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How Ben Bernanke Sentenced The Poorest 20% Of The Population To A Cold, Hungry Winter
The following chart prepared recently by JPMorgan demonstrates something rather scary, and makes it all too clear how the Chairman's plan to "assist" the US population via some imaginary "wealth effect" due to QE2, is about to backfire. As is now becoming very evident, the prices of energy and food products are about to surge, and in many cases have already done so, but courtesy of some clever gimmicks (Wal Mart selling what was formerly 39 oz of coffee as a 33.9 oz product for example) the end consumers haven't quite felt it yet. They will soon. There is a limit to how much every commodity can open limit up before it appears on the SKU price at one's local grocer. And while a marginally declining "core CPI" is irrelevant for this exercise as it measures only items that are completely outside of the scope of everyday life, what will be far more important to end consumers will be the push higher in food and energy costs. The problem, however, is that for the lowest 20% of Americans, as per the BLS, food and energy purchases represent over 50% of their after-tax income (a number which drops to 10% for the wealthiest twenty percentile). In other words should rampant liquidity end up pushing food and energy prices to double (something that is a distinct possibility currently), Ben Bernanke may have very well sentenced about 60 million Americans to a hungry and very cold winter, let alone having any resources to buy trinkets with the imaginary wealth effect which for over 80% of the US population will never come.
Here is how JPM explains the phenomenon:
When the Fed considers the possible consequences of a falling dollar resulting from QE2, it should perhaps focus on food and energy prices as much as on traditionally computed core inflation. First, the food/energy exposures of the lower 2 income quintiles are quite high (see chart). Second, the core CPI has a massive weight to “owner’s equivalent rent”, which suggests that the imputed cost of home occupancy has gone down. Unfortunately, this is not true for families living in homes that are underwater, and cannot move to take advantage of it (unless they choose to default and bear the consequences of doing so). Due to the housing mess, there has perhaps never been a time when traditionally computed core inflation as a way of measuring changes in the cost of things means less than it does right now.
Since nothing else appears to have jarred America from its prime time TV/iPad hypnosis yet, perhaps this is for the best, and a few hungry months in subzero temperatures is precisely what several tens of millions of Americans need to finally march on Constitution avenue.
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I agree. But it's not all jews. I know quite a few jews that aren't bad people at all. there are bad jews just like there are bad muslims, bad whites, bad christians, bad japanese, etc. The problem is that anywhere you go in the world, the psychos of any group are the ones in power. I think it sucks that there are these groups of jews that do these things, mostly for the good jewish people, who have to suffer holocausts and expulsions because of the actions of a select few of their brethren.
Insert "million" between "few" and "of"....
i'm not indicting jews by any means. I AM indicting the one-way racism hustling. Look at Michael Richards and his famous racist blowup when he was trying to do standup and the black guy was heckling him. Someone immediately was on tv trying to excuse his racism because "he was jewish, isn't he?" As if being jewish means you can't be racist. I've had blacks tell me flat out, argue with me, that blacks could not by definition be racist.
I am clearly indicting the failure of whites to behave the same way everyone else is. Only whites junk whites for "racism."
It's considered progressive for some guy to go on bleating about how whites are going to be destroyed; there is a clip which was on CNBC where some black author was calling for the extermination of all white people and blacks in the audience clapped. We all saw standing ovations for the OJ verdict, even at law schools that were predominantly black. I mean, good lord, the evidence is all around.
It's time to bury the racist label and just accept things the way they are and behave accordingly. I mean, sure, it sucks that you have to look out for people you may not actually like on account of their skin color, but I've been a minority at work on many different projects and have seen majority nepotism in play to my detriment. Why is it a cardinal crime for me or anyone else who doesn't have an abundance of melanin to act in a similar manner?
Now as far as where the race hustling machine institution hails from, that is inarguably jewish, as jews founded the NAACP and ran it until 1973 and still run the SPLC, which is a major anti-white attack dog organization frequenting the more left media.
trav7777
Richards is NOT a Jew, but
Richards is a Freemason and also a 33° member of the Scottish Rite. He has been very active in preservation of Masonic research
No shit he's not a jew, dumfuk!
As for the rest of it, there are few people I care less about than that talentless hack Richards. He's a guy who thought he was funny because his stupid schtick was followed by a laugh track.
The stuff he said on stage was racist and I don't particularly care.
Racism is the most overrated thing on the planet.
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You are correct, racism in our culture has a very neg. conditioned pavlovian response. I agree a "white racist" is judged harsher than a racist from a cultural minority in the United States.
I don't think "I fell pray" to your use of the word racist, however, I wanted you to further explain yourself, which you did.
Your assumption of my education regarding " japs about their xenophobic supremacist culture." is incorrect, having spent time in Japan I am very aware of their culture, I am not "stunned. I have been watching with interest the "most recent" developments between Japan and China, in light of the (in my opinion) cultural tendencies toward racism (of both cultures) and how that influences the relationships with each other and with the United States.
Regarding Black and Jewish racism, from my own life experience, that is not as consistent as in Japan and (by conjecture) China, it varies more from individual to individual, education, cultural background and "real life" experience.
Neuro-linguistic programming, hummm good point, I'll be thinking and reading about that one, thanks.
However, "..disgust to a white doing it while at the same time CELEBRATE when any other group does it.", can you give me examples of what you are referring to so I fully understand your point?
For the most part, your vulgar thoughtful blogs make me laugh and I enjoy reading them.
you might not be stunned as you have experience there. Others who project the white conditioning onto japs or chinks might be pretty shocked. They are unabashed racists.
And know what, I don't particularly care; doesn't matter to me at all.
As for the celebration, examples of this are manifold. Listen to the admiration of the black bloc vote while at the same time the intimation of RACISM if a majority of whites voted for a white candidate. You hear it all the time.
Top Shit Trav.As far as I,m concerned they all piss in the same pot.
Here's the one that matters to me, you froggie scumbag. But I didn't junk you.
