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Bill Buckler: "No Freedom - No Money - No Markets"

Tyler Durden's picture


From Bill Buckler, author of The Privateer

No Freedom - No Money - No Markets

The Global Financial Crisis (GFC) became an unmistakable reality in July 2007 when Bear Stearns admitted that two of its sub prime hedge funds had lost nearly all of their value because of the rapid decline in the market for sub prime mortgages. At the end of June 2007, Treasury Secretary Paulson had this to say about the problem: “We have had a major housing correction in this country. I do believe we are at or near the bottom.” When asked specifically about Bear Stearns, he went on to say that any losses had been “largely contained” and anyway, “It doesn’t pose a risk to the economy overall.”

When Bear Stearns hit the wall, there was no talk of a federal government bailout because of what Mr Paulson had stated in public. The other US banks refused to lend because Bear Stearns had refused to participate in the bailout of LTCM in 1998. Bear Stearns was left with two options. It could sell the “assets” in the hedge funds or it could bail them out with its own capital. For the one and only time in the GFC so far, a money centre bank tried to sell Collateralised Debt Obligations (CDOs) on an actual market. That attempt lasted hours. When the auction was closed, the bids were coming in at 30 percent of the face value of the paper. The jig was up, the valuation of the collateral underpinning the entire banking system was revealed as fictitious. Not much more than a year later, that collateral was transferred from the US banking SYSTEM to the Fed, which has maintained its fictitious “value” ever since. Europe dragged its feet, but at the end of 2011 it did the same thing in regard to its own banks.

Ever since that episode of mid 2007, the “market” for pretty well every kind of debt-based financial “asset” there is - up to and including the sovereign debt of governments - has been progressively falsified by governments and their “independent” central banks. Mr Bernanke has now been quoted as describing this procedure as “a work in progress”. It is indeed, and by this time its true nature should be clear to almost everyone. But still Mr Bernanke and all his counterparts in the seats of power all over the world bleat about a “recovery” which is just over an ever receding horizon. What the world needs to “recover” from is the increasingly desperate machinations of governments desperate to retain their power. What it needs to recover is freedom - money - and markets.


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Sun, 04/15/2012 - 11:48 | 2346538 CH1
CH1's picture

Buckler rocks.

Sun, 04/15/2012 - 12:20 | 2346617 vast-dom
vast-dom's picture

Fake it till you make it -- or -- in this case: fake it till you collapse.


it's funny how banking institutions are like mentally ill people -- you get the nice charming rep up front with a great narrative on how it's all so sustainable and how one can take advantage of such a great relationship,and as soon as you're in the BPD insanity is cranked on high with excuses, shit returns that ultimately are net loses in varying degrees-- and now these banks are about to lose their reps more at façades, and not by choice, as when Citi comes up as the most (financially or was that sociopathically) sound bank you know the underlying caustic disease of shadow books and ill fundamentals will turn on you -- so get the fuck out asap and turn around and short the diseased because invariably they will crash and crash worse than in 2008. But I'm a wounded dreamer and I have a clear vision: SP 800. And hey it's nothing personal......

Sun, 04/15/2012 - 12:27 | 2346644 Manthong
Manthong's picture

There once was a bank named the Fed
Where debts worth less squat could be shed
Before your zombie bank
                    Has collateral tank
                    They’ll walk dead with a spread from the Fed.

Sun, 04/15/2012 - 13:20 | 2346754 Pegasus Muse
Pegasus Muse's picture

OT.  Runs under 10 minutes.  If you agree spread the word. 



Impeach Obama 2012! Join The National Campaign!


Sun, 04/15/2012 - 14:42 | 2346924 Popo
Popo's picture

I like Bill Buckler, but I'm not sure what to make of the above paragraph.   It seems like an excellent pre-amble to an article...and then it ends.

Is that it?  Thanks Bill, for re-iterating the general theme of Zero Hedge to the already well-versed readership.   Next time, spend more than 5 minutes writing an introductory paragraph and post an article.

Otherwise it *might* look like you're just trying to sell newsletter subscriptions...



Sun, 04/15/2012 - 14:54 | 2346952 Peter Pan
Peter Pan's picture

Buckler simply brings us to the edge of the precipice without actually pushing us over. I think he is trying to make us think about the basic proposition that government has become the custodian of all rotten bank balance sheets.

