If It Smells Like A Funding Crisis And It Looks Like A Funding Crisis...

Tyler Durden's picture

Submitted by Nic Lenoir of ICAP

Well, it must be a funding crisis. For all those who have been talking about rate hikes, here is a little reality check: we are on the verge of a full blown funding crisis at the sovereign level and central banks have just only started withdrawing liquidity.

To be sure two factors are at play: the explosion of sovereign CDS's or in other words sovereign credit spreads, and the withdrawing of liquidity.

I have long been convinced sovereign CDS's would be the next stop for the wreck train, but for a while last fall it seemed like we might have a window of recovery, and would have to wait for the roll-over of the business cycle before the market adresses the issue. Greece, however small, provided the spark that ignited the powder keg when the new administration decided to clear its name and reveal the true nature of their government's books and deficit when it took over. It was all downside from there. Greece's ability to keep rolling its debt down the road is pretty much null, despite a lot of the austerity measures committed to. Then of course as we all have learned from recent experience with the banking crisis contagion is quick to arrive, and since most countries are in a precarious fiscal situation the market is not short of ammunition to spread the fire. Let's be clear: if Spain officially only has a debt to GDP ratio roughly equal to 65%, its consumers are massively leveraged, and as a result so are local banks. I hear a lot of people out of Europe saying: "the US is no better, this is ridiculous we are just as solvent as they are". Maybe, but a market is governed by supply and demand and right now no one wants European bonds. As numerous instituations some bigger than other have found out: when you have leverage you are only as solvent as you can roll your debt.

The other factor at play here is the actual funding difficulties we are seeing resurface in the money markets. Remember the ECB has pledged not to renew its 1Y LTOR maturing in June. We expected them to be very pre-emptive and nurse the markets' expectations announcing a ramp up in lower maturities to smooth the liquidity gap. Arrogance being a French natural attribute, Trichet did not really bother with such formalities. At the same time the Fed has slowly been pulling the liquidity rug letting various liquidity programs mature (the federal reserve's balance sheet shrinkage has been covered by none better than our chief economist Lou Crandall for Wrightson ICAP). Risk assets were slow to react in particular US equities (supported by USD strength they were the last to turn this time) but are now catching up. We discussed at length over the past year how the market ramped up every day the Fed injected liquidity in the markets via QE and how the entire advance since the 666 lows was less than the move between noon and the close on QE days over that period! Well now we not only lost our turbo-charged market boost: liquidity should be a drag on equities. FX forwards have showed that USD funding cost has been creeping up and now comes at a premium: the days when European banks are scrambling for liquidity could be back faster than one thinks if one believes the EUR/USD cross-currency basis.

Let's take a step back and look at what the possible solutions are. The first is what Angela Merkel was quoted mentionning as "assisted default within the Eurozone". While I completely agree that defaults are probably inevitable whether it is now or 3 years down the road, it was a calculated political snake move on her part to bring it up publicly like that right on the heels of the Greek bailout and following the European market holiday yesterday. That opens up a door Mr. Almunia didn't know existed ("there is no default in the Eurozone", almost as classic as Trichet hiking in 2008), and also pushes the market down that path. Once you have officials going down that route publicly everybody owning Spanish, Portugese, or any other vulnerable sovereign bonds is feeling a little less upbeat about the Greece-IMF bailout. If that is the road we are following then surely it will be drastically deflationary, the Euro will keep punging and the USD appreciating, taking down EM equities and commodities. Not even Gold is posting a nasty reversal on the day and if the situation is not contained then we are moving to an environment where owning gold is not the answer.

The second is a further string of bailouts. We are not going to get any more help from the Germans, at least certainly not until Saturday because of the upcoming election (was Merkel's statement today part of her own local political strategy?). So that means the IMF a.k.a. uncle Sam is going to have to step up to the plate and shell out some cash. It's a slippery slope, because after Spain comes England, and then Japan, and then the US! The last 3 countries have the possibility to simply devalue their currencies aggressively which Europe can't do as easily. Politicians and central bankers are certainly aware of this and even though sometimes defaulting or cutting massively social programs is what is needed, they will choose the populist way and try to print their way out.

