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Open Thread
The long weekend is upon us. Please use this space to discuss anything that is relevant, or that may need our focused attention. Also, a reminder that there is a forum for extended threads for more focused discussion.
The soapbox is yours.
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With this "Open Thread", I see that Mr. Durden has finally run out of ideas/opinions to pass off as facts on his blog.
As you all could plainly see from the numbers released this week, the recession is over. From unemployment to corporate profits to real estate, the tide is turning.
However, I cannot give any credit to President Obama. The wise policies of President Bush near the end of his term make him a hero in my eyes. He put the right people in place at the right time.
As for the boy named Obama, if there is a "double dip recession", the blame will fall squarely on his shoulders. Even though his economic policies are exactly the same as President Bush's, as a young, inexperienced, and black president, it will be his fault.
Finally, I want to say a few things about my employer, UBS. We are an honest and worthy bank who wholly abides by the laws of the U.S.A. On this blog, UBS has been made out to be an evil bank who reaps the rewards of helping people commit tax evasion. It simply has not been true.
You see, people don't commit tax evasion if there is NO CHANCE of them getting caught. If there is zero risk of you getting caught, then you are not breaking the law.
In essence, laws are only as good as how well they can be enforced. Even though there are laws against homos butt-fucking, they are not enforced. We don't see outrage about the lack of enforcement of these laws do we?
With UBS being strong-armed into releasing the names of some of our clients, it will only encourage our clients to spend more for our services to better shield their investment activities from the IRS. Here at UBS, we are restructuring our organization in order to offer new services based off the recent actions of the IRS.
Some of you might call these services "money laundering", but we see it as investing. Why let your money sit in a Swiss bank account gathering dust which is semi-visible to the IRS when you can invest that money away from the eyes of the IRS AND get better returns!
I'd just like to say thank you to the IRS for helping to move our clients from simple banking into investing. It is much more lucrative to us here at UBS. Once again, IRS, THANK YOU!
-- Phil
Your opening paragraphs... so you're a dick who drinks the recovery kool-aid. Guess what, when shit really begins to hit the fan you and your UBS pals will be hoarding various bartering items in your garage along with everyone else.
Don't drop the soap buddy.
Holy shit!!! Since when are there are laws against homos butt-fucking?
Do these laws apply to bi-sexuals too?
:) lol (Calm down folks...It's SilverIsKing, not SilverIsQueen)
Could be SilverIsDragKing? Would the use of a strap on be a violation of the sodomy law? Actually I know the answer to this, it depends on what state you are in. Most of the states have taken the old 1800's sodomy laws off their books. The old sodomy laws actually made any kind of sex that was not missionary position between a man and woman, sodomy.
Okay, line up. How many of you are sodomites are out there? All of you? Just as I suspected! ZH, round em up, move em out...Oh yeah, cuff me too.
I have recenlty commented that we as a Nation dont
read or cant understand what we read. We rely on
the media to tell us everything and we have been
trained to accept what they say as accurate. Phil
suffers from this.
He is unable to understand the numbers and assumes the
conclusions. Phil, think about this. If you believe the
employment numbers released Friday then there are the equivelent of four football stadiums full of people that
lost there jobs this past month. Four Football Stadiums
Phil. Do you understand this?
This means that 250,000 people will have less or will
spend less than before. Do you understand this Phil?
This does not sound like one can declare an end of the
recession. Do you agree Phil?
The Fed is floating an idea to go to a negative interest
rate. Does this sound like the end of a recession?
Whatever. WRT Tyler's open thread move, have you heard of "taking a break"? The guy's been posting virtually 24/7 for the past 8 months . . . try imagining how much more time that takes offline!
Nice job BOB...but why are the Chinese using home grown currency and not the greenback
China buys 50 billion in SDR's
What you all think????
the best description of humanity i have ever heard ( i'll be back shortly; just to finish my coffee ) http://www.youtube.com/watch?v=gifEn61dZBc&feature=related
http://jessescrossroadscafe.blogspot.com/2009/09/reading-for-weekend.html
Just a simple carpenter with a view above the trenchs, and unafraid of the state.
Bukowski in action
http://www.youtube.com/watch?v=ROBwH-cDu08&NR=1&feature=fvwp
Oh, now THAT cheered me up, Thanks Cheeky!
Truth is neutral; it is You who perceive it morphed and utilized.
Great point. Check out the response of the 2 Phil posts. One labeled as Phil and one not.
Saw that... quite funny...
That was awesome! Thanks.
http://www.youtube.com/watch?v=zAZVoXzEoDM
Someone could dig into the CBO's estimates that came up with $9 trillion over the next decade... I bet there's questionable assumptions there.
Anyone remember Elizabeth Coleman (http://www.federalreserve.gov/oig/oig_bio.htm)? She apparently still has a job even after Alan Grayson bitch slapped her for not being capable of doing her job (http://www.youtube.com/watch?v=uUreWxKGOkY).
I like to rub cats the wrong way. I love that annoyed look they get.
I am Chumbawamba.
http://www.youtube.com/watch?v=fm4iU0yx9GY
"You can learn a lot by picking a cat up by it's tail".
Mark Twain.
Seems Mr. Durden has run out of ideas for fiction to present as fact? I guess all you whiners can easily fill in the void of misinformation!
The only good contributer to this site is Mr. Dover. His analysis of CRE was realistic unlike most of the other information posted on this site. I actually enjoyed reading it and I've actually been thinking about setting up a new UBS office in Florida next year.
I'd also like to say that I have some concerns about this black boy named Barry whom is now at the helm of this great nation. Even though his macroeconomic policies are exactly the same as President Bush's, it will still be his fault, and his fault alone if we go into a "double dip" recession. Bush was an honest, smart man who made the right decisions at the right time. In economics, timing is everything, and it simply was not the right time for Obama to be elected.
Finally, I would like to say "Thank You" to the IRS. The IRS putting some fear in our customers has really ramped up interest in investing with UBS. They are realizing that having their money gathering dust in a Swiss bank account which may be subject to audit by the IRS is not a smart idea. We can instead charge our customers large fees to invest that money for them overseas in places which are not visible to the IRS. It's really going to improve our bottom line in Q3 and into Q4, if not beyond.
