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Santelli On The End Of Paper Gold's Reign
Central Banks remain aggressive accumulators of the precious metal as we noted last night, as their actions outweigh their words; but as CNBC's Rick Santelli notes today, there is a big difference between the physical bullion they are buying and the 'gold bug' trading currently going on in our markets:
I don't even look at gold as gold anymore since they securitized it. If things [went] badly in the world that I used to observe (as a gold bug); the gold would end up in the hands of the gold bugs. If things go badly now, they're going to end up with checks from ETFs! Sorry, it's not the same. The reign of [paper] gold as the Ayn Rand endgame, to me, that's over. Game, Set, Match.
Which likely explains the incessant demand for precious metals from the US Mint over the past few months - as the other great rotation (from paper to physical) proceeds.
Starting 0:25 in this clip:
Perhaps these two charts will help explain the 'difference'... Demand continues to surge while 'prices' drop...
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how much gold is germany's central bank accumulating?
I'll attempt to answer your question. I will title this one "Troll Re-bating"
Being of the literary class I thought you might find that droll.
A: Gold is generally thought of as a safe haven and a repository of wealth.
When the tweed jacketed hoard sweeps from academia because the flow of tuition and government subsidized education money evaporates. And the lights go out and children and old ladies are being bludgeoned by pipe smoking Nobel laureates with unabridged dictionaries and copies of the Encyclopedia Britannica. And the world as YOU know it has ended gold will help me: 1)Bribe government officials, police, boarder guards, prison guards 2)Buy food assuming I can't eat my soy based textured meat product 3)Buy that Ukrainian chick in the side bar. yum 4) Fill your pockets with it and invite you to go punting on my pond.
But in all seriousness GOLD is simply shorthand for have a little bit of everything out of a system that has ZERO respect for you. It may mean guns, beans, a quiet place in the country, silver dimes, cash dollars 5s 10s 20s 100s.
Whatever it is Golunds are a way to cover whatever ass you may have left. Now if your question is: if, and when it get bad why would you want something like gold to help you survive. Well I believe it is you who seems glum chum. As a doomer I'm just ready to give myself a chance. If I fail, oh well I die, and most likely not before you oh noble tweedy. I find it odd you are so attached to the world as we know it. FORWARD DWTS!
"You all enjoy the liberties that we have established - weekends, holidays, minimum wage, equal rights - yet don't want to pay your fair share in taxes"
As a self employed business owner these "liberties" are not worth a puff of shit. and who is this "we" shit bub? Governments do not grant liberty dopey, they just ARE and a minimum wage is a demand not a liberty, if you doubt that try not paying it and watch your "liberty" get hosed down with a hail of bullets when you tell "we" to fuck off.
Krugman,
The .001% of the world that are gold bugs/doomers and have a problem with the status quo want to see the world end, when the fact is the society we have developed over the last few hundred years (Democracy, heard of it?) suits everyone fine. You all enjoy the liberties that we have established - weekends, holidays, minimum wage, equal rights - yet don't want to pay your fair share in taxes. Then you become paranoid that the government we have built is after you. Not everyone is angry about their lives like you.
Because they are either in the top 1%, or are blind sheeple.(when I am getting SCREWED, I feel it.
(Evidently you have zero foresight.)
Anyway, you didn't answer my question - what good is gold when the world as we know it has ended?
The answer sir, is 6000 yrs old, it will still hold value.
What difference could it possibly make in your scenario? It doesn't deserve an answer. More telling - the government we have built..., as if Krugie had much to do with building any democracy, any country. Krugie is a desperate statist, you egotistic bastard, a destroyer.
"Whenever destroyers appear among men, they start by destroying money, for money is men's protection and the base of a moral existence. Destroyers seize gold and leave to its owners a counterfeit pile of paper. This kills all objective standards and delivers men into the arbitrary power of an arbitrary setter of values. Gold was an objective value, an equivalent of wealth produced. Paper is a mortgage on wealth that does not exist, backed by a gun aimed at those who are expected to produce it. Paper is a check drawn by legal looters upon an account which is not theirs: upon the virtue of the victims. Watch for the day when it bounces, marked: 'Account overdrawn'.
