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Mike Krieger Sees Widespread Panic
Submitted by Mike Krieger of KAM LP
Widespread Panic
Right now, thanks in large part to Federal Reserve policy, Uncle Sam can borrow at an average cost of just 2.5 percent. The average borrowing cost over the last three decades was 5.7 percent. Our debt is now $14 trillion and scheduled to grow to $25 trillion by the end of the decade. If interest rates normalize over that period the added interest costs in 2021 alone will be $800 billion—more than 20 times the mere $37 billion in budget cuts that tore up Congress in March. It would take virtually all of the cuts in the Ryan budget just to cover that added interest, much less to start bringing down the national debt. Unfortunately, the Fed is now in a fiscal box. A normalization of interest rates would break the Treasury. Hence, a normalization of rates really can't happen—we're stuck in a world in which the Fed must keep rates artificially low in order to prevent a budget disaster.
- Lawrence Lindsey writing in the Weekly Standard June 13, 2001 (and you think we won’t print more!!!)
QUESTION: During the Japanese lost decade in the 1990s, you strongly criticized Japan's (inaudible)policies . Recently, Larry Summers suggested in his column that the U.S.is in the middle of its own lost decade. Based on those points, with Q.E. II ending, what do you think of Japan's experience and the reality facing the U.S.? Are there any historical lessons that we should be reminded about? Thank you.
BERNANKE: Well, I'm a little bit more sympathetic to central bankers now than I was 10 years ago.
- Q&A During The Bernank’s Second Press Conference Yesterday
The Bernank Flop: Part Deux
That’s two press conferences laden with softball questions from “the press” and two epic flops by The Bernank. Two extremely important things that came out of the disaster that was this event yesterday. First, I want to point your attention to the quote I pasted at the top. In response to the question of where The Bernank stood on monetary policy in light of his prior arrogant and cocksure statements a decade earlier about how the Japanese were being too passive in their methods he stated “Well, I'm a little bit more sympathetic to central bankers now than I was 10 years ago.” BINGO. That was far and away the most important thing he said the whole press conference. Why? Well, for several reasons. First, it was pretty much the only spontaneous unscripted thing he said the whole time. Second, because this is him basically admitting that sitting in an ivory tower telling others how to save the free world via monetary policy was a naive and idiotic thing to do (why people still believe in central banking, I mean planning, is beyond me). Talk is cheap and The Bernank now has had time to test his sad statist theories and guess what happened? He failed miserably in front of the entire world. By saying that he is “more sympathetic to central bankers” he is saying that theories are one thing and he now realizes that. This is HUGE. The Bernank has no clothes.
Ok, so what else did we learn? Well, what happened after the press conference was very significant. For one thing the stock market tanked. Interestingly, guess what else happened? Oil prices started to soar and closed up. While off their highs gold and silver were also strong on the day and the gold miners were up. This drove these guys absolutely nuts. Remember what happened after the first disastrous press conference? Gold soared and then flew higher again the following day. What was The Powers That Be (TPTB) response to that? Well they miraculously rolled out Bin Laden and then initiated the monster raid on silver immediately afterwards. The lesson that we all learned from that prior episode is that TPTB are petulant little children. When markets do not act as they decree they whine and lash out. Since they possess all of the mechanisms of control they can create certain moves in the short term and “pain” for those that bet against them. In light of that, we should have all expected a panicky response today…and boy did we get it.
Widespread Panic
So right on cue, TPTB freaked out and showed their desperation by coordinating a 60 million barrel release of oil from OECD inventories (of which 30 million barrels is to come from the U.S Strategic Petroleum Reserves). Brilliant strategy guys. First of all, the world consumes around 85 million b/d of oil so this release isn’t even one day’s worth of demand. It’s a joke. Second of all it just demonstrates how completely desperate they are to just delay the inevitable. Just like global leaders have shown no interest in dealing with the economic imbalances of the globe resulting from a pyramid scheme global monetary system where money consists of digital confetti that can be and is being printed into oblivion, they have NO INTEREST in dealing with the real issues of peak cheap oil. Just as the solution to every other structural problem has been to pretend it doesn’t exist and place band-aids on cancerous tumors, their solution to real, serious long-term issues in oil are to release reserves? My lord this is sad.
