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Indiana Braces For Violence, Adds Armed Guards To Unemployment Offices In Anticipation Of 99-Week Jobless Benefits Expiration
As America reaches its two year anniversary from the immediate economic collapse that followed the Lehman bankruptcy, punctuated mostly by vast and broad layoffs across every industry, arguably the most relevant topic that few are so far discussing is the expiration of full 99 weeks of maximum claims (EUC + Extended Benefits) for cohort after cohort of laid off Americans. And since these people are certainly not finding jobs in the broader labor market (which continues to contract and thus make the unemployment percentage far better optically than the 10%+ where U-3 should be), their next natural response will be to get very angry at the teat that has suckled them for so long, and is now forcing them to go cold turkey. Which is why we read with little surprise that now in Indiana, and soon everywhere else, unemployment offices are starting to add armed security guards. Of course, the official explanation if a benign one: "Armed security guards will be on hand at 36 unemployment offices around Indiana in what state officials said is a step to improve safety and make branch security more consistent." Why the need to improve safety all of a sudden? The 99 weeks cliff of course. Which means that on your next trek to the unemployment office to collect that last stimulus paycheck from Uncle Sam, you will most likely see the masked fellow below.
More from Indiana news on what is a harbinger of things to come.
No specific incidents prompted the action, Department of Workforce Development spokesman Marc Lotter told 6News' Norman Cox.
Lotter said the agency is merely being cautious with the approach of an early-December deadline when thousands of Indiana residents could see their unemployment benefits end after exhausting the maximum 99 weeks provided through multiple federal extension periods.
"Given the upcoming expiration of the federal extensions and the increased stress on some of the unemployed, we thought added security would provide an extra level of protection for our employees and clients," he said.Some offices have had guards for nearly two years but those guards were hired on a regional basis, meaning some offices had armed guards while others did not, Lotter said.
The cost of the armed guards varies dramatically around the state. Lotter said the agency is trying to be more consistent and that it plans to employ armed guards in all 36 offices where unemployment insurance benefits are handled.
The overall cost for the security is $1 million, paid for with federal funds designated for administration of the unemployment system, Lotter said.
Other agency offices that provide job training or are not full-service branches will continue to have unarmed guards.
Lotter said state employees in the affected offices have also recently gone through stress-management training in which they learn how to respond appropriately to angry clients.
"This is a stressful time for people in the economy," he said. "That's why we're not only taking this step (of hiring guards), but we're also increasing our training for our staff to be able to help people as they're trying to cope with these changes."
Next up: armed guards at your local social security office, grocery store, and soon, everywhere else.
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Things are getting so exciting!!!!!
Isn't that masked guy Robert Paulson?
His name is Robert Paulson.
Robber Paulson.
There, I fixed it for ya.
It can't be that exciting when Mr. Paulson is asleep/can't see out of the mask.... I guess if you just stand somewhere with your eyes closed brandishing a nice HK, body armor, and a badge, people probably won't fuck with you.
Toward the end of his life Tolstoy wrote an essay titled "I Cannot Be Silent." The essay was about a group of men that chose to bear arms against their fellow countrymen. The men in that story, they wore masks, too, and every last one of them (eventually) suffered particularly horrific demises.
They'll be posting them in McDonald's soon, too.
http://www.youtube.com/watch?v=lHkUKLLm7Z0
What do you mean no $1.00 specials this week.............
Election week, no bad press please. Thank you !!!!!
Yes, they were given a revolver with one round and forced to watch C-SPAN until they sought their own relief. Cruel.
this is what it looks like when they come to your house or my house... when the gloves come off...
http://www.youtube.com/watch?v=5Iz5MwPsfyo&feature=related
just becuase this is offshore now doesnt mean that it will stay there if "We the People" cant behave ourselves.
http://www.youtube.com/watch?v=oZFFQcXDl4o&feature=related
close air support was up and running in Miami after hurricane Andrew blew thru... those where these those not a-10's. http://www.youtube.com/watch?v=VmoghK44jdI
The best stuff we can buy can NOT! compete with predators and these close air support toys.