By the way, I might be in Texas this month to participate in a town hall or two. If you meet me in person, feel free to tell me that you seen my posts on ZeroHedge...
-- Phil
Phil,
I love reading you and I just knew you would be a fan of Mr. Dover's... but you might want to wait on that UBS office in Florida because I think they are a little cash poor down there right now... and I don't think there is really any money on the sidelines... but yes Bush was phenomenal... you could argue that nothing really bad happened on his watch.... he may have started a bunch of unpopular actions during his presidency... but that is what strong competent leaders do... and had he been able to have a third term I am sure he would have cleanly extricated us from both wars and the collapsed economy :-)
..."this can mean only one thing - George Bush is a genius".
http://www.youtube.com/watch?v=Ptzml1qQvZE&feature=channel_page
That was great...
Phil...you working on the Palin campaign?
Wendy will not let me get involved with the Palin circus.
Did I ever tell you about the time she did a strip tease for the top campaign contributors? I was there, and it really brought in some $$$ that night!
There were some rumors about what happened at the after-party...
-- Phil
Phil....there must be cell phone pics. Please have them emailed to ZH for a pass along to Robotrader. I am confident that Robo will incorporate them into his daily summary in good taste.
you asked for it deadhead....
http://maaadddog.files.wordpress.com/2009/06/06-09-08_1445-311111.jpg
that was great d.o.d!!
=]
Palin still thinks cascading cross defaults has something to do with the Castro Street Fair.
Palin still thinks cascading cross defaults has something to do with the Castro Street Fair.
LOL welcome back Phil.
That Ben Dover is a talented individual. For those who might be interested in Ben's Torrents, take a look: http://www.sumotorrent.com/en/search/ben+dover.html
It is easy to see that there are issues....as there will always be issues....
Some major ones....
There has been no take back from those that have been causal...ie SEC....Rating Agencies....Govt./Corp. Officials ie Paulson....ie Fuld....ie Lewis....
There has been no "real" plan made by the current admin....and it does not look like there is going to be one....regarding any major category....
The govt./corp. persona scheme is so conflicted....and is headed by those who have been so devastatingly mistaken....
It just seems like the major question of "where do we start now ?" has not even been properly addressed....
ie US tax structure has to be addressed....and major changes have to be made .....ie the current structure is not going to work....It has to be dissed....and the lowest possible broad based tax where everyone pays something must be initiated....ie consumption tax only....
ie....the securities electronic exchange has to rid its system of the gamers and the govt/corp revolving and conflicting jobs door....and get rid of the public,private,then public participants....de-fragmentation and simplification of first come first served time limit entries must be rectified....
The list begins here.....and just grows....
ie
So Tyler, et. al
Following links come to mind over the weekend:
Beijing's derivative default stance rattles banks
Downtown Miami enjoys mini-boom over cut-price condos
Have a good weekend everyone.
It will be interesting to see if GBP/USD breaks the ceiling next week or heads down further, not to forget GBP/JPY.
http://www.nytimes.com/2009/09/06/business/06insurance.html
wow.
This is not a new phenomena. It's been done, I believe illegally, although not securitized as far I as I know. If you sell your policy, the chances of your death surely rise since the bankers will do anything to make a buck. Anyone who does this should sleep with one eye open.
completely fucking mind boggling and absolutely terrifying. To trade Death ?????????? The equivalent of Spanish Inquisition would do the job in eradicating this cockroaches.
whats next; abortion and euthanasia ETFs ?
thanks Andy, but i saw that the stuff i wanted to mail him was sent to him by some Anon dude.
+1 MF called the fall then the rally he is to be listened to
talking to Marc Faber in a bar on Sukhumvit Soi 5 a couple of months ago. charming fellow, sandwiched by a pair of lookers of course. the rigors of Bangkok. those who know will know.
pizza
good articles; good articles 4 slow news day ..http://www..
hat tip: finance news & finance opinions
This is just like CDOs. The insiders want to dump their trash on suckers.
The trash is that life insurance policies are killing the actuarial estimates with people living longer. These offerings are a bet on early death. Which side of that trade do you want to be on? Life insurance companies and their masters need to dump piles of life insurance trash. What can be better than securitization?
The more things change, the stupider people become.
Life settlements exist because life insurance companies cannot offer health-adjusted cash surrender values.
I saw the Moody's white paper on life settlement securitizations .. after they had improved it...another example of workin' the model.
Keep in mind when some one sells the policy they get more for it then what the insurance company will give.
Life insurance companies do not like life settlements because an investor is more likely to hold a policy to maturity than let it lapse.
When someone lapses a policy it is like selling it to the insurance company for $0.
Almost 90% of polices lapse....huge $$$ for insurance industry.
If you are refering to term it is imperative to understand that term is designed to lapse. The key issue that most buyers of term dont understand is the imputed conversion value without a health underwriting at the time of conversion. It is imperative to buy a policy that prov
ides a real conversion. Check this before you buy anthiing.
In reagrds to other life policies you must read the
forecast before you buy. Ploiceis lapse beacuse sales agents lie about what they are selling.
Beleive it or not the only ploicy you should look at
is whole life and/or term. Stay as far away as you can
from the variable or universal policies as they are genrally nonsense created to lapse. Yes, whole life is
the turtle policy everyone says not to buy. Unioversal gives you everything....dont beleive a word of it, it
is designed to essentially "defraud" the buyer.
Buy the old standard whole life from the top companies
Compare everything you look at to the Metropolitan Life
whole life policy in terms of cash values and coverage
also look at their term in reagrds to cost and conversion
I do not sell insurance, but I did do all of the home
work.
By the way the next great bubble will be life policies
that were sold with stories attached that are not supported by their writings.
Universal life is priced with a lapse assumption near 90%.
Then I smell a real big problem...
Sounds like the insurance companies need to get ready to sell their settlement business in an IPO, ETF, or whatever. No bagholder like the public.
It has just this moment become obvious to me that the only thing in the universe which is infinite is human stupidity.
Gogol, Dead Souls.
I see a new growth industry: Hit men and women.
