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Meet The Brand New, And Shocking, Third Largest Foreign Holder Of US Treasurys

Tyler Durden's picture


Something hilarious, and at the same time pathetic, happened earlier today: at precisely 9 am the US Treasury released its delayed Treasury International Capital data (which was supposed to be released yesterday but was delayed because it snowed) which disclosed all the latest foreign Treasury holdings for the month of January. Among the key numbers tracked and disclosed, was that China's official holdings increased from $1.270 trillion to $1.284 trillion, that Japan holdings declined by a tiny $0.2 billion, that UK holdings increased by $7.8 billion to $171 billion, and that holdings of Caribbean Banking Centers, aka hedge funds, declined by $16.7 billion. Here is Reuters with the full data summary (save it before this article is pulled).

So why is it hilarious and pathetic? Because just three short hours later, the Treasury - that organization that has billions of dollars at its budgetary disposal to collate, analyze and disseminate accurate and error-free data - admitted that all the previously reported data was in effect made up!

Of course, it didn't phrase it as such. Instead, what TIC did was release an entire set of January numbers shortly after it had released the "old" numbers, which differed by a small amount but differed across the board - in other words, not a small typo here and there: a wholesale data fudging exercise gone horribly wrong. For example:

  • Instead of a $14 billion increase, China's revised holdings were only $3.5 billion higher.
  • Instead of unchanged, Japan's holdings suddenly mysteriously increased by $19 billion in January.
  • Instead of plunging by $17 billion, the Caribbean Banking Centers were down by a tiny $1 billion.
  • And instead of the previously reported increase of just under $1 billion, the all important Russia was revised to have sold $7 billion, bringing its new total to just $132 billion ahead of the alleged previously reported dump of Fed custody holdings in mid-March.

That this glaring confirmation that all TIC data is made up on the fly, without any real backing, and merely goalseeked is disturbing enough. For what it's worth, the latest TIC data is here. Feel free to peruse it before it is revised again

However, what was perhaps more disturbing than even that was the revelation that as of January, the US has a brand new third largest holder of US Treasurys, one which in the past two months has added over $100 billion in US Treasury paper, bringing its total from $201 billion in November, to $257 billion in December, to a whopping $310 billion at January 31.

The country? Belgium

The same Belgium which at the end of 2013 had a GDP of just over €100 billion, or a little over one-third what its alleged UST holdings are.

And somehow the Treasury expects us to believe that tiny Belgium - the center of the doomed Eurozone which is all too busy running debt ponzi scheme of its own - bought in two months nearly as much US Treasurys as its entire GDP?

Apparently yes. However we are not that naive.

So our question is: just who is Belgium being used as a front for?

Recall that for years, the "UK" line item on TIC data was simply offshore accounts transaction on behalf of China. Of course, since China hasn't added any net US paper holdings in the past year, the UK, and China, are both irrelevant in the grand scheme of things.

But not Belgium. Because with Russia (or someone else) rumored to have sold or otherwise reallocated $100 billion in US Treasurys in March away from the Fed, we wouldn't be surprised if the Belgium total holdings somehow soared to over $400 billion when the March data is revealed some time in May. Courtesy of the excel goalseeking function of course.

Needless to say, this all ignores the initially confirmed fact that all the data presented above is made up gibberish, goalseeked by a bored intern at the Treasury, and whose work got zero error-proofing before its released to the entire world earlier today.

So... just what is going on with this most critical of data sets - official foreign holdings of US paper, and how long before an Edward Snowden emerges from the depths of the US Treasury building and reveals that behind all the data manipulation and unaudited figures was none other than the Fed, whose holdings, far greater than represented, are all that matter, and everything else is merely one grand, theatrical plug?


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Tue, 03/18/2014 - 13:01 | 4563918 Obama_4_Dictator
Obama_4_Dictator's picture

Isn't the IMF in Belgum. 

Tue, 03/18/2014 - 13:05 | 4563955 SilverIsKing
SilverIsKing's picture

Do each of these "holders" of TSYs announce within their own countries what they are holding?

Tue, 03/18/2014 - 13:10 | 4563991 knukles
knukles's picture


See below

Tue, 03/18/2014 - 13:18 | 4564050 Soul Glow
Soul Glow's picture

Do the governments of any Nation-State tell the people the truth?

Hell.  No.

They have various media outlets lie to them.

Tue, 03/18/2014 - 13:20 | 4564060 Rubicon
Rubicon's picture

"Isn't the IMF in Belgum."

The I and the M are but not the F

Tue, 03/18/2014 - 13:23 | 4564073 nope-1004
nope-1004's picture



Ponzi see, ponzi do.

See ponzi run.

Run ponzi, run!



Tue, 03/18/2014 - 13:26 | 4564109 BurningFuld
BurningFuld's picture

I'm moving to Belgium. They are rich I say rich!

Tue, 03/18/2014 - 13:35 | 4564156 MagicHandPuppet
MagicHandPuppet's picture

Chocolate standard, bitchez!

Tue, 03/18/2014 - 13:41 | 4564182 Soul Glow
Soul Glow's picture

They're chocolate enthousism is a 10.

Tue, 03/18/2014 - 13:50 | 4564243 Troll Magnet
Troll Magnet's picture

Fuck this.  I'm going to go buy more gol......................den 80's CDs to dance to.

Yeah.  That's what I meant.


Tue, 03/18/2014 - 13:59 | 4564299 fonzannoon
fonzannoon's picture

foreigners have been loading up on USTs to a brand new all time record high, and their increases are WAY more than the Fed is tapering, and the ECB is the biggest buyer of them all.

so what else is going on?

Tue, 03/18/2014 - 14:05 | 4564304 Soul Glow
Soul Glow's picture

The Fed's Still Buying

Janet Yellen is about to become Fed Chair.  Little is currently known about her.  When her name is googled it won't register until her full name is typed.  If polled I doubt 2 in 100 people would know who she is.  Yet Janet Yellen is about to become the most important banker in the United States of America.

Yellen is soon to be the great banker of the Federal Reserve, a round table of major banking houses mostly held corporate by US personhood.  Yellen has admitted responsibility for a ship that is sailing right.  Thus the onus is on her.  

We endured the worst financial crisis and deepest recession since the great depression.  Today we are much better off.

She then goes on to list lie after statistical lie in favor of such endurance.

The auto industry has made an impressive comback.  


Housing which was at the center of the crisis has turned a corner.  


Construction and home prices are up significantly.  We've made good progress.  

These lies are used with scare tactics to demonstrate the central banks mean business when it comes to their business of making money.  When refering to said crisis.

They affects were severe, but could have been worse.

At least she is honest in respect to how they make their money.

