/2011 - 12:24 | 1380214 masterinchancery
masterinchancery's picture

You are joking, right? O/w you are in the running for biggest idiot on the planet.

Sat, 06/18/2011 - 15:58 | 1380872 TBT or not TBT
TBT or not TBT's picture

It is worse than you think. Obama's true intent is to create so much debt that a debt singularity is created into which all else will be sucked in. The resulting hell will be quelled by massive increases in pervasive authoritarian state power.

Sat, 06/18/2011 - 17:29 | 1381050 janchup
janchup's picture

Hell or "Change We Can Believe In?"

Sat, 06/18/2011 - 10:39 | 1380020 Bay of Pigs
Bay of Pigs's picture

Is this supposed to be sarcasm? I certainly hope so.

If not, junk this off the board please.

Sat, 06/18/2011 - 17:27 | 1381047 janchup
janchup's picture

It's not sarcasm. It's a penetrating glimpse into the obvious.

Sat, 06/18/2011 - 10:36 | 1380057 cossack55
cossack55's picture

Read lead-ins on Amazon. Will probably give it a whirl.  FYI, I would contact Amazon and in Author's bio have them add that you are a frequent contributor to ZeroHedge. Add tons of viability.

Sat, 06/18/2011 - 14:23 | 1380598 A Nanny Moose
A Nanny Moose's picture

Repeal of gravity soon to follow.

Sat, 06/18/2011 - 02:06 | 1379720 macholatte
macholatte's picture

Thanks CD !

... This may be problematic as in most spot metals trading virtually all contracts fail to meet these requirements. As a result ... Section 742(a) is likely to have a significantly negative impact on the OTC cash precious metals industry.

AND it's especially sweet that it only applies to Americans. Is this the forthcoming pop of the PM bubble Soros warned about?

Hopefully ZH will comment.


Sat, 06/18/2011 - 03:41 | 1379791 CD
CD's picture

Hat Tip!

It makes perfect sense -- only allow millionaires to trade... 0

...if you want to eliminate speculation. 'Cuz it was all the leveraged small investors of OTC PMs who were in fact the evil manipulators and driving prices out of all proportion. You are only allowed in this game if you are already wealthy or:

3) A director, executive officer, or general partner of the issuer of the securities being offered or sold, or a director, executive officer, or general partner of a general partner of that issuer.

I love the explicit exception put in JUST for banksters. Priceless.


Sat, 06/18/2011 - 10:30 | 1380051 optimator
optimator's picture

The Bankster's lobbiests wrote the Dudd Frank, so no surprise there.

Sat, 06/18/2011 - 22:07 | 1381639 Oracle of Kypseli
Oracle of Kypseli's picture

Eliminate the competition. JPM runs SLV and will be able to manipulate the paper market much easier.

I am sure you have noticed suspicious up or down of gold and silver price just before and/or just after opening of SLV and GLD options trading.

There you have it.

Sat, 06/18/2011 - 07:05 | 1379887 Yen Cross
Yen Cross's picture

+1 Yen.

Sat, 06/18/2011 - 07:55 | 1379927 Oh regional Indian
Oh regional Indian's picture

Holy Something. Nice segway Chopper.

The restrictions begin to creep in. Banner day. Mark it. I have. And july 15th another loaded date.

Perhaps another "explosion" of irreversible nature on July 16th? It is a Saturday, a god day for dirty deeds, done dirt cheep cheep.

We are now in the lost footing starting to stumble every third step on a long, rocky, muddy, slippery down-hill run into the caldera of a supervolcano.

If you think that is too stark and sensationalist, I suggest think agian.

Only two ways to thrive this, surviving this will not be worth it.

Learn to slow down (physically, know your center, emotionally, know your center, spirit-ually knwo your center). Learn balance. I'm totally serious guys, all th eguns, gals, gammo and whatever will not help if you are unbalanced. Polish your "self".

Second, learn to fly. I'm totally serious again.

Remember, we are entering the phase of approaching maximum novelty, nto so far-fetched at all. ;-) But most here are verbo-warriors. 

Perhaps one or three might want to come and see how? Hmmmm...

So, center and flight.....


Sat, 06/18/2011 - 09:29 | 1379989 centerline
centerline's picture

Always enjoy your writings ORI.  Love the stuff on balance here.  My name here being "centerline" has nothing to do roads actually.  It is actually meant to express the same concepts of balance - and also as reference to kung fu principles which are largely the same.  I really stress the idea of balance with my family and friends - hoping to help them find peace and clarity.  This will be critical going forward so as to allow the right decisions to be made, as likely some of the decisions may be difficult.

Sat, 06/18/2011 - 11:44 | 1380150 Oh regional Indian
Oh regional Indian's picture

Thanks Centerline and likewise. your avatar always gives me pause, quite the snapshot of where we are today.
And balance, it's it, you know?

No Balance No Life
Know Balance Know Life


Sat, 06/18/2011 - 11:06 | 1380106 SWRichmond
SWRichmond's picture

We are now in the lost footing starting to stumble every third step on a long, rocky, muddy, slippery down-hill run into the caldera of a supervolcano.

