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Ben B. Nixed The Coin - What Does That Mean?
In the past 24-hours I've been reading the postmortems on the Coin; I just watched the Sunday morning shows. In my opinion, the Press is missing the story.
The key sentence from the White House that killed the Coin for good:
“Neither the Treasury Department nor the Federal Reserve believes that the law can or should be used to facilitate the production of platinum coins for the purpose of avoiding an increase in the debt limit”
I think the line "Treasury nor the Fed", is baloney. It was the Fed, in a message delivered by Bernanke, that caused Obama to back off on any consideration of the Coin. There might have been wiggle room in existing law to print a Coin, but there is nothing that says that the Fed had to take it. And Bernanke said, "No". When Obama ditched the Coin, he did it because it was no longer an option. Bernanke took the option off the table. The WH statement makes it sound as it it was their decision, that's just smoke and mirrors.
What bothers me about this is the timing. Why would Treasury/WH go public with its position on the Coin weeks before the deadline was reached? There are at least 14 days left before the SHTF, so, "Why now?"
Did Bernanke put pressure on the WH with a threat to go public that he was unwilling to accept a Coin as valid payment? If so, the WH would have wanted to get ahead of the Fed, so Treasury came out with the nix.
I think Bernanke got some calls from other Central Banks. They told him it would be a dangerous precedent for America to do this. If there are coins to be printed, it would be better if some other country (possibly Japan) do it first. After all, the dollar is still the #1 reserve currency. The foreign CBs have some say in this.
I also think that Bernanke got calls from Republican leaders. Heavy hitters, like Richard Shelby (R, Al), can get Bernanke on the phone. I'm sure that these folks told Ben that if the Fed facilitated the Coin, they would raise hell. They would rake Bernanke over the coals.
But guys like Bernanke don't just roll over when someone whistles. And old timers like Shelby don't make one sided-deals. So what could have been winked, nodded and agreed to by all of the actors on this stage?
Take the Debt Limit debate completely off the table.
Republicans have everything to lose if they force the country to functionally default on the debt. If they did that, they would get murdered. Kiss-off the Republican party for another eight years. The Reds would probably lose the House bi-elections, and their majority; and they know this.
If Congress passed a 6-12 month extension of the Debt Limit, it would not diminish the Republican bargaining position at all. In fact, it would strengthen their position, and improve their public perception (from the current level of +0.01).
The Debt Limit is not the only line in the sand for Republicans. They have the Sequestered Amounts they can fight over, but even that is a sideshow. The real issue that will trip up the Administration is the need for a Continuing Resolution. The CR is required by law, if there is no budget approved by the House. It is now 1,350+days since the US has had a budget. There is no way in hell we are going to have one in the next 90 days.
If the Republicans want to shut down the government, they have a much better issue to do it over than the Debt Limit. (The CR will do the "job" ) So watch for what appears to be a "concession" from some Republicans this week. Don't cheer too loudly if this happens (the markets will - at first). It doesn't change the fact that a showdown is coming, and it's coming pretty quick. The chance for a big brawl, that ends up shutting the government down, is still very much in the cards.
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It is a major scam. If that is 'money' then we are near the end.
The fact this made it all the way up the political chain...means the executive government is null and void.
THAT IS THE STORY !!!! The fact it was being discussed at all IS THE STORY. THERE IS NO EXIT.
An operational amplifier that feeds an Ankh in it's feedback loop; now that's an interesting avatar.
Yes its geeky and elegant. Also amplifies Zero. I saw the ankh as I built it...so there are philosophical and moral undertones. Take it hard to zero...to find a path.
Holy Shit!
Op-amps, ankhs and avatars. I'll log in to thumbs-up that. Kudos!
I'm confused, were they contemplating issueing one 1 trillion dollar coin or were they going to press $1 trillion dollars worth of platinum coins based on the market price of platinum? The first option is dangerous as the coin could be used by accident to buy a cold coke on a hot day.
It would be just a platinum coin, probably 1 ounce, that says $1 TRILLION. Melt value, roughly $2000
The metal value of U.S. coins has generally been well below the face value ever since they got rid of silver.
This is NOT in any way an attempt to bring back honest money.
At today's price of platinum, a trillion dollars worth has never even been mined in its history. It is a very rare metal. My opinion is it would be a symbolic 1 trillion.
