• Sprott Money
    05/06/2016 - 06:03
    The US, in its own decline, is showing this same self-destructive tendency. The worse things get, the greater the inclination of the citizenry to say, “Carry on, everything’s fine.”

"When You Have Fiat Currency, What Level Of Value Is Real", Santelli Asks

Tyler Durden's picture


The rise in energy prices; the surge in food prices; and the march higher in nominal stock market indices - all symptoms of one thing - central bank (or government) policy; and CNBC's Rick Santelli is calling them to task for their two-faced ignorance. "What is the difference between outright currency manipulation versus the collateral damage to one's currency based on central bank programs?" he rhetorically asks, "in my mind, very little, but obviously, in the minds of many leaders of G-7 developed economies, there's a huge distinction." And therein lies the rub. As Japan follows Bernanke's decade-old plan to reflate by literally printing money into existence - just as every other developed fiat currency nation - their argument is that they are fighting deflation - or stimulating growth - when, in fact "The distinction between collateral damage and outright manipulation is absolute malarkey." Now that the currency wars have gone global - no matter what well-placed op-eds will try to convince otherwise - Santelli sums it all up perfectly, "in the end when you don't have a standard and you have printing and fiat currency, what level of value is real?"  


We remind those bullish Japanese stocks that the 11% rise in the NKY since the holidays has created 0% wealth for a USD investor thanks to the JPY destruction (beta is 175 NKY points per 1 big figure handle shift in USDJPY) - ask the Zimbabweans how wealthy they felt.


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Wed, 02/13/2013 - 15:38 | 3240876 GubbermintWorker
GubbermintWorker's picture

And its not even two ply!

Wed, 02/13/2013 - 15:42 | 3240884 The Juggernaut
The Juggernaut's picture

Perception and the deadliest army.  Thats all the value you need to be a currency standard.  OH!  And a bunch of stupid people, of course.

Wed, 02/13/2013 - 15:45 | 3240892 Say What Again
Say What Again's picture

Most of the time, the CNBC videos don't play on my computer.

Error Code VID : 504

Does anyone else have this problem.

Wed, 02/13/2013 - 15:46 | 3240898 Gypsyducks
Gypsyducks's picture

Sounds more like a blessing to me.

Wed, 02/13/2013 - 15:47 | 3240902 Gamma735
Gamma735's picture

Yes, I am getting the same error code.

Wed, 02/13/2013 - 16:55 | 3241112 Al Gorerhythm
Al Gorerhythm's picture

Ron Paul's microphone working yet?

Wed, 02/13/2013 - 15:47 | 3240904 CunnyFunt
CunnyFunt's picture

The video you are trying to access is unfortunately unavailable at the moment.
A message has been sent to our customer care team so that we may fix the problem.
We apologize for any inconvenience.
Error Code VID : 504



Indeed Santelli isn't allowed to say fiat.

Wed, 02/13/2013 - 15:57 | 3240939 ParkAveFlasher
ParkAveFlasher's picture

I never get that code, now I do.  "Fiat", a dirty word now?

Wed, 02/13/2013 - 16:18 | 3240997 fourchan
fourchan's picture

are we all completely shocked santellli has finally pointed out the emperior has no clothes? FIAT!

I know i am, he might get rattagened soon.

Wed, 02/13/2013 - 16:37 | 3241056 NotApplicable
NotApplicable's picture

Thing is, he's the last draw they've got left, so they might as well keep him around while he chronicles their shared demise.

Wed, 02/13/2013 - 16:40 | 3241066 fourchan
fourchan's picture

i forgot to say, i have never seen a video go down and stay down like this, not even cramer calling the idiots idiots.

Wed, 02/13/2013 - 17:01 | 3241121 NotApplicable
NotApplicable's picture

It works for me. Though I notice they cut off the video before the end of his segment.

Wed, 02/13/2013 - 17:16 | 3241158 sodbuster
sodbuster's picture

Indeed Santelli isn't allowed to say fiat.

Yep- fiat is a 4 letter word!

