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Bill Buckler On Keynesian Religion As World War... And The One "Good" Thing About It

Tyler Durden's picture





 

Courtesy of Bill Buckler, author of The Privateer

If It Doesn’t Work - Keep Trying It Until It Does:

Those running the big investment banks and trading floors today bear an uncanny resemblance to the generals on both sides of the conflict in WWI. There is an old military saying about the folly of fighting the “next” war by the methods of the last war. In modern times, the best illustration of the truth of that adage is what happened on the Western Front between 1914 and 1918.

When 1914 dawned, Europe had not seen a continental war for a century. Most of the generals and the vast majority of their political masters on both sides had not noticed that the years since the Battle of Waterloo in 1815 had seen what was and remains the greatest technological revolution in the history of the world. Both sides had seen the US Civil War of 1861-65, a war which proved beyond all shadow of a doubt that a frontal assault on an established defensive position was almost guaranteed to fail. Both sides completely ignored the lesson. The literal “cannon fodder” on both sides paid a gruesome price.

The result of this stubborn ignorance, as the history books so voluminously recount, was the antithesis of “bliss”. It was mass carnage. When an attack by 50,000 men proved impotent to the task, the numbers were raised to 100,000 and then 250,000. When an hour of preliminary shelling of the target proved insufficient, it was raised to an entire morning and then to a day and then to the best part of a week. The “big” battalions got bigger and Bigger and BIGGER. The trenches proliferated. The barbed wire proliferated. The casualties proliferated. The destruction proliferated.

The men on the firing line on both sides quickly realised the futility of what those who commanded them were attempting to do. But there was no escape for them. They died in their millions while the generals and the politicians clung tenaciously to the goal of trying to make the unworkable “work”. Any suggestion of a deviation from the frontal assault was fiercely resisted. On the few occasions when it was actually tried, such as the Cambrai offensive with its use of tanks and no preliminary bombardment, it was done over protest and the means supplied were intentionally insufficient to the task. The end came as it was always going to come, with exhaustion.

Four Years Of False Dawns

WWI lasted 51 months, from August 1914 until November 1918. If we go back 51 months from the present, we reach late March 2008 - six months before the Lehman crisis hit. From that day to this, has there been ANY more deviation from the “approved” method of extracting the world from its financial morass than was shown by the WWI commanders in extracting themselves from their military morass?

The answer is crystal clear. There has been NO such deviation. There has simply been more of the same. When half a $US TRILLION in annual deficits proved insufficient to the task, the number was raised to $US 1 TRILLION and then the best part of $US 2 TRILLION. When central bank interest rates equalling the lowest in history didn’t work, interest rates were eradicated altogether. When existing methods of bailing out insolvent banks proved insufficient to the task, new methods were invented in an ever increasing stream. When the results of the inevitable financial carnage became too big to ignore, the figures which reported it were adulterated or simply suppressed completely.

With every new year that has dawned since 2008, the powers that be everywhere have announced that THIS TIME, the recovery is “real”. In March 2012, French President Sarkozy was announcing that: “Today, the problem is solved!” Christine Lagarde over at the IMF proclaimed that: “Economic spring is in the air.” Not to be outdone, President Obama was telling his fellow Americans that: “The recovery is accelerating, America is coming back!” The same songbook was followed in 2009, 2010 and 2011.

It was followed in WWI too, long after the contrast with the REAL situation had gone far beyond the grotesque. Today, there is only ONE place left in the world which still clings to its long-fostered stubborn ignorance. That place is the financial markets. They STILL believe in the BIGGER batallions.

The One “Good” Thing About A Big War:

A “big” war becomes the almost exclusive centre of attention to all those engaged in it, whether on the front or keeping the “home fires burning”. It is impossible to pretend that it is not happening and equally impossible to cover up the devastation in lives and property which it causes. Many people don’t come home from BIG wars, leaving those left behind with agonising and very REAL losses. War causes destruction which is immediate and visible. It is not something that can be swept under the carpet.

Today, we are in the midst of a financial debacle which is more truly global than any world war. There are no lines of trenches, no shattered towns and cities, no casualty lists in the papers and no “we regret to inform you” telegrams being delivered. The carnage is real but it is invisible. No lives have been lost. All that has happened is that the living of life has become more difficult and the ability to rely on the fruits of past efforts for future comfort and “security” has been all but extinguished. The vast majority of the people are cannon fodder in this financial debacle. Like the real thing in the trenches of the Western Front, they have long since realised the futility of the efforts of their “generals”. They know that the “recession” is not over. They are starting to realise that it will never be over as long as the same methods which produced it are being used to get out from under it. But most see no escape, having become used to looking to those same “generals” to tell them what to do.

To an extent which goes far beyond even the politicians and the bankers, the “market makers” want to fight this new financial war with the methods of the old ones. In WWI, the generals held to the end that if your shelling made a big enough noise, the danger of an attack would go away. The “market makers” figure that if they stuff enough new freshly-printed money in their ears, they won’t have to hear the sound of the economy falling away from underneath them. “Less Talk - More Stimulus?” That is a message that the generals of WWI would have understood very well. It didn’t work then. It won’t work now.

 


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Sun, 06/24/2012 - 19:24 | Link to Comment vast-dom
vast-dom's picture

SHORT THE PLANET (as a matter of principle)!

Sun, 06/24/2012 - 19:26 | Link to Comment veyron
veyron's picture

No shares available to borrow

 

Sun, 06/24/2012 - 19:32 | Link to Comment Colombian Gringo
Colombian Gringo's picture

Lots of Fed Reserve Notes, however.

Sun, 06/24/2012 - 19:58 | Link to Comment slewie the pi-rat
slewie the pi-rat's picture

the checks are in the mail so we're winning?

Sun, 06/24/2012 - 20:03 | Link to Comment knukles
knukles's picture

When in doubt
Just give a shout
Summers and Krugman
Will lead no doubt

 

Sun, 06/24/2012 - 20:44 | Link to Comment UP Forester
UP Forester's picture

I'd argue the "no lives have been lost" statement is incorrect....

Sun, 06/24/2012 - 23:40 | Link to Comment akak
akak's picture

What do the lives of a paltry few (million) "useless eaters" mean when our central banking overlords have us fighting  on their behalf in the great crusade of Making the World Safe for Plutocracy?

 

"Over there, over there, send the word, send the word, over there,
That the bank runs are coming, the bank runs are coming,
Funds are being withdrawn ev'ry where
So prepare, don't despair, send the word, tell the herd to beware
Banksterism's over, it's almost over,
And it won't come back if they stick to gold Over There!"

Mon, 06/25/2012 - 00:34 | Link to Comment JohnG
JohnG's picture

Well said.

Mon, 06/25/2012 - 04:51 | Link to Comment AldousHuxley
AldousHuxley's picture

when government spends half of your taxes on military, keynesian deficit spending is only going to create more wars.

Mon, 06/25/2012 - 05:38 | Link to Comment SeattleBruce
SeattleBruce's picture

Point taken.  And not to mention that debt saturation has been reached.  We're FAR beyond the point in the developed economies where additional debt has any positive return whatsoever.  Something else MUST be tried.

http://economicedge.blogspot.com/2010/03/most-important-chart-of-century...