I'll bet these people like Obamacare.
Just in time for the Swine Flu culling season, I presume. Gotta make ends meet somehow . . .
Any progress on the bloomie foia lawsuit against the fed?
I bet we won't hear anything until midnight of Sept 30, when the appeal has to be filed... they will drag it out until the bitter end...
Yes; the family of the judge is still held hostage by Blackwater.
I believe blackwater has changed it's name to Xi.
edit:
make that
Xe
http://upload.wikimedia.org/wikipedia/commons/5/54/Xe-Logo.svg
Did some snooping around on those people. 165k a year mercenaries free from prosecution. It's legitmized gang violence and made me deeply ashamed of being an american.
Here's my $0.02.
1. China is never, ever(!) going to get repaid. If they let us borrow, so be it. Our national debt/deficits mean *nothing*. We back our greenback up with missiles from 30,000 ft. and subversive (read: CIA directed) activities. I am 42 years old---my great-great grandchildren will continue to see Pax Americana. Who cares what happens after that?!!
2. Israel will not attack Iran alone. NEVER! America is Israel's lap-poodle. If Iran is to be attacked, look for a Mossad false flag attack on our troops/sailors that the media will incriminate Iran --odds are they will find a partially burned Iranian passport of a purpetrator conveniently near the scene ;0). I do believe this correlates with the overall stockmarket. If we continue to move higher, the attack will be small, but effective. If the market tanks this fall---we're in for a larger scale attack. Damn those Muslims!!!
3. We are in the beginning of perhaps the most spectacular stock market runup in history. Not near term, but decade(s) long. In 1999, I saw QCOM bid upto 720(!). I posted online that it was crazy and who would pay that much? I got a response akin to "greater fool". Since then, I've heartily embraced that concept. THE WORLD IS REPLENISHED DAILY WITH GREATER FOOLS. I try to cut greatest-foolery to a minimum and that has made all the difference. The internet sucks in these fools and takes their money. It won't be long til we have a world stock exchange open 24 hours similar to forex. It's morning in America again!!!
4. Swine flu is bullshit. I'd sooner fear the plague.
5. TYLER----STOP BEING SO BEARISH AND CLIMB ON BOARD THE TRAIN!!!!!!!! NEXT STOP, DOW 36,000!!!!!
PEACE, LOVE AND UNDERSTANDING,
MeBobaFett
http://www.youtube.com/watch?v=RssIN3ustUw
TD, he/she is right. Sometime last March, Mr. Obama said it is good time to buy stocks. Wake up, you simply did not believe this inside tip.
This may be the most pro-Israel administrations we've ever had. An Israeli newspaper called Obama the "first Jewish President". Biden got a perfect score from AIPAC for his voting record in support of Israel. If we have a war, I'm betting it's with Iran, with America paying the cost for Israel's problem. What else is new?
rahm emmanuel is the first jewish president
as director of north american mossad operations....
obama is his cover....
Geithner comments:""Everybody wants to make sure that compensation, again, is tied to risk and long-term performance," he said in an interview on CNN."was this guy appointed to take care of treasury,or bankers pay?It seems that all the problems in the world pale when it comes to bankers pays in Timmy's book...
"Timmy cracks corn and I don't care, Timmy cracks corn and I don't care, Timmy cracks corn and I don't care, The master's gone away." (Stephen Foster, I think.)
So here I am on light vacation at www.calienteresort.com, and so addicted checking site by blackberry while pool side w/ about 500 couples. Who da thunk it?
lol... I think there might need to be a treatment center for ZH addicts...
http://www.channel4.com/programmes/the-shock-doctrine/episode-guide/seri...
The Shock Doctrine is the latest documentary from acclaimed director Michael Winterbottom, co-directed by Mat Whitecross. Based on Naomi Klein's bestselling book, The Shock Doctrine argues that America's 'free market' policies have come to dominate the world through the exploitation of disaster-shocked people and countries.
Both the film and the book argue that governments all over the world exploit natural disasters, economic crises and wars to push through radical free market policies. Klein calls this 'disaster capitalism' and in her view, disaster capitalism is as effective as psychiatric shock therapy at wiping our collective memory.
The film concludes that the result is often catastrophic for ordinary people and hugely beneficial to big corporations. The documentary also adds to Klein's thesis - which was written before the recent market turmoil - and includes an analysis of how the financial world got into its current troubled state.
Her husband (Avi Lewis) did a documentary about Argentina's economic collapse a few years ago called "The Take". Might be some lessons for us to learn... Great Documentary. I liked The Shock Doctrine book and No Logo, but kinda dry reads.
I doubt there will be any meaningful conflicts by the end of this year. There is no point in taking any OIL fields when the conflict itself will cost more than the captured OIL field. Israel attack on Iran would unify the Iranian people from being rather divided, WTF would they do that? Russia is out of the picture, they are bleeding money with their own econ woes. Chinese won't make a move because the degree of social unrest in not too high for them to point a finger on outside enemy, however making such a move could become a catalyst for more unrest.
I would be watching for the political changes all over the globe, potential new hot spots could come only later.
As for us, I am looking forward to our country becoming increasingly isolationist. You all have a good Labor Day!
I heard the producer interviewed and am very much looking forward to this movie
here is the trailer
http://www.crudethemovie.com/
russia out of the picture in the middle east?
you need to put your crack pipe down....
russia just signed 2b usd arms deal with
saudi arabia....and they and iran have cozied
up...pay your clue phone bill....
Just for the Iran Israel issue, Ithink any such strike,will render any hope for economic recovery finished. Whether Iran could strike israel is not the issue(May be they can through S.Lebanon),but for sure they are going to block Hormuz straight and send oil through the stratoshere. But I still have my doubt about a strike.I think Iran in the end has no problem with Israel,and if Ahmadi Najad could only shut his mouth,they probably will be fine. Any nuclear weapon in the hands of Iran, is mainly going to be used to homogenize the area.and if needed to be used then it would be used against the Saudis.And in the end.and after the us leaves the area, Iran is going to be back to its old rule;the gulf police............
