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Bill Gross' Latest: "Mainstream America Is Being Slowly Cooked Alive"

Tyler Durden's picture




 

While hardly as dramatic as Bill Gross' last letter in which he urged readers to "go to cash" as a result of the "Frankenstein creation" that ZIRP has created, his latest letter "Saved by Zero" takes a calmer stance and taking a page out of Paul Marshall's FT Op-Ed profiled yesterday, urges central banks to "get off zero" as the "developed world is beginning to run on empty because investments discounted at near zero over the intermediate future cannot provide cash flow or necessary capital gains to pay for past promises in an aging society. And don’t think that those poor insurance companies and gargantuan pension funds in the hundreds of billions are the only losers."

His punchline:

"Mainstream America with their 401Ks are in a similar pickle. Expecting 8-10% to pay for education, healthcare, retirement or simply taking an accustomed vacation, they won’t be doing much of it as long as short term yields are at zero. They are not so much in a pickle barrel as they are on a revolving spit, being slowly cooked alive while central bankers focus on their Taylor models and fight non-existent inflation."

We are not so sure about that non-existant inflation: sure, if one ignores healthcare, food, tuition and expecially rental costs, then sure. But let that slide for the time being.

Gross' conclusion: "get off zero and get off quick. Will 2% Fed Funds harm corporate America that has already termed out its debt? A little. Will stock and bond prices go down? Most certainly. But like Volcker recognized in 1979, the time has come for a new thesis that restores the savings function to developed economies that permit liability based business models to survive – if only on a shoestring – and that ultimately leads to rejuvenated private investment, which is the essence of a healthy economy. Near term pain? Yes. Long term gain? Almost certainly. Get off zero now!"

Sure, it makes all the sense in the world... and that's why the Fed won't do it precisely because of the "stock prices going down" part. The Fed clearly confirmed that the stock market mandate is the only one it cares about, and as such it will let Wall Street trample over Main Street any day. Confirming this is the latest Fed Funds projection which has a December rate hike now at just 42% odds, meaning the majority of the market no longer believes the rate hike will come before 2016 (just as Goldman demanded), and is acting accoridngly.

The real question, one not addressed by Gross in this letter, is the dramatic shift in the market's posture, one where a continuation of easy conditions no longer leads to a surge in stocks. It is this that is the biggest threat to the Fed, as the market is now confirming a major easing episode such as QE4 or NIRP may not be what the Econ PhD doctor ordered to get new all time highs.

This is why the Fed is not only trapped, but pushing on a string. And the longer it keeps rates at zero the greater the pain in the long-run.

For now, however, we have many more months in which to debate when, how and why the Fed will finally raise for the first time in what is increasingly looking like a decade.

From Bill Gross of Janus:

Saved by Zero

So the Fed has chosen to hold off on their goal of normalizing interest rates and the ECB has countered with the threat of extending their scheduled QE with more checks and more negative interest rates and the investment community wonders how long can this keep goin’ on. For a long time I suppose, as evidenced by history at least. Ken Rogoff and Carmen Reinhart have meticulously documented periods of “financial repression”, long stretches of years and in some cases decades where short-term and even long-term yields were capped and suppressed below the level of inflation. In the U.S. the most recent repressive cycle extended from 1930 to 1979, nearly half a century during which investors on average earned 1.5% less than the rate their principal was eroding due to inflation. It was a savers nightmare.

But then Paul Volcker turned the bond market upside down and ever since (until 2009), financial markets enjoyed positive real yields and a kick in the pants boost to other asset prices, as those yields gradually came down and increased the present value of bonds, stocks and real estate. Low or zero interest rates it seems do wonders for asset prices and for a time even stabilize real economies,but they come with baggage and as zero or near zero becomes the expected norm, the luggage increasingly grows heavier. Model driven central banks seem not to notice. Accustomed to Taylor Rules and Phillips Curves, their commentary is almost obsessively focused on employment statistics and their ultimate impact on inflation. Lost in translation however, or perhaps lost in transition to a New Normal financial economy, is the fact that while 0% or .25% or other countries’ financially suppressed yields might be appropriate  for keeping their economy’s head above water, they act as a weight or an economic “sinker” that ultimately lowers economic growth as well.

No Model will lead to this conclusion. Only the Japanese experience of the last several decades seems to give a hint, but the aging demographics of their society is offered as a convenient excuse for their experience. Zero is never mentioned as a complicit accomplice,
especially since inflation itself has averaged much the same. But models aside, there should be space in an economic textbook or the minutes of a central bank meeting to acknowledge the destructive influence of 0% interest rates over the intermediate and longer term.

How so? Because zero bound interest rates destroy the savings function of capitalism, which is a necessary and in fact synchronous component of investment. Why that is true is not immediately apparent. If companies can borrow close to zero, why wouldn’t they invest the proceeds in the real economy? The evidence of recent years is that they have not. Instead they have plowed trillions into the financial economy as they buy back their own stock with a seemingly safe tax advantaged arbitrage. But more importantly, zero destroys existing business models such as life insurance company balance sheets and pension funds, which in turn are expected to use the proceeds to pay benefits for an aging boomer society. These assumed liabilities were based on the assumption that a balanced portfolio of stocks and bonds would return 7-8% over the long term. Now with corporate bonds at 2-3%, it is obvious that to pay for future health, retirement and insurance related benefits, stocks must appreciate by 10% a year to meet the targeted assumption. That, of course, is a stretch of some accountant’s or actuary’s imagination.

Do central bankers not observe that Detroit, Puerto Rico, and soon Chicago, Illinois cannot meet their promised liabilities? Do they simply chalk it up to bad management and inept governance and then return to their Phillips Curves for policy guidance? Do they not know that if zero were to become the long-term norm, that any economic participant that couldn’t print its own money (like they can), would soon “run on empty” as Blackstone’s Pete Peterson once expressed it in describing our likely future scenario? The developed world is beginning to run on empty because investments discounted at near zero over the intermediate future cannot provide cash flow or necessary capital gains to pay for past promises in an aging society. And don’t think that those poor insurance companies and gargantuan pension funds in the hundreds of billions are the only losers. Mainstream America with their 401Ks are in a similar pickle. Expecting 8-10% to pay for education, healthcare, retirement or simply taking an accustomed vacation, they won’t be doing much of it as long as short term yields are at zero. They are not so much in a pickle barrel as they are on a revolving spit, being slowly cooked alive while central bankers focus on their Taylor models and fight non-existent inflation.

My advice to them is this: get off zero and get off quick. Will 2% Fed Funds harm corporate America that has already termed out its debt? A little. Will stock and bond prices go down? Most certainly. But like Volcker recognized in 1979, the time has come for a new thesis that restores the savings function to developed economies that permit liability based business models to survive – if only on a shoestring – and that ultimately leads to rejuvenated private investment, which is the essence of a healthy economy. Near term pain? Yes. Long term gain? Almost certainly. Get off zero now!

 

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Wed, 09/23/2015 - 08:22 | 6583135 Argenta
Argenta's picture

Indeed.  Not sure I agree with his advice to raise rates.  Do we then have to print even more money to service the debt?  Shout out to everyone out there with the foresight to put their excess wealth into precious metals and other tangibles.

-Argenta

Wed, 09/23/2015 - 08:30 | 6583155 VinceFostersGhost
VinceFostersGhost's picture

 

 

Being Slowly Cooked Alive

 

Be thee quick little frog.

Wed, 09/23/2015 - 08:50 | 6583198 Stuck on Zero
Stuck on Zero's picture

Central bankers are not focused on the economy of the little people.  Central bankers are entirely focused on making 1000 families across the globe richer and more powerful. Nothing else can explain their actions.

Wed, 09/23/2015 - 09:12 | 6583266 weburke
weburke's picture

the guys at the tippity top have a few goals.

A lot of the rich are out of the loop,  and they will get no heads up when danger comes their way. 

Fill your house oil tank now. 

Wed, 09/23/2015 - 09:13 | 6583270 kliguy38
kliguy38's picture

very correct

Wed, 09/23/2015 - 09:19 | 6583291 toady
toady's picture

mmmmmmmm....mainstreet.  

Wed, 09/23/2015 - 09:51 | 6583437 jeff montanye
jeff montanye's picture

sounds like homer about to devour something.  most of the time the rich eat the poor, literally or figuratively.  sometimes just chain them to a bed and fuck them, protected by the u.s. military:  http://www.nytimes.com/2015/09/21/world/asia/us-soldiers-told-to-ignore-...

tptb like it that way, it would seem. keep people working day and night just to stay alive and maybe everyone will forget the time the power elite tipped its mitt a little too far away from its tit, on september 11, 2001. while our evil doers may look like they will never be stopped, much less brought to justice, 9-11 is the chink in their armor, unique in all the world.  in no other developed country has a recent government so obviously, so intentionally and, by far most important, so provably, murdered thousands of its own citizens.  

the way forward is through 9-11.  everything else is pretty well hidden or open for debate or caught up in partisan politics. this is the only thing big enough and bad enough to prove what we know is true: we are ruled by deeply evil people who care nothing for our well-being.

