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Bill Buckler Of "The Privateer" Calls It Quits
Yet another (one of the very few remaining) voice of reason calls it quits after 30 years of writing The Privateer, one of the best financial newsletters. At this rate there will be virtually nobody left to challenge the daily propaganda spew coming out of the mainstream farcism. As Bill says, "We have been analysing the idiocies and imbecilities of the financial and political "powers that be" for a long time. And for an equivalent time, we have been watching the "markets" succumb to this detritus. That process was completed with the global near death financial experience of late 2008 but it had been building up since long before we began to chronicle it in 1984.... we need a break." Sadly, expect the amount of idiocies and imbecilities to rise exponentially in the near future as the insolvency of the dying status quo regime is exposed for everyone - not just rich Cypriot depositors - to see. As for Bill: enjoy the break, you have earned it.
From Bill Buckler, author of The Privateer
The 726th issue of The Privateer is now ready for you to download.
On its own, "726" is just a number. In the context of what we do, it represents almost thirty years of producing this newsletter. The schedule is inexorable. With the exception of a four-week break at the end of the year, we do it every two weeks and we do "Gold This Week" every week as well. That has been going on in an unbroken string ever since our first issue came out in October 1984. One of our most satisfying achievements is the simple fact that we have NEVER missed an issue, not once, in all those years.
October 1984 was a very long time ago.
Our newsletter has always been a "cottage industry". For most of our existence, there were three people involved. For the past four years, The Privateer has been the product of two people, your captain and his wife.
Our task is not just the writing and editing of the newsletter. On top of that, there is all the necessary research, answering subscriber emails, the regular tasks of running a business must be done, and all the updates and upkeep at our website must be kept going. It's a lot of work and it never slackens.
We have reached the point in our lives where it is time to say farewell.
We always knew that once we decided to stop producing the newsletter, we couldn't get anyone else to do it for us. We can't "sell" the business or pass it on to someone else to carry on. We have thought about it, but it didn't take us long to come to that conclusion. This is a long-winded way of telling you that this issue of The Privateer is our second last. The last issue will be the Late April 2013 issue - Number 727 - published on April 28. The final update to "Gold This Week" will be for April 26.
Richard Russell is famous for pointing out that the writing and production of a newsletter is about as close to "the ideal business" as you can get.
We couldn't agree more. It has sustained us for most of our working life and we are sure we have enjoyed it much more than we would have enjoyed any other type of "career". But there comes a point in any endeavour, however stimulating, when a sense of "sameness" and "routine" starts to creep in. We have been analysing the idiocies and imbecilities of the financial and political "powers that be" for a long time. And for an equivalent time, we have been watching the "markets" succumb to this detritus. That process was completed with the global near death financial experience of late 2008 but it had been building up since long before we began to chronicle it in 1984.
As we said, we need a break. We do not and cannot know whether this break will be permanent. We are certainly not going to stop watching and analysing the state of the political and economic world. We are just going to stop writing about it - in our newsletter and at our website - for an indeterminate time. Maybe we will start again in the future, even the not too distant future. But we will NOT be doing it as we have in the past, in a newsletter whose structure has been fixed for decades.
All we can say for sure is that The Privateer as it presently stands will end as of the next issue (#727)....
It remains for us both to thank you personally for being a subscriber to The Privateer. We apologise for cutting you off from it. But all things must end. If you would like to stay in touch, our "non Privateer" email address will be included in our next letter. And who knows, once a writer
- always a writer. There may be something in the pipeline in future.
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That's too bad. He was a good 'un.
Go Galt bitchez!
Best wishes, Bill.
You've done great work, through a dark time. Thank you.
Tell me it's not the last one though!
A perfect example of how outspoken individuals are outlived and/or outlasted by the perpetual (despotic) state. It is easier to maintain your contrary voice than it is to find it in the first place, thus the spiral down into the black abyss accelerates into a feeding frenzy before collapsing from starvation when no more silent food sources can be found, having consumed every last one.
Please do not dissapear completely Bill Buckler. You are a thought leader, thus regardless of the unfair burden it may impose upon you and your loved ones, your obligation to continue to speak in some fashion in order to shine your light upon the path is greater than the average Joe's.
Whatever your final decision becomes I thank you profusely for your obviously exhausting efforts to date.
Fuck em, Bill Buckler. You cannot let these pricks win. Sometimes they get me down, but not out.
Can you imagine the giant rally we'd have tomorrow if that fat little prick would fire off those missiles of his? That's how it is in Bernake's bizarro world. Calling Major Kong...http://thecivillibertarian.blogspot.com/2013/04/calling-major-kong-sunda...
That is why anyone who could oppose the despots must work from a place of passion as well. They must also perpetuate their progress down the line. For the opposition to have any chance, they must come together and work for something better than a paycheck.
That is also the same reason I still wear my "Ron Paul 2012" shirt; the idea is bigger and will live much longer than the men who created it.
Doomers and gold bugs are dropping like flies.
Even tho you subject me to krugman's smarmy glamour shot which is so loathsome, as both a "doomer" and a "gold bug", I had to up ya on that one.
The only people left standing will be the ones with their hands out.
No, even they got scalped.
While ass clowns like you continue to waste valuable space and time.
Please tell me more about the trillion dollar coin, it sounds like a wonderful idea. Too bad the government disowned the concept.
Bill Black, who I know is respected on this blog, had the following interview where he agreed with me.