On the geoplitical front...the balances of power will not shift that much due to the overwhelming dominance of the US on the military and economic front. For the naysayers of the idea of near total US dominace of the world at large, consder the following remarks from geopolitical wizzard Dr. George Friedman from his new book THE NEXT 100 YEARS.
"There are many answere to the question of why the US economy is so powerful, but the simplest answer is military power. The US completely dominates a continent that is invulnerable to invastion and occupation and in which its military completely overwhelms those of its neighbors...Consider this simple fact...The US Navy controls all the oceans of the world...This has never happened before in human history, even with Britiain. There have been regionally dominant navies, but never one that was globally and overwhelmingly dominant. This has meant that the US could invade other countries-butnever be invaded. It has meant that in the final analysis the US controls international trade."
I believe the US will continue its "grand strategy" of preventing ANY other nation from challenging US global naval power. The US strategy is to prevent any challenger to its economic dominance of the seas or space by continiung a policy of destabilization around the world. The goal of ALL US interventions, despite political rhetoric, is not achieve anything other than destabiling a region enough to prevent stability and the threat of an emerging regional competitor. So, again political rhetoric aside, the US has no strategic interest in peace in the ME or Eurasia. The US also has no interest in winning wars outright. As with Vietnam or Korea, the purpose of the conflicts is simply to block a power or destabilize a region.
As for what the other majors are doing, it seems pretty clear that the Russians are arming Iran (taking a page out of the US playbook of destabilization)at an alarming rate in order to cause enough imbalance to make a clear solution in the ME untenable.
The US counter to this would be the US arming Turkey (which we currently do) . This is a clear threat to the Russians as they have large, and well founded, fears of the Turks. Turkey and Russia maintain precarious buffer zones and even more precarious relations. The Russians did not fare too well at the hands of the Ottomans pre-WWI. I would argue that this is the clear reason Russia made their push into Georgia, and NOT becuase of the Osettians. All it would take for a MAJOR conflaguration would be for the Turks to push into Geoargia and then walk into Chechnya (a move the sepratists of that region would welcome) and there is little to stop their access to the Volga and the waterways into Russia's heartland.
The picture of what the hot points will be looks to be getting a little clearer. The chances of a Israel/Iran conflict are going up every day. I would argue that in the event of a pre-emptive strike by Israel on Iran, oil moves over $200 +/barrel.
On the SA front, there will be efforts by local actors to undermine Chavez on any front they can. Chavez will overrespond and this is where fireworks could really pop up. Most likely between Venezuela and Columbia. This will be a severly lopsided engangement if it were to happen, since columbia could theoretically take on all of its neigbors simultaniously and come out relatively unscathed. The US will probably stick its hand in here as well.
As was so well put in the film FULL METAL JACKET, "It's a huge shit sandwich and we're all going to have to take a bite." I would say some more than others, but that remains to be seen.
Have a good weekend!
this is reasonable although china is
spending large sums to upgrade its navy....it
could challenge the united states today and in
fact its navy is moving well beyond its local
sphere of concern....china will end the carte
blanche of american power on the seas....
on the other hand the usa has an empire of
military bases - numbering 1500-2000....this is
an enormous power grid and will make
dismantling the usa a difficult task....
however, imperial overstretch always claims its
victims and the usa has passed that point of
no return....
the most evil people govern amerika and they
aim for nothing less than complete world dominion....
the usa is itching for a fight in venezuela...
as much as i detest chavez his anti-americanism
is well founded....
yes the vietnam war served no purpose but to
lube up the arms industry, fuel drug trade, and
advance the bush crime synidcate and rockefellers
and fellow travellers...
The US Navy is as powerful as the backstop offered and guaranteed by the Fed. Once the bond dislocation and implosion, the US government cannot sell the bond at any rate and the Fed cannot print money at any speed, say goodbye to the Navy. Yeah, the navy cannot meet the payroll of sailors cannot be powerful. Just ask former USSR.
Why did China move their Gold from London to China recently?
Why are they asking their citizens to buy gold and silver?
who knows
good articles; good articles 4 slow news day ..http://www..
hat tip: finance news & finance opinions
Making a statement or noise.
because
1. they are sick and tired of the
usa leasing gold to suppress the gold price
2. they don't trust the usa or britain
3. they want to establish their own markets
which they can in turn manipulate
4. they want their citizens to hold gold
to break the artificial suppression scheme of
the usa government
5. and they probably suspect major dislocations
in the middle east soon....
60650...bingo. I would add #6, i.e. they probably suspect major dislocations in the USA's dollar and treasuries, lol!
phil gramm... i will personally strip you, hang you from a tree and horsewhip you like the demon dog you are. fucking tool.
That's what he wants from you sweetheart, dressed like that. Can't you see he is a total sub to your dom? You are playing right into his hands.
Anybody heard of new developments about the Artic Sea, that Russian boat that got "hijacked"? Or how about the $135 Billion in US Treasury Bearer Bonds? The bond story is an interesting one, so quickly dismissed as Mafia counterfitting. So let me get this straight, the Mafia counterfitted a bag full of $500 million dollar treasury bearer bonds? Who is going to buy one $500 million treasury bond without trying to authenticate it, let alone $135 billion worth? Or maybe an offer you can't refuse...like $135 billion in bonds for 1 million in cash??? Fugehtaboutit...Give me a break!
The Arctic Sea was probably carrying stolen weapons. The bearer bond saga probably included fake and real bonds mixed together.
i believe the theory that the bearer bond saga
was a us intelligence operation related to
madoff who is a cia agent....
the whole episode was a farce just like the
break-in at watergate and ellsburg's office
all of which were cia operations....
this is all a big big story....
Josey...Great News! You've won the European Lottery.
Also, your email was selected as the winner of a billion dollar prize from the Buffett Gates Soros Foundation. Michael Jackson also named you sole heir to his estate. And Cecille Roads (sic) wants you to help her get her great grandfather's D-IF 1666 carat diamond, which the family has been hiding for decades, to market.
Call Lagos 419xxxx to begin collecting your windfall.
And whether or not they worked for the Japanese Finance ministry is immaterial. They returned the 'fake bonds' to them and sent them on their way? Swiss law requires that any counterfeiting (which they take seriously) over 10,000 euros and these guys cannot be released as these guys were. The story gets no coverage in the USA? Even if were a hoax it would get play for the entertainment factor. Treasury Dept doesn't even care to look at them?
