Musings On Monetary Mendacity

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Tue, 02/16/2010 - 22:02 | 233369 ZerOhead
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I'm double dumbfounded!

Tue, 02/16/2010 - 22:05 | 233378 MarketTruth
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Hmmm.... and then there is the financial crisis as predicted in movie "Rollover"

Tue, 02/16/2010 - 22:08 | 233387 Jim in MN
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I, said Bernanke

With a wave of my hankie

I killed Cock Robin

Wed, 02/17/2010 - 02:39 | 233667 Anonymous
Anonymous's picture

I honestly didn't know it was possible to vomit out of my ears.

Tue, 02/16/2010 - 22:14 | 233399 putbuyer
putbuyer's picture

I feel sick. The earnings - cooking the books story and now this. God, it's funny. I read maybe here or elsewhere that a company like Cisco cooked their books. History will reveal that all this lying was the result on people allowing Barry Obama to do it. The situation for everyone is so dire that I feel for all our future.

Cabin in the woods is all I can say. "Live free or Die"

Wed, 02/17/2010 - 02:15 | 233655 jeff montanye
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yes this problem of opaque, mendacious finance clearly started with obama as the earlier posted paper about the massive fraud run by the head of the bank of england during the 1920's and 30's demonstrated.

Wed, 02/17/2010 - 05:20 | 233740 Anonymous
Anonymous's picture


That can't be right !

President Obama "inherited" it.

He "inherited" it, I tell ya.

He said so !


Thu, 02/18/2010 - 18:54 | 236525 jmc8888
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He did inherit it.  This is one big 40 year long ride.  Unless Obama was President since 1968?

But, let's get something straight.  Now that he's in charge, he's doing HIS PART similarly to the parts that all presidents since 1968 have played. 

Also if you believe in trickle down economics, you believe in bailouts, because in its most extreme form, bailouts, are nothing more than bigger trickle down economics at work.  So in many respects, if you've been a supply side guy, you've supported the hidden bailouts that the tax cuts of the past 30 years were. (same game, different arena, same non-effects to real economy)

It SAYS Democrat next to Obama, but he sure is presiding like a republican. 

I find it so funny how repubs or dem haters are so quick or so forgetting that the playbook he is following, is the republican playbook.  Just shows how little many republicans believe what they say they do.  Because if a dem does it, it's horrible.

I'll just say it's horrible WHOEVER does it.  Like I have been my whole life. 


1. Obama did inherit it

2. He's done a horrible job of continuing it

But *it* IS the republican playbook he's following, and most repubs are clueless to that and actually harping against what they'd normally think is perfectly fine.

Of course I guess you need two playbooks, one offense, one defense.  The other playbook would be known as corporatism/wall street.   Both sides are whores, but only one sides is the dirtiest on the corner, that combined both supply side with corporatism, and never budged....republicans.

Obama can do what he wants about the situation, still can, any president in office can.  Bush had a shot to change things.  If they choose not to, it's their own fault. (and the answer isn't cutting social spending)

Obama should of let the bets fail, for them to show the true folley that is supply-side econoimcs.  JMK is folly too, gloming on and trying to form a bunk theory on FDR's actions to explain what FDR did.  JMK didn't understand FDR, but everyone since then thinks he did.

He could of ended monetarism, switched to a credit system.  Maintained the value of the dollar with a fixed exchange rat.  Could have passed the HBPA of 2007 to stop the millions of foreclosures. He could have written off the fraudulent debt, and valued the derivatives at what their non-biased statistical model should have shown....just about zero.  He could let it be known he wants congress to pass physical economic expansion through infrastructure and science, instead he throws a drop in an ocean for high speed rail, and basically ends NASA's space program. 

Come to think of it...he still CAN do what's needed, or undo the horrible decisions he's made.  Especailly the deficit panel...see 5th way statistics by panel of 'experts' will be just flat wrong.

Obama gave the republicans a gift.  He could of prosecuted Bush co. and let Americans learn what happened and from the mistakes of Bush, but declined. 

Now the things he didn't find out, are the things he needed to find out.  The biggest bailout of them all? The republicans.  Why? Because he bailed out their philosophy at the cost of himself and his own party (which were at complete odds with that failed philosophy).  Amazingly stupid that he doesn't realize it.  Nor do many of my fellow Americans. 

Now republicans are crowing about nothing.  Because once again they can't see the forest from the trees.  (and actually make themselves look bad)


I bash Obama just like I bashed Bush, because they're idiots. 

Unfortunately, the same people on the other side are clueless on both counts.  They didn't see reality with Bush, and are still ignoring the reality with Obama.  Even though they 'think' they are thinking by bashing Obama because he has skin in the game. Congratulations republicans, you've sucked him into YOUR trap.  It still doesn't absolve republicans that it was THEIR trap that mauled America.  Nor will it help if/when they get back to power, and Obama's failed crappy policies are 1000x better than what they offer.  Yet that 1000x better still equtes to crap.

Funny article, the sad thing is, it's fake but it's fairly a realistic look about how unrealistic people as a whole we are with things we devise, like money, and what we allow it to mean in our lives. 