More than sad; however, this move makes me much more bullish on oil over the next two years than I was before. First of all, the Saudi’s just said that they would increase production to 10 million barrels of day on their own (from 9.3 million b/d), effectively ending OPEC as an organization. Because this didn’t do what the petulant children in charge wanted they resorted to this tactic. First it was speculators. Now it is supply and demand. What is it really? I’ll tell you what it is. They have no freaking clue what they hell they are doing. Just like The Bernank.
As a result of this action and the direction that TPTB are heading in (price controls), my ultimate forecast for where crude might go is now higher than it was. Whereas I previously thought we would see $150-$200/b oil within the next two years I now think that it will be over $200/b. The reason for this is simple. The reason price controls like this do not work is because they destroy supply/demand signals, which then ends up causing supply shortages down the road. Let’s think about this pathetic move from two angles. First, from the perspective of an oil company. Oil exploration, development and production is extraordinarily capital intensive. From the exploration to the development phase of a large field we are talking at least 5-10 years. So let me ask you. If you are running an oil company and you see this type of action are you more or less willing to drill that marginal production or exploration well? The answer of course is much less willing. Furthermore, we have recently seen cost overruns all over the commodity space. Let’s look at what just happened with Woodside Petroleum’s flagship Pluto project offshore Australia. They just announced a 25% cost overrun and a 15 month delay to the project and Standard & Poor’s took down the credit outlook for the company as a result. I will tell you without any shadow of a doubt that this policy by the “authorities” to control oil prices via manipulation will kill the supply side relative to demand and cause oil prices to ultimately soar to unimaginable heights. Sad but true. This is Why Central Planning Fails 101.
Then what about the demand side? Well of course by unnaturally knocking down the price of the most important commodity in the world demand will be maintained at artificially high levels for longer. So demand is kept up artificially while supply growth constrained. Can you say complete unmitigated disaster.
This is all quite timely since it touches upon issues I discussed with Max Keiser last week. Here are the links, please have a listen.
Speaking of Panic…
Speaking of panic, it looks like after a couple of weeks of begging and pleading I have scored a ticket to the Widespread Panic show at Red Rocks this weekend. Apparently some guy that was driving up from Memphis for the show can’t make it so I get his seat. I am supposed to pick it up at the show so we shall see how this works out…Anyway, have a great weekend! God Bless the Central Planners. They are gonna need it.
Peace and wisdom,
Mike
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Because otherwise it would undermine their faith in all of the rest of the facade, which results in mental breakdown for those too old to learn new tricks.
Don't they have medical MJ in Colorado?
I have no sympathy for those people. NONE. My heart is completely hardened against them. When the reckoning occurs, nature will go to work on them. Time and again, the weak, in this case the weak minded, always get culled.
Fuck em'. I'm sick of sheep. Let the weak minded get selected out. I don't care.
Whatever empathy I had for them has been sanded away, grating by grating moment of collective apathy, witnessing them indulge in mindless escapism in the form of episodes of reality TV, professional sports, and big bong hits of ever optimistic hopium, for the past three years.
Ohh, don't forget the smug and satisfying "it's the damn (insert Republican's/Democrat's here) fault. If more people would just vote (insert Democrats/Republicans here) then this would be all better".
The EIA/SPR move today was panic. It was the largest SPR release to date, bigger than after Hurricane Katrina. It came at a moment when crude was already off the peak. And even when oil was at $145 they didn't need to release supply. And inventory drops this morning were a bit alarming. It's becoming clear that the world is not so well supplied as we think. Stay tuned.
5-yr. yields now down a full 10 b.p. today alone.
Bill Gross must be sweating profusely.
I am very lucky that my treasuries were bought a long time ago...
$200 oil is inevitable but we have a few other stops along the way.
excess debt -> depression -> demand destruction -> $20 oil -> collapsed oil investment + economic recovery -> $200 oil -> economic collapse -> $20 oil -> ....
Yup, but don't tell everyone.
It's like knowing the future. Imagine your son had come back from the future with stock prices for the next decade.
Just play it.
enjoyed the article. some nice points. of course, all the points mentioned is the raison d'etre for owning unencumbered assets such as gold and silver, and it reduces the worry of bad decisions made by the bernank.