9-11 is different.  it is the bridge too far.  it is the overreach that can be demonstrated to be wrong.  polls over the years show u.s. citizens are less and less believing of the government's incredible (as in not credible) story: https://en.wikipedia.org/wiki/Opinion_polls_about_9/11_conspiracy_theories

rand paul and others are trying to get secret pages of the 9-11 report (which doesn't mention building 7) declassified.  a new movie by the highly credible and non-partisan architects and engineers for 9-11 truth (which now has added firefighters to the mix) has just been released: https://www.youtube.com/watch?v=OsoY3AIRUGA.  

once one watches the wtc fall (all three), up close and in slow motion, an honest person cannot think planes and fires did it.  the final nail in the coffin is the red-hot metal underground months later. gas and office fires do not do that.

this crime is too great, too evil and too poorly done to be explained away or ignored. once a growing majority of the nation sees through this lie (and the fraction is already larger than many imagine), new things become possible. this is not yesterday's news. there is no statute of limitations on treason or murder. the day will be won mind by mind.  do your part.

Wed, 09/23/2015 - 10:33 | 6583643 ToSoft4Truth
ToSoft4Truth's picture

Don't overlook the X-ian baby rapers.

 

 

Pope John Paul II was 'no saint but a man who covered up sin'
Wed, 09/23/2015 - 10:37 | 6583669 DaveyJones
DaveyJones's picture

"Mainstream America Is Being Slowly Cooked Alive"

No wonder I feel crabby

Wed, 09/23/2015 - 12:58 | 6584332 Bananamerican
Bananamerican's picture

only the satanic among our Institutional leadership condones child molesting...and they must keep it secret.

entire Islamic cultures like Afghanistan tolerate and practice it

Wed, 09/23/2015 - 15:38 | 6585129 Macon Richardson
Macon Richardson's picture

Yeah, and so do entire Christian civilizations. And Buddhist! And Hindu! Etc., etc. You have a point to make by singling out Islam?

Wed, 09/23/2015 - 10:54 | 6583737 11b40
11b40's picture

And, now we have Oliver Stone with his new 10 part documentary coming out 10/15.

http://www.zerohedge.com/news/2015-09-22/oliver-stone-forget-isis-americ...

This morning on one of the talking head shows, I heard Joe Scarborough say in a perplexed way that almost half of Democrats believe GWB was involved in the 9/11 plot.  No mention of how many Republicans think that.  Regardless, I really do believe that America is waking up to this at an increasingly fast pace.  Once critical mass is reached, there will be no defense that can withstand the demands for a real investigation. 

Thankfully, as you noted, there is no statute of limitations for murder or treason.  I wonder, too, if some of the financial crimes that are presumed to be covered by statute of limitations laws may not fall under the category of treason.  They would if it were my call, and there would never be a time these rat bastards could escape justice.

Wed, 09/23/2015 - 14:26 | 6584783 HopefulCynical
HopefulCynical's picture

I'm glad to see you say this. I've bneen saying much the same thing, only not as completely as you have. But yes, hammering the lies of 9/11, until they finally splinter and break so badly that even the most adamant ostrich cannot avoid seeing the truth, is absolutely the way to bring down the oligarchy.

we are ruled by deeply evil people who care nothing for our well-being.

Exactly correct. Specifically, we are ruled by a handful of centuries-old psychopathic dynasties who imagine themselves to be gods. They see their genetic lack of empathy, compassion, morals and scruples as some sort of "next step" in evolution. In reality, they are the sub-humans, the ones ruled by their reptilian brain stem.

And they must be purged from the planet, or all hope is indeed lost.

Wed, 09/23/2015 - 09:52 | 6583449 Yes We Can. But...
Yes We Can. But Lets Not.'s picture

Mainstream America cooked alive?  No, skinned alive.  Skinned and thrown away.

I've seen Mainstream America, and it is not fit for consumption - too fatty.

Wed, 09/23/2015 - 10:11 | 6583516 All Risk No Reward
All Risk No Reward's picture

Said the chef to the scrambling Muppet lobster.

Debt money is a fraud and Bill Gross is an adherent to that fraud.

Lending $20 @ 5% interest into existence out of nothing, but requiring $21 to be paid back in a year's time, is a fraud because guys like Bill Gross CONTROL the $1 needed to pay down the debt and they are HOARDING the interest they earn.

The 11th marble theory is technically a fallacy because the 11th marble does exist in the "can" controlled by people like Bill Gross.

The key is that THEY DON'T EVER LET THE DEBTORS HAVE ACCESS TO MUCH OF THAT MONEY SO THE DEBTS ARE EFFECTIVELY INEXTINGUISHABLE.

Debt-money is an arbitrary and artificial zero-sum game where the Debt-Money Monopolists funnel the interest to themselves and force everyone else into perpetual debt servitude.

Steve Keen was called out on this fact - read the comment section here...

http://www.forbes.com/sites/stevekeen/2015/03/30/the-principal-and-inter...

Steve Keen's sheep suit was pulled clean off and he bolted...

Wed, 09/23/2015 - 12:43 | 6583664 PT
PT's picture

Did you actually finish reading Keen's article?  Basically he said it's all okay as long as the banksters spend all that money they make... but I guess off-shoring all that cash into tax-havens isn't really recirculating the cash back into the economy...

... and how much money would those banksters have to spend?  What could we sell them?  That's a hell of a lot of hookers and coke!

Maybe we have to build them some bigger mansions and yachts.
Perhaps a nice holiday home on Mars or Pluto.
Oxygen?  Atmosphere?  They won't need any of that.  They can create their own "atmosphere".
Coming to think of it, yes, that is the answer.  Done.  Solved!

Fri, 09/25/2015 - 02:34 | 6591914 All Risk No Reward
All Risk No Reward's picture

What led you to question whether I read his article?

The comments addressed his assumed proposition that the Banksters recycle 100% of the money back to society.

They don't. In fact, they keep getting monetarily more wealthy.

Did you even read the comments?

The absurdity of Bankster making more money lending money to society than all the workers made in Keen's model was also highlighted.

Keen didn't bat an eye.

When called out on his fraud, he ran away rather quickly.

Wed, 09/23/2015 - 10:17 | 6583580 Luc X. Ifer
Luc X. Ifer's picture

Bisonians are like frogs in a blender ...
https://youtu.be/ebQy8QDWjkE

Wed, 09/23/2015 - 09:47 | 6583415 Omen IV
Omen IV's picture

"Nothing else can explain their actions"

 

Murder by Neglect  - explains their actions - of the entire system.

 

Every age group and demographic depending on passive income or active  jobs

 

Yield corporations with Revenue declines  - accelerating  - coupled with 90% leverage will mean cascading bankruptcies and the bonds ...... worthless

 

Demand destruction formula for world wide  -  erradication, elimination, eviseration and ............Extermination of the worldwide population.

 

Analyze this  -  said Robert DeNero

Wed, 09/23/2015 - 09:51 | 6583444 Brazen Heist
Brazen Heist's picture

Central bankers are keeping rates low to keep the ponzi going as long as they can, namely to keep government borrowing costs as low as possible.

Wed, 09/23/2015 - 14:59 | 6584943 mkkby
mkkby's picture

Yep, but that FUCKING MORON Bill Gross thinks they are FIGHTING inflation???  They are obviously trying to create more inflation.

Wed, 09/23/2015 - 10:40 | 6583679 DaveyJones
DaveyJones's picture

except for that part about Satan and his cousin

Wed, 09/23/2015 - 09:04 | 6583232 NoDebt
NoDebt's picture

Such wonderful old-fashioned thinking from Mr. Gross.  Not surprising because half his articles are ruminations on death these days anyway.

Here's how the world works, boys and girls:  Everywhere in the developed world populations are aging, and in some places outright declining.  They CAN NOT be more productive or grow with such a demographic shift.  Add the entitlements and promises that were made and can not be unmade or curtailed, and you get a world where the government is the center of the 'economy' (if there even is such a thing), not the private sector.  Governments are inherently unproductive.  All they can do is move money from group A to group B (or drop bombs on brown people, which also has a very low ROI).  So they spend money they don't have to meet obligations they can't afford.  This piles up a lot of debt- far beyond what the productive part of the economy could ever support, even if it were growing robustly.

This debt pile would ordinarily bury a government very quickly thanks to compounding interest (see: Greece).  But if interest rates are low, it compounds much more slowly (see: rule of 72).  If interest rates are zoro it doesn't compound at all.  

So everywhere the world's central banks print money to buy their government's debt as they wait (hope) for some miracle of growth to kick in (which it won't) or for a demographic shift (which it will, entually, either by war, disease or "on a long enough timeline the survival rate for everyone drops to zero").

None of this printed money makes it into the private sector where it could, theoretically, produce staggering inflation.  It stays in a closed-loop:  Government, to banks, to central bank and back again (see:  David Stockman on "the canyons of Wall St.").  New debt and new money are only used to extinguish old debt and old money, none of it wanders out in the broader economy to do ACTUAL PRODUCTIVE THINGS.  

And that's where babies come from.

Wed, 09/23/2015 - 09:10 | 6583254 MANvsMACHINE
MANvsMACHINE's picture

Thanks Dad. I won't tell mom.

Wed, 09/23/2015 - 13:10 | 6584375 Bananamerican
Bananamerican's picture

"they wait... for a demographic shift"

 NoDebt forgot the Islamic elephant in the room.

sometimes evil, "can't wait"

Wed, 09/23/2015 - 15:11 | 6584997 mkkby
mkkby's picture

No debt, that is JUST WRONG.  Stupid wrong.

Growth and productivity have nothing to do with demographics.  By your pee brained logic, everything would be just fine if people had more babies.  Nope.  We would just have a bigger bill for baby welfare and single, unemployed moms.

The problem is we have a ponzi economy, based on debt money and fractional reserve everything.  We have rampant corruption, where the gov allows drug companies to charge 100k for a cancer drug to defenseless sick people. 

And people can't even start their own businesses because an army of compliance officers would shut it down in a minute.

