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On the spin
So I was out of touch for seven hours or so. I check in with the news
sources just now on all the stories that matter. Unbelievable how much
things have changed in a third of a day. Even more unbelievable is that
all of the news is good.
First of is the No Fly (“NF”). Jim Cramer said on the TV the other day that as soon as the NF is announced, it is off to the races.
The NF means that all that Libyan crude and gas is coming back on line
in just a few days. Any supply issues that were nagging the market have
been relived by just the news. Oil should be under 90 and headed to 80
in just the next few weeks!
There is also very reassuring news on the Japan nuke front. None other
than the leader of the free world has spoken. Obama has made it very
clear that there is no risk of radiation on US soil. From Hawaii to Guam
and Samoa. From Alaska down to the coast of Mexico. Not any place where
the American flag flies is there ANY risk of exposure that would/could
have a medical consequence. This is very reassuring news. There is no risk what so ever to America. None.
Important developments at the failed nuke site. There are now 300
hundred people attempting to deal with the problem. As one news report
highlighted this is a 600% improvement in just 24 hours. Clearly progress is being made.
We now have fire trucks on location that are able to squirt water on the
stricken reactors and storage sites. I was not aware that this
technique could be so successful. Apparently putting out a 3,000 degree
fire of boiling spent rods is not as difficult as first thought. Even
better is the helicopter. The pictures I saw showed that the Huey was
able to drop the water with pinpoint accuracy. Not a drop was wasted. What an elegant solution.
The final bit of info that should bring a resolution to the nuke
problems is that the French have airlifted in 100 tons of boric acid.
Just in case that might not prove to be enough the S. Koreans are
sending another 56 tons. Problem solved.
Once again I am surprised. I thought boric acid was only useful for
killing cockroaches. Some say it can be helpful with a yeast infection.
But now we know that old-fashioned 20 Mule Team Borax is all that is
needed to absorb any unwanted radiation.
The now, more than adequate, water supply coupled with the magic of
borax creates the favorable status that bankers refer to as “Two ways out”. Lawyers think of it as, “Belt and suspenders”. There are options, there are solutions, there’s little risk.
The final bit of data is that the G7 Central Bankers are now acting as one in coordinated global currency intervention. This truly is good news.
The steady hands of the central bankers have eliminated downside market
risk. With the risk now behind us only the upside is left. The Yen
carry trade now has the blessings of all those well meaning central
bankers. We know how powerful a force this can be. This is the “stealth”
QE3-4 that Bernanke desperately needs and wants. The circumstances will
give him good “cover”. When global inflation ratchets up again as a
result of the Free Money Card from the G7 Ben can say, “Don’t blame me. It was the other guys that made me do it”.
A look at the latest “smart thoughts” from virtually every
financial institution and TV talking head is that the tragic events of
the past few weeks can lead to only one conclusion. Global growth is about to explode. Yes there may be a hiccup for a bit, but the future is as bright as it has been for some time.
Not one fucking word of this is true. It will take years
for those nukes to cool down. There is more risk in front of us than
behind. The resources being brought to bear are inadequate. There is no
quick fix, including borax. I truly hope the winds will always be
favorable. But that is just a hope. If the citizens decide they want to
be at least 200 miles away it would have major consequences to the
capital and the country. There is no Japanese growth story until the
nuke issue has been resolved.
In a few hours NATO forces will take out the airports and anti-aircraft
installations in Libya. I have no doubt that they will control the
skies. But they will not strafe forces loyal to Ghadaffi. They will not
put boots on the ground. The civil war in Libya just got notched up, not
down. Where is the next NATO No Fly? Jordon? Syria? Bahrain? Algeria?
How about Iran? A few big protests over there and all we have to do is
send in a carrier or two and do the No Fly?? We shall see if this leads
to stability in the ME. I see it is as an act of desperation. One that will bring significant negative consequences.
The G7 lit a fire tonight. I think this was also an act of desperation. When markets don’t do what they want Central Bankers come to the rescue. They fix the markets. Just like that. They buy stability with printed money. And they tell you there is no cost to it. Simply not true.
Those bankers that are spinning a tale of upside opportunity are an
interesting part of the mix. You don’t normally see them coming out of
the woods together like this. The noise from the “good news” boys seems a bit too orchestrated for me. One thing that may be a factor is the calendar for new issues, secondary’s and big syndicate bond deals. There is a ton of paper that wants/needs to get sold. It is sitting on the shelf waiting for a window. Those bankers have a good reason not to rain on their parade. But really, how can they be so confident when there is so much uncertainty?