Seems to me I saw Osama Bin Laden on wanted posters in the post office in Hilo, Hawaii before 911.
Now don't get distracted, let me finish.
Every grocery store and gas station should have a wanted poster for Bernanke, ala William Banzai7. There have to be some printers still not being used by the Fed. This would be an educational tool.
Who is that?, people will say, and then you tell them all about it, and eventually they will all seek to find him and hang him upside-down in the public square, like they did to Mussolini.
Just a thought.
these stores have unusual postings but they say
" we buy gold ". no pictures of ben.
Here in Germany,
You could eventually enter a kind of swap agreement with your gas or electricity provider to fix a price for 1 year or 2 years delivery.
That would solve the heating problem at least.
sure, price controls like that ALWAYS work out smashingly.
In the early 70's when inflation took off, everyone started noticing prices rising and very shortly after that wages started rising too. The people who were really hurt were people who were living on fixed incomes (retirees). For example a friend of my grandparents had sold her house in the early 60's, invested the proceeds in treasuries, and moved into a smaller apartment. Prices and rents kept going up, but her income didn't keep pace and she was forced to move in with her daughter. Treasury and bond investors lost big. As a group, I think the elderly were probably hit the hardest.
In theory stocks should have gone up along with inflation, but that didn't happen in the 70's. Perhaps companies were reluctant to raise prices and this depressed their earnings. Also, inflation and a low dollar didn't seem to increase employment or stimulate the economy. This was the decade when the term "stagflation" was created to describe a stagnating economy combined with inflation. All in all, the 70's was a really rotten decade and debasing the currency didn't do anything to help the economy. In fact, it seemed to make things worse.
At least this time around we will not have to endure disco and leisure suits.
Music was better than most of this modern crap in the seventies,people also had spirit then instead of the Zombies of today.We just put up with shit today.
"perhaps this is for the best, and a few hungry months in subzero temperatures is precisely what several tens of millions of Americans need to finally march on Constitution avenue."
Surely you are jesting! Of course you are... what an admirably black sense of humour. They will be marching for more help from their government and good intentioned Captain Ben. Your monetary system based on greed which relies on the ignorance of most of it's population is coming to it's just deserts.
For all our progress as a species we have little more to show than fancy gadgets and differing levels of "me" mentality. We have populaces still killing each other over myths used as basic control mechanisms that we should have left behind a century or more ago.
As far as I'm concerned the coming destruction of the world financial system just might be an opportunity for evolutionary leap once we pick-up the pieces... Unfortunately, it will likely be subverted as usual by some group of charlatans.
Evolutionary leap to where? There is no such thing as progress. Evolultion is simply adapting to the available food supply.
I hope you're fucking kidding, because I find it hard to believe that someone with such narrow minded definitions would be browsing this site. If not get a dictionary or check-out the ones online... http://mw2.merriam-webster.com/dictionary/evolution
As Johnson and Kwak put it, the greatest democracy the world has ever seen is ruled by a small bunch of oligarchs, who are not accountable to the sheeple they rule over. Fed (no pun here) on plastic, grass and hopium, sheeple dares not and knows not how to rise against the masters. Spectre of Saddam and Stalin 2-in-1. Worse than the CCP. Sad watching.
The more knowledgeable I become about the financial market collapse and the Wall St. Fraudsters, the Fed, the Treasury, and our divine politicians--the more I become convinced that all are out of touch with economic reality by their practice of crony capitalism without even following their own SOP's.
The Wall St. Fraudsters, and to a larger extent the majority of the American corporate/business world seem to have no inkling of how economics works. They are fixated on the greeedy bottom line and are almost completely ignoring the plight of many, many Americans.
Are these "Things" ex KGB sleeper agents that have come to life to destroy America from within?
Have the Jamaicans put a voodo hex on these "Things?"
Are all these "Things" gentleman "C" graduates?
In the south there is an expression that fits very appropriately for these "Things"--Cluster F......!
.
This is why a company like Chipotle is going to feel some significant increases in the costs of their inputs--(agricultural commodity prices?)...I wonder what that will do to their margins and the price of CMG???
Raise the prices of their product? yeah sure the consumer can stand to pay more right now...as long as they are not paying their mortgages maybe....
The whole purpose of capitalism is to provide more product at a reduced price, making it available to more people. What the HELL is the Fed doing trying to reverse that, and who the HELL annointed them for that purpose?
None of the QE2 money is going to a productive purpose. It will simply sop up the deficit spending of the give aways of the next six months. Further, the inflation will create a upward spiral in the cost of all of the subsidies.
Uh...say what now? I've seen a lot of goofy "definitions" of capitalism here, but this one looks like one of the wackiest yet.
Maybe they don't explain that for you until second semester.
Look at cell phones, autos, office equipment, offshore sourcing for ideas you can use to impress the teacher.
You're not very bright.
The "whole purpose" of capitalism is to provide a structural model for maintaining power and social control in the hands of the holders of capital.
The markets and production stuff is a sideshow--the coating used to make it appealing. *No one* gives a flying fuck if capitalism produces more or less of any good or service.
(Didn't realize you were so sensitive. An education is worthwhile, though--it's not something you should be mocking, even if yours seems to have failed you.)
The "whole purpose" of capitalism is to provide a structural model for maintaining power and social control in the hands of the holders of capital.
If we are talking about a system of true capitalism and not the current oligarchical corporatist set up then I would have to say that you have got cause and effect reversed in that statement. In a free market the effective deployment of capital into products and services desired by a customer base which produce profits for the producers is "control." "Control" is not an artificial condition procured through some sort of bribery in a truly free market. Corruption and compulsion are attributes of unfree markets and government interference.
No, even in the purest fantasy-land (and non-practiced) version of capitalism, the holders of capital exert the most control over the behavior of a society.
In a pure capitalist system, if you own no capital, all you can do rent out your labor. Renting out your labor is the lowest level of participation in the system that is possible. If you own more capital, you can make decisions about how to allocate it--placing your capital into endeavors you support and want to operate. Like incorporating a new computer manufacturer, bank, or sports team.