Wed, 09/23/2015 - 09:15 | 6583278 Argenta
Argenta's picture

I thought babies came from cabbage patches...

 

Wed, 09/23/2015 - 09:30 | 6583341 centerline
centerline's picture

(standing ovation).

Great post.  The only things I would add is that this dynamic is self-reinforcing.  And there are layers and layers of fraud adding fuel to frog boiling fire.

Gross is doing what other folks like him do... they take a truth, and then use it to talk thier book.

Wed, 09/23/2015 - 09:46 | 6583420 exi1ed0ne
exi1ed0ne's picture

Absolutely excellent analysis.  Forgot about the part where the banks lobby, bribe, and coerce politicians because they get to skim the till. 1% of 18+ tril is a lot of skim.

Wed, 09/23/2015 - 09:55 | 6583459 Omen IV
Omen IV's picture

"Everywhere in the developed world populations are aging, and in some places outright declining.  They CAN NOT be more productive or grow with such a demographic shift."

 

The central part of your thesis is BullShit!!!

 youg or old "can" be more productive - it is  the nature of man  -

in fact Wisdom  - a by product of age coupled with experience creates value

 

"and in some places outright declining" .... you can fix any Pop. decline by..... Fucking -  just turn off the TV.

 

so much BS!

 

Wed, 09/23/2015 - 10:22 | 6583584 centerline
centerline's picture

Really? 

Just take a look at the current pension situation here in the US.  The baby boomer wave.  Take a look at Japan.  UK.   Etc. 

In fact, I will make it more simple... just Google a human poplulation vs. time chart.  Enough said right there.  Same curve so far as bacterial growth in a petri dish. 

Wed, 09/23/2015 - 10:31 | 6583630 NoDebt
NoDebt's picture

I'm OK with you disagreeing, Omen.  

But there's a reason we traditionally educate the young, not the old.  It takes a LONG time to recoup the educational and other investments made in a human being through their later increased productive output.  Sure, you can retrain the old, find more productive things for them to do.... wonderful from a human perspective.  But can you make that investment pay off if they die or become incapacitated 5 years later?  Keynesians would tell you "it doesn't matter" because they all worship at the altar of aggregate demand (the training process alone would be a big bump in aggregate GDP if done on a large scale).  But does it create a positive ROI over time?  Probably not.

Which is why what you described sounds exactly like something that would come out of a politician's mouth.  Only government would undertake such an uproductive venture.  Far from disproving what I've said, you've actually provided the perfect example to illustrate my point.

Thank you.

Wed, 09/23/2015 - 10:43 | 6583692 lunaticfringe
lunaticfringe's picture

Once again NoDebt you nailed it.

In Shaky's time, many of the playwrights lacking any imagination, ended their plays with a Deus Ex Machina ending. (And God saved them all)

A God out of the box solution, with worse odds than Powerball, is apparently what the world is counting on. My advice is to go long Astroglide.

Wed, 09/23/2015 - 11:22 | 6583906 Boxed Merlot
Boxed Merlot's picture

And that's where babies come from.

 

 

I would agree with the whole argument as you present it with an added emphasis on what the demographic shift / “miracle” of growth actually looks like in the real world.  No farmer could survive, yet alone flourish if a single kernel of grain was produced from each kernel planted. 

Or as one with a far better way of saying it said:  “A sower went out to sow his seed. And as he sowed, some fell by the wayside; and it was trampled down, and the birds of the air devoured it.  Some fell on rock; and as soon as it sprang up, it withered away because it lacked moisture.  And some fell among thorns, and the thorns sprang up with it and choked it.  But others fell on good ground, sprang up, and yielded a crop a hundredfold.”  Luke 8: 5-8 nkjv

I’ll grant much of our wealth is being eaten by birds, trampled by ingrates and much is left to wither on the vine, but what will grow due to effort, protection and properly placed trust will receive a blessing.  It’s the nature of things and demographically speaking, growth returns when that which is dead is allowed to decay.

 

Jmo. 

Wed, 09/23/2015 - 11:49 | 6584038 centerline
centerline's picture

nice touch

Wed, 09/23/2015 - 08:55 | 6583211 Enceladus
Enceladus's picture

They should raise rates to 3.5%. But then use the power of magic money to cover any duration risk in T's on the 1040 or for pensions

Wed, 09/23/2015 - 09:09 | 6583248 ZH Snob
ZH Snob's picture

nothing else will do but a complete overhaul of the system.  these analysts who say things would be better if only...completly miss the point.  this fractional reserve, debt-based financial system would be fated for exactly the same end, slowly or quickly, no matter what the CBs do.

something makes me think these money magicians know it better than anyone.

Wed, 09/23/2015 - 09:35 | 6583364 Silver Bug
Silver Bug's picture

There is no doubt about that, most of the public is still blissfully living in the dark, despite everything that goes on around them. Sadly, its too late to change the sheeples minds.

 

http://jimrickards.blogspot.com/

Wed, 09/23/2015 - 11:03 | 6583792 undercover brother
undercover brother's picture

Gross is right, raise rates quick.  However, the biggest loser will be the US Treasury/US taxpayer.  because ultimately someone has to pay interest on the $4.5T debt being held by the fed.  

Wed, 09/23/2015 - 08:22 | 6583136 JRobby
JRobby's picture

"Cooked" Is an understatement.

All part of the grand plan to keep em' all in line in a cashless police state society.

Wed, 09/23/2015 - 09:07 | 6583240 messymerry
messymerry's picture

The "grand plan" is to reduce the number of useless eaters...and believe me, they are going to paint with a broad brush. 

;-D  

Wed, 09/23/2015 - 08:24 | 6583142 Dick Gazinia
Dick Gazinia's picture

Go long on pitchforks

Wed, 09/23/2015 - 08:28 | 6583148 FreeShitter
FreeShitter's picture

And AK 47's

Wed, 09/23/2015 - 08:54 | 6583208 Kickaha
Kickaha's picture

Almost on topic:

A bank customer in Warren acted within his rights when he opened fire on a bank robber on Monday afternoon, sending him to the hospital with non-critical injuries, according to the city’s mayor.

“I’m happy that no one was seriously injured,” Mayor Jim Fouts said. “He apparently exercised some caution by not shooting the robber in a vital area.”

The robbery unfolded in the late afternoon at the Citizens Bank near 9 Mile and Van Dyke. The 43-year-old assailant entered the bank with a gun and had procured “a large amount” of cash from the bank when, on the way out, he appears to have threatened a 63-year-old customer with his gun, according to Fouts.

That customer turned out to be carrying a concealed firearm for which he had a permit, the mayor said. The customer managed to pull out his own weapon and  shoot the suspect three times: once in each arm and once in a leg.

The robber then staggered outside the building, where he fell, dropping the money alongside him, said witness Shante Jackson, who was watching after he heard a bang from across the street.

 

Wed, 09/23/2015 - 12:44 | 6584281 RaceToTheBottom
RaceToTheBottom's picture

Seems like he was a good shot.  He should have shot him in the penis.

Genetics Matter

Wed, 09/23/2015 - 08:30 | 6583154 silverer
silverer's picture

And torches.

Wed, 09/23/2015 - 08:42 | 6583179 CheapBastard
CheapBastard's picture
Houston drilling co. abandons drilling business

 

http://www.bizjournals.com/houston/news/2015/09/22/houston-drilling-co-a...

Wed, 09/23/2015 - 08:27 | 6583146 . . . _ _ _ . . .
. . . _ _ _ . . .'s picture

Whatever ultimately ends up getting done, one thing is certain; we must get away from this trend of short-term thinking. It will never lead to long-term benefits no matter what policies are pursued.

Wed, 09/23/2015 - 08:32 | 6583161 Oldwood
Oldwood's picture

I agree completely, yet....long term is irrelevant if someone has a gun in your face right now. This is what we face. We have been blinded to long term consequence by constant crisis jambed into our face by politics and media.

Wed, 09/23/2015 - 12:27 | 6583264 MalteseFalcon
MalteseFalcon's picture

What does the long term look like in a world full of Fukushimas, Chernobyls and neo-cons?

Wed, 09/23/2015 - 08:58 | 6583212 antonina2
antonina2's picture

I couldn't agree with you more!  The people running things throughout the world don't seem to understand that our longevity hinges on our understanding of the fact that humans will be around for more than one generation.  Such hypocrites to say, "we make great sacrifices in war for generations to come", but anything beyond the next conquest is ignored.  So, I guess that defines all leaders/directors/CEOs/nations long term goals as world dominance and that's it, doesn't matter how we get there, just get there.  How many times in history has this worked out for anyone, or in any life sustaining population?  We claim to be an advanced species, but if you ask me we are down right stupid!     

Wed, 09/23/2015 - 08:28 | 6583147 BandGap
BandGap's picture

The Fed is now in the corner it painted itself into.

Wed, 09/23/2015 - 08:38 | 6583172 Winston Churchill
Winston Churchill's picture

They have pool plasteres spikes.

Wed, 09/23/2015 - 09:02 | 6583226 booboo
booboo's picture

They are waiting for the paint to dry and then calmly step on the bodies of the dead middle class on the way out of the room.

Wed, 09/23/2015 - 08:28 | 6583150 Baby Eating Dingo22
Baby Eating Dingo22's picture

Fed says "Who needs interest when you've got stocks that rise forever?"

Wed, 09/23/2015 - 08:37 | 6583152 JustObserving
JustObserving's picture

America is being continuously fucked by the unelected troika of the MIC, Wall Street and spooks that runs the land of the free.  The land of the free is a fascist, police sate masquerading as a democracy:

Who rules America? 