Wed, 02/17/2010 - 07:51 | 233783 35Pete
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This opacity is needed for national security reasons. The markets would freeze up if they were transparent. 

Ahh, "national security". Whenever the politicians pull some shit that would get them all hanged in the public square, they pull out the "national security" card.

Ever notice that? 

Tue, 02/16/2010 - 22:16 | 233401 bugs_
bugs_'s picture

Yes its a lot of lettuce!  That ain't hay brutha!


Tue, 02/16/2010 - 22:21 | 233408 dark pools of soros
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you should put this on the onion and it will be the modern version of War of the Worlds...

Tue, 02/16/2010 - 22:22 | 233410 dark pools of soros
dark pools of soros's picture

HA  now i see it came from the Onion...  it was totally in their style from the start

Tue, 02/16/2010 - 22:21 | 233409 Fix It Again Timmy
Fix It Again Timmy's picture

Remember Donald Duck comic books - in Scrooge McDuck's money bin he was diving into coins with only a few green backs sprouting up like weeds here and there; hell if even a duck knows, what does that say about us?

Wed, 02/17/2010 - 09:52 | 233824 Rusty Shorts
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Donald Duck was aware of this;


The U.S. Constitution, Art. I Sec. 10 Cl. 1, states,


"No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility."

Wed, 02/17/2010 - 10:43 | 233881 Rusty Shorts
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Of course, Rome has infiltrated and overthrown America.

Tue, 02/16/2010 - 22:36 | 233427 waterdog
waterdog's picture

Bravo to the writer; what skill, what imagination, a great sense of humor.

Thanks for the posting ZH.


Tue, 02/16/2010 - 22:38 | 233430 TheGoodDoctor
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Sources at the White House said President Obama was "still trying to get his head around all this" and was in seclusion with his coin collection, muttering "it's just metal, it's just metal" over and over again.


Oh God, this made me laugh my ass off. Funny stuff.

Tue, 02/16/2010 - 22:42 | 233436 Gimp
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My thoughts exactly, we have made the paper meaningless.

Wed, 02/17/2010 - 02:28 | 233663 Bear
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Gimp ... please send me all your meaningless paper ... I'll think of something to do with it

Tue, 02/16/2010 - 22:56 | 233438 Kayman
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I cried til I laughed.

Tue, 02/16/2010 - 23:00 | 233453 carbonmutant
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It's unfortunate that his real job is to protect the value of money.

Wed, 02/17/2010 - 07:09 | 233769 zhandax
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No, his real job is to tell you that his real job is to protect the value of money as a distraction while he does the complete opposite.  'Federal Reserve System' and 'protecting the value of money' are oxymorons. Guesss when the Federal Reserve System started in this chart?

Wed, 02/17/2010 - 08:09 | 233785 Anonymous
Anonymous's picture

worse, guess when the Gold Standard was finally done away with completely.

Wed, 02/17/2010 - 11:56 | 234015 trav7777
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as long as we recognize that the bankers' conceptualization of money is debt.  They have to protect the viability of debt as an institution.

Nothing scares them more than a jubilee or repudiation...what would the Fed have to DO if we said, yeah we're going back to a commodity or production currency or else purely fiat?

Tue, 02/16/2010 - 23:02 | 233455 Anonymous
Anonymous's picture

-Geithner and JPMorgan CEO Jamie Dimon's Parade of Lies Exposed---

"Clearly the goal was not to protect taxpayers, but rather to protect JPMorgan from losses it would have had taking unsecuritized garbage on its books at full value. Instead the trash was passed to the Fed. The treasury [taxpayers] will eventually own that garbage some point down the road."

Tue, 02/16/2010 - 23:11 | 233467 Anonymous
Anonymous's picture

Great post! Thanks!

Tue, 02/16/2010 - 23:27 | 233486 Anonymous
Anonymous's picture

When will America just admit it--as Demint so eloquently put it---

THE BANKS--THEY OWN THIS PLACE. Our government is effectively captured by the financial criminals!!!

Stories like this just make me sick---

---Geithner and JPMorgan CEO Jamie Dimon's Parade of Lies Exposed----------

"Clearly the goal was not to protect taxpayers, but rather to protect JPMorgan from losses it would have had taking unsecuritized garbage on its books at full value. Instead the trash was passed to the Fed. The treasury [taxpayers] will eventually own that garbage some point down the road."

Wed, 02/17/2010 - 02:01 | 233644 Anonymous
Anonymous's picture

It was Durbin, not DeMint.

Wed, 02/17/2010 - 02:27 | 233662 Bear
Bear's picture

They may own the place ... but they're still broke

Tue, 02/16/2010 - 23:37 | 233501 Anonymous
Anonymous's picture

Yes, it all makes sense now.

Why am I reading this blog?


Tue, 02/16/2010 - 23:37 | 233502 Anonymous
Anonymous's picture

The photoshop with the guy burning the bills is priceless. That pic is going to go far man. You'll be seeing that everywhere.

Tue, 02/16/2010 - 23:39 | 233506 Almost Solvent
Almost Solvent's picture

Somebody musta spiked his water with LSD ...