Result: the holders of capital make the decisions which prioritize the collective activities of the population.
This is pretty basic stuff. It makes me a bit depressed that so many posters (not you specifically, just a common issue here) claim to be such fans of capitalism while operating from such completely off-the-wall misunderstanding of what it IS. That this level of inanity seems to coincide with the most hostile and obnoxious of the posters is to be expected--this is the innerwebz.
But none of this is difficult to learn--these things have been understood by millions of people before us. Not to know these things suggests a concerted effort to avoide learning them.
Marxism is dead. Unless you want to talk about Harpo.
So is capitalism, from the look of things. It certainly can't be found anywhere on Earth.
It would've been nice if we could've kept it around, though. It's certainly the best economic system we've tried so far.
Capitalism is present in every voluntary action undertaken between men. Freedom and all that.
That's not capitalism. That's just a market.
You're an idiot. I should've known.
Consumption depends upon production. Production requires a means of production. These all too obvious concepts underlie all markets beyond the hunter-gatherer stage of an economy.
It took me awhile to catch on to the fact that you're just trolling. What defines capitalism is not markets or production, both of which exist everywhere, regardless of whether capitalism exists there or not.
Using your terms, 70's Moscow was capitalism, because people there exchanged money for products. So were Pharoah's Egypt, and Mao's China.
That's all bullshit.
You may continue to willfully misunderstand me all you want. However, I simply must inquire as to whether you really believe that the the Soviet economy was based on free markets and voluntary exchange? Indeed such a belief would constitute bullshit which makes me wonder why you would suggest it.
The point is that free markets and voluntary exchange are not what define capitalism. True that capitalism *requires* both of those things.
What defines capitalism is the formation of the corporation and apportioning of ownership to the third party--the separation of *ownership* of a business enterprise from the employees/management.
Without that element, it's not capitalism.
So look at the thread here: the first claim is that the whole purpose of capitalism is producing more for less. Bullshit. Then you say capitalism is alive and well in any free market. Bullshit--any free market is ONLY a market. That is not capitalism.
Capitalism means that a business is held by owners in exchange for their paper contribution, and for which they demand a return. That is the essential ingredient. It requires the shareholder's contract to contribute short-term capital for potential future profits. Without that, it is not capitalism.
Pre-capitalist market systems (which you appear to reference in every one of your comments thus far) includes mercantilism and commodities exchanges, in addition to the simple charging of fees for services. The guy running a hotdog stand where he performs all the labor and keeps all the profit is a pre-capitalist merchant. He doesn't become a capitalist merchant until he sells shares of his business to some VCs.
Anyway, most importantly, it's dead--the current system is a government-mandated support structure for stock-holders of companies which have no justification for continued existence, because the businesses have long since failed. There's neither competition nor price discovery in markets maintained for the benefit of the stock-owners through the actions of the government.
That's fascism, which is more a governmental system than economic one, although it requires a simulation of a "free market" economy in order to exist. It's sometimes called "state capitalism," which is a perfect term when describing businesses which are literally owned by the government (Fannie Mae, GM, AIG, Citi), but is a bit confusing when referring to companies like Goldman Sachs or Bank of America, which still pretend to be operating "privately."
This stuff is worth learning. There's no better way to understand current events (and history) than to understand the economic foundations of our power institutions.
"The movement that I'm in favor of is a movement of libertarians who do not substitute whim for reason. Now some of them do, obviously, and I'm against that. I'm in favor of reason over whim. As far as I'm concerned, and I think the rest of the movement, too, we are anarcho-capitalists. In other words, we believe that capitalism is the fullest expression of anarchism, and anarchism is the fullest expression of capitalism. Not only are they compatible, but you can't really have one without the other. True anarchism will be capitalism, and true capitalism will be anarchism." -- Murray Rothbard
The whole purpose of Capitalism is to give the least for the most.
From the agenda for the Fed Meeting at Jekyll island mentioned a few posts above:
Session 2—The Passage of the Federal Reserve Act
"The Promise and Performance of the Federal Reserve as Lender of Last Resort, 1914–1933"
This session examines the origins and early performance of the Federal Reserve as lender of last resort. The paper traces the Fed's failure to act as an effective lender of last resort during the Great Depression ...
Thus the Fed academics. I hope in 50 years there will be a paper at the 150th anniversary called
"The Lies and Destructiveness of the Federal Reserve as a Printer of Last Resort, 2009-2029."
Even worse was 1999-2007, IMHO. Greenspan is a far bigger criminal than Ben. Greenspans ideological brothers robbed, looted and burned the crime scene. Then, they stuck a gun to Ben's head when he was green. The timing was almost perfect.
I have the mildest amount of sympathy for Ben. I have anti-sympathy for Alan. I think he belongs in jail or banned from generating propaganda and speaking in public.
Look who he's married to: Andrea Mitchell. Punishment enuf?
I just wanted to add my "ditto" about the serious thanks ZH deserves for not only calling this issue out, but framing it in a way that people can understand. That's what it takes to start getting the message across.
Well done, indeed.
GD !!! Look Ben isnt doing the QE Shuffle for the unemployed or the lack of credit demand or the lack of sales or the lack of housing or the lack of durable good sales or lack of stock market performance.
The Banks are so close to going poof and so desperate for capital that Ben is doing this. That's it and that's all. It is so bad that Even Ben is willing to risk all else like the poor and cost push margin destruction.
It's that bad. But party on Wayne and buy stocks. I think Ben won't beat the clock to when BAC blows up. Just saying
If gold is going up in price, who is buying it and what are they paying with?
What are the people selling it accepting as payment for the gold?
Then what are the people who sell the gold doing with what ever it is they are accepting for the gold.
How can I find the volume of gold being sold?
I have a lot more questions now that I visited that FOFOA web site.
We are buying it with €
Every German has on average 130 grams of gold. Altogether more than 8000 tonnes.
http://www.welt.de/finanzen/article10713549/Buerger-besitzen-mehr-Gold-a...