Either way there is so much you can run but you cannot hide when the deflationary ghosts come to haunt an economy with an aging population and massive global overcapacity. Some believe we can get an air-conditioned house and an SUV to every family in Asia and Africa if they experience the same credit boom we have over the past 30 years and delay the time bomb, but I don't think it is a possibility as they do not have the economic and banking infrastructure to achieve it. China is trying to have a fast forward bubble and blow up in 15 years twice as big as we have in 50. I am frankly scared of what will happen when that ponzi scheme comes to an end. For more on our economic views and the deflation prospects I attached the powerpoint of a presentation I gave recently to an investor panel.

I expect the Fed to step in if markets don't settle and re-open the currency swaps channel with other central banks as the USD liquidity squeeze intensifies. Central banks like that of Venezuela or Angola which issued bonds in USD much to our outrage last year should be left out to hang dry as it is the only way they will learn their lessons. Until the money markets are not showing signs of compressing fundind premiums all around and the USD squeeze is not halted, expect equities and commodities to suffer greatly with the major liquid sovereign bond markets as only safe heaven. If it gets to where even these aren't safe, we are afraid that your cash will be safest placed under your mattress. After all we did not deleverage our economy after the 2008 crisis, banks are still holding most of the assets that put them in trouble in the first place, so basically we have done nothing but taking distress to the sovereign stage. It is time to face the structural problems of our economy as we will not be able to go on another run like that from 1982 to 2007 boosted by +280% in the debt to GDP ratio.

We remain convinced USD bulls (short EURUSD core remains the best trade for 2010) against almost every cross out there (exception can be made for JPY though it has not shown traditional risk aversion or correlation to US Bonds of late so watch for the decoupling as a sign of a deterioration of the Japanese sovereign bond market). Until the liquidity situation is resolved we would also be cautious with gold as it has posted a nasty reversal today on the last resistance 1,185/1,187 (c=a since the lows) we had highlighted before the run towards new highs. Once default fears are batted away with the liquidity bat then not doubt the Gold bullish trend will return.   

ICAP Global Macro Monitor


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AnonymousMonetarist's picture

A google news search of 'GDP Commerce Department' yields 26,600 hits. A google news search of 'GDI Commerce Department' yields 19 unique hits ?!?!

And to the best of my ability, it appears that none of the 19 'hits' even discusses GDI?

How about the blogosphere? 1460 hits for the former selection this last week and ZERO hits for the latter?

For the heck of it went to the gubmint web page but they aren't showin' it and I guess the inability to calculate it for myself shows the limitation of my bachelor degree.

Maybe I shouldn't be so hard on myself...

John Williams (via King Report) on Q1 GDP reliability: 'Given the lack of meaningful data available for the "advance" estimate of first-quarter 2010 economic activity, the Bureau of Economic Analysis will not attempt even to guesstimate the Gross National Product (GNP) or Gross Domestic Income (GDI) for first-quarter 2010 until next month’s (May 27th) "second" estimate, or first revision, of the first-quarter GDP.'

Ominous portent? But wait there's more...

Consumer Metrics Institute (via King Report): 'If the sampling period had shifted to two weeks earlier, the reported GDP number would have been 4.4%, substantially higher. However, if the sampling period had shifted to two weeks later, the GDP growth rate would have been only 2.0%, less than half the reading from only 4 weeks earlier. This is the sign of an economy in rapid transition.'

This morning's King Report : 'When we told a hedge fund consultant that PPI is accelerating at a record pace, he reminded us the Ministry of Truth has the GDP Implicit Deflator at a five decades low! For over a decade we have moaned that PPI understates true inflationary pressure and CPI greatly understates inflation due to OER, hedonics, sampling, geometric weighting and any of the numerous other schemes that have been implied over the past 20 years or so. CPI is constructed to not show inflation. If the US government beancounters employed a realistic inflation metric, there would be no GDP gain. If the US government employed accurate inflation metrics, there would be little or no GDP growth since 1999. Then we would have harmony with the negative job and income growth of the past decade.If not for OER, the CPI would wipe out GDP growth in Q1 – and this includes all the hokey CPI chicanery that understates inflation.'