Assault rifle and ski mask?
Those damn unemployed must be the new Axis of Evil.
its a 9mm mp5... not an assault rifle. and when someone walks in with a full auto .223 / .308 and / or 7.62... well lets just say that light armor and 9mm bullets are not going to stop the guy with an assault rifle.
proven repeatedly during the LA bank robbery... and a myriad of other incidents before and since.
They should have went the 40mm route and or a lil smaller for the newer stuff and they would have made it out...
They should have just started a mortgage origination/packaging business...
Now that is some funny shit right there! Thank You! Kind Sir!! for the laugh! much needed!
LOL
very good.
His name is Andrew Joseph Stack.
His name is Andrew Joseph Stack.
"Only in death does a Project Mayhem have a name."
So he can't be Robert Paulson.
"I'm gonna go get a shovel."
He must've been bitten by JPM or one of the other zombie banks.
So his name IS Robert Paulson.
Coming soon to a community near you: http://www.amctv.com/originals/The-Walking-Dead/
no, not to worry, sheepdog.
its just barney fife. he wears the mask because he knows no one would take him seriously if he shows his face. he'll probably shoot his own toes off in a minute...
Speaking of Barney, these guards will be unlikely to have the tacticool kit featured in the picture. Think more along the lines of revolvers with one bullet.
Yep, the ATF guys will be busy with the militia threat. The UE offices will be guarded by Chinese and Russian UN troops, when you show up to collect your check youll be routed out the back door onto the FEMA train and your assignment at the forced labor camp to 'repay your debt', you useless eater. Communism, bitchez...recognize.
http://www.dailyhaha.com/_pics/communism_its_a_party.htm
UhHuh,when you see the first Blue Helmets, FLEE.
A fairly disorganized lot, those blue hats.
Don't you mean FIRE?
Or laugh.
http://www.youtube.com/watch?v=8Sp-VFBbjpE
Funny thing is the other Federal law inforcement agencies call the ATF guys Barneys.
yep.
and whether the ATF chalks that up as a reference to fred's neighbor, the purple dinosaur, or the mayberry sidekick - it ain't a term of endearment.
in that photo barney's got some bigger guns than i remember him having... fife on steroids i guess. (i can't believe snl or someone didn't come up with a skit for that).
H&K, bitchez!
Looks like a FAL.
Still just ONE bullet.
ATF ='s FBI reject.
ATF = Waco Murderers
http://www.youtube.com/watch?v=HQT-0umIo6Y
jack-booted thugs geared-up to take out your fellow Americans and perhaps, someday, you.
Yes. You are correct... no gun fire into the house, no setting the house on fire... on accident? Yes, they like to attack churches with Good God Fearing people inside... lets see how they do when its not the lambs that they are up against.
+1
weekend warriors cannot help themselves. the agency should be disbanded.
ATF = Waco Murderers
http://www.youtube.com/watch?v=HQT-0umIo6Y
jack-booted thugs geared-up to take out your fellow Americans and perhaps, someday, you.
Actually it's Nacho Libre's twin brother. Ever since the accident off the top rope, his wrestling career went into a tailspin...
Is the mask designed to be worn over the eyes, or is it an equipment malfunction? Either way, the desperate poor stand a chance.
and to save money, the guards are outsourced from India : /
The same Indians that killed Indira?
The guards admitted killing her while she was holding a baby in her arms. They told the judge that it felt like taking Gundy from a baby!
*groan*
+ belly belly good you win a curry slurpee
Apu: "Shiva H. Vishnu! Time for a champagne Squishee!"
Hey Davey, if they're masked like that, I guess you'll never find out eh?
Anecdotally, private security was the fastest growing business in India right along with IT (outsourced).
Next was security systems (CCTV boom).
Guns just come with capitalist territory, in all it's myriad, dysfunctional manifestation.