Mon, 06/25/2012 - 01:29 | Link to Comment Peter Pan
Peter Pan's picture

The big boys have an agenda which is centred around the continuation of the present dumb and dangerous strategies as long as they retain control over the government, the judiciary, the military and the banks. Wealth cannot be protected and amassed without the assistance of the above.

Mon, 06/25/2012 - 04:48 | Link to Comment AldousHuxley
AldousHuxley's picture

correct. look at what african dictators always want to control....

  1. banking (control economy)
  2. natural resources (control wealth)
  3. military (enforcement)

American elites aren't much different if you look at their agenda

Mon, 06/25/2012 - 08:28 | Link to Comment blindfaith
blindfaith's picture

 

 

The 'agenda' here is also to TAKE your wealth ! Every last penny, gold sovern, peanut butter jar of buttons, or anything that you might be able to call wealth. 

They, these invisable men without names, own our debts, the ways and means are hidden, but  make no mistake about that.  When the public, and you can't pay up on those debts, these masters of slavery will take public assets in settlement or a fire sale price, for your toll roads, national parks, etc.  Pay just enough to get your thru the week, and wait for you to need some more credit ( just like those payday loans work).

Nations building up their militaries are doing so inorder to take, take spoils that we boldly declaired was a no no in the last 4 wars that American didn't win.  No this time, new boys are in charge, and women and childern are fodder too, and nothing stands in the way of the new kings.

Mon, 06/25/2012 - 17:20 | Link to Comment mkkby
mkkby's picture

You forgot the TV stations, but correct anyway...

Hey folks, this is nothing like a world war -- it's not even a crisis.  It's the final innings of socialism.  The jobs, pensions, short work weeks and early retirements SHOULD NEVER HAVE EXISTED.  Anybody who got free shit came out ahead, and cheated savers in the process.  The fact that it didn't last forever, or that stupid bond buyers might lose, doesn't change a thing.

In short, having to work and BE PRODUCTIVE for the first time in their lives is not a crisis, but it may feel bad to all the entitlement babies now being asked to grow up.

Sun, 06/24/2012 - 20:46 | Link to Comment Skateboarder
Skateboarder's picture

Skateboarder sees a $300 check from the Chief Choombama as exactly two decent brand spankin new skateboards. He would need to add out of his pocket $20/piece to get Swiss and $40/piece to get Ceramic bearings, but hot damn it's worth it.

Where my check yo?

Sun, 06/24/2012 - 20:55 | Link to Comment slewie the pi-rat
slewie the pi-rat's picture

this was for $3000...

we'll issue you a new one in about 2-3 weeks, ok... ?  ...

Sun, 06/24/2012 - 21:23 | Link to Comment Skateboarder
Skateboarder's picture

Thanks, that's pretty good turnaround. Better than DMV, who took almost two months to mail me my license.

Anyhoo, I hadn't heard of people getting checks in the mail recently, unless you are talking about the Chief's new housing plan. I just want a couple of new boards for me and my friends is all. >_>

Sun, 06/24/2012 - 21:48 | Link to Comment slewie the pi-rat
slewie the pi-rat's picture

licenses are tough b/c the fukers know you've lost a step

i have a friend who is writing to his ex-license, trying to get back together...  can't live with em, then you get outa jail and they're still in there...

Mon, 06/25/2012 - 00:36 | Link to Comment JohnG
JohnG's picture

Can't bury them in the back yard either....

Sun, 06/24/2012 - 22:17 | Link to Comment Joseph Jones
Joseph Jones's picture

Lemme guess-the glorified sewer hole also known as "Kaleephorneeya," right?

Born, raised, and lived there all my first 52 years.  Would not live in that sheet hole now if you paid me (with all due respect to its residents, sorry).

Mon, 06/25/2012 - 00:59 | Link to Comment Skateboarder
Skateboarder's picture

https://en.wikipedia.org/wiki/California_redwood

Worth putting up with any amount of bullshit for, till a certain extent. Drive 150 miles north of San Francisco and you'll be in Elf-land. A tree society built on redwoods is in my list of utopias, exactly like the Ewoks had it.

Our school systems are getting worse though, I'll tell you that. Fun chart from my alma mater:

http://facts.ucdavis.edu/annual_fees_and_tuition.lasso

Mon, 06/25/2012 - 04:42 | Link to Comment AldousHuxley
AldousHuxley's picture

rising cost of college = hidden tax on younger generation

 

rising cost of healthcare = hidden tax on older generation

 

rising cost of housing = hidden tax on families

 

why increase in taxes? pay for banksters failures. money has to come from somewhere....middle class is being force to pay for them (aka. austerity)

 

 

Sun, 06/24/2012 - 23:54 | Link to Comment Elliott Eldrich
Elliott Eldrich's picture

Let's take a moment to look at this another way. You obviously have disdain for people who don't have much money, and who are inclined to spend every penny that comes their way. Fair enough. But I don't think you are considering that these people are potentially a very valuable resource for an economy, and here's why:

What happens when you give a billion dollars to a billionaire? It gets banked, or "invested" one way or another, supposedly in "job creating endeavors" but more often it just ends up sitting somewhere quietly collecting interest. It isn't moving, it isn't doing much of anything at all.

Now, what happens when you give a billion dollars to a million poor people, as in one million checks for $1000 each? It gets SPENT! And I mean in NO time at all!

And what does that spent money do? It moves through the economy! It gets spent on things like food and heating bills and rent and shoes and clothes and yes, even beer and cigarettes. But the important point is that it gets spent into the real economy. And that helps make happy businessmen with customers who have money to buy the stuff they make and sell.

And no, I'm not saying we need to give unlimited free money to poor people everywhere and then we all hold hands and sing "Kumbaya" on the road to Utopia... I'm saying that perhaps we need to look at this from a different perspective, that's all. 

Mon, 06/25/2012 - 00:27 | Link to Comment northman
northman's picture

You're an idiot. Do you think someone just gives this billionaire interest on his billion dollars, let's say 50 million a year @ 5%, just to let it sit in the account? Interest isn't an abstract concept. People borrow money at interest because they think they can invest it elsewhere (ie. create companies -> create jobs) and make a higher return than what they are paying. You are implicitly stating that it's better to consume than save and invest. You, PK, and BB, should go have a bonfire together.

And let's look at your other assumption. You can just 'give' someone a billion dollars. You need to 'take' it from someone first. Take money from people who would save and invest it, and give it to someone who will buy a Colt 45 and vajazzle their vjj and you are basically living in present day America.

There are no other perspectives. Stimulus money gets spent in Schrodinger's Economy, not the real economy.

Mon, 06/25/2012 - 00:40 | Link to Comment JohnG
JohnG's picture

 

 

No.  He/she is trying to create volocity of money.  -1 for the reflexive "you're an idiot."

Think about ways out of this mess.