Jay: Krugman apparently in one of his articles took this as a serious idea that he could do this, and Stewart was kind of ridiculing him about it. I mean, this is a serious thing he could do. I mean, do you think it's a legitimate policy alternative? And let's explain to everybody this is the idea the Treasury mints a $1 trillion coin, deposit itâ??the Fed mints it, is that it? Who mints this coin, anyway?
BLACK: The Mint mints the coin.
JAY: The Mint mints the coin. Under whose direction? Treasury Department.
BLACK: Under the Treasury, and which is to say the president's direction. And they could ??and the law expressly says you can make it in whatever denomination you want. So if people are trying to extort you using the debt limit, make it a $1 trillion coin, or $2 trillion, $4 trillion. It doesn't matter. And then you deposit it at the Federal reserve, and, poof!, all of the leverage goes away by the House Republicans and the Tea Party in particular that's trying to use this nuclear weapon of extortion where they hold hostage the U.S. economy.
So it was actually a very good idea. And, you know, it would have required all of about $0.80 worth of platinumâ??that's literally how much platinum would have been required, because you just make it a clad, you know, coin.
Interview w/ Black:
http://therealnews.com/t2/index.php?option=com_content&task=view&id=31&Itemid=74&jumival=9520
You'd think that if they were going to give a coin a face value of $1T they'd at least make it solid platinum.
I don't care if Lord Keynes or Milton Friedman came back from the dead and said this was a good idea, it still sucked because it would have fucked over everyone that has any portion of their wealth measured by FRNs.
My economic theories and solutions have been proven correct again and again.
Most of you don't understand how similar our views on the economy are. We agree, we are in a depression - but hoarding gold will help nothing. We must create growth and increase revenue.
And for those who want to type words like "money printing" over and over again, I will be the first person to note a liquidity trap can happen without growth opportunities. Thus why we need a jobs program; we need to get people back into the labor force - then growth and revenue will follow.
How exactly does handing 85 billion a month to the primary dealers to monetize US debt accomplish growth or revenue? The Fed has not and will not spend billions a month on a EMP hardened smart grid or universal high speed telecommunications or 0% SBA loans.
"Money printing" is nothing more than a wealth transfer from poor to rich and you damn well know it.
Once again, I will be the first to show how a liquidity trap can happen, and why the purchase program needs to be accompanied by a jobs stimulus.
There is no plan B! I say $1Trillion dollar "Manhattan Project", "Man on the Moon" level government/private renewable energy program. The immediate employment and growth would be incredible, and the long run benefits would be a game changer for our country lasting decades.
This could be followed by a tax on IMPORTED oil equal to 50% of our defense budget. Since most of our bloated military goes to attack, invade, and protect our oil supplies...the biggest corporate welfare subsidy ever.
Paid for by whom?
The revenue comes from taxes. This is why it is important to get the economy moving - so we can increase revenue.
The government is already the biggest employer in America. If taxing people to pay other people's wages isn't working now, it never will.
And taxes are not good for economic growth.
KrugTroll! KrugTroll! KrugTroll!
Why 'stimulate' anything in the first place? How about bonus-seeking and stock-price juicing execs not offshoring jobs to India and China in the first place? Then you also wouldn't have to worry about the rise of China... as far, as fast. Or is patriotism reserved only for the poor and for GIs?
The rot is in the wood.
Accompanied? 85 billion thrown away a month and yet you still want more?
The only, and I mean only thing the government needs to do is what it has not done. The "To big to Jail" CEOs need a perp walk and the return of moral hazard to the markets. Reinstate Glass–Steagall and most of these problems will resolve themselves. TBTF banks are now incentivized by the Fed to NOT to make loans and to gamble as much as possible - makes 2008 look like amateur hour.
The Fed controls monetary policy, Congress controls fiscal policy; what we need is Congress to institute a jobs stimulus per their fiscal policy.
Can I put it any clearer?
Fed is the lap dog of the banks and *cough* influenced by the needs of Washington politicians. Fed independent? My aunt Fanny it is. "Get to work Mr. Chairman"...
The only "jobs program" we need is enforcing transparency in financial markets and the return of moral hazard. Losers take losses and the world will right itself.
The only jobs created are charity ones for your unemployable relatives... Why even bother calling them jobs? Just hand them the money and give them all day to spend instead of wasting time on fake work?
1) "Your economic theories, are destroying the value of my labor; stored in dollars, faster than storing it in bread. When I was young, one bread-winner making $11,000 a year had a nice home and bought a new $2,500 car every three years. He was my father. With all the productivity improvements, it now takes $150,000 a year (requiring two well-qualified breadwinners) to accomplish the same thing. - Trust is rapidly being destroyed. Freedom is rapidly being destroyed. Currency is rapidly being destroyed. Trusting in economic theories; including yours, is like trusting stock brokers - They DONT KNOW the future, but they smile knowingly about something when they take my money. It is my conviction that your economic theories are destroying the foundations.
2) "Your" economic theories are subject to your own confirmation bias. You believe that your opinion of what's good for me ought to be forced down my throat via "controlled inflation", but who is to judge whether the values you hold are more dear than mine? I am, so stop "forcing me" to play your big government, high-minded slavery game wherein each time I trade with you, you hand me less than full value for my dollars via inflation and have the audacity to call that "good for motivation".
Strike 3). You use the word "we", but you must me someone else besides "me", because I'm not in your camp or on your side. "We" is just "Me" turned upside down with Paul Krugman and the other gangsters shaking the change from my pockets, all the while saying it's best for me.
Costs may have increased, but so has income.
Living standards have increased dramatically over the last one hundred years.
And I am not the only one who understands economics. My colleagues at Princeton and my readers at the NYT do as well.