Yes.  Unknown territory.  Fully expecting to be startled, even frightened.  I AM slowing down, deliberately, and quite a bit.  It's easier to stay balanced if you're not running so fast all the time.  I get it.

Sat, 06/18/2011 - 11:45 | 1380151 Oh regional Indian
Oh regional Indian's picture

;-) Awesome!


Sat, 06/18/2011 - 02:09 | 1379721 Al Gorerhythm
Al Gorerhythm's picture

Gullible? WTF? These are not the times for glib, ad hominem and worthless statements. If you have nothing else of value to add, then stop wasting time and space. 

Sat, 06/18/2011 - 02:16 | 1379730 sitenine
sitenine's picture

I considered it a hoax at the time.  My appologies.  After actually reading the relevant section of the Act (which I posted above), I do realize the seriousness of matter.

Sat, 06/18/2011 - 05:45 | 1379843 Al Gorerhythm
Al Gorerhythm's picture

An open and investigative mind is a thing of wonder, a gift perhaps. Well done.

Sat, 06/18/2011 - 08:05 | 1379936 Oh regional Indian
Oh regional Indian's picture

Decency, all around, a pleasure to see on this board. Fight club and all notwithstanding.

Well played gentlemen.


Sat, 06/18/2011 - 10:10 | 1380027 JimRogers
JimRogers's picture

Go eat more shrooms ORI.


Sat, 06/18/2011 - 11:50 | 1380158 Oh regional Indian
Oh regional Indian's picture

Ah, while you choke on your bile?
What is with needless needlers?

Be passersby.


Sat, 06/18/2011 - 14:46 | 1380673 falak pema
falak pema's picture

His avatar is Jim is a name that sells shooms since the first Jim Roger appeared in Kentucky to groom horses...He thought you trained thoroughbreds... so don't mind his loss of focus...its a trait of the ROgers who love stable brooms as much as they enjoy selling shrooms. They are truly bewitched by broom sticks... its a family trait like shroom selling. You got him all excited climbing the indian rope...on nights they appear circling the moon on their brooms...hooting "shrooms"... to fellow broom riders.

Sat, 06/18/2011 - 23:47 | 1381808 Oh regional Indian
Oh regional Indian's picture

Hah! Them hosrey Rogers, eh?


Sat, 06/18/2011 - 02:35 | 1379741 Michael
Michael's picture

I bet if you randomly introduced a white man and a black man to each other alone together in a room, those two by a high percentage would get along quite well.

Do this to a large sampling of white and black men and you will see my analysis is accurate.

Sat, 06/18/2011 - 02:56 | 1379763 i-dog
i-dog's picture

Children are the only test case you need. Children have no concept of racism or fear of other races / religions ... until they are "trained" by their bigoted parents to "stay away from that chink over the road" or "that nigger next door" or "those joos", usually reinforced by a few spankings or ostracisms for disobeying.

Trav777 must have had the shit beaten out of him by his father for playing with a black as a kid (though not all of it.......)!

Sat, 06/18/2011 - 03:25 | 1379778 Michael
Michael's picture

But those same people talk to each other all day long on Facebook without a problem?

Don't know about TRAV77.

Sat, 06/18/2011 - 10:11 | 1380023 Coke and Hookers
Coke and Hookers's picture

I wouldn't be so sure about that. People seem to be hardwired to have more positive attitudes towards people the more related they are to them - the  "family>tribe>race" thing. This seems to work on a subconscious level, regardless of overt attitudes. Even white liberals who believe themselves to be totally 'bias free' respond more negatively to blacks than whites in tests that measure subconscious responses. Same applies to other races - except the other way around (with some notable exceptions). The argument about kids being 'racism free' and that racism is learned is dubious too. Has a child without racial 'prejudice' been completely 'left alone' by its parents or has it been trained to override genetic programming by ignoring obvious differences? The funny thing is that these 'racism free' children show subconscious 'racism' both as children and as grown up 'unbiased' liberals. This is a minefield and a lot of research on the issue is so contaminated with idology that it's verging on the surreal.

Look at these videos. Do you believe that these children's parents are bigoted and have trained them to stay away from the "nigger next door"?


Sat, 06/18/2011 - 10:57 | 1380088 JW n FL
JW n FL's picture

when people fuck with kids.. it makes me see fucking red.. and I dont mean some fucking polite fucking conversation type of red.. red like I wanna chop them up and feed them to an alligator.. one fucking knuckle at a time so they can watch themselves being eaten alive.. I HATE ANYONE that would / could and / or fucking might cause Harm to ANY CHILD!! I dont care if the Child is fucking purple with green spots!


I have been tested once in an extremely public place over my feelings!


I learned a few things!

1. People who did not see what you saw will think you an attacker of the other person, not knowing why or that the other person was attacking a child.

2. Someone else did see it all and will step forward even though they may not agree with my extremely violent response.

3. Most important! I can make bail and I have the best esquires money can Buy! SO FUCK ANYONE WHO FUCKS WITH A CHILD!


In Florida.. the child molesters have to go to prison.. when they are about to be released they move the child molesters to a Pych Ward! and then hold them until they are no longer a threat.. they may NEVER! get out!