So managing a forest and the economy are similar. The harder you try to manage and put out fires, the bigger fire you will have in the future and it will do more damage to the system by destroying what you are trying to save (the big stuff).
Edit: And it only cost a few trillion $ to learn!
Excellent analogy.
I plan to borrow it.
Nassim Taleb very recently wrote about this (suppressing volatility results in bigger jumps) in Foreign Affairs, you know, the journal of the Council on Foreign Relations, you know, the Elite's foreign policy think tank?
Hopefully they take the hint that we don't want to be oppressed by their corrupt financial system any more!
The Dow briefly pared losses to double digits there before sinking a little since. Surely thats not because of the EU/IMF inspectors agreeing with Greek officials?
...it's really embarrassing to be among the human race today, especially today. Unfreaking believable.
PPT stepped in and bought 10 million shares of XLF, but that didn't work out.
Sellers came right up and stopped it cold.
Greece just agreed with the IMF and the EU on an austerity plan, the tape just went vertical. Good times, good times...
and, the tunnel is almost done!
The best hope for the US is to engage in Japan mode while in hopes for major innovations in energy away from oil.
Oil prices alone can make the US a giant Argentina.
Or another case may be, hey if everyone else marks down in similar mode, then the world´s not so bad after all.....
However, there is other reasoning.
Where would basic commodity prices be today, if JPM, GS, MS, BAC, Deutch Bank, and other TBTFs were not around.
This would be another country saving menu...
Where would basic commodity prices be? You are missing the point. Where would interest rates be? What would employment be? Both would be higher, IMO. Purchasing power/standards of living would also be higher.
So yeah, the nominal price of commodities would be down, but so what? Our system would be more stable and conducive to investment today if they weren't stopped from failing.
flash spike!
0 to 60 in a nano second
WTF
what happen????
Mr. Market seems to have forgotten that Greece is still a democracy and the Greek people don't give a shit what the IMF and EU approve. Tyler is going to blow a pump when he gets a handle on this one. There is no way that wasn't pre-orchestrated. Can't wait to see what nanex comes up with.
Expect these headlines to alternate regularly for weeks if not months.
Buahahahahah :) what a shame :) keep selling punks, NASDAQ is UP!
VIX drop below 20.. "Collapse" is over *LOL*
congratulations, greeny, or is it smailes. in one day you've gone from barely being able to put two words together in a fake english writing style to having almost perfect sentence structure. stay in role as the angry foreigner that you posed as yesterday.
That must be hamy or gunslinger
i forgot about texas gunslinger. i caught him red handed in a lie, called him on it and then he vanished. i'm sure he's around. i just haven't seen him on the threads.
Couldn't be RobotTrader?
right. he's not robottrader. greeny's an iteration of hamy wanger, texas gunslinger, smailes or some such. robottrader is too wrapped up in robottrader to do anything else.
Sounds a LOT like smailes.
First time I have seen him adopt a new identity. Guess he was just too embarrassed to continue on here.
Small minds discuss people, average minds discuss events, great minds discuss ideas.
I have a hard time reading so much into Bernanke arching his eyebrow, or whatever. Enough Kremlinology.
ZH, you reflect the conventional wisdom. Never heard of Mike Krieger, but he smells like the herd. I'm joining the bid on spy, and adding to my uranium stocks.
You got it!
Join the party, but why not double your pleasure with a 2X etf?
Great real life example of supply and demand economics!
Bernanke never realized that complex systems theory might be germane to economics.
Both the extreme reaction to qe2 and the realization that the fed could lose its autonomy forever if he "goes too far" are emergent unexpected events. As an ivory towered dumbass he thought he just had to twist the right knobs and pull the right levers.
Now he will be too cautious, and japan is our destination if we are lucky.
Everyone underestimates the exponential function.
e^ix = cos x + i sin x
I love that i is imaginary. Anyway, with cos and sin in there you are guaranteed a wild ride. It's waves all the way down.
In my world "i" represents current, "j" represents the fiat, ;).
Did you just post OILer's Law?
In reality, I'd bet the number of Fight Club members that understand what you just posted is likely 5%.
The general public? One in Ten Thousand.
The equation that I've always found amazing is:
e^πi + 1 = 0
It contains what are arguably the most important numbers in mathematics.