A flat-out lie, which even a cursory examination of the facts and statistics covering the last 40 years would conclusively demonstrate.
And fallen significantly in the Western world over the last 40 years on a per-capita basis as well. My father, who was a teacher, could not only support a family of five on his income alone in the 1960s and 1970s, but save enough to allow us to travel all summer (in a travel trailer, granted) all over North America. Show me ANY teacher, or ANY middle class wage slave, who could say or do the same today.
Fixed that for you.
Yet you give no examples to back your opinion.
I am so surprised.
Inflation-adjusted per capita wages in the USA have fallen since the 1970s, even as the inflation-adjusted cost of living has significantly increased in the same period. Hence all the struggling two-income households, which were mostly ONE income households 40 or 50 years ago.
Go talk with any economist and they will tell you you are wrong - living standards have increased dramatically.
Sure if one borrows 200 yrs into the future, one can live quite well
I have no doubt that that is true ---- for the oligarchic, sociopathic top 0.01%, and perhaps for their boot-licking lackies such as yourself as well.
You might want to try descending from your ivory tower and visiting the real world sometime.
You only use ad hominem, pirate.
It is too bad for this blog that people do not have the facts to back up their opinion.
It is too bad that spineless, intellectually bankrupt lackies and apologists for sociopathic criminality run wild can masquerade as "economists".
Living standards increased - all through unsustainable debt. As real wages and benefits have dropped (for the private sector anyway) for the past 40 years - while "access" to credit was expanded to fill the gap.
The costs of what people need - housing, healthcare and education have exploded - now standard of living is dropping like a stone because people are priced out of these basic needs.
"Go talk with any economist and they will tell you you are wrong - living standards have increased dramatically."
With borrowed money, not wages.
Krugman, Princeton, NYT.....
Where is al-Qaeda when you really need them???
A: Wherever The Fed (hence the CIA and the DOD) needs them to be.
"Living standards have increased." Only for people on Welfare. Or talk to a Senior and I think you will see a different viewpoint.
I want to live but I'm dying.
I'm 5 years out of college and made $68k last year. When it was all said and done in state and federal income tax alone they took more than 20%($14,000). Thousands more were stolen for Medicare/Social Security that we all know I won't see. I'm single, work 60hours a week, and have no children. I'm done with this and hope it all falls down and burns. When I go to the grocery store downtown and im the only one out of 10 in line not using EBT I want to chew out the throats of those in front of me. I feel like they are parasites attached to my life and slowly killing me. Why is it not natural to want to fight back when the parasite stealing your life away is another human? I'm ready to roll out the guillotine on the corner of Nassau/Liberty and roll one out in front of the capital building in DC.
"Living standards have increased dramatically over the last one hundred years."
PK: You are clearly the master when it comes to carefully choosing your words (in reality a subtle hedge) when making your broad, sweeping statements. Maybe you are simply channeling your inner Bill Clinton (e.g. it depends on what the meaning of "is" is).
Living standards have likely increased over the last 100 years because real wages have increased over that time frame. Unfortunately, several people on this thread highlighted the decline in living standards since the 1970s which would be over the last 40 years, a period when real wages have actually declined. I assume since you could not refute the fact that real wages have been in a steady decline you simply decided to extend the measurement period by another 60 years.
Your solution to declining living standards for 80% of Americans? QE Infinity so people can borrow increasing amounts of money for homes, cars and education. In reality, the vast majority of borrowers don't "save" money as a result of lower interest rates because they simply borrow more money. More importantly, people forget that the have to repay the larger principal balance as well.
One things for sure Paul, when the financial shit hits the fan here in the good ol USA, I would hate to have a face as recognizable as yours...
"Costs may have increased, but so has income.
Living standards have increased dramatically over the last one hundred years.
And I am not the only one who understands economics. My colleagues at Princeton and my readers at the NYT do as well."
Let's focus on the last forty years. The happenings between 1912 and 1972 are hardly relevant, unless you are expecting victories in two more world wars.
My economic theories and solutions have been proven correct again and again.... we need to get people back into the labor force - then growth and revenue will follow.
Hows that working out for you?
Not well, obviously.
I see the small flaw in your plan. You simply need to inject more capital into the system at higher and higher rates until something starts working... somewhere... hopefully.
You don't get it. The asset purchase program the Fed is running needs to be accompanied by a jobs stimulus, otherwise the Fed creates a liquidity trap.
The Feds asset purchase program is liquidity trapped! I say go directly to the people and by pass the banks. Every person who files a tax return gets instant access to a FED-a-card - loaded with $10,000. And that would only be a fraction give to the 'balance sheet black hole' banks. The problem is the FED is run for the Bankers by Bankers, they really don't care much for anyone else.
And in the FED's eyes it's working just fine!
Blankfein pay up 75% at Goldman SachsGS paid Lloyd Blankfein $21m last year, an increase of 75 per cent on 2011, according to the bank’s annual proxy filing to shareholders
http://www.ft.com/intl/cms/s/0/b8e64d7e-a3ad-11e2-ac00-00144feabdc0.html...
The problem is that with the "asset purchase program" the Fed is running the up the cost of each job, which now exceeds the Money spent to "create" that Job. There is also the problem that with a Job created there is no guarantee that the Job will have staying power. You hire someone to build a bridge, once the bridge is built the Job is gone. Plus, all Americans will have to pay the Money and interest back thru Taxation.
With the amount of Money Created over the last 4 years it is almost impossible to pay back the amount of Money created thru Taxation. Which means that Americans will pay interest on that Money without touching the principal almost in perpetuity.