Mon, 06/25/2012 - 01:03 | Link to Comment northman
northman's picture

Stop thinking you can 'create' velocity of money in the real economy. Velocity of money is also not an abstract concept, it also must be a real world occurence. Just like a physical asset. The people create velocity of money one decision at a time. If you give money to someone to buy a new thingamajig for his furnace, the person you took it from isn't going to spend it and society becomes worse off for the transaction (both in so called 'VoM', and in assets as a whole). It's the broken window fallacy.

http://www.youtube.com/watch?v=gG3AKoL0vEs

 

Check it out. I apologize for the "you're an idiot" comment. You're right about that - a few glasses of wine into my Sunday reading ^.^

Mon, 06/25/2012 - 05:01 | Link to Comment Acet
Acet's picture

Consider for a moment that maybe, just maybe, the increase in the concentration of wealth is one of the causes of the current depression through decrease in the velocity of money (as the GP explained) and misallocation of capital.

The part about misallocation of capital comes from the assumption that a lot of the wealth has been ending up in the hands of parasites rather than entrepreneurs. I would postulate that most of the concentration of wealth in the last several decades came from use of political influence, regulatory capture the use of disinformation and other methods of manipluation and "changing the rules of the game" rather than from a ruthless focus on efficiency and customer service.

Another point is the one-off gain that accrued to many from the profits that could be made in the period between transfering production to low cost countries and the people in the high cost countries not being able to afford high prices anymore - this was a non-sustainable source of easy profits that allowed companies to post massive profits from zero improvements in product quality or productivity: this is now drying up and we can see the resulting wasteland all around us.

Mon, 06/25/2012 - 00:46 | Link to Comment Elliott Eldrich
Elliott Eldrich's picture

If we were still living under the original, "hard money" system we had before the Fed, then your argument would be very valid and I would heartily agree. However, we live in a fiat currency, debt money regime, where money is created out of thin air when people apply for loans. Now, why is it such a wonderful thing to have this money created out of thin air and then issued as debt, and why would it be such a terrible thing to have this new money instead simply spent into the economy, without the encumberance of debt?

Also note, I'm not necessarily advocating doing anything here, I'm simply proposing a thought experiment and saying perhaps it is worthwhile to look at something from a different perspective. If you want to go on about the merits of sound money and all of that, please do, it's a favorite topic of mine. But, if we're instead stuck with the current regime of fiat debt money, why don't we consider what is really happening with the distribution of money and what is accomplished by stimulus, and what happens when it applied at different strata of the economy? 

I'm reminded of the comment regarding QE2, when Gerald Hill wrote "I can now understand the term 'quantitative easing,' but... realize I can no longer understand the meaning of the word 'money." Ultimately, we are going to end up at one of two destinations, either we figure out how to make the current monetary regime work or we are going to have to come up with a new one. If we are going to make the current system work, then we are going to need some new ideas, and those often come from at least considering different points of view.

Mon, 06/25/2012 - 00:59 | Link to Comment InjuredThales
InjuredThales's picture

Talk about money, abstract concept that it is, distracts us from the very real issue of very real resources being allocated amongst very real activities.  There are optimal allocations, and there are suboptimal ones.  Maybe I agree with your contention that all objects of spending are now equally valid, because there's no valid underlying information anymore. Maybe I disagree with it on the principle that this all just takes us further down the rabbit hole. 

I always believed money would be a useful means for transmitting information, helping us decide between exclusive options.  It still does that to some extent.  But every day I feel like it's becoming more vulgar. Like going from the Queen's English to Ebonics.  And now the things that were once easy to say, aren't any more.

 

Mon, 06/25/2012 - 00:59 | Link to Comment InjuredThales
InjuredThales's picture

Double post...

 

Mon, 06/25/2012 - 01:09 | Link to Comment northman
northman's picture

Right. I never really consider things in terms of a "we're stuck with the current system" type approach. Even if we are stuck with the current system, giving money to people to who don't have it after taking it from people who do without their knowledge via money printing and stealth inflaction is absolute theft. I have friends who know nothing about money who don't want to make any decisions these days because they don't know what's going to happen tomorrow, or the day after that. The real way, even under the current regime, is to give people the confidence to save and spend their own money, not give them someone elses. Again, sorry for the initial ad-hominem attack.

Mon, 06/25/2012 - 01:14 | Link to Comment Elliott Eldrich
Elliott Eldrich's picture

No worries! This is the "fight club" after all, at least you didn't drag family members or pets into it...

Mon, 06/25/2012 - 06:32 | Link to Comment GCT
GCT's picture

While the fight club us out in force this fine morning, I do have a question I am most likely going to get junked big time for.  If the QE's had actually gone to the people, the money would have been spent on catching up or paying off their homes, and other debt.  I am not for any bailout, but at times I feel this would have done the most good for the people and the economy.  Maybe we would not be in this mess right now. 

The money spent to bailout banks and corporations solved nothing.  My question is would this have helped more then the route they are doing stumulus now? 

Mon, 06/25/2012 - 10:18 | Link to Comment Chaos_Theory
Chaos_Theory's picture

I think it’s wishful thinking that if us plebes had received the QE that it would have been put to rationale uses like erasing debt, whether home mortgages, credit card or student loans (collectively let’s call them “chains” or “the noose”).  I think the percentages would have looked like this:

 

5% buy guns, gold, silver, bullets, beans, mountain retreats…

5% pay off debt loads

15% buy i-gadgets and pay off at best the credit cards

25% take big vacations, over-eat and keep running up debt loads once the freebies tap off

50% get lap dances and Colt-45s every day

 

Not to say the QE to banks and the gilded elites was such a good idea…

 

Mon, 06/25/2012 - 21:19 | Link to Comment GCT
GCT's picture

Chaos your reply made my day!! Thank you .  The reply does scare me as your probably correct.

Mon, 06/25/2012 - 23:03 | Link to Comment Unique Snowflake
Unique Snowflake's picture

The Aussie govt wanks on about how they saved us from hell in 2008 by handing out $900 to everyone. This was spent on plasmas and gambling mostly, so it went straight overseas and to the big 1%ers who own all the gambling companies. Yep. Giving out free money works a treat.

Mon, 06/25/2012 - 01:40 | Link to Comment Skateboarder
Skateboarder's picture

Elliott, when I say "where my check yo," it's out of digust... perhaps sarcastic at best. You have to understand that for the poor person who doesn't know anything about the world's economic, political, and legal models as they are set up... it doesn't matter - free money is guilt-free money; the government must have some extra cash lying around and they can inject it into the economy as lube for consumer supply chains, right? For the poor person who does know about the current economic standing of the world, how its political and legal policies allow for fiat economies to be put in place and run till all are consumed by debt... free money is not guilt-free money. This latter person, if he has honor, can literally feel the corruption oozing from his stimulus check. It hurts him to accept a gift that he knows is slow-acting poison. But he is poor and he can use that money, so he does.

Stimuli and bailouts are traits of an imperfect monetary system. The very concept that a bailout can be made should be nonsensical. The number of human lives is a limited number, as is the number of bags of rice harvested this year and the number of guitar tuners manufactured. We recognize that both physical and human resources are limited. Why then is our money supply unlimited? There is a disconnect between people associating raw materials and resources as money, that's why, and the disconnect grows ever greater.