$ wave
From "US"
A dollar sign with two vertical lines is a monogram of U.S., used on money bags issued by the United States Mint. The letters U and S superimposed resemble the historical double stroke dollar sign : the bottom of the 'U' disappears into the bottom curve of the 'S', leaving two vertical lines. This theory does not consider the fact that the symbol was already in use before the formation of the United States.
"U.S." eh? ... Units Silver
Another cool equation: If x has positive real part, then
Let a = exp(-pi*x)
and b = exp(-pi/x)
Then
1+2a + 2a^4 + 2a^9 + 2a^16 + ... = [1+2b + 2b^4 + 2b^9 + 2b^16 + ...] * 1/sqrt(x)
Example: let x=0.7329356 so that a = 0.1, and b = 0.013755525, then
1.200200002000000200... = [1+2b + 2b^4 + 2b^9 + 2b^16 + ...] * 1/sqrt(x)
Let x=0.5123 so that a = 0.2, and b = 0.021715..., then
1.40320102401310720... = [1+2b + 2b^4 + 2b^9 + 2b^16 + ...] * 1/sqrt(x)
Going to see Panic at Grand Targhee Resort Amphitheater on July 2nd. Might as well have fun while we can. Enjoy the music Mike I know I'm going to.
ashes ashes all fall down...
picture a bright blue ball just spinnin, spinnin free
Dizzy with eternity
...There's a fear down here we can't forget, hasn't got a name just yet
always awake, always around singin ashes ashes all fall down
Panic is having to fire my chauffeur after finding out he's been balling my grandmother.
My solar HSOL flying, yeah, baby, yeah!!! up 20% in couple of days Sell, Sell, Sell :)
DOW is over 12k again, any questions? :)))
No one has ever made false trading claims in drive bys on this site before...........so he must be all truth.
Forget about stock I mention, I'm not selling here anyway..
But DOW over 12k is that false too? I see enormous number
of buyers in this Market.. Hey, keep pessimistic view and be
happy, I'm just saying Market will go higher.. You wanna check
back in January? We'll talk then.. Every Corp has beating Earning
estimates lately, lots of cash on balance sheets.. F*k .gov,
even if it's going to collapse, people will still drink Coke,
and fly Boeing got it? Perhaps they gonna pay in Silver, even
for Coke Bear and Bread..
much better greeny. i know it's hard with all the different identities you use at zh. next time, keep your poise and always stay in role especially when you start making rapid responses. maybe on the next identity you create these thoughts will come in handy. but the greeny id is blown. you need a new one.
Who the fuck is this douche??
ZH serial junker.
"The Bernank has no clothes."
Things that make you go uhhhggggg
BEANS BITCHEZ
And what are Americans doing to reduce their oil consumption? Exactly.
Oil HAS been too cheap for too long, especially in the USA. $200, $300, $500 oil will hopefully bring some sanity to the world.
You guys make me weep!
$200 oil.
The resulting policy sanity will be a welcome relief and long overdue. It's the blood on the streets and cities ablaze that would blow chunks.
Boy, the trolls are out in force today. Impoverishing the world may make it saner (doubtful), but certainly not in any way one would want to experience.
I would post lots of links showing that the usage in the US has declined since the economy came unglued in 2008, but you likely don't care, else you would've known this already. As for the increase up until that time, it was fueled by the Fed (killing the US auto industry at the same time). Yet you blame the average American, who had little to do with any of these scenarios. All they know to do is to pursue strategies that they perceive to work. They do not create the destructive policies that leave them little choice.
Simply put, people without money or credit to spend on fuel (or cars) do not drive. Meanwhile, what meaningful thing have you done in regards to conservation, other than choosing to rant incoherently?
Pointing out that 7,000,000,000 people cannot live on a finite planet that is running out of energy (and fast) is not being a troll. Neither is it being a troll to point out that it is *energy* that drives the economy. Not money, or credit, or all that imaginary bullshit that you think is so important. You've got your cause and effect relationships completely backwards.
We're not running out of energy....
We're running out of people who aren't sociopaths that want to euthanize half the planet to have more for themselves -- be noble, go first.