~ Ayn Rand
... and not to forget the orgasmatron.
Funny... but I have to say that like some other serial trolls around here, he does a pretty good job of leveraging some truth as he makes his way firmly into the absurd.
Desperate governments are bound to do desperate things. It is hard to say how this will play out. PMs might be something our kids get someday to establish a start in some new economy. They might be a ticket across a border to a safer location. Who knows. In grand scheme of things, the overall collapse we are looking at could effectively take decades.
Not owning PMs among other things in my opinion is just plain stupid though. There is so much uncertainty here that all one can do is hedge in every way conceivable, including stock positions.
I'm assuming he cuts and pastes from Krugman as suitable to any discussion, given the length of some of his posts.
It just blows me away though how many fall for it, totally destroying any value that might be had in these comments. It's like these people see words along with a name, and suddenly their eyes glaze over as emotions spew forth. Meanwhile the whole thread devolves around him.
All in all, it serves to discredit ZH as an enlightened community.
Honestly, this shit ain't that hard.
TROLLS, BITCHEZ!
akak, what do mean false dichotomy?????? what the heck am i gonna do with my lifetime supply of toilet paper, 1000 cans of tuna, 300 jars of peanut butter and my backyard underground bunker fitted with a large screen tv, surround sound and a library of 300 movies?.........
You need to add 1300 cases of crackers to all that tuna and peanut butter.
youre right.....im on it.............................
Oh and don't forget a few cases of psyilium husk, it will reduce your toiler paper consumption by over 200% Tuna, PB, and crackers is like wallpaper glue.
akak,
You need to add 1300 cases of crackers to all that tuna and peanut butter.
Only problen is they will go bad before you used a tenth of them.
I was, of course, being facetious in that recommendation.
Although stored in an airtight, oxygen-free bucket with a dessicant, they could probably last for quite a few years, depending on their exact ingredients.
either-or fallacy..
Krugman, are you so desparate for attention that you have to come here and troll.
Whats your precious fed paper going to be worth in the senario you describe.
Pretty valuable, once toilet paper runs out.
I think I'd use the Fed Paper first...for the #2s that is.
In such a scenario TP will be worth more just for barter alone.
The scenario I describe is one I do not think will happen.
Ever.
Unfortunately what you think is irrelevant to the laws of Nature and physics. That which cannot be sustained, won't be.
History clearly illustrates that society moves in cycles. Nations come and go. Currencies come and go. This time we are sitting on a real epic cycle considering how technology and cheap energy have allowed us to expand population and stretch resources to incredible limits.
That is not going to end well. The only real big question is the timing. The rest is details. Of course the details matter - because it is details that we are trying to navigate... that make the difference between surviving or not.
Normalcy bias is a bitch, isn't it. PK sounds like my father-in-law.
Yo don't think it will happen. Ever.
Yet you use this scenario as an example of how gold is useless. Makes sense! Idiot.
Relax, he's just a troll, the obvious contradiction gives him away. oddly enough there are many contradictions in the "work" of the real Krugamn as well.
Krugman vs Krugman
Hack editorialist Paul Krugman attacked Jim Bunning last week for blocking the extension of unemployment benefits. Krugman said “What Democrats believe is what textbook economics says”, namely that the government should keep paying unemployment benefits.
There’s just one problem. As James Taranto pointed out, a Nobel Prize winning economist has written a very popular textbook that points out exactly what Republicans are saying — “Public policy designed to help workers who lose their jobs can lead to structural unemployment as an unintended side effect . . . . Generous unemployment benefits in some European countries are widely believed to be one of the main causes of “Eurosclerosis,” the persistent high unemployment that affects a number of European countries.”
The author? Nobel Prize winning economist Paul Krugman and his wife Robin Wells.
FORWARD KRUGIE"S SOVIET!
"Physics makes us all its bitchez."