The Congress has entrusted the Fed with great responsibilities.  Its decisions affect the well being every every American.  That prosperity depends on the enterprise and productiveness of the American people.  

Basically she is saying that the Fed and the government make money on the backs of the people.  At least she is honest on that observation.

Oh, and does anyone else thinks she looks like a worm with a wig?

Yellen - Testifies to Congress:

Tue, 03/18/2014 - 14:06 | 4564334 George the baby...
George the baby crusher's picture

It's the old card game.  Watch the lady, where's the lady.....

Tue, 03/18/2014 - 14:37 | 4564493 dontgoforit
dontgoforit's picture

All that Russian money - from Cyprus - and from the U.S. move to put sanctions on the 7 Ruskies.....that must be it.

Tue, 03/18/2014 - 14:49 | 4564520 mccvilb
mccvilb's picture

I tell you its those Monsanto inspired GMO Brussels Sprouts.

Tue, 03/18/2014 - 15:27 | 4564702 Herd Redirectio...
Herd Redirection Committee's picture

Mr Yellen, do you testify...

Tue, 03/18/2014 - 15:50 | 4564831 SoilMyselfRotten
SoilMyselfRotten's picture

Oyyy, can you imagine what the next bar in that graph is gonna look like??

Tue, 03/18/2014 - 16:19 | 4564945 JamesBond
JamesBond's picture

well, it is a tangled web we weave, when first we practice to deceive




Tue, 03/18/2014 - 16:44 | 4565053 Rubbish
Rubbish's picture


Tue, 03/18/2014 - 23:11 | 4566366 FEDbuster
FEDbuster's picture

What's my $100 trillion Zimbabwe worth?  I would like to trade it for something measured in troy ounces.

Wed, 03/19/2014 - 08:43 | 4567005 weburke
weburke's picture

they have the kite by the string. they wont be letting go. they dont want their wives to complain about a collapsed world of shopping. 

Tue, 03/18/2014 - 17:44 | 4565253 Quus Ant
Quus Ant's picture

“If I had a world of my own, everything would be nonsense. Nothing would be what it is,

because everything would be what it isn't. And contrary wise, what is, it wouldn't be.

And what it wouldn't be, it would. You see?”

Tue, 03/18/2014 - 18:45 | 4565485 Supernova Born
Supernova Born's picture

You heet the Canadian?

I 'heet' the Canadian? I don't know what you're talking about.

That's him! That's the motherfucker.

You hit the Canadian, yeah?

Canadian? Shit.

We're taking you back to Bruges.


Wed, 03/19/2014 - 00:11 | 4566486 2¢Wurth
2¢Wurth's picture

well, it is a tangled web we weave, when first we practice to deceive.

But after we've practiced quite a while, how vastly we improve our style.

Tue, 03/18/2014 - 19:26 | 4565623 GoldSilverWolf
GoldSilverWolf's picture

"Yes I testify. I never had sex with that woman."

Wed, 03/19/2014 - 00:34 | 4566527 TruthInSunshine
TruthInSunshine's picture

Yellen is really Larry Summers in drag.

FFS, peeps. Let's at least agree on the basic facts.

Tue, 03/18/2014 - 14:39 | 4564499 CrimsonAvenger
CrimsonAvenger's picture

That's no lady, that's my master.

Tue, 03/18/2014 - 17:20 | 4565166 AGuy
AGuy's picture

"That's no lady, that's my master."

Obi-Wan Kenobi: That's no chairman... It's a printing press! 
Han Solo: It's too big to be a printing press!... 
Luke Skywalker: I have a very bad feeling about this.

Han Solo:Yeah, I think your right. Full reverse! Chewie, lock in in those gold purchases ASAP!


Tue, 03/18/2014 - 23:41 | 4566436 elwind45
elwind45's picture


Wed, 03/19/2014 - 04:54 | 4566755 Bearwagon
Wed, 03/19/2014 - 08:05 | 4566895 NEOSERF
NEOSERF's picture

Haven't seen Yellen's birth certificate, perhaps she is Russian?

Tue, 03/18/2014 - 14:21 | 4564405 Ham-bone
Ham-bone's picture

All the TIC report tells us is where the transaction took place - not the nationality of the buyer nor the nationality of the ultimate owner of the Treasury nor where the money originated.

Visit the TIC frequently asked questions and they are quite clear...this data is an "imperfect estimate provided primarily bu US based custodians"

Tue, 03/18/2014 - 14:34 | 4564482 Ham-bone
Ham-bone's picture

also of note from the Fed's "What we do" tab on their website...

International Operations

The New York Fed, representing the Federal Reserve System and the U.S. Treasury, also is responsible for intervening in foreign exchange markets to achieve dollar exchange rate policy objectives and to counter disorderly conditions in foreign exchange markets. Such transactions are made in close coordination with the U.S. Treasury and Board of Governors, and most often are coordinated with the foreign exchange operations of other central banks. Dollars are sold in exchange for foreign currency if the goal is to counter upward pressure on the dollar. If the objective is to counter downward pressure, dollars are purchased through the sale of foreign currency.

Another responsibility of the New York Fed is to serve as fiscal agent in the United States for foreign central banks and official international financial organizations. It acts as the primary contact with other foreign central banks. The services provided for these institutions include the receipt and payment of funds in U.S. dollars; purchase and sale of foreign exchange and Treasury securities; and the storage of monetary gold.

Tue, 03/18/2014 - 14:37 | 4564492 fonzannoon
fonzannoon's picture

Ham-bone what cracks me up is when the data shows China sold some bonds the data is pristine and we have 2 weeks of Simon Black and Michael Snyder articles about China dumping bonds. When everyone is buying them however we should just chuck the data out the window.

Tue, 03/18/2014 - 14:54 | 4564516 Ham-bone
Ham-bone's picture

lots of bias' looking for goal seeked data (pro and con)...regardless the authenticity or quality of the data

Biderman made it plain and clear that the "money" to buy US equities had no verifiable Jan '10 Trimtabs showed the money had to be coming from "other" as all traditional (trackable) sources of "money" were showing no a little extrapolation and a little detective work on who has motive, means, and opportunity to accomplish a Fed goal of "assisting the US governments financing operations, full employment, inflation.

The TIC is showing where these purchases are being made.

Tue, 03/18/2014 - 15:10 | 4564625 Ham-bone
Ham-bone's picture

Snapshot of holdings purchased via Belgium...not likely or neccessaily held by Belgium or Belgians

'00  Belgium $28 B -->  '07   $13 B  ---> '14  $310 B 

nearly a 25x increase but this is not unusual, likewise increases show up in Ireland, Switzerland, Norway, Russia???, and on and on. 