What would I do without my red pills, Morpheus?

But gosh so many experts rely on GDP, and its obvious that the recovery is (still) nascent right? There's no need to empirically argue otherwise is there?

Experts are also trying to offer a narrative as to what motivated our 'I Can't Believe it's not Capitalism' Plan: too much leverage, OTC derivatives, lax regulation', lax underwritin'. All true no doubt. Seriously doubt though that 'charges' will be brought up on all the culprits contributing to this litany of woe. Whom amongst the banksters would not be charged and whom of the 'chargers' could even approximate chastity?

For example, shouldn't the SEC investigate this?

Huffington Post (March 2004 FOMC Minutes): 'As top Federal Reserve officials debated whether there was a housing bubble and what to do about it, then-Chairman Alan Greenspan argued that the dissent should be kept secret so that the Fed wouldn't lose control of the debate to people less well-informed than themselves. "We run the risk, by laying out the pros and cons of a particular argument, of inducing people to join in on the debate, and in this regard it is possible to lose control of a process that only we fully understand," Greenspan said, according to the transcripts of a March 2004 meeting…'

And while you're at it SEC how about indicting Yellen as a co-conspirator?

By Jim Grant
Grant's Interest Rate Observer
December 2, 2005

'Former Fed governor Laurence H. Meyer, in a 2003 talk at the Federal Reserve Bank of St. Louis, described a telltale exchange on the subject of how to define[price/financial] stability. The scene was Meyer's first FOMC meeting, in July 1996, and governor Janet Yellen was making the case for inflation targeting; she said she would aim for 2%. Greenspan replied that the Federal Reserve had a mandate to foster stable prices, not rising ones. To which Yellen rejoined that the Fed also had a mandate to promote full employment. To hear her tell it, a small positive rate of currency depreciation is a necessary lubricant for economic growth (not so, according to a survey of 133 economists over 50 years, produced in 2002 by Stanley Fischer et al.)

"Janet then seized the initiative", Meyer related,"asking the chairman how he would define price stability. Greenspan tried to get away with his vague definition; 'Price stability is the state in which expected changes in the general price level do not effectively alter business or household decisions.' But Yellen pressed him and asked him if he could put a number on that. Remarkably, the chairman agreed, and said he preferred zero inflation, correctly measured. Janet asked him if he could settle for 2% incorrectly measured."

Meyer finished his story;

During a go-around on the topic, only a few Committee members preferred a target of zero, and the consensus was very strong for a 2% target. The chairman ended up summarizing the discussions 'an agreement for 2%' but he cautioned members not to reveal that such a discussion took place.'

Most certainly acknowledge that connecting the dots and ascribing consequences to actions is too challenging for the MSM comics but golly might it not be considered preventative medicine to at least glimpse at the similarities between the late 20's and the late oughts? 40 'days' and 40 'nights' from 1932 to 2012 dontchaknow....

(Posted on Sept 5, 2009)
The two most trenchant similarities of the two periods? - 1) Pre- and post Glass Steagel and perhaps not coincidentally, 2) The top 0.01 percent of earners in the US are now taking home six percent of all the income, higher than the 1920s peak of five percent, and a whopping six-fold increase since the start of the Reagan administration, when the top 0.01 percent earned one percent of all the income. There is no consensus among economists on whether large disparities in income lead to economic disruption, but it is hard to ignore the correlation between rising income inequality and the onset of economic crisis. The last time the US saw similar differences in income was in 1928 and 1929, just before the start of the Great Depression.

Fast-forward to today and some PHD per a tucked-away paragraph in the comics:

'The top 1% held 34.6% of all national wealth in 2007, by Dec.31, 2009 they held 35.6%. Meanwhile, the share of national wealth held by the bottom 90% fell to 25% from 27%.'

That's creative destruction 21st century style folks!

Any other lessons to be ignored?