Dr Krugman,
Maybe you don't do enough "research"...maybe your pffffduh didn't cover history (Argentina, Mexico, Russia et all) during economic distress...maybe you just like repeating the mantra of "you can't eat gold"...but I think you just may have been slurping too many of those eeeeviilllll sugary drinks in NYC...but the concept you should research is called "bartering"...It is a concept...
What happened in those countries will not happen here.
Explain to me Mr nobel prize winner, why FDR confiscated the Gold?
Was Gold somehow a threat to the paper ponzi system created in 1913?
What is it about Gold and Silver that paper money does not like?
Gold hoarding was hurting the real economy.
What gold? I have no gold, but if I did the dollar cost average on those holding would be around $300 per ounce. Tell me Dr. Krugman, what's the purchasing power of the holdings now? Say, relative to a barrel of oil?
"Gold hoarding was hurting the real economy." Aha! That's why Central Banks hoard it.
Those who seek to confiscate, using the power of government, the rightfully-held private property of individuals invariably attempt to demonize that rightful individual ownership of property as "hoarding".
"Hoarding" = owning that which is both legal and ethical to own, but which the powers-that-be now or soon wish to arbitrarily take from you.
When government (and its lackies) start parroting the word "hoarding", you will know that arbitrary and unjust confiscation of your property is coming.
The Daily Double.
Au.
Backed by Pb.
You are a fucking idiot.
Gold hoarding was not hurting the real economy. The excess credit build up following the establishment of the Federal Reserve led to a massive bubble, 1929, which burst. People wanted gold because of Gresham's Law.
Roosevelt stole it and then deprived its owners of 70% of its value when he reset the price by devaluing the dollar. A blatant statist act designed to protect the banks and debtors.
The fact that you went to Princeton and have a Nobel Prize is a fucking joke. You are a complete moron. Time will prove this to be true. Just wait.
Wrong answer. Too much fiat relative to gold in an attempt to support the British pound after WWI currency debasement. Britian tried to peg at old level and it wouldn't float.
On the contrary, the self-serving corruption and insanely coercive, unsustainable, statist policies that you espouse and endorse, and which our criminal and sociopathic oligarchic leaders pursue, guarantee that the financial and monetary status-quo will come to an end, while certainly impoverishing our society and the overwhelming majority of its citizens in the process. It is only your historical cluelessness, your disingenuous and spineless pandering to existing authority, and your extreme arrogance which allows you to spout the line "this time is different!", when in fact it never is.
Exactly. The only difference is the mechanisms used to attack society in thier vain attempt to maintain the status quo. The outcome is still the same.
Because you say so? You offer no reason why.
The deluded do not rely on facts --- their entire world spins on faith.
Just a relic from quaint and useless history:
Russia's Czar freed the serfs. Lincoln saw the light and freed the US slaves 2 years later. Both did it reluctantly.
If this seems odd to you, consider this:
If history does not make sense, then there must be missing or false data.
E.g., to discuss matters relevant to , say money and economics, while omitting issues of justice/fairness, fraud and privilege, is silliness.
Russia's Czar freed the serfs. Lincoln saw the light and freed the US slaves 2 years later. Both did it reluctantly.
He did it because overseas funds and armaments were coming to the South.
Otherwise the North would have lost the war.
Had they lost, we would not be in the shape we are today.
Gen.U.S. Grant held slaves for two years after the EP.
And the blacks that went North were more ill treated than they were in the South.Over 500k died from starvation and exposure in the North.
Yep,they were sure freed.
I read something once about the Russian Czar Paul during the time of serfdom.
He put out a decree that the landowners could only take 3 days of labor a week from the serfs.
Effectively of a 43% tax rate. How many of us pay more than that when you consider SSI, State, Local, Federal etc?
What makes the United States unique?
It's always folly, in my opinion, to state "it's different here", or "this time it's different". It's already happened in this nation, and it will happen again.
