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Chris Martenson Discusses The Future Of Europe And Of The Global Economy
In the following video Chris Martenson - economic analyst at chrismartenson.com and regular guest contributor to Zero Hedge, and James Turk, Director of the GoldMoney Foundation talk about the problems facing the eurozone as well as the global economy. Chris Martenson points out that the whole world simply has too much debt. This is why he believes that there won’t be a real solution to the euro crisis. The big question will rather be who will take losses on the debt, which can’t possibly be repaid. The lack of political leadership and unwillingness to accept reality is contributing to this crisis. Additionally, the monetary tools central banks have traditionally used to revive economies are starting to show less and less effect. In Martenson’s view, the financial sector has become way too large and interlinked across borders, so that a default by one country could bring down the whole financial systems, because credit default swaps would get triggered and could bring down the writers of those derivatives.
James Turk mentions that today, commercial banks as well as central banks are leveraged at unsustainable levels. While both agree that it makes sense to get back to less risky traditional banking and a sound money system, Martenson raises the question of how it will be possible to bring the leverage down to prudent levels again and how to get rid of the huge amount of complex derivatives. That said, Martenson argues that the gold standard has been proven to be a working monetary system with automatic leveling functions. As a result of the coming structural changes to our monetary system, both men recommend owning tangible assets. They point out, that those who act first have a great advantage.
Martenson talks about the misallocation of capital, which occurs when money is being mispriced. The debt bubble was allowed to grow over the last 40 years and is now starting to burst. Due to cheap money, speculation and leverage have grown enormously. The tech stock and housing bubbles were the latest examples of that. He hopes that we will get rid of the unrestrained money systems with all its imbalances and return to some sort of gold standard system. The accumulation of gold by central banks hints to the fact that gold will play a bigger monetary role in the future.
Talking about European Central bank policy, Martenson speculates that the ECB could be revealed as a “paper tiger”, that is unable to stop speculation against European bonds. This could lead to an escalation of the euro crisis if the ECB does not follow the unprecedented example of the Fed in buying up massive amounts of sovereign debt, even though this violates its rules. He wishes more people took the time to understand basic economics; the illusion that government can pay for something without having to collect taxes in the same amount has been created by the constant accumulation of debt. But since debts can’t be grown forever we are now in the early stages of finding that the idea that we can always expand and that debt doesn’t matter is wrong. Martenson is afraid, that our society as a whole is not prepared for this paradigm shift yet. He believes that resource efficiency and access to resources will be much more important in the future.
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DOES ANYONE KNOW IF 2012 COINS ARE BEING RELEASED? and WERE 2011'S OUT BY THIS TIME LAST YEAR? JUST WONDERING IF SOMETHING IS UP?
SOMETHING IS MOST DEFINITELY UP
(not sure about the coins)
Yup Nate, the heavens, are UP. The hades are in the sHades, but that's a whole other matter.
These erudite gentlemen, can't they see that there is not meant to be a re-solution to this crisis?
Fiat money end game? Which signs are not clear, like crystals? Fly like an eagle indeed, so you may be blessed with it's view, where such minutiae lose their importance in the face of the big picture. Which everyone here knows well.
ORI
Join us?
/the-plan/
Chris's Crash Course video series is available free on his website. It offers a great deal of information which shows how the convergence of several factors, including out of control debt and diminishing sources of cheap energy, are going to mean drastic changes in the way we live going forward. Its great information.
well, the 2012 Year of the Dragon coins from the Perth Mint Lunar series are out ... the gold dragon is beautiful.
Did they have to put that frumpy woman on the other side?
Nothing screams VALUE like a parasitic dinosaur.
And some mass murdering, menopausal, monarch bitch on the obverse.
"Menopausal"?
That frumpy cow was menopausal when my mother was still wearing diapers!
If this helps, I was buying 2010's in December of 2009. Not sure how the squeeze compares now.
many will be out to steal your gold and privacy.
http://expose2.wordpress.com
"The lack of political leadership"
There will NEVER be political leadership until the SHTF because these career politicians since undergrad are 'wet behind the ears' on reality and have no idea how to actually lead but to only maintain the status quo.
'Fire 'em all', as Farage would say, as they are weak in the spine, completely unprepared, and totally underqualified.
Tycoon Socialism — Time to Bring it to an End
HR 1098 - Free Competition in Currencies
anyone who believes keeping the Fed on a gold standard with a peg they could change at will solves anything real hasn't thought this through.
If memory serves , they are available for pre order by this time. By coins I'm assuming you mean ASE's and AGE's.
If memory serves , they are available for pre order by this time. By coins I'm assuming you mean ASE's and AGE's.
TL;DR version: buy gold.
Yawn.
Predicaments Bitchez!
double double toil and trouble
markets crumble
when south seas bubble
Since all our money is loaned onto existence, our economy has to grow exponentially. Martenson proves this point empirically by showing a 99.9% fit of the actual growth curve of the last 40 years to an exponential curve. If we wanted to continue on this path, our debt load would have to double again over the next 10 years. By continually increasing our debt relative to GDP we are making the assumption that our future will always be wealthier than our past. He believes that this assumption is flawed and that the debt loads are already unmanageable. Martenson explains how exponential growth works and why it is so scary that our economy is based on it. In an example he illustrates how unimaginably fast things speed up towards the end of an exponential curve. He shows that an exponential chart can be found in every one of the three “E’s” for instance in GDP growth, oil production, water use or species extinction. Due to the natural limitations on resources, Martenson comes to the conclusion that we are facing a serious energy crisis.This energy predicament is namely that the quantity of oil as well as the quality of oil are in decline. He shows that oil discoveries peaked in 1964 and oil production peaked 40 years later. Martenson also shows how our return on invested energy is rapidly declining – the “cheap and easy” oil fields have already been exploited. In 1930 the energy return for oil was 100:1 or greater. Today it is already down to 3:1 and newer technologies such as corn-based ethanol only provide a 1.5:1 return. Martenson predicts that the time in between oil shocks will get shorter and shