• Steve H. Hanke
    05/04/2016 - 08:00
    Authored by Steve H. Hanke of The Johns Hopkins University. Follow him on Twitter @Steve_Hanke. A few weeks ago, the Monetary Authority of Singapore (MAS) sprang a surprise. It announced that a...

2008 Redux

Tyler Durden's picture

Your rating: None

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Wed, 08/10/2011 - 17:59 | 1548644 High Plains Drifter
High Plains Drifter's picture

yeh and its all meredith whitney's fault too............

Wed, 08/10/2011 - 18:11 | 1548659 Shell Game
Shell Game's picture


Wed, 08/10/2011 - 18:35 | 1548815 redpill
redpill's picture

Notable difference from 2008: Gold has replaced the USD as the reserve currency of the world. And that barbarous Lone Ranger and his trusty horse Silver are riding fast.

"You tell him I'm comin'... and I'm bringin' hell with me."

Wed, 08/10/2011 - 18:37 | 1548824 Id fight Gandhi
Id fight Gandhi's picture

Metals were the only safe place to park your money for the last oh, decade.

Just hording cash is a losing battle. Costs on everything we need to buy have gone up.

Wed, 08/10/2011 - 19:00 | 1548919 spiral_eyes
spiral_eyes's picture

how high will gold go?

the real question is how low will the dollar go:


Wed, 08/10/2011 - 19:30 | 1549037 Libertarians fo...
Libertarians for Prosperity's picture

Speaking of how high will gold go...

I think the CME just hiked margin requirements on gold, effective tomorrow.


Wed, 08/10/2011 - 19:32 | 1549044 Two Towers AU AG
Two Towers AU AG's picture

Yes, I heard the same.. 20% hike in margin requirement effective tomorrow.. the KidLieLow was saying that on his show .

Wed, 08/10/2011 - 19:57 | 1549143 disabledvet
disabledvet's picture

so when a government with a massive trade surplus buys gold--do they do so on margin????? more to the point--"is the CME bankrupt" because we already know all they have is margin? (let me guess: backed by the entire city of Chicago.) we already know bank of america is. perhaps we need to expand our view of "margin"--as in "margin of safety" or "margin of error." if we live on THAT margin--well, we have a deficit indeed. While i'm on the subject and as Larry Kudlow is on the cusp of annihilating the City of New York--among MANY other cities of course--it's hard to imagine one guy cornered the entire gold market once. and now all we have is "gold is worthless" and "show me the stupid money of inflation" since all we "need to know is a steepening yield curve." why would the greatest banker in history actually corner the gold market again? it was suppose to be impossible. now it must be a piece of cake since gold is "in a bubble."

Wed, 08/10/2011 - 19:33 | 1549052 Two Towers AU AG
Two Towers AU AG's picture

Which effectively means.. I get to buy more Physical at cheap prices..... yaaaaaaaaaaa I love the CME

Wed, 08/10/2011 - 19:38 | 1549076 Thomas
Thomas's picture

I'm not so sure. The after-hours market is not showing gold weakness.

Wed, 08/10/2011 - 20:05 | 1549170 caerus
caerus's picture

here's the game plan imo...hike rates...force selling...msm tells everyone the gold "bubble" just burst...whew, thanks msm!

Wed, 08/10/2011 - 20:34 | 1549266 Bob Paulson
Bob Paulson's picture

"how high will gold go? the real question is how low will the dollar go"

same thing.

Wed, 08/10/2011 - 20:43 | 1549316 Au_Ag_CuPbCu
Au_Ag_CuPbCu's picture

Grrrr, Don't laugh!  For the first time I am going to pull out the Visa and load it with silver.  I know I should have long ago but...well...I hate debt.  Please, wish me the best.

Wed, 08/10/2011 - 21:52 | 1549550 erg
erg's picture

I can commiserate. I wanted to buy Au when it was $800 but I was overly preoccupied with removing debt. I finally jumped in with both feet last October. I am thankful for the timing. I should have went deeper into debt long ago in this regard.