The secret collaboration of the military, the intelligence and national security agencies, and gigantic corporations in the systematic and illegal surveillance of the American people reveals the true wielders of power in the United States. Telecommunications giants such as AT&T, Verizon and Sprint, and Internet companies such as Google, Microsoft, Facebook and Twitter, provide the military and the FBI and CIA with access to data on hundreds of millions of people that these state agencies have no legal right to possess.

Congress and both of the major political parties serve as rubber stamps for the confluence of the military, the intelligence apparatus and Wall Street that really runs the country. The so-called “Fourth Estate”—the mass media—functions shamelessly as an arm of this ruling troika.

https://www.wsws.org/en/articles/2013/06/10/pers-j10.html

Snowden's documents revealed that the NSA spies on everyone:

The most extraordinary passage in the memo requires that the Israeli spooks “destroy upon recognition” any communication provided by the NSA “that is either to or from an official of the US government.” It goes on to spell out that this includes “officials of the Executive Branch (including the White House, Cabinet Departments, and independent agencies); the US House of Representatives and Senate (members and staff); and the US Federal Court System (including, but not limited to, the Supreme Court).”


 

The stunning implication of this passage is that NSA spying targets not only ordinary American citizens, but also Supreme Court justices, members of Congress and the White House itself. One could hardly ask for a more naked exposure of a police state.

https://www.wsws.org/en/articles/2013/09/13/surv-s13.html

Wed, 09/23/2015 - 08:59 | 6583216 Enceladus
Enceladus's picture

Stunning? Hardly thought 'lobby' dollars were enough to bring those Gmen to kowtow. They know when you are sleeping they know when your awake So be good... for goodness sake

Wed, 09/23/2015 - 10:07 | 6583517 Solio
Solio's picture

So NSA has the evidence for all of the crimes against humanity by tptb. Check.

Wed, 09/23/2015 - 11:08 | 6583820 11b40
11b40's picture

Yes, they may have it, but probably couldn't find it.  For sure, they won't look for it...unless it is for blackmail of coercion.

Wed, 09/23/2015 - 11:14 | 6583861 Solio
Solio's picture

Yes, it is probably on hillaritys server.

Wed, 09/23/2015 - 08:31 | 6583157 NRGTDR
NRGTDR's picture

"Non-existent" inflation. Obviously that motherfucker doesn't do his own grocery shopping.

Wed, 09/23/2015 - 09:01 | 6583220 VinceFostersGhost
VinceFostersGhost's picture

 

 

Probably never heard the phrase.......Welcome to Walmart.

Wed, 09/23/2015 - 09:02 | 6583225 jmcwala
jmcwala's picture

We are not so sure about that non-existant inflation: sure, if one ignores healthcare, food, tuition and expecially rental costs, then sure. But let that slide for the time being.

He is saying non-existant inflation is bogus.

Wed, 09/23/2015 - 09:08 | 6583245 booboo
booboo's picture

That was a Tyler's injection about his comments of Non existent inflation.

Wed, 09/23/2015 - 08:31 | 6583160 TuPhat
TuPhat's picture

I used to think that Bill Gross knew something but his 'nonexistant inflation' tells me he has been out to lunch for a long time.

Wed, 09/23/2015 - 08:38 | 6583171 Oldwood
Oldwood's picture

Health insurance is part of his employment package. Big shots are oblivious to everything but financials. The do not concern themselves with health insurance, food or most of the expenditures that largely define the 99% lives. They know that their high end real estate is rising, they know their Bentleys and Porsches are rising in price....but that is because they are "worth more", not due to inflation. They look for inflation in government statistics that direct government policy...the only thing that matters in a government crony manipulated world.

Wed, 09/23/2015 - 08:45 | 6583189 Not if_ But When
Not if_ But When's picture

Yes - that's weirdly so wrong, but the rest of it is spot-on.

Wed, 09/23/2015 - 09:21 | 6583302 mendigo
mendigo's picture

Yes that is a good point. I am seeing reference to the lack of inflation in all msm. As if there is a need to spread that view. The only way I can see that position is in that as offshore manufactures make thier crap incrementally cheaper they are meeting some resistance in simultaneously raising the price. Yet I see people are paying high prices for crap - take cable tv for example - and wonder where they are getting the money and why they accept such crap. We know that on average they are not getting higher wages and that is the only component of inflation that is lacking.

That and do people really pay for education and healthcare with 401ks and is 8-10% realistic in the long term. We know that since greenspan theyve been inflating the market but is that really the norm?

Wed, 09/23/2015 - 08:32 | 6583164 gmak
gmak's picture

"They are not so much in a pickle barrel as they are on a revolving spit, being slowly cooked alive while central bankers focus on their Taylor models and fight non-existent inflation."

 

They aren't trying to fight inflation - imaginary or real. They are trying to create it.  Let's get our stories straight before we go to the guillotines.

Wed, 09/23/2015 - 09:19 | 6583293 Argenta
Argenta's picture

Spot on.  Only way to pay off this level of debt is to inflate your way out of it, or in other words "we're going to kill the dollar" as one administration official reportedly commented.

 

Wed, 09/23/2015 - 10:24 | 6583589 e_goldstein
e_goldstein's picture

Exactly. You'd think that a piece of shit bond trader like Gross would be more familiar with the mechanisms of the institution that enriched him and his cronies at the expense of practically everyone else. Now fuckwit wants his gnome high priestess to reduce the money supply? Here's an idea, Bill, how about we do away with the whole goddamn sector and make a return to sound money so that you and the other parasites in the FIRE economy have to actually work for a living.

Fuck you Gross. It's time you went the way of Dimon and Blankfein and contracted yourself some cancer. I'd hope for brain or testicular, but I'm pretty sure you have to have tissue in those areas before a tumor will develop... that being said, I'm sure colorectal is the most likely option.  

Wed, 09/23/2015 - 08:39 | 6583174 buzzsaw99
buzzsaw99's picture

Well, you're fucked up, you look like shit, but hey no problem, all you need is a better cut of cocaine. [Clay, Less Than Zero]

Wed, 09/23/2015 - 09:15 | 6583175 cowdiddly
cowdiddly's picture

Keep up the Drama of the perpetual Fed rasing rates and the Government shutting down over yet another budget crisis.

Like a 3 year old child, Gotta have the Drama, for the attention so that the Fed and the politicians JOBS somehow seem relevant and that they actually produce SOMETHING.

I for one am sick of listening to both these disgusting, worthless subsets of people eating my food and breathing my air..

 

Wed, 09/23/2015 - 08:41 | 6583176 Oldwood
Oldwood's picture

boiling frogs

cooked goose

pig on a spit (on LSD)

deer in the headlights

Sheeple

What are we...a bunch of animals???

Wed, 09/23/2015 - 09:04 | 6583233 MoHillbilly
MoHillbilly's picture

I much prefer the

Pig in mud

Cow in clover

Bear in a honey tree    days,  but I 'm afriad they are gone for quite a while

Wed, 09/23/2015 - 09:15 | 6583279 Archive_file
Archive_file's picture

Orwell's "Animal Farm."

Wed, 09/23/2015 - 09:09 | 6583247 Zero-Hegemon
Zero-Hegemon's picture

"Four legs good, two legs BETTER!" ~ Orwell

Wed, 09/23/2015 - 12:28 | 6583275 MalteseFalcon
MalteseFalcon's picture

No legs best?

Wed, 09/23/2015 - 09:16 | 6583282 madcows
madcows's picture

all animals are equal.  but some are more equal than others.

Wed, 09/23/2015 - 12:55 | 6584327 tarabel
tarabel's picture

 

 

Only in our early years.

As we age, we turn into vegetables.

So a proper European or European-worshipping American oligarch's supper would consist of a mixture of all ages.

Wed, 09/23/2015 - 08:47 | 6583177 Not if_ But When
Not if_ But When's picture

Very much agree with this article.

Basically America's CAPEX as a nation has gone to the stock market, Wall Street, and financial engineering.  Since this has resulted in nothing but paper value, transitory "wealth" with no backing, and computer entries - we are doomed to pay bigtime for this.

 

(but agree that the "non-existent inflation" is wrong)

Wed, 09/23/2015 - 09:17 | 6583285 MalteseFalcon
MalteseFalcon's picture

CAPEX?

Plenty of free money for all kinds of high tech boondoggles.

Wed, 09/23/2015 - 08:57 | 6583181 Joe A
Joe A's picture

"8-10% to pay for education, healthcare, retirement or simply taking an accustomed vacation".

What? Americans only pay 8-10%? Europeans pay at least 25%, even more. But then, they have better education, healthcare, retirement and long vacations. And better infrastructure, better public services, stable law enforcement, etc. They only thing they don't get is a big army. And they don't need to have 2-3 jobs to get by.

Socialism remarks in 3, 2, 1...

Wed, 09/23/2015 - 09:00 | 6583217 MoHillbilly
MoHillbilly's picture

Translation:  Europe has been able to quietly suck on the hind tit while the Big Dog kept the peace and order. When that Big Dog wises up, goes broke , or has his ass kicked, Europe will be at each others throats in less than 10 years. Enjoy the comfort and view from the backseat while you can cause when it's your turn to drive again you will find it was much more fun to bitch and complain than to pull your weight

Wed, 09/23/2015 - 09:23 | 6583261 Joe A
Joe A's picture

Ah, an 'exceptional American'. Keeping peace and order? I guess you can call being involved in 77 wars since your inception that. Before you now come with 'we saved your asses twice in the 20th century', no WWI was already won before America stepped in and if Wallstreet had not crashed nor invested so much in nazi Germany, Hitler would have gone down in history as a weird painter with a strang moustache. Go and ask in Vietnam, Iraq (twice), Lybia, Syria and a few dozen other countries what they think of your 'peace and order' or Pax Americana ('we will leave you in peace if you do what we tell you').