Wed, 02/13/2013 - 15:48 | 3240908 Westcoastliberal
Westcoastliberal's picture

No it's just u

Wed, 02/13/2013 - 15:58 | 3240943 Tango in the Blight
Tango in the Blight's picture

I guess your anti-malware software flags them as containing bullshit.

Wed, 02/13/2013 - 17:19 | 3241171 sodbuster
sodbuster's picture

If that was the case, I'd never be able to load MSN, MW, Bloomberg, CNN, or a host of other news websites- heck, I wouldn't have been able to get any of the Big Zero's SOTU BS!

Wed, 02/13/2013 - 15:59 | 3240946 zerozulu
zerozulu's picture

This will play.

A US citizen is punidhed for $20 loan. What will be the punishment for $16,000,000,000,000.00



Wed, 02/13/2013 - 16:01 | 3240948 azzhatter
azzhatter's picture

I don't allow any CNBC on any of my devices. I do however have a picture of Cramer and LIESman on the bottom of my toilet

Wed, 02/13/2013 - 16:09 | 3240981 Say What Again
Say What Again's picture

I have a picture of Irina Shayk on the wall in front of my toilet.

My cleaning lady keeps asking why I pee all over the ceiling.

Wed, 02/13/2013 - 17:30 | 3241200 jayman21
jayman21's picture

To make that picture complete, you gotta add Blythemaster somewhere.

Wed, 02/13/2013 - 17:21 | 3241169 Cap Matifou
Cap Matifou's picture

no bettering in sight

The video you are trying to access is unfortunately unavailable at the moment.

Wed, 02/13/2013 - 17:55 | 3241283 2bit Hoarder
2bit Hoarder's picture

today was the first time for me.  must be obama's new cyber security in action. 

Wed, 02/13/2013 - 18:51 | 3241415 Ying-Yang
Ying-Yang's picture

The problem was with the plugin-container.exe introduced in version 3.6.4. My Firewall was blocking it. When I added a rule to allow plugin-container-exe to make a connection the problem was resolved.

Wed, 02/13/2013 - 17:23 | 3241111 DaveyJones
DaveyJones's picture

if it only had modern presidents faces on the paper. Then there'd be a bit of satisfaction wiping me arse 

Wed, 02/13/2013 - 15:39 | 3240879 larz
larz's picture

or cushy

Wed, 02/13/2013 - 15:41 | 3240882 dick cheneys ghost
dick cheneys ghost's picture

Is Rick allowed to say 'fiat currency' on national TV?


The money changers wont like that.

Wed, 02/13/2013 - 15:44 | 3240894 davidsmith
davidsmith's picture

Ask Valerie Jarrett.  But pass it by Tony.  And oh, by the way, have Alsammarrae take a gander at it, too.

Wed, 02/13/2013 - 15:47 | 3240903 Joe Davola
Joe Davola's picture

Apparently not, he's been VID code error: 504'd

Wed, 02/13/2013 - 16:03 | 3240958 Shell Game
Shell Game's picture

Rick is going to find himself relegated to a nice little place online, much like Judge Napolitano did when he spoke the unmentionable on Fox.

Wed, 02/13/2013 - 16:08 | 3240977 SmallerGovNow2
SmallerGovNow2's picture

Bingo, the Judge and Beck were sensored off the air no matter what Fox or anyone else's story is.  Fox was "pressured" to let those two go...

Wed, 02/13/2013 - 17:00 | 3241126 eddymunster
eddymunster's picture

After all the anti-gun BS on Fox I have a hard time tuning in.

Wed, 02/13/2013 - 16:06 | 3240972 Tango in the Blight
Tango in the Blight's picture

Most viewers don't even know what fiat currency is. They're just watching to be told what overpriced stocks they should invest in and that they should avoid gold because it's "risky".

Wed, 02/13/2013 - 16:22 | 3241013 fourchan
fourchan's picture

lol beautifully said.