Mon, 06/25/2012 - 02:43 | Link to Comment Larry Dallas
Larry Dallas's picture

Here here!!!

Mon, 06/25/2012 - 05:31 | Link to Comment TWSceptic
TWSceptic's picture

Keynesian idiot. And no I won't apologize for that, you deserve it.

Mon, 06/25/2012 - 05:53 | Link to Comment SeattleBruce
SeattleBruce's picture

The problem isn't consumption in the US - we've proven to be apt consumers of just about anything (and currently cheap plastic Wal-Mart driven crap from China.)  The US problem (and certain other places) may be related to the fall of the producing sector.  The US manufacturing sector is a shell of its former self.  But the REAL US problem, and that of the entire world - is a lack of sound money and political accoutability - neither of which exists.  Take that consumption hopium into your crack pipe and smoke it - cause that's where it's headed - up in smoke.

Mon, 06/25/2012 - 01:52 | Link to Comment derek_vineyard
derek_vineyard's picture

ckecks are electronic or debit cards...so, yes, we are winning the future

obama/gore 2012

Sun, 06/24/2012 - 22:43 | Link to Comment Sir Edge
Sir Edge's picture

Yes Fed Reserve Notes Will Make Excellent TP for future barter... while we are on 'The Road'

Sun, 06/24/2012 - 23:48 | Link to Comment jonjon831983
jonjon831983's picture

Just ask GS, I'm sure they could come up with something for you.

Sun, 06/24/2012 - 22:14 | Link to Comment Waffen
Waffen's picture

For the record:

 

America was propagandized into WW1. Americans supported Germany more then the Allies in the early portion of the war.  That is until the media went all out with the Evil Hun talk, the little childs hand being cut off (never ever found to be true).  Before every movie showing, a soldier was to give a speech as to why we should enter WW1.

 

After the media convinced the American public that they should join in the war, when many many many times before France, Germany and England fought wars, this time was different.  The American people were snookered into war.

 

In 1917, the Brittish government sent a letter to Baron De Rothschild guarenteeing Palestine to the Jews

The Balfour Declaration

http://en.wikipedia.org/wiki/Balfour_Declaration

 

(In 1914, war broke out in Europe between Britain with allies and Germany, Austria-Hungary and later that year, the Ottoman Empire. The war on the Western Front developed into a stalemate. Jonathan Shneer writes:

Thus the view from Whitehall early in 1916: If defeat was not imminent, neither was victory; and the outcome of the war of attrition on the Western Front could not be predicted. The colossal forces in a death-grip across Europe and in Eurasia appeared to have canceled each other out. Only the addition of significant new forces on one side or the other seemed likely to tip the scale. Britain's willingness, beginning early in 1916, to explore seriously some kind of arrangement with "world Jewry" or "Great Jewry" must be understood in this contex)

Yes the Significant addition was the American soldier of which 117,000 died.

 

You see, the American people were duped into joining in WW1 in order that Jews could get rewarded with Palestinie.

Mon, 06/25/2012 - 00:53 | Link to Comment reader2010
reader2010's picture

They set up the Federal Reserve with the US Personal Income Tax as the collateral first before they started the WWI. Go figure!

Mon, 06/25/2012 - 00:04 | Link to Comment Treason Season
Treason Season's picture

The American people were duped, along with everyone else, in order that Rothschild could get his cat's paw called Israel in the Levant. It's not the Jews per se that are the problem, it's the bankster cabal and the ptb.

Mon, 06/25/2012 - 03:23 | Link to Comment Waffen
Waffen's picture

1849: Gutele Schnaper, Mayer Amschel Rothschild’s wife dies. Before her death she would state, “If my sons did not want wars, there would be none.”

Mon, 06/25/2012 - 03:39 | Link to Comment disabledvet
disabledvet's picture

we're propagandized into every war. and? In World War I it was a single summer for the USA...and compared to the carnage that happened to Europe "we were the lucky ones." (19 MILLION on their end.) Not only that..."it ended." Simply put this is what is not discussed by you folks in these here parts (but is well intimated by the story tellers above)...namely a MASSIVE expansion of the war effort into the ME. With the EZ truly on the verge of total collapse one could argue "by not reporting on the bulk of the EZ collapse" but "pushing hard on the full frontal assault against the entirety of Islam"...well, "how is this done exactly"? My guess is the draft boards will be coming "to a theater near you" quite soon. Not by "choice of the political classes" i might add.

Mon, 06/25/2012 - 03:59 | Link to Comment Waffen
Waffen's picture

by the USA joining in the war  (when we had no place in such wars) we tipped the scale from a stalemate into a crushing German defeat, which set the stage for the worst war in history and 60 million+ dead, the cold war, so on so forth.. ah but the chosen people got their palestine, so its all good

Germany had no place losing that war in such fashion

 

note the American people voted for wilson in 1916(with slogan he kept the usa out of war)

Mon, 06/25/2012 - 07:59 | Link to Comment Cloud9.5
Cloud9.5's picture

Just a wild thought but is it possible the politicians needed to finance their world domination schemes?  To do that, they brokered a deal for a Jewish homeland.

Sun, 06/24/2012 - 19:26 | Link to Comment FubarNation
FubarNation's picture

Behold the great reset.

Sun, 06/24/2012 - 19:50 | Link to Comment HD
HD's picture

Does anyone smell mustard gas?

Sun, 06/24/2012 - 20:04 | Link to Comment knukles
knukles's picture

Maybe I oughta ask the car wash guy for that scent next time.
He thought new fart and fresh snorch were funny....

Sun, 06/24/2012 - 20:42 | Link to Comment cowdiddly
cowdiddly's picture

Does anyone smell mustard gas you ask? Why as a matter of fact I do. Meet Israels new neighbor.

http://www.youtube.com/watch?v=9znepNvkrxI&feature=player_embedded

Sun, 06/24/2012 - 21:01 | Link to Comment Marginal Call
Marginal Call's picture

They're all fucking crazy.  The jews and the muzzies.    The planet won't miss any of them when they're gone.

Sun, 06/24/2012 - 21:20 | Link to Comment WmMcK
Sun, 06/24/2012 - 21:33 | Link to Comment economics9698
economics9698's picture

78% of the Jews voted for Obama.  I would  say they got a good return on their money.  Maybe there is a God in heaven.  Fuck em, let them burn in hell.

Sun, 06/24/2012 - 21:58 | Link to Comment vast-dom
vast-dom's picture

loser don't you know the niggers have been in bed with the kikes for forever? go post your hate somewhere else.

Sun, 06/24/2012 - 23:07 | Link to Comment economics9698
economics9698's picture

I think it's the other way around.  Just saying for every action there is a equal and opposite reaction.  Karma.  

 

Mon, 06/25/2012 - 00:06 | Link to Comment Treason Season
Treason Season's picture

Have you ever been treated for bi-polar disorder? You should consider it.

Mon, 06/25/2012 - 00:45 | Link to Comment JohnG
JohnG's picture

I have, and I am currently under a physians care.  Tread lightly on MEDICAL problems, Sir.

Mon, 06/25/2012 - 06:08 | Link to Comment SeattleBruce
SeattleBruce's picture

"go post your hate somewhere else."