The reason the US' monetary system didn't collapse in the 1980s was because
So what is different today:
So, we're back in 1980, and unless something huge happens, we're not getting out of it alive this time. The world is going to have to be convinced somehow that the survival of the US is in their interest.
Krugman: "What happened in those countries will not happen here."
TRANSLATION: As long as the USD is the GRC (Global Reserve Currency), the Fed can print till the cows come home. As such, the Fed is not only diluting the currency and the foreign Debt obligations, but with all those Trillions of U$D's out there, they keep supporting our currency and our debt by their very use.
Only when there is a global repudiation of the USD, will it lose its GRC status, and then all fiscal hell will break loose. The FED and the DOD/MIC are there to make sure that it never gets to that boiling point in these small/tinpot countries.
Hence: "It will not happen here." If the Fed and DOD has anything to say.
Krugrandman,
What happened in those countries will not happen here.
Your right,it's going to be a LOT worse.
When the people sworn to protect the the US started using the elderly w/guns, and pregnant women and children as paper practice targets,that should,have turned on your headlights.
I'd rather be clutching gold in such a situation than a credit card.
Recently, while helping the Mrs, I took the wet clothes from the washer and put into the dryer. at the bottom of the washing machine was a1$ bill that I had forgotten about and had left in my pants pocket. It was really clean, and soft. I know that they are made out of a 'cloth-like' paper, but long story short, I think that they literally CAN be used to wipe ones ass! and cleaned for reuse!
Regrettably, they do not break down well in a septic system.
However the guy who pumped mine out seemed very happy to learn that.
Dear Dr. K,
A brick of Gold would be pretty good for breaking windows, no?
Or throwing at invading aliens!
Get this straight......Infltion goes to the moon & paper dollar value crashes. You have plenty, but it's worthless. Or, SHTF and you need to get out of Dodge fast. Plan to carry a couple of suitcases filled w/cash? Or, well, think about it.
You always did need a little more practical imagination.
You are so full of shit. Some people may be in a situation to fight over such things. Others will have prepared. For all of recorded history no one has ever had a problem exchanging gold for assets of real value or the value of another's labor, period. Guess we should have let those bad business models and bad management fail after all, huh? You shall be first for the guillotine and soylent green. Accountability will be restored one way or another.
Soylent Krugman would be a real shit sandwich.
well...
some people say...: If you don't hold it, you don't own it....
I partially agree with that... but it's not the complete truth...
It also says: IF YOU DON'T OWN IT YET, YOUR A FREAKING MORON!!!!!
If you don't hold it, you don't own it.
Ask His Honorable Corzine.
As another poster once said St. Pauly boy, if they come for our guns, they'll be collecting the bullets first.
Even better, "what guns"?
True dat.
Physical Gold seems to matter to the non-western Central Banks of the world as they continue to rotate into it from USD/Treasuries. It also seems to matter to the Chinese and Indian people too. Guess folks just tend to believe more in something that can't just be created from thin air by a cartel and shuttled to cronies so as to prop up a corrupt system.
And as evidenced in Cyprus, even cash in the hand seemed to count more than 'credit money' when things got serious.
Sure they're be bedlam if the financial system collapsed, but don't you think that there'd be a good chance that during the ensuing international conferences the BRICs would strongly promote a GOLD backed settlement system that would serve to keep inter government dealing more honest.
By the way Paul, have you ever had a "real" job in the private market?
Gold and gun gets you food and water, moron.
In your scenario, fiat quickly becomes worthless.
...So let me get this straight - the economy collapses, the power grid shuts down, the government comes for your guns, and people are fighting over food and water - how, pray tell, does having gold matter in this case?
I don't know. It depends on how much trade there is going on, particularly international trade. And whether women still value gold jewellery (hint: throughout history, they've never not valued it)
Whereas I do know one thing - in such circumstances I'd rather have a stack of silver and gold eagles hidden in a hole, than a position in USTs held by some brokerage on a bombed-out and deserted Wall Street.
those are all about as likely to happen as you getting a grip on reality
And you'll be face down in a shallow pool of water with your neck snapped.
