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Saxo Bank Joins Chorus Of Voices Calling For End Of The Federal Reserve

Tyler Durden's picture




 

Following the recent surge in Fed critics, including Gross, Buffett, Grantham, and most other self-respecting economists, Saxo Bank's John J. Hardy (blog link) shares the most recent, and very scathing, critique of the Fed, which essentially calls for the end of the US central bank, saying the days of the Fed are now numbered.

Bring it on, Ben!

 

So, Ben, let’s get this thing over with and let’s test how this market is positioned for what you have to say today. We’re tired of speculating and gaming what you may or may not write in today’s statement and how many billions of dollars you might conjure into existence on a monthly basis for the next year or more. Bring it on: let’s watch another wave of monetary policy history crash over us as you pull out the hammer and close your lips around another batch of coffin nails – ready to grasp the first nail to drive into the soon sealed coffin of Keynesian economics and then another in the coffin of fractional reserve banking and perhaps another into the coffin of fiat currencies. Oh, it’s all the same coffin? Fine – it will go quicker that way. Just remember to save a few nails for the millions of coffins of pensions and savings: for all of the responsible people who didn’t join in on the credit bonanza of the last few decades and spent their lives scrimping and saving. Let’s devalue their savings and nuke the US currency rather than go the quicker and more just road of default, shall we? Extend and pretend is the Fed’s motto, after all. Just watch out for those new crazies on the Hill that are starting to bang on the doors of the Eccles building. Will they break in and cart you off before you’ve finished your final magnum opus – the end of the US dollar and the US economy?

 

Bring it on, Ben: take us that much nearer to the denouement of 100 years of US Federal Reserve. There won’t be a second hundred years. The final countdown starts now.

Amen

 

 

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Wed, 11/03/2010 - 10:15 | 695646 Ragnarok
Ragnarok's picture

Marvelous!

Wed, 11/03/2010 - 10:31 | 695715 flacon
flacon's picture

More and more "peasants" are waking up to the FRAUD of Keynesianism, fractional reserve banking, and the scam of it all. 

Wed, 11/03/2010 - 10:38 | 695740 Walter_Sobchak
Walter_Sobchak's picture

Bernucklehead is a pussy.  If you're so tough, Benny Boy, why don't you just nuke the dollar today?  We all know it's comin. The jig is up.  Come on, bernankrupt us already.  If you keep extending and pretending, more and more are going to wake up, and call for your head on a stick.

Wed, 11/03/2010 - 10:52 | 695794 SheepDog-One
SheepDog-One's picture

Bernanke IS a pussy! Enough of this death by 1,000 trillion FRN paper cuts...you want to destroy the dollar then destroy it TODAY! Ya big Shalom Ziopuss!!

Wed, 11/03/2010 - 10:56 | 695812 MarketTruth
MarketTruth's picture

Gentlemen, please use his full and PROPER name:

Ben Shalom Bukkake

Wed, 11/03/2010 - 11:07 | 695857 Mako
Mako's picture

There is nothing Ben can do to save the system other than slow down the rate of collapse.  Blaming Ben for your and your parents and their parent's failure to understand what they have created seems like a waste of time.

Wed, 11/03/2010 - 11:53 | 696004 B9K9
B9K9's picture

Mako, have you ever read/studied about competition in the wild? Like how lions steal kills from hyenas, or chimps utilize group dynamics in order to acquire power? Human or beast, we are all programmed to optimize the gain of key resources for the least effort (cost/benefit ratio).

We are all descendants of those who maximized this survival strategy, and as such have no defense mechanism against the lure of 'something for nothing'. It was simply bred out of us. Money lenders understand this - in fact, our addiction to the illusion of a 'free ride' is the greatest secret known to mankind.

When you speak of 'lemmings', or that we inherited our system, as have countless generations before us throughout history dating back 1,000s of years, you are speaking of victims who have suffered from repeated crimes against humanity.

Think about it this way: an average group IQ of 100 is derived with the inclusion of those above 100 (duh). Now, take those with say 110+ away, and perhaps the avg drops to 95-97. What chance do these people have against those armed with IQs above 125 who learn the rudimentary basics of human vice (lust, greed, sloth, etc), exponential math, the fiction of creating 'credit money', and the power of legal recourse via security (land, etc)?

None. Whatsoever. Zero. Nada. Zilch. And so they laugh amongst themselves, with utter contempt for the beasts they have enslaved. Their only possible downside is not that the system collapses - for, any student of this process is well coached that this occurs on a regular basis after the end of every inflationary cycle, but that they don't have a secure exit.

So the power-elite's true danger isn't collapse, but expulsion without capital resources in which to restart their dirty business somewhere else.

Wed, 11/03/2010 - 12:27 | 696127 Lucius Corneliu...
Lucius Cornelius Sulla's picture

That was awesome

Wed, 11/03/2010 - 12:48 | 696129 Mako
Mako's picture

"What chance do these people have against those armed with IQs above 125 who learn the rudimentary basics of human vice (lust, greed, sloth, etc), exponential math, the fiction of creating 'credit money', and the power of legal recourse via security (land, etc)?"

Well they have zero chance until they figure out the problem.  Heck, the lemmings can be thrown some bankers while they are all going down the black pit, not going to change anything until the Lemmings figure out the root of the problem... to fix the problem once discovered, it will require the Lemmings to make a different choice, of course, everything isn't going to be great... that will produced different problems that the Lemmings will have to deal with or deal without.

Nobody said life is fair.... matter of fact, it can be very very unfair... tough.

The lemmings hold their chains in their own hands, looks like a bunch of people passing the blame to me.... I have to admit it's kind of entertaining but this will go nowhere until the Lemmings figure out the problem, then make the choice.

Even if different choices are made their is no avoiding the collapse and coming liquidation. 

"So the power-elite's true danger isn't collapse"

The top are smarter then the typical Lemming out there... the smart ones will try to go into hiberation with their families, wait the decades it will take to clear the system... then wake up and help the Lemmings start the whole process over again.  They are just doing what the Lemmings want.  None of this functions without the cooperation of the Lemmings, but once it's over... not much the top can do to save it.

As soon as I see someone blame the Fed or Benny, I know right away they are an idiot.  These systems have been blowing up before their were words for banks or central banks.

Basically the function of this site appears to be a forum for people to just randomly point fingers... well point away... not really going to change the outcome much.

If you understand the system, then you realize the Lemmings are in fact BANKERS.  Where do you think that $52+ trillion in credit came from? 

"Haven't you heard, everyone in Shawshank is innocent?" -Red

Billions of guilty people, a few innocent people will go down the drain with them... that's life... complain to God not me. 

"I have suggestion, learn to swim"

Wed, 11/03/2010 - 13:15 | 696276 flacon
flacon's picture

“By a continuing process of inflation governments can confiscate secretly and unobserved an important part of the wealth of their citizens. There is no subtler no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction and does it in a manner which not one man in a million is able to diagnose … If however a government refrains from regulations and allows matters to take their course essential commodities soon attain a level of price out of the reach of all but the rich the worthlessness of the money becomes apparent and the fraud upon the public can be concealed no longer.” John Maynard Keynes economist and author of “The Economic 
Consequences Of The Peace” 1920

Wed, 11/03/2010 - 13:22 | 696304 tip e. canoe
tip e. canoe's picture

"If you understand the system, then you realize the Lemmings are in fact BANKERS. Where do you think that $52+ trillion in credit came from?"

interesting concept...would appreciate if you could elaborate further...for the lemmings.