Didn't the comment have to do with Jews and Muslims, or perhaps Democrats?  Seems you brought in the pejoratives...

Sun, 06/24/2012 - 21:05 | Link to Comment savagegoose
savagegoose's picture

DID YOU TRANSLATE THAT YOURSELF?

 

Sun, 06/24/2012 - 21:14 | Link to Comment cowdiddly
cowdiddly's picture

I am not  the author only the observer. And, take off the caps and quit hollering it does not have the desired effect of validating your point that you wish.

Sun, 06/24/2012 - 21:18 | Link to Comment john39
john39's picture

wake up.  where do you think radical islam originated?  (hint, MI6)...    The Egyptian people are getting the wool pulled over their eyes.  this guy is just another zionist puppet in a long long of zionist puppets in the ME.  But now fox news gets to fear monger all the americans into supporting the next war of aggression in the middle east...  you know, to stop Islam from destroying the world.   last I checked, the U.S. military and Zato were the only outfits destroying the world.

Sun, 06/24/2012 - 21:56 | Link to Comment cowdiddly
cowdiddly's picture

Wrong, Radical Islamist extremist originated and were fighting back in the Crusades days. Ever hear of the Muslim Conquest? Or perhaps it strikes you as strange that Spain has all them really awesome Mosques?The rest  of your comment I am not sure about but I do know they are celebrating mightily  in Palestine. The vidio apparently was made in Israel. I cant trust the MSM version of world events so I look everywhere I can for clues.

Mon, 06/25/2012 - 01:22 | Link to Comment fxrxexexdxoxmx
fxrxexexdxoxmx's picture

Right. The Foran does not forbid other religions. The Koran does not require the death of non-Islamic believers. The Koran does not impose a punitive tax on non-Muslims.

The intolerance and violence advocated by the Koran has nothing to do with its adherents engaging in violence.

Fuck off

Sun, 06/24/2012 - 21:57 | Link to Comment Dead Canary
Dead Canary's picture

I smell gas, but it's not mustard gas. (cough, cough)

Sun, 06/24/2012 - 22:05 | Link to Comment Taint Boil
Taint Boil's picture

 

 

The picture of the trench reminds me of the story of Iraqis buried alive with bulldozer blades attached to tanks – war sucks – what a way to go.

Mon, 06/25/2012 - 01:33 | Link to Comment Peter Pan
Peter Pan's picture

FubarNation did you mean reset or UPSET?

Sun, 06/24/2012 - 19:26 | Link to Comment Dr. Sandi
Dr. Sandi's picture

The current economic war indeed DOES have casualties. Perhaps there are no bloody guts spooled out onto barbed wire fortifications, but look around.

People whose lives are shattered by the loss of careers, savings and hope are falling by the wayside. A lot of them DO die, either by their own foresaken hand or from the lack of unaffordable doctor attention. This is not to mention the millions of malnourished rug rats who are growing up without the essential nutrients to develop their brains and bodies properly.

Make no mistake. Economic war has real, visceral results like any other war.

Sun, 06/24/2012 - 19:34 | Link to Comment Sudden Debt
Sudden Debt's picture

Try to take out as much of the furniture out of the building house and let it burn.
If you manage to take out your gold and silver you can build a new one. If not... Kill your neighbour and take his house.

Sun, 06/24/2012 - 21:05 | Link to Comment Dr. Sandi
Dr. Sandi's picture

This is why I took my money out of YOUR bank and put it into the credit union.

Sun, 06/24/2012 - 23:21 | Link to Comment dwdollar
dwdollar's picture

The credit unions are part of the same system. So is any USD denominated transaction... including cash.

Really, the only way to completely detach yourself from the system is to use alternative currencies. Granted, we all have to make comprises to survive. However, anything less than the aforementioned isn't worth bragging about.

Sun, 06/24/2012 - 20:07 | Link to Comment Omen IV
Omen IV's picture

those people are not collateral damage but the objective.

they have destroyed the jobs, the major asset of the middle class and then their retirement savings and discontinued corporate private pension funds for many - now they face a immininent curtailment of SS and Medicare for at least those under 55 and those over will increase their costs until they cant pay - so isnt the ultimate objective "the murder by neglect" of 160 milllion people

what the bankers make along the way is just something the powers that be accept for the ultimate objective being achieved - they dont need these people in the system there will be very very few industrial, retail, commercial jobs in the next fifty years

they want these people to disappear by any means

Mon, 06/25/2012 - 02:22 | Link to Comment The Navigator
The Navigator's picture

Grandma and Grandpa, the new terrorist class, all armed up.

We won't go silently into the night.

Not much cash flow these days, but have more time to practice at the range, more time to find different places to bury least-prized rifles.

In 1,000 years, if no accurate record of this period survives, archeologists are gonna wonder "what the hell was going on that so many rifles were buried in so many places"

Sun, 06/24/2012 - 20:40 | Link to Comment Beam Me Up Scotty
Beam Me Up Scotty's picture

The Sheeple don't care if they can't afford to feed their Rug rat. They just want one, NOW. Kids are the most expensive toy you can buy. But who cares when someone else will put them through school and feed them. Have all you want!!

Sun, 06/24/2012 - 19:30 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

An excellant Bill Buckler issue as usual.

Sun, 06/24/2012 - 21:43 | Link to Comment DoChenRollingBearing
DoChenRollingBearing's picture

Yes.

Mon, 06/25/2012 - 00:46 | Link to Comment RockyRacoon
RockyRacoon's picture

Sure thing.   And the (now) old axiom of "follow the money" might be to "follow the gold".  Buckler points out elsewhere in this issue that if the EU nations move their gold to a top tier asset, they will be likely to lose it -- to Germany.  All those debts secured by their gold will put their nations on the road to serfdom, indeed.

Sun, 06/24/2012 - 22:02 | Link to Comment shovelhead
shovelhead's picture

I thought so as well. Succinct and accurate.

Total failure of leadership. Someone should send Bernanke a trench whistle for QE3.

 

Mon, 06/25/2012 - 04:48 | Link to Comment falak pema
falak pema's picture

paths of glory...that guy Kubrick said it so lucidly and remarkably. 

Sun, 06/24/2012 - 19:31 | Link to Comment straightershooter
straightershooter's picture

The solution to solve the world  financial crisis is so easy that a double bogey golfer can do it. Just take the penalty and be done with it.

I saw BO was playing golf on the TV. So, BO may not be an avid golfer, but I wonder would he take the penalty and move on if his ball was lost at the water? I bet he would.

Don't know if BB played golf with BO or not, but would he be dumb enough not to take the one-shot penalty when his "BALL" is in the water? I doubt he wouldn't.

YOu see, the solution is so easy. Take the penalty and move on. Let Greence bankrupt, Let unsage creditors fail if they were dumb enought to extend credits to those who can't pay back. Let Germany pay for its sin for being the fool duped by PIGS.

Take the pain now, or take the pain(ER) or pain(EST) later, so says the MATH, the UBER-ULTI-DE-Ci-Der-Manner.

Sun, 06/24/2012 - 20:17 | Link to Comment CrashisOptimistic
CrashisOptimistic's picture

There are no more private bond holders.  The PSI erased them.