But who knows what it would do to the price per ounce. Looks like we won't find out any time soon
hmm, so the purpose of minting these coins is to avoid an increase in the debt limit. to accomplish the outcome or result which is not desired, (avoidning the debt limit) coins would have to issued as legal tender to pay down government debt
they would pay SSN benefits in platinum coins, not dollars, and pay medicare payments in coins, not dollars, and military pay, in coins as well? how much platinum is in each coin? probably less than face value, or it would cost them a trillion to make a trillion
the price of platinum goes up, and the government has to pay more for the second issue.
meanwhile the first coins are worth more, but probably still not enough PM there to match the face value. (like a $5 gold coin with an OZ of gold for instance, but in this case you received the coin at face value and the PM value exceeded FV)
by the nth issue however it begins to get interesting, since the government would have to try and corner the market in platinum. they would be paying out wheelbarrow loads of paper money to print $5 coins. you definitely wouldn't want to he holding paper if that happened.
then of course the platinum bubble raises the personal wealth index dramatically, for those smart enough to take coins and get rid of paper. (they could do the same thing by orphaning the currency, and doing a reissue, but i think they must avoid tampering with electronic deposits, but the tail does wag the dog, since there are very few real dollars relative to notional dollars, you can inflate the value of those real dollars and imply a higher valuation for the notional dollars as well, without inflation!) how?
you could reissue fives for ones, etc.
its madness but it might work, (and thats what this is all about, figuring out what americans would do if they start screwing with the money)
The idea (I think Clint Eastwood came up with it) was to make a SINGLE Trillion dollar coin and sell it to The Bernank. The Bernank doesn't have a trillion dollars to buy it with anyway, but he could say the mortgage backed securities went up in value by $100 billion this month and leverage his profits to give the treasury an IOU for the coin. The Bernank's IOU is as good as gold or platinum or mortgage backed securities. The pea is under one of those 3 shells. Gotta watch 'im close, though.
or he could buy the coin using his MBS marked to perfection, and then he can say the platinum securities went up in value. home prices will increase but only after the platinum bubble currency is used to back them. Clint Eastwood?
Ben is just demonstrating his Green thinking. In an age of digital money why waste a perfectly good piece of Platinum?
I very much disagree that republicans have a "lot to lose" and will get "hammered" in the elections.... first off those elections are 2 years away - we have a VERY short memory and this whole thing will long be forgotten by then...
Second, if the Tea Party did not pick idiot candidates this past time that said some amazingly dumb items (like "rape babies are legitimate") then they would have won a LOT more seats.... the movement away from teh Democrats is a LOT stronger than people thinks... look at the local state governments... hell even here in Michigan we have a REPUBLICAN Gov, REPUBLICAN House, REPUBLICAN Senate locally... and by WIDE margins... but nationally we voted for Obama and have 2 Dem Senators... but when it comes to the HOUSE we have a LOT of republicans... it all depends on how you spread the vote... I think the Hosue will stay 2014 Republican pretty much no matter what happens.... the locals are up in arms and are much more likely to turn out for a mid-cycle election than most of the "free loaders" for a Presidential election.
I think what Bruce is saying is that the Republican Party is unpopular.
Including among - no, make that especially among - Republicans.
Trillion dollar fucking coin. The floating of such an jaw-droppingly and transparently bizarre concept shows the desperate straits in which the USSA, led, incredibly, by the feckless, sophomoric, bumbling incompetent Captain Obooba, finds itself in.
The failings of our reckless and remarkably weak political leaders, leaders we deserve since we are so soft and stupid, are foisting us into an Orwellian reality at a remarkably rapid clip.
Everything is a lie. What a dishonest country we are today. I believe a Winter may be settling over the world at this moment. Calm. Soon very cold. Then an awful tempest.
they will bring it back when the debt is over 20t
Cut everything 15% tto start. Wait 6 months. If it is not enough then cut 5% a quarter from EVERYTHING until the budget is balanced.
F TV and Hollywood who will bash anyone trying to cut down the size of cancerous govt.
I hate to break it but the public sector deficit IS the private sector surplus.
There is no other 'place' for the surplus to come from.
Private sector surplus ... as in money in YOUR pocket.