Wed, 11/03/2010 - 15:42 | 696899 Biosci
Biosci's picture

Bingo!  What you've described is the emergent behavior of a complex adaptive system.  It is the sum of the actions of a host of individuals, each acting according to some drive that they themselves find perfectly rational, even if the aggregate effect is precisely the opposite of what they seek.  There's no need to invoke conspiracy, or even intent -- although some certainly find it in their interest to exploit the system as it stands and as they project its evolution.  To wit:  goldbugs on this site.

The lemmings -- bankers and homebuyers, employed and jobless -- are the system.  To make a stable system that emphasizes a common good requires constant energy input:  it's no coincidence that the (Deist, not Christian) Founding Fathers decided that only stakeholders should have a vote.  Whether their definition of a stakeholder as a landowning white male was appropriate is irrelevant; the concept has been utterly diluted over time.  The energy wasn't there to oppose it, or to create stakeholders out of the newly enfranchised.  Today you don't have to understand how your actions, or those of your representatives, echo into the future, so today we have the political system we asked for.

Can the lemmings identify and fix the problem?  You can't prove a negative.  But the weight of history and biology is against them.

Wed, 11/03/2010 - 12:49 | 696199 samsara
samsara's picture

You are clinically correct B9,  That is how it works mechanically.

That's also why I say the REAL problem (as you point out) is a spiritual(NOT religious) problem.

Mechanically, (going along with your point) a grownup(ie intellectually superior)  would have little problem talking a child(ie intellectually immature) out of a piece of candy by trickery.

It is a spiritual(ie ethic) rule that stops it.

It would not be "Right" for a grownup to do that.

We have a spiritual problem.  ie An Ethics problem. 

To quote E,O Wilson I believe,

Humans unfortunately have "... Stone Age emotion, medieval self -image, and godlike technology."

It boils down to "Should we allow a con-artist talk grandma out of her pension money"  just  because he is using his "Something for nothing"  guideing compass WITHOUT any ethics(spiritual) rules of right and wrong?

 

Hence Samsara,

http://en.wikipedia.org/wiki/Sa%E1%B9%83s%C4%81ra_(Buddhism)

 

Wed, 11/03/2010 - 12:53 | 696212 Mako
Mako's picture

Technically there is no problem, there is a solution to the equation, everyone loves what happens from the start of using the equation but don't like the end result. 

I would say you have a "choice".  You might no like your choices but you do have them. 

Humans continue to make the same choice, well, then they bitch about the same result, which is in fact getting bigger and bigger as the systems get more efficient.

If you were to classify this as a problem, well that would be filed under LACK OF COMMON SENSE... which virtually 99.99999% of the Lemmings would be filed under.

Wed, 11/03/2010 - 13:04 | 696250 samsara
samsara's picture

Mako, Did your reply have anything to do with what I said?

Yes, it goes without saying that we all have "Choices"

We are always free to "Chose" , we are even allowed to "Chose" the Choices, that you so nicely point out, that we don't even know exist.

Wed, 11/03/2010 - 12:58 | 696233 trav7777
trav7777's picture

For the love of money is the root of all evil...who do you suppose Paul was really talking to?

There is a clan out there that loves money so much they name themselves after it

Wed, 11/03/2010 - 13:47 | 696336 Lucius Corneliu...
Lucius Cornelius Sulla's picture

There is and have been many souls who worship money.  It is specifically outlined as a sin in Exodus to do so.  Since Exodus is sacred text to Jews (not to mention Christians), I highly doubt that this clan, if that is what you are referring to, promotes such behaviour.  Every group has its scam artists.  I doubt that you will find many of the great Rabbis worshiping Mammon.

Wed, 11/03/2010 - 13:23 | 696279 Lucius Corneliu...
Lucius Cornelius Sulla's picture

Generally I agree with your statement and would point out that the only recorded act of justified anger that turned to violence by Jesus in the New Testament was against the money changers.

Having said that, I believe that there are a lot of gambler (something for nothing) types out there that play the game knowing full well that there is a risk.  The housing bubble was a prime example.  Prices were going up, free credit (zero down) was offered and some speculators took a calculated risk.  The thing that is completely unethical is that the banks knew that the government would carry the risk at the expense of savers and taxpayers.  So basically, even if you are responsible and stayed on the sideline, you had no choice but to participate.  That is what I am so pissed off about.  I'm still trying to get over my resentment by accepting that it as part of living in a very flawed human condition.  That does not end my responsibility to understand the injustice and work for change in whatever small way I can.  Perhaps spreading my knowledge of the con game to others is a start.  But, I can say from experience, it will not make you popular to point it out.

Wed, 11/03/2010 - 13:35 | 696335 tip e. canoe
tip e. canoe's picture

"the only recorded act of justified anger that turned to violence by Jesus in the New Testaments was against the money changers."

that was also the act that some would say got him crucified.

Wed, 11/03/2010 - 12:55 | 696221 trav7777
trav7777's picture

The only downside is Zyklon B

Wed, 11/03/2010 - 11:19 | 695900 Bearster
Bearster's picture

You, sir, are a good example of why our problems are so intractable.

Instead of focusing on the problem, you distract with your anti-semitisim.

Wed, 11/03/2010 - 11:27 | 695928 NotApplicable
NotApplicable's picture

No sir, you distract with claims of anti-semitisim. Sheep-dog distracted you with claims of anti-Zionism.

There is a difference, and it would behoove you to understand it.

Wed, 11/03/2010 - 12:58 | 696234 Eally Ucked
Eally Ucked's picture

Definitely we have great need for a change and I'm inpatiently awaiting new wave of Wanderers to help us with new ideas and solutions. I have no doubts that next generations will enjoy periods of prosperity ending in total frustration if history is of any relevance.

Wed, 11/03/2010 - 10:58 | 695820 Logans_Run
Logans_Run's picture

That reminds me of Jeff Dunham's Jose Jalapeno, the pepper on a stick. Perhaps Jeff needs to have a Ben Shalom character in his ensemble?

Wed, 11/03/2010 - 10:43 | 695759 theopco
theopco's picture

Now on to the Austrian scam

Wed, 11/03/2010 - 11:17 | 695890 Clampit
Clampit's picture

And from there we can finally address this new fangled gravity hoax...

Pardon my adolescent grasp of Austrian principles, but given that "scam" is an active and necessarily human construct, isn't the concept of laissez faire inherently devoid of scam? (Opinions about gravity notwithstanding.)

Wed, 11/03/2010 - 11:46 | 695976 Clampit
Clampit's picture

Additionally ... the only state intervention I would support is to limit the lifetime transfer of wealth from one party to another (no corporate personhood) to a sum not greater than the median income times the median lifespan.

Wed, 11/03/2010 - 12:22 | 696102 I am a Man I am...
I am a Man I am Forty's picture

you don't believe in the ability of a person to transfer their wealth to another without it being confiscated??

Wed, 11/03/2010 - 13:02 | 696207 Clampit
Clampit's picture

If some banker type stumbles upon the cure for cancer and becomes a multi-quintillionare, do you think their friends and offspring should control all wealth (i.e. capital, productivity) for the rest of time?