You're talking about the ECB, the EU and the IMF.  If Greece defaults on them, why would they agree?  Why wouldn't they just continue to carry the debt and demand payments, perhaps funded with surcharges on oil imports.

Sun, 06/24/2012 - 20:29 | Link to Comment jumbo maverick
jumbo maverick's picture

Barack obunghole would not take the penalty he would rewrite the rules to benefit him. These guys are different than normal people. Don't forget that.

Mon, 06/25/2012 - 01:20 | Link to Comment Cathartes Aura
Cathartes Aura's picture

Obama is an employee - he'll do what he's told to do by his boss, just like employees who want to be "paid" do.

and if he's a really good employee, he'll get a new job when this one's over, and make piles more money - ask Clinton, Blair, and all their good buddies. . .

employees, promotions, bonuses - corporate global governance model, working as intended.

Sun, 06/24/2012 - 21:36 | Link to Comment Matt
Matt's picture

Play it where it lays. I don't care if I have to drain that damn water trap, I am absolutely not going to take a penalty. If I get into the woods, I'll clear-cut those bastards out of my way. Whatever it takes, never accept defeat! 

Mon, 06/25/2012 - 02:35 | Link to Comment The Navigator
The Navigator's picture

So says the Math - exactly right, there is no escaping simple math.

If you understand simple math (including exponential numbers), study history, and know you own language, there's hope in understanding all this bull shit has happened before and why it happened.

Now, with public education and government re-education (debts don't matter, war is good, consume and feel as good as the rich [PR]), Idiocracy surrounds us and the 'takers' out-number us at the polls.

Truly, there may only be the 3% that get it.

Sun, 06/24/2012 - 19:32 | Link to Comment Sudden Debt
Sudden Debt's picture

In 1914, the english empire was crumbling to it's base. And it's power in asia was slipping between their fingers and after a stealth attack by the germans who destroyed the gold standard in europe by converting 16 to 1 silver to gold and pushing it into private hands, the continent and england where broke.
Most of the silver was in asia and the gold to.
So to restore the empire, the english elite pushed the germans into a war that was set against the russian empire and later on to the azian empire.
To bad they didn't realize that the germans didn't feel like attacking the russians and azian. They would have done it yes... But they had a empire also and they wanted the austrian parts back from europe so went there first.
It was supposed to go down so fast....
Little did they know... Technology made it Go much slower and it stopped in the trenches.
And the english? They lost their grip.
A second attempt was made in the 30's with hitler but he also went for the continent. A second fail. But by than the english elite saw it comming and tried to make peace with germany but they where stopped on their tracks by the people.
Don't forget, america was also on the side of hitler before the war. Everybody thougt hitler was a prodgedy. What a big fail it was when he bit off the hand that fed him. The hands that firt gave him the money to build a war machine to go into russia and azia.

Mon, 06/25/2012 - 03:52 | Link to Comment disabledvet
disabledvet's picture

the USA was on the side of the USA "before the war"...etc, etc. The idea of some "cabal" actually running anything is completely ridiculous...though it's not that humans don't try. The problem as Sir Isaac Newton teaches us is "every action has an equal and opposite reaction." The best word of advice i ever got was from my Uncle who served in the Battle of the Bulge when he said "we never shot our weapons because when we did they shot back." Interestingly the statistics don't lie: about 70% of US soldiers in WWII never fired their weapon once. That isn't true now of course. Now it's probably more like 90% actually. "You learn" unfortunately. Now GO BELGIAN CONGO!
http://www.youtube.com/watch?v=9p9CxJazR_U

Sun, 06/24/2012 - 19:33 | Link to Comment Jendrzejczyk
Sun, 06/24/2012 - 19:35 | Link to Comment Sudden Debt
Sudden Debt's picture

Idiots... Never kill yourself for something as stupid as money.

Sun, 06/24/2012 - 19:39 | Link to Comment Conrad Murray
Conrad Murray's picture

"The object of war is not to die for your country but to make the other guy die for his" - Patton

Sun, 06/24/2012 - 20:03 | Link to Comment slewie the pi-rat
slewie the pi-rat's picture

dude, what's a 'country'?

code for israel?

Sun, 06/24/2012 - 20:34 | Link to Comment cosmictrainwreck
cosmictrainwreck's picture

I think rather than "other guy" it was "other poor bastard" :)

Sun, 06/24/2012 - 19:41 | Link to Comment cherry picker
cherry picker's picture

I agree with your statement, but if a person is alone, has no one to feed him or her and there is no coin to buy basics, some individuals prefer committing suicide to begging or looking in trash cans.

I understand that people simply give up hope and don't want to be a burden on others or have too much pride to scratch at the bottom.

A loss of hope, can be debilitating.

 

Mon, 06/25/2012 - 04:28 | Link to Comment Sudden Debt
Sudden Debt's picture

First lesson in outdoor survival: PROUD KILLS

I'm not eating THAT is what kills 99% if ever confronted in a wild outdoor survival situation?

Killing yourself because of what others might think... luckely I don't give a damn what other think :)

THERE'S ALWAYS MONEY TO BE MADE! If I where hungry and without options... I find it and take it. Pretty simple :)

And when all options are gone : jail (3 meals a day and free smokes) :)

 

And most people who kill themselves are the once with 2 cars and a 5 bedroom house.

What will the other people think...

NOBODY GIVES A RATS ASS ABOUT YOU SO WHY WOULD YOU!

You just don't kill yourself. Anybody who does is nothing more than roadkill for me. You've got 1 life, don't waste it for a sad moment.

 

Sun, 06/24/2012 - 19:56 | Link to Comment Vampyroteuthis ...
Vampyroteuthis infernalis's picture

If your life is all about money and nothing else, it is a form of insanity.

Mon, 06/25/2012 - 00:01 | Link to Comment akak
akak's picture

May I introduce to you Bernie Madoff, Hank Paulson, Donald Trump, Warren Buffet, Jamie Dimon, RobotTrader, Leo Kolivakis, most US congressmen, most US senators, the vast majority of the graduates of any Ivy League university, and an ever-increasing percentage of shallow, materialistic, gadget-obsessed, soulless Americans?

Sun, 06/24/2012 - 19:47 | Link to Comment I am Jobe
I am Jobe's picture

Damn. In the USSA all one has to do is take away their IPHONE or IPAD and that is it. They will kill themselves. Of Course USSA is all about the thing, ya know, must have it at all cost .

Sun, 06/24/2012 - 20:49 | Link to Comment nmewn
nmewn's picture

 "[the] government has annihilated all traces for my survival, which was based on a very dignified pension >>>that I alone paid for 35 years with no help from the state.<<< And since my advanced age does not allow me a way of dynamically reacting (although if a fellow Greek were to grab a Kalashnikov, I would be right behind him), I see no other solution than this dignified end to my life, so I don't find myself fishing through garbage cans for my sustenance."

WTF!!!

The state is seizing assets that they have no claim on or right to?