"You don't get it. The asset purchase program the Fed is running needs to be accompanied by a jobs stimulus, otherwise the Fed creates a liquidity trap."
For the second time, what was the first $11 trillion of government borrowing all about?
I'm really, really in awe of you. I can't explain just how strong the feeling of agreement is...it's almost like you could be a cold-minded economo-psychopath and I would still agree with your every pronouncement.
That's never happened to me before.
Why? Who wants to work to be in the "middle class" in this society? You're better off on the gov't dole at the very bottom or the very top (like yourself) if you have the connections. Otherwise, you're climbing a downward moving escalator that speeds up as Bernanke prints so you stare up at the 1%'ers at the top as they laugh watching you work so hard to only lose ground against the incessant corruption and manipulation of the rules and markets.
Also, you (inside) bastards did nothing to let the average investor know/realize that you were going to go bat shit crazy and basically hijack the stock market to support your belief system. As a result, the average investor is only now getting in at the top once the realization that the inflation based printing that is being stolen from them and given to the 1%ers is never ending even though the idea was constantly hinted at thus confusing the average (non-insider informed) investor that the market might be set free and allowed to find its reality based level which would mean the Fed Reserve would stop punishing the middle class for the economic crimes allowed to run rampant in the banking system.
In 2009, the system finally had a chance to clean and purge itself of failed ideologies by bankrupting the fools malinvested in this centrally planned "Commulism" but your type knew the middle class were too worried and passive to put up a fight as opposed to the top and bottom classes so you took the safe bet of stealing their (value of) passive money to reinflate the (value of) strong money instruments to preserve the elitist wealth and attempt to discredit the historical event that your corrupt "Commulism" is a failure (at least for the average person).
Your type are economic vampires who kill the motivation of anyone to make an honest living and hopefully all you Keynesians meet a wood stake some day sooner rather than later.
"Not well, obviously."
A shame really. But on the bright side a vast army of compliant potential workers has been created, so there's your silver lining.
Growth and increased revenue would be very nice, but the trouble is bubbles have been blown in many assets and in many markets (with the help of dubious lending and in consequence massively increased money supplies in those markets / countries) to the point where an hour of someone's labour buys much less than it would ten years ago, without even getting into the stagnant wages issue.
The asset values are being propped up by central bank 'wizardry', foisted mainly on an unknowing public who will vote for facists / demagogues of a more extreme nature before too long.
Inflation by any other name would stink just as much.
In order for one person to acquire their gold, they (typically) pay the producer of the gold, or a middle man, with their dollars (savings).
Isn't gold mining essentially a form of economic stimulus, since savings are being used to acquire and operate machinery to dig up tens of tons of earth just to collect a tiny shiny bit of metal?
And in turn, the people who operate the machines and build them then have money to spend on goods and services in the larger economy, not to mention the tax revenues.
In fact, I would say that not hoarding gold, but selling it and hoarding cash, would be far worse.
Gold should be used for industrial purposes, like solar technology and micro-processors. People who buy it to have it laying around their bunkers do no one any good, they are just limiting the economies growth prospects.
And for hoarding cash, well, yes, to stimulute growth people need to spend money, but the dollar is money and people can do with it what they please.
Who are YOU to say what people should do with an asset which by your (perverted, statist, self-serving) definition does not function or act as money anyway?
Why are you so concerned about people holding gold, and not say books or tools or sauerkraut or Beanie Babies? Are you saying that there is something special about gold?
The government made that decision in 1933 to ask for people's gold because it was holding back investment, so you don't need my opinion, you have the government's.
Typical Krugpigtrollish evasion. You did not answer my question.
If holding gold in 1933 was "holding back investment", why then did the government not confiscate ALL money, paper cash included, and not just physical gold?
And anyway, that was then, and this is now, so tell us why you apparently believe, just like all your self-described "doomers", why holding gold is special, and somehow materially influences the economy, when you do not believe that it is money.
Because dollars are money, and gold is just a rock. People can do whatever they want with their money, but they should not be using it to purchase rocks to have sit in bunkers while doomers fret about tomorrow - a tomorrow many doomers do not even think will exist.
Slow morning Dr K? Your trolling is in overdrive on this thread.
Again, what does it matter to you WHAT people spend their money on, or hold it as? How, by your rationale, is the holder of gold bullion any different than the collector of Beanie Babies? And how does his individual "collection" affect the economy any differently than the former's?
Alright Dr Krugman, enough said. The FED is injecting $85 billion a month and nothing is happening, so even if the govt confscated $85 billion per month in gold and comensated people for that gold, how would that do sny more good?
I happen to agree with you on Gold. That is why I own Rental Real Estate. With Money printing my value goes up. The Rents go up and it gives a good return for the Money.
It is better to have your "fiat" Money turned into a hard asset that has a return.
"Because dollars are money, and gold is just a rock."
Paul, Germany called. They want their gold back. The EU wants Cyprus' gold as well. BTW, if you have any 'rocks', I'll be glad to unburden you. Let me know.
"People can do whatever they want with their money, but they should not be using it to purchase rocks to have sit in bunkers while doomers fret about tomorrow"
I think you contradicted yourself there. Either people can do what they want with their money or not. No sweat. We all know you are a statist.
"- a tomorrow many doomers do not even think will exist."
I believe it will exist, and that you won't be a part of it.