(shakes head ... )
Talk about defaulting on the debt and shutting down government is BS. When faced with implementing cuts, State and Local Government always threaten to start by cutting off high value services - police, fire, teachers (but not administrators), aimed at causing the maximum disruption. It has been said that the Federal Government wastes 25 cents of every dollar it spends. (I'm not sure that this applies to transfer payments.) However, the Obama administration and the Congress do not want to cut a single dime of spending - in fact they want to spend more, another stimulus package (euphemism for State and Local Government bailouts).
However, this is not a recent problem - in the Regan Administration, budget director David Stockman recounts what happened when he tried to eliminate the tobacco subsidy - all the Agriculural Subsidy policians grouped together to block the measure, figuring that if the tobacco subsidy was eliminated, their subsidy might be next. When he tried to eliminate the California orange subsidy on the grounds that Florida oranges received no subsidy, he was told that their was a flaw in his argument - he was comparing oranges to oranges.
There are dozens of useless Federal Agencies that could be shut down. However, the chance of any of them being shut down is slim to none - we are more likely to create more of them.
Rick Perry already looked into this and there are 3 departments that can be eliminated entirely, saving a ton of money. Oops, he forgot to tell us which ones they were (while Ron Paul was guessing) before he left the race. I say we wait until 2 days before default and at midnight, eliminate 3 departments. Just like the sequester, their would be a day certain that can't be delayed and they do it at midnight, the witching hour.
@" ..nix, what does it mean?"
..
"..Germany's economic freedom was short-lived; but it left several monuments, including the famous Autobahn, the world's first extensive superhighway.
Hjalmar Schacht, a Rothschild agent who was temporarily head of the German central bank, summed it up thus… An American banker had commented, "Dr. Schacht, you should come to America. We've lots of money and that's real banking." Schacht replied, "You should come to Berlin. We don't have money. That's real banking."
(Schact, the Rothschild agent, actually supported the private international bankers against Germany, and was rewarded by having all charges against him dropped at the Nuremberg trials.)
This economic freedom made Hitler extremely popular with the German people. Germany was rescued from English economic theory, which says that all currency must be borrowed against the gold owned by a private and secretive banking cartel -- such as the Federal Reserve, or the Central Bank of Europe -- rather than issued by the government for the benefit of the people.
Canadian researcher Dr. Henry Makow (who is Jewish himself) says the main reason why the bankers arranged for a world war against Germany was that Hitler sidestepped the bankers by creating his own money, thereby freeing the German people. Worse, this freedom and prosperity threatened to spread to other nations. Hitler had to be stopped!
Makow quotes from the 1938 interrogation of C. G. Rakovsky, one of the founders of Soviet Bolsevism and a Trotsky intimate. Rakovsky was tried in show trials in the USSR under Stalin. According to Rakovsky, Hitler was at first funded by the international bankers, through the bankers’ agent Hjalmar Schacht. The bankers financed Hitler in order to control Stalin, who had usurped power from their agent Trotsky. Then Hitler became an even bigger threat than Stalin when Hitler started printing his own money.
(Stalin came to power in 1922, which was eleven years before Hitler came to power.)
Rakovsky said:
“Hitler took over the privilege of manufacturing money, and not only physical moneys, but also financial ones. He took over the machinery of falsification and put it to work for the benefit of the people. Can you possibly imagine what would have come if this had infected a number of other states?” (Henry Makow, "Hitler Did Not Want War," www.savethemales.com March 21, 2004)."
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"...Hitler began a national credit program by devising a plan of public works that included flood control, repair of public buildings and private residences, and construction of new roads, bridges, canals, and port facilities. All these were paid for with money that no longer came from the private international bankers.
The projected cost of these various programs was fixed at one billion units of the national currency. To pay for this, the German government (not the international bankers) issued bills of exchange, called Labor Treasury Certificates. In this way the National Socialists put millions of people to work, and paid them with Treasury Certificates.
Under the National Socialists, Germany’s money wasn't backed by gold (which was owned by the international bankers). It was essentially a receipt for labor and materials delivered to the government. Hitler said, "For every mark issued, we required the equivalent of a mark's worth of work done, or goods produced." The government paid workers in Certificates. Workers spent those Certificates on other goods and services, thus creating more jobs for more people. In this way the German people climbed out of the crushing debt imposed on them by the international bankers.