Sun, 06/24/2012 - 21:09 | Link to Comment Dr. Sandi
Dr. Sandi's picture

The state always has that right. It's called the "Right of Eminent We'll Kill Your Ass and Take Your Stuff"

Sun, 06/24/2012 - 21:45 | Link to Comment nmewn
nmewn's picture

Sandi, good to see you back ;-)

They think they have that right, true.

But history has shown what they think is their claim/right and reality are two very different things. Nations & empires rise and fall on miscalculation and hubris.

This time will be no different.

Mon, 06/25/2012 - 04:43 | Link to Comment RECISION
RECISION's picture

lets put it this way - they have the right for as long as they can enforce it.

Sun, 06/24/2012 - 19:40 | Link to Comment mick_richfield
mick_richfield's picture

Most of us still think that the lords of false money are making a terrible mistake.  We think that they fundamentally mean well, but that they are misguided or foolish.

That is utterly untrue.  That is whistling past the abattoir.

They know exactly what they are doing.  They know that fiat money is an unadulterated evil.  They know it better than we do.

They do not want the best for all of us on this planet.  They want power.  And if that goal is best served by feeding two or three billion of us to the furnace, they will not hesitate for the space of a heartbeat.

If we let them force us to use false money then we are behaving just like the food animals they take us for, and our species has no future.

Silver kills monsters.

Mon, 06/25/2012 - 04:06 | Link to Comment disabledvet
disabledvet's picture

this is not "false money" if people are killing themselves for it. In THAT sense "it's all part of the plan", sure. But right now the financial system has completely collapsed...and has been collapsed for some time. Jamie Dimon wasn't in DC to explain "what went wrong at his bank" (what's gone right exactly?)...he was there to ask for money...you and i just "don't get to see that part." And the fact of the matter is "he got it." But this is truly "the 99 percent" here. Outside of echo chamber is in fact a massive war machine that has been going ALL OUT for over a decade...and suddenly now is in fact RAMPING UP! I say again "which PTB are you speaking of" again? In short "I wouldn't be surprised if Obama's health care plan is declared CONSTITUTIONAL" because the war is expanding because the financial system barely exists in any recognizable form right now "and is up to its eyeballs in euros" which is why the New York City media keeps pounding the table on "buy Europe! buy Europe"...or at least ignore it. The latter of which you should of course! Listen...the iteration of the TPTB are pretty much done for as i see it. I've already started seeing the wrecked portfolios of the epochal financial forays "eastward." no one would imagine the EZ collapsing. It's been doing nothing but all year...and is about to accelerate....quite probablistically SPECTACULARLY. But again...this is not the end but because of the United State's unique position right now appears to be a cause...amazingly in my view...for the "the ultimate expression in aggression." http://www.youtube.com/watch?v=xtqy4DTHGqg&feature=player_detailpage

Sun, 06/24/2012 - 20:15 | Link to Comment BlackholeDivestment
BlackholeDivestment's picture

http://www.youtube.com/watch?v=Et1SkVldiHI&feature=related 

World War 3 ain't gonna be won by the the ''grave'' diggers that took the Bank ''Robber'' Baron's ''ya vol Gold'' on the way to Israel becoming a nation ''this time''. This time, Hellfire ain't just a missile bet on RTN incoming friendly fire false flag on the Pentagon, it's your dusty ''stillborn'' Earth ''bound' and aborted arse. http://www.youtube.com/watch?v=GbC_571dksE 

http://www.sacred-texts.com/bib/kjv/rev014.htm

 

 

 

Sun, 06/24/2012 - 19:42 | Link to Comment Henry Hub
Henry Hub's picture

***When 1914 dawned, Europe had not seen a continental war for a century.***

This article is already off to a bad start. How can you over look the Franco-Prussian War 1870-1871?

Sun, 06/24/2012 - 20:11 | Link to Comment knukles
knukles's picture

Oh golly gosh, how could we ever forget;

                                  - courtesy, Wikipedia

Sun, 06/24/2012 - 20:35 | Link to Comment LongOfTooth
LongOfTooth's picture

It's always good to be reminded of just how peaceful mankind is.

 

 

Sun, 06/24/2012 - 20:40 | Link to Comment Hulk
Hulk's picture

The natural state of man is war...

Sun, 06/24/2012 - 22:06 | Link to Comment nmewn
nmewn's picture

True...eternal conflict.

As long as there are at least two people alive on the planet one will think he's getting a raw deal or made subservient and docile to the other. But I can guarantee I won't be the last one.

That would be a very Phyricc victory, with the last fight being against myself.

Sun, 06/24/2012 - 22:22 | Link to Comment EnglishMajor
EnglishMajor's picture

That which has been is that which will be,

And that which has been done is that which will be done.

So there is nothing new under the sun.

Sun, 06/24/2012 - 20:24 | Link to Comment cowdiddly
cowdiddly's picture

I met a veteran of that Cod War of 1893 once. He came home from the war with only one Cod.

Mon, 06/25/2012 - 04:49 | Link to Comment RECISION
RECISION's picture

I want to meet a veteran of the "od insurrection-1905"

How odd was it?

Sun, 06/24/2012 - 20:51 | Link to Comment Gromit
Gromit's picture

Missed a few imprortant ones:

Indian "Mutiny " of 1857

War of Four Nations (Paraguay vs. Brazil, Argentina and Uruguay) 1870s

Taiping rebellion in China (millions in that one)

Boer war of turn of century

Russian Japanese war of ?1905?.

Etc etc etc.

Ist World war was a bloodbath because the French couldn't just leave the Germans trenched on french territory AND both sides very evenly matched, Germans better fighters but their industries could not support them (and they ran out of men.)

 

 

Sun, 06/24/2012 - 21:03 | Link to Comment Marginal Call
Marginal Call's picture

You missed the qualifier:  "continental war". 

Sun, 06/24/2012 - 21:25 | Link to Comment mick_richfield
mick_richfield's picture

OK, fine.  But other than those.

And look at that period from '78 to '85 with nothing going on!  Seven freaking years!  Man that must have driven them nuts.  What the hell were they doing?  How long does it take to reload?

Anyway these wars are like watching the Toledo Mud Hens play the Norfolk Tides.  Who cares?  If the French and Germans and British aren't killing each other it's not the Big Leagues. 

Sun, 06/24/2012 - 21:29 | Link to Comment Henry Hub
Henry Hub's picture

I must be getting old, some of those slipped my mind.

Sun, 06/24/2012 - 21:41 | Link to Comment duo
duo's picture

The Balkan war of 1913 was particulary gruesome, and probably gave TPTB an impetus to get the Federal Reserve formed before the real war would start in 1914. 

Sun, 06/24/2012 - 23:02 | Link to Comment Stimulati
Stimulati's picture

Silly, it's not a real war unless the Brits are on the continent. 

Mon, 06/25/2012 - 00:03 | Link to Comment MeBizarro
MeBizarro's picture

Only two major wars on the European contient after the Congress of Vienna in 1815 were the Crimean War and Franco-Prussian War which lead to the founding of Germany.  By European standards, it was a relatively peaceful century until that point especially from 1815-1848 until the various revolts/revolutions rocked several European countries.  That 30+ years was the most peaceful and stable on the European continent since the height of the Roman Empire. 