Your turn!
Economies collapsed all the time centuries even millenia ago. You know, when there were no guns and everyone was axing each other over food & water. Gold seemed to matter an awful lot back then or so the archaeologists tell me anyway.
ask a joo it might get ya to another country or at least a bribe from a free shower
Because people realize a dollar is just paper and not even enough to set on fire to keep one warm. Meanwhile gold does have value, if even just as a necklace. Humans like shiny things and is unlikely gold will lose it reputation of having worth. People turn to gold to trade while government thinks they can control us. Government has millions of laws designed to control, and yet many find ways around them. Drugs are illegal, yet people trade it for money, stereos and even sex. It didn't matter that the government thought they had drugs "shut down". That gov "came for our drugs". That people are fighting and killing over drugs. So yeah, I'll be clutching my gold up my rectum to keep desparate trolls like you from stealing it.
Dr. Krugman, A lot of people hold gold not because they are doomsday preppers, but because they know the system is breaking down and they want hard assets, you get it? Hard fucking assets. Gold is fucking money you moron, it's a store of wealth. Get that in your nut.
there will be people cheering in the street after the zombies have their way with you. at least then you'll only be wandering around after someone's brains...although you could use them now tbh.
Didn't he run for president?
</sarc>
He who holds the most physical wins the game..
So far, looks like Germany based on the 10 yr.
Let's get physical..
Surely you are referencing The Wedding Singer, right?
as a wise man once said....
SHIT HAPPENS!
and I agree with those wise words of knowledge.
I will give it until Tuesday, but the massive gold repat race is about to begin.
Kick the tires an light the fires boys.
I give it untill monday.
Salaries are paid at the end of the month and enter the accounts between 28 and the 5th of the month.
That's when people will start pulling entire paychecks.
So you could say that there are 7 days where he bankrun will happen.
I sure wouldn't want to be the guy who receives his paycheck the 5th and trying to collect it...
I haven't had cable in a number of years but just watching this short clip makes me sick to my stomach (the two arrogant hosts are enough to make one's skin crawl.) I hope the 'securitization' of gold and silver continues for some time so I can keep swapping this toilet paper in my pocket for a real medium of exchange.
99% of the population have no idea who Ayn Rand was.
Isn't she the lady who said if you're not an architect or robber barron you might as well kill yourself?
So others may enlighten themselves who Ayn Rand was.......
http://www.brainyquote.com/quotes/authors/a/ayn_rand.html
Please don't perpetuate sociopaths.
And here is the start of the end of Western dominance.
http://www.cnbc.com/id/100596232
Perhaps you all should scrutinize Bitcoin. Just a thought...
hmmmmm...........petro-bitcoin.......has a nice ring to it...
or even BTC's competitor litecoin.. litecoin.com
littercoin
Shitcorn
That's what we feed the deer with in my neck o' the woods.
Bitcoin is going parabolic
http://tinyurl.com/bitcoinparabolic
That can go on for some time. FED is printing 50 times the entire market cap of Bitcoin each month.....
how do i short bitcoin??
Perhaps. However, one does not have to scrutinize multitudinous labyrinthine complications, get a PhD in computer technology, and implicitly rely on multiple levels of trust AND vulnerable, easily compromised infrastructure in order to use or understand gold.
Ok, sure.
F-bitcoin.
I'm stacking real metals, Bitchez!
If you don't have it with you, you don't own it.
Statists: if you don't kill them, they won't go away.
Priest: if you don't fuck it, your balls turn blue.
If you do not be quiet, you will not know peace.
If you live on your knees, you will not know peace.
If you live on your knees you are not walking.
If you don't eat your (horse) meat, how can you have any (pink slime) pudding?
+ for the Pink Floyd reference.
You will see severe backwardation at some point if this keeps up. The the market will turn physical with fully allocated ETFs decoupling from the unallocated ones.
You will see severe backwardation at some point if this keeps up. The the market will turn physical with fully allocated ETFs decoupling from the unallocated ones.