If I were the Chinese government, I'd be trading ships full of grain for boats full of gold until I got my fill.
Why would the Chicoms ship something valuable like grain, when they can send worthless Walmart crap ?
Who is buying...check out insider selling lists. What are they doing with it...take a lesson from societies a little older and more experienced than yours....bury it in the back yard.
My fellow Americans,
It has been excruciating for me to pull the plug for QE2. I felt so much for your pain that I could hardly eat well. But it is all for the common good. Someone will have to sacrificially.
This is how I explained to the college kids who are clueless about what good I was to bring to them. Here is the link.
Ben B.
Bernanke Defends Fed Bond Purchases, Predicts Stronger Growth
http://noir.bloomberg.com/apps/news?pid=20601087&sid=abaWTLyGTK1E&pos=1#
"Asked by a student if “skyrocketing” commodities prices may threaten his inflation outlook, Bernanke said rising commodities prices are “the one exception” to a broad reduction in inflationary pressures."
Quality tobacco will have high value in exchange/trade in the times ahead. It is dead simple to grow a personal crop in a back yard garden or even in pots on an apartment balcony. Right now high quality seeds are readily available from multiple sources. This won't last.
Free detailed instructions on growing your own heirloom tobacco without pesticides are on my web site http://www.cultivatorshandbook.com/cultivators/Free_Guide.html
Full disclosure - my "Cultivators Handbook of Natural Tobacco" is for sale on this site too, but the free instructions give you everything you need.
oh i just read that on your website. i liked it very much, plus i liked your font. i just noticed i have natural american spirit rolling papers. isn't that funny. i just started smoking cigarettes in june and bought my first set of rolling papers for weed, too. WOW all these new discoveries in my life time, and now i don't hide my vices from myself and anyone any more. i am sick of being the good girl and not do these things my past friends would frown upon. thanks good american indian spirit.
i am sick of being the good girl
I seem to remember a short lived avatar of yours... :)
KC, consider pipes (multifuel smoking apparatus). In a pinch, if it burns, it smokes.
Seems to me that if you are going to grow something for high value exchange/trade, it should be pot. I can't imagine never being able to exchange pot for food.
spirit, thanks for sharing the knowledge. i grew some killer 7ft perique plants this season in a large clay pot lined with one of those recycled bottle bags (for root pruning), then submerged in a 7gal bucket for sub-irrigation. it was a crazy experiment but worked out quite well due to a perfect mix of air & water coming through the clay pot from underneath.
curing a nice batch of leaves right now, so your pointers are helpful.
One of my cousins quit his job @ a bank after 19 years and wants to grow tobacco. I will pass this information to him.
I find these to be excellent quality:
http://donbienvecigars.com/
I sell software form Australia globally. I have just raised prices to US clients, in USD, by 10%. Soon I may not even accept USD at all. I may make the Swiss Franc th default payment currency. The USA is finished. Sorry guys.
That makes sense if the U.S. is less than 5% of your clients. If not, then I don't believe you. No one turns down a sale of SOFTWARE in any currency. Rice, maybe. Wheat, maybe. Not software.
Don't forget - AU buys all their oil in the U.S. dollar. There's always a secondary demand for US dollars down your street, no matter.
That's a unique asset that 600B doesn't flush.
Dubious business claim/decision at best. What's the marginal cost on software, for chrissakes?
Don't be sorry. Anything you do to hasten the demise of the fiat, fake, fraud, fiction, fantasy "dollar" is appreciated.
However, your next step should be to start demanding payment in gold [and silver, platinum, palladium, etc], because every other currency on earth today is also fiat, fake, fraud, fiction, fantasy... BOGUS.
Time to return to a gold (coin) standard with zero forms of paper "currency" or "receipts" or alternatives. Only when the (savings/trade) value-chain is 100% unbroken can be exclude the banksters and other predators-that-be from ruling earth.
Wheaties
Australia depends ENTIRELY on the Chicom Fascists. People who live in glass houses are often broken.
Ben Bernanke Sentenced The Poorest 20% Of The Population To A Cold, Hungry Winter
yeah there's evidence and wonderful prose backing that statement up. but nobody who claims even the faintest connection to life on this universe would dispute the statement above. very well said.
Indeed. Which will give rise to fiscal stimulus to support home heating tax credit garbage that will be another futile exercise in faith based government. As folks go cold & hungry.
Don't get your panties all in a bunch. It's like schitzophrenia here. One minute it's wailing and rending your garments over extending UE, to become a virtual welfare program and the next moment a howl about the how the bottom 20% are going to be hungry. You can't have it both ways. Have some freeking guts goddamnit. Under the best of circumstances the US is going to have a lot more poor people and they will be poorer on an absolute basis than anytime over the last 50 years. Deal with it.
- Cap their credit card interest at 7 points over prime. (approx as it was for decades before the 80's)
- Protect them from predatory banks with absolute immunities from everything but overdraft fees and the right to deposit.
- Quit nickel and dimming them to death.
Three small things to make life easier on the poor without a massive government program. We're a gutless nation who gets served gutless media approved by the banking lobby. We don't protect them from predators. When the states try, the feds preempt it and suddenly preemption is a Republican thing to do (behind closed doors). Everyone's lying. The political platforms = meaningless documents.
The lowest 20% may actually feel somewhat less pain than hard working folks who just won't get pay raises. The entitlements will gradually be increased.
I am in the lowest 20%, you heartless plutocrat. Despite "working hard". And already in quite a bit of pain.
Many in the middle class like to imagine that pain is relative. You know, like having to skip that trip to Cancun that you've traditionally taken to break the terrible tedium of winter is comparable to walking through snow without boots to catch a bus to take you to the plasma center to get money for rent so you can continue to live in a shitty apartment in a shitty neighborhood.
Reality from someone who has known both versions of pain: Middle class problems are a luxury that should be fully appreciated.
But I can understand not wanting to know what you don't know.