'It was the financial war between European nations attacking each other's bond markets openly shorting them that led to all of Europe defaulting on their debt. Even Britain went into a moratorium suspending debt payments. This is what put the pressure on capital flows sending waves of capital to the United States that to some degree was kind of like the capital flow to Japan into 1989. This put tremendous pressure upon the dollar driving it to new record highs that were misread by the politicians who did not understand capital flow. They responded with Smoot-Hawley misreading the entire set of facts.' -Martin Armstrong

Beware the Trojan Hoax! (The new 100 billion plus bailout notwithstanding.)

Well golly that's scary but just too complicated for J6P ... we need to break it down into pellet form, offer a tonic for the pain that is the 'new normal' and in classic American style, we need a villian...

U.S. vs. Goldie is the Amerikan version of Yukos vs. Russia. Greedy until proven guilty? Better to adjudicate against the participants of the circus then to put the microscope on the folks that baked all the bread. Of them an example must be made, as the pablum narrative falls squarely in line with mob justice. Decimus Iunius Iuvenalis (Juvenal) for SEC chairman!

Actually the Goldie fracas is entirely more discomfiting than a simple plutocratic sacrifice to the hamster-wheeled populace, it is a small glimpse behind a curtain exposing a conspiracy of silence and an assemblage of tribes and machinations that frankly your humble blogger tries his best to not stare too hard at. Its' too damn frustrating, best to just raise your kids with love and kindness than become embittered by the revelations that the truths one holds to be most dear are lies told to you by liars.

And of course, blogging is cheaper than therapy.

Would appear that Goldie is having trouble getting their 'club' membership renewed. Now any settlement from the SEC will involve a sign-off by Justice. Pay no attention that DoJ has not sought any information from Goldie nor have they interviewed any people currently working for Goldie just focus on the word CRIMINAL puh-leeze. For they are as the Washington Post reports 'casting a wider net'... and believe you me that does not mean they are going to charge the derivatives king J.P. Morgan ...oh no!

We need the bookmark for this era, else how can we turn the page and start afresh? Stakes are much higher this time, so someone needs to be 'unmade', you can't just squeeze a family member to get a confession, a la Milken. If Goldie is 'taken out', won't every single soul on the planet herald that as the denouement of the 'What Just Happened Crisis'? If Goldie is, by some mind-boggling turn of events, found innocent by an impartial jury then who could possibly be guilty if the biggest baddest bankster ain't? Goldie is trying to get ahead of this but for your humble blogger something feels wrong, like a glitich in the matrix so to speak. Upon further reflection, would be shocked if the case made it to a jury and frankly given the ominous undertones of between-the-line reading now think the odds favor Goldie being whacked.

But who cares about Goldie? Live by the sword, die by the sword. Its' 'just desserts', 'had it comin' and all that...

While we are it, who cares about free markets? Who cares about a free press? Freedom is for those that can afford it and if you haven't noticed this is the age of austerity, well at least for some folks...Don't forget that old chestnut of... how does democracy end? To the sound of thunderous applause. Maybe we should stop clapping.

When Holder says 'We're here not to win cases, but to do justice' it reminds your humble blogger of a failing bank stating' Nothing to see here. Move along.' or an ideological news slash entertainment channel proclaiming that they are 'fair and balanced'.

You bray it? You ain't it.

Per quantum mechanics there exist an alternative reality where the acid bath of ' proof of an intent to defraud' would be applied to the custodes, all the banksters, and the comedy that is government statistics.

One last rant...

Consumer spending up! Goes to show the power of proper role models, be your own corportocracy writ large. American schemer and synarchy for all. A nation of squatters with revolving credit.

We should fear the austere. Revolving credit spins ever more slowly without evolving incomes. The economic horror movie coming to the local cineplex? 99 weeks later.

Absolving the rater, Goldie as satyr, 99 weeks later ... dude! don't be such a hater!

Cognitive Dissonance's picture

Nice post AM.

"We run the risk, by laying out the pros and cons of a particular argument, of inducing people to join in on the debate, and in this regard it is possible to lose control of a process that only we fully understand," Greenspan said, according to the transcripts of a March 2004 meeting…'

Those damn uppity peons might actually expect to discuss their own fate. Can’t have that now, can we? We tell them what to think do and say, not the other way around.

“To which Yellen rejoined that the Fed also had a mandate to promote full employment. To hear her tell it, a small positive rate of currency depreciation is a necessary lubricant…….”