How long do you think it would take them to descend on you like a plaque of locusts if you had $1000 in fake banknotes?
Right! This stinks!
Boy, I hear ya. Look at all the pains these guys took to hide their nefariousness. I mean, why risk going to Switzerland directly by plane, where men-in-suits would stand out like a sore thumb in Zurich or Geneva airport? (you know how laid back those Swiss are). Much better to be two suit-wearing Asian men on a laborers' train heading through Italy so you could blend in.
Hey, I heard police in Pennsylvania pulled over a young father and caught him with tons of fake money and fake deeds to properties like Park Place and Boardwalk and Marvin Gardens. But the guy had a Get Out of Jail Free Card on him (probably got it from Geithner), so the cops had to let him go. And the MSM didn't mention a single word about this. Kind of makes you wonder.
ZHers... Please don your tinfoil hats with me and let's figure this one out!
Last weeks open thread was a real humdinger.
One of the issues to arise was that of the widely under-reported story of the seizure by Italian authorities of $134.5 BILLION DOLLARS of Federal Reserve bearer bonds at Chiasso Ponte on the Italian/Swiss border in early June of this year.
If Fake: These guys were going through a lot of effort to defraud someone with a security that for all intents and purposes would be unmarketable. The bond and serial numbers would have to be verified with the Federal Reserve before they could be accepted even for collateral purposes. Who is going to give you 5 or 10 cents on the dollar here? Plus Italian law dictates that anyone in posession of fraudulent securities must be arrested and detained. I just can't see how they could pull this caper off.
If Real: The Federal Reserve Bank is not only the largest fraud in history... but it's members there (Goldman Sach alumni) are engaging in The Largest Fraud in History, since they catagorically deny the existence of these same bonds.
The bonds were in the posession of two well-dressed Japanese nationals in their 50's on their way by rail to Switzerland. The bonds also were accompanied by 'extensive and detailed original bank documents.' After many calls to American agencies to determine authenticity (including U.S Treasury, and Federal Reserve) and later the Japanese consulate in Milan, the men were released and the bonds returned to them. No charges... nothing.
It was almost as if they had diplomatic immunity.
Colonel Mecarelli, of the Guardia di Finanza questioned the 10 Kennedy Bonds (space shuttle printed on back... not considered contemporary) but said the 249 others were virtually undistinguishable from real ones.
The best counter point presented to the authenticity of these bonds in our thread was the following post:
"Boy, I hear ya. Look at all the pains these guys took to hide their nefariousness. I mean, why risk going to Switzerland directly by plane, where men-in-suits would stand out like a sore thumb in Zurich or Geneva airport? (you know how laid back those Swiss are). Much better to be two suit-wearing Asian men on a laborers' train heading through Italy so you could blend in."
And that just got me thinking harder.
So without further delay please read the original reports (from a Vatican publiction) and check back with me afterwards.
Don't know about bearer bonds... but Radio Zero is on tonight :-)
Your killing me here Minnie darling...
I'm composing an investigative journalism piece here but thanks for the heads up.
P.S. I had a great freaking day today...
Picked up a 200K sq. ft. industrial buiding on 25 acres that I will be making an official plan amendment to go high density residential on... it's a slam dunk! And it's right at the harbour next to a (5) 17-33 story luxury condo development. Think I'll buy a jet!!! Just kidding.
Cut and paste your investigative journalism piece onto a new thread... no one in their right mind will ever come on this thread again unless they are fully medicated with the finest anti-psychotics... I took mine just before I clicked "1 new". Everyone will likely be on Radio Zero's thread.
So it sounds like it is not hard to get a zoning change up there in 'ole Canada... I bet the guy who sold you the industrial building/land will be wishing he got a little bit more after he sees what you have done with the place in a few years. You must need waterfront condos a lot more than we need them down here in the USA... I think that is what Corus had on their books when they were shut down today... I know my partners have a few they could sell you...
Gotta go now...
Bankruptcy sale... major American corporation. The receivers (2) and courts (2) took a long time on this puppy.
At the right price? Consider them sold. However I must warn you... we are ruthless!
Oh... I sense an edge in the cat... I knew it was there...
This is where I come to do the assembling and editing pumpkin... nice and quiet...when I am done I will copy and post after permission. Wanta see how it turns out first. I do know this business actually (smuggling) and I really believe these bond are real.
You know what... I think they were real to... I will leave you to your work in peace and quiet... have a good night...
Nighty nite!
I was wrong... they weren't... but I'm sure we'll never know what was really going on.
Yup It's gotta be the stupidest attempted fraud on the face of the planet. If it was from the Japanese finance ministry to the Bank for international settlements you'd just use a militery flight from Tokyo with a diplomatic pouch and guys with diplo immunity.
Can't be real. Pay no attention to the crazy cat!!
Are you over here talking to yourself... I told you this particular thread will create psychotic symptoms :-) By the way Cheeky is over on the RadioZero thread and is calling for some post you did over here on the Vatican... he wants the link if you can find it... he said he looked but couldn't find it...
Ha ha ha... don't you ever sleep Minnie? You and Cheeky seem to suffer from insomnia.
The site is AsiaNews.it (same as where the stories are from) is funded by the Vatican.Check out the links on the site.
They are looking to expand market share in China. New area for growth... I suspect donations from US and Europe may be falling over the next couple of years. They are just doing what Goldman is doing... moving on to the next host... sorry about the religious negativity... I was raised a in a very very repressive Protestant environment. Duality you know... good/bad... white /black... G.W.B. like. Really messed me up... couldn't enjoy anything without feeling guilty. But I'm much better now. People are people pumpkin and I love em warts and all!
Except I am the real athlete... Cheeky takes performance enhancing drugs (i.e. Red Bull)... and I do it with only my natural ability and work-a-holic nature... ZH is my diversion while I am writing grueling work stuff and need a fun 15 minute break... can check the Tracks and see what is new... pop in and pop out... and speaking of popping in and popping out... if you continue to spend to much more time over here in this thread you will not be salvageable to return to the rest of humanity :-)
I know... I'm losing it aren't I?