Within two years, the unemployment problem had been solved, and Germany was back on its feet. It had a solid, stable currency, with no debt, and no inflation, at a time when millions of people in the United States and other Western countries (controlled by international bankers) were still out of work. Within five years, Germany went from the poorest nation in Europe to the richest.
" ....
How Hitler defied the bankers
Submitted by Abdul Alhazred on Fri, 2008-05-09 19:58
http://wakeupfromyourslumber.com/node/6720
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comment:
history is beginning to rhyme, that is what it means.
So if the central bank issues money we are all slaves, but if the treasury issues money we're free?
Politicians must be angels. Man it's a good thing they're around.
No, the treasury takes something (kinda like mortgage backed securities and Fannie Mae and stuff) and claims it to have great value and either loans it to the Feral Reserve (like mortgage backed securities) or sells it to the Feral Reserve (like the coin). Either way, the Feral Reserve doesn't have a trillion or 2 trillion to give us or loan us anyway and even if they did, they need to bail out Europe at the same time and get rid of some of the toxic crap they're all ready sitting on. This is all China's fault, really. If they want to work for $2 an hour, they need to buy the toxic IOUs like they were doing, except at least 5 times more of it per year. They're "currency manipulators", kinda like crooks and bankers.
@"So if the central bank issues money we are all slaves, but if the treasury issues money we're free?"
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i suggest .."So if the central bank issues money we are all slaves, but if the treasury issues money we're responsible (free)?
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politicians are employees but they work for the banksters
and claim to work for the people who are the debt slaves
to the banksters. once we clear this up we can move on.
no?
apologies if this is more annoying than helpful.
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Dre4dwolf
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Can someone explain to me, what the difference is between printing 16 Trillion Dollars on paper or Digital Bits, and Printing 16 trillion Dollars on the back of a Metal Coin?
So- Far the only difference I can see is ... who is doing the printing.
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Sun, 01/13/2013 - 15:05 | 3149224 blindman
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one is an asset of questionable value, priced
by decree of the sovereign(allegedly, if you
accept that the treasury is part of the government
of the people of the u.s.a.) ; the other is debt
held on the books of the fed to be paid back with
interest. i think that is it. it is like in
ghost busters where they say "don't cross the streams"
to take out the giant marshmallow man....and then they say ..
cross the streams! funny movie
you may find this informative/clarifying?
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Renaissance 2.0 - Financial Empire - Full Length - Damon Vrabel
http://www.youtube.com/watch?v=96c2wXcNA7A
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Money As Debt II: promises unleashed (FULL MOVIE)
http://www.youtube.com/watch?v=lsmbWBpnCNk
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when your money is some one's debt or promise to pay
back, what is your money when they don't pay? or promise
to pay 1 trillion, plus more, that dilutes the promise
you accepted as payment for some thing or service which
is now repriced by the variance of the outstanding
promises in the domain?
it has nothing to do with angels but to do with the
private control of the fractional reserve debt creation/
money system and the math of decades of rolling over debt,
debt accumulation, saturation and inflation which is also the money supply needed
to avert deflation from destroying all investments, capital, in a
synthetic and usurious inflation dependent inequality designed
to maintain control of labor, behaviour and resource allocation.
everything falling back into the hands of the systemic extenders
of credit at interest, the interest that creates the financial
exchanges and markets for credit. the markets that make life
possible and then when they prove to be unreliable and over extended,
make life impossible as the rates and expectations and speculations
that drove them previously are dashed and there is the inevitable
and required crash or bursting of the bubble. all assets and collateral then are seized by the banks by using the instruments of government and law enforcement, which they sponsor and own. the banks that are essentially nothing more than a utility but have become the government, the fascistic variety engineering national and
industry wide destruction for the money and power. they know not
what they do and neither do we and apparently that is the way
we all, survivors, like it.
anyway, try the links if you haven't already seen them.
the banks or the people direct the government. one or the other.
there is no other option. there would be no banks without the
government to enforce their standards and requirements.
the question is do people exist to service government and
the bank or does government and banking exist to service people,
and which people? just the bankers and government people?
no angels here yet. well, there are but .....
You bold it like it's a bad idea, given the lack of responsibility the current owners of the planet are showing, perhaps we should have a one world govt, unless you prefer the one world kleptocracy we currently have.