That being said, I posted my post as a provocation because Europeans pay a lot. Firstly they pay their own cut but the employer also pays his part. Which is a fraud because basically that comes off your bruto salary. The question is, what system works better for the majority of the people? I hear a lot of American ZH members complain about crumbling infrastructure and bad services. Nobody likes to pay taxes but if that creates stable societies, is that perhaps worth the money?

Remember: the basis of European economies is capitalistic. The superstructure might be what you consider socialist or utilitarian but only so much.

Wed, 09/23/2015 - 10:23 | 6583607 MoHillbilly
MoHillbilly's picture

I am curious what you think the peace terms would have looked like if the US didn't stay. WE came home after WW1 and you fucksticks couldn't work out the peace. Hitler was a result of the problem , not the start of it. Reparations????   Wonder what Uncle Joe's terms would have been?

Wed, 09/23/2015 - 15:44 | 6585036 Joe A
Joe A's picture

The death blow to Germany was the crisis of 1929 caused by rogue capitalism in the US. That brought new economic hardship to the German people who saw rescue in Hitler. Before the crisis of 1929 he only had marginal support at the elections. 2% of the vote or something. Even in the elections of 1933 he only had a small amount of the vote but enough to secure victory. The rest is history. Hitler gave rise to the 'stab in the back' myth (that Germany was not defeated on the battlefield but that Jews and bolshevists had stabbed Germany in the back). Cause Germans never took on collective guilt for what they did in WWI.

Wallstreet invested heavily in nazi Germany. Ford and GM also. US banks became safe havens for gold stolen by the nazis from its victims (grandpa Bush). Eugenics and racial theories developed at American universities became doctrine in Germany. Rockefellers' institute financed nazi programs. Standard Oil and synthetic fuels, etc. But many in the West fell initially in love with the Fuhrer. Until he went kinda crazy. Cause in these turmoil times the fight was between capitalism and communism. Hitler and Mussolini were seen at that time as the rescuers of Europe from communism. Churchill was an admirer of Mussolini. That was before they all went crazy of course.

The reparations were not a good idea but Germany and Austria-Hungary ravaged the continent during WWI. You'd think their would not be revenge? How did America revenge Pearl Harbor? By nuclear bombing two cities with mainly civilians.

Wed, 09/23/2015 - 17:44 | 6585686 tarabel
tarabel's picture

 

 

Actually, I think it was an English newspaper reporter attempting to concentrate Ludendorff's rambling diatribe that created the phrase "stabbed in the back." Hitler was, of course, glad to use this phrase borrowed from his co-conspirator. 

Thu, 09/24/2015 - 03:53 | 6587090 Joe A
Joe A's picture

I read somewhere that the phrase was devised during a dinner party after WWI with a British general discussing with Ludendorff (btw- why did this man not go to jail or against the wall?) the reason for the German defeat. Ludendorff could not -like many Germans- accept defeat and was looking for a reason (as not to blame himself or the German army). Ludendorff then said something like "events at home defeated us". The Brit then said something like "you felt like you were stabbed in the back?". Ludendorff's eyes lit up and he had found a phrase. And a guilty party: the Jews and the Bolsheviks. Loose lips cause world wars and the industrial slaughter of civilians. In 1945 the world had learned its lesson: the Allies then insisted on complete and unconditional surrender of Germany.

Wed, 09/23/2015 - 17:52 | 6585714 The Indelicate ...
The Indelicate Genius's picture

The "stab in the back" was neither 'true' nor 'myth'

- it had a basis, Jewish communism, zionist collusion with Britain...

which National socialists over-stated for predictable propaganda purposes.

In Hitler's youth, riots and attempted communist coups in Germany were generally led by Jews.

The idea that Germany was the "bad guy" of WW1 is, of course, mostly horseshit.

There were no bloodier empires on earth than France and the UK - both of which had large and powerful Jewish minorities...

ditto the US.

The punishing, nonsensical terms of the post-war treaties

- you had the Jewish Warburg brothers seated representing the US and Germany - but not explicitly Jewihs bankers...

is precisely what led to World War 2, in which the Germans were the bad guys - but whose kangaroo court trial at Nuremburg was presided over war criminals who continued their war crimes into the years AFTER the war.

http://inconvenienthistory.com/archive/2013/volume_5/number_2/the_jewish...

Wed, 09/23/2015 - 18:53 | 6585945 tarabel
tarabel's picture

 

 

Hey, what color is your car?

According to Medvezdetsky, a secret meeting of zionist bankers, industrialists, and syndicalists got together in 1903 and agreed upon a complete set of chromatological definitions that would serve as a guidepost towards the establishment of Greater Israel.

Luckless Germany insisted that the color was "grau" and not the newly-agreed-upon grey. It became necessary to teach them a lesson, as witnessed by the secret Article 68 Annex B schmachparagraphen which required the Weimar Republic to bow down to this satanic Jewish color wheel.

Upon accession to power in 1933, Hitler ordered everyone to go back to grau and was thus immediately subject to internationl sanction, followed by a combined British-French-Polish attack that was later joined by the Bolsheviks in Russia and the Jewish bankers of America.

Despite the heroic efforts of their freedom-loving cohorts in Japan and Italy, Germany was beaten down into the dirt and forced to....

I'm sorry, what was the question again?

Thu, 09/24/2015 - 04:01 | 6587094 Joe A
Joe A's picture

Bullshit. During WWI the Jews of Germany also served and were killed in the war and dispropotionally to their size of the population. A fact that the Jews used against the smear campaign of 'stab-in-the-back'. Germany also had a large and powerfull Jewish minority but most Jews were just ordinary people: office clerks, house wives, miners, shop keepers, etc.

Germany became a country in 1870 and like any rising power wanted to extert itself as a world power. They became ambitious. France and Britain did not want a competitor of course but Germany wanted the war. Its army, industry and banks had been preparing since 1912. They pushed Austria to attack Serbia while no evidence of Serbian government involvement in the assassination of FF was found. Austria was reluctant to wage war against Serbia but felt cornered.

Yes, Germany was the bad guy in WWI just like they were in WWII. And what they could not do with tanks now they do with banks. I have German friends but I don't trust Germany as a country.

Wed, 09/23/2015 - 12:52 | 6584311 tarabel
tarabel's picture

 

 

You'll have to provide some sort of link to support your imaginary claim that WWI was already won before America entered the war.

As I recall, Germany thinned out its forces in the stalemated west, beat Russia into surrendering, and then raced to beat the Allies with the forces freed up from their victory in the East before fresh American armies arrived in numbers too large to defeat.

Ludendorff's five offensives in the spring of 1918 came very close to achieving that objective. But of course that was 1918, while America had been in the war since April of 1917, and had been pouring out material goods of all sorts for the Allies since the war started.

Wed, 09/23/2015 - 15:09 | 6584988 Joe A
Joe A's picture

Russia was not beat into surrendering. There was an armistice because of the revolution in Russia. The opposing sides chose a armistice because it would benefit them both. In the West, Ludendorff's Operation Michael after initial success due to a lack of tanks led to the eventual redraw. The German leadership had hoped to end the war before significant US forces arrived but the operation failed. Back home in Germany things were falling apart. The war was lost at that point for Germany. Only when the American troops arrived in significant numbers in the summer of 1918 (10.000 per day) it made the difference but the war was already lost at that point for Germany.

Wed, 09/23/2015 - 17:31 | 6585645 tarabel
tarabel's picture

 

 

Russia was beaten into surrendering. Military disaster plus the deliberate injection of Lenin into the Russian bloodstream by the OHL. The February Revolution had already gotten rid of the Czar, but the Kerensky government was continuing the war. Only when German agent Lenin showed up with his slogan of "Bread, Peace, Land" did Russia quit. And, yes, he was a German agent in that he allowed himself to be used by the German government to carry out German objectives against his own country-- i.e. the abandonment of the war. No, he did not get paid for it-- unless you regard being given complete control of the entire country as payment rather than a handful of silver coins.

It was not an armistice, which is a temporary cessation of hostilities, but a complete surrender by Russia (Treaty of Brest Litovsk) that included the yielding of the entire Ukraine as a satellite regime to Imperial Germany.

Apart from that, your precis is a serviceable recap of my own points that the war was not "already won" by the Allies prior to the Americans entering the war (04/17).

As for Ludendorff's success or failure, or whether the Allies were already victorious prior to 04/17, I refer you to the "backs to the wall" communique. We aren't even going to talk about Caporetto.

Thu, 09/24/2015 - 03:45 | 6586938 Joe A
Joe A's picture

It was not a 'complete' Russian surrender. While they had to give up parts of Ukraine and Poland, they did not en masse surrendered to the Germans. Both sides agreed to a convenient cease of hostilities for their own reasons. I will give you that Lenin was a German agent. Interesting to see how that chicken came back too roost 30 years later but both Hitler and Stalin of course needed each other.