India-na.
Fitting somehow.
ORI
http://aadivaahan.wordpress.com
Hello, sir. My dame id.... Bob.....Thomas. Plead go to de back of de line and retart your computer.
Lessons learned from our 1993 EDD shootings in Ventura County.
http://www.vcstar.com/news/2003/nov/30/shattered-lives/
Armed guards are just HVTs. They might get a round off.
I feel for these people.. especially the ones have have not had their taxes withheld from their benefits, they will soon be trucked off to labor camps to repay...
This isn't vietnam, there are rules here.
The Police State will be ramping up as the economy continues to deteriorate, no doubt.
Hear, hear
Next step:
All soldiers currently terrorizing foreign countries returning home for some kick-ass domestic terror. All in order to serve their masters and protect them from the sheeple.
Just wait for it.
LMAO
I think that's what the militias might help out with. http://kushmonster.blogspot.com/2010/10/secret-life-of-extreme-militias-time.html
War. Coming. Soon.
The spillover effect.
TSA DHS will soon spill out of the airports into the streets to protect us all.
The framework is in place, expect airport like scanning machines at all banks and the gaze of TSA friendly's looking for gold and silver bugs.
Actually I have heard they have vans that can do that type of scanning.
http://blogs.forbes.com/andygreenberg/2010/08/24/full-body-scan-technolo...
"As the privacy controversy around full-body security scans begins to simmer, it’s worth noting that courthouses and airport security checkpoints aren’t the only places where backscatter x-ray vision is being deployed. The same technology, capable of seeing through clothes and walls, has also been rolling out on U.S. streets. American Science & Engineering, a company based in Billerica, Massachusetts, has sold U.S. and foreign government agencies more than 500 backscatter x-ray scanners mounted in vans that can be driven past neighboring vehicles to see their contents, Joe Reiss, a vice president of marketing at the company told me in an interview."
Yes, vans have tires too. Very easy to decommission.
As someone who is familiar with interstate trucking,
out of most of the public eye, at most new updated weight scale
locations on the interstates (especially I 95 corridoor NJ to FL) where it mandatory trucks pull into
not only do they weigh you, your plates get scanned , as well as many are equipted
with xray type scanner and sniffers that check the whole truck and contents,(believe it or not
they use heat sensors to check brake heat off the wheels too , to
tell if you need a brake inspection, as well as pollution check, all the while you just roll thru at 10 mph hoping all the lights stay green and you get out of there unscathed by the G MEN)
Ive been thru quite a few of 'em , but most folks in their cars havent a clue what goes on at those weigh stations, if they only knew,
soon they will force the cars thru them too when
TSHTF... wait youll see. YOUR PAPERS PLEASE !!
QE2 will probably be used largely to hire and arm (I did not mention train) 10% of the adult population to oversee the destruction of another 89% on orders from 1%.
I'm sure some wanna-be Nobel laureate has started a paper on how this represents a new economic model and a means to continue 4% global GDP growth forever.
http://www.youtube.com/watch?v=DE_ZwUKfNa4
This doesn't sound like QE2...
Any rational, sensible, law abiding professional would regard your comments as indicative of extreme paranoia. I however, am in full agreement with you. The upside is that few of those untrained noddies, and I include in that category a large chunk of your armed forces, will have a the stomach let alone the mind for the carnage of asymmetric responses. Once one or two of them come home to find their overweight spoiled brats and fat wives spitted on the lawn, the correctness of their reasoning will be nicely underscored.
[which example I understand from the efforts of some to domesticate native americans way back when]
There you go, hire the people coming off the 99 week cliff as security guards. Problem solved.
Gold, silver, lead and private security bitchez.
I thought that is what the census workers were going to do.
I rather doubt that the guards will be wearing such a mask.
But with more "horrors", turn on Fox Business and you will se Dennis Kneale. He just won't go away. Fox, CNBC, gotta go to Bloomie lite as best alternative!