Time for a run methinks. I usually like the full moons on the beach at Presqu'ile provincial park... the campers are gone now and it's surreal at night. But it's sunny now so back to the woods for a thinking walk.
Anyway I'm still really stoked about our harbor development project. Plus it's only a 5 min. drive home... funny how that worked out isn't it. OP amendments are a real bugger over here Minnie. Because of that we have a lack of supply of waterfront residential units. I knew the city planners had intended to take this area residential though. It was driving me nuts to stay away for the last 2 months... but now I can proceed... and not a minute too soon... the public submissions for the increased density study starts next week.
Oh ya... Montreal is going to have to be delayed... which is bad cuz I need a Brookfield connection from my old classmate. I'm flying with the Cheif to a dogshit northern Ontario pulp and paper town to check out a shopping mall. I don't know WTF he is thinking but the flight should be fun so I won't tell him no yet... har-har. Besides it's my first privately chartered flight in a coons age.
Later Minnie... or do you prefer Nice?
BTW... we are not as large a company as this post makes it sound O.K.? It's only a couple of guys and we are just making things up as we go along... kinda like a giant shoebox operation if you will...
Later
I do know what a couple of guys and a office of 5 can do (their CRE business is separate from what I do with them)... but the value of the RE holdings can be significant if properly acquired. I do hope your public submissions go well next week... we have had a devil of a time in a couple of our areas with people trying to prevent up from building... you get to see what the lunatic fringe really consists of. Have a nice run and thinking time... and get the hell out of this thread!
Time to stretch out in the sun and dry my fur.
I'm out.
Just knew you'd find me here. You are such a smartie... I like smarties... mmmm.
Minnie have you read the Der Spiegel series on New York yet? It's in Tyler's Sunday's suggested list.
I'm slowly drinking it in to try to get an 'emotional' feel for what is goin on down there. I was thinking in a year or two or whenever the bottom was in we might start to try to pick something up down there. Even told Chiefs kids to spend some time there... their wives go every other month or so. Now the human impacts that I read about occuring make me think that this is going to collapse ala Detroit. Or worse. The engine of economic growth (Wall St.) is going going gone. And the cash flows that made the city livable with it. I am at a loss to imagine what the next engine of economic growth could be here.
Thoughts?
Secondly we are looking at Florida. Marinas and oceanfront condo/townhouse projects. Marinas I think are done. Retirees may still come here but the toys are going to take a kick in the you-know -where. Prices are already insanely cheap but the taxes are killer. You mentioned you like sunny climes... any thoughts here?
Later
Oh my god... you are back in the twisted thread... do you take all your friends to such nice places or am I special :-) Will read tonight and get back with you on my thoughts... will Canadian banks even finance USA CRE?
.
Anybody home over here.... hellooooooo.... I really like what you've done with the place... gee you've really fixed it up... you might want to clean it up a little bit better before I come over again though... and that graffiti on the walls is still a little distracting... but it is very quiet...
I know I am technically replying to my own post... but I had to have a wider space to type... was feeling a little claustrophobic squeezed in the far-right side of the page.So my thoughts... I currently think of the United States as the land of 'excess capacity'... we have too much of everything... unemployed workers, empty/idle factories, low occupancy hotels, excess housing of every variety and shape, bankers living in the parks, unsold cars sitting on loading docks, empty shopping malls... and that is not going to change for a long, long time.
And although the article emphasizes the plight of New York City... I feel that any municipality that is in or near a Metropolitan Statistical Area is really at risk unless it was well maintained through proper zoning. When there is a lot of excess capacity to this extreme, the negative aspects of a city such as crime can take on a life of itself in a negative feedback cycle... especially in poorly maintained, liberally zoned areas.
I really think that we have moved past the point were you could buy an old building, and remodel and retrofit the inside, and voila you have wonderful condos or office space... that has been done over and over in the United States... and we have much excess capacity in that area.
So here is my theory...ready... OK... it will be those smaller cities that were well maintained with strict zoning which will fair the best and be the best investments in the long run... those are the places where people will want to live and visit. For example, you drive around in Phoenix it can be really ugly because the zoning is so liberal that I swear I could rent a garish billboard and put up a naked picture of myself... and no one would blink an eye. But if I did the same thing in Paradise Valley or Scottsdale... that would be an issue.
Additionally, for many years we have just built and built and built in the United States... without any master plan... we say to ourselves this shopping mall is old... then lets just build a new one and leave the old one sit idle and ugly... lets build so much infrastructure but have no real plan to properly maintain all of it. When you drive around our country it can be really ugly to look at in many places... beauty has been replace by a lot of ugly prefab buildings.
I think 'beauty' and 'quality' will fetch a premium dollar in the new paradigm and it will be the smaller cities with the strictest zoning laws which will hold up the best and be the best investments for both residential and commercial real estate. This trick is to catch them when they overshoot the bottom for fire-sale prices or bankruptcies... Hilton Head, SC; Scottsdale, AZ, Paradise Valley, AZ; Destin/Santa Rosa Beach area (Watercolor, FL); Key West, FL... there are lots and lots of them... they grossly hyper-inflated in the boom and in my opinion they will overshoot the bottom because of desperation.
They are second-home towns to many people... Watercolor, Florida is a perfect example... beautiful planned community... extremely expensive second homes for people who counted on being able to seasonally rent then out to others in order pay their mortgage... I have been there several times... and I would suspect half of that planned development is so underwater they can barely breath... if I had the excess cash I would be like a vulture just waiting until fall of next year to start snapping things up... because that area will come back... the quality that what went into planning and building it is amazing. The last time I went to Watercolor, FL I paid $10,000/week for an oceanfront condo... I don't think I will be paying that next year... and those owners need that income to pay their mortgage.
So that is my little theory... and maybe I am just biased because I like to own or build really high quality stuff because I don't like to have to go back and fix it later.
Brilliant insight Minnie... I like the way you think in regards to the issue of quality versus quantity. I agree wholeheartedly with your assessment.
Thanks for the insight... stay in touch though... we may need a point person in Fla. when the bottom is in!