I couldn't resist. K-Y is also a lubricant but at least I purchase it myself and I’m willingly participating in my own lubrication, regardless of the “end” being violated.

“The chairman ended up summarizing the discussions 'an agreement for 2%' but he cautioned members not to reveal that such a discussion took place.'”

There it is again. I haven’t been told “Trust me, I’m doing this for your own good” this much since I was an altar boy.

“Actually the Goldie fracas is entirely more discomfiting than a simple plutocratic sacrifice to the hamster-wheeled populace; it is a small glimpse behind a curtain exposing a conspiracy of silence and an assemblage of tribes and machinations that frankly your humble blogger tries his best to not stare too hard at. Its' too damn frustrating, best to just raise your kids with love and kindness than become embittered by the revelations that the truths one holds to be most dear are lies told to you by liars.”

My God, so ignorance IS bliss? You have just described why the average Joe will stare truth directly in the face and call it a lie. And exactly why we want our political leaders to tell us more lies. Daddy, tell me another lie so that I may pretend it’s the truth.

“Goldie is trying to get ahead of this but for your humble blogger something feels wrong, like a glitch in the matrix so to speak. Upon further reflection, would be shocked if the case made it to a jury and frankly given the ominous undertones of between-the-line reading now thinks the odds favor Goldie being whacked.”

It’s not just the hamster wheeled population that wants the lies to continue. It’s in every one’s interest to look the other way lest we acknowledge the emperor has no clothes. When the only thing holding the USS Titanic together is bailing wire and CONfidence, look out below when we can no longer fake the CONfidence.

Mitchman's picture

Just catching up on my reading late at night, but that is one great post.  Hope you see this.

chindit13's picture

CD, I always enjoy your posts, even the ones that tend towards the incredible heaviness of being, but until now I never fully appreciated your wry sense of humor.  Given that humor is about all we have left, this is most welcome.  I like laughing.

Seer's picture

But, it's all a house of cards, ot matter whether the truth is told.

I've said it before, and I'll repeat myself (and in no way am I protecting these suckers), if they tip their hand some foreign entity or major corporation can come in and rip.  Yes, I know, it's happening now, but mostly with the banksters.  The banksters, however, have to realize that all that funny fiat crap is worthless the second everyone believes it so; at some point their accumulations of excess will be that tipping point, and then, boom, they've hung themselves.  They're just trying, in desperation, to keep the long-running game going.  It's over.  Mother nature won't be sharing enough to keep the Ponzi scheme going, banksters or anyone else (groups, individuals...) "taking back" the system.  It's the system!  It's finished.  And these folks' antics are just a distraction; it's time to sign them off and get on getting on...

bretondog's picture

Nice one CD!


And note above AM's has garnered 17 JUNKS!


Too tough to follow for more than afew.

Good one on ya, AM



kaiserhoff's picture

 CPI is constructed to not show inflation. If the US government beancounters employed a realistic inflation metric, there would be no GDP gain. If the US government employed accurate inflation metrics, there would be little or no GDP growth since 1999.

Some good points here.  Many of us are aware of the problems with CPI, but hadn't thought about the implications for all financial reporting.  Your general thrust is correct.  GDI is a more accurate measure of household well being.  Right now the Fed is transferring roughly 200 billion annually of interest income to the banks.  How convenient.  

Sam Clemons's picture

CPI also is unfortunately used by many private employers for setting annual raises.  I assume that the changes to CPI reporting were meant to merely hide real inflation, but this is a huge negative as wages deflate relative to the price of things.  An economy where each person gets poorer year over year is not a good economy for the numbers or for the people.  Less wages, less spending, less investment, vicious cycle.

RobD's picture

Annual raises? What are these raises you speak of? Really who has gotten a raise since 08/09?

Bananamerican's picture

EXCELLENT post AnonymousMonetarist...

How you got 9 junks out of it I do not know....

guess that's what makes zerohedge so special.....


Was it for pissing on gold ??

Cognitive Dissonance's picture

"Was it for pissing on gold ??"