There's a closed school located a few miles from where I live. The local OC police forces meet there on an irregular basis to try out and practice with their 'toys'. You would think it was Iraq with the number of APCs assembled in the parking lot & dudes walking around dressed exactly like TD's photo.
.
Out in the boondocks, you should see some of these fools strutting around with their bulletproof vests trying to intimidate the traffic offenders.
Clean,
I agree, no need for masks....that's bullchit.
That's so,so, Com Bloc!.
Here comes the pain, bitchezez.
Sign to run for the hills!
Im confused, we in Europe believe America released a report saying the recession is over? And here, only Ireland is in bad shape.
The rest of the world is fine, no???
ZP, you're shitting me right? I think you forgot to type; <\sarcasm off>
Stun Gun
Indeed i did! I'd prefer it if there was a sarcasm button like there is for the other font formatting.
Oh well, maybe one day:)
I doubt they will have armed guards with MP5s and in full body armor.
Me too, I think they will have bigger guns.
Yeah, MP5s and black balaclavas seems like a big of a stretch. More like a gray haired old man with a big belly hoisted up by his belt and his trusty revolver.
I will not be worried about the cops. What I am worried about is the IQ and the psyche of those who make these decisions.
I think they have started fearing us and even though this is a good thing, it may lead to worse decisions in their part.
Keep the faith, WE will have the last laugh soon.
I think they have started fearing us and even though this is a good thing, it may lead to worse decisions in their part.
They do our recruiting for us.
Exactly! A lot of people who had never thought about the consequences of a bunch of citizens now having NO income, let alone the pittance they were getting, are worried. Why? Well, they didn't come up with it on their own for sure. The gov't has shown that there is something to worry about.
I just hope the guards they hire are smart enough to realize the two top holes in the balaclavas are meant for the eyes vs. the eyebrows...I had to laugh when I saw the picture.
Xed,
You nailed it, hell at our local USPS we have APC's.
Why? This is what Krugman wants: taxpayer dollars put to good use. This means so much more more taxpayer-funded David H Brooks theater.
I understand the goal of the picture was to make a point, but I think the pic is exaggerated. I doubt there will be a guy in a ski mask with a full-auto MP5 standing at the door to greet the unemployed. A guy with a side-arm, ok, but not someone that looks like he's ready to breach.
you're right, we won't see that till 2013
The only thing that guy is ready to breach is his waistband.
Sometimes I wonder if people have always been so literal-minded ("concrete") or are just losing their sense of humor.
24 more hours and we'll finally have everything we wanted, TD!
...yeah, like Jerry Brownshirts guarding the steps to the Kalifornia State Capitol. Can't wait.
re: Brooks
would any lavish lifestyle be complete without thoroughbred racehorses?
In their lucidity, our founding fathers, through the 2nd amendment to the Constitution, ensured that US citizens are the best armed in the world. This degree of weaponry includes semi-automatic tactical rifles, shotguns and handguns, bitches.
let me know how well those do against: attack choppers, drones, satellite eavesdropping devices, armored mechanical assist body suits, designer diseases/biological weapons, control of all communication, and a centralized command structure.
the second amendment was neat in theory, but ultimately didn't keep up with the times/expansion of the federal government.
"let me know how well those do against: list of technological wonders..."
Seems that basic weaponry, familiarity with the locale, and guerrilla tactics do pretty well - vis-a-vis Iraq and Afghanistan. All the pretty toys and we still have not emerged as a clear victor.
Never underestimate the capability of a determined force defending it's turf.
It's pretty presumptuous to think that the united states (given its people no longer govern it) has any interest in leaving... further, something must have happened between now and when the russians were in afghanistan given our relative performances... but, that aside, we literally have no desire to leave... the industrial military complex is the slush fund from which all principal actors are paid for their transgressions against the people... it is the thing that allows the budget to blossom large enough for all those in the know to get their hands in the cookie jar. It will be (has been) defended at all costs... we need perpetual war/intimidating military presence to keep this bitch afloat (oil, etc.). Only so long you can fight gravity though.