Conclusion? Buy gold and silver.

Sun, 04/15/2012 - 14:57 | 2346959 Popo
Popo's picture

Yes, that is precisely what he is saying.

This would have been cutting edge in early 2009.  I hope his newsletter subscribers get more than this kind of obviousness.

Sun, 04/15/2012 - 15:21 | 2346994 AldousHuxley
AldousHuxley's picture

banking elite's only hope is support from police and military.

1) police are like dumb dogs and will be easily controlled with boosted pensions

2) military can't be controlled with pensions alone because the guilt of killing innocents far outweights few dollars in retirement.


Stuff you will never see in the media:


the ruling class care only about expanding their control, but their power lies in only in their ability to sell the working class that war and dying in it is in America's best interest for all instead of theirs alone. No son or daughter of the elite actually does the killing.

Sun, 04/15/2012 - 15:32 | 2347006 LowProfile
LowProfile's picture


1) police are like dumb dogs and will be easily controlled with boosted pensions

Police answer to the local body politic and have to live in their communities.

Checking your videos, maybe you're not a complete douchenozze after all.

Sun, 04/15/2012 - 17:34 | 2347163 Manthong
Manthong's picture

"It is difficult to get a man to understand something, when his salary depends upon his not understanding it!"

 “I shrink from pain and filth and vermin and foul air, like any other man of refinement; also, I freely admit, when I see a line of a hundred policeman with drawn revolvers flung across a street to keep anyone from coming onto private property to hear my feeble voice, I am somewhat disturbed in my nerves. But I have a conscience and a religious faith, and I know that our liberties were not won without suffering, and may be lost again through our cowardice. I intend to do my duty to my country.”

-Upton Sinclair

Sun, 04/15/2012 - 18:25 | 2347264 AldousHuxley
AldousHuxley's picture

that's why only retired Philadelphia police captains like Ray Lewis can come out to OWS and say

"cops are working for the top 1% and they don't even realize it"


"Corporate America Is Using the Police Departments As Hired Thugs"


wonder why they cut teachers pensions but never cut police pensions?

Sun, 04/15/2012 - 20:51 | 2347532 StychoKiller
StychoKiller's picture

Teachers have only themselves to blame.  By NOT supporting Concealed-carry, everyone can infer that they don't own a gun and are therefore not a threat when it comes to a firefight.

Police, on the other hand...

Sun, 04/15/2012 - 18:00 | 2347208 AldousHuxley
AldousHuxley's picture

marine VS NYPD


militia VS police


why we fight


Karen U. Kwiatkowski retired U.S. Air Force Lieutenant Colonel, not sending her own sons into military

If you join the military now, you are NOT defending United States of America

Sun, 04/15/2012 - 16:07 | 2347059 LawsofPhysics
LawsofPhysics's picture

"No son or daughter of the elite actually does the dying"


Fixed it for you, many of them assume leadership roles (or babysit equipment in isolated locations) when they do find themselves in the military, been there, done that.

Sun, 04/15/2012 - 17:23 | 2347146 AldousHuxley
AldousHuxley's picture

good point.

they do their honorary "service" so that they can milk their "service" to run for congress, but they aren't getting on the front lines.


no diferent than sons of executives "working" or Ann Romney sing 5 household slaves to help her "raise a family"

Sun, 04/15/2012 - 16:58 | 2347124 RockyRacoon
RockyRacoon's picture

Popo, I am a Privateer subscriber and have been since the late 1990s.  The entire bi-weekly is a 12 page publication.  The morsel you read above is just a lead-in.   Unfortunately, the good Captain takes a position of not giving away too much of the farm.   It is due to The Privateer that I have been able to maintain a position in gold all these years without being scared off or diverted by talking-heads.  Bill Buckler does indeed rock.

Sun, 04/15/2012 - 16:52 | 2347117 rbg81
rbg81's picture

And not just custodian of bank balance sheets, but also guarantor for things like underfunded pensions, student and housing loans.  The full faith and credit of the US is predicated on a printing press that has infinite output & will never stop running.  It has to absolve everyone/everything of their financial sins--no matter how haneous or rotten.  In short, the Federal Reseve IS the second coming of Christ.  Don't forget to say your Hail Mary's.