Nope. People had to execute two complete revolutions of their mouse scroll wheel to move past the post so they flipped AM the bird on the way by. Do you know how much work that is? My finger lost 2 lbs on the way down.

Not to worry AM. Shakespeare was egged before he became famous. Of course, that might mean you need to go toes up first. :>)

Bananamerican's picture

Thanks for clarifying CD.....i think....

GoinFawr's picture

Speaking of 'pissing on gold'. Nu Yawk had to do a nice job of that this morning. No thanks to those lazy brits.

Nothing like a UK holiday to spice up the price of Au. Mickey Mawse had to swoop in hardcore this morning frantically waving 'paper promises' to avert what always happens when the PM market  operates relatively freely for anything more than two hours:

From Bloomberg (no. really):

I like especially,

"Gold rose to $1,184.25 an ounce in the morning “fixing” in London, used by some mining companies to sell production, from $1,179.25 at the afternoon fixing on April 30. No fixing took place yesterday, when U.K. financial markets were closed for a national holiday. "

followed immediately, and utterly incogruously by,

"Bullion will trade at $1,100 an ounce in six months and $1,050 in a year, below previous forecasts of $1,250 and $1,175, Robin Bhar, an analyst at Credit Agricole Corporate & Investment Bank in London, said in a report today"


I have been camping, and trust me, unless you are a good way upwind,  pissing is NO way to put out a fire.



taraxias's picture

He got 9 junks because he wrote a 10,000+ word post that said basically nothing......or at least nothing everyone who's a regular on here wasn't already aware of.

Miles Kendig's picture

Ya, but we are all newbies at one time... As someone that wrote massive missives early on I can only appreciate those early ZH readers that brought me along.

Howard_Beale's picture

I miss DH. I really do. I hope he comes back soon.

Miles Kendig's picture

Same here.  Until he does I cannot but remain concerned for him and his.

Cognitive Dissonance's picture

I sent him a personal e-mail asking if all was well a few days ago and have not heard back. I will keep you informed if and when he does.

i.knoknot's picture

as a perpetual newbie, i require the review...

so what was the original article about, anyway?

call that one 'hijacked'.

fortunately they were both good reads.

chindit13's picture

I'm also guilty of the crime of being garrulous.  My excuse is I do not speak my native tongue much, so I need to write to keep current.

BTW, I liked AM's post, even the parts with which I might take exception.  A good argument is a good argument.

blindfaith's picture

just like folks who stare at a traffic accident with blood on the road, no one MADE you look or read the post.  At least he had something to say, you don't.  Have some respect.  You want folks to respect you and what you write, it is a two way street.  Frankly, I have been on HZ for a year and I JUST LEARNED SOMETHING from that post.  We are so glad that you are two weeks ahead of the rest of us.


 I think it is time the ZH post the ID's of those who flag and the number of flags they post while they hide in the darkness like a thief.  Special interests? Who knows, but HZ needs to get these people under control, they are ruining the open forum that ZH is.

velobabe's picture

glad your sharing your love, babe.

i would never ever junk you, your ready student has arrived†

merehuman's picture

I junked mr Beale once cause i didnt like the way he treated me. If we junk we ought to own up to it. 

Btw i get a lot of junks for using the word jew. Whats up with that?

velobabe's picture

i don't know anything jewish, but am learning on this site, it is sensitive.

merehuman's picture

velobabe, i recently was made aware that caucasions are a minority. I am a little old and late to learn. Got dropped on my head when small, besides that i was a premie. Its a wonder and i am grateful to have come this far. As  a being of love i acknowledge all as my family and myself.

Doesnt mean i am blind, i just learn slower than most.

Howard_Beale's picture

And I still appreciate your posts. Because I see you have a big heart and some real depth inside. That is why I was surprised at our battle last week.

Mr Lennon Hendrix's picture

Own up to the junking!  I love it.

Howard_Beale's picture

Whoever junked this post needs to go back to kindergarden and start all over. Owning up to junking, or just plain bad behavior, is a good thing. I've done it. Many of us have. It's about the integrity of the site, phucknuts. It's about keeping this blog's content credible when the comments are idiotic...the two don't mesh. 