I agree, but wouldn't it be easier if we could at least dominate the opposition?
It would be easier to sell "occupation" as a "reconstruction" effort, vice a continuous, grinding war with no clear winner.
My point was, all the technology we deploy has not yielded the intended results against a very determined opponent who is using basic military skills and has the tactical advantage of home turf.
what INTENDED results are those? and whose? yours?
when you understand that you are the "opposition" you'll be on the way to understanding just how "dominated" you really are. . .
Point obvious there, Silverman. Terror must be combated with simple common sense, especially in the "homeland."
This is well worth a read, especially how the military spending is not all it appears:
Washington Post Idiocy: Calls for War With Iran to Save America’s Economy
Just a tiny taste:
+1
You call that weaponry. Feh. Let me tell you something about weaponry.
The PTB in this country don't give a thin shit about gun owners. Assuming you are one and you watch TV and listen to talk radio and you read the local paper (all propaganda channels of the corporations running the country) then they will already own your thought processes lock, stock and barrel. Once they own your thought processes they can set your priorities for you, and they already know how to press all your buttons ... suddenly they don't care if you have those weapons or not. They'll not only let you keep them, they'll then make you use them and in a way that suits them -- and exactly when it suits them. When all that lines up you'll hit the streets angry as all Hell ... and kill that mo'fo Commie protester in the street for them and even go to prison for it and feel great about it when you do. Already feel great about it and haven't even met the guy nor heard his story.
That all the gun nutz are four-square certain I'm wrong should probably be taken as proof that I'm right. They should at least harbor a doubt, that would be the patriotic thing to do. They won't. True patriotism died a long time ago in America. Now all we get is weak-assed kill the commies dogmatic lemonade patriotism from the CIA-candy-coated coldwar era; you pour it out of a foil package and add water. If he was around, George Washington would kick all you peoples' asses and send you back to tend your fields and leave the work of the moment to people who can think clearly and recognize a real enemy of democracy when they run into one.
Any committed citizen is a weapon against tyrants, conmen and liars. Anyone with a stomach to stand up to the language of hate and fear-mongering is a weapon, even bare-handed. We are the weapons of democracy -- no other weapon comes close -- and all the other weapons are useless without citizens ready to stand against tyrants in defense of the freedoms of their fellow man no matter who that person is.
I'm a gun advocate and support the 2nd Amendment. I own no TVs or radios and I detest the MSM for the vapid mouthpieces of corporate tripe they are. My mind remains very much my own. I am the most terrifying enemy anyone could ever face because I'll fight for the values of freedom and democracy that made my country great and nothing else. And I will fight along side anyone who supports those values I don't care who the Hell they are.
All that I am is the weapon that once built a free country. I will not suffer kings and tyrants and demagogues. Anyone who would wear a crown in my country, to lord over a free people, will visit annihilation.
From: Homeland Security
To: Mr. Cougar_w
Dear Mr. Cougar_w,
Clearly you haven't been taking your minimum daily required dose of MSM propaganda and disinformation for so long that your mind has become cob-web free. You are hereby invited to report to the nearest Newspeak Center For The Liberation Of Free Minds. If you do not voluntarily report within 24 hours, you will be reported to the Patriotic Police Front For The Liberation Of Free Minds for voluntary repatriation.
Please forward instructions regarding where you wish your remains to be sent.
Yours truly,
Your friendly local Homeland Security office.
From: Cougar_w
To: Homeland Security
Dear Sirs/Madams:
Regarding my re-indoctrination program, I would like to start right away. Please send your training team to my new address; 1313 Annihilation Road in Catattack, CA. I live just a short distance away from the Bloodoftyrants Expressway, known locally as the place where really, really bad things happen very, very quickly.
Looking forward to meating you. Until then, kindly fuck off.