Transfer their wealth to a point that gives the recipient a comfortable care free life, yes. Transfer monopolization of the game to them, no. Thanks to fiat currencies and fractional reserve lending we have individuals amassing fortunes as large as the income of entire states. While their deserving of this is debatable, their children's right to this power, in America, shouldn't be. 

(And my original proposal needs further thought else the Bilderbergers all donate the maximum to each offspring.)

Wed, 11/03/2010 - 11:02 | 695834 morph
morph's picture

I couldn't have put this any better. 

Wed, 11/03/2010 - 12:05 | 696013 nostromo17
nostromo17's picture

Keynesian Bashing, Bashing Actions Not Keynesian

While the sentiment expressed bashing Keynesian Economics (presuming any Economics exists) can be translated back to "the Fed is wrong," "the Fed is destructive," "the Fed is irrelevant so pretending otherwise and allowing their actions is more harmful than no action at all by the Fed." While the sentiment may be correct, bashing a strawman Keneysian Economics illustrates the the shallowness of the discussion...and in fact serves the Fed by distracting from the actual details and depth of Bernanke et al's incompetence or possibly inherent evil and dishonesty.

     Nothing the Fed has done to try and control interest rates has been Keynesian in the way its meant in the diatribe between the economic "hawks and doves." Easing to improve the general economy and control unemployment implies that lowering the Fed Funds rate leads banks to increase lending and through the money multiplier phenomena money ultimately arrives in the hands of consumers who then spend it creating manufacturer motivation to produce more and hire.

     Nothing of the sort that puts money in the consumers hand has occurred as a consequence of Fed easing under Bernanke. Consequently nothing Keynesian-like has occured which provides the basis for Keynes bashing or criticism of his theories or their efficacy in the real world of a real world economy.

     Faux easing has taken the form of banks using excess money to increase their reserves stopping the flow of easing benefits at the banks themselves where it never ends up taking the path through to increased lending-money multiplier-consumer stimulative spending; so we continue in a deflationary spiral.

Deflation can best be understood not in terms of opposition to inflation but rather as what occurs in the economic environment when interest rates have become too artificially low for it to be worth lenders lending with respect to >> lending at a low rate does not compensate for the risk of lending (a higher rate) and where producers contract production, because the money they receive when they sell from production, represents a loss and/or without money multiplying, the consumer cannot spend enough to stimulate an economy because there is too little money chasing too little production as the economy deflates all at a loss. A very vicious circle.

Bashing Keynes is irrelevant and a waste of time despite the positive underlying sentiment of hostility to our destructive and ignorant or evil Federal Reserve System of the banks and our government.

http://www.federalreserve.gov/pubs/feds/2010/201041/201041pap.pdf this article titled

Money, Reserves, and the Transmission of Monetary Policy: Does the Money Multiplier Exist?

pretty much describes why the Fed easing has no impact on lending and so if lending is the base of the money multiplier fix what the Fed has done with rates is completely ineffectual and irrelevant to the economy. In summary, due to globalization and growth in money markets since at least 1995 banks' lending is not impacted at all by the Fed Funds rate because banks fund lending from other sources of money in the diverse multi-alternative global money markets NOT Fed Funds.

The Fed easing has been sterile and impotent with regard to the "real economy." Without the government  or less likely the Fed itself putting money in the hands of consumers the economy remains in deflation because no easing, no "Keynesian" action has taken place to stimulate the economy.

1)Does Bernanke (PhD etc) even read the research put out by his own Fed and is he aware the the actions to reduce rates are historically obsolete and irrelevant is the Fed both out of touch with market reality and not in possession of any tool that impacts the economy because what tools they have they cannot implement properly due to their irrelevant economic mindset which is a view of not understanding the reality?

2)Or does Bernanke et al know full well they have only been able to keep the imploding bank lending system on life support and intentionally failed to maintain a reasonable level of employment to serve that end disregarding the law and stated mission of the Fed. They have made the populace pay for the criminal and negligent acts (mostly unpunished) of our bankers bailing out the banks (which bailing fails as these banks will all fail without restructuring or destruction to be replaced since a deflation destroys them too...)

3)Why has/is the administration allowing the Fed to be the sole policy maker when easily as FDR demonstrated the Government not-Fed could take actions that might be more effective such as the correct initial idea of "dropping money from helicopters" to the consumer?

 

Digging into the latter seems more like a constructive direction for useful dialogue than the ongoing diatribe bashing or supporting Keynesian and other schools of economists who really have demonstrated economics is so not a science. Economics (mostly) is pathetically devoid of any connection to the real economy of people in the world. Present day Economics is irrelevant with regard to effective creation of policy if not destructive. Until economists catch up and learn about the present world's economic infrastructure as it actually works, it appears we are doomed to be led by blind perhaps evil leaders into the black hole implosion of deflation because nothing effective is being done to stop the process being led by the sterile pseudo-science of unempirical statistical Myth-Economics. Ignorant Economics serves no one including the bankers and non-regulatory government of Bush which got us here today watching U.S.A "Rome" burn.

 

 

 

 

Wed, 11/03/2010 - 12:15 | 696084 BigJim
BigJim's picture

You may very well be right but unless you learn to punctuate your text few people will have the patience to sift through its many clauses and subclauses to parse the gems of wisdom from the dense thicket of words so please insert some commas here and there where appropriate so your readers don't give up for possibly less fertile but decidedly easier to read posts. </no_comma>

Wed, 11/03/2010 - 13:20 | 696293 flacon
flacon's picture

“By a continuing process of inflation governments can confiscate secretly and unobserved an important part of the wealth of their citizens. There is no subtler no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction and does it in a manner which not one man in a million is able to diagnose … If however a government refrains from regulations and allows matters to take their course essential commodities soon attain a level of price out of the reach of all but the rich the worthlessness of the money becomes apparent and the fraud upon the public can be concealed no longer.” John Maynard Keynes economist and author of “The Economic 
Consequences Of The Peace” 1920

Wed, 11/03/2010 - 12:55 | 696223 hbjork1
hbjork1's picture

Ragnarok,

Agreed!  Marvelous +1 Quattuordecillion

 We have potential leadership; we just have to get them into the power positions.

Wed, 11/03/2010 - 10:24 | 695664 SheepDog-One
SheepDog-One's picture

Hmmm looks like the FED has no choice now but to seize all power and destroy the universe FTW! 

Seriously though, isnt it funny how all these guys NOW see something wrong with the FED, whens its no longer paying off for THEM? Oh THEN they get all down-homey and pine for the poor ol saver who always played the game right.

I bet these bastards werent complaining when their own bonuses and scalpings were doing well!

Wed, 11/03/2010 - 10:29 | 695705 Divided States ...
Divided States of America's picture

Its obvious that we are heading to a repeat of 2008 in the future, only worse. The only difference this time is Ben was asleep during the first meltdown and was not aware of the magnitude of the problems. At least this time around, he has firm grasp on the control wheel of a freight train that doesnt have any brakes. He will inform all his cohorts and wealthy buds when to jump before he drives this insanity train off the cliff and all of us into social degradation.

Wed, 11/03/2010 - 10:36 | 695732 flacon
flacon's picture

If he didn't see 2008 coming then he's a moron. I thought he had a *degree* from *Princeton* for goodness sakes! Then again, he admits he "Hasn't a clue" why the price of gold keeps going up. 