Of course you see rule by corporations as superior to democracy you're a rabid, racist, republican, religious loon who promotes social darwinism as the pinnacle of corporate achievment.
You and all your money grabbing corrupt day trader/forex friends are the problem, to you corruption is godly and honesty is stupidity.
Are you bruce krastings bitch on weekends too?
Perhaps there'd not be an issue if there were elections. I tend to believe the majority should rule because, the majority of the time, the majority are right. I also believe that either incompetence and/or corruption is the leading characteristic at the top of the pyramid. It's beyond ridiculous to hand over rule to the same people who have just lately destroyed the financial lives of millions of people and several nations. (And yet....and yet...Attempt at Glass-steagall reenactment was rejected ...
http://archive.org/details/UnSeizureOfUnitedStates-RelocationAndDepopulationUnderAgenda21
This form of globalization will be closing the doors to potential geniuses in every field is what would be the result of cordoning off the poor from rising up the ladder because servitude will be a ball and chain around their ankle. Transferring the wealth and redistributing it will leave an entire nation's people to face destitution and worse. Rather, bringing developing nations up to 1st world standards, relocation programs, building new factories to supply the material to build homes and towns with irrigation and an infrastructure would be my choice.
This contaminated version of corporatism will leave one man standing in the end. Mistakes will be made and they will be costly beyond description (Greal Leap Forward comes to mind).
Mr Barroso asked by Canadian journalist to explain why North Americans should "risk their assets to help Europe", he replied: "Frankly, we are not here to receive lessons in terms of democracy or in terms of how to handle the economy.
"This crisis was not originated in Europe... seeing as you mention North America, this crisis originated in North America and much of our financial sector was contaminated by, how can I put it, unorthodox practices, from some sectors of the financial market."
A constitution should be used to curb the excesses of the state against the individual not to enshrine them.
Exhibit A,
Article 1
Human dignity
Human dignity is inviolable. It must be respected and protected.
Article 2
Right to life
1. Everyone has the right to life.
2. No one shall be condemned to the death penalty, or executed.
Article 3
Right to the integrity of the person
1. Everyone has the right to respect for his or her physical and mental integrity.
2. In the fields of medicine and biology, the following must be respected in particular:
The free and informed consent of the person concerned, according to the procedures laid down by law,? the prohibition of eugenic practices, in particular those aiming at the selection of persons,? the prohibition on making the human body and its parts as such a source of financial gain,? the prohibition of the reproductive cloning of human beings.
Article 4
Prohibition of torture and inhuman or degrading treatment or punishment
No one shall be subjected to torture or to inhuman or degrading treatment or punishment.
Article 5
Prohibition of slavery and forced labour
1. No one shall be held in slavery or servitude.
2. No one shall be required to perform forced or compulsory labour.
3. Trafficking in human beings is prohibited.
Article 6
Right to liberty and security
Everyone has the right to liberty and security of person.
Article 7
Respect for private and family life
Everyone has the right to respect for his or her private and family life, home and communications.
Article 8
Protection of personal data
1. Everyone has the right to the protection of personal data concerning him or her.
2. Such data must be processed fairly for specified purposes and on the basis of the consent of the person concerned or some other legitimate basis laid down by law. Everyone has the right of access to
data which has been collected concerning him or her, and the right to have it rectified.
3. Compliance with these rules shall be subject to control by an independent authority.
Article 9
Right to marry and right to found a family
The right to marry and the right to found a family shall be guaranteed in accordance with the national laws governing the exercise of these rights.
Article 10
Freedom of thought, conscience and religion
1. Everyone has the right to freedom of thought, conscience and religion. This right includes freedom to change religion or belief and freedom, either alone or in community with others and in public or in
private, to manifest religion or belief, in worship, teaching, practice and observance.
2. The right to conscientious objection is recognised, in accordance with the national laws governing the exercise of this right.
Freedom of expression and information
1. Everyone has the right to freedom of expression. This right shall include freedom to hold opinions and to receive and impart information and ideas without interference by public authority and regardless
of frontiers.
2. The freedom and pluralism of the media shall be respected.
Bolding is mine, and while you may feel i am cherry picking, I would suggest that it gives the individual more protection than your own constitution.
Read for youself.
http://www.europarl.europa.eu/charter/pdf/text_en.pdf
The only big diff is gun control and i'm fine with both having that or not, i dont mind everybody having a gun as long as they are taught that it s a tool not a toy, seems to me america doesnt need gun control it needs gun education.