You make it sound like when America entered the war in April 1917 then once of a sudden there was a huge influx of American troops into Europe. There wasn't. America had a small army and had to mobilize and get people and stuff over. That takes a while. We talk about 1917. Ludendorff (a fucking psychopath whose 'they-stabbed-us-in-the-back' myth contributed to Jew hatred in Germany) wanted to beat the allies before there would be a significant buildup of American troops so that is why the started the 1917 spring offensive which failed. Only in the summer of 1918 there was significant pooring in of American troops into Europe to the amount of 10.000 soldier per day. But by then the war at the Western front was already lost due to the failed offensive. By September 1918 the Balkan front had collapsed and Germany was cut off from oil and supplies. That was the deathblow. You could say that the fear of influx of American troops made the Germans lose the war but not the actual influx itself because that onlt really took off in the summer of 1918.

Wed, 09/23/2015 - 17:47 | 6585698 The Indelicate ...
The Indelicate Genius's picture

'There are several reasons for this. American historians understandably emphasise the arrival of a million fresh American soldiers onto the battlefield. British and French historians counter this by pointing out that the Germans had already been halted and pushed back by their armies, before more than a handful of Americans actually entered combat. (The US Army decided to spend about a year recruiting and training up its troops, and refused to commit them to battle until they were ready). Perhaps the fairest thing to say here is that it was the fear of the US army, rather than the US army itself, which pushed Hindenburg and Ludendorff into making their ultimately fatal gamble in Spring 1918 to try and win the war before the Americans arrived.
'

https://www.quora.com/Why-did-Germany-lose-in-World-War-I

Quora has some good stuff

of course, they leave out some things

" As events in Russia unfolded, Weizmann and the other Zionists conducted intensive discussions with the British over what became the Balfour Declaration—the letter finally issued on Nov. 2, 1917 in which the British government promised its "best endeavours" to facilitate "the establishment in Palestine of a national home for the Jewish people." The Declaration went through many drafts, beginning, according to the Microsoft Encarta online encyclopedia, as early as March 1916.

What did the British get for their promise of "best endeavours"? Stories abound. One (the acetone myth) is that the promise was made in consideration of Weizmann’s service to the British as a wartime chemist. Another is that the British were moved primarily by stories they read in the Bible, and by their religious services. Still another is that the British wanted another client state in the Middle East, in addition to Egypt, to protect their regional interests and their route to India.

According to W.J.M. Childs, however (pp. 173-74) there were more immediate, concrete considerations, and certain obstacles as well. The six-volume semi-official study that includes Childs appears in modern bibliographies, but there’s an apparent unwillingness to report what he says. Accordingly, I quote him at length:

[A] most cogent reason [for the Declaration] lay in the state of Russia herself. Russian Jews had been secretly active on behalf of the Central Powers from the first; they had been the chief agents of German pacifist propaganda; by 1917 they had done much in preparation for that general disintegration of Russian national life, later recognized as the revolution. It was believed that if Great Britain declared for the fulfillment of Zionist aspirations in Palestine under its own pledge, one effect would be to bring Russian Jewry to the cause of the [Anglo-French-Italian-Russian] Entente [thus keeping Russia in the war].

It was believed, also, that such a declaration would have a potent influence on world Jewry in the same way, and secure for the Entente the aid of Jewish financial interests. It was believed, further, that it would greatly influence American opinion in favour of the Allies. Such were the chief considerations, which, during the later part of 1916 and the next ten months of 1917, impelled the British Government towards making a contract with Jewry.

But when the matter came before the Cabinet for decision delays occurred. Amongst influential English Jews Zionism had few supporters. . . . Jewish influence both within and without the Cabinet is understood to have exerted itself strenuously and pertinaciously against the proposed Declaration.

Under the pressure of Allied needs the objections of the anti-Zionists were either over-ruled or the causes of objection removed, and the Balfour Declaration was published to the world on 2nd November 1917. That it is in purpose a definite contract with Jewry is beyond question.

* * *

[I]t is possible to understand from many sources that directly, and indirectly, the services expected of Jewry were not expected in vain, and were, from the point of view of British interests alone, well worth the price which had to be paid. Nor is it to be supposed that the services already rendered are the last—it may well be that in time to come Jewish support will much exceed any thought possible in the past.

What were "the services expected of Jewry" that were "not expected in vain" and were "well worth the price"? In 1936, Samuel Landman let the cat out of the bag with a pamphlet entitled Great Britain, the Jews and Palestine. Landman had been in Weizmann’s circle during the war—a point easily ascertainable from biographies of Weizmann—and was in a position to know what had gone on between the Zionists and the British government. Landman’s pamphlet is available in full text online—see http://www.itk.ntnu.no/ansatte/Andresen_Trond/kk-f/2005/0036.html—and can be found in the British Library, the New York Public Library, the Harvard Library, and perhaps other collections as well.

Landman’s pamphlet was addressed to the British government. His complaint was that in 1916 there had been what he called a "gentleman’s agreement" between the Zionists and the British government; that the Zionists had fully upheld their own end of the agreement; and that now, 20 years later, the British had yet to deliver Palestine.

According to Landman, the Zionist quid pro quo for the Balfour Declaration was nothing less than to "induce the American President to come into the War" on the British side. Landman complained that this wartime service to the British accounted "in no small measure" for Nazi anti-Semitism, and warned that if the British didn’t deliver a Jewish state in Palestine, the Jews in their despair might try to "pull down the pillars of civilisation." "

http://desip.igc.org/OriginsOfBalfour.html

Wed, 09/23/2015 - 18:38 | 6585889 tarabel
tarabel's picture

 

 

It's too bad that you have to turn every single discussion into some sort of ludicrous obsession with the Jews. There is a lot of useful information contained in your first paragraph, but then off you go again. Down the rabbit hole and through the looking glass.

Pershing was adamant about deploying American troops as national army-sized formations rather than see them parceled out as corsetting to the exhausted allied forces, particularly the mutiny-crippled French Army. In the crisis engendered by the raging kaiserschlact, he released those American divisions that were ready to go to help the hard-pressed Allies. American forces were therefore present at the high tide point of several of the German offensives and helped bring them to a halt. But the original poster's point was that the war was already won before America had even entered the war, which is clearly false.

 

Thu, 09/24/2015 - 04:03 | 6587096 Joe A
Joe A's picture

Agree with you there. He opens nicely but then it goes all wrong.

Wed, 09/23/2015 - 09:24 | 6583286 Memedada
Memedada's picture

Idiot. Do you actually believe the world is asking US to be the global bully? Or that we believe US is building military bases all over for our protection (and not just for extending and protecting corporate/fascist interest)?

We don’t need US meddling with our affairs – leave us alone. The sooner the better. US have brought nothing but misery, torture, death, ignorance and bad movies/TV. Now go away and enjoy your police state/prison of ‘the free and the brave’ – what a (bad) joke.

PS. You didn't beat Hitler. Stalin did. Both idiots. To beat one idiot doens't exempt one from being one.

 

Wed, 09/23/2015 - 09:27 | 6583329 MoHillbilly
MoHillbilly's picture

Just stating facts. I'm not saying it's right or wrong, but you are living in denial if you think Europe could have grown to what it is, if it had had to rebuild itself and protect itself after WW2. I have supported getting out of Europe for years and if you want to bitch about our meddling , fine , valid point, just don't pretend you did something on you own when you didn't. Do you honestly believe the miracle economies of Taiwan and South Korea would exist if Uncle Sam wasn't standing behind them with a baseball bat ?

Wed, 09/23/2015 - 15:33 | 6585106 mkkby
mkkby's picture

Please, build up your own god damned military and ask the US to leave.  That would quickly solve America's debt problems for a few decades (can kicked a long way).

I'd love to see BROKE ASS EUROPE having to find funding for a military that could hold off Russia for 2 weeks.  Not that I think Russia would attack.  I think you would all fight each other, as you did for centuries.

I'd also love to see all the degenerate middle eastern kings stay in power without US involvement.  They'd all be quickly beheaded, and the sunis/shiites could continue slaughtering each other as they have for thousands of years.

Yes, I'd love to see that.  You deserve it.

Wed, 09/23/2015 - 12:34 | 6583831 tarabel
tarabel's picture

 

 

I'll have to visit Denmark some day and tour all the monuments to Stalin erected by a grateful people.

On June 1, 1944 there were 2.4 m German troops in OKW theaters (facing the Allies) and 2.8 m troops in OKH theaters (facing the Great Liberator of Europe).

In addition to the ground forces equation, the US Army Air Forces and Britain's Royal Air Force were pounding German cities round the clock, destroying civilian morale and causing an estimated 9% drop in German war production. Virtually the entire strength of the Luftwaffe was drawn into this battle for the home front and this factor allowed Allied armies East and West to enjoy unchallenged air superiority at the front.

Meanwhile, Allied navies and merchant ships delivered an estimated 10-15% of the total war goods used by the Soviet armies. In some cases, such as motor vehicles, the numbers supplied comprised more than 50% of the total used and allowed Russian factories to concentrate on a few specific areas such as tanks and artillery production. Without the mixing agents supplied by the allies, low-quality Soviet gas would not have been able to be used in the engines of the air forces, which demanded high octane gas. Allied radio sets were in Soviet tanks. Allied canned goods fed the troops. Allied boots were on Russian feet.

Meanwhile, in the Pacific, the Allies were fighting an entire second war against a foe that was many times more ruthless than the Nazis while Stalin sat on his hands and did nothing to help.

Yeah, sure, Stalin beat Hitler. It was a joint effort that required vast sacrifices by a Grand Coalition. Nazi Germany versus Soviet Russia alone and unaided would not have ended up at the Reichstag, with all those M-37 Dodge weapons carriers towing artillery pieces past the victorious Red Banner but at the Kremlin, with Adolf pissing in the mouth of Lenin's corpse.