There is ZERO difference between the two.
Even the Fully allocated are not going to deliver the real metals.
(read the "fine" print")
I do not think Sanitelli has a clue what a real Gold Bug is.He had it backasswards.
Santellli awakens to the game of musical chairs.
Hey Rick, welcome. GATA has been saying this for 12 years.
I guess it is getting pretty obvious. The music appears to be slowing......
100:1 paper claims to physical metal. How long until physical gold goes no offer?
Answer: not long now.
And ....... it's gone!
"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."
Down the memory hole with inconvenient and uncomfortable admissions!
Actually 15 years for GATA. Formed in Vancouver, BC in 1998. I was there when Bill Murphy and Chris Powell started it.
Santelli should leave CNBS and come over to ZH for a daily article of truthiness. On second thought, fuck that. Let him stay on Sheeple TV so when it falls out e can say "I told you so!"
Who told you he doesn't do that already?
Note to self: "Unprepared" is Rick Santelli.
Close, I'm Sick Rantelli
I'm a little dissatisfied with my current name now.
I know he reads ZH.
He let it slip about a year ago.
Unfortunately Zero Hedge does not pay and state TV (CNBC) does.
<Santelli is allowed to venture out on the limb. Just not too way out thank you.>
I'd pay a fee for ZH membership.
Just gimme full access, right to comment, and a tee shirt that says "Gold, bitchez!".
Don't say that!
< I'd pay for premium access to ZH, if need be
< I'm a cheap ass, now where are the free stock picks?
I'd pay for it if a subscription came with the guarantee that I'd never have to look at an ad featuring Oboma's face on Zero Hedge.
Its ok. Jamie Dimon has assured everyone that the GLD and SLV are fully backed....with a giant pile of paper IOUs.
Talking of the demon, the Cyprus thing couldn't have come sooner to shift the public, MSM's attention away from him just when he started to come under fire. Even ZH gave up on the story.
Congress were forced to oblige and turn a blind eye as a result.
. . . whereas gold isn't backed by anything!
LOL, well remembered!
http://tv.naturalnews.com/v.asp?v=94051052ECB937B813C37910C72A9CD7
from 13:50
If physical gold is indeed being purchased and folks are taking delivery, the important question I have is, where is it all coming from? We all agreed long ago that the paper market was bogus. I certainly won't complain about spot prices dropping at this point, but knowing the source is also important.
LoP, check out the physical drains/movements over at GLD and SLV. Maybe?
I'm more concerned that it's real AU, not AU-plated W. But I am 'curious' where it might be coming from. Given this, I have my prefered source -- to mitigate the supply chain risk.
NICE CHARTS!.
Paper PM. A brilliant strategy for the banksters to screw the little guy one more time. I can't believe there is still a market for that crap.
Yup. They couldnt figure out alchemy, how to turn lead into gold to increase the "gold supply", so they turned to paper. What a better way to make believe there is alot more gold in existence than there actually is? What a concept---paper to gold instead of lead to gold. I won't feel sorry for the paper gold folks one iota, they have been warned for years....
If it ain't personally blinding you with its brilliance it ain't yours.
<All "it" really "is" is a claim chit that will not be honored in specie.>
You can only stretch the rubber band so far until it snaps. This too shall pass. Mr. Market will get what he wants in spite of the scum sucking turds that keep the price down. Just a little more patience.
ya, nothing fishy going on there in these markets, nope. Have no fear Gensler, Chilton an dthe CFTC have our backs... LOL
Ricks actually George Washington Lol
We live in strange times. I must be in the one percent Cuz I know who Ayn Rand is.
Sadly I'm just killing time reading zero hedge and wondering why my fellow sheep just don't get it.
I wish it would do what it's going to do.
I may have misinterpreted but my take was he didn't make the distinction between Paper Gold and the Physical Gold. As a former Gold Trader he certainly knows the difference.