Constitution that I scream about the rest of the time.. gets a pass on that one. Evil should be kept away from children, no matter the cost!


Or.. for the cheap crowd! I am NOT against just shooting them in the head with a .22.. I am all for the Cheap way out!

Sat, 06/18/2011 - 12:14 | 1380189 AnAnonymous
AnAnonymous's picture

It is framed. Children evolve in an environment. Children have no choice other than taking into account their environment. It goes beyond racism.

In this regard, children are truth tellers. Children can be told something about the rules, but if it does correspond with reality, it is useless. They see through and play the game by the rules.


That story of racism in the US is over: for kids not to grow into racists, they should not be immersed in a racist context which it is not the case. Children see through and expose the propaganda.

And it is the same for any other field: useless to tell to a kid that hard work pays when the kid has parents who are breaking their back at work and earn very little. Children see perfectly well that it is not hard work that pays but the type of jobs you do and how it is valorized etc...

The list is long. Nothing subsconscious in that, they simply see what the world is like.

Sat, 06/18/2011 - 05:40 | 1379842 sabra1
sabra1's picture

what about placing weiner and dsk in the same room?

Sat, 06/18/2011 - 07:42 | 1379916 nmewn
nmewn's picture

"what about placing weiner and dsk in the same room?"

Not much of a difference on certain levels. One went around the bend given enough time in power, the other hadn't spent enough time in power to get to that stage.

Two hopelessly flawed, egotistical people infatuated with self and their positions.

The root of it is power...people with no character should never be trusted with it, as power comes with the responsibility to wield it governance it will always be a temporary thing derived by consent, not divinity. 

If it can be given it can be taken away...this should form the nucleus of consciousness for anyone seeking power and authority over others. There should be a sense of humility that you have been entrusted with something very few will ever have. Far too many take it as a personal gift that feeds the ego of self.

Sat, 06/18/2011 - 08:34 | 1379953 Sambo
Sambo's picture

Most people on the top never behave responsibly. The (financial) power they exercise over others acts like an aphrodisiac. Some are able to overcome this effect on sexual behavior, others like Dsk, Weiner, Bill Clinton are led astray.

Unfortunately, some women are smart enough to see this weakness in men and are able to exploit them for their own selfish goals which in turn is a result of....



Sat, 06/18/2011 - 09:21 | 1379980 nmewn
nmewn's picture

Absolute power corrupting absolutely, yes, as we know.

I don't believe there would be any difference if most of the powerful were women, the males would fawn & flatter seeking favor...the powerful (now women) in stroking their own narcissism & vanity react the same...I don't think gender has much of a part in this play.

It is quite the chuckle to see Ginger Lee (a friend of weiner's everywhere...LOL, sorry, couldn't resist) cashing in after conducting a press conference on morality & the end, they all wanted only what the powerful are entrusted with by us. I suppose now, with Larry Flint offering Weiner a job (as a lobbyist I suppose) the visable circle of prostitution is complete.

I hate the idea of term limits as we subconsciously admit we don't have the ability (as a society) to replace the clearly corrupted we see representing us.

But it may be the only way.

Sat, 06/18/2011 - 13:43 | 1380161 G-R-U-N-T
G-R-U-N-T's picture

Yep nm I believe you are exactly accurate. The obsession of a "personal gift" can easily springboard into a self absorbed maligned psycho/sociopathic imaginary manufactured ego. Obama is a perfect example.



Sat, 06/18/2011 - 10:50 | 1380081 InconvenientCou...
InconvenientCounterParty's picture

"desires and (let’s be honest here) need to cleanse the sense of self-flagellating white guilt they continue to carry over a perceived racism in the country that is now more prevalent as a topic of media round-tables than it is a fact in day-to-day American life."

He who smelt it, dealt it.

Sat, 06/18/2011 - 06:48 | 1379875 mayhem_korner
mayhem_korner's picture

Dodd-Frank eradicated portions of the 1933 Commodities Exchange Act.  Effective July 16, 2011 (one year afte D-F was signed into law), it will no longer be legal to conduct OTC transactions (UNTIL the CFTC and SEC finalize the definitions and rules as to what constitutes a "swap" eligible for margining/clearing, etc.)

The CFTC just punted on a lot of this stuff, proposing to defer implementation of the rules until December 31, 2011.  There is a HUGE GAP in that, however, because the CEA stuff that was voided by D-F is left unresolved.  So everyone is trying to figure out what to do.  FOREX is taking a conservative approach - not going to recognize OTC transactions with the overhanging uncertainty.

That's about all I can tell you that I'm confident in.  I am not confident in the CFTC, SEC, FDIC, etc. actually resolving the definitions issue.  Their ambition to broaden the regulatory net as wide as possible is making it difficult.

Sat, 06/18/2011 - 09:41 | 1380003 gaoptimize
gaoptimize's picture

We really should not hijack this thread, but I feel compelled to say: Capitol Controls bitchez.

Do NOT follow this link or you will be banned from the site!