Tue, 03/18/2014 - 15:23 | 4564689 Ham-bone
Ham-bone's picture

and then there's this...

The ESF can be used to purchase or sell foreign currencies, to hold U.S. foreign exchange and Special Drawing Rights (SDR) assets, and to provide financing to foreign governments. All operations of the ESF require the explicit authorization of the Secretary of the Treasury ("the Secretary").

The Secretary is responsible for the formulation and implementation of U.S. international monetary and financial policy, including exchange market intervention policy. The ESF helps the Secretary to carry out these responsibilities. By law, the Secretary has considerable discretion in the use of ESF resources.

The legal basis of the ESF is the Gold Reserve Act of 1934. As amended in the late 1970s, the Act provides in part that "the Department of the Treasury has a stabilization fund …Consistent with the obligations of the Government in the International Monetary Fund (IMF) on orderly exchange arrangements and an orderly system of exchange rates, the Secretary …, with the approval of the President, may deal in gold, foreign exchange, and other instruments of credit and securities.

Wed, 03/19/2014 - 01:56 | 4566601 Ham-bone
Ham-bone's picture

In '04-'08 (5yrs) the US ran a $3.47 T trade deficit vs. an increase in treasury debt ownership by foreigners of $1.4 T (of $2.45 T new Treasury debt)...$2+T of dollars not getting recycled...

In '09-'13 (5yrs) US ran a 2.45T trade deficit vs. $2.8 T increase in foreign treasury purchases (of $6 T new Treasury debt)...$400 B more dollars came home into Treasury debt than went out in trade...

Seems a bit counterintuitive...when countries have more dollars they buy less Treasury's at much higher yields and then when they have smaller trade surplus' they recycle all and then some into Treasury debt at far lower yields

Now with QE "ending" and no further Fed's up to the domestics (who've added zero since '00 and ownership of public Treasury debt has collapsed to 20%) and foreigners (who have skyrocketed to own 55% of all public note/bond debt)...the foreigners are supposed to continue rolling their massive positions and be a huge net buyer to avoid a US super rate spike whiiiiile the US trade deficit continues shrinking...ooooorrrrrr, the Fed has been the real "foreign" buyer since '08 and will maintain a mysterious Belgium/Ireland/Russsia bid to ensure rates only ever get lower?!?!  Which seems more logical???

Tue, 03/18/2014 - 14:21 | 4564421 mickeyman
mickeyman's picture

The worst word in the known universe is reviled among all civilized peoples, except on one planet, where they don't know what it means. That word is . . . Belgium.

Tue, 03/18/2014 - 15:49 | 4564826 Chandos
Chandos's picture

Belgium's two main concerns are fine chocolate and's a synergy....

Add good beer to the mix and the kids don't stand a chance...

Tue, 03/18/2014 - 15:07 | 4564617 pacboot
pacboot's picture

Hells Yeah MHP! Just dumped my gold. I am ALL IN!!


Tue, 03/18/2014 - 16:25 | 4564970 Liquid Courage
Liquid Courage's picture

Gold foil covered ... chocolate is the new Tungsten!

Tue, 03/18/2014 - 13:42 | 4564158 MagicHandPuppet
MagicHandPuppet's picture


Tue, 03/18/2014 - 17:03 | 4565113 scrappy
scrappy's picture

See Spot "price" run?

Tue, 03/18/2014 - 13:27 | 4564104 Soul Glow
Soul Glow's picture

We are dealing with a ruling elite that has no relation to any Nation-State.  They only bid in name.  The Rotheschildes once fought wars against each other, maybe they still do.

Tue, 03/18/2014 - 14:04 | 4564326 john39
john39's picture

you mean their slaves fought wars....    rothschilds and their ilk see this as nothing more than sport.

Tue, 03/18/2014 - 13:58 | 4564289 RedHarley
RedHarley's picture

It's the WAFFLES !

Tue, 03/18/2014 - 16:34 | 4565015 Kirk2NCC1701
Kirk2NCC1701's picture

Ergo, long jobs in Belgium.
Especially in Politics, Banking, Arms, NATO.
Beer and Chocolates have future in Belgium also.
Need to look at jobs there, no need to speak anything but English.

Tue, 03/18/2014 - 17:05 | 4565119 Buck Johnson
Buck Johnson's picture

Exactly, right on target not the F / funds of the IM.


Tue, 03/18/2014 - 17:14 | 4565144 Wahooo
Wahooo's picture

ECB, right?

Tue, 03/18/2014 - 21:51 | 4566140 Lets Buy The Dip
Lets Buy The Dip's picture

i had to plus +1 you there.

Mean while you get all these so call market gurus claiming the bonds will crash and the market will crash too using their 1929 analogies. See the truth to that here =>

Its a funny world in which we live. Brokers lying like wall st movie, and govt lying to the people. 

Remember this one "I did not have sexual relations with that women"  NO NO.... you didnt. Surely not. LOL. 

Wed, 03/19/2014 - 01:12 | 4566592 Kirk2NCC1701
Kirk2NCC1701's picture

Funny how (once again) no one points out the obvious:  With "Belgium" (ECB?) buying so much in USTs, the message to China and Russia could not be clearer -- "Don't even think about dumping your USTs!"

Of course, as I've pointed out before, you can't create a stampede, w/o first getting enough countries leaving at the same time.  IOW, lighting some BIC lighters in the cinema, won't do.  They essentially need to build a much bigger fire, before other CBs panic. 

Every fire starts small.  Many stay small, but grow large and even burn the place down:  Using Gold-for-This and Gold-for-That would start the process, and outright UST dumping would turn it into a full panic.  IMHO.

Tue, 03/18/2014 - 13:21 | 4564071 Beam Me Up Scotty
Beam Me Up Scotty's picture

Things must be bad. There is lots of lying going on.

Tue, 03/18/2014 - 14:02 | 4564314 maskone909
maskone909's picture


Tue, 03/18/2014 - 14:05 | 4564329 Troll Magnet
Troll Magnet's picture

WTF are you talking about?  Things aren't bad at all.  It's just the weather fucking with us.  Soon it'll get warm.  Real warm.  So fucking warm it'll be hot.  Like burning hot.  And then all will be well.

Tue, 03/18/2014 - 14:09 | 4564358 maskone909
maskone909's picture

Stop youre getting me all hot

Tue, 03/18/2014 - 14:42 | 4564506 SoilMyselfRotten
SoilMyselfRotten's picture

Well, as we all know, weather swings in either direction can be perilous to the stock market

Tue, 03/18/2014 - 14:21 | 4564422 fockewulf190
fockewulf190's picture

It´s way past bad.  It´s termial.   Same with the gold market.  Same with the debt levels.  Same with the derivatives.  The pain humanity will suffer because of the Great Reset will be legendary.