 

I want the Universities to fail as well. No more "Edumacated" morons running our lives! They need to go out and get a *real job* instead of being nursed by "government grants" their whole lives. 

 

And while I'm at it, I hope NPR fails too. Why the heck does "the government" need a radio station?! Oh yeah, PROPAGANDA, that's why. 

Wed, 11/03/2010 - 12:00 | 696036 hbjork1
hbjork1's picture

flacon,  IMO, you should start looking for your marbles because you have lost them.

Because NPR is in the news and has been a fixture for 4 decades now, I did some checking on funding sources for NPR.

One independant source for information is Wikipeda.  THen there is the NPR site with a better breakdown if you feel you could trust that source. 

NPR receives no direct government support.  They do get money from CPB.  I concluded that their funding that somehow started as government sourced is at least 1.5% but less than 10%. 

NPR produces their news programs themselves but much of their content, shows like "Car Talk" and "Prairie Home Companion" (for example) originate with the affilliate stations.  If you suspect bias You might not want to look at the NPR  They get no direct government payments.  NPR amount to about 1.8% of their budget.  If you count contributions to affiliate stations that are generating the content they "buy", from those stations, the taxpayer source funding is still less than 10%.

 may hcome from Corporation for Public Broadcasting they may get as much 10%

Wed, 11/03/2010 - 13:23 | 696306 flacon
flacon's picture

Thanks for the research. It's just a really pissy day and I felt like taking it out on NPR ;) - I'm anxious to get to 2:15pm.

Wed, 11/03/2010 - 11:24 | 695844 doggis
doggis's picture

divided states,

the number of your freight train is 777, and the title is "Unstoppable" with good ole Denzil Washington -due out on November 12th. How does the 12th of November sound for you??

http://www.youtube.com/watch?v=JM-0Ywc7wNY

Wed, 11/03/2010 - 11:00 | 695828 jus_lite_reading
jus_lite_reading's picture

This exerpt is ranked up there with Gross' letter to investors calling out the FRAUDAL RESERVE.. opps sorry typo, meant Federal Reserve

Wed, 11/03/2010 - 14:06 | 696424 hbjork1
hbjork1's picture

SheepDog One,

In these bureaucratic organizations, the people who want to speak the truth to power MUST wait until the tide is ready to go in the right direction. Right now, the public is in the mood to listen.  If they do it too soon,  they will simply get removed during a cloud of smoke by the powers that want the legacy view.

How much attention would this paper have gotten a year and a half ago?

 

Wed, 11/03/2010 - 10:19 | 695665 frenchie
frenchie's picture

Amen is the right word

Wed, 11/03/2010 - 10:20 | 695668 lynnybee
lynnybee's picture

I like this post.   BRING IT ON BEN.   guts, it's all about guts to stand up to these people.   forget about us oldsters, it's time to do right by the young of this country.   the student loan crap, the mortgage shackle; in the 1950's my dad took out a mortgage for 15 years, paid it off in 10 & my parents were just fine to be able to SAVE FOR THEIR RETIREMENT BY PUTTING MONEY IN A BANK & EARNING INTEREST ON IT !!!  

SAY IT AGAIN, TYLER !!!!!    "BRING IT ON BEN !"     

(i'm so mad i could spit about what's been done to the young people / low wages, no wages, predatory lending.)

Wed, 11/03/2010 - 10:45 | 695770 szjon
szjon's picture

Couldn't agree more. This has to end. Things aren't looking good for education here in Europe, fees on the increase, loans on the day you reach adulthood to put you in debt to the amount that bought a house 20 years ago, credit cards and overdrafts forced down your throat based only on your borrowed income, want a house when you graduate?  Get down and worship at the pus soaked teat and confirm your slavery for life. Walk into your first job with a student loan, a graduate tax, credit card and probably a car loan and then have to take a mortgage?

 

It's like trying to climb up a slide while TPTB pour oil down from the top. I fear for my childrens future right now, we used to have mothers, now they are forced to work just to keep on the slide, even so we keep going backwards. Society is broken, our children are brought up by 'providers' so we can feed the machine.

 

I for one have had enough.

Wed, 11/03/2010 - 11:59 | 696031 Chuck Bone
Chuck Bone's picture

I'm certainly young (23), and how about the fact that my income is forcibly taken from me by government and transferred to the older generations to pay their entitlement programs and pay off the debts they ran up? Then what do they leave behind? More debt! Just robbing my generation blind.

Wed, 11/03/2010 - 16:23 | 697036 hbjork1
hbjork1's picture

Chuck Bone,

Welcome to the long grey line. I kon't know you but you obviously have at least two valuable assets, your youth and your ability to write.  You obviously have a computer with internet connection as well. 

When I was your age, a dime (Mercury head) had approximately(actually slightly more)buying power than $1.00 does today.  I get a ~ $238 pension check awarded by a company selling our project in 1972/3.  At the time that was more than half of living expense including condo payments for a month.  The sadist lesson was some eldely school teaching couple that were 85 and friends of my parents.  Having to pay $5.00 for a ham was a shock for them. 

Your only sure source for future income is to make your living by being usefull within the economic system to other people.  In the coming era, that means mental skills.  

You are still at a teachable age.  DO NOT WASTE YOUR TIME ON INTERNET PLAY!  Get into the toughest technical training you can get and stay there.  The harder you work your mind the stronger it gets.   

And, a mercury dime happened to show up in some coins my wife won at a ladies bridge game the other day.  Silver value= ~$1.80.  Inflation will be a fact of life because there are already 300+ million people in the country and resources are fixed.    

 

Wed, 11/03/2010 - 12:23 | 696111 Assetman
Assetman's picture

CAUTION:  We are now entering the land of intended consequences, for which the magnitude of the damage will be "unintended".

At least that's what Uncle Benny will say AFTER the economy collapses.  His final defense will be to "play stupid".

Wed, 11/03/2010 - 12:32 | 696146 LoneCapitalist
LoneCapitalist's picture

I agree. What they're doing to the young is inexcusable. However Im more concerned about what they're doing to the retired/soon to be retired. The young have time to fix things for themselves, and I dont believe anyone is going to be paying off all this debt. Im more concerned for people like my parents, who are living on interest from bond funds. When this all comes crashing down they will most likely be wiped out. Then they will have to rely on their children for support. This is very scary.

Wed, 11/03/2010 - 13:26 | 696311 flacon
flacon's picture

Then they will have to rely on their children for support.

 

The young have NO JOBS and are relying on their parents for support. 

Wed, 11/03/2010 - 10:20 | 695669 unwashedmass
unwashedmass's picture

 

seriously enjoying the government's efforts this morning to contain gold/silver and the HUI.

none of the peasantry should get any idea whatsoever that these might help preserve their savings.

good buys abound.

Wed, 11/03/2010 - 12:21 | 696099 BigJim
BigJim's picture

Yes, it makes sense; before announcing a massive new QE, get the bullion banks to do a humungous short of precious metals in the hope of reducing their soon-to-be meteoric rise.

Shame I don't have more clownbux to go all-in and call their bluff.