Gold's greatest value is as an instrument of protest against a system which refuses to right it's wrongs and adjust it's imbalances which benefits only a small minority. It's really the only kind of protest the government seems to allow in this "free" country since you won't get maced for buying it...yet. It's an instrument that will ultimately hold it's value better than paper in most scenarios and also allows one to avoid the unregulated system where the promise of return is based upon central planning manipulation of information and value instead of intelligence and hard work. It's a way of saying, "I'm packing up my chips and going home cuz you corrupt bastards have rigged the system and removed all sense of fairness and integrity for all to have a chance to prosper".
Participation in this system will continue to regress until the rule of law is made to apply to all AND be applied fairly where the punishment fits the crime for all economic classes. For example, no one will participate in an MMA fight if one guy is allowed to pull out a gun and that is basically the mutated system as it stands now and Bernanke is saying "I'm going to make you so poor that you won't have any other option but to jump in the ring" in the face of unfavorable and unreasonable odds. Cleanup the system of corruption and the "doomers" and everyone else will be willing to participate on their own without being forced instead of perpetuating this existing failed system. Create a system where hard work trumps corruption as a means to prosperity. That would mean doing the exact opposite of what the Fed Reserve does to support the existing one.
"The government made that decision in 1933 to ask for people's gold because it was holding back investment, so you don't need my opinion, you have the government's."
Perhaps the major issue is getting control of the government back from people like you.
If I understand you correctly, anything that takes money out of circulation (reduces the VoM) is bad for the economy and jobs?
And in doing so, things like PM coins & bars, or even cyber currencies are thus competing with (official) money. And thus such competition must be stopped, to save the economy? Thx.
Yes, that is correct.
When people make malinvestment it hurts the overall economy.
What about when governments make malinvestment?
Yet, when the Economy is not good for the Majority they tend to hoard. When they can. Maybe not Gold but Food, etc.
When there is trouble with the Banks, they do not feel save with their Money in the Banks and hoard $ under their Mattress.
The problem with the Money Printing is that it has only affected the 1%. The majority of the People, especially the middle class are not enjoying the benefit of that prosperity so they are hoarding anything they can. Gold, Food, Bullets, Toilet Paper, fiat Money under the Mattress. At least that makes them feel like they have some control over their situation.
Mr. Krugman I respect your "Opinion", although I may not agree with it, but you do not seem to have a grasp on Human Nature.
I don't know about you guys, but I'm hoarding tungsten. I figure there'll be huge demand when governments finally go back to a "gold" standard.
"Gold should be used for industrial purposes, like solar technology and micro-processors."
Gold was accumulated long before these technologies existed. Do you think it was done in anticipation of these technologies?
"People who buy it to have it laying around their bunkers do no one any good, they are just limiting the economies growth prospects."
Pay me more than 0% risk free for my capital, and then we can talk.
"And for hoarding cash, well, yes, to stimulute growth people need to spend money, but the dollar is money and people can do with it what they please."
Any thoughts on that inflation thing?
I notice you type the same thing over again and again .. you too have a "Template"
"We agree, we are in a depression - but hoarding gold will help nothing. We must create growth and increase revenue."
Your implication is that there can be some kind of partnership between ZH readers and the likes of you. Of course, the partnership would be strictly on your terms. No thanks. Your system is going to collapse. I'll just be patient. After the collapse, I still won't be interested in "partnering".
Maybe so Paul, but I think the naked manipulation is for all to see now and THAT is why he is getting out, take three posts, 2 Zerohedge and one other on silver, and read them in order. Somebody CLEARLY manipulated the issues and caused a big dislocation in price and "paper silver" has just vanished, and JPM is now in a VERY bad state.
Posted 4/08/13
http://www.zerohedge.com/news/2013-04-08/80-chance-40-silver-short-squeeze
Posted 04/12/13
http://www.zerohedge.com/news/2013-04-12/gold-and-silver-morning-takedow...
Technical analysis and price action, and typical "trader" talk, valuable, then ZH posted the "Takedown" article on 04/12/13, noting the really awful manipulation and clearly a large dislocation on price value and this issue of paper silver issues, but everybody ignored 1/6th to 1/5th of the slver production vanishing for some time ans our major mine has had a very bad landslide, this 2 DAYS BEFORE the massive price squeeze on Friday, so somebody knew and squelched the information. this was on 04/10/13:
http://silverdoctors.com/10-of-us-annual-silver-supply-just-vaporized/#m...
Now we need the SILVER BEARS to explain this and somebody to investigate why that information was withheld from the investing community, AND how the price went DOWN AFTER the mine was announcing closure?????
Judges and regulators have decided that these charges hold no weight.
Ture, they are part of "your team". But people who use silver ARE concerned about availablity and WILL increase damand. Mints, electronics, etc. Oh, yeah, you don't like capitalism, LOL. I forget that quite oftem.
People who want silver to be used as a common currency should be concerned of the volatility of the metal in price. How could we have a sound economy when the price of the money is fluctuating 4% daily?
And this is just one of the many reasons why gold and silver is not and should not be used as currency.
Dr Crugmann, You are correct..........paper and debt are the only way
As usual, Krugpigtroll, you have it backward. The precious metals only fluctate in price on a short-term basis due to the fluctuating uncertainties, fears and unpredictabilities inherent in, and caused by, your unstable, fundamentally unsustainable, and inherently corrupt government-enforced fiat currency monetary system.
Right, it is the government that is the problem.
So if it is government enforced why do 99.9% of Americans continue to use the dollar instead of trading them in for shiny rocks? Maybe you are an insignificant person in the world, and maybe nobody agrees with you. Maybe people like the "fiat currency monetary system" because it actual works better than any monetary system before it.
Or maybe, and rather more likely, they use it because they are FORCED to use it by government edict and force of law.
