Morning Gold Fixing: Bernanke: “Catastrophic” Implications for U.S. Economy If $14.3 Trillion Debt Ceiling Not Raised

Tyler Durden's picture

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BrianOFlanagan's picture

we should see some follow through buying today, assuming nothing spectacular comes out of the BS jobs report.  

Twindrives's picture

Bernanke's pet fiat currency was D.O.A. from the beginning.  Just like Soetoros' faux presidency.

Azannoth's picture

"John Bolton's comments that Israel should bomb Iran if Mubarak" and I thought he said bomb Iran because it's Tuesday

cosmictrainwreck's picture

a legend in his own mind, certainly

snowball777's picture

You'd think the neocons would have the sense to muzzle this fucktard by now, but still he speaks and people listen to his drivel. Why?

Watauga's picture

National Review recently ran a piece that promotes him for the GOP nomination for President in 2012.

EscapeKey's picture
You know, you'll probably be able to recycle that headline in a years time from now, just by removing the period;
Morning Gold Fixing: Bernanke: “Catastrophic” Implications for U.S. Economy If $143 Trillion Debt Ceiling Not Raised

It should really state "catastrophic implications regardless of debt ceiling being raised."

Mad Max's picture

That's the June 1, 2014 headline right there.

Sudden Debt's picture

Or when Benny get's a succesor, he'll just shit the words and blame it all on Benny. Like Obama does with Bush:

"Raising the debt Ceiling had catastrophic implications that can only be adressed by raising it much more"

eigenvalue's picture

Gold is upping too slowly. Like a snail...

TrihumpTheInsultDog's picture

I wonder what that means?

Were we not promised that it would be on fire right now? $2500, screeching toward $5000 or $50,000 /oz?

Fire Bitchez! Gotta love the gold bugs.

tmosley's picture

The paper price is fake.  The sooner it breaks down toward zero (among infinite volatility), the sooner the current system ends due to metal default, and "gold bugs" take over the financial system as physical premiums head toward infinite.

Snidley Whipsnae's picture

+1

Paper gold is an oxymoron... like military intelligence or jumbo shrimp...

TrihumpTheInsultDog's picture

Yea brilliant. Call me when they start trading energy in gold, until then, lock in profits.

BigJim's picture

'They' almost certainly do trade energy in giold - check out FOFOA's blog.

Hephasteus's picture

Gold bugs aren't going to take over the financial system. The central banks have a lot more of it than we do.

We'll simply crash the system. Move into silver which banks don't control. Or go cash only society. You're wet dream of being super rich and powerful aint going to happen. But neither is your nightmare of being broke and starving.

Snidley Whipsnae's picture

My efforts all along have been to avoid 'broke and starving'... The system is FUBAR when individual citizens must spend more time on preserving a little capital than being productive in their society, eh?

 

tmosley's picture

Nope.  Central banks hold about 25% of above ground gold.  The rest is held privately.

Gold bugs will be the next upper class.  Silver bugs will be the next oligarchy.  Nothing your empty words can do about it.  Sorry :(

Hephasteus's picture

Well good luck with all that. You sit with all the banksters fondling your gold when the people dump your ass off in the ditch along with them.

tmosley's picture

Haw-haw, you can't come up with a retort, so you just claim that I will be arbitrarily lumped in with banker scum.

Enjoy your poverty.

voltaic's picture

Is that a similar threat to the catastrophic consequences of not giving the banksters trillions in free taxpayer money? The financial fear cards play well.

Shocker's picture

The debt Ceiling is going to be raised, is there really any doubt?

topcallingtroll's picture

The top calling troll may have to repent. Not for the trolling but for my call this was a long term intermediate top in pm's. I will put up a chart with breakout and resistance points if i can figure out how. I am old school. I only know.how to use the internet for porn, copyright violations and trading. If i am to lazy to figure it out i will talk you through the.gdx.and.gdxj charts. Gdxj has clearly broken though its downtrend channel but is facing heavy resistance right now between 39 and 40.

Soup's picture

CME Raises Margins for Silver, Copper, Platinum After Today - is priced expected to move down as a result of this?

EscapeKey's picture

Fuck, you're right. I love the smell of desperation in the morning.

http://www.bloomberg.com/news/2011-02-04/cme-raises-margins-for-silver-c...

The last few times, it has taken AU+AG down, although with progressively smaller net results.

Snidley Whipsnae's picture

Not when Asian buyers are taking delivery and paying in their faviorite fiat flavor.

Wynn's picture

Sounds like Mubarak's, "there will be chaos if I resign". Dude, there is already chaos, just like our nation's debt is catasrophic now.

living on the edge's picture

I agree. Millions of people are demonstrating, rioting, looting and shooting, fire-bombs everywhere, utilities and internet outages, business and trade at a halt, and Mubarak claims chaos will break out if he leaves. Holy shit!!