Wed, 11/03/2010 - 10:21 | 695672 SpeakerFTD
SpeakerFTD's picture

Just remember to save a few nails for the millions of coffins of pensions and savings: for all of the responsible people who didn’t join in on the credit bonanza of the last few decades and spent their lives scrimping and saving. Let’s devalue their savings and nuke the US currency rather than go the quicker and more just road of default, shall we?

Whatever the legal or monetary questions, this is the core moral problem, and if a politician ever dares to frame the question in this way and leads Americans to finally understand the game of Grand Theft America, cities will burn.

Wed, 11/03/2010 - 10:45 | 695768 lynnybee
lynnybee's picture

outrageous what is the fate of so many "stand-up people", mostly oldsters.   i'm afraid many will starve to death unless they are well connected with family.    we are going back to colonial days.   family, food, land, gold, guns .......... it's the only way.

Wed, 11/03/2010 - 10:57 | 695815 Revolution_star...
Revolution_starts_now's picture

"leads Americans to finally understand the game of Grand Theft America, cities will burn."

Pass The Matches Bitchez.......

Wed, 11/03/2010 - 10:22 | 695677 Dadoomsayer
Dadoomsayer's picture

short and sweet

Wed, 11/03/2010 - 10:23 | 695680 buzzsaw99
buzzsaw99's picture

99% jewish since 1913.

Wed, 11/03/2010 - 10:29 | 695706 Popo
Popo's picture

And your theory is? Wait, I know: all Jews are Fed governors, right?

Wed, 11/03/2010 - 10:50 | 695786 SheepDog-One
SheepDog-One's picture

Hmmm no maybe not, but all central banksters ARE Zionists! 100% fact monkeyboy!

Wed, 11/03/2010 - 11:03 | 695837 Popo
Popo's picture

It's not your facts I'm wondering about. It's your point.

Wed, 11/03/2010 - 10:59 | 695806 SMG
SMG's picture

Illuminati, NOT Jewish or Zionist.   They worship Lucifer as the lightbearer.   The Illuminati like to blame others for their evil deeds though.

Wed, 11/03/2010 - 11:13 | 695878 lynnybee
lynnybee's picture

i see you have been junked.    why do people junk you for saying the truth.    you said the truth, too bad it is so "unpallatable" for those who read your comment.

Wed, 11/03/2010 - 14:24 | 696539 ElCapitanNemo
ElCapitanNemo's picture

Hey guys remember freedom of speech even if you agree or disagree let him speak:

 

"by buzzsaw99
on Wed, 11/03/2010 - 08:23
#695680

99% jewish since 1913."

Wed, 11/03/2010 - 10:23 | 695681 Bananamerican
Bananamerican's picture

"The final countdown starts now"

Bwahaha?

Wed, 11/03/2010 - 10:56 | 695804 MeTarzanUjane
MeTarzanUjane's picture

The thundering horsemen draw nigh.

http://oi53.tinypic.com/2j2gpk8.jpg

Hang them high, hang them low, but do not miss one of them.

Wed, 11/03/2010 - 10:28 | 695682 Cdad
Cdad's picture

Outstanding.  Could not have said it better myself.  Indeed, we are witnessing the end of many things in these strange days.

In the day and age of the internet, the entire Fed secrecy can no longer be maintained.  Average Joe got a good glimpse of the inadequacy of the Fed during the dot com bust as Fed moves then, seemingly well planned, later only turned into today's real estate pain.

And now, Average Joe is getting a good glimpse of the Fed as the destroyer of savings.

It will end because it MUST end. 

Ironic...this post...on the day the BOJs currency intervention seems to have gotten traction.

Wed, 11/03/2010 - 10:24 | 695683 jbc77
jbc77's picture

Great post.

Wed, 11/03/2010 - 10:24 | 695687 Old School
Old School's picture

I'll repeat too - "Bring it on, Ben!"

Wed, 11/03/2010 - 10:28 | 695701 SheepDog-One
SheepDog-One's picture

Funny how today the QE news is seemingly 'Goldilocks just right' of a few hundred billion in boring bonds purchases? 

Wasnt it all about delivery of vast sacks of $trillions$ to Wall St? Something wrong here, may be an unhinging point.

Wed, 11/03/2010 - 10:28 | 695702 JW n FL
JW n FL's picture

Austerity Bitches!

 

Un-Employment Benefits $0.00

 

QE-2 thru QE-100 fully funded!

 

Republican / Democrat.... Change We All can believe in! but it wont make it true!

Wed, 11/03/2010 - 10:30 | 695707 Azannoth
Azannoth's picture

The fractional reserve system a.k.a the jewish servitude system is comming to an end 

Wed, 11/03/2010 - 10:34 | 695719 Mako
Mako's picture

Nothing is going to change.  Sorry buddy.

I can create a credit based system any time I want as long as I can get others with me.  This is has been going on since the dawn of civilization.  Lemmings will be liquidated in large quantities this time.

Wed, 11/03/2010 - 10:45 | 695771 theopco
theopco's picture

Ah the favorite bogeyman of the elites, the Jew. What makes you think that fractional reserve lending would end with the fed?

Wed, 11/03/2010 - 12:07 | 696057 Clampit
Clampit's picture

Because fractional reserve saving would be a hard sell in a free market?

Wed, 11/03/2010 - 10:47 | 695776 SheepDog-One
SheepDog-One's picture

Yep, its goin down, Zionism busted! Thank God for the internet. While the Zionist demons thought it would only be used as the SEC uses it, surfing transvestite midget porn all day, people actually used it to research whats actually going on.

Wed, 11/03/2010 - 11:00 | 695817 SMG
SMG's picture

Illuminati, NOT Jewish or Zionist.   They worship Lucifer as the lightbearer.   The Illuminati like to blame others for their evil deeds though.

The Illuminati have made us their willing slaves though.  I hope I live to see the end of their tyranny.

Wed, 11/03/2010 - 11:04 | 695846 Sean7k
Sean7k's picture

The celebration may be premature. Please take the time to recognize the difference between Zionists and Jews. Jews are no different than anybody else sans the mother's guilt issue and propensity to save. Zionists are a different story- these people throw jews under the bus day and night along with anyone else who gets in their way.

If the FED decides it is time to morph (and it will morph, not die), it will be because it has a means of reaching its' goal through a new mechanism. One that allows it to mollify the common man while extending its' influence over him.

The names change, but the methods remain the same. This is the time tested sleight of hand that has worked for centuries. Yes, fractional reserve banking has lasted centuries. It was born in England and has spread across the world like tsunami- destroying common people on every shore. 

Until the people of any nation require sound money and the elimination of debt instruments as monetary substitutes, we will be dancing at the same party- different band, new digs, same old songs.

Wed, 11/03/2010 - 11:33 | 695943 Arthor Bearing
Arthor Bearing's picture

+

Wed, 11/03/2010 - 11:44 | 695969 trav7777
trav7777's picture

no.  Joos are so ethnocentric and nepotistic that if you behaved as they do as a white person, you'd be carted off to jail for hate crimes or something.

Wed, 11/03/2010 - 11:55 | 696012 Sean7k
Sean7k's picture

Well, as white people, we may have something to do with it. We allowed them to be the only loaners of money at interest, because of religious edicts against usury until the 1600's. 

We corralled them into ghettos and punished them every time an economy suffered. We purposely killed them in a mass genocide in WWII. 