Tue, 03/18/2014 - 14:39 | 4564498 dontgoforit
dontgoforit's picture

Could be. 

Tue, 03/18/2014 - 15:47 | 4564819 Herd Redirectio...
Herd Redirection Committee's picture

Mostly there will be turmoil because of a complete lack of trust, making business/trade/commerce/industry difficult.

And of course, distrust and war are not completely foreign to one another. 

Barter between peasants.

Silver for small->medium transactions (going to the dentist, gas station, possibly grocer).

Gold for real estate and other capital transactions.

Credit will still exist on a local level, only.  "You have until the end of the week to pay back that $50 of groceries I sold you!"  After which, you arrange for a person who owes you $50 to pay the grocer on your behalf.....

I also predict that Pimping will be big business.  Pimps will request payment in PimpNotes issued by themselves.  Pure speculation, of course.

Tue, 03/18/2014 - 15:04 | 4564584 Element
Element's picture

It's all a part of the propaganda failing.

What we just saw is that all the numbers are propaganda.

Now, what we all suspected, we now all know with certainty.

So now the propaganda will fail even more.

This is a terminal process for the system.

Once you see behind the curtain - it's over.


The mystique is dead.

Tue, 03/18/2014 - 15:53 | 4564850 Radical Marijuana
Radical Marijuana's picture

Element, it is very difficult to say who actually looks behind the curtain to see that "all the data presented above is made up gibberish!" The Bizarro Mirror World Fun House that we were born in reflects itself back and back onto itself. For those making an effort, they can "look behind the curtain." Those making that effort can learn enough for the mystique to die.

However, it is hard to tell which people actually make that effort. As far as I can tell, more than 90% of the people get more than 90% of their information from the handful of huge media conglomerate corporations, and therefore, the vast majority of people continue to only see the curtain, to which they pay no attention, because they never bother to look behind the curtain to see that "all the data presented above is made up gibberish."

It seems to me that only small groups of people bother to try to figure out what is really going on. I tend to sympathize with them, since the more one learns, the worse it gets. Similarly, the bigger the picture one tries to look at, then from that persepctive things also look worse, the more that one attempts to look at those bigger pictures.

While I agree with you, element, that the failure of the system of enforced frauds is in a terminal spiral, as far as I can tell, the vast majority of the people still do not understand that, because they still do not want to understand that. As I said, I sympathize since the only way that one can maintain any optimism whatsoever is by continuing to be ignorant.

In my opinion, practically everything that the vast majority of people base their world view upon is "made up gibberish," which operates with thorough attitudes of evil deliberate ignorance towards the data. In my opinion, for those who bother to look behind the curtain, then we have ALREADY passed the Wiley E. Coyote moment of absurdity, where we have run off of the cliff, but we have not yet fallen because the vast majority of people deliberately do not look down.

Since politics is based on perception, and the perceptions are based on propaganda where "all the data presented above is made up gibberish," our civilization has already run as fast at it could off of a cliff ... but still manages to pretend that that has not happened. For those who look down, then the only thing left is to decide upon what kind of emotional attitude to take towards that situation. Previously, element, you and I have agreed to disagree about which kind of emotional attitude towards looking behind the curtain, or looking down into the abyss, should be ... Personally, I am still stuck in the rut of hoping that there were still some sane purposes that one could maintain. However, more and more, I am forced to accept that composing one's self to the fact that our civilization has run itself off of a cliff, and is now falling, appears to be the only thing left that one could try to do, which is barely any kind of sane purpose worthy of consideration.




Tue, 03/18/2014 - 23:50 | 4566449 Radical Marijuana
Radical Marijuana's picture

Thanks for the links trader1.

A flashback to Asimov in 1989 was interesting.

Of course, the same ideas continue to be updated, e.g.:

Guy McPherson, February 2014

Arctic Death Spiral and the Methane Time Bomb, 2013

Tue, 03/18/2014 - 17:06 | 4565064 Element
Element's picture

Well, I'm OK with them blowing this shit up at this point.  :D  And yes, I'm still smiling and laughing at every new case of bullshit and make-believe I see. It never gets old watching the human mind produce this complete and utter shit and then comes to the conclusion that it has created "the advanced world". I don't care who you are, that's just funny as.

If people were not such stupid vapid blind fucking idiots I would not get anywhere near as many laughs. It would be a much less rich and generously humorous world. (and zh would then completely suck)

The 'abyss' does not worry me one bit, we are close friends, I'm happy for it to take me any time, I will meet it with hugs, smiles and kisses, and it will devour me like a wood chipper and shit me out to nothingness. I'm OK with all that.

I never expected to 'live' so why would I expect to 'die'.

This is a ride, and it's a damned good one. I get to go to sleep and dream and I get to make a coffee and have that first sip and ... bliss. Maybe I should be fucked-up and festering inside about the world's artificial 'problems' (used in its correct sense) - but I'm not.

It's freedom, the real variety, it is only inside, only accessible through the mind, and only from there can it be outside.

Choosing an 'attitude' has nothing to do with freedom. That is the difference here.

You are bound up inside via things you hang on to, but I assure you RM, mercy and compassion is when you stop.



Wed, 03/19/2014 - 00:05 | 4566473 Radical Marijuana
Radical Marijuana's picture

Well, element, the basic history of human story telling went through tragedy, then comedy, then tragicomedy. I guess that one can do that same thing when looking at the prospects for the future of human beings.

The tragedy is that we have already destroyed the future. There is already a mass extinction of living things, which is surely going to get much worse, as well as the younger the human beings are, then the more tragic their future will probably become.

I suppose one can get some psychological relief from seeing the absurdity and humourous aspects of human tragedies. However, I find that harder to do when I think that those who will suffer most are other species of life, and people who are young, or not yet born, while those who were busy operating a fraudulent financial accounting system, that could rationalize destroying the planet, will have enjoyed doing that, and pass away before the consequences were manifested.

I am not able to accept the evil deliberate ignorance that is going to cause so much horrible suffering to so many different life forms, and future human beings. I have just about worn out my well-developed macabre sense of humour to be able to laugh at all of the evils. When we have a social system that is able to lie about everything, and lie to itself, so thoroughly, such as the most basic and important statistics can not be trusted, but rather are gibberish, then the longer term consequences are that we collectively behave in sick and stupid ways, which cause immense suffering for other living beings, and future human beings.

Of course, most people have developed a similar kind of emotional armour as you say you have, element. A lot of Zero Hedge comments appear to try to live up to the "Fight Club" philosophy. I guess I used to be more like that, not that long ago, since then, I did not yet quite believe that things are as bad as I tend to believe that they are now ... There is a saying that "despair is the death of one's dreams."  I guess I used to want to believe that we would not see the worst science fiction nightmare stories being the ones that became the social facts. I guess I used to want to believe that the future might not be as bad as I now believe it will be.