Funny, if your fiat currency were so wonderful, why do governments invariably have to pass laws COERCING their citizens to use ONLY their own fiat currency? Why is freedom in monetary matters so anathema to you fiat-lovers? (That was a rhetorical question, by the way --- we all know why: because that is the only way that such a flawed and corrupt system can continue to operate.)
As usual with you statists, it is all about force and coercion.
With the FED's non stop printing the "Fiat" Money loses value every day. It also causes inflation in the economy where your "Fiat" Money buys less.
Double wammie if you ask me. More printing loss of value, more inflation additional loss of value.
Doc, what's your take on all these Asian, Latin, African countries, and now Australia, UK and France having bilateral FX deals with China?
I mean, at some point the dollar's status as the Reserve currency is lost, and then all sort of unpleasant things happen to us. Thx.
"So if it is government enforced why do 99.9% of Americans continue to use the dollar instead of trading them in for shiny rocks"
Ignorance, reinforced by the likes of you, for one thing. We already know that 47% of America is mesmerized by government and they form the backbone of your polity. Taxes must be paid in $. There is the threat of shiny rock confiscation. Confiscation of rocks at gunpoint. That seems contradictory.
But American acceptance of $ may not be the point at all. How are we doing with getting the rest of the world to accept the $? What's with all the aircraft carriers?
"Maybe you are an insignificant person in the world, and maybe nobody agrees with you."
The days of broadcasting are over. I wouldn't wipe my dog's ass with the NYT. I'm sorry that your "pulpit" is much smaller in the internet age. How significant are you really? Got to dislike the trend.
Maybe people like the "fiat currency monetary system" because it actual works better than any monetary system before it."
The people are completely unaware of the world prior to fiat currency. And the idea of a technocrat, such as yourself, invoking the people or popular opinion is a joke.
Government is not innately the problem but it's inherent power along with it's ability to make uncontested decisions without set limits makes it a magnet for the narcisistic (and worse) types who tend to believe that the government isn't powerful enough if there is any restriction on them in applying their agendas. Thus, you get a self serving narcisistic filled government that is ever expanding with unlimited powers of control and manipulation which becomes repressive and unhealthy for the system at large as the connected use these powers to game the system. With this being the case, you can never trust nor expect that the decisions which are made are made for the benefit of the governed but more than likely are made for the benefit of those that govern. Only by applying the rule of law to those at the top of the economic food chain will anyone believe that the government is a functional and benevolent entity rather than a tool of the elite.
Nonsense. The Constitution says exacly how much gold is in a real dollar. It has not fluctated in 200 years.
Pull the Fed and the Treasury out of the FOREX market and watch the fiat reserve dollar move 50% in one day.
Economics is how people transact with each other. It is not how the government transacts with the people. The only way this economy will ever recover is for the government to get the Hell off of its back in every possible way. Trying things your way has not worked ever.
The constitution has been amended, because we are an evolving Nation. If it hadn't been we would still have slavery.
The government can offer solutions to our problems. Without the government we would be living in anarchy - is that what you want?
Government is simply institutionalized coercion.
Your loathing of freedom and voluntary association and exchange is quite self-evident.
That was not a relevant response. That was hyperbole. The government has no place in a successful economy beyond law enforcement.
Krugman!!! When the fuck r u going to answer this question???? This is the 6th time I have asked you this.
"If growth is defined in monetary terms and money is debt (interest bearing), please explain how exponential growth of debt is sustainable into eternity.
If money (debt) exponential growth is not sustainable into eternity, then WHAT HAPPENS WHEN THE EXPONENTIAL MONEY (DEBT) GROWTH FAILS?
TIA..."
"The constitution has been amended, because we are an evolving Nation."
There have been "changes" that are not constitutional. We've been living under an "state of emergency" since WWI. And "emergency powers" have been added since. It's all unconstitutional.
"If it hadn't been we would still have slavery."
Oh, here we go. Since old white men created the constitution, none of it has value. The slavery issue was settled a long time ago, Paul. Didn't you hear of the great emancipation?
There have been Supreme Court decisions abortion being an obvious one, that were unconstitutional, nonsensical and unpopular.
"The government can offer solutions to our problems."
It can, but it doesn't. The world is too complex for a handful of technocrats, and that is never going to change. Obamacare comes to mind immediately. The free market and decentralization offer more solutions.
"Without the government we would be living in anarchy"
That's simply untrue, but in any case we have way too much centralized government now.
Great post! A much better response to the inanities of Krugpigtroll than my own.
He can never truly answer you except with pithy euphemisms and canned overused economic affirmisms. Never an exchange of ideas or a debate on theory. The image that calls itself Paul Krugman is heartless, soulless and incapable of empathizing with an another. He is what I term an Unman. Not necessarily a sociopath but one who has vaulted his personhood and ideas over all others. All of us are prokaryotes to be used as long as we have value to extract and discarded when we don't. By holding gold you prevent him and his ilk from the extraction of weath he so desires therefore you witness his discomfort. As a microbiologist, I say starve the parasite is the best approach.
Miffed;-)
"People who want silver to be used as a common currency should be concerned of the volatility of the metal in price. How could we have a sound economy when the price of the money is fluctuating 4% daily?"
The volatility in silver is due strictly to manipulations by the bankers. If the CTFC did their job the volatility would still be there, but it would be a trifle one sided.
Ever checked out the value of the dollar since 1913? It's ugly.
People who want silver to be used as a common currency should be concerned of the volatility of the metal in price. How could we have a sound economy when the price of the money is fluctuating 4% daily?
And this is just one of the many reasons why gold and silver is not and should not be used as currency.