They are not necessarily to most mistreated people in history, but I can see where they might have become close knit in the interest of survival. That they are successful at it is hardly reason to disparage them.

Wed, 11/03/2010 - 12:14 | 696079 Ferrari
Ferrari's picture

Good stuff Sean.

Can't we all just get along? Can't we continue trashing the bank cartel & corporatists without dragging a whole race into this? The Jews are a great people with about as many douche bags as greats. I say we must hang together or assuredly we shall all hang separately.

Wed, 11/03/2010 - 12:29 | 696138 BigJim
BigJim's picture

Indeed. Look at all the contributions Jews have made in the arts, technology, sciences, philosophy, etc, etc.

As a race they punch above their weight in knowledge and virtue, as well as vice.

If you plotted Jews on the good/bad distribution curve, in aggregate they might demonstrate fat tails, but the average Jew is just that - no more good or bad than the rest of us.

Bit faddish about Israel, though, most of them...

Wed, 11/03/2010 - 13:08 | 696258 trav7777
trav7777's picture

I got no problem with them other than the hyperethnocentricity and rampant nepotism

Wed, 11/03/2010 - 13:07 | 696256 trav7777
trav7777's picture

can "we"?

I don't think it appears that "we" can, no.

Is La Raza and the NAACP and ADL and AIPAC and all this gonna disband?

Wed, 11/03/2010 - 14:02 | 696411 Lucius Corneliu...
Lucius Cornelius Sulla's picture

Thank you Ferrari.  I have Jewish friends and neighbors who are good, decent people and, believe it or not, are not rich!

Wed, 11/03/2010 - 16:49 | 697106 hbjork1
hbjork1's picture

Lucius,

+10

They have their orthodox sect that is a problem for them in Israel but IMO the historical problems are created by their their persistence of hanging on to their tribal traditions.  They have needed their homeland and now they have it. 

For a glempse of the difficulty that the tribes of Europe had in getting together, I recommend "Paris 1919" , "Six Months That Changed the World" by Margret Macmillian.  Serbs, Bosnians, Croats, Albanians, Hungarians and Austrians, really all wanted their own thing. 

IMO, an illuminating read.

 

Wed, 11/03/2010 - 12:27 | 696115 Aghast in Midlothian
Aghast in Midlothian's picture

Every person and group has bad stuff (done by them and done to them) in their history - the best get over it, the worst allow it to define them and, at worst, claim victimhood. Perhaps the saddest behaviors are from those who seek to feel good about themselves by by either disparaging other groups or by defending disparaged groups through self flagellation.  

Problems have root causes- acknowledge the causes and work to solve them...but running down/or excusing groups for their ethnicity or the behaviors of their forebears is stupid and reckless.

Wed, 11/03/2010 - 13:22 | 696301 Milestones
Milestones's picture

Sean: and "We are God's chosen people" is the juice that keeps the ball in play. I was 15 when I first read that on the flyleaf of a Torah, and I never have forgotton the resentment of that arrogance.

It is difficult to overlook what one brings upon themselves. It is that smugness that I think triggers the resentment and the actions that seem to reinforce the words.    Milestones

Wed, 11/03/2010 - 13:56 | 696362 Sean7k
Sean7k's picture

Milestones: it can heap a helping of non-hospitality. Still, the muslims feel the same, the japanese for their longer intestine(wow, what a reach) and the US as the bastion of freedom and democracy. 

The double whammy of money and God is a potent mix. As Trav points out, their behaviors cut against them as well. However, we will never succeed against the elites if we allow these petty disagreements to divide us. 

In addition, I think the idea that we should have no wealth class is equally misguided. We must recognize that there are some people more capable than others at creating wealth and putting that wealth to work- for all our benefits.

The focus must stay on where power resides. Sovereignty must reside in the individual. No government will ever allow this- therefore, all governments must die. To be replaced with local rule without formal ruling structures.It is not perfect, there are plenty of problem issues that will result, but it will be preferable to the alternatives.

I enjoy your posts.

Wed, 11/03/2010 - 12:05 | 696050 Iam_Silverman
Iam_Silverman's picture

"Joos are so ethnocentric and nepotistic "

Like the LDS?

Wed, 11/03/2010 - 13:09 | 696261 trav7777
trav7777's picture

yeah LDS is too...

they're not far enough to the right on the IQ curve in most cases to be much concern however

Wed, 11/03/2010 - 15:43 | 696903 Azannoth
Azannoth's picture

I agree that jews/zionist did not invent slavery, only the modern kind slavery by debt, from wikipedia "The Rothschild family (known as The House of Rothschild,[1] or more simply as the Rothschilds) is a European family of German Jewish origin that established European banking and finance houses from the late eighteenth century."

 

All they did was to take an age old concept of feudal servitude and modernize it, at a time when the Europeans where inveting all modern technology from the steam engine up, the jews where busy inveting new forms of slavery I think the world as a whole would be better off without this 'jewish' contribution

Wed, 11/03/2010 - 10:30 | 695712 Jason T
Jason T's picture

"Bring it on Ben!"  

 

The deal with the devil has already been made and all roads to hell begin with benevolent intentions.

Any historian knows darn well this is a road to disaster.  

 

History does not treat those thought to be repsonsible very well.  

Wed, 11/03/2010 - 10:31 | 695716 Quinvarius
Quinvarius's picture

I am getting tired of playing a game where the only thing that matters is what rules the referee will change and when.

Wed, 11/03/2010 - 10:48 | 695778 SheepDog-One
SheepDog-One's picture

Thats right, thats a damn good post Quin.

Wed, 11/03/2010 - 12:53 | 696213 kaiserhoff
kaiserhoff's picture

+  So is the world economy.

Wed, 11/03/2010 - 11:05 | 695721 Popo
Popo's picture

Er... This post sort of sucks. I mean I loved reading it, but its baseless. This is a great start to a screenplay, but unfortunately it's a far cry from reality. The bailout of the States is just beginning, and power of the Fed and the banking class unfortunately seems to be on the rise. Where is the evidence in this post? It's a really beautiful pipe-dream, but I'm sure as he'll not seeing it. If anyone has any supporting data, I would love to see it and be proven wrong.

Wed, 11/03/2010 - 11:39 | 695957 NotApplicable
NotApplicable's picture

The question is though, is this the start of the true revolt against the Fed, or just another "crackpot" outsider venting that is easily dismissed?

The world is ruled by ideas, all of which have a life-span of their own. At some point when an idea becomes generally accepted as invalid, it loses its governing power over society and dies. While the elite do their best to control ideas by controlling their dissemination and forming the context around them, they cannot sustain an idea whose time has come and gone.

So, will this rant grow wings, or will it dissappear in the noise? As always, only time will tell.

Wed, 11/03/2010 - 11:51 | 695988 Ludwig Van
Ludwig Van's picture

 

I think it's too early to crash the system. Still too much money out there not yet in the Fat Boys' fat palms. Ben will make nice, something that may be interpreted as 2T. Metals *must* be dumped prior to the announcement just to tamp their subsequent runup. Stay nimble. The FBs don't want just ZHers, but everyone. We're seeing stuff coming most can't or won't. Today. We may have six months. Parlay today's delivery within the context of its being the last of the old, the stale, the dead.