OK cat... I have a real big fish bone to pick with you... so now I have high TMI... nice... talk about jumping to conclusions... nothing could be farther from the truth... and that is the only reason I even stop to address it... so you don't have some misguided perception of me... you're really killing me here cat... you have probably run across one person that money means nothing... I have money, but I could lose it all and be happy in a hut in Africa... probably happier... money does not in anyway enhance happiness... I am much more existential and enlightened than what you give me credit for... have you noticed nothing from my posts... the most interesting part of a person is their brain/personality/kindness... period...
And chiefs don't impress me either... I am up to my ears in chiefs on a daily basis... and they are a real pain in the ass most of the time.
So there... I have said my peace... I feel much better :-)
Minnie Darling...
I think I know you better than you think I know you... but actually I think you already knew that. (Does that even make sense?)
I love how the claws came out on the TMI dealio... just fishing that's all... I think I'm choking on that fishbone right now. So don't let this silly cat get your shorts all in a bunch and let me off the hook... O.K.?
Yes happiness is a state of mind that is more dependant on personal philosophy than material wealth. Unenlightened individuals (90%+, more guys than gals) seem to believe that happiness is a byproduct of the physical manifestation of something... new mercedes, McMansion, hot girl/boytoy etc. That's why the entire consumer society thing had such great legs... had being the operative word now. I can appreciate nice things too sometimes ... but a warm gesture from someone you care about who cares about you is really what it's all about IMHO. Too many of us are possessed by our possessions and have totally missed the ticket to happiness.
I love your intelligence ( even though I think you may be able to think circles around me ) and your quirky ethereal nature. And I sense a warmth and passion in you. Your appreciation of theoretical physics is rare... yet you also have a spiritual nature that lets your mind drift free in otherworldly dimensions. You can actually feel it can't you?
My guess is that most of the people in your life love you but don't often understand you.
(I'm often wrong though (and not afraid to admit it) so please don't take offense if I'm barking up the wrong tree here)
The crew here at Zero Hedge provides a sense of connection as well as mental stimulation. I love it here too. Donated a measely $50 bucks yesterday... first time BTW. I will work them into my budget because not only is it a great information source for me but it I'm a big believer in what they are doing.
I worry that this site is going to get shutdown at times...
Soooo...
How did I do?
Alright cat... you are off the hook... for now... better behave yourself from now on though... because you only have eight more lives left :-)
And you seemed to have improved your abilities to divine the inner essence of a person in the last 24 hours (thank goodness)... so yes you were correct about all of the above... but I will go out on a limb (even though I am not a cat) and suggest that the way that you so easily came up with that substantive and accurate assessment of who I am... is because that is who you are also... just a guess though... but I am usually a pretty good guesser.
I surround myself with a few wonderful friends... but they don't get me completely... there is no one to discuss quantum physics with... there is no one who could even remotely understand why I could get so excited over the fact that a theoretical physicist came up with a bunch of formulas that might indicate the that the entire mass of the universe may be inside every atom... and that the nuclei of an atom could be described as a mini-black hole... and that I might sit down on a Sunday afternoon and futiley attempt to figure out if that theory has a basis :-)
So that is the reason I like Zero Hedge so much... there are people similar to me on this site... there are people from all over the world here with amazingly interesting viewpoints... and there is a different kind of mental exercise that goes on here... you have to stretch sometimes to keep up.
But what I really enjoy is getting glimpses of people almost down to their soul... and that completely fascinates me... they aren't guarded because of the protection the anonymity provides... and they reveal so much about their essence whether they are aware of it or not. I find myself not caring who they are, what they look like, what they do for a living... in fact it never really enters my mind... but brains combined with an innate curiosity is a really sexy thing in my book... and you sure do have a great brain cat :-)
Thanks Minnie... I think we both do share a common understanding of many things. You're a real charmed quark for letting me off the hook. Now there is no way in hell that I am going to spend the next couple of years of my life to become Cheeky... and probably much less of a Cheeky than Cheeky at that... so that I can do 11 dimension mathematical formulations with the mensa crowd. However it doesn't require a knowledge of fractiles to be able to appreciate the stunning design of the frond of a fern... or an understanding of how simple amino's CGTA could possibly be coded in RNA/DNA sequences to express themselves as inate knowledge in the pinheaded sized brain of an arachnid... to be able to stare at a spiderweb in amazement... and like you, my good friends would think I'm nuts.
I guess like you I'm still a kid at heart.
Thanks for being you Kiddo! :-)
.
Bingo! I mean, why would those guys have risked taking a plane directly to Switzerland, where two men dressed in suits would stand out like sore thumbs in Zurich or Geneva (you know how laid back those Swiss are). Instead, they chose the smart route, where two Asian guys in suits could more easily blend in on a train filled with laborers in Northern Italy.
Hey, did you hear about this one? Some guy in New Jersey got pulled over by the cops for a minor traffic violation. In his possession was a box with piles of fake money, in denominations up to $500, and fake deeds on properties like Park Place, Boardwalk, and Marvin Gardens. But the scoundrel had a Get Out of Jail Free Card on him (probably got it from Geithner), so the cops had to let him go.
Sure says something about this country when the MSM didn't mention a word of this.
First story from our Vatican source is here:
http://www.asianews.it/index.php?l=en&art=15456
Second update is here. Look carefully at the enlarged picture of the bonds... why would you counterfeit different types? Wouldn't only 124.5 or so billion from the 249 $500MM bonds be enough? Why get greedy and do so much more work for the extra 10 Bill?
http://www.asianews.it/index.php?l=en&art=15556
Let's not forget this from Japan...
http://www.newsonjapan.com/html/newsdesk/article/74274.php
The entertainment value alone of this story makes it a possible movie of the year. Was it such a busy news day that you can't find the room to put out either:
A) The largest attempted fraud that the world has ever heard of? ... and I'm talking about the Japanese guys being part of some sort of Mafia plan? Where they were just on their way to Switzerland with multiple types of issues of U.S. debt... $134.5 billion dollars in all, looking for a couple of Swiss banker chumps to dump them on? Or perhaps they were intending to be caught? It's possible if someone wanted to send shockwaves through the financial system, which is why it wasn't extensively reported on in the U.S.