Global Warming is still a fraud -- atmospheric CO2 is only 385 ppm (near all time lows) and Earth's average for the last 250 million years has been 1250 ppm. If anything we have a shortage of CO2 and all life on the planet depends on it so, "Free The Fossils"! Energy sources:
World Thorium reactors -- Cheap, abundant, Tech ready 30+ years, energy for 10,000 years. Non-radioactive, non-toxic, can't weaponize. India already has. Thorium is a metal.
US Nat Gas -- enough for 300 years.
US Shale oil -- enough for 300 years.
US Coal -- lots and lots!
World Solar and wind -- Technology ready in 25 years.
World Oil Abiotic? -- inexhaustable supply, evidence is there and Russian already have >310 ultradeep wells (30-40K deep) and now export more than Saudi. Btw, organics and dinosaurs stop at 19K ft deep max.
>it is *energy* that drives the economy.
Wrong. It's air that drives the economy. People can live without oil and gas, which are mere luxuries, but without air you will die within minutes. I fear when we begin to run out of air, aka Peak Air, you're going to see the entire petroleum industry house of cards collapse.
>Global Warming is still a fraud -- atmospheric CO2 is only 385 ppm (near all time lows) and Earth's average for the last 250 million years has been 1250 ppm. If anything we have a shortage of CO2 and all life on the planet depends on it so, "Free The Fossils"! Energy sources: It's true, we should extract as much dead carbon as we can out of the Earth, and release it into the amosphere where it can become absorbed into living, autotrophic organisms. By producing more CO2, a negligible greenhouse gas and a fantastic plant food, we can restore the Earth to its former state of having 4x as much CO2, lush flora and fauna, and an unchanged temperature.good luck driving to work with a tank of air....and I sure hope they can transport all those plastic baubles half way across the planet with air too.
Then best add nature to your short-list of socipaths. She has no feeling, no remorse, and when she decides to settle accounts she can be quite a brutal bitch about it.
Honestly, fucking shale oil?! Do you have any idea how much energy it takes to get actual usable oil out of shale?
Abiotic oil? That's beyond fringe lunacy. Shave your head and go beat a drum selling Lindsey William tapes at the airport.
When treated with an ionic liquid it takes zero additional energy to pump shale oil. It just comes out.
But peak oil death cultists don't want to hear about that.
And abiotic oil exists. Oil digesting microbes have been found a kilometer underneath the floor of the Atlantic Ocean, thousands of miles from any known subduction zone. Their very presence by definition means there is oil there. If nothing else, it is produced by these deep dwelling organisms. The only question is the rate. Which is likely very slow. But the fact that it exists at all means there are likely oil reservoirs deeper in the crust than than has been explored. Such reserves would be very expensive to extract, however.
Amazing. Utterly amazing. You can't argue with you people. There is no logic. No scientific literacy. No background in engineeering or thermodynamics or geology. Nothing. Just exasperatingly stupid claims about oil and gas and where it comes from. I give up. I am not joining you. I am just done arguing with you. It's pointless. Have fun with your oil-centered earth theory.
+1000 iNull.
We took your communists and put them in charge of our entire economy to shut it down. Working splendidly!
Once this blows out of their control its going to be a fire storm pure and simple...
It's where we're headed and has always been where we were headed. It's just that for the last 50-60 years we've been able to live in denial indulging in suburbia, Wal*Mart, the 3,000 mile caesar salad, organic beef from Uruguay, Tilapia from Vietnam, and thousands of square miles of land fills of plastic crap from China. No more. Peak oil is behind us. 2006 according to Pickens, Campbell, and the IEA. But no later than 2008 according to Simmons, et al. In any case it's in the rear view mirror and now we slide down the backside of the Hubbard Curve. Let's face it. We are members of a greedy, delusional, terminally stupid species. And this is where we are headed:
http://www.youtube.com/watch?v=IW-RmVY2OkA
+ 1
yeap, any day now... *staring at watch for last few years*
Tyler, minor typo on the dateline of the Lindsey quote: 2011, not 2001. That Weekly Standard issue was just last week (yes, I subscribe - don't hate me for it).
i hate you for it. So does God.
that proves nothing - God hates all of us
I am no oil expert but what was the "emergency" that caused these politicans to release our emergency stores? What happens when the REAL emergency arises?