Sun, 04/15/2012 - 15:34 | 2347013 Amish Hacker
Amish Hacker's picture

I think you're being too hard on Bill Buckler, Popo. His articles ARE short and quick-hitting, but his points are thoughtful and well-supported. Check out this ZH story from last November:  A pretty good summary of where we are, imo, in spite of its brevity.

As for the The Privateer, I'm sure Buckler would like to sell as many subscriptions as he can, but I don't think that's his main motivation. His site is generous when it comes to providing free information to non-subscribers, and a lot of effort goes into building community. Let's be kind to our brother Down Under!

Sun, 04/15/2012 - 17:00 | 2347126 RockyRacoon
RockyRacoon's picture

It appears that the current Privateer snippets are somewhat sanctioned by Buckler, whereas, there was a real ass-reaming a few months ago when articles were posted without the Captain's specific okay.   I like seeing these, but I like getting the full 12 pages fortnightly!

Sun, 04/15/2012 - 15:01 | 2346968 Neo1
Neo1's picture

A Banksters defeatism nightmare, Being forced to Return to Real Money=United States Note=Lawful Money. The real reason you pay an income tax, is for the privilege of using a private currency. Also known As A:  Federal Reserve Note, Demand from your bank or brokerage, lawful money and the tax goes away, with a tax exemption on lawful money, all of your money is yours. Use the Remedy within the Federal Reserve Act.  Stop being a Slave!!!!!! 

Tax Exemption:  Web search these four different phrases: Redeemed in Lawful Money  or  United States Note  or Redeemed in Lawful Money Pursuant to Title 12 USC §411  or deposited for credit on account or exchanged for non-negotiable federal reserve notes of face value  

Sun, 04/15/2012 - 23:02 | 2347691 FrankDrakman
FrankDrakman's picture

I still haven't forgiven him for costing the Sox the series in eighty and ought six.

Sun, 04/15/2012 - 11:50 | 2346542 breezer1
breezer1's picture

All assets as valued in paper and owned by the paper maker.

Sun, 04/15/2012 - 12:20 | 2346626 cossack55
cossack55's picture

OMG!!!! Its true then.  Shit DOES stink!!!!   Alert the media!!!!

Sun, 04/15/2012 - 11:52 | 2346543 LawsofPhysics
LawsofPhysics's picture

More paper-pushers that stink of fear.  Citing the lack of "freedom" and too much "regulation".

Fuck you, prosecute the god damn FRAUD already.  The only way to "win" when you know the game is rigged, is to simply not play.

That is where we have been for quite some time.  In fact, no matter what profession you are in, it is in your best interest to make sure that you call your colleagues out when they commited fraud.  If you don't, eventually no one has any sort of faith/trust in any of you.  I think it is safe to say that fraud and corruption has become rampant in a number of fields.

The financial sector will learn once again that you can have no regulations or no transparency, but you have to have one or the other, period.

Sun, 04/15/2012 - 12:04 | 2346566 CH1
CH1's picture

Let's see if I have this right...

The paper markets are a rigged game, regulated by multiple agents of the state. This condition has existed for decades.

But... we're supposed to wait for still other agents of the state to save us from the previous agents of the state? And we should further expect the second group of state agents to punish the previous agents?

The state maintains the crime we hate, but we are to wait for the state to save us anyway. Hell of a plan.

Sun, 04/15/2012 - 12:47 | 2346702 ella
ella's picture

Agreed!  I think that RICO should be amended to cover financial fraud including seizing all assets of the person convicted of fraud and all of the assets of their business entities. 

Sun, 04/15/2012 - 13:12 | 2346746 bank guy in Brussels
bank guy in Brussels's picture

RICO in America? Ha!

You forgot the crooked US courts and the bribed US judges.

The so-called 'racketeering' RICO cases go nowhere, unless the government gangsters have approved the target in advance.

Sun, 04/15/2012 - 13:01 | 2346727 kraschenbern
kraschenbern's picture

To LawsofPhysics:

The three laws of thermodynamics apply here:

1.  You can't win.

2.  You can't break even.

3.  You can't get out of the game.

Sun, 04/15/2012 - 13:56 | 2346828 slewie the pi-rat
slewie the pi-rat's picture

free M&M's?  where? 