 

Wed, 11/03/2010 - 12:52 | 696210 Lucius Corneliu...
Lucius Cornelius Sulla's picture

I agree, the puppet holders have at least one more cycle of pump and dump before a serious bottom falls into place.  I for one will not go long stocks until the S&P dividend yield is a minimum of 6%.  There has never been a major bear market where that has not happened.  Sentiment is too high as well.  The mentality after the 30s was that stocks are RISKY and should be avoided.  The attitude held for decades.  Ironically enough, that is the time to buy.  No, I say the public still loves their equities.

Wed, 11/03/2010 - 13:35 | 696332 Ludwig Van
Ludwig Van's picture

 

Pump, JUMP (but slowly), then dump -- Fat Boys in cash when the Olds meets the oak -- tow off the "wreckage" as a public service -- at 6-7+% dividend, higher yield on loaned money, plus 3% purchasing power bonus on cash in the mattress (mild deflation benefits creditors not debtors) -- offset with low-cost USDA grocery plastic to placate peeps and their pups.

We watching from below are duped by our own incredulity. The setup -- it is happening now. Believe it or not.

 

Wed, 11/03/2010 - 10:33 | 695725 doomandbloom
doomandbloom's picture

as Yoda would say

 

on Ben!, Bring it

Wed, 11/03/2010 - 10:33 | 695726 TradingJoe
TradingJoe's picture

To (US), it means, be long with tight stops, if we can't stop them, then lets make some money and get out of here asap! "Be brother with the devil, until you passed the bridge"! And then...FUCKING BURN IT DOWN!

Wed, 11/03/2010 - 10:47 | 695772 Hugh_Jorgan
Hugh_Jorgan's picture

Your gains from going "long with tight stops" had better be converted to hard assets quickly or they will be devalued into nothing by the crashing dollar. I wonder if my brokerage will cash out my profits in hard gold or silver?

Wed, 11/03/2010 - 10:36 | 695736 CB
CB's picture

Nah, they won't give it up. They'll eventually repackage it with a global central banking system and global currency.

Wed, 11/03/2010 - 10:38 | 695741 intraday-wizard
intraday-wizard's picture

the fed has to act m.ft.com/blog/2010/11/03/392846/charts-du-jour-qe2-edition?catid=10

facts matter more than trash talk from most of guest rants about the fed on here.

Wed, 11/03/2010 - 10:38 | 695742 drexl spivey
drexl spivey's picture

I guess Saxo doesn't have access to the Discount Window and their app to become a PD was rejected.  Sour grapes.

Wed, 11/03/2010 - 12:33 | 696150 BigJim
BigJim's picture

Yes, it's a bit shocking to hear a banker railing against FRB, isn't it?

Wed, 11/03/2010 - 10:40 | 695752 centerline
centerline's picture

Those pension funds and savings are already toast.  Have been.  So.... bring it on is right.  Let's get this party started.

Wed, 11/03/2010 - 10:41 | 695753 tamboo
Wed, 11/03/2010 - 10:41 | 695754 RockyRacoon
RockyRacoon's picture

Saxo Bank?  That's the Danish thingie?

So what.

Wake me up when JPM joins the chorus.

Wed, 11/03/2010 - 11:04 | 695845 Gene Parmesan
Gene Parmesan's picture

Most dogs have more sense than to do that.

Wed, 11/03/2010 - 12:54 | 696220 Lucius Corneliu...
Lucius Cornelius Sulla's picture

JPM is the FED.  That is one voice you will never hear in this chorus.

Wed, 11/03/2010 - 10:42 | 695757 system failure
system failure's picture

I think it would be  alot easier to comprise a list of the few who would still support the FED and their continuous failed (bubble blowing) policies.

Wed, 11/03/2010 - 10:44 | 695766 kaiserhoff
kaiserhoff's picture

The Fed will be reigned in just as Governor Moonbeam takes the oath in Cali. 

Chinee clusterfuck on steroids!

I need more popcorn;)

Wed, 11/03/2010 - 10:48 | 695779 buzzsaw99
buzzsaw99's picture

The Synagogue of Satan is going down!

Wed, 11/03/2010 - 10:49 | 695781 macholatte
macholatte's picture

 

The Federal Reserve is about to take a huge risk in hopes of getting the economy steaming along again. Nobody is sure it will work, and it may actually do damage.

That's from the below article from this morning. Pure unadulterated propaganda. First, the premise: "...in hopes of getting the economy steaming along again." is not necessarily true. Maybe the Fed means to destroy us once and for all and has until maybe sometime next spring to get it done (new Congress not seated until January).

Next is the context: "Nobody is sure it will work, and it may actually do damage."  WTF kind of "Get Out of Jail Free Card" is that?   Benny meant well but screwed 300 million people? Oh, well. Just another day at the office. Move on. Accountability is not something to be expected from the elites.

 

The Fed's big gamble: Here's what could go wrong

http://www.forbes.com/feeds/ap/2010/11/03/general-us-fed-risk_8070404.html?boxes=financechannelAP

 

Wed, 11/03/2010 - 10:49 | 695783 Rider
Rider's picture

FED has been "Effing" the Taxpayer for long time ... so now..

Eff the FED!

Wed, 11/03/2010 - 10:52 | 695791 szjon
szjon's picture

what the hell just happened in PMs?

http://www.kitco.com/charts/livesilver.html

 

Wed, 11/03/2010 - 10:59 | 695825 Jendrzejczyk
Jendrzejczyk's picture

Freeekin' freefall.

Wed, 11/03/2010 - 11:03 | 695840 szjon
szjon's picture

Trying to tease in the dip-buyers before a major correction? I'm waiting to add to my pile. This is frying my nerves.

Wed, 11/03/2010 - 11:37 | 695952 Gene Parmesan
Gene Parmesan's picture

Or trying to drive the price down while "they" back the truck up to the loading dock?

Wed, 11/03/2010 - 12:32 | 696147 DoChenRollingBearing
DoChenRollingBearing's picture

Let them bring the price down.  "I" will back up the truck one last time to buy more.

Wed, 11/03/2010 - 11:06 | 695851 Gene Parmesan
Gene Parmesan's picture

(A buying) Opportunity knocking?

Wed, 11/03/2010 - 11:12 | 695875 MeTarzanUjane
MeTarzanUjane's picture

The news has been leaked.

Wed, 11/03/2010 - 12:28 | 696131 RockyRacoon
RockyRacoon's picture

With that the only market moving appreciably, you could be right.

Wed, 11/03/2010 - 12:35 | 696160 BigJim
BigJim's picture

Push the price down before they announce a massive QE, in the hope to reduce the inevitable price rises afterwards?

Wed, 11/03/2010 - 11:16 | 695886 szjon
szjon's picture

Where does it end?

Wed, 11/03/2010 - 10:52 | 695792 Revolution_star...
Revolution_starts_now's picture

repost from another article. But it applies here as well:

Make no mistake here people you have but 2 ways this can go.

option1. De leverage the banks and let the government, tax payers, and the world share the pain. It will take 10 years and lot of pain to remove the shadow banking system derivative leverage and the pain must be shared.

Option2. Revolution.

 

Any questions?

Wed, 11/03/2010 - 11:48 | 695986 jus_lite_reading
jus_lite_reading's picture

I'll take, Revolution for $14 Trillion, Alex.