The JMP quote makes clear, without saying so explicitly, that QE2 will harm the housing market. When it costs lots more for absolute necessities like "eat and drive to work" at a time when homeowners are angry at being set-up and screwed-over by the bankster predators, they will choose to stop making mortgage payments rather than stop eating and going to work.
Add another 30% to the odds the housing market suffers another substantial and extended collapse.
That is what you wanted Bennie... right?
Home owners were not screwed by the banks. It is very much the reverse.
Dick Weed just tried to buy about double what he could afford. Money is cheap. Let's take a chance and buy the big one now Juicy. Dick and Juicy Weed just don't want to honor their obligations. They are destroying what was an honorable and successful finance system. Next time, a few years from now, they'll have to put 50% down. The general case of Dick and Juicy won't be able to get together the downstroke for a mobile home.
That is correct. In the end it was the Homeowner who signed on the dotted line and sold their soul and gave their chastity to their Loan Officer. When that didnt work, They again sold their soul to a loan Mod. I will live in my Corolla before i even considering signing my life away. I think America is finally starting to catch on. Home sales are dropping like a rock. RENT!!! Its good for ya.
@"....They are destroying what was an honorable and successful finance system."
....
..
i question your use of the word honorable in the context of this discussion.
i suggest there is no honor in it whatsoever. just dishonor.
Thanks. I was just sitting here dumfounded by that perversion of honor wondering what exactly to say.
Augustus
You have a tiny, weany, little point. That is, people should take personal responsibility.
However, during the housing boom, daily people were exposed to Dietech.com (General Motors, when they could still issue debt)- come get your free money here....
And fear was rampant that people were never going to be able to afford a house because house prices only go up....
And GreenSpam kept telling the media that there was no housing bubble.
So some banks weren't part of the problem and some home buyers "deserved" their fate,
BUT THE HOUSING DESTRUCTION FALLS FIRMLY IN THE LAP OF THE FEDERAL RESERVE AND THE NEW YORK BANKING CRIMINALS.
Not very august of you to blame the addicts when the pusher demands payment.
That is an exceedingly narrow perspective that ignores the endless intentional scams established by BarneyFrank, ChrisDodd, congress, administration, FannyMae, FreddieMac, Ameriquest, Countrywide and endless other self-serving con artists egged on by the FederalReserve and its continuous treasons.
The "reality" they established gave astronomical incentives to "play their game". The fact is, those of us who did not play their game were greatly disadvantaged for decades, then astronomically disadvantaged for a few years during the bubble.
By fiddling the housing market, the government of the USSA and the FederalReserve criminals have raised the total cost of home ownership a factor of 8x to 12x. That may sound extreme, but that is a fact I and others have discovered and confirmed as correct. What this means is, americans should be able to live frugally their first few years out of school, then buy a home with cash - and never have debt. How good would the economy be if almost everyone had their entire paycheck to enjoy a good life, with no mortgage to pay?
In your view, people should suck-it-up and just accept being enslaved and never own a home. Well, that has been my solution. But I don't require everyone live my way, and I do not ignore or justify overt, massive fraud and artifically created debt-enslavement of, by and for the international ganster bankster cartel and predators-that-be in the government of the USSA.
Those bank loans were secured by the property. It is perfectly legal and moral to return the keys and walk away from secured debt, just like is common in commercial real-estate... especially when the scumbags who lent you the fictional "money" never produced a damn thing their entire lives, and created that fictional "money" out of thin air.
Individuals did not "destroy an honorable system". That is the most absurd statement I've read this week! You ignore 99% of the facts of the matter, a few of which I mention above.
h,
you have said it precisely. excellent work! i would like to,
will, repeat this, copy it and distribute it as widely as possible.
thank you for telling the fucking truth. we are being fucked by
the " bankers ". period. and we will not tolerate it any longer.
end the fed.
Oh, and do recall who sets what % down payment is required in any mortgage contract. Hint: The lender! They decided how much skin they required from the borrower, so when the borrower walks (and forfeits the collateral), the lender has nothing to complain about, since it was the lender who decided how much he needed to guarantee the loan.
It's already happening with higher food costs especially.
Fat man sittin' on a little stool takes the money from my hands while his eyes take a walk all over you. Hands me the ticket smiles and whispers "good luck"--well cuddle up baby cuddle up my little girl and ride now baby into this tunnel of love.
No worries, that fat tax credit (see: crumbs for the middle class) is right around the corner.
Now, who's paying for that as well? Hmmm....
Aimee Mann is always good in these times:
http://www.youtube.com/watch?v=xTI8ZiopycQ
mmmm, yes indeed - fave movie as well, tho' she works "anytime" IMHO.
Bernanke may not be so dumb. Most nations trading with us buy T-bills to keep their currencies low and maintain a trade advantage with us. The QE x program releases dollars that Wall Street traders are using to purchase assets in the mercantilist countries. So much money is puring in from Wall Street that several countries are contemplating currency controls. If this keeps up we will own every nation on earth and they will own a quadrillion in T-Bills. Which would you rather have, hard assets or T-Bills?
"'We?' Who the hell is 'We'"?. The only thing we own is debt.
Qe will inn fact cause the dredded doulbe dip by this exact mechanism
the same way the intiial folld of money caused 147 oil, whic turned a recession into a commodity induced world crisis
Bernanke has to be stopped, as well as the rest of the board of govenors for the good of the world
END THE FED
@ " cold and hungry winter."
that will be death for many and great fortunes
for a few. the result of making available commodies
essential for life objects of financial gaming for value
extraction.
Ben Bernanke may have very well sentenced about 60 million Americans to a hungry and very cold winter, let alone having any resources to buy trinkets with the imaginary wealth effect which for over 80% of the US population will never come.
This gets the same answer that deficits did with Cheney, Clinton (either) and Carter. "So"!
According to the fed the only part of the food chain that matters is the top 20% since it is this segment of society that is still consuming anything other than the bare essentials. This is why the temporary economic stimulus of another recession, this time Bush stimulus (tax cuts) need to be extended, so what's left of consumption can continue.