Their manipulation of prices distorts the market...not good. Market forces ALWAYS win in the end. Is Barry old enough to have witnessed what ahppened when Richard Milhouse Nixon price fixed oil? Gold? These commoditieis soared several hundred percent, as did inflation as market forces kicked in.
Sadly, history repeats itself.
SA is in decline.
Did you just say...,
"The Merlin Hast Not More Cloth To Hide His Baby Bazooka" ?
What does Larry Summers mean, "we're in a lost decade"? This is the second consecutive lost decade.
Larry Summers, what a cocksucker. The motherfucker was instrumental in this clusterfuck and now he has the nerve to be on the sidelines talking about a "lost decade" like they are inevitable or something. What a piece of shit.
Funny that for years I have looked at the Doomsday Clock which monitors the ways in which humanity could destroy itself by nuclear war, environmental damage and new developments in life sciences to gauge risks. I never thought it would be done with the symbols of avarice and self-worth: The change in my pocket.
http://www.thebulletin.org/content/doomsday-clock/timeline
If I were to propose an Economic Doomsday Clock, with the figurative midnight being the moment of destruction, I would hazard a guess that we are a couple of seconds past midnight already but do not know it yet. It does not take a maths genius to figure out that the country with the highest GDP in the world, which also controls the world's reserve currency, and the two top international banks (WB and the IMF by the highest % of voting power), is well and truly in a debt hole that it cannot ever crawl out of. We're all (Sorry, some of us are) anticipating the imminent collapse of the USD, but what if it has happened already, and what we're witnessing every day is the seemingly slow motion crash of any large edifice seen from afar?
Next Topic for ZH:
What time do you think the Economic Doomsday Clock says? What variables are pertinent to the calculation of the time?
Goddamn. I'm going to the liquor store.
Why don't we start developing transportation without oil? The reason is because oil companies have an agenda and they are controlling the transition of energy use regardless of its impact upon the economy or the environment. Sounds very similiar to the monetarist regimes around the world-- engaging in policies that only benefit a few at the cost of many. I wonder if they belong to a secret organization or something... nah must be just plain greed that unites them.
oil companies
The oil in our world is controlled by sovereign nations.
Sovereign wealth funds are oil production.
Do really believe that if the Soviets or Middle East countries love America? They would pursue technologies that were not hydrocarbon if they actually worked.
Bad companies fail in real capitalism.
Everyone's got an opinion, I suppose. You would not have posted that if you had any knowledge of the history of oil companies. Look up Standard Oil and Thomas Midgley. You cannot get a clearer picture of how evil, greedy, obfuscating bunch of terrorists oil companies have been to humanity. Yes, they supplied the energy for growth throughout the 20th century, but I'm sure we would now have a much more diverse range of energy supplies if they had not monopolised the market.
BTW, If you just open your eyes for a second and remember events longer than 20 seconds ago, you might notice that bad companies thrive in "real" capitalism and form cartels and monopolies. Why do you think the statutes are full of laws to protect the consumers from companies, and other organizations from anti-trust activities?
..In other news, Polonius says "neither a borrower nor lender be...."
I agree with the basic thesis; I'd tone it down a little. Timing is always very difficult, frequently surprising. Nice buying opportunity earlier today in Silver. I like the analysis of the Bernanke remark, also; a lot of things look easier until you try to do them in the real world. Options on December Silver, far out of the money, are cheap. (IMO). something to think about.
Scientific Socialist Economic theory........The "Holy Trinity" of brain dead govmint hole lickers ! Monedas 2011 A tongue in the hole is worth two in the bush !
props for finally posting without that overplayed troll link thing...
Losing wars for those who profit from wars is the desired outcome.
You don't win a war because winning a war is less profitable for those who make money during wars- and turns off the gravy train.
Losing wars for those who profit from wars is the desired outcome.
You don't win a war because winning a war is less profitable for those who make money during wars- and turns off the gravy train.
Let the battle commence, whether we win or loose doesn't matter, as long as we secure supplies.
http://www.theoildrum.com/node/8044#more
It seems like baby_Blythe is gaining a fan base...
You go girl.....
Seems you got more balls than most these pussy as men on here...
hate to break it to you, but there is a high statistical probability that baby_BLYTHE is in fact just another old crusty unemployed dude rocking his 5th generation wife beater posting from his mom's trailer.
Probability: 0.99
it's an internet G.I.R.L. - guy in real life.