Warmest Regards,
Cougar
cc: the unmaker
I would encourage both of you to sit it out... until the sheepeople loot and burn down half of everything... until the Marines get tiered of shoooting thier own Country Men and Women... and then squeeze the idiots who have cashed out of America and went long China a decade ago.
Those "damned rebels" mustered at dawn to the edge of Lexington didn't sit it out. Nor did they sit it out later holding the bridge at Concord.
Whose side are you really on? And when did you chose?
No wine before its time... dont be the first thru the door, unless you are prepped for that specific kind of action. Until the masses boil over nothing is going to really change. As for who's side I am I on? God's.
Fair enough. Though the preparations are mostly in our heads.
As for God, the other side usually makes the same claim. I'm looking for a bit more substance here, and without stepping on any Almighty toes I suspect that God would prefer to be kept out of it.
.
1. Death to all inside the beltway, for the Treason they have commited.
I could go on but that tone you can carry forward to include the ignorant Americans and all non-Americans. I want Jihad or as my people would say CRUSADE!
All Catholics are not all about turning the other cheek.
Totally with you on this. The best defence now is to attack. Those armed guards at the welfare office are evidence of 'your' govt's intent to kill and maim its citizens. Accordingly, those armed guards need an incentive to pick a side. As do the police and the soldiers. the message to the soldiers and police should be along the lines of this; "if you are going to work for bankers, you will die like bankers."
Though harsh, those very words might have been spoken (and maybe none too politely) on a hot day in June in the colonial town of Philadelphia, in the year 1776.
At some point it gets really real 4 realz. At some point we each will choose.
Did you see the YoutTube clips out of Pittsburgh?
The only thing TD forgot was that noise weapon they used.
LRAD is going to go through the roof!
Funny how art imitates life.
In Atlas Shrugged The State Science Institute creats a WMD that uses sound waves.
I guess Maxwell Smart will have to break out the cones of silence:
http://www.youtube.com/watch?v=g1eUIK9CihA
Don't you love farce? My fault, I fear. I thought that you'd want what I want - So let's get a beer! But where are the drones? There ought to be drones. Quick, send in the drones,Don't bother...Theeeeir here.
Sondheim after a dozen "medicinal" bong hits.
Gotta love it.
link ?
Word!
That masked man with the gun says the recession is over dammit.
Doesn't matter. As far as the powers that be are concerned, the mid-term elections are soon over. So now force can be applied against the disgruntled. Don't like it? What are you going to do about it when you're already living under martial law.
Oh, did we forget to tell you that? The elections are still held simply to keep the illusion intact and the natives (relatively) calm. The constitution was "officially" subverted 9 years ago.
Officially subverted in 1913. Almost one hundred years of debt enslavement. Yes, there will be a party- no, the people are not invited.
+1
Sorry, The first time the Constitution was trashed was by gool ole everyones favorite Abraham Lincoln. He declared war on the southern states (only Congress has the power to declare war per said document). Been getting stepped on ever since to the point of a worthless piece of paper. What was the war really about? Southern independent plantation owners sick and tired of cotton getting taxed to pay for a bunch of bloated mismanaged corporations in the North at the time. Money and taxes my friend. Ever wonder why the slaves were only emancipated after the war had been raging for 2 years? Hint. I was never about them at the start. Funny how here we are 150 years latter we are needing to fight the same battle. Hopefully the people won't fall for regional division next time.
Honest Abe was killed because he threatened the money masters. Sorry he couldn't free the slaves any faster than he did considering it took until the Civil Rights Movement just to allow people on the same sides of the street, busses and stores.
on Mon, 11/01/2010 - 11:12
#690752
Officially subverted in 1913. Almost one hundred years of debt enslavement. Yes, there will be a party- no, the people are not invited.
Sean7k,
There is a Party and we aint invited!
George Carlin ~ The American Dream
http://www.youtube.com/watch?v=acLW1vFO-2Q
along those lines, Karl keeps avoiding his subpoenas
http://www.youtube.com/watch?v=gaH-__fGpFE&feature=player_embedded#!