Sun, 04/15/2012 - 14:56 | 2346953 LawsofPhysics
LawsofPhysics's picture

Nicely played, and I agree. Perhaps why I stayed in Agriculture.  Something about always wanting to eat, no matter what.

Sun, 04/15/2012 - 11:53 | 2346552 JLee2027
JLee2027's picture

banks refused to lend because Bear Stearns had refused to participate in the bailout of LTCM in 1998.

Banks holding a 10 year grudge against other banks. Who'd have thunk it?

Sun, 04/15/2012 - 13:43 | 2346800 earleflorida
earleflorida's picture

seems jpmc wasn't holding a grudge

Sun, 04/15/2012 - 15:31 | 2347009 Island_Dweller
Island_Dweller's picture

The bankers apparently got oonfused.  They thought that they bailed out LTCM to help LCTM and not themselves.  If they had realized that, maybe they would have bailed out Lehman regardless.

Sun, 04/15/2012 - 11:59 | 2346565 Not Too Important
Not Too Important's picture

Now, the IRS has the authority to impose tax liens on people based on the possibility of their profits from illegal activities, whether they engage in illegal activities or not:

For foreign readers: Coming to a theatre near you.

Sun, 04/15/2012 - 12:35 | 2346662 LawsofPhysics
LawsofPhysics's picture

LOL!!!  Yeah, good luck with that.  Idiocracy at it's finest.

Sun, 04/15/2012 - 12:49 | 2346711 CH1
CH1's picture

No, not idiocy... thuggery.

The guys who get destroyed won't pass it off tritely.

Sun, 04/15/2012 - 12:01 | 2346568 Everybodys All ...
Everybodys All American's picture

the more things change the more they stay the same.

Sun, 04/15/2012 - 12:08 | 2346590 deepsouthdoug
deepsouthdoug's picture

Freedom's just another word

for nothing left to lose...............

and that's all the central bankers left me

Sun, 04/15/2012 - 12:13 | 2346604 UP4Liberty
UP4Liberty's picture

There are no markets - only interventions.  End of story.

Sun, 04/15/2012 - 12:16 | 2346614 The Alarmist
The Alarmist's picture

Let's see ... Paulson, former co-CEO of Goldman Sachs and a continuing major shareholder of that firm, allows two of his former firm's most aggressive competitors to fail before deciding that the rest of the cartel was too big to fail.

Yeah, he really did think we are that stupid or disinterested, or both.

Sun, 04/15/2012 - 12:38 | 2346672 BoNeSxxx
BoNeSxxx's picture

...And he was right (present company excluded, of course)

Sun, 04/15/2012 - 14:36 | 2346907 Renfield
Renfield's picture

I marked you up because I think generally you're right, but to be fair, I recall massive popular protest against the government bankster bailouts in 2008.

The bailouts did not prove the stupidity of the sheep so much as they proved that The People really have no power at all, and very little influence even, over their 'elected' officials. Or maybe I should say, The People may have some influence sometimes, but the Banksters have all the influence whenever they want it.

2008 didn't prove sheep stupidity as it proved that the US system is not a democracy so much as an oligarchy. It showed that elections are futile.

Sun, 04/15/2012 - 16:08 | 2347060 BoNeSxxx
BoNeSxxx's picture


However one good turn deserves another.  The French Revolution was a massive popular protest... what happened in 2008, as far as protests go, was a tempest in a teapot.

Sun, 04/15/2012 - 16:41 | 2347102 geekgrrl
geekgrrl's picture

The difference was the French people were starving, and had been for a year before the revolution. Take away the EBT cards and my prediction would be 30 days and there would be widespread riots, and I am being very conservative in this estimate.

Sun, 04/15/2012 - 15:48 | 2347029 geekgrrl
geekgrrl's picture

Paulson was a Round Table boy acting of behalf of the inner circle, that's all. They make the decisions; the people no longer make any important decisions about anything and haven't for a long time. I remember a huge public outcry, to the point where Congress voted against the bailouts before they voted for them (After the bankers put the gun to Congress' head).