 

Wed, 09/23/2015 - 09:09 | 6583249 Memedada
Memedada's picture

I agree – most European countries are better places to be a citizen. But no European countries are socialist. They’re all capitalist. There’s however a higher degree of regulation and bigger public sectors (healthcare, education, infrastructure, housing etc.). But a big public sector/state is not equal socialism. In Europe the means of production – and the monetary system – is, like in US, privately owned = capitalism.

Socialism is the common/social and/or public ownership of the means of production. There still is some genuine publicly owned profit-generating companies in Europe, but that’ll not last long.

The only reason why the people in Europe gets more of the ‘crumbles’ from the capitalist tables is because there’s a better educated, active/engaged and organized civil society + in Europe there’s no irrational fear for all other ism’s than capitalism = the capitalist can’t get away with vulgar capitalism/fascism as in US. Not yet, at least.

Wed, 09/23/2015 - 09:10 | 6583255 Memedada
Memedada's picture

PS. UK is an exception. More like US.

Wed, 09/23/2015 - 09:14 | 6583273 Joe A
Joe A's picture

True, the basis of most European countries is capitalism. But less of a rogue system than across the pond.

Wed, 09/23/2015 - 09:55 | 6583460 Dead Man Walking
Dead Man Walking's picture

i think he was talking about 8-10% returns.  Most americans are around 50% tax rate with state, local, property taxes.

Wed, 09/23/2015 - 08:48 | 6583195 FreeShitter
FreeShitter's picture

As long as the Tribe can keep the NFL, Lardassians, DWTS, and other mindless bullshit going non stop, the boilings/beatings must continue.

Wed, 09/23/2015 - 08:51 | 6583202 taketheredpill
taketheredpill's picture
From time to time, I open a newspaper. Things seem to be proceeding at a dizzying rate. We are dancing not on the edge of a volcano, but on the wooden seat of a latrine, and it seems to me more than a touch rotten. Soon society will go plummeting down and drown in nineteen centuries of shit. There’ll be quite a lot of shouting. Gustave Flaubert (1850)
Wed, 09/23/2015 - 08:59 | 6583213 TrustbutVerify
TrustbutVerify's picture

5 basis points

Wed, 09/23/2015 - 09:02 | 6583224 FreeNewEnergy
FreeNewEnergy's picture

Somebody has to mention it, so I will.

Yom Kippur started last night, ends at sunset, tonight.

Blood Moon, Lunar Eclipse, September 27.

Sukkot: September 27 (at sundown) - October 4

Shemitah.

Shalom.

BTW: I'm not Jewish, so excuse me for any errors.

I don't think anything major is going to happen, but, we can still hope, right?

I also believe that Armageddon is a phenomenon that occurs - and has occured - in various places at various times, but rarely everywhere at the same time. YMMV.

Wed, 09/23/2015 - 09:43 | 6583401 Wahine
Wahine's picture

http://bigstory.ap.org/article/980418fcf5eb4753b7de5ac9b99b3ae6/government-shutdown-could-cut-food-stamps

 

USDA has told states to hold off on distributing October's food stamps pending a possible government shutdown.  Food stamps were not affected in past shut downs but the reserve funds are no longer there.  Even if a last minute budget deal is reached, there could be a delay in distributing the funds. 

Wed, 09/23/2015 - 09:06 | 6583237 youngman
youngman's picture

17 trillion in debt...and more to come...higher interest rates..just dont work...

Wed, 09/23/2015 - 09:12 | 6583265 Zero-Hegemon
Zero-Hegemon's picture

Where's the part about Bitcoin? I'm not seeing it

Wed, 09/23/2015 - 09:13 | 6583271 madcows
madcows's picture

Funny.  I don't feel like I'm being cooked.

It's more like I'm being slowly ground into a very fine, smooth paste.

Wed, 09/23/2015 - 09:14 | 6583274 booboo
booboo's picture

They in a pickle wrapped in a rat trap and shrouded in horse shit.

Wed, 09/23/2015 - 09:19 | 6583297 White Knight
White Knight's picture

I think I'm going to lose my mind if stocks don't plummet at least 300 points at open in a few minutes. And I've only been waiting since 2013 (I'm a millenial, that should tell you why). I don't know how all you guys have retained your sanity all these years.

Wed, 09/23/2015 - 09:31 | 6583344 SillySalesmanQu...
SillySalesmanQuestion's picture

We are not sane. We are mad, MAD I tell you...heh, heh, heh.

Wed, 09/23/2015 - 09:32 | 6583309 SillySalesmanQu...
SillySalesmanQuestion's picture

I have lived at both ends of the spectrum. My first car loan was financed at 23% for a 1981 Chevy Malibu, I was 20 and all I heard was WIN, Whip Inlation Now. I didn't know what single digit interest was. By 45, I had accumulated $250,000 in unsecured credit, 12 rental properties and been buying new cars every 3-4 years. At 55, I got rid of everything and now have no debt what so ever.
Don't tell me they can't fucking afford to raise rates a measly quarter point or the the world will end. Most people my age have paid more in just interest, than Social Security and taxes combined.
The Banksters have punished us as borrowers in the past and are now screwing us as savers. What a bunch of bullshit...
END THE FED! DEATH TO THE BANKERS! JUMP FUCKERS!

Wed, 09/23/2015 - 09:36 | 6583369 Not if_ But When
Not if_ But When's picture

Yeah, the manly man Gerald Ford with the WIN stickers and the WIN button with the needles that put holes in your shirts.   My recollection is that it wasn't the fab Gerald Ford who busted inflation but Paul Volker lifting rates.  {{  I guess this symbolizes the power of the pres vs the power of the Fed.  Gerald Ford with the idiotic Whip Inflation Now buttons as some sort of rallying cry or something vs Volker.  Of course, then you have to explore how the FED got us into the situation in the first place.  Bretton Woods, Nixon/gold standard, middle east oil, etc, etc.  }}

Wed, 09/23/2015 - 09:25 | 6583321 redd_green
redd_green's picture

THIS is the billionaire hege fund guy who said americans are all overpaid and our wages should be cut.   So, what good is his opinion?

Wed, 09/23/2015 - 09:27 | 6583333 Son of Captain Nemo
Son of Captain Nemo's picture

Cuisses de grenouilles style Allemand!...

Curious why the German government is being so considerate these dayz with those "refugees" from the Middle East?!!!

 

 

Wed, 09/23/2015 - 09:29 | 6583337 cblesz
cblesz's picture

Yeah, Bill...you are a flaming liberal.  Look in the mirror first...if I remember correctly, you LOVE Hillary!

Wed, 09/23/2015 - 09:41 | 6583392 eddiebe
eddiebe's picture

Golly gee, how long before everyone finally understands that the Fed doesn't give a flying fuck about mainstreet?

Wed, 09/23/2015 - 09:43 | 6583405 DonFromWyoming
DonFromWyoming's picture

anonnn posted this link in a thread yesterday.  I'm surprised ZH hasn't written about it.  It's a big deal.  http://wolfstreet.com/2015/09/22/uruguay-does-unthinkable-rejects-global...

Wed, 09/23/2015 - 10:22 | 6583603 PleasedToMeatYou
PleasedToMeatYou's picture

Great link Don, thanks!  Are you the author, Mr. Quijones

Wed, 09/23/2015 - 11:28 | 6583929 DonFromWyoming
DonFromWyoming's picture

No.

Wed, 09/23/2015 - 12:18 | 6584164 Son of Captain Nemo
Son of Captain Nemo's picture

Well what ya know...

We have another little Ram among the sheeple this time in Latin America

This makes collectively 2 now?... Iceland and Uruguay!!!

Good thing neither Country has gold, silver or oil underneath it otherwise it would be a different story....

But hey the U.S. can't control Iraq or Afghanistan as the world's "dominate superpower" after 14 years? All the U.S. military is good at since 1965  is sowing chaos without ownership!

When you can't keep it stable and the only mantra you have to live by is that if I can't control it nobody else will... you know you're done!!!

Ditto Don great read!

Thx

 

Wed, 09/23/2015 - 13:04 | 6584356 RaceToTheBottom
RaceToTheBottom's picture

Does TiSA have a NailGun shipment discount or are they shipped for free?

Wed, 09/23/2015 - 09:44 | 6583409 eddiebe
eddiebe's picture

Someone once said: No fool like an educated fool.

Wed, 09/23/2015 - 09:55 | 6583458 Jason T
Jason T's picture

It's ok because Bernie Sanders is going to make America like northern europe, everthing will be free from the goverment.  nothing will go wrong. 

 

Vote Bernie!

Wed, 09/23/2015 - 10:08 | 6583515 Memedada
Memedada's picture

I guess you’re being sarcastic.

Let me ask you a question: why does it actually work in Scandinavia? Why is people happier here? And why is the healthcare system cheaper and at the same time providing healthcare for all?

I’m from Denmark. My education was free (for me), I have free access to healthcare, the infrastructure is second to none/few (including a well-established public transportation-system), if I get fired/unemployed I’m secured a comfortable living, all cities of some size have their own public libraries, there’re countless of cultural institutions that have free access for the public etc. etc. Denmark has no natural resources of importance (not like Norway) but are still one of the richest countries in the world.

Scandinavian countries are live cases of why the ideological cheerleading of ‘unregulated’/vulgar capitalism emanating from especially US is false – unless you dream of being one of the capitalists/0,01% (=standing in line for the guillotine when the time comes).