It was longer ago than 9 years.
BofA local branch office in Edmonds, Washington sports a cute private guard walking the parking lot. Only a holstered revolver. So she would be of marginal effectiveness. Chatted her up (and she reluctantly responded). It was clear that she had instructions to not answer questions. "I'm not sure if I'm allowed to tell you that". At least she wasn't belligerant, and didn't call for reinforcements.
:)
Notice I said "officially" in my comment. All self respecting Coup D'Etat conspirators have all the legal paperwork signed. That happened 9 years ago and continues to this day.
Look for my up coming "An American Coup D'Etat - Silent But Deadly" to a theater near you.
So you're saying they are going to fart in our general direction?
I KNEW the French were up to no good!
LOL
It appears that, based upon your generous help and insight, I shall "modify" my title before I post it. :>)
You're in good company CD.
http://www.infowars.com/ron-paul-the-cia-runs-everything/
thnx for the heads up.
99 weeks isn't long enough!?!? Fuck those bums! I could give half a rats ass what happens to the unemployed. Should've saved money. Should've not lived beyond their means. I agree with you guys for the most part regarding the shitty bankers and politicians, but to be honest, I think the average american is just as big a shit as they are. I was back in the states in 2005, and couldnt believe the changes in standards of living since i'd last been there in 99. Everyone appeared rich. And the conceit, and egos the average people had was unbelievable. Anyone could see what was coming. You fuckers deserve to eat shit. The rest of the world laughs at your misery bitches.
No misery. You can do most anything you want. No checkpoints, clean water, air food, for the most part. The chance to work hard~ 2 part time jobs if needed during slow times, do what you is needed.
Go on vacation, go to church if you want, for the most part good doctors. Great food, steak, ribs,fish ....
As we drop the value of the dollar it crushes the countries who peg to the dollar like that shit hole china. I love this.
Keep drinking that toxic water & breathing that toxic air, good luck my friend.
Its actually not as dirty as you might think...well, at least where I live, and thats all that matters. We have access to clean water and food too.
I'm counting on the dollar dropping, and it suits me fine. I make a good deal of cash here, and we own outright our residence and car, and have a healthy savings. The necessities of life are so cheap here, and they have to remain so, to appease the masses. At some point though, we will de-peg, inflation will disappear, and I should be at least twica as rich.
We go on vacations too. Just went to Laos last month. Can get super cheap flights on Air Asia out of Chengdu, and for a couple hundred bucks, go tons of places. We've gone to Thai, Malaysia, Indonesia, Philippines, Sri Lanka, and Kerala,India. Oh yeah, and Myanmar.
Doctors here are better than america, but at a fraction of the cost. Hospitals are just as nice as the states.
Churches? HAHA! Who fucking cares.
Good luck after Q.E 2,3,4,5 ect .... Booooom. We are exporting inflation, enjoy.
worry that even if the PBoC wanted to raise rates, it would not be able to do so without exposing how dependent borrowers are on artificially cheap capital.
Take the most obvious example, the PBoC itself. The central bank officially has about $2.5 trillion in reserves. This by the way almost certainly understates its true position but let’s ignore that for a moment. The PBoC has funded this position with an equivalent amount of RMB liabilities, which makes it very vulnerable to changes in the value of the currency.
Rate addiction
In fact there were strong rumors last year that the PBoC was technically insolvent as a consequence of the 20% increase in the value of the RMB against the dollar during the 2005-08 period of currency appreciation. Weirdly enough, although the numbers are huge, it has proven difficult to convince anyone that the PBoC is not the richest institution in the world, and that it is actually very vulnerable to big losses (although I notice that Sovereign Trends’ Terrence Keeley, in an OpEd in the Financial Times Tuesday, seems also to have done the numbers).
The problem for the PBoC occurs not just because of the currency mismatch but also because it needs repressed funding costs to keep it profitable. How much do the PBoC foreign currency assets earn? I would guess probably between 3% and 4%, maybe less. The RMB funding cost, on the other hand, is roughly between 1.5% and 2.5%. This leaves the PBoC with a net positive carry of between 1% and 2%.