Wed, 02/13/2013 - 16:28 | 3241030 Say What Again
Say What Again's picture

They think he's talking about some little POS car.

Wed, 02/13/2013 - 16:40 | 3241067 NotApplicable
NotApplicable's picture

Well, it's not backed by any other "thing" ya know.

Things are important! Especially abstract things. They're absractly important.

Or so I've been told.

Wed, 02/13/2013 - 18:18 | 3241341 blindman
blindman's picture

here i repeat a joke often told by armand dimele, wbai radio, etc..
albert einstein had a crack in his sidewalk and decided to repair it
and he did, replaced a slab with fresh cement and went back to his study.
later he looked out the window and saw children gathered around his
work and writing with sticks in the wet cement. he went running out screaming
at the children who quickly ran off. when he went back inside, elsa,
his wife and cousin, said "albert, why are you so mean to the children,
you love the children?".. albert said " i love the children in the
abstract, not in the concrete."

Wed, 02/13/2013 - 15:48 | 3240883 Cult_of_Reason
Cult_of_Reason's picture

The unemployment problem will be fixed with Fed engineered tulip mania 2.0!

Free markets and price discovery mechanisms are no longer needed.

The monetary Gods at the Fed will decide where asset prices and tulip prices need to be in order for people to feel "wealthy" and spend.

Wed, 02/13/2013 - 15:42 | 3240885 davidsmith
davidsmith's picture

"When You Have Fiat Currency, What Level Of Value Is Real", Santelli Asks.


And the answer is: whatever value the Fuhrer says is real. Next question?

Wed, 02/13/2013 - 16:04 | 3240964 Al Huxley
Al Huxley's picture

That's what I'm counting on.  I don't have to worry too much about it, our benevolent masters will look after their flock.  If I did think about it, it would be too confusing anyway, like why something that's available in infinite quantity can continually go up in price, like who's lending the government all that money, like why things that are limited in quantity and hard to get go down in price, lots of confusing things in our modern economy.  I'm just glad we have some super-geniuses looking out for us.

Wed, 02/13/2013 - 15:43 | 3240888 stinkhammer
stinkhammer's picture

paging mr. whipple

Wed, 02/13/2013 - 15:44 | 3240889 AllWorkedUp
AllWorkedUp's picture

How come there's not an article about Rosenberg's flip flop on Fast Money today? Isn't he ZH's resident bear? WTF?

Wed, 02/13/2013 - 15:56 | 3240936 SheepDog-One
SheepDog-One's picture

No, that's 'Rosenpenis'....wrong guy.

Wed, 02/13/2013 - 16:41 | 3241072 NotApplicable
NotApplicable's picture

Did he channel "Balls to the wall" Tepper, by chance?

Wed, 02/13/2013 - 22:46 | 3241920 Bob Sacamano
Bob Sacamano's picture

Whether Rosenberg is spouting bullish or bearish -- he is not intelligent nor articulate. 

Wed, 02/13/2013 - 15:44 | 3240890 Water Is Wet
Water Is Wet's picture

"in the end when you don't have a standard and you have printing and fiat currency, what level of value is real?"

Similarly, when bonds outperform stocks on the day, "reality" didn't reassert itself, because what level of value is real?  And when stocks outperform bonds, the markets aren't "ignoring reality" because, again, what level of value is real?

Wed, 02/13/2013 - 15:45 | 3240897 Chippewa Partners
Chippewa Partners's picture

Isn't a FIAT what old community organizers could afford to drive?    

Wed, 02/13/2013 - 16:44 | 3241079 NotApplicable
NotApplicable's picture

Yes, indeed.

Why, I can still remember the good ole days when French cars would torch themselves. (Yet another jorb taken by the immigrants)

Wed, 02/13/2013 - 15:48 | 3240913 Dr. Engali
Dr. Engali's picture

Nothing is real in the matrix Rick...only now you are starting to understand.

Wed, 02/13/2013 - 16:07 | 3240975 espirit
espirit's picture

The real question is whether Rick really took the red pill...

or is he just faking it?

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