Sorry for the rant. I’ve been around for a bit. I’ve always made note of the events that shape us. Never in my life have I seen so much spinning and manipulating.
It is coming from heads of state, government officials, central
bankers, commercial bankers and the press. It will be interesting to see
how long the spinning and manipulating will work. Not long is my guess.
Spin, Spin and more Spin
»
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he's always been one of us (in my opinion). He's simply more pragmatic with his phrasing of his interpretation of the events than many of us are...and that's not a bad thing.
Last night, as all this "good news" was rolling out...I found myself having my own mini nuclear meltdown. I finally had to shut down my computer and walk away out of concern that I was on the verge of tossing my monitor out my seventh floor window...which would have more than likely been frowned upon by my neighbors whos cars are parked below.
LOL.. what a great mental image!!
worked well for Bernie and his prey for a couple of decades, the idea of an iminent implosion is something all those who desire justice want to see, but the crooks and liars are in charge and the boot is firmly on the neck of the population
PS how did that Yen thing work out for you - stopped out or did you get out of that trade - I went long on a bunch of crap a week ago Weds only to see a 5% loss at the bottom of the current V - almost back to breakeven
You point out a real problem for me. Yes I stick my neck out from time to time on things that I think are worth a look. The Yen was one of them.
But on 3/2/2011 I wrote a piece and in it I said that the bet was off. It was my "The Dollar is Irrelevant" piece. (stolen from Tyler D.) That I got out of then and publicly said so was just luck as it turned out.
I was wrong. I'm not afraid to admit it when I am. The problem is that you (and presumably others) did not get the message. Not sure what to do about that....
http://brucekrasting.blogspot.com/2011/03/dis-and-dat.html
thanks that's why I asked, glad you got out (I remember that article but became distracted with the pirates and didn't read between the lines that you had acutally exited - my bad)
Big pirate connection here with the nuclear waste dumped by N Europe in the seas off Somalia. Inspiration perhaps?
Bravo bruce!
Especially the part about Obongo declaring every speck of American soil will be spared from Japanese radiation.
King Canute, anyone?
Guess thats why radiation has already been detected in California.
Owhamma has spoken!.
Borax works well for ants - just add powdered sugar and spread around where the ants are invading, then wait a week and the ants will have brought sufficient Borax back to the nest and it will be destroyed - but in the iterim where ever you placed that mixture (e.g. the kitchen counter) the ants will swarm in the hundreds/thousands for a week - from recent experience sometimes the solution is worse than the problem
Sob.....
And all along I thought that things were getting better.
A look at the latest “smart thoughts” from virtually every financial institution and TV talking head is that the tragic events of the past few weeks can lead to only one conclusion. Global growth is about to explode.
Shit, let's just declare war on ourselves and thereby stimulate our way to riches.
"Shit, let's just declare war on ourselves and thereby stimulate our way to riches."
Don't encourage them, the bootlickers are secretly pining for such a thing. Watching the little City Year zombies walking around in red jackets gives me the creeps.
When the SHTF you will be re-educated or else, with your torturer muttering something unintelligble about "social contract".
Two posts in a row LOL^2.
Your point is VERY well taken, Bruce. In fact over the past decade or so getting information (which was already near impossible from SOFCOM) has become a struggle - unless one knows where too look on the net. The most important stories (like the Liberty Dollar and NotHaus trial, like HAARP and its impact on geophysics, like the manipulatons in COMEX and LBMA) don't get word one in the mainstream press (aka SOFCOM.)
It's all good. If you don't read about it, it's probably a critical issue.
Nice post Bruce. I'm with you.
Great post Bruce, thanks a lot for all your efforts.
Great post Bruce. Sums up many of my feelings nicely.
Fantastic post, Bruce. In these foul days, one believes the proclamations of authority at one's own peril.
I know if I were in Tokyo with *any* means to leave, I would've bugged out a week ago.
The very essence being:
There is no risk what so ever to America.
Everything in the world seems to be calibrated by using this very standard.
For really good measurement:
There is no risk what so ever, ever to America.
All other nations are by definition well and truly fooked.
LMAO
Love the sarcaisiam (sic) (maybe its a new element on the periodic table).
They will pump this market for a very long time. Benny B and The Ink Jets have your back, and if the wheels fall off the cart again, well hell, they'll just change the rules again (ref mark to model).
You'll find it to the right of Corium.
Excellent analysis and ZH-ers can draw their own conclusions. I reckon that most people here have already moved to "high ground." Hopefully posts like this one will wake up more people.