So stop with all the drivel about regular Americans Tyler since everyone knows us folks off S. Main matter about as much as a fart in a tornado to the kleptocrats. Full employment and price stability my ass. I haveta wonder though how much the increases in the HPI (Hooker Price Index) will effect the asset purchase program next year since there can't be a drop off in that essential segment of corporate American entertainment. The action in corporate America beating the drum for an increase in student and H1B visas should tell the story there soon enough.
Sure enough, the refrain in many quarters remains ..
http://www.youtube.com/watch?v=sVDCfEH-HIw
Mr. Kendig in a lucent moment dropping knowledge and beats in the wee hours. Cheers!
Thanks. I shoulda folded another 999,999 weeks of emergency unemployment transfers into the discussion (since the issue is structural rather than transitory), but that had just been done within the day. Regardless, the refrain besides Schulden Macht Frei is They Need Us. These two will remain interlinked well through the next election cycle as trillions get cindered. Simply epic as ...
http://www.youtube.com/watch?v=K0H41djilTs
Bernanke is doing what Obama is unwilling to do: forcing the lazy bottom 20% to finally get off the couch and get a job!
What do you call hookin' and dope slingin', charity work? Just like any other neighborhood the talent follows the money. No wonder Wall Street and S. Main Street have so much in common.
Here is my biblical 2 cents....
Is our imminent economic collapse our final leap into the events foretold in the book of revelation where a mastermind takes control and leads many to their spiritual damnation? In the aftermath of a societal meltdown this will happen....
----
Is The Mark Of The Beast Islam?
"Revelation 14:9-10 (New International Version)
9 A third angel followed them and said in a loud voice: "If anyone worships the beast and his image and receives his mark on the forehead or on the hand, 10 he, too, will drink of the wine of God's fury, which has been poured full strength into the cup of his wrath. He will be tormented with burning sulfur in the presence of the holy angels and of the Lamb."
---
In Revelation 14: 9-10 the mark of the beast is placed on the forehead or on the hand and this could only mean that we are dealing with the Islamic religion. Consider that when a Muslim woman wears a burqa, or hijab, according to the Islamic religion, her forehead is covered and only her hands are exposed making the beast’s mark on a woman’s hand the only possible way for verification. Islam will emerge as the restoring force in an economically devastated world to the detriment of their spiritual future with God.
This post seems like an attempt to demonize Islam.
The mark of the beast is [thought to be] credit, or electronic (non-physical) means of monetary exchange.
Marks in the physical context could mean barcodes, implants, or who knows what else, but one thing is for certain, its the fiat/fraud equivalent that composes the premise of the biblical warning.
The fall of man is the entirety of Revelation, and man's diverted attention to money/greed/etc, and man not focusing on the things that cannot be counted or destroyed yet are invaluable much more so.
Man is returning to the animal kingdom, which can only focus on shiny objects like a sea gull, not solve problems, interpret sciences, or write poetry - all which cannot be bought or sold.
Think about the direction "mankind" is headed. The rest is symptomatic illustration, collecting shiny objects like a seagull.
"Marks in the physical context could mean barcodes, implants, or who knows what else, but one thing is for certain, its the fiat/fraud equivalent that composes the premise of the biblical warning."
Consider the fact that if the Christian rapture takes place whereby Jesus Christ returns to retrieve his faithful sparing them the horrific events that are foretold in the book of revelation then certainly there will enough of a technological disruption that mankind will have to revert to a primitive means of identification of marks on the hand or forehead.
Those of us left behind will just have to see how it goes. Good luck in heaven, man.
It seems to me that the Muslims who were photographed being molested and anally raped by good Christian soldiers are probably not in league with Satan. More likely to be the other way around.
Don't forget: "By their fruitiness you shall know them."
Maybe the rapture has already taken place, none of us were found worthy.
You Sir, is a Landlubber never at sea.
Seagulls circle and gather over anything that is edible food. Eventually a very large cloud of them compete for what few scraps are left.
THIS Seagull has only Nickel Cased Ammunition as the only shiney things bought this year and last year and the year before that. Fired plenty and have more on order.
We have had thanks to Zero Hedge adequate advance warning of the coming storm and cold. We can only continue to improve while we have time before it is upon us.
Coffee now stands at 14.60 in Walmart, our local grocery store blew a bunch out the other day at about 6.60 per for the same product. People walked out with cases of the stuff. It's already started.
But we have coffee inside our MRE's and other stocks stored and ready to go. We can generate power for a while and that is ok. We are working to improve our ability to convert ditch water into drinkable and toilet water in adequate quanity, we have done so much to adjust our working hours to part time, get the FUCK out of debt asap and live so far low within our means that everything not spent on bills or food, gas is pure profit.
We are happy with what little we have. We dont chase after shiney things. Only needful things that will vanish quickly.
100 things to vanish quickly.
http://www.thepowerhour.com/news/items_disappearfirst.htm
The mark of he beast is not Islam. Islam does not allow debt loans (mostly) according to law.
Maybe the beast is the Savior.
Put a minted silver or gold piece in your right hand and as some one facing reads the 999 upside down numbers -- as they see them as 666..
Here is wisdom. Let him that hath understanding [read] the number [on] the beast: for it is the number of a [thing]; and [it's] number [is] Six hundred threescore [and] six.
:')
My response to your biblical 2 cents, is a silver bullion coin 999 pure. Now you can go out an buy a clue. All?hu Akbar http://www.youtube.com/watch?v=WIETxzYgwcY&p=58DFEF0470B8C946
That is Islamic Propaganda. Islam does "allow" "loans". They just do not call it "loans" and the cost of money over time is not called interest. It is entirely semantics.
When you get the "magical gift" it is understood that you will deliver "favors" or value when called on.
There's a bit more to it than that, but I suspect you already know that.
Thanx, ugmug. I'll be watching out for that "mark."