This is the ruling elite's mentality.

jus_lite_reading's picture

The Fed's Balance Sheet chart indicates a very interesting theory which is about to implode-  why didn't the Fed simply buy up all those Treasuries long ago and save tens of billions on interest payments? That's the $14 Trillion dollar question and the answer is worth my two cents- because they can't...

GetZeeGold's picture

 

Actually that's exactly what they will have to do.

Clean slate......new currency.

 

Reset bitchez.

Oh regional Indian's picture

India is definitely in a bind. The story is starting to unravel because you cannot make food. It has to be produced.

And the man on the street is fuming. If it was not for all the pornography available on their new China-made large screen mobile phones, people would be rioting.

The mobile phone is proving to be the anti-onion. People would rather have talk-time than food.

And they are hocking their gold to gold loaners to buy Chinese crap.

And Foreign expats are spoiling the wage balance cause they have no value for money.

Strange world.

ORI

http://aadivaahan.wordpress.com/2010/07/13/whither-india/

 

EscapeKey's picture

I didn't realize you guys had bought into our consumption based Western World lifestyles, padded with unnecessary crap. Always had some sort of idea that your society was a bit more spiritual?

Or perhaps we were just lied to in school. What would the odds on that be?

Oh regional Indian's picture

That was then Escape. Before TV, mainly. And before Hollywood forced the slow but steady loosening of censorship, so movies and TV went SEX.

And then the magazines started coming (all the mens health type and th eumpteen womens mags) and every issue frontlined.... you guessed it, SEX.

And of course we know, SEX sells.

Now, cheap visuals of SEX abound and India has slid into a hellish place. 

No tangible ties to the past, no foot in the present and no damn clue about it's future.

Just got to have me some SEX.

ORI

 

Snidley Whipsnae's picture

You were definitely lied to in school if they taught that human nature varies widely from one society to another.

TrihumpTheInsultDog's picture

Wow, I really like getting daily updates about the savages in 3rd world countries.

Do these Indian savages trade sun-dried feces for their prepaid wireless minutes?

Oh regional Indian's picture

Insult dog, welcome to hell. You've just invited a curse from a billion plus people (yup, I'm channeling them all).

From tomorrow, you will feel all these eruptions on your disgusting tongue, which will swell and blister. Even your mommy, whose basement you clearly live in, won't be able to do much for her brave little internet insulter. In three days, you will not be able to eat or drink anything.

Remember the "savages" selling their dried shit for pre-paid minutes while you suffer.

Oh, and clean your mind. It looks filthy from here.

ORI

TrihumpTheInsultDog's picture

Soon the savages will will be put to good use. Pakistan will do what we all have been hoping and wishing for. A Nuclear gift for the savages.

Ghawar needs to be replenished. Indians can be useful after all once transformed into hydrocarbons. Talk about liquidity.

downrodeo's picture

you are a sad, strange little man, and you have my pity...

EscapeKey's picture

It's goldmiddlefinger. Don't even waste your time responding to this pathetic troll.

Sisyphus's picture

Me thinks, it is actually MeTarzanUJane.

tmosley's picture

Good call.

They are likely all sock puppets.  They all have approximately the same posting style.

MachoMan's picture

I'm thinking issuing a curse is a savage thing to do...

Seasmoke's picture

call his bluff......im tired of always folding to these frauds.....i want to see his cards (and what catastrophic really looks like !)

Snidley Whipsnae's picture

Catastrophy might be amusing for a few days or a couple of weeks at most... After that, it is a long, bitter grind, in an attempt to simply survive, that you will not want to participate in.

My parents lived through the great depression.

 

overmedicatedundersexed's picture

one of the most distressing days of the early fall of 2008, was watching president Bush crawl out of the White House back door.He stopped standing next to H Paulson at that small microphone, his whole demeanor one of a scolded child, he quivered as he said "we must bail out the banks and wall st"..no questions taken-he literally ran back inside the White House like a beaten dog. Where was the ruff cowboy who could wage war so easily with such bravado??

At that point I knew we were all screwed and the sham of our government was so very plain to see. A president who was given his orders by the shadow government that runs the country.

Obuma, Bush..both puppets to our rulers. So now they will push the debt higher. I expect to see Obuma take a similar walk to tell us all that congress MUST raise the debt or else.

disgust at lack of leadership is the norm.

Snidley Whipsnae's picture

The real tip off was the 'Patriot Act'... I knew we were definitely screwed when I saw that one.

the not so mighty maximiza's picture

Thats sums it up nicely.   Bush would have been a hero if he said let the banks fail, the US will secure all depositors.

youngman's picture

only 36,000 and unemployment down to 9%.....WTF....government statistics are crap....this is a joke...they are losing the confidence of the world and the Joe on the street.....gold and silver up today