LOL. Take a ten dollar note out of your pocket, Krugpigtroll. Look at it. Does its purchasing power vary in line with the everyday price volatility of its constituent elements - paper & ink? No? So why would a currency representing quantities of silver or gold be any different?
You are heroically stupid. Or ignorant. Probably both.
As it happens, silver probably wouldn't be good money now because there have arisen so many industrial uses for it since it was demonetised last century; now the flow is far to great relative to the stock.
If this really is Dr Krugman - I want to say I'm a avid follower and fan...you and Dr Stigliz give me hope. Please keep up the sanity - maybe one day the folks on the Corporate owned Right will come around.
BTW: Did you see this!!!
Ron Paul to launch foreign policy institutehttp://www.usatoday.com/story/onpolitics/2013/04/12/ron-paul-foreign-pol...
'The former Texas lawmaker, GOP presidential candidate and libertarian hero is launching the Ron Paul Institute for Peace and Prosperity, aimed at advancing a non-interventionist foreign policy and civil liberties.
"The neo-conservative era is dead," reads the media advisory announcing the project on Paul's Facebook page. "The ill-advised policies pushed by the neo-cons have everywhere led to chaos and destruction, and to a hatred of the United States and its people."
I'll agree with Paul that going into Iraq was a bad idea. But there isn't much else I agree with him on.
<But there isn't much else I agree with him on.>
How about this expensive and senseless 'Drug War'
One Marijuana Arrest Occurs Every 42 Seconds In U.S.: FBI Reporthttp://www.huffingtonpost.com/2012/10/29/one-marijuana-arrest-occu_n_204...
According to the FBI's Uniform Crime Reporting data, there were a total of 1.5 million drug arrests made nationwide in 2011, and out of those arrests, about 750,000 were for marijuana (just under half, 49.5 percent) -- that's one marijuana arrest every 42 seconds and one drug arrest every 21 seconds in the U.S.
U.S. prison population dwarfs that of other nationsThe United States has less than 5 percent of the world's population. But it has almost a quarter of the world's prisoners...Efforts to combat illegal drugs play a major role in explaining long prison sentences in the United States as well. In 1980, there were about 40,000 people in American jails and prisons for drug crimes. These days, there are almost 500,000..The United States Prison System ... The cost to the country $60 billion a year..
And that does not include the ruined lives, lost labor, and effect on familes. For what? Having a joint in Texas??
Talk about a misallocation of resources!
But if it were not for the so-called "War on Drugs", how could the feds ever justify their wholesale asset confiscations (er, "forfeitures"), their attacks on cash use, and their own all-encompassing War on Financial Privacy?
Exactly - but when HSBC and UBS commit these AML crimes millions of times, no one goes to jail. Or is even arrested?
Let's see if this makes sense - have a joint in Texas go to prison for 5 years. Launder money for terrorists and drug dealer millions of times over years and no jail time. ARE WE FREAKING INSANE!
Neil Barofsky on UBS Criminal Charges for LIBOR and HSBC Money Laundering... http://www.youtube.com/watch?v=GfLBy6dpRj8That's a slightly different but related problem.
The judicial and penal systems have grown into co-dependant, parasitic industries. Where you need 'just' the right amount of 'crime' (real or contrived). Too little, and it's bad for careers and lifestyles. Too much, and it kills the host. Note that the finance/banking industry and size of Gov also benefit from 'optimal' levels of crime. If you were to wipe out 80% of crime overnight, the careers and business models and lifestyles of many a lawful parasite would be gone. Sad but true.
That's why I'm all for legalizing and taxing Vice. What consenting and informed adults put into their bodies or do with them is not and should not be the businesses of the state. And if 'moral' (?) crusaders wish to regulate their own communities, that's perfectly fine. They just should not have the right to regulate someone else's community.
the 3 MILLION!!! + people in prison also stay off the job market and keep the unemployment rate down.
don't think i'm kidding.
and as my 80 year old mother no economics degree (and her friends are smart enough to know) - bringing people back from iraq/afganistan etc. is a problem also - because there are no jobs for them here.
"I'll agree with Paul that going into Iraq was a bad idea. But there isn't much else I agree with him on."
Maybe you agree with Congressman Paul on more things. What is your opinion of the "Empire/PNAC" project? The economic's of it, of course. I wouldn't think of burdening you with the morality of the project.
Corporate owned right????
You mean like NYT, CNN, ABC, NBC, CBS, PMSNBC, Buffett, Gates, Hollywood, that Zuckerberg punk, those righties you mean??
No, more like Exxon, Chevron, Goldman Saks, JP Morgan, BofA, Citibank, Boeing, Lockheed-Martin, Northrup-Grumman, Corrections Corp of America, etc....turn off Glen Beck AND WAKE UP!
Who drafted TARP??? Who is fighting every miniscule financial regulation? Who wants to expand our military to even more absurd proportions? Who supports this insane Prison-Industrial complex and 'Drug War'?
Exxon, Chevron, Goldman Saks, JP Morgan, BofA, Citibank, Boeing, Lockheed-Martin, Northrup-Grumman, Corrections Corp of America give to both sides. Give up the left/right paradigm.
http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm...
HR 1424 AKA TARP or Troubled Asset Relief Program
74 yays
25 nays= 9 Dems/ 1 Indy/ 15 Republicans
1 NV
Set em' up asshole. I can has research.
Loved your comeback, hated your unprovoked name-calling
Awww, don't they say 'asshole' on the Starship Enterprise?