Of course, as long as one is still in the calm before the storm, then it is still relatively easy to continue to ignore what that storm will really do. For those of us who have already lived, then it may not be such a big deal. However, I still feel sad for the children, and their children's children, and all the other species of life, that are going to be destroyed by the ways that our current civilization operates through triumphant frauds, which drive mad destruction to manifest in the most probable futures which will be caused by the longer term consequences of that evil deliberate ignorance.

Wed, 03/19/2014 - 05:13 | 4566761 Bearwagon
Bearwagon's picture

"And if I were to know that the world would end tomorrow - I would nonetheless plant an apple tree today!" So let us plant an apple tree ....

Wed, 03/19/2014 - 07:18 | 4566832 Element
Element's picture

Well, you have a good heart RM, but you do not realize that you are not nature's mother, it isn't your job to worry about what may happen, it is your job to live now. What you see as emotional armor is the refusal to accept what I am telling you, that it is freedom. I lack entirely the self-concern you imposed on yourself about things you can not control.

That is not wise my friend, and I wish I could help you there, and show you the way, but that is for you to work through. As I said, when you end that, it will stop, and then you don't need any armor, or to motivate your insight or perceptions or actions. It is a bizarre thing (to me now) that a man or woman chooses to erect an emotional 'attitude' to perceptions, when both of those are coming from the very same mind. It is a duality in the classical introspection literatures - you are afflicting yourself. So I can understand the misery angle of that. and I felt that as a younger man, quite acutely. And then it ended, because I went inside and ended it, and it stopped completely.

Total liberation from myself, I was the tormentor of me, as you are the tormentor of you. I know that pain, and it can end completely. So maybe you will benefit from interaction with Cog, and that aspect of introspections that actually examines why that is happening inside your mind. And I do wish you well in that, and we can talk any time you want, if I am around.

I am in the same world, seeing the same facts, with some geographical and material differences maybe, but we are in the same world, and allow me to once again assure you, I do not have this "emotional attitude" tormentor that you refer to, and will never have it again. It simply isn't possible any more, because that classic duality process just has no grip on me any more, and it can never come back. It has ended, and can end in anyone. There is more to it, but that is a practical day to day reality.

So all the best RM, it's down to you, it is the same for all of us. It is a thing our closest companion can not help us with, they can comfort, but they can not help, and nor can any words from me, or Cog, or anyone else make a difference. The words only point out something the eye can not see.

And I sincerely mean all the best with this.

Wed, 03/19/2014 - 07:22 | 4566842 The_Prisoner
The_Prisoner's picture

This sounds like something that troubled me for many years.

The Power of Now is a book that covers the negative effects of the injera voice, or self, and how to disable or by living in the present.

Strongly recommend it.

Wed, 03/19/2014 - 08:20 | 4566899 Element
Element's picture

I actually read that, but long after I had already done the business, and didn't need it, I just wanted to see what he had to say as people said "hey read this guy". Ekhardt Tolle was his name if I remember correctly. I saw that book as very much a restatement of the Jiddu K discussion linguistics (which I actually found very helpful and still take quite seriously, not of itself per-sec, but to how it can help you to do this yourself, otherwise it's just words). The difference is that in the book you mentioned the author ended up saying that in the end the physical universe is a figment of our imagination (something I could see he was working up to, from several chapters back), which it clearly and testably, is not. But other than that it was a nice general restatement of what many others had said in earlier centuries and fairly well stated, though I don't think I would recommend it, simply because, in my view, others said it better and more carefully, and far more completely.

Wed, 03/19/2014 - 14:52 | 4568861 UggSmash
UggSmash's picture

Element, what you describe about losing that torment sounds incredibly interesting to me. I suspect I have also lost it, or to a considerable degree (if one can do so in "degrees"). But I'm interested in some confirmation of this. 

To find this confirmation, I'd like to get some reading recommendations from you. You say above that "others said it better and more carefully, and far more completely". Do you have reading recommendations?

I, too, read Tolle's book you're discussing, and found it interesting and insightful. But I couldn't really get the degree of understanding I was seeking. It was only after carefully pondering the topic of "Free Will" (i.e. that there is no such thing, but that doesn't mean action has no consequence), that I came to a series of conclusions. After integrating those conclusions into my world view, and my perception myself, did I begin to lose this sense of self-torment you seem so knowledgeable about.

And finally Element: thank you for posting all you did on this topic. I didn't expect to run across such a deep philosophical discussion while trolling ZH for the day, but I enjoyed reading what you wrote.  Also: would be happy to discuss more in PM.

Wed, 03/19/2014 - 19:20 | 4569955 The_Prisoner
The_Prisoner's picture

Element, thanks for your perspective.

I think what he refers to the universe being a figment of someone's imagination is a metaphysical reference to the Measurement Problem.

Have you reaf Fritjof Capra's the Tao of Physics? It provides some interesting points of commonality between eastern phylosophy and discoveries in Quantum physics up to the 70's.


Tue, 03/18/2014 - 17:34 | 4565222 WillyGroper
WillyGroper's picture


>>>>As I said, I sympathize since the only way that one can maintain anyoptimism whatsoever is by continuing to be ignorant.

If you knew you were dying & had 30 days to live, would you lay down & let depression rule or use the time to the fullest, e.g. bucket list & letting your loved ones know how you feel about them?

None of us can stop either process.

Tue, 03/18/2014 - 18:29 | 4565414 Tall Tom
Tall Tom's picture

We are all dying now. What difference does a 30 Day window have to do with it? You may want to use your time to the fullest right now, fulfilling your "Bucket List", and letting your loved ones know how you feel about them...TODAY. There is no better time than now. That 30 Day window is irrelevant.


Perhaps ignorance and denial are bliss. But once that has been breached and you have knowledge you cannot turn back.


Depression is just part of the dying process. Acceptance is the ideal step as there can be no optimism with knowledge. Now that may be fatalistic. But, as you wrote, nobody can stop the process.



Tue, 03/18/2014 - 21:16 | 4566013 willwork4food
willwork4food's picture

there can be no optimism without knowledge & faith.

Fixed it for ya.

Wed, 03/19/2014 - 00:41 | 4566539 Tall Tom
Tall Tom's picture

For with much wisdom comes much sorrow; the more knowledge, the more grief.  Ecclesiastes 1:18


How, just how, can there be optimism in grief? So do tell me what I need to know?


You fixed nothing and served to obfuscate the truth.