Good luck!

Wed, 08/10/2011 - 18:48 | 1548867 EscapeKey
EscapeKey's picture

1,815. Gold is money, and nothing else.

Wed, 08/10/2011 - 19:28 | 1549029 citta vritti
citta vritti's picture

yes, everything else is credit, and these days, who are you going to trust?

Wed, 08/10/2011 - 21:05 | 1549402 bigkahuna
bigkahuna's picture

Don't forget silver

Wed, 08/10/2011 - 18:54 | 1548890 Idiot Savant
Idiot Savant's picture

"You tell him I'm comin'... and hell's comin' with me, you hear? Hell's comin' with me!! "

Wed, 08/10/2011 - 20:11 | 1549192 disabledvet
Wed, 08/10/2011 - 20:16 | 1549209 Rodent Freikorps
Rodent Freikorps's picture

" A horse that flinches, is no credit to its master."

Wed, 08/10/2011 - 21:23 | 1549467 hedgeless_horseman
hedgeless_horseman's picture

And I looked, and behold a pale horse: and his name that sat on him was Death, and Hell followed with him. And power was given unto them over the fourth part of the earth, to kill with sword, and with hunger, and with death, and with the beasts of the earth.

I'm partial to grey geldings, myself.  Death will surely catch me, too, but it's going to be a race, a hunt, and a fight.

Thu, 08/11/2011 - 02:37 | 1549961 janus
janus's picture


How dare you steal my material.  Somebody needs to tell you about my suit to win copyright over all Scripture.  So consider yourself told...and ceased and dissisted, etc.

I don't suggest anyone with continence issues read what follows the exerpt hedgeless has here posted; it tends to get a little dark and morbid after the bright and chipper opening.  funny that prophecy thing; has a way of poppin back up -- like they suspected us all along.

Hunter S Thompson call the Book of Rev his fav; and he wasn't limiting the field to Scripture -- now that's some cred...HST has had an influence on janus -- no doubt.

even so, janus prefers the book of job.  it's elegant and supurbly crafted -- i fall for the high-brow and beautiful readily.  here's a little gem from deep within that dour lamentation:

"man is born to trouble as the sparks fly upward."

and so it seems,


Wed, 08/10/2011 - 18:55 | 1548902 Freebird
Freebird's picture


Wed, 08/10/2011 - 19:16 | 1548991 HITMAN56
HITMAN56's picture

well said...+10k

Wed, 08/10/2011 - 19:44 | 1549101 smlbizman
smlbizman's picture

why does everybody say there is volatillity..there is no such thing...the market is going fuckin down and gold is going up....rapid asscent or descent i will consider.....there is no volatillity... 

Wed, 08/10/2011 - 22:19 | 1549609 Imminent Crucible
Imminent Crucible's picture

You don't understand. "Volatility" is CNBS-Speak for "The markets are tanking! Oh no!"

When the Dow rises 600 pts in a day, no one on CNBS is lamenting the "volatility".

Thu, 08/11/2011 - 00:09 | 1549820 StychoKiller
StychoKiller's picture

Double-plus good on ya!  I thought I was the only one to figure out that particular doublespeak!

Thu, 08/11/2011 - 03:14 | 1549978 guilty bystander
guilty bystander's picture

yep, i noticed the same thing with BBC over last few days

Wed, 08/10/2011 - 18:03 | 1548660 Shell Game
Shell Game's picture

My golf game would be great if not for the sand traps and gounds keepers..

Wed, 08/10/2011 - 18:07 | 1548691 scratch_and_sniff
scratch_and_sniff's picture

My golf game would be great if not for my sex addiction...how many mickle's make a muckle?

Wed, 08/10/2011 - 20:19 | 1549218 Rodent Freikorps
Rodent Freikorps's picture

Hookers working the burger stand at the 9th green is just unfair.