"Dr. Carroll Quigley is best known as Bill Clinton's professor of history at the Foreign Service School of Georgetown University. He also taught at Princeton and at Harvard. His 1300 page book "Tragedy and Hope" is unique among other history books in its exposure of the role of International Banking cabal behind-the-scenes in world affairs."

G. Edward Griffin's The Quigley Formula

Tragedy and Hope

Sun, 04/15/2012 - 12:36 | 2346665 km4
km4's picture

Romney and Obama Agree: Power Is Good - Reason Magazine

And the winner will be: Corporatism. (That is, the use of government force primarily to benefit the well-connected business elite.) The loser? The people, who would benefit from freedom and freed markets—markets void of privileges and arbitrary decrees.

No Fundamental Difference

OBAMNEY 2012 - this pict tells the story  :D 

Sun, 04/15/2012 - 12:44 | 2346693 The Alarmist
The Alarmist's picture

So let me see if I have this right: There is no difference between an affirmative-action-admission-to-Harvard marxist who is alleged to have been born in Kenya and could possibly be counted as a Muslim, and a Mexican-born Mormon legacy-admission-to-Harvard country club crony capitalist.

Sun, 04/15/2012 - 12:54 | 2346716 CH1
CH1's picture

Differences, yes. Important differences, no.

The only question is which one gets to play sock puppet next year.

I no longer care.

Sun, 04/15/2012 - 14:41 | 2346922 francis_sawyer
francis_sawyer's picture

Might as well just merge onto the same POTUS/VP ticket & dispense with all the rest... It'd be a bankers wet dream...

Sun, 04/15/2012 - 14:53 | 2346947 The Alarmist
The Alarmist's picture

Perhaps, but wouldn't it be nice if just one of them was unambiguously American and representative of the Average Joe or Jane in Flyover country ... Heartland, not Homeland!

Sun, 04/15/2012 - 16:19 | 2347073 geekgrrl
geekgrrl's picture

They both work for the same masters.

From Quigley's Tragedy and Hope p. 74: "Though the plutocracy were unable to control the Democratic Party as they controlled the Republican Party, they did not cease their efforts to control both and in 1904 and 1924, Morgan was able to sit back with a feeling of satisfaction to watch presidential elections in which the candidates of both parties were in his sphere of influence."

From p. 61: "As early as 1909,Walter Rathenau said, "Three hundred men, all of whom know one another, direct the economic destiny of Europe and choose their successors from among themselves.""

From p. 73, and this is an important one: "When the business interests pushed through the first installment of the civil service reform in 1881, they expected to control both political parties equally. Some intended to contribute to both and to allow an alternation of the two parties in public office in order to conceal their own influence, inhibit any exhibition of independence by politicians, and allow the electorate to believe that they were exercising their own free choice."

Lastly, a Douglass Adam's quote (paraphrasing):   Ford: The president doesn't have any power, his job is to draw attention away from the real source of power.

The president is an actor, nothing more.

Sun, 04/15/2012 - 16:39 | 2347099 geekgrrl
geekgrrl's picture

I have to say, I'm finding Tragedy and Hope to be an immensely interesting read. G. Edward Griffin was right. It's pretty dry stuff but then you came across a paragraph where you say to yourself, "Did he just say that?"

Here it is folks, the history of the global conspiracy to enslave the world is in this book, written by Bill Clinton's mentor, who wholeheartedly approved of this project.

Another choice quote, p.10: "The social organization of this third Age of Expansion from 1770- 1929 following upon the second Age of Conflict of 1690-1815 might be called "industrial capitalism." In the last of the nineteenth century, it began to become a structure of vested interests to which we might give the name "monopoly capitalism." We shall undoubtedly get a Universal Empire in which the United States will rule most of the Western Civilization. This will be followed, as in other civilizations, by a period of decay and ultimately, as the civilizations grows weaker, by invasions and the total destruction of Western culture."

Mon, 04/16/2012 - 02:45 | 2347955 Marc_W
Marc_W's picture

I'd trust a Muslim before I'd trust a Mormon.  At least with the Muslims you know where they stand.  The Mormons?  Who knows.  I still think they are hoping for the downfall of the U.S. government and civilization so they can size their Mormon Theocracy in the Western U.S.


This is likely why all Mormons are required by their religion to keep and maintain extensive stockpiles of guns, ammo, and survival food/water and related supplies.  They are essentially a doomsday cult masquerading under the guise of Christianity.