Tue, 03/18/2014 - 22:29 | 4566256 WillyGroper
WillyGroper's picture


It doesn't make a FF what time frame I put on it, if any, that wasn't the fucking point. How nice of you to glom on to it.

>>>>You may want to use your time to the fullest right now, fulfilling your "Bucket List", and letting your loved ones know how you feel about them...TODAY. 

How nice of you to reinforce WTF I just said. Is it a comprehension issue with you?

>>>No optimism with knowledge? 

Well I guess that depends on your perspective,  knowledge base, & beliefs. Yes, you are fatalistic. No depression isn't necessarily a part of the dying process.

Christ do you use a rasp for toilet paper?

Now, go away. 

Wed, 03/19/2014 - 00:00 | 4566467 Tall Tom
Tall Tom's picture

Well I guess that depends on your perspective,  knowledge base, & beliefs. Yes, you are fatalistic. No depression isn't necessarily a part of the dying process.


Why don't you gain some knowledge by reading Elizabeth Kubler Ross?


The Kübler-Ross model, or the five stages of grief, is the series of emotional stages that one experiences when faced with impending death or death of a loved one. The five stages are denial, anger, bargaining, depression and acceptance.


Now I am certain that there may be exceptions. But they are STATISTICAL OUTLIERS.


AS I have prevously wrote I can back up my claims.


Christ do you use a rasp for toilet paper?


No. I would use the Federal Reserve CURRENCY before using a Rasp...Then afterwards I spend it. It serves a DUAL PURPOSE in that way. Furthermore I appreciate the irony. I can use the instrument of filfth and disease, the Currency, to spread filfth and disease.


As Tyler Durden pissed in the soup I am certain that he can appreciate that.


So just how much trust and confidence do you have in the Currency? How much trust and confidence do you have in the soup which you order in a restaurant?


(I have a nephew who works in the Restaurant industry in a Managerial capacity. He has told me to avoid Restaurants one hour before closing. He says that his staff does some very bad things to food.)


I guess that it is just a matter of attitude. But just whose attitude is that which is relevant. You can have the best attitude in the World. And bad shit will happen to you. What you so SHALLOWLY FAIL TO UNDERSTAND IS THAT IT IS NOT ABOUT YOU.


Do you believe that Fight Club or Project Mayhem is fictional? LMAO


So continue to grope your own Willie as nobody else will do it for you. Keep on wearing those blinders and suffer from your myopia. The entire civilization is collapsing around you Mr. Magoo.


But your attitude will save you?

Wed, 03/19/2014 - 01:16 | 4566590 kareninca
kareninca's picture

As she herself died, Kubler-Ross recanted.  She concluded, and told others, that she had been totally mistaken in her description of how it all works; that what she had asserted in her writings was just wrong:  Actually I'm not sure that I recommend reading the article; it's a bummer.

Wed, 03/19/2014 - 04:53 | 4566741 Tall Tom
Tall Tom's picture

Sounds like she was remorseful and depressed???


I will read it.


Edit: The article makes it clear that she did not reject her life's work but questions it and is embittered at her own treatment as the Medical Establishment gave it lip service but did not adopt the principles.


In the article she claims that she is in the Anger Stage. It was not really depressing. It was an interesting read. (I did not know that she was in Scottsdale, AZ...)

Wed, 03/19/2014 - 18:46 | 4569852 kareninca
kareninca's picture

Yes, your reading of it sounds right.

Tue, 03/18/2014 - 19:04 | 4565548 CPL
CPL's picture

Like a fat man in a kimono, there's nothing under there you want to see.

Tue, 03/18/2014 - 16:50 | 4565081 gatorengineer
gatorengineer's picture

no surprise here people.  Who has the worst banks in Western Europe?  Belgium.  Who needs high quality collateral Belgium?  French primary dealers, and their may even be belgian ones sent their money there.  Its also a short dollar play, which has netted a cool percent plus in the last month....  Easy

Tue, 03/18/2014 - 13:31 | 4564133 SoilMyselfRotten
SoilMyselfRotten's picture

Does the NSA have pics of the Belgian King with farm animals??

Tue, 03/18/2014 - 14:18 | 4564401 FlipFlop
FlipFlop's picture

Belgium is known for its love for small kids. I do not know if kind is after kids.

Tue, 03/18/2014 - 13:32 | 4564138 Mr Pink
Mr Pink's picture

Does this mean we will all have to start wearing those pointy wood shoes?

Tue, 03/18/2014 - 14:21 | 4564415 Al Huxley
Al Huxley's picture

LOL - You're on quite the roll today Mr Pink!

Tue, 03/18/2014 - 13:06 | 4563966 VD
VD's picture

allow me: The Fed shadow bookz (overflowing with illegal derivatives) is in part booked in Belgium....simple really....hence no auditz but none needed as we look at Belgium and other "swarthy places".....

Tue, 03/18/2014 - 13:13 | 4564010 Wen_Dat
Wen_Dat's picture

fuck yourself

Tue, 03/18/2014 - 14:30 | 4564465 VD
VD's picture

dat best u got¿¿¿

Tue, 03/18/2014 - 13:14 | 4564018 insanelysane
insanelysane's picture

I agree.  Belgium could just be rehypothecating and could easily purchase 50 times their GDP in US Treasuries.  There is no limit to re-rehypothecation.

Tue, 03/18/2014 - 13:40 | 4564181 Carl Popper
Carl Popper's picture

Swarthy? They look pretty white bread to me.

But what is with those shirts with thick stripes? That is really goofy.

Tue, 03/18/2014 - 13:11 | 4563967 Thought Processor
Thought Processor's picture



Belgium is at the very heart of the NWO finance operations.   SWIFT operations are run though Belgium, though are backed up at several other sights around the world as well.




Things that make you go Hmmmmm..........

Tue, 03/18/2014 - 13:17 | 4564039 Herd Redirectio...
Herd Redirection Committee's picture

Belgium as a center for Satanism and banking?  Who would have thought the two are related in the slightest!  Shocked, shocked, i say!

Tue, 03/18/2014 - 13:28 | 4564112 pods
pods's picture

Belgium is holding them for ZH's very own Sudden Debt.

And you all were fooled by the swinging arms?

That's him makin it rain!


Tue, 03/18/2014 - 14:17 | 4564396 Bastiat
Bastiat's picture


100% GDP into Treasury bonds in a couple months is some Suddent Debt for sure.

Tue, 03/18/2014 - 14:42 | 4564508 dontgoforit
dontgoforit's picture

The Hague.  Used to mean something quite different 60 years ago.  Ghent and Brugge are great to visit.  Brussels is different  There's stuff goin' on there.

Tue, 03/18/2014 - 14:51 | 4564542 Seer
Seer's picture

Ugh!  I'm never going to look at a waffle the same way!