Thu, 08/11/2011 - 02:14 | 1549947 janus
janus's picture

drink-cart girlz, bitchez!  you start laying the foundation witht the cart girl in the spring, and by fall you're reaping a ripe harvest.  learn something...golf courses get nice and empty round about october, and the cart girl knows how empty it is behind you...how much time you have to 'chat'.

cart girl: i tried to find you in the phone book but they didn't have a listing for mr wonderful.

janus: what spelling did you use?

Thu, 08/11/2011 - 07:39 | 1550123 Absinthe Minded
Absinthe Minded's picture

Tool. Exactly why my daughter will never be a beer cart girl.

Thu, 08/11/2011 - 10:49 | 1550847 janus
janus's picture

we'll see about that.

besides, janus is a generous tipper.

Wed, 08/10/2011 - 21:09 | 1549414 Diogenes
Diogenes's picture

Mony a mickle macs a muckle.

Wed, 08/10/2011 - 18:07 | 1548692 Hard1
Hard1's picture

I consistently hit 80 now.  When I hit the 80th stroke I leave the course...usually on the 12th hole or so.

Wed, 08/10/2011 - 18:27 | 1548782 Grinder74
Grinder74's picture

Hah, it only takes me 8 holes to get to 80. Lowest number wins right?

Wed, 08/10/2011 - 21:15 | 1549433 JohnG
JohnG's picture

You'll meet O'cantswingadriver on 6.

Love to beat the shit out of that.....   -5 handicap.

Play every other day if it's not to hot at 6 am in GA.

Teeee, heeee.....

Thu, 08/11/2011 - 02:43 | 1549963 janus
janus's picture

send all unused proVIs to janus, care of the "send janus your proVIs" campaign, a division of "janus knows what to do with them and you don't", LLC.

short game, bitchez!  where the wheat falls and the chaff spills off into second cuts and worse, way worse.



Thu, 08/11/2011 - 02:53 | 1549968 Incubus
Incubus's picture

golf is for losers.  go read a goddamned book

Thu, 08/11/2011 - 10:55 | 1550872 janus
janus's picture

go and read a goddam book on golfing.

"golf is life's only worthwhile pursuit." (conclusion at age 93) PG Wodehouse...get some, bitch!

Wed, 08/10/2011 - 18:37 | 1548826 Nepenthe
Nepenthe's picture

Whitney this morning on CNBS commenting on the Tea Party & then Santelli's response...


Wed, 08/10/2011 - 18:54 | 1548897 THE DORK OF CORK
THE DORK OF CORK's picture

Santelli is a court jester , nothing more.

Wed, 08/10/2011 - 18:59 | 1548916 moregoldplease
moregoldplease's picture

Well chosen and very appropriate nickname you have there laddie

Wed, 08/10/2011 - 19:19 | 1549000 THE DORK OF CORK
THE DORK OF CORK's picture

Fuck off , you Greedy Bastard.

Wed, 08/10/2011 - 19:35 | 1549062 Arkadaba
Arkadaba's picture

+ lol

Wed, 08/10/2011 - 19:52 | 1549122 Crisismode
Crisismode's picture


Thu, 08/11/2011 - 11:04 | 1550909 janus
janus's picture

why do i like you european bastards? perhaps it's cause you're as shiftless and ornery as ole janus; for whom i've cultivated quite an affection, in spite of what all it's cost me.

Wed, 08/10/2011 - 19:47 | 1549107 chinaguy
chinaguy's picture


CME gold margin hike

U.S. exchange operator CME Group CME +0.82% said late Wednesday it is raising the margin requirements for trade in a wide range of gold products, effective Thursday. The speculative margin requirement for a new position in Comex 100 gold futures will rise to $7,425 from $6,075, or to $5,500 from $4,500 for existing "current maintenance" margins. However, benchmark gold futures extended their rise in the wake of the announcement. Comex gold for December delivery GC1Z +1.28% rose to $1,807 an ounce from its $1,784 New York settlement level Wednesday, ahead of the CME announcement.

Wed, 08/10/2011 - 21:19 | 1549449 JohnG
JohnG's picture

Tis' nothing but a gnat.

Do NOT follow this link or you will be banned from the site!