Wed, 11/03/2010 - 12:18 | 696093 Revolution_star...
Revolution_starts_now's picture

and the question is:

How much money did the fed give to the banks today?

Wed, 11/03/2010 - 10:52 | 695795 buzzsaw99
buzzsaw99's picture

It's time for some Goy Joy, end the fed!

Wed, 11/03/2010 - 10:56 | 695802 John McCloy
John McCloy's picture

If the Fed launches a monstrous QE and we start seeing some sky high gas prices and food costs I believe we can easily put together legislation to audit every aspect of the Federal Reserve,private notes, trading desk activities, phone logs and it will unquestionably pass. Rand Paul can create havoc for 6 years for the Federal Reserve and Kentucky will love him for it. 

   After this routing politically I cannot imagine Democrats fearful of the 2012 Senate races not getting behind this.Here were the previous NAYS for the Vitter Amendment:

 

Akaka (D-HI)
Alexander (R-TN)
Baucus (D-MT)
Bayh (D-IN)
Begich (D-AK)
Bennet (D-CO)
Bennett (R-UT)
Bingaman (D-NM)
Bond (R-MO)
Boxer (D-CA)
Brown (D-OH)
Brown (R-MA)
Burris (D-IL)
Cardin (D-MD)
Carper (D-DE)
Casey (D-PA)
Conrad (D-ND)
Corker (R-TN)
Dodd (D-CT)
Durbin (D-IL)
Feinstein (D-CA) Franken (D-MN)
Gillibrand (D-NY)
Gregg (R-NH)
Hagan (D-NC)
Harkin (D-IA)
Inouye (D-HI)
Johanns (R-NE)
Johnson (D-SD)
Kaufman (D-DE)
Kerry (D-MA)
Klobuchar (D-MN)
Kohl (D-WI)
Kyl (R-AZ)
Landrieu (D-LA)
Lautenberg (D-NJ)
Leahy (D-VT)
Levin (D-MI)
Lieberman (ID-CT)
Lugar (R-IN)
McCaskill (D-MO)
McConnell (R-KY) Menendez (D-NJ)
Merkley (D-OR)
Mikulski (D-MD)
Murray (D-WA)
Nelson (D-FL)
Nelson (D-NE)
Pryor (D-AR)
Reed (D-RI)
Reid (D-NV)
Rockefeller (D-WV)
Schumer (D-NY)
Shaheen (D-NH)
Specter (D-PA)
Stabenow (D-MI)
Tester (D-MT)
Udall (D-CO)
Udall (D-NM)
Voinovich (R-OH)
Warner (D-VA)
Whitehouse (D-RI)

 

Wed, 11/03/2010 - 13:19 | 696288 JW n FL
JW n FL's picture

You are not very smart but I will try any way....

 

http://www.opensecrets.org/

 

There is no difference between the Parties...

 

Bush ='s Obama or vice versa...

 

On average we pay the whores $400k per seat (ruff average Congress and the Senate)... the lobby pays that same seat (ruff average) $4 Million... annual.

 

There is no difference between the parties... just a sales pitch, but at the end of the day the same lobby buys them both off...

 

My Whore is better than Your Whore at blowing Big Business by proxy thru the Lobby... is not a stone throwing contest I enter any more.

Wed, 11/03/2010 - 10:54 | 695803 Robslob
Robslob's picture

Common people...some just PLEASE strap on a bomb when Ben and Timmy are in the building and blow to hell...take one for the team for gods sake!

Wed, 11/03/2010 - 11:14 | 695881 MeTarzanUjane
MeTarzanUjane's picture

A more palatable solution, do like the Amish do and shun the fuckers, their plans, and ambitions.

Wed, 11/03/2010 - 11:18 | 695895 Iam_Silverman
Iam_Silverman's picture

You first.

Trust me, I'll go next - I'm just having trouble finding a vest that fits comfortably.

Wed, 11/03/2010 - 12:29 | 696137 RockyRacoon
RockyRacoon's picture

Go long buggy whips!

Wed, 11/03/2010 - 10:55 | 695809 Amsterdammer
Amsterdammer's picture

Prof. Michael Hudson gave a great conference in Berlin:

U.S. “Quantitative Easing” is Fracturing the Global Economy

http://www.globalresearch.ca/index.php?context=va&aid=21716

Wed, 11/03/2010 - 11:11 | 695872 jus_lite_reading
jus_lite_reading's picture

Excellent find. Thank you. Now, moving on to orders of magnitude...

Wed, 11/03/2010 - 10:58 | 695819 Amsterdammer
Amsterdammer's picture

Prof. Michael Hudson gave a great conference

in Berlin

"U.S. “Quantitative Easing” is Fracturing the global economy"

http://www.globalresearch.ca/index.php?context=va&aid=21716

 

 

Wed, 11/03/2010 - 11:00 | 695822 King_of_simpletons
King_of_simpletons's picture

The chinese are going to feel more inflation and their populace is going to start to rumble more. Offcourse, our inflation is going to be less than 2%.

Wed, 11/03/2010 - 11:17 | 695889 MeTarzanUjane
MeTarzanUjane's picture

They already are. Talk to someone in the interior. You will be shocked by what they report. Some real suffering will take place because of the FED ponzi and Goldman bubble machine.

Wed, 11/03/2010 - 12:31 | 696141 RockyRacoon
RockyRacoon's picture

“If I were BoJ, I would set a trap for all the currency speculators in the world. I would intervene in the currency market, appearing unsuccessfully, to lure speculators to commit more and more funds. I would get into a spit fight with the US Treasury and appear scared from time to time, egging the speculators on. I would quietly sell ¥10 trillion per day, not completely offsetting the speculative inflow and allowing dollar-yen to drop slowly with rising trading volume. I would play the game for two months and let dollar yen drop to low 60s until ¥500 trillion of speculative funds are sunk at an average price of 75. I would then announce unlimited supply of yen at 120. The speculators would suffer losses of ¥ 312 trillion instantaneously. They have to unwind their positions to stop losses. Just in case that they don’t unwind, I would announce the price would be raised to 130 one month later. I would use half of the profit to retire 16% of the national debt and donate the other half to Melinda and Bill Gates Foundation for helping Africa. I would refloat the currency, after all the speculative positions have been closed, and impose 0.1% Tobin tax on yen currency trading to stop future speculation.”
Andy Xie, 12th October, 2010, in China Finance

Wed, 11/03/2010 - 12:36 | 696165 DoChenRollingBearing
DoChenRollingBearing's picture

Very interesting find Rocky, thanks for sharing that.

Wed, 11/03/2010 - 10:59 | 695824 Maos Dog
Maos Dog's picture

When is the Fed releasing the statement today?  I am not being lazy I could not find a time in any article.

 

 

Wed, 11/03/2010 - 11:07 | 695858 spartan117
spartan117's picture

2:15 Eastern.

Wed, 11/03/2010 - 11:10 | 695868 Maos Dog
Maos Dog's picture

Thanks for the info! I will start drinking at about 1:45 then.

Wed, 11/03/2010 - 12:06 | 696053 John McCloy
John McCloy's picture

+1

I highly reco the Banana Ben Daquiri

Wed, 11/03/2010 - 12:32 | 696144 RockyRacoon
RockyRacoon's picture

I'm partial to the Fed Fizz with dash of Grenadine.

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