(it slips up quite often into it's real "voice")
there's another tranny here, who is very fond of "her" hubby, lol.
create panic and loot the american public again. thats what this is
create panic and loot the american public again. thats what this is
ZH has plenty of good commentators with well articulated complaints against a manifestly broken and corrupted system... this guy ain't one of them.
He is squawking like a stuck pig 'cause he's been caught overplaying his greedy hand and now cries out "No Fair!!". "Biggest this on the whole planet, largest that on the planet, biggest shamwow on planet earth". If someone needs to resort to superlatives at the level of a fifth grader he has no business advising anyone on economic policy. Methinks he's a poorly managed long who is overcommitted and is sweating on a margin call from his broker.
As oil dies down, and people lose jobs, productivity goes down and since there is less productivity less oil is consumed.
we are going to have spikes up and down as the economies heart starts to spaz.
I used to see them live all the time. http://www.youtube.com/watch?v=ZpHNGxqHagM
Mr. Krieger,
You're alright by me. If there were a way I could hold you up as an example without flattering you, I figure I'd have bumped into it by now. So, at the risk of hazarding the eighth circle of Hell, I'll press forward with my complements (which are subject to be withdrawn in case of miscellaneous mischief and/or depravity).
Mr. Krieger and Tyler Durden have what the French call je ne sais quoi; and the rest of the world took to calling it the same thing, seeing how the french seemed to have it in spades (settle down, Anglophiles -- I'm a blue-blood, but facts is facts). It's something sorely wanting in financial publications and dissertational thesis, and it's at the very heart of the egalitarian virtue...I'll explain: when writing is accessible, lively and transparent, it exponentially broadens it's potential audience. Acedemia is tinctured by this caustic occult thinking, whereby they fold simple concepts into the goo of technical jargon and a profusion of the just plain superfluous, rendering everything of merit an indistinguishable part of the blandly homogenized whole.
Some would direct me to the financial press. I would tell them to go and rot in hell. It's so much worse with the Krugmans of the world; at least insofar as it's equally boring and overlaid with this pungent patina of shit. When people like Krugman attempt to enliven their stuff, it comes across in a tinseled and flaccid fashion -- like when a tax attorney tries to ham it up with the bruthas at the court...pathetic and awkward.
Now onto another subject of interest, WP. Back in the day, they'd have been playing near Athens at Summer Fest right about now... the world will never know a time like that again: when frat boys stalked the face of the earth, seeking whom we may devour. when the chi omegas and phi mus were this ethereal mingling of innocence and curiosity, when grade A blow was $100 an eighth and Maker's Mark flowed like something less viscous -- the earth was on its axis and God was in His Heaven! I was hanging around those guys when Jo-Jo was still with Beanland, and everybody...well, I'll save that stuff for later. Everything fell apart when Jerry died, WP signed with columbia and phucking phish started taking hold of the scene. I felt like 'Ain't Life Grand' was anything but; and, well, the whole world started descending into a black vortex from there. All of which explains the Dot-Com Bubble and all the mayhem that's followed since.
I was born in a desert, raised in a lion's den/
I was born in a desert, raised in a lion's den/
yeah my number one occupation, stealin women from their men/
and I'll do it, do it again!
Around 1990, you are a few years my senior. My freshman year of college we were listening to a young 16 year old play slide named Derek Trucks, those were good times.
Yeah, man, Dixie had one hell of a music scene back then. Derek was a novelty and mind-blowin prodigy. Really, all-in-all, there haven't been many better times and places in which to be young, white and free.
Phi Alpha
While I'm stolin down memory lane, I'll mention that that Summer Fest to which I'm referring was one of Dave Matthews first shows (they were toolin around with a band called Everything at the time); and I was mostly impressed. Anyway, i ended up buying an album from Dave out of the back of a van -- I've still got it...wonder if I could trade if for some .9999?
BTW Even back then, long before he was prancin around MSG, he was pullin pussy from every imaginable direction -- something fearsome, something that left the ole jaw gaping with awe.
Step 1. Consume emergency reserves
Step 2. Consume seed corn.
Step 3. ???
Step 4. Profit!