It is a good idea to go back and re-read the founding documents (Declaration of Independence and Constitution of the US). Consider the ideals laid out in these documents in the context that the government has no more sanction to intervene in or control economic issues than it has to intervene in or control religious issues. I think that's good place to look for common ground when people get hung up on left vs right.
It's a circular activity all right, but not necessarily spin. The list of bubbles:
China manufacturing, RE
U.S. equities
Canadian RE
Australian RE
Brazil
JPY
All fueled by a global circle-jerk of central bankers and compliant pols (with F-16s). These SOBs have finally discovered perpetual motion, and there is nothing any of us can do but "participate" in one way or another.
Then get out of debt, buy gold and hold on to your loved ones.
Prepare. It looks like THIS TIME the end is near!
Good article Bruce . I imagine the truth as always will be released friday night through sunday . Then the spin will restart sunday night as asia opens .If it can no longer be spun maybe a holiday monday ?
futures so bright, i gotta wear shades
i dont 'gotta' wear a radiation protection suit ,but i will
long catastrophe
short solutions
+1000 JohnQ
All of this is just insane. I thought there was just enough sense in the room to let Libya crawl back in it's hole by itself...no. I thought by now for sure SOMEONE would be either to say that they were fighting this smoldering reactor and how...no. At least I never thought for a second that the banksters had everyone's best interests at heart. Forget playing this market. Forget expecting a sane outcome. I'm going all in PMs as soon as the check clears and going to sit on the sidelines holding my wife and daughter's hands.
You are not alone in your feelings. Give them a few hugs too!
Nicely written, sir. Bitter truths.
Snaps Bruce. Good stuff.
They learned from the most talented liar and fraud on the planet..........Barry Soetoro A.K.A. Barack Obama.
**snort**
yawn
conservative spin?
One adjective and one noun do not make a sentence, and no sense is derived from the combination. Try again.
Hey big red douche either join the conversation here at ZH or take your one line insults back to the Huff and/or newsvine. You are neither enlightening or savvy. I get more information trying to piece together a David Peirren rant then you have ever contributed here.
We have to speak up. Republicans are trying to dismantle the satanic NPR to save $11 but they don't hesitate to initiate a freakin war where we don't need to be starting a war. Sure, let democracy run its course unless it's not running our course. Folks, we need to tell them that WE CAN'T AFFORD IT!! It's their choice but it's our obligation to pay. Since the governments credit score is 3 and they can print their own money we need to find a way to prevent this. We can start by figuring out how much they are paid by the hour and require them to submit expenses online. How many Republican hours were spent on trashing NPR while they tell us they can't cut ANYTHING from the defense budget. Let us see the defense budget, let the soldiers see it, and we'll find a way to cut a billion tons of waste. We've all had enough.
The NPR has always been the Devils SHILL for the Progressive/Socialist causes.
ALWAYS.
+ Dos!
Jingoism doesn't fly around here.
Reckless use of plural possessive pronouns is better served for mainline adolescent echo chambers, there is no shortage from which to choose.
Think outside of the box. Fuck both the ministry of information as well as the millitary industrial complex.
++
If by 'we' you are referring to the American taxpayer, relax. The US taxpayer will never have to pay off the US debt - it's mathematically impossible.
Oh, you will pay it. Just not in a direct manner. To paraphrase FOFOA, it will be "dumped on your doorstep".
Que image of massive shopping bag of flaming dog shit.
No, it will be defaulted on.
However, so will all of the other promises and entitlements that Joe 6pack is expecting to receive, like medicare and medicaid.
Give the Republican, Democrat BS a rest. They are all the same. Wake up and join the party.
I agree about the R/D BS. But I believe the point is that CONgress is simply rearrranging the deck chairs on the Titanic and completely and utterly failing to address the massive spending in any meaningful way.
Both sides are guilty of this insanity. Harry Reid wants $$ for a cowboy convention and a nearby congressman in my state thinks this is important:
http://hamptonroads.com/2011/03/us-rep-forbes-god-we-trust-bill-sent-full-house
You are right. Point made, but that point is not something new. It is as tired and old as Congress itself. Anyone who has studied American history knows this. Americans are different, but as more abuse is piled on I am hoping more people will wake up and feel something other than apathy. If you want to blame a group, blame Intellectual Progressives. People who think their shit doesn't stink, they do no wrong, know better then anyone, and have so many alphabetical characters after their names you need an afternoon just to decipher the BS.
This is being pushed by Hilary and I think she is still not Republican. We do not have the money, but it appears France and Italy will be the muscle in this one, maybe it is not costing us a dime.