Jesus H. Christ, why is it that followers of Jesus, famous to all as a man of metaphors, so often think in such absolutely concrete terms?
Some people see the Anti-Mashiach (Antichrist, Anti-messiah) as an Islamic figure.
Messianic Jews friends of mine talk about it.
I don't know.
Ya ain't seen nothin', yet
Sincerely,
Ben
http://www.youtube.com/watch?v=ggsz39S4MCA
Get To Da Choppa!
The only thing that matters AT ALL is record bonuses as wealth redistribution continues unabated from the unemployed to the faceless, lawless, incorporated, rich. Incorporation is the proxy for fraud (vapor accounting, legally untouchable, can influence politics but don't pay taxes, etc).
The rest can eat more expensive, lesser proportions of cake!
Seems to me that this is a good time to stay focused. A certain gift among us ought to be revisited?
http://www.zerohedge.com/article/silver-curtain
a little heads up to the ZH community FWIW:
went to my bank friday to withdraw $1000 ..
the teller asked me why I was taking out $1000..
I told her to buy gifts ..
there is a rumor (like always) that a bank holiday is coming soon..while the ONe is out of the country on his escape to India and the far east..
just thought it strange that a teller would
question a small withdrawal
I am going back to the ATM today to take out my limit and I will do it again sunday, FWIW.
Why would you even answer her? It's not her business, and I would let her and the manager know. Hell, I would probably close my account.
I would if I had not known her for over 15 years of banking at the same branch.
try taking a sum over $1000 out at your bank and see if questions are asked..
seems like any wild ass rumor no matter how crazy can not be totally ignored with what the mad ministers of finance are undertaking..
Because under the [un]patriot act you have to. Isn't it great that there are laws like this around?
Strange things happening to me as well. I cashed a $175 government check and the bank first cleared only $100, two days later it cleared the remaining $75.
Talk about a bitch slap, Obama opines in the NYT today about "exporting our way to prosperity". This is the curtsy to the Fed's QE2. Now the response from the Chinese:
From the Financial Times...
"Cui Tiankai, a deputy foreign minister and one of China’s lead negotiators at the G20, said on Friday that the US plan for limiting current account surpluses and deficits to 4 per cent of gross domestic product harked back “to the days of planned economies”.
Enjoy your trip tom India Mr Obama, the CEOs will sign great deals. However, the G20 is now poisoned and America is finding out what it means to be a heroin addict! Dr Bernanke is offering temporary methadone, but the treatment is extremely cruel. Now I know why Obama used the line " I don't look like those guys on the dollar bill" He will help destroy the dollar bills with those former slave owners images, and the new slave owners are meeting behind closed doors as we speak. Maybe we will have to look at a smiling George Soros soon! One of your soon to be masters.
"Soon to be?". Who do you think financed Obama's 2008 campaign?
Jeepers creepers, we're talking about how QE's boost of commodities and stocks will screw the poor in favor of the rich (all too true), and it turns into a bizarrely intertwined and completely undecipherable debate on racism and biblical prophecy?
All right guys, just for you, the Ashkenaz were a nation living in the south Caucasus. They were called Ishkuz by Assyrians, Saka by Persians, Skuth or Skuthen by Greeks. Around the 4th century BC they were conquered by and absorbed into Armenia. Much later, Josephus, who had no clue who the Ashkenaz really were, and guessed badly what part of the world ancient Jews might think of as "far north", interpreted "Ashkenaz" as a reference to Germans and Germany. That interpretation became standard, so that Jews living in Germany and other parts of northern Europe came to be called "Ashkenazi". And that's the one and only link between Ashkenazi Jews and the Ashkenaz of the Bible.
Just thought I'd clear that point up. Now please get back to economics before I torture you with more like this.
thanks tom
I recently had a discussion with a woman who proudly informed me that she was a vegetarian, and further she would never date a hunter. Pour quoi says I, politely sipping my apperatif. Because it's immoral to hunt and kill animals, she declares flatly. In a melodious tone I pontificated that she had probably never been hungry in her life, and that if she missed meals for even two days she would be quite eager to eat a dead deers' asshole, if one were available.
It certainly turned a few heads at the party. I wonder which one of us won't be invited back.
The deer:>|
Pride goeth before the fall.
What's for dinner tonight dear ? Why dead deer asshole darling.
It chews like calamari....
If she was hungry enough she would boil her own foot in a pot.
Food philosophies are the ultimate luxury. I'm sure they will be the first to go.
Bernanke can print the money and send it directly to all those BENEFIT cards. As long as they don't let people buy gold with their benefit card am cool with it you know
Do not worry guys, these guys know exactly what they are doing. Once the fed has to purchase back their securities its all over.
I listen to the FFT guys and they were talking about this. They are damn well spot on too. Have a look at their latest forecast. http://www.forecastfortomorrow.com/news/2010/11/major-hit-us-elections
Insane.
Things will get ugly soon, I am sure the elite will step it up a notch soon. Time to prepare was yesterday!
http://www.theblaze.com/stories/limbaugh-americans-gave-obama-the-middle-finger-scratch/
Middle finger scratch
By our leader
I wonder what would have happend in the repubs won the elections.... ok, ok...dont go yelling at me....we both know the elections are rigged anyway!! *sniffs*
I dont belive in all that mayan calandar stuff, but i think soon, it will be a matter of Look out dorothy, cause kansas is going BYE BYE!
what will we be saying when crude is up at $200 a barrel and we are paying 5 dollars a gallon.
doggis
Plausible and Probable. The Fed and the Politicians are moving to Scorched Earth for reasons they are afraid to disclose to the American People.
Jacking up the cost of Necessities, at face value, seems to be a very dangerous game... unless the alternative is even worse.
I would like to see that bottom 20% dragging bernanke through the streets kicking and screaming...
No. They'll be watching dancing with the stars instead
Hey anyone - What's a leading indicator that wealthy Chinese are positioning themselves for a currency appreciation?