French/Germany general high-staffs going into WW1 didn't take their lessons from 1815 either and Napoleonic warfare.  That's complete cr@p.  They did from the Franco-Prussian war which was a war marked by rapid movement and advances especially due to the railroad.  

Give me all the thumbs you want dumb but the history on this website and in the oped columnists is often superficial or flat out wrong.

Mon, 06/25/2012 - 04:26 | Link to Comment RECISION
RECISION's picture

MOST military history is superficial, or outright wrong.

The propaganda doesn't stop when the shooting does.

Have to justify and glorify it afterall.

(and prevent too close a post-facto examination)

Small wonder most peoples understanding is skewed and limited.

(...aint patriotism a wonderful thing, obviates any need to think)

Sun, 06/24/2012 - 20:41 | Link to Comment XitSam
XitSam's picture

I was wondering how he defined a "continental war".  France, Germany, England and Russia?

One general, Pershing, believed in maneuver warfare, see v1 of his autobiography.

Sun, 06/24/2012 - 21:21 | Link to Comment GOSPLAN HERO
GOSPLAN HERO's picture

WWI was huge when compared to the Franco-Prussian war.

Sun, 06/24/2012 - 19:46 | Link to Comment Silver Garbage Man
Silver Garbage Man's picture

The best time to hit the reset button was years ago. The second best time is NOW!!

Sun, 06/24/2012 - 19:46 | Link to Comment Bagbalm
Bagbalm's picture

Frag 'em.

Sun, 06/24/2012 - 19:52 | Link to Comment magpie
magpie's picture

The guy who tells you to go over the top ? He's still standing behind us.

Mon, 06/25/2012 - 03:05 | Link to Comment The Navigator
The Navigator's picture

Yeah, funny how that works, fucking cowards.

Kinda like the CONgress critters and SINaTaurs that send our sons and daughters to the front lines in any war that's profitable for them -  but theirs, that enlist, are comforably way way back from the front.

Know, and read, War is a Racket, General Smedley Butler - the only war worth fighting in is the war to restore the Replubic and ridding ourselves of the Banksters.

Sun, 06/24/2012 - 19:54 | Link to Comment CharlesH
Sun, 06/24/2012 - 19:55 | Link to Comment AUD
AUD's picture

I don't know why Buckler uses the First World War as an analogy. Apart from pointlessly expending the lives of millions of mostly young men, it was the First World War that created the path we are still on today - rampant inflation by the government which bankrupted itself with unpayable war debt.

God only knows when people will realise the government is passing them dud cheques, & has been for nearly a century. Maybe never.

Sun, 06/24/2012 - 21:42 | Link to Comment duo
duo's picture

because the war was run by academics and theorists that had no idea what technology could do to startegy and tactics.  It's a pretty good analogy.

Sun, 06/24/2012 - 21:50 | Link to Comment AUD
AUD's picture

My point is that it is not a analogy at all. The First World War was the reason why this 'Keynesian Religion' got a foothold, to obscure the fact that government war debt was unpayable, thus worthless. Keynesian Religion has flourished since because government is still bankrupt nearly 100 years later.

Sun, 06/24/2012 - 23:18 | Link to Comment Ropingdown
Ropingdown's picture

I think your comment is a bit extreme.  The WWI debts were payable, so long as the creditor was willing to accept wampum.  Hey, it worked on the Indians Native Americans. They taught me this in school, just to start me out with a good impression of Native Americans, I guess.  Personally I think Italy should give it a go. Desperate times call for....  Burlesconi, who was good at this kind of thinking.  Don't insult me: I'm trying to think like a modern statesman.

Mon, 06/25/2012 - 03:44 | Link to Comment AUD
AUD's picture

The WWI debts were payable, so long as the creditor was willing to accept wampum

That's just fucking stupid.

Mon, 06/25/2012 - 00:07 | Link to Comment MeBizarro
MeBizarro's picture

WWI was the first time governments were unable to pay their war debt/military expenditures and inflated or debased their form of currency as a result?  Read a lot more history.   

Mon, 06/25/2012 - 03:09 | Link to Comment RECISION
RECISION's picture

The first time...?

Perhaps you might like to qualify that statement a bit.

Sun, 06/24/2012 - 19:55 | Link to Comment LeisureSmith
LeisureSmith's picture

War and economic collapse is such a handsome cuople...would it be rude to suggest they don't have any more kids?

Sun, 06/24/2012 - 21:11 | Link to Comment Dr. Sandi
Dr. Sandi's picture

Damn, I hate to think it, but maybe WE are their kids.

Mon, 06/25/2012 - 04:33 | Link to Comment falak pema
falak pema's picture

They always spawn big change, that's their only redeeming feature. they are time's arrow in human civilization : entropy effect, clean out the AUgean stables of past, the civilization snake sheds its outer skin. Mankind doesn't always have a godly Hercules to do it for them; in one fell sweep, that costs nothing thru privation and suffering! Ah, the age of heroes! 

Sun, 06/24/2012 - 19:58 | Link to Comment SHRAGS
SHRAGS's picture

I've just uploaded The Age of Inflation - Jacques Rueff that covers the post WWI shift from the gold standard to the gold-exchange-standard in 1922.  It also German currency reform of 1948 This book is currently unavailable elsewhere, either physical or digital.

Sun, 06/24/2012 - 20:02 | Link to Comment AUD
AUD's picture

The gold standard was actually 'temporarily' suspended just prior to WW1.

Sun, 06/24/2012 - 20:07 | Link to Comment SHRAGS
SHRAGS's picture

You are correct, rather I should have said how to go back on the "Gold Standard", but economising on the use of gold after the 1922 conference.

Sun, 06/24/2012 - 20:38 | Link to Comment jimmyjames
jimmyjames's picture

but economising on the use of gold after the 1922 conference.

************

At that conference (Genoa)

World gold reserves were double counted-by counting the currency in issue "as gold" and then printed credits (SDR"s) which were backed by nothing and they were issued to banks to lend (FRB)-creating a double money standard/credit and gold and that was the sole cause of the 20's inflation and the 30's deflation-

Mon, 06/25/2012 - 00:17 | Link to Comment Bollixed
Bollixed's picture

"I've just uploaded The Age of Inflation - Jacques Rueff "

Thank you for that, it was an awesome read. I have the feeling many of todays 'central planners' have never read or even heard of that book.

Or its' lessons...

Mon, 06/25/2012 - 02:44 | Link to Comment SHRAGS
SHRAGS's picture

It was a pleasure to share. Believe it or not, my 9 year old daughter helped proof read it. She seemed to have no problem understanding the basic concepts...

Sun, 06/24/2012 - 20:01 | Link to Comment TNTARG
TNTARG's picture

"No lives have been lost"

Wrong. Many, many lives have been lost and many other will be.

For the rest, I agree: it won't work. We'll have to be more creative or stop complaining.

Sun, 06/24/2012 - 20:28 | Link to Comment mvsjcl
mvsjcl's picture

I was going to make the same statement (or along those lines), and scanned quickly to see if someone had beat me to it. Indeed, I think many lives have already been lost, and many more are still to be lost.

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