Get it? ZH observers watching an out of control commenting crowd may decide the content isn't worth much either. Stop the junking unless it serves a real purpose. Owning up to junking is honest. Why junk that? Or Lennon Hendrix loving it? What's your point?

I dare you junkers to reply with an intelligent response.

Mr Lennon Hendrix's picture

Bravo Beale.  As I have read ZH for well over a year, I have always been impressed by the zeitgeist of this site.  It is the quintessential family forum (no kids allowed, go to bed).  There is a shared love of truth, absolute and unequivocal.  May we hold each other up, for better and worse, if only we continue to make progress with our endeavors.

Howard_Beale's picture

Thank you...and may we all sleep well knowing that those who have been here a great while will continue to do our best to maintain the integrity of the site.

boiow's picture

i junk all of bates/ yipcarl/peterpeter posts automatically.  does that make me a bad person?

Renfield's picture

Yes. Yes it does.

I sometimes junk people for fun when I don't like them; I have 'junk' regulars. Then I unjunk them again after I got all the anger out. :-)

So, unlike you, I am not going to hell. Just to purgative.

PS: In all seriousness, I think the junk button really should be reserved to flag trolls and spammers for the forum moderators. But then, I date from the old days when forums were a lot smaller and less widespread. I sympathise with 'serial junkers' just b/c there really isn't any other way to express a quick reaction to a comment. (Or to a commentor who's regularly an idiot and isn't worth the disruption of replying to all the time.) I have said many times that there should be a sort of 'voting' or 'agree' or rating by number system on these comments...I find that feature quite useful on other boards.

PPS: Thought I better add that I was just kidding above. Sometimes snarky doesn't come across in comments.

Hephasteus's picture

People can't seem to understand that the people who run and control the jewish group are assholes. Just like the people who run and control the christian groups and muslmim groups etc etc. The problem is when you make a bunch of weak willed tards ego expressions of yourself they tend to form a tight knit group. That way you got all these stupid little weak willed ego extensions standing in front of everything you do wrong trying to protect you. This is a common approach that has always been used.

The very first thing goldman did when they came under attack was try to raise the "jew" shield. I think they regularly allow the horrible things like the holocaust and slavery for the blacks just to make enough sympathy and fear of racial and religious persecution into people to get them to respond and come running when they raise the "jew shield" or pull the "race card".

The native americans the just fucked them over and then made movies that net 200 billion dollars pretending that they won.

The people in control of the energy and the groups and the universe are evil. Evil beyond measure.

Howard_Beale's picture

Assholes unlimited. My 2 cents...the Rothschilds, J.P. Morgan, oh must I go on, are just people. Phuck all the race, ethnic cards...the people in power, no matter what their ethnic background, have created a Corporate Fascist state. Donald Rumsfeld...Dick Cheney...Hank Paulson...it just doesn't matter what their lineage is. It's irrelevant.

It's immaterial to the discussion.


carbonmutant's picture

Good Stuff AnonMon, but maybe we can do the Ciff notes next time with a link to your site for further details..

DaveyJones's picture

"blogging is cheaper than therapy"  and the group sessions are incredibly private. Good stuff. 

timhinchliff's picture

Beautiful post my friend it would get me riled, like I so often find myself these days but your line

Its' too damn frustrating, best to just raise your kids with love and kindness than become embittered by the revelations that the truths one holds to be most dear are lies told to you by liars.

puts things into perspective. Fuck all these goddam idiots I'll just try and bring my kids up so they aren't walking consombies, shuffling towards their graves with 30 credit cards and 275 inch plasma screeens. Happy they are though, except they aren't. Its generally regarded that happiness in America is less now then in the 70's, taken by almost any measure.

Jesse's picture


That was really well done.

Howard_Beale's picture

Excellent comment, AM. Great quotes, soundbites, perfect synergy, well thought out, and a rhyming end--and 16 junks as of 1 am EDT. Thanks AM --you are greatly appreciated.

Crisismode's picture

The Hand is writing on the wall.


And what the Hand is writing will make you very, very ill.

The denouement is approaching at light-speed.

bigkahuna's picture



the outcome of a complex sequence of events.

truont's picture

Where is the PPT???