If the RMB appreciates by as little as 2% a year, in other words, the PBoC runs a negative carry on its assets. Every further 1% increase in interest rates, or additional 1% rise in the value of the RMB, then, erodes its capital by at least $25 billion (annually, if it happens through an increase in interest rates).
http://mpettis.com/2010/07/the-pboc-can%E2%80%99t-easily-raise-interest-...
Where'd you get that tripe? Balderdash, I say. An awful lot of speculation in that article, and I doubt to its validity whatsoever.
Also, as weak as this sounds, we're buying land in Malaysia this year, and building a house. Actually not for the reasons you mention, but that we don't want the kids being surrounded by shitty Chinese. Still though, China's great for making cash...and thats it :(
Michael Pettis is a Senior Associate at the Carnegie Endowment for International Peace and a finance professor at Peking University’s Guanghua School of Management, where he specializes in Chinese financial markets. He has taught, from 2002 to 2004, at Tsinghua University’s School of Economics and Management and, from 1992 to 2001, at Columbia University’s Graduate School of Business. He is also Chief Strategist at Shenyin Wanguo Securities (HK).
I am pretty skeptical about the likelihood of this happening, at least with some of the more excited predictions. So, by the way, is the ADB, whose recent report (“The Future Global Reserve System — An Asian Perspective”), suggests that by 2035, the RMB may comprise about 3 to 12 per cent of international reserves. This is a pretty reasonable prediction, in my opinion, and far from the more feverish claims we see reported almost daily.
If the renminbi ever becomes a major trading or reserve currency, it is going to take a long time for this to happen and will require a radical transformation of the Chinese economy and the role of the government. This may seem like a surprising statement. After all nearly every week we see reports about a new breakthrough for the renminbi, and almost every day someone important somewhere speculates publicly about what the world will be like when (never if) the renminbi displaces the dollar.
http://mpettis.com/2010/10/it-isn%E2%80%99t-easy-being-green/
So what. I never said it would replace the dollar as a reserve currency. And what the hell is your point to any of this? Yeah this place has problems of course, but nothing like there. China may not ever become a consumers paradise like america either, but who fucking cares. I can milk it for what its worth in the meantime, and dont have to think about ridiculous shit like stocking up on food staples, and buying weaponry.
The PBoC has funded this position with an equivalent amount of RMB liabilities, which makes it very vulnerable to changes in the value of the currency.
Really? Says who? This is nothing but hot air.
Where are you in China Tsukato?
I did a large enough tour of China to get a feel for the country, not just the touristy and busy typical Beijing/Shanghai duo. Started off in Guangzhou, made my way North, then all the way West towards Kazakhstan. Let me tell you, Eastern China is a shit hole compared to the beauty of the West. On a nice day where the summer is supposed to shine through, all you get is smog. 'Small' cities consist of 10MM people.
People live to work, not work to live like North America.
Theres a reason your currency is pegged to the $. Please don't ever forget whats important to your economy - the Western world.
No communications infrastructure = no bank transfers.
no pay = no loyalty.
armed guards at the comms hubs = sitting ducks.
There is only one set of people to fear in the USA, and that's the special forces of other anglo-axis countries. Canada, UK, Australia, NZ. It's part of the quid-pro-quo arrangement. It removes the need to comprimise the moral integrity of your own special forces. They don't want to fire on their own people, and they don't have to if the Canadians or the Aussies are there to do it for them.
But whether the counter-revolutionary forces are 'friends' or just trigger happy mugs hired by KBR or Halliburton is irrelevant. Anyone involved in quelling a reaction which your citizens were set up for, is a fair target.
two words: JOB CREATION!
LMFAO!!!
The cops are at the unemployment office, while the bankers are robbing and plundering - that says it all!
Election is tomorrow. Yet we'll see a 30% turnout at best.