I said DRAFTED TARP, not those idiots who got ram-rodded by a 600 pt melt down to vote for that piece of shit. Hank "Gold Sacks" Paulson put this fucking piece of shit together - lied about it to Congress - they hand puppet-ed BUSH into pitching it! Are you that stupid?
Well to refreash your very clouded memory -last I checked these shysters were Republicons:
Paulson july 16 2009 http://www.youtube.com/watch?v=fayl3nEEK5U
Humans vs soulless banker demon Hank Paulsonhttp://www.youtube.com/watch?v=xL1TB30G-aE President Bush Announcement Auto Loans TARP Dec 19 2008 http://www.youtube.com/watch?v=W1C_ZdborAkAnd it goes on and on...judging from the morons like ImanIdiot Rebel - this country is so fucked!
Giethner/Lew/Obama are just as culpable.
Krugman!!! When the fuck r u going to answer this question???? This is the 5th time I have asked you this?
"If growth is defined in monetary terms and money is debt (interest bearing), please explain how exponential growth of debt is sustainable into eternity.
If money (debt) exponential growth is not sustainable into eternity, then WHAT HAPPENS WHEN THE EXPONENTIAL MONEY (DEBT) GROWTH FAILS?
TIA..."
Umm... Because it is self-evident and inevitable, and thus requires no response? And because you've answered your own Q?
They know, just like we know, that the only way out is to 'row' the economy. But rather than reduce excess capital (to re-allocate money and resources via a free market), they have opted to do this via central planning and confiscation/reallocation from the bottom up.
Same old game, new tricks.
What's a doomer and gold bug
Poll?
Who thinks Paul Krugman:
(1) is an asshole?
(2) is deluded by his self-woth as a forcaster?
(3)is a wall st minion with no morals
(4) is thinking that a right bet at a crooked casino makes him smart?
Or, would you just like to see him piss off and go away?
Or
(5) All of the above
"Doomers and gold bugs are dropping like flies."
Wait until the next event like 2008, and we'll see who is hoisted on a petard.
There's still the Dines Letter, and he has got to be 9000 years old at this point.
As a subscriber since the late 1990s I will regret seeing The Privateer leave the scene. It has been the foundation of my ability to hold on to my PM holdings, and add to the stacks, when all seemed to be lost. Mr. Buckler has an uncommon ability to make the complex situations simple to understand. My thanks to him and the crew for the years of encouragement.
My introduction to The Privateer was in the spirit of the newsletter itself. A subscriber sent me a "free" copy in an email when we were discussing buying silver in the late 1990s. That person has since passed away, but his legacy is my silver that started accumulating. It's been a long way from $6 silver and below $300 gold.
"Comex Gold Inventories Collapse By Largest Amount Ever On Record"
"Bottom line: While mainstream voices question whether or not gold is still in a bull market, smart money appears to be questioning something else. They appear to be asking themselves, “Do we want to continue storing our physical metal within the Comex system? How can we best whisk it away from fraud, theft, or bankruptcy (including our own)?”
http://bullmarketthinking.com/comex-gold-inventories-collapse-by-largest...
as a subscriber who just renewed, i am shocked he just plns to keep my subscription money! Why arent we paid back the remainder? this is basically theft. Thanks alot Bill.
Bill is Big. It's the business that got small.
I'll never forgive Buckler for letting the ground ball through his legs.
I hope Obama starts writing a financial newsletter! No one understands the financial mrkets better, or is as smart, creative and forward thinking, and can articulate themselves so intelligently when either speaking or writing than Obama!
O should make a series of basketball training videos, one for layups, one for jump shots, air balls, 3 foot shots
Why not give it instant street cred with Nobel-winners only? Barack Obama (Editor). Check. Paul Krugman (Assistant Editor). Check.
assistant to the regional editor
I think this is already happening? And all but the 47% are already paying the 'subscription' fee.
Obama explains the economy, the profit and earnings ratio, and why you should buy stocks.
http://www.youtube.com/watch?v=9C36YOxhTUE
LMAO, razorthin!
http://www.usatoday.com/story/onpolitics/2013/04/12/ron-paul-foreign-pol...
The former Texas lawmaker, GOP presidential candidate and libertarian hero is launching the Ron Paul Institute for Peace and Prosperity, aimed at advancing a non-interventionist foreign policy and civil liberties.
"The neo-conservative era is dead," reads the media advisory announcing the project on Paul's Facebook page. "The ill-advised policies pushed by the neo-cons have everywhere led to chaos and destruction, and to a hatred of the United States and its people."
I don't think that foreigners (with 1/2 a brain) hate Americans. They hate the Am. REGIME and its Oligarchs. Two different pairs of shoes.
I hate 'america' because of what it stands for - it exports rampant consumerism and a 'me' culture. The sooner it is destroyed the better for the world
Another casualty of Bernanke, the Killer of the Yield Curve. Until he's stopped, we are all doomed.
They have already taken us off the cliff. We just have yet to hit bottom.
That is a lot of deadlines.
I guess you can only bang your head against a brick wall for so long. Let's hope Tyler has a helmet on...
Meditation and self-hypnosis are capable ways to handle this ...
Yes, and for the rest of us there is booze.
I guess the gold smash is having its effect.
Good riddance to one of those responsible for the status quo---corporate takeover of American political economy. Bill Buckner--just another enabler.
Yeah that flubbed grounder in the 86' Series was the ONLY reason the Mets won!
Now Maybe I want to leave Zerohedge when I see see so many up arrows to this a asinine comment.
Silence all those that point out the problem and the problem ceases to exist... at least in your mind.
Shame. The Daily Capitalist recently went the same way.
This is good. The end is near.