Wed, 02/17/2010 - 04:10 | 233701 Problem Is
Problem Is's picture

MK Ultra stikes again!

Tue, 02/16/2010 - 23:55 | 233528 Anonymous
Anonymous's picture

It's not worthless. The value of fiat money comes from the requirement that you need to pay your taxes with dollars. If you didn't have to pay taxes, yes, it's "just" paper. But as long as the U.S. government survives, dollars will be necessary to pay your property and income taxes. If the U.S. disappears as a country, like the Confederacy, then it's just paper. Get it? It's not worthless.

Wed, 02/17/2010 - 07:47 | 233778 zhandax
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Enlightened self interest on the part of the banksters; nothing more.  Here is the original inscription on 1928 series A and B $2 bills (and other currency, the 1928A or B is simply the cheapest if you want to keep one in your wallet to remind you of the truth) "This note is legal tender at its face value for all debts public and private except duties on imports and interest on the public debt."  After realizing how damaging the unvarnished truth could be, the exception was removed on later series (strangely enough after the crash in 1929).

Wed, 02/17/2010 - 11:58 | 234017 trav7777
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Our money is not fiat money, it is debt money.

It's value comes in that every single dollar in existence is owed to a bank plus interest.  This means you have to return the dollars plus go find more of them.

Wed, 02/17/2010 - 19:13 | 234717 Anonymous
Anonymous's picture

I think this is right. Still though, those banks, in order to enforce their debts, need a functioning court system; so, one might say that the value of "fiat money" or "debt money" derives from the ability of the government to force repayment of the "paper" to the banks, on penalty of confiscation of real property (your house or truck) or, in extreme cases, imprisonment (not paying your taxes with the "paper").

Money is weirder, the more you think about it.

Tue, 02/16/2010 - 23:56 | 233529 Anonymous
Anonymous's picture

I have tried to get my dollars/assets moved to another country/currency, but continue to be told I can not do it. I was just told I can not open a Canadian brokerage acct in Canadian dollars as a US citizen with no residence in canada. I feel so trapped. Other than buying foreign currencies, gold and intl stocks what else can I Do?

Wed, 02/17/2010 - 02:25 | 233661 Bear
Bear's picture

Buy Canadian property

Wed, 02/17/2010 - 00:04 | 233537 monopoly
monopoly's picture

Ahh Tyler, we just love ya.



Wed, 02/17/2010 - 02:19 | 233540 Joe Sixpack
Joe Sixpack's picture

That was funny!


See this:




Wed, 02/17/2010 - 00:15 | 233552 Anonymous
Anonymous's picture

HANDCUFFS??? Can someone just bring out the damn handcuffs already?? I am ready to see a long list of CEOs and their dirty-dealing ILK go to JAIL!

Goldman Sachs, Greece Didn’t Disclose Swap, Investors ‘Fooled’

Feb. 17 (Bloomberg) -- Goldman Sachs Group Inc. managed $15 billion of bond sales for Greece after arranging a currency swap that allowed the government to hide the extent of its deficit.

No mention was made of the swap in sales documents for the securities in at least six of the 10 sales the bank arranged for Greece since the transaction, according to a review of the prospectuses by Bloomberg. The New York-based firm helped Greece raise $1 billion of off-balance-sheet funding in 2002 through the swap, which European Union regulators said they knew nothing about until recent days.

Failing to disclose the swap may have allowed Goldman, a co-lead manager on many of the sales, other underwriters and Greece to get a better price for the securities, said Bill Blain, co-head of fixed income at Matrix Corporate Capital LLP, a London-based broker and fund manager.

“The price of bonds should reflect the reality of Greece’s finances,” Blain said. “If a bank was selling them to investors on the basis of publicly available information, and they were aware that information was incorrect, then investors have been fooled.”

Michael DuVally, a spokesman at Goldman Sachs in New York, declined to comment.

HOW can Goldman Sachs still be operating??? How much more in your face corruption and fraud can countries TAKE?

Wed, 02/17/2010 - 00:23 | 233564 Going Down
Going Down's picture


No Joke


Former Mexican foreign minister calls for ‘North American union’, unified currency

Wed, 02/17/2010 - 02:17 | 233658 Joe Sixpack
Joe Sixpack's picture

"Prolific Mexican politician and intellectual Jorge Castañeda believes that a greater North American community -- a "North American Union" -- with economies tied together under a European Union-style system, compete with open borders and a unified currency, is the wave of the future."


Kinda souinds like 50 states tied together under a European Union federal-style system, compete with open borders and a unified currency...

Wed, 02/17/2010 - 02:24 | 233659 Bear
Bear's picture

Sure now that the oil has run out

Wed, 02/17/2010 - 03:54 | 233694 Hephasteus
Hephasteus's picture

Good thing they are aleady ready for it.

It's nice to pretend it's a new idea though.


Wed, 02/17/2010 - 11:22 | 233951 Rusty Shorts
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They really are ready, (I'm not religious btw), this video was made in 1995.

Wed, 02/17/2010 - 11:59 | 234022 trav7777
trav7777's picture

Fuck that, their oligarchs don't have ENOUGH riches???

As if we really want your 3rd world lifestyle up here, buddy.

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