Just my two cents.
"unorthodox practices, from some sectors of the financial market"
Last i checked those same sectors still control all of your country, once the people of the usa kick em out and capitalism returns to america then you may have a point, till then all you have is sesame street politics and cartoon capitalism.
My country is becoming no better, no matter what party we vote in the technocrats still run the show, EU constitution guarantees individual rights far better than the USA.
Our tory party (slightly to the left of your dem party) wants to remove the only bill of rights we have that is based on the peoples rights being inherent, they want a bill of rights based on subservience to privilege and class.
IMHO, britain in 25 years will either have european cultural values or american values, call me old fashioned but i would rather live in a country that values its people as its most precious resourse not some shiny metal or bits of paper.
I dont doubt the courage of your convictions, but throughout history national/social movements step in once capitalism fails.
just sayin,
I am a Canadian too :P
Canada ceased the operation of dark markets (goldman 666) 9 months after it was initiated. I think that is a good sign. Building forts with moats for the heroes, forcing them to live like prisoners to stay alive may be our only option. Who wants to risk an early arrival to the bone yard to save the globe today. These people are experts at what should be only seen in the 007 movies. Human Resources is all we are in this new world.
I've trained my brain to skim right past bold posts now. It's a great way to avoid self-important blurbs.
But I still stop sometimes and berate them, unread.
It's great to be an American.
Iran supposedly is pushing to bypass the dollar in oil trading. This supposedly is the basis on why Iran is the enemy. Saddam had been saying the same thing as was Colonel Khadaffy. I am not fan of Iran, Saddam or the colonel. From what i can tell, the Syrain people prefer Assad to Obama/BP/UK/Rothschild/Al Qeada/Saudis.
I gave you an up arrow for not being racist in your post.
Iran is already bypassing the US dollar, selling oil for gold, Yuan, whatever.
Saddam never got that far. He merely threatened to move away from the US dollar and he was taken out.
Iran is proving US won't attack, going way further bypassing USD than any other MENA country has.
And they're right, US won't attack, not when Russia & China have told the US in clear terms stay the fuck out of Iran or else.
Russia & China love ignoring Obama's embargo, they get Iran's oil cheap while thumbing their noses at America.
It's getting more embarrassing for America watching Russia & China completely ignore Obama's embargo. Euro nations are getting pissed off too, not able buy Iranian oil, watching China get it cheap.
America is no longer the #1 superpower. Russia & China are proving it every day in Iran, telling America stay the fuck out, don't dare cross that line at the Iranian border or we'll fuck you up six ways to sunday, and that goes double for your shitty little proxy Israhell, we'd love to nuke them right off the planet, just give us half a reason, make our day.
Oh, and BK, I believe you supported that ridiculous "trillion dollar coin" idea long as it went to social security or some bullshit like that. You dumbass idiot.
*Sigh ...*
The oil producers accept any currency that trades freely on F/X markets. Like other international traders the oil producers do what they can to limit risks.
A reason for ascencion of Dubai is its liquid currency markets, which is where Iran trades money (today).
Thank you, Steve. It never sinks into the dollar conspiracy people's heads that oil is fungible and convertible currencies are fungible. It doesn't matter what they are priced in.
I'm not sure what this fellow's rant is about, but on the question what does "Nix" mean? (Google does not recognize the word in any context that makes sense to this blog)
This goes way back. I'm 19, working as a waiter in a fast moving place with plenty of drinkers. Everyone is in a rush. I'm plauged with special orders, "dressing on the side". "No potato, I want two vegtables", stuff like that.
Another waiter, lady been at this for awhile, gets the same thing, she comes back with "Nix". I hear this, see the customer look up surprised, not sure, but its sounds like a no. And maybe they should just order the #1, no sides please, and another Vodka Gimlet ASAP.
Anway, I started using "Nix". It worked. It has meaning to me.
No one else?
Does anyone have any contact with one of the "Rothschilds"? Seriously, I want to work for them. They are portrayed as so all-powerful and such. I want to be on that team.
There might have been wiggle room in existing law to print a Coin, but there is nothing that says that the Fed had to take it...