Sun, 04/15/2012 - 12:37 | 2346666 TooBearish
TooBearish's picture

Yah Lehman dragged its feet and only begrudgingly went along with the LTCM bailout and still got ass handed by Paulson

Sun, 04/15/2012 - 12:38 | 2346673 km4
km4's picture

Money, Power and Wall Street | FRONTLINE | PBS

Sun, 04/15/2012 - 14:36 | 2346868 earleflorida
earleflorida's picture

Indeed,... and a little help from "the Commander's and Chief's [?]", 'war-power-acts', making damn sure that the USSA stays in a perpetual "State-of-War"! 

John Yoo & Jay Bibby's, Torture Memo [the law of the land?] via "The 2nd Bush Dynasty" [where's Jeb?, the 3rd]

Caution:  This is not for the faint of heart.  The Federal Reserve 'Corporation's' [?], and TBTF's are now the officialism, purveyors of perpetual war - be it domestically or foreign,... got it!

If interested must be directed @ Goggle: ___ [Pdf] Torture memo - American Civil Liberties Union [aclu] __ Mar. 31, 2008 [foia/ declassified] 

Sun, 04/15/2012 - 12:38 | 2346677 misterc
misterc's picture

Ticker PGF (Preferred bank stocks ETF, USA mostly, most of them BBB), yield 7.xx%, looks like a great buy to me, doesn't it?
I mean, it's banks right, too big to fail? Inflation getting out of hand, then the preffered stocks will float up with it, right?
I'd like to hear arguments why that is not a great buy for fixed income..

Sun, 04/15/2012 - 15:30 | 2346918 Renfield
Renfield's picture

Inflation benefits those with first access to money.

Sun, 04/15/2012 - 12:40 | 2346682 Brokenarrow
Brokenarrow's picture

The SEC needs to bring in forensic accounts and audit Citidel.

Sun, 04/15/2012 - 12:53 | 2346714 honestann
honestann's picture

What the world needs first and foremost is:


Given uniform honesty, everything sorts itself out reasonably well.  However, humans beings are the most dishonest creatures in the entire universe by at least a factor of 1.000e308 (10^308).

Sun, 04/15/2012 - 12:54 | 2346719 CH1
CH1's picture

In fairness, humans are the only creatures we know who are capable of real dishonesty. The others just act on instinct.

Plus, there are a lot of good folks out there.

Sun, 04/15/2012 - 13:12 | 2346734 G-R-U-N-T
G-R-U-N-T's picture

Hm..If indeed your a mountain gorilla CH1, then you may be the missing link between the Bernak and the "good folks out there" whom are getting looted blind.

Wed, 04/18/2012 - 06:17 | 2354072 honestann
honestann's picture

Many animals, especially predators, are capable of dishonest actions, though generally they are not dishonest to themselves like humans are.  But you are correct to claim humans take dishonesty to a whole new level of absurdity.

There are lots of folks out there who consider themselves good.  Unfortunately, most of them are not.  They have purposely evaded psychologically unpleasant facts and thereby sanction, support and finance the predators and parasites who have destroyed mankind and any hope of civilization or future for the species.

Sun, 04/15/2012 - 13:03 | 2346731 The Alarmist
The Alarmist's picture

Boy, you must be young ... the words to that song were,

What the world needs now
Is love, sweet love,
It's the only thing
That there's just too little of.

Sun, 04/15/2012 - 14:57 | 2346956 LawsofPhysics
LawsofPhysics's picture

That would be nice, but honesty is nothing without consequences.

Sun, 04/15/2012 - 17:29 | 2347153 jimmyjames
jimmyjames's picture

That would be nice, but honesty is nothing without consequences.



At one time- a handshake and the fear of breach was what shaped the western worlds society-

The loss of gold as an anchor has allowed for the corruption we see today-

Wed, 04/18/2012 - 06:13 | 2354064 honestann
honestann's picture

Of course.  The point is, every action an individual takes is initiated, shaped and guided by ideas that individual holds.  If the ideas are uniformly honest, the consequences will usually be good, productive, benevolent (with rare exceptions since honest mistakes are still possible).  In contrast, dishonest ideas usually lead to bad, nasty, destructive consequences.