Or
B) The largest fraud the world has ever seen.
The Federal Reserve Bank is simply the largest criminal organization on the face of the planet bar none. Unrestrained and unaudited they are printing bonds and creating assets/debt that they have no right to be creating.
So anyway back to the story... and that's a BIG problem because everyone seems to have a different story.
'Italy's Guardia di Finanza has a reputation for be a highly specialized and expert financial police agency' ... they seized the bonds with original and recent bank documents! And they said the bonds were indistinguishable from real ones in quality and detail.
U.S. Treasury spokesman Stephen Meyerhardt says that "they are clearly fakes"
http://www.reuters.com/article/bondsNews/idUSN1946360420090619
Notice it's two weeks later and they still have only seen them from the on-line pictures. Interesting... frauds like this could threaten the international finance system... but hey- no worries mate?
Oh... and they are now not so sure that the guys were Japanese? They think they might have been Korean agents... but don't worry cuz the Secret Service is now assisting the Italians in finding out who these guys they released are. Darn... guess we missed them.
Someone is not telling the truth.
Now Italy's finacial police are silent... hmmmm
Inquiries are no longer being returned. You'd think they'd want to clear things up wouldn't you?
Heck we never even bothered to take a look at them.
Look at Printfasters post below...
"Monster bearer bonds exist. No one will ever see them outside of a foreign government's finance ministry."
However if the 249 bonds were from a previous counterfeit seizure of 250 of which one was kept for evidence... why weren't they all destroyed?
Yup It's gotta be the stupidest attempted fraud on the face of the planet. If it was from the Japanese finance ministry to the Bank for international settlements you'd just use a militery flight from Tokyo with a diplomatic pouch and guys with diplo immunity.
Can't be real. Pay no attention to the crazy cat!!
My view was twofold.
First, the odd thing was the bonds shown were exactly the same as a previous counterfeiting. Minus one bond. Hmmm. Why would they keep one bond? The same reason that they dispose of all the drugs in a drug bust, leaving say on gram in the evidence locker in case of retrial on appeal.
Second, I cannot see a country like Japan or China, not wanting possession of the debt instrument. Would you trust the fed with your account if it could be zeroed out in an instant? What recourse would China have if the bits in its accounts were zeroed? Monster bearer bonds exist. No one will ever see them outside of a foreign government's finance ministry.
Correct.
"Monster bearer bonds exist. No one will ever see them outside of a foreign government's finance ministry."
And for that same reason they are unsalable to anyone except an organization like the Bank for International Settlements.
Hmmm... $134 billion in "forged" US bonds? The largest fraud in the history of mankind must have slipped by the Secret Service. And the two culprits were let go, and with rasberry lollipops to boot! The bonds were real, and a lot of hands were greased.
Chicago GOP has cited various viral internet rumors as linking [D] Illinois Congresswoman Jan Schakowsky to the Lesbian blackmail scandal by Turkish Lobbyists that was recently mentioned in the Sibel Edmunds deposition this past August.
http://www.chicagogop.com/blog/1624-Viral-Rumor.html
Obviously false and ridiculous. There is absolutely nothing that a democrat can do that could be blackmailed.
She could have been invaded by a horse on Michigan avenue and no one would have looked up, or taken a picture.
and besides you couldn't tell which one was the horse...
Don't have a link but was reported in local papers awhile back that Blago had been runnin' numbers on the North Side when he was a pup.
Full frontal war on Ash court..Isner vs. Roddick...How do you beat the jolly green giant?
Great night in Queens!
Here's a black swan scenario for you.. nato, I mean the us, gets its ass handed to it in afghanistan, pakistan falls to the talibs, which enter into a mutual defence agreement with Iran. Russia enters into a non-agression pact and shuts down all nato access to pakistan/afhanistan from the north. Saudi wahabs launch major insurrection, qaeda nuts re-emerge in Iraq, oil $500, gold $5000, Euro $5, CND $3, salaam mumbai.
Iraqi Prime Minister Nouri al-Maliki has ordered thousands of additional national police deployed to the border with Syria, saying it was needed to prevent insurgents from infiltrating into the nation. Tensions between Iraq and Syria have been rising in recent weeks as Iraq has sought to implicated Syria in last month’s major Baghdad suicide bombings.
http://news.antiwar.com/2009/09/04/iraq-masses-security-forces-along-syria-border-as-tensions-mount/
Tensions between Iraq and Syria have been rising in recent weeks as Iraq has sought to implicated Syria in last month’s major Baghdad suicide bombings.
can you say; CIA ops ?
You can, but you'd be wrong. Then again, that never stopped anyone.
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=104x4819548
http://www.telegraph.co.uk/news/worldnews/1563484/Blackwater-security-guards-kill-Iraqi-civilians.html
http://intelligencenews.wordpress.com/2009/08/21/02-133/
http://www.vfw.org/resources/levelxmagazine/0402_Black%20Ops%20Shine%20in%20War.pdf
Do i really need to go on ?
Gentlemen please resume your imaginary war tactics...x
i can....the whole war in the middle east
has been a cia op since 911....that evil
vampire is the single most dangerous threat
to world peace and stability....i pray that
i live to see the day of its destruction.
Andy, You always seem to be the voice of reason and clarity.
Sir, it is long weekend. Please do relax and enjoy it.
Or watch football games.
Why next weekend?
I like pizza
kruggerrands and silver maple leafs, cash in canadian dollars
The greatest match....John Isner eliminates #5 seed Roddick...amazing....
TD, it is now clear why you started this thread. The markets are closed, you were a little bored, and decided to drag the lunatics out of the asylum for a few good laughs.
Success beyond all measure. Your stomach must hurt from the laughter.
I know mine does... and it all seems to nicely mesh with Marla's music...
Great videos from WallStpro's website:
http://www.youtube.com/watch?v=rRY5waZ4IbE
http://www.youtube.com/watch?v=hYIC0eZYEtI
Zooommm! That's the sound your comments made as they flew right over my head!
good articles; good articles 4 slow news day ..http://www..
hat tip: finance news & finance opinions