But Denmark (and the rest of Scandinavia) is currently moving in the wrong direction – the fascist tendencies are starting here as well and strong forces have their eyes on Scandinavia. Precisely because it’s a ‘bad example’ (if you’re a ‘laisses faire’-capitalist).

 

Wed, 09/23/2015 - 10:01 | 6583487 Ban KKiller
Ban KKiller's picture

Do complex systems collapse under the weight of regulation, taxation, corruption and malfeasance? Show me a system that has not collapsed over time. 

Wall Street has become a maze that only a computer can manage. To whose benefit? Oh, right, the sister fucking banksters. 

 

Wed, 09/23/2015 - 10:01 | 6583488 Spungo
Spungo's picture

Slowly? It's not slow. People were thrown in boiing oil in 2008 and they have not been rescued yet.

Wed, 09/23/2015 - 10:51 | 6583719 withglee
withglee's picture

I was thrown in the heating pot in 1944. It's temperature has been slowly climbing ever since. And of course my parents and grand parents were in the pot before me. It's called inflation and it's there by design. It allows governments to grow when the citizens don't want it to. It gives the money changers a piece of every trader's transaction.

It doesn't have to be that way. We could institute a properly managed MOE process today that would guarantee zero inflation perpetually. If we did, the money changers and governments would not be pleased ... but traders like you and I would surely be pleased.

Wed, 09/23/2015 - 10:03 | 6583497 Teh Finn
Teh Finn's picture

$5+ for a dz eggs.  Milk ~$5/gal...How do people afford to raise kids?  The avg person's discretionary income is being sopped up by the cost of necessities.  Heaven forbid you get really ill or have a broken limb.  Those skyrocketing annual deductibles will drain your savings account.  Mine has gone up to $2500, but I know people who have $5000 annual out of pocket.  Median gross earnings are $50,000, that's 10%.

Wed, 09/23/2015 - 10:26 | 6583617 Magnum
Magnum's picture

Depends on where you shop. For those on a budget:

1 gallon milk $2.28

1 doz eggs $1.99

3 lbs apples $1.98

4 lbs sugar $1.99

1 lb pork chops $1.29

15 lbs rice $7.99

http://saarsmarketplacefoods.com/WeeklyAd/Index/

https://groceryoutlet.com

Raising kids is not that difficult, buck up.  

Wed, 09/23/2015 - 10:56 | 6583748 Ward no. 6
Ward no. 6's picture

one sacrifices quality over cheap prices...

i tried aldis once since everyone talks about how great it is...

geesh i didn't like it one bit... inferior to better brands....

ended up giving some of the shit to the squirrels since i did not want to waste it...

at least someone ate it.

 

Wed, 09/23/2015 - 12:42 | 6584273 PresidentCamacho
PresidentCamacho's picture

Compare quality of Aldi's to Walmart. Then aldis is a sterling example of quality. Plus Aldi's and trader Joes, make efforts to limit toxic ingredients.

 

 

Wed, 09/23/2015 - 10:07 | 6583513 I Write Code
I Write Code's picture

>If companies can borrow close to zero, why wouldn’t they
>invest the proceeds in the real economy?

Well they haven't needed to recently because aggregate demand for everything has been lower since the bubble burst, so companies have been mostly working off unused capacity.  And it was easier to just repurchase shares.  Dumb question, Bill.

But he has a good point, that the last seven years of ZIRP will now never go away, and a lot of actuarial models have been broken, no particular fault of their own.  But also a bad point, because most of them involved stocks, and the stock market has been artificially inflated, and I think it will mostly stick.  Anyone confined to just buying new bonds at face has had problems and will have more as this unwinds - I guess Bill misses that too, since he's asking for the unwind.  Or is he complaining that the inflation of the stock market can no longer continue?  Now that I try to figure out exactly what he's saying, I'm not so sure anymore.

 

Wed, 09/23/2015 - 11:03 | 6583691 withglee
withglee's picture

Companies don't "borrow" money any more than you do. They, like you, make "trading promises" that extend over time and space. These get certified into what we know as money. That money then circulates as the most valued object in "all" simple barter exchanges. On delivery, they return certificates that are then destroyed. If they fail to deliver, the default must be immediately mopped up by interest collections of equal amount. This guarantees perpetual zero inflation. That's how it should work. Our purposely mismanaged MOE process has imprinted you with the false premise of a "loan".

And it was easier to just repurchase shares.

When the shares are priced at their peak? You repurchase shares when you value them greater than the market does. That's obviously not the case we've been observing. What you're seeing is the effect of misguided laws affecting top management remuneration.

Wed, 09/23/2015 - 10:13 | 6583552 InnVestuhrr
InnVestuhrr's picture

Interesting relevant article on FoxBiz, "What Happens If Rates Stay Too Low for Too Long?"

http://www.foxbusiness.com/economy-policy/2015/09/22/what-happens-if-rat...

Couple of points that I think are relevant:

1. Nobody seems to be paying attention to politics in the FED policies and decisions. For example, do you think that Bernanke and Yellen are pro-democrat party or pro-republican party ?

Obviously both are hyper-liberal academic egg-heads and enthusiastically pro-democrat party.

They know that ZIRP and QE are impoverishing for savers, but savers are a very much smaller part of the democrat party voters than the republican party voters, while lowest-possible interest rates benefit the democrat party voters far more than republican party voters.

2. The FED heads know that raising the FFR would reverse the record high carry trades and leveraged trades, cause huge reversals in bond prices, etc. They DO NOT want these financial market, and subsequent economic, downturns to occur in the term of the obomination and democrat party, who have claimed almost god-like power in reviving and boosting the economy from near death to stunning prosperity as a direct their "progressive" liberal pro-worker policies.

However, if the FFR is raised and the financial markets and economy go to shit under a republican administration, then of course the democrat party would have yet another calamity to blame the republicans for - especially since the democrat party heads (Schumer, Pelosi, Reid, et al) have been very vocal in urging the FED to continue ZIRP, while the republican party heads have been calling for rate normalization.

 

Wed, 09/23/2015 - 10:36 | 6583647 withglee
withglee's picture

do you think that Bernanke and Yellen are pro-democrat party or pro-republican party ?

Do you think they're pro-Harlem Globe Trotters or pro-Washington Generals?

If you're paying attention it's obvious to you that it's a fake contest.

Wed, 09/23/2015 - 10:18 | 6583567 Md4
Md4's picture

My advice to them is this: get off zero and get off quick. Will 2% Fed Funds harm corporate America that has already termed out its debt? A little. Will stock and bond prices go down? "

So...where has this fat cat been for the last 7+ years?

Looney Fed behavior that encouraged all we see is not new. It was wrong from the start, and it goes back more than two decades. You cannot asset-inflate your way to prosperity, and when the very damaging effects of last decade's temporarily-anesthetizing easy credit party wore off, already fucked middle class incomes were left with a major hangover to add to the miseries of mindless outsourcing.

Where were these guru's then?

Making bank on those same effects, and many kept up the pseudo-recovery mantra too. I don't remember ANY of them chiding corporate honcho's OR the already-out-of-control Fed for their lack of legitimate investment and effective monetary policy.

It's a little late to start giving advice to get clean now, Mr. Gross.

The Fed is done. They can do nothing now that they've tied their own hands to so-called "international events" (another Fed cop out).

Those "events" will not abate. We helped create them, and as we can do nothing about our own mess, there's little we can do about theirs.

It's already over, except for THE event, foreign and domestic. We need to shift the conversation to how we cope with the storm coming, and how we get rid of the players like Gross, who only now start telling us we're being "cooked" alive. Such people can't be a part of real recovery, and real prosperity tomorrow...

...if that's even possible at all.

m

Wed, 09/23/2015 - 10:30 | 6583631 withglee
withglee's picture

Institute a properly managed MOE process which guarantees zero inflation and they (money changers and governments) can no longer sustain the hoax. The problem goes away almost instantly ... and the money changers and governments suffer terminally. It could all be accomplished in a matter of months.

Wed, 09/23/2015 - 10:18 | 6583588 Dr_Snooz
Dr_Snooz's picture

What no one seems to grasp is that the Fed is not boxed in by models, nor Taylor Rules, nor economic data, nor jobs expectations, etc. They are boxed in by a bunch of big banks ever on the brink of massive failure, trapped within minefields of derivatives. Move in any direction and you risk triggering some idiot's derivative contract. Once one contract explodes, they all explode in unison and the global economy grinds to a halt. The food disappears, the people start rioting, then shooting, then eating each other.

The Fed is in super big trouble and they are fully prepared to do everything possible to keep that from happening (everything but to embark on real, meaningful reform, of course). If your investment strategy is anything other than to buy land, away from populated areas, that you can grow food on, you're the greatest of fools.

Wed, 09/23/2015 - 10:26 | 6583615 withglee
withglee's picture

The Fed is in super big trouble

Governments everywhere are in super big trouble. They are all at least three times larger than people will support with taxes (i.e. nearly direct payment for services received). They have been living on inflation for 100 years and that is now going up geometrically. They are cooking the books to hide it but it's obviously there. The pressure cooker concealing the obvious will soon blow to smithereens.

Wed, 09/23/2015 - 10:19 | 6583594 Magnum
Magnum's picture

Edlerly have to keep working into their 70s and 80s because of zero interest rates. This fraud will fail.

Wed, 09/23/2015 - 11:05 | 6583789 Ward no. 6
Ward no. 6's picture

sad but true...

altho i know a lot of elderly ppl well off unless they lose a lot of their money from investments...

it is a ying/yang world

some have it made others not so much

 

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