======
“Gold has been securitized. I don’t even look at gold as gold anymore. Gold is just another piece of paper.” -- Rick Santelli
Then he went on to say if things go badly (I presume he was talking about on the COMEX and in the simulacra Paper Gold World) Paper-Holding Gold Traders will “Corzined” -- they’ll get worthless fiat or checks or nothing at all. Well, that’s a no brainer. Force Majeure is the logical conclusion to a rigged Ponzi Scheme – it’s just a matter of time.
He should make clear the distinction between Traditional Goldbugs (those people who buy Physical Gold and store outside the banking system because the they see the present financial system for the fraud it is) and the Gold Day Traders (the Bullion Banksters, the momentum-chasing hedge fund types, etc) in the fraud/scam/Ponzi market that trades in Paper Gold (and Silver) at the CRIMEX.
Same thing applies for holders of GLD and SLV. They’re gonna get screwed. It’s obvious. Just looking at who those funds custodians are – JPM, HSBC (the two biggest financial crime families in the history of banking).
Would be nice to get more clarity of thought from him on this stuff. Perhaps the next time he's interviewed in a more PM Friendly venue he can be a bit more candid.
O/T Tomorrow is huge POMO day.
03-28-2013 ( Outright Treasury Coupon Purchases) $ 4.25- $ 5.25 billion. I shit you not!
Fucking Liesman.... what a dickhead! Yeah, there are so many fucking people buying $150k Picasso's pieces out there to hedge inflation. No you fucktard, we're buying all the gold we can with the worthless shit paper your boy Bernanke is destroying.
And Klimts! Don't forget the Klimt. They are buying Klimt by the fistful.
Me, not so much, Klimt's erotic surrealism just doesn't jive with my Ikea furnishings.
I hear that most guys don't pay enough attention to the Klimt.
Don't knock Masturbation, it's sex with someone you love.
Jibe, not jive.
His comment to Santelli was a slight dig... you can tell that from his smirk. He won't be smirking when the house of cards come crashing down...
Sure he will. His job will be to blame it on the likes of Santelli and the other party poopers.
$150M Picasso
:) I see from your comments that you all , already have scrutinized it to your satisfaction. Shall we all meet in 5 years and see "what happened"? Just for the fun of it Ill bookmark this page.
I'm planning on being in Switzerland,can you swim ?
Rotation, Rotation, Rotation
notes from the brainwashed ....would any of ya'll like to address this email from an anonymous sheep...
"Krugman nails it when he says no matter what is predicted and no matter what reality shows the doomers will never admit to faulty predictions or analysis...really, little difference between the preachers saying the world will end tomorrow----or if not tomorrow next week for sure
the stock market could go to 20000 and metal to 20 and nothing would change on zero hedge-----it would all be phony because "The Man manipulating." it's like arguing with a Christian that says Christ is coming soon. the fact that we are moving into the Spring of 2013 means nothing to a doomer-----world reserve currency still here----market trying to go to 16000---metal beat down everyday-----safeway store shelves full-----houses being sold for over list prices------no mobs in the street------not a peep of violence from any masses in the streets from SF to New York------shadow stats hyper-inflation wiping out the dollar not here..."Infants and the retarded are always stuck in an eternal present, with no ability to extrapolate current trends into the future, or evaluate the risks or consequences of present behavior and actions on their future well-being.
Or, one could just as easily state that a snapshot does not a movie make.
Actually, Zen masters are also quite good at focussing on the present, though they certainly aren't "stuck".
@Kaiser Sousa
I would say
"Please see every depression, currency collapse/debasement/hyperinflationary event, revolution/rebellion/military coup and market crash in history as a reference to the errors of single-minded group think bulltardisheness."
Oh...and nobody could have seen them coming.
Does not a movie need a snapshot to be made?
First: "The prices of stocks have hit a permanently high plateau."
Second: "You cannot pay too much for an internet company, they are going to change the world."
Third: "The price of housing in the United States has never declined in modern times.:
Next: "Government bonds are a risk free investment."
Patience, grasshopper.
.
Fourth: I promise I won't come in you.
And the best: I'm from the gov't and I'm here to help.