Tue, 03/18/2014 - 13:44 | 4564207 MagicHandPuppet
MagicHandPuppet's picture

TP, for the win!

Tue, 03/18/2014 - 13:46 | 4564221 Fox-Scully
Fox-Scully's picture

Belgium is fronting for Buffet

Tue, 03/18/2014 - 14:52 | 4564548 Zymurguy
Zymurguy's picture

So that's what Kerry meant by being a swift boat captain.

Tue, 03/18/2014 - 13:11 | 4563982 Buckaroo Banzai
Buckaroo Banzai's picture

Actually, the IMF headquarters is in Washington DC.

Located conveniently next door to the World Bank. And just 2 blocks away from the White House.

Now, I don't know, but if I had to guess, they are probably all connected by underground passages.

Tue, 03/18/2014 - 14:14 | 4564378 silverserfer
silverserfer's picture

sniveling and scurrying about underground as bankers do in their natural habitat. Let me guess, passages not lit because they can travel by the smell of each others stink holes.

Tue, 03/18/2014 - 16:52 | 4565088 Kirk2NCC1701
Kirk2NCC1701's picture

Underground PASSAGES?
More like an Underground RAILROAD!

Tue, 03/18/2014 - 17:56 | 4565297 Ratscam
Ratscam's picture

correct, white house, pentagon, camp david all connected by private govt. subway.
research yourself.

Tue, 03/18/2014 - 13:09 | 4563986 knukles
knukles's picture

If it's Tuesday, it must be Belgium.

Of course the fucking data is made up.  There is no official mechanism by which investors report their aggregated treasury (or any other holdings for that matter) to any central information repository on a timely basis.
Hedgei's monies held outside the US may indeed be "held" in the Caymans, etc., but the funds are still run form the US offices (the company is domiciled, trusteed, etc., outside the US but the managers oft remain right here in river city) and when purchased or sold to a broker, etc., they ain't reported as "offshore" because the custodian is a US bank, onshore.

The numbers can only be drawn with incredibly hu-mongoloid inference  from a baseline of Official Holdings at The Federal Reserve. 

There are no data bases of any significance from which aggregated data of holders can be drawn with any sense of confidence or completeness.

Tue, 03/18/2014 - 13:12 | 4564008 john39
john39's picture

global criminal syndicate...  runs the show.  sheeple, never know. 

Tue, 03/18/2014 - 13:16 | 4564036 Anusocracy
Anusocracy's picture

Who guards the fiat guardians?

Tue, 03/18/2014 - 13:20 | 4564057 El Vaquero
El Vaquero's picture

We do, and we've been remiss in our duties. 

Tue, 03/18/2014 - 14:21 | 4564419 venturen
venturen's picture

sorry they know who has the treasuries...they have to collect the interest....?

Tue, 03/18/2014 - 13:11 | 4564001 El Vaquero
El Vaquero's picture

I don't know what organization(s) are involved here, but something seriously stinks.  Having something like this going on exposes us to having foreign interests meddling in our internal affairs.  Not that such things aren't already happening, but, during a bond crisis, it will allow foreign interests to do so openly.  I do not like this one bit.

Tue, 03/18/2014 - 14:41 | 4564503 Seer
Seer's picture

"Having something like this going on exposes us to having foreign interests meddling in our internal affairs. "

PSST!  They're called "bankers!"

Tue, 03/18/2014 - 17:49 | 4565274 WillyGroper
WillyGroper's picture

Don't want to getcha down, but where is your data being sent?

Tue, 03/18/2014 - 13:25 | 4564101 Babaloo
Babaloo's picture

Seems like it should be "goalsought" not "goalseeked."

Other than that I congratulate the Belgians on their remarkable timing...

Tue, 03/18/2014 - 13:30 | 4564124 Canadian Dirtlump
Canadian Dirtlump's picture

yeah the IMF is propping this shit up. 100% correct.

Tue, 03/18/2014 - 14:20 | 4564408 optimator
optimator's picture

Don't forget to peek behind the IMF curtain where you'll find the BIS. 

Tue, 03/18/2014 - 13:45 | 4564210 drendebe10
drendebe10's picture

WTF.... what saps.... good look with that one...

Tue, 03/18/2014 - 13:56 | 4564267 Againstthelie
Againstthelie's picture

Also Marc Dutroux came from Belgium. 30 witnesses were killed to keep the paedophilia-circle uncovered at court. Rumors said, highest ranks up to the Royals were involved.

Brussels = EUSSR and NATO headquarter!

Belgium is a typical artificial globalist state, ignoring the right of self-determination of the ethnicities, fully controlled by freemasons and incredibly corrupt.

Tue, 03/18/2014 - 14:31 | 4564467 Buckaroo Banzai
Buckaroo Banzai's picture

"There was widespread anger and frustration among Belgians due to police errors, the general slowness of the investigation and Dutroux's claims that he was part of a sex ring that included high-ranking members of the police force and government. This suspicion that Dutroux had been, or was being, protected, and anger over the outcome, culminated when the popular judge in charge of investigating the claims was dismissed on the grounds of having participated in a fund-raising dinner for the girls' parents. The investigation itself was wrapped up. His dismissal and end of the investigation resulted in a massive protest march (the "White March") of 300,000 people on the capital, Brussels, in October 1996, two months after Dutroux's arrest, in which demands were made for reforms of Belgium's police and justice system.

On the witness stand, Jean-Marc Connerotte (fr), the original judge of the case, broke down in tears when he described "the bullet-proof vehicles and armed guards needed to protect him against the shadowy figures determined to stop the full truth coming out. Never before in Belgium has an investigating judge at the service of the king been subjected to such pressure. We were told by police that [murder] contracts had been taken out against the magistrates." Connerotte testified that the investigation was seriously hampered by protection of suspects by people in the government. "Rarely has so much energy been spent opposing an inquiry," he said. He believed that the Mafia had taken control of the case.

Tue, 03/18/2014 - 14:47 | 4564528 caustixoid
caustixoid's picture


Tue, 03/18/2014 - 15:22 | 4564686 New World Chaos
New World Chaos's picture

People must be vetted by the puppetmasters before being installed at the highest levels of power.  The puppetmasters don't trust anyone until they have video of him fucking a boy in a satanic ritual.

Tue, 03/18/2014 - 15:51 | 4564841 Herd Redirectio...
Herd Redirection Committee's picture

Its a common Mafia-type principle.  "If we make you, we can break you"

So before you are 'made', there has to be serious evidence that can be used against you in the future.

I am sure they even tell you to "Smile for the camera" as they take the blackmail photos.