My issue isn't with the word "nix" but the terminlology "print a coin". The treasury may strike coins and have them engraved with anything the congress deems appropriate. Printing is done to notes. However, in regard to coins, there is evidently nothing to preclude the treasury from striking any face value the congress deems appropriate, irregardless of the "intrinsic" or PM market value of the bullion the coin is minted from.
In fact the federal reserve is the force that has caused us to be adrift in regards to sound currency for decades now. "Face value" on US government struck coins has been a fraudulent act for over 50 years as a result of the fed's influence, so personally, I have no problem with the US exercising the sovereign will of the people and telling the federal reserve to pound sand now. At least the US is willing to exchange real US Dollars to pay off the fed's supposed obligation rather than using ben's ethreal FRNs.
Who's the admiral on this ship of state anyway?
jmo.
b,
if you read the thing it is clear as to what
it is about, what it is all about, and check the link
for the complete context. it is about the issuance
of legal money and what the implications are in the
realm and domain of nation states. what it means for
the people in the domain and context of the nation or
state and what it means for international investors
who have an interest in a piece of the action in that
money issuance. the word usury comes to mind, that
and perpetual debt slave. u puttin' me on, pullin'
my leg? nix, also german root, below the noun and verbe
etymologies.
.
online etymology dictionary
http://www.etymonline.com/index.php?allowed_in_frame=0&search=nix&search...
.
nix (n.) "nothing, none," 1789, from Ger. nix, dialectal variant of nichts "nothing," from M.H.G. nihtes, from gen. of niht, nit "nothing," from O.H.G. niwiht, from ni, ne "no" (see un-) + wiht "thing, creature" (cf. naught).
nix (v.) "cancel, refuse, forbid," 1903, from nix (n.). Related: Nixed; nixing.
noun \?niks\ Definition of NIX : nothing Origin of NIX German nichts nothing
First Known Use: 1789 Rhymes with NIX Brix, fix, mix, pyx, six, Styx 2nix
transitive verb Definition of NIX : veto, reject <the court nixed the merger> Examples of NIX
- <our supervisor nixed my request to work from home, if only on a trial basis>
- <movie audiences have effectively nixed the idea of the reviving the old-fashioned western by emphatically ignoring this latest effort>
First Known Use of NIX circa 1903 Related to NIX Synonyms: decline, disallow, disapprove, negative, deny, refuse, reject, reprobate, withhold Antonyms: allow, concede, grant, let, OK (or okay), permit[+]more 3nix
adverb Definition of NIX : no —used to express disagreement or the withholding of permission —often used with on <they said nix on our plan> See nix defined for English-language learners » First Known Use of NIX 1902 4nix
noun Definition of NIX : a water sprite of Germanic folklore Origin of NIX German, from Old High German nihhus; akin to Old English nicor water monster and perhaps to Greek nizein to wash
First Known Use: 1833
Lady had it right. Thanks for the clarity.
Who can forget that great headline in 'Yankee Doodle Dandy' the James Cohan biopic starring James Cagney.
He holds up a copy of Variety that says, "Hicks Nix Stix Pix." Meaning that rural audiences didn't approve of the 'Ma and Pa Kettle' variety of rube movies that were popular at the time.
I wish I could find that bit on youtu.be, but alas, no.
Cagney was reading a paper in a hammock and explained the headline to kids in a passing jalopy. Recall Gene Wilder's Young Frankenstein and "ix-nay on the otten-ray"?
Cagney was reading a paper in a hammock and explained the headline to kids in a passing jalopy. Recall Gene Wilder's Young Frankenstein and "ix-nay on the otten-ray"?
Great idea... someone please, please shut down the US government and start a new one. The world will thank you.
Here's what we just witnessed:
The Coin was an inside joke amongst the members of bank.gov that was taken seriously by geniuses like Krugman and that guy at your workplace that's SUCH an idiot. The members of bank.gov saw the dumbasses take it seriously and blew it up some more before axing it, thus assuring that they can do anything they want now as long as it doesn't sound as stupid as The Coin.
In 200 years, the period between 1900-2016 will be known as the Century of Dipshittery That Surpasseth All.
Thank you for talking about the platinum coin but not implying it is worth $1trillion as the media wants us to believe. Heck, We can make it $18 trillion and buy out all outstanding debt and buy all future debt at 0% if needed:-) We need no federal reserve!