Mike Hudson was proclaiming yesterday that QE2 was going to China to force or collude with the revaluation their currency for a fast profit.... but that would take collusion. Knowing WHEN (if) that's going to happen is some beef inside info huh..
I don't know, the poorest 20% are on food stamps, so food and energy are probably not 50% of their income. The ones who are not on stamps will probably sign up if it's that or starvation and freezing.
"It is better to light one candle than to curse the darkness"
In modern lingo, it is better to light one Bernanke than curse the darkness........and the cold, and the hunger.
What's Ben, about 5'6" and 150 pounds? Ought to be good for about 50,000 BTU's.
No hard feelings, okay Ben? You are going out of your way to screw 60 million Americans, so you shouldn't be surprised if they make some use out of your miserable existence on this planet.
as nick rockefeller told aaron russo, you have to watch out for yourself - what happens to other people is immaterial to your own well being....
this is the plutocracy in amerika.....evil satanic mammon loving sacks of shit who should be dissolved with corexit....fuck the rockefellers, banksters, and ben bernanke...
Big Ben has soften his tone today. He now say they are not targeting higher inflation only lower rates to stimulate the economy. Anyone think he'll back down if pressure continues to mount.
LOL. The plan has always been deflation - this is what occurs after inflation.
Oh, you thought Big Ben could announce a massive money printing policy, the very fucking next day after the biggest electoral shift in 64 years, that just so happened to usher in a new House under the mandate of fiscal discipline?
And not only that, but Ben's targeted victims are: (1) the working class poor (constrained by wage arbitration); AND (2) the retired elderly (living on fixed incomes). Ex-fucking-cuse me? Hello, is everyone who believes his rhetoric politically brain dead or is it a general organic condition?
Do you think it makes good media to portray Granny eating dog food while filthy bankers reap in another round of $billion dollar bonuses? How about some hungry, starving, cold children a la' Dorothea Lange:
http://www.google.com/images?hl=en&gbv=2&tbs=isch:1&&sa=X&ei=DNnVTKiFMIu...
ZH has some bright, shiny pennies amongst its crew, but really, what's with the dearth of grounded common sense? Ben will be forced to pull back (as was his original intention) and we are going to finally deal with this mofo once and for all.
This debt binge, money printing party has not yet ended. Even if the politicians wanted to cut the deficit, they will not eliminate it in the short run. Ergo, Ben will print since foreign buyers of U.S. debt are in scarce supply.
I wouldn't be too sure of that. 99% of Americans have an IQ so low (not in the least because of years of incessant government propaganda being drilled into their heads) that they'll happily kill themselves if the US Government tells 'em to. They'll jump right off the cliff after their "owners".
Well then, it's off to Carousel. "Renew! Renew!"
Yeah, the link below is pretty sad. It is from the rally to restore sanity. I would expect similar from a conservative rally. I think it speaks to an overall degradation in education standards. And that isn't limited to public schools.
When I first worked in the states, I worked with a women who had gotten a Masters in the same field as me and, honestly, I don't know how she got out of high school. At first I gave her the benefit of the doubt .....
And even years ago when I was thinking about doing a PHd in the states, it was common knowledge that the US inflated grades.
http://www.youtube.com/watch?v=rnpuEx6bzy4
"Our" government has a nasty history of dealing with patriots. The "Bonus March" of 1932 is a good example.
http://www.pbs.org/wgbh/amex/macarthur/peopleevents/pandeAMEX89.html
We, as citizens, have historically proven time and again to have zero memory. Ten years after this horrible event, MacArthur and Patton were considered heros.
Eisenhower was MacArthur's Adj.
They are going to blame "speculators" and traders, lets face it we are the witches of this century.
Nightmare on Main Get with the programI recently saw figures for the price of gasoline between 1939 and 1957: $.16 per gallon to $.23 per gallon—an increase of $.07 in all those eighteen years. In today's world the $.07 swing in price is more likely to happen in eighteen minutes...
Full article: www.disasterprepared.net/collectively.html
No worries. Nonfarm payrolls rose by 151k in Oct. We'll be fine.
<Dangerfield-esque eyeroll>
Tyler since you opened up the can of worms let's crack'er open a little more.
We know from history that Hitler came to power as a response from certain groups to the destruction of classes by hyperinflationary Weimer Germany. Disenfranchised groups fought against other groups internally within Germany for power. Ultimately the monsters won.
So given the historical fact that many American, British, and French elites were enamoured by the Hitler philosophy. Is it possible that Bernanke is baking this into the cake? That new Reich will rise from the ashes of this destructive path Bernanke is on?
All joking aside guys, no one, and I mean no one, thinks QE2 is rational. Germany called him clueless yesterday. We rail against the dolt daily.
But is he clueless? Is there another plan we haven't considered?
It makes no sense? What does. An idiot knows QE is gonna destroy half the world economies. The US faces at least a Japanese decade at worst a Weimar one. We know from history that nutbars rise out of the ashes of these messes.
Is the Tea Party our version of the Nazi's. Naziism to the masses was attractive becuase it attacked the jews, bankers, politicians, etc.
Sound familiar!
The way I see it Gold for Oil is a good clue to how things are going to pan out.The real wealth will accumalate in resource rich economies while economies like America will be allowed to be swallowed up by its own debt.The final nails in the coffin will come when these nations set up their own Gold Standard.By this time America will be ceasing to function,its currency worthless and unwanted will be unable to purchase the commodities it needs.Due to its size and lack of cheap fuel and power it will fragment into different geographical areas.The danger is how the military takes this and also how it uses its last source of power its nuclear arsenal.America has been destroyed by greed,lack of restraint of big business,arrogance,a lack of understanding of the rest of the world and its own people not standing up for the values,morals and honesty that exist in the streets.
You know the Nazis were socialists, don't you. Just like their buddy Mussolini, who stated about FDR "he is one of us!".
It is a matter of historical record.
Absolutely, just like Bernanke (or Greenspan, or Geithner) is a Capitalist.
Historical record and all. The USA is a Capitalist country. God bless our leadership.
Sounds truthful.