Wed, 03/19/2014 - 05:43 | 4566772 mvsjcl
mvsjcl's picture

Essentially, you have to be a psychopath to reach the upper-levels of governance.

Wed, 03/19/2014 - 06:08 | 4566791 August
August's picture

>>>Essentially, you have to be a psychopath to reach the upper-levels of governance.

Essentially yes. 

But there is the occasional exception, like Jimmie Carter:  he was just a sanctimonious hick, and he did OK.

Tue, 03/18/2014 - 13:57 | 4564280 Grinder74
Grinder74's picture

So because the TD made a small reporting error, then corrected it, will the SEC also chase them down, harass them for months with "informal inquiries", declare there have been a dozen "alleged" violations, lie to the TD's lawyers, then claim the TD lied, file a lawsuit but then agree to a "settlement" 10x the TD's annual income so that the TD is forced into bankruptcy?


Tue, 03/18/2014 - 14:04 | 4564324 RaymondKHessel
RaymondKHessel's picture

Now this is the ZH I've known and love! Keep up the great work. We are counting on you.

Tue, 03/18/2014 - 14:47 | 4564532 Silveramada
Silveramada's picture

...And D.C

For more information about access and directions to the IMF headquarters buildings, please see Directions and Access to IMF Headquarters.

Headquarters 1 (HQ1):
International Monetary Fund, 700 19th Street, N.W., Washington, D.C. 20431

Headquarters 2 (HQ2):
International Monetary Fund, 1900 Pennsylvania Ave NW, Washington, DC, 20431

Telephone Operator: + 1 (202) 623-7000 · Fax: + 1 (202) 623-4661


Tue, 03/18/2014 - 23:13 | 4564782 just-a-girl
just-a-girl's picture

My understanding is that an SDR is neither a currency, nor a claim on the IMF.  Rather, an SDR is a potential claim on the freely usable currencies of IMF members.

Does this mean that an SDR is nothing more than a basket of debt instruments like U.S. Treasuries? 

Tue, 03/18/2014 - 17:09 | 4565128 Buck Johnson
Buck Johnson's picture

Who beligium is fronting for is quite obvious, it's the US.  And if you think in the Camen islands that the US don't have funds that are being used to buy their debt also think again.  If that person who is snowden for the US Treasury does come out, he will be a dead man walking.  They will pay big money to see him dead before the information comes out.  Because in the end it's all about the money pure and simple.  If the US fails in the money dept., we are done and our leaders and bankers know it. 

Tue, 03/18/2014 - 17:09 | 4565130 WillyGroper
WillyGroper's picture

God bless Tyler/s for their public service.

Stay safe!

Tue, 03/18/2014 - 19:13 | 4565580 Abi Normal
Abi Normal's picture

The BIS is I think in Belgum, not sure about IMF, thought that was NYC?

Tue, 03/18/2014 - 21:49 | 4566131 caustixoid
caustixoid's picture

BIS is in Basil Switzerland.  They scattered the tentacles of empire around so much it's hard to keep them all straight.

Tue, 03/18/2014 - 13:01 | 4563923 yogibear
yogibear's picture

One big round robin central bankster circle-jerk.

Each one is buying each other's debt with printed money. What a sham.

Tue, 03/18/2014 - 13:03 | 4563943 Henry Chinaski
Henry Chinaski's picture

More like a shell game.

Tue, 03/18/2014 - 13:06 | 4563968 Seer
Seer's picture

Without the peas.

And, as blantant as it's getting to be, without the shells...

Tue, 03/18/2014 - 13:17 | 4564040 El Vaquero
El Vaquero's picture

The shells are still there, and will continue to be until we have another financial crisis that hits our ability to "pay" our debts.  Then we get to see who starts making demands.

Tue, 03/18/2014 - 13:23 | 4564087 Al Huxley
Al Huxley's picture

Good one.

Tue, 03/18/2014 - 14:19 | 4564406 Bastiat
Bastiat's picture

This was what was going on with Savings & Loan issuers of Mililken underwritten paper at the end. Busted S&Ls held each others debt and passed interest payments back and forth.

Tue, 03/18/2014 - 13:05 | 4563954 yrbmegr
yrbmegr's picture

An interesting political phenomenon.  Some think a lesson was learned from World War I.  I wonder.

Tue, 03/18/2014 - 14:45 | 4564518 Seer
Seer's picture

"some think a lesson was learned from World War I"

Yeah, it was a math lesson, we learned that II comes after I. (and now we're seeking higher enlightenment, the "lesson" of III coming up soon!)

Tue, 03/18/2014 - 13:17 | 4564043 Unknown User
Unknown User's picture

They are simply moving their obligations to the other side of the ledger.

Tue, 03/18/2014 - 14:46 | 4564521 Seer
Seer's picture

Always a good idea to take note of the seas and shift ballast accordingly...

Wed, 03/19/2014 - 05:48 | 4566777 mvsjcl
mvsjcl's picture

Problem is, whose ledger?

Tue, 03/18/2014 - 13:58 | 4564293 furgheddubouddit
furgheddubouddit's picture

One big round robin central bankster circle-jerk.

Each one is buying each other's debt with printed money. What a sham.


It's simply Peter borrowing from Paul to pay John, who in turn is borrowing from Peter to also pay Paul. Meanwhile Paul is borrowing from John in order to pay both John and Peter. John then borrows from Paul in order to pay himself back and then returns twice that amount back to Paul, who then uses that money to pay Peter, who immediately loans twice that amount back to John...etc etc etc.

The big circle-jerk is FED - ECB - BOJ, all of whom are running completely unsustainable deficits and therefore simply exchanging and accumulating huge piles of worthless and meaningless IOU's .

The entire global financial system is just one giant farcical charade.

Is it any wonder that Putin laughs at the theat of 'sanctions'? He damn well knows that if economic warfare really does get kicked off, this CB circle-jerk will be the first thing to collapse, and with it the entire global economy.


Tue, 03/18/2014 - 16:19 | 4564946 palmereldritch
palmereldritch's picture

  Nah...just a little mad money account for NATO so they can buy themselves something's only fiat

Tue, 03/18/2014 - 13:02 | 4563928 Mr Pink
Mr Pink's picture

Damn! I wasted all these years learning Mandarin and now I need to learn Belgish!

Tue, 03/18/2014 - 13:10 | 4563992 Ignatius
Ignatius's picture

NATO headquarters.

Tue, 03/18/2014 - 13:14 | 4564017 Van Halen
Van Halen's picture

Mr. Pink - BEST comment of the day award!

Tue, 03/18/2014 - 13:24 | 4564089 Al Huxley
Al Huxley's picture


Tue, 03/18/2014 - 13:46 | 4564218 piliage
piliage's picture

The official term is Belch.

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