I think Bernanke will lose total control of the markets, squeezed on inflation, deflation, stagflation... every-flation. Like a freight train of pain. Not looking good
I think only the financial "elite" and the money manipulators are going to panic ... because they might start worrying about what angry people do.
We have seen it in the Middle East, where it has been suppressed for now ... but will we see tanks in the streets here? That is what "panic" means!
beware the shithawks
http://www.youtube.com/watch?v=fwiXG0p3N6g&feature=related
.
Gee who flinched at the 5 dollar table today? I was at my gold mine beating up slaves. DId I miss something?
Here is the real reason for panic:
http://blackstarnews.com/news/135/ARTICLE/7472/2011-06-20.html
Sunny Sheu Killed after reporting death threat from Judge Joseph Golia.
That's one of the most amazing stories of corruption I've ever read.
Thanks for the link, but I'm not sure whether I really wanted to know now.
That sort of thing is common in NY. Everybody is in someone else's pocket. Best not to live there or anywhere nearby.
Problem is, what happens if they control things end-to-end, where there isn't a way to get around it?
http://faber-blog.blogspot.com/2011/06/marc-faber-latest-bloomberg-interview.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+blogspot%2FPzDtJ+%28MARC+FABER+BLOG%29 June 23 (Bloomberg) -- Marc Faber, publisher of the Gloom, Boom & Doom report,interviewed in Honk Kong by Bloomberg talks about his investment strategy and the outlook for global financial markets said that he Likes Gold, Silver and Will Keep Accumulating Gold : ...Yes I still like Gold and Silver but I think they'll go down for the next three months or so ...
He looked high during that interview.
We have a total market meltdown coming and it's very close.
Gold will surge
Faber is the world's greatest economist.
He told me in very early 2009 gold would never go below $1,000 an ounce again.
My future is brighter thanks to Marc ;)
The best of Faber. Man, was he ever dead on! back in early 2010
http://www.youtube.com/watch?v=pAJeZaFdbJA
marc faber has chosen you to bear his seed.
you will have a son, and he shall be named Judd.
Gold will never go below $1,000 an ounce again?
You do realize, you are still thinking in terms of dollars?
Marc Faber this, Marc Faber that, get off of his dick. Small minds discuss people.
Predictions aside, there is one thing that is inarguable from looking at any gold chart: It is far too volatile to be considered a safe store of anything. Those who think that it's value is consistent tend to make absurd circular arguments like, "It's consistent when measured in itself", or utterly banal arguments like "An ounce of gold buys a good suit" -- as if the cost of a "good suit" isn't anywhere from $750 (or less if one considers Asian bespoke) to $5000+ today -- with a similar historic range.
The price of hookers in bullion is your most trusted metric.
Rome, late first century, Nero's rosin'n up his bow to play that fiddle hard cause hell's done burst the levies...across town hebrew pimps are having a fire sale on the appian way:
Tawny and lean -- 1/8th ounce.
Berber and buxom -- 1/8th.
Blonde barbarian -- 1/4th.
Sub-Saharan -- 1/6th.
His daughter -- 1/16th.
I suspect that tidys everything up nicely...done and done.
Some girls buy me diamonds/
some girls buy me clothes...
so gimme all yo' money/
gimme all yo' gold
(m jagger)
What is a safe store of value, then?
Any gold chart is necessarily graphed with some sort of paper valued against gold.
Hey now...simmer down there, super man. I was only being coy; you're being a cock -- there's a vast chasm separating the two, and I'll be happy to explain it in fuller detail if it's required.
"Small minds discuss people." Really? You gonna stand by that or quietly walk away (I highly recommend the latter option, Janus is fierce when nettled)?
the proper study of man is man
A. Pope, bitchez!
Asia is shorting the EUR and buying into a bulltrap (stocks).
this; Lawrence Lindsey writing in the Weekly Standard June 13, 2001
should read 2011. NOT 2001...;)
2nd video at 2.30 min gets into oil pricing, v good
So you're saying that high gas prices are hurting WSP fans?
Look for a crazy guy named Jaden from Memphis back stage
Desperation (definition): at the end of one’s rope or tether, At the end of one’s endurance or resources, out of options; exasperated, frustrated.
See TPTB for real life examples. Good luck to all. Peace
A financial bubonic plague in the works?
Can someone post a link to get a quote for the Asian TAPIS please and Thanx