So the whole point of being uniformly and exclusively honest is to cause the consequences to be good, productive and benevolent.  So I could flip your comment around and say consequences are usually bad unless guided by honesty.

Sun, 04/15/2012 - 13:37 | 2346783 Sutton
Sutton's picture

When those Bear controlled hedge funds failed at going public(nice), they tried to sell 1-2 Billion of toxic mortgage product and failed, laying waste   the world wide financial system.

Ben, good luck selling Trillions of the same waste.

Sun, 04/15/2012 - 18:06 | 2347221 Mariposa de Oro
Mariposa de Oro's picture

Ben won't need luck.  Not when he has the ObamaCare precedent.  They'll just make us buy that shit with 'our' retirement money.

Sun, 04/15/2012 - 13:42 | 2346790 Benjamin Glutton
Benjamin Glutton's picture

In summary the Banks have been in rolling default since 1998...every time the FED assists with fresh capital the banks squander and steal the money. Hell our banks aren't even willing to work hard enough to complete a proper home lending scam or they wouldn't need the governments help to restore title to their collateral. If the government had half a brain they would close the TBTF strip their assets and return home titles to the States.


Trying to save these incompetent thieves will be the death of the dollar. Why not open a FED branch in each State?

Sun, 04/15/2012 - 13:52 | 2346821 tictawk
tictawk's picture

@ Benjamin glutton... "Trying to save these incompetent thieves will be the death of the dollar"

No not death of the dollar but death of dollar based debt instruments i.e. bonds.  It is only bond defaults that can shrink the burden that is crushing the economy.  Banks do not want to take the writedowns and will do anything to be made whole again.  It is not going to happen and shills in CONgress will do their best to put unpayable bank debt (currently shown as bank "assets") on the public ledger.

Sun, 04/15/2012 - 13:40 | 2346792 The Navigator
The Navigator's picture

my poverty is a work in progress thanks to no markets

Sun, 04/15/2012 - 13:59 | 2346835 tony bonn
tony bonn's picture

there is so much for which to praise this commentary - it is short, sweet, and to the point.

the corruption of the chairsatan and his fellow travellers is of biblical proportions. the rest of the world has taken extensive steps to free themelves from the shackles of us led financial terrorism. the day is coming when the switch will be flipped to turn off the usd and turn on alternate payment systems.

the hand writing is on the wall.....the usa is finished. however, it will not go down without a fight. the trillions upon trillions spent on its war machine will be put to destructive use before it gives up the ghost....

Sun, 04/15/2012 - 14:03 | 2346838 q99x2
q99x2's picture



  1. Not real or true, being imaginary or having been fabricated.
  2. Of, relating to, or denoting the imaginary characters and events found in fiction.
  Synonyms: fictive - fictional - imaginary - false - bogus

Bullshit fiat currencies, bonds, stocks and other assets that will never be paid back with anything of real value ever.

Sun, 04/15/2012 - 14:26 | 2346889 deth
deth's picture


Right now, the US Treasury market is the biggest "bull trap" in the history of financial markets without a close competitor. William A.M. Buckler (April, 2012)

Sun, 04/15/2012 - 15:07 | 2346977 suckerfishzilla
suckerfishzilla's picture

You can't win if you play. 

Sun, 04/15/2012 - 15:15 | 2346982 Zero Govt
Zero Govt's picture

we can win if we stop playing ...cut the suckers off

Stop Paying Tax

Sun, 04/15/2012 - 15:12 | 2346978 Zero Govt
Zero Govt's picture

"What it needs to recover is freedom - money - and markets."

Yep, and the ONLY way that'll ever come about is binning Govt which is the problem, not the source of a solution

Sun, 04/15/2012 - 15:24 | 2346997 The Heart
The Heart's picture

As always, much appreciation for your great works all.

Please excuse this important channel change, but one man could stop all this and possibly have the time to stop the catastrophe at fukushima.

Please contribute today to the Ron Paul money bomb. Invest in your future and donate now! It is your one way to save all you have.

Ron Paul is America's LAST CHANCE to survive, barring any planned events to create the false justification to go get mean ol Iran.

Ron Paul won Colorado and a lot of Washington last night, so the steady march towards a mind-blowing convention is moving on strong. The train kept on a rollin!

Sun, 04/15/2012 - 15:26 | 2347002 The Heart
The Heart's picture

As always, much appreciation for your great works all.

Please excuse this important channel change, but one man could stop all this insanity.

Please contribute today to the Ron Paul money bomb. Invest in your future and donate now! It is your one way to save all you have.

Ron Paul is America's LAST CHANCE to survive, barring any planned events to create the false justification to go get mean ol Iran.

Sun, 04/15/2012 - 18:05 | 2347217 AurorusBorealus
AurorusBorealus's picture

Ron Paul has run and lost.  The problem is not simply one of central banking lies and consolidation of power among financial elites with their political cronies in tow. 

The problem lies with democracy itself.  America was not established as a democracy.  As a Ron Paul supporter bleating about the constitution, you, Above All people, should realize this.  America was established as a republic, with a limited electorate, and delegates rather than direct elections for senators and the president.

  The founders had read Aristotle (Jefferson, in particular).  They feared democracy as mob rule, and they feared that the mob was easily misled.  They have been proven correct.  Japan, Europe, the United States: all democracies.

Sun, 04/15/2012 - 22:51 | 2347676 StychoKiller
StychoKiller's picture

When the people find that they can vote themselves money, that will herald the end of the republic. — Benjamin Franklin

Respect for religion must be reestablished.  Public debt should be reduced.  The arrogance of public officials must be curtailed. Assistance to foreign lands must be stopped or we shall bankrupt ourselves.  The people should be forced to work and not depend on government for subsistence. - Cicero, 60 B.C.

We've been here before...

Sun, 04/15/2012 - 16:13 | 2347065 WhiteNight123129
WhiteNight123129's picture

My friends, a little bit of healing

Delphine Bardin, Barcarolles, choose the first title.


Sun, 04/15/2012 - 19:51 | 2347432 AUD
AUD's picture

The jig was up, the valuation of the collateral underpinning the entire banking system was revealed as fictitious. Not much more than a year later, that collateral was transferred from the US banking SYSTEM to the Fed, which has maintained its fictitious “value” ever since. Europe dragged its feet, but at the end of 2011 it did the same thing in regard to its own banks.

Couldn't have put it better myself. The 'capital' of the central bank is fictitious. As the central bank is the government bank, the capital of the government is fictitious. Forget the stupid pontificating of Sheila Bair in the other article "If we print lots of money we might get hyperinflation". We are on the cusp of hyperinflation right now, have been for years. It's just the government credit bubble hasn't yet burst, deflated against gold but not burst.

Government credit is junk & the 'smart money' should value it accordingly.

Sun, 04/15/2012 - 23:14 | 2347706 Grand Supercycle
Grand Supercycle's picture

The Big Picture Wile E. Coyote Equity Top.

Prepare for a substantial USD rally.

Mon, 04/16/2012 - 02:25 | 2347941 Marc_W
Marc_W's picture

93.6% of Americans are stupid enough to believe in God.  Therefore, 93.6% of Americans are immediately disqualified from competing directly with their superiors in the banking industry.  After all, if they did not victimize you then someone else would.  Perhaps some kind of theocratic idealogue would take your money if the banksters let you keep it.


So the "99% vs. the 1%" is actually the 5.4% vs the 1%.  The 93.6% are too stupid to even compete in anything remotely resembling a fair competition anyway.  Which is, incidentally, why they vote for socialism and people like Obama - they know they can't compete on an even playing field with people clearly vastly superior to themselves.


American Christians overwhelmingly support Zionism.  American Christians overwhelmingly believe in an after life.  Amercian Christians are the cause of .and primary supporter of. the fascist American police state and its aggressive foreign policy.  Raining down"God's judgment" upon brown people and non-Christians everywhere.


My advice to all of the "right wing Christian" Americans is to vote for Obama in 2012.  He'll prevent you from being victimized by people with intellects vastly superior to your own.  A vote for Romney is a vote for theocracy and victimization.  A vote for Obama is a vote for socialism - and victimization (if you are a member of the top 1%).  Seems to me most of Zero Hedge should be Obama supporters.


Meanwhile, those of us will triple digit IQ's will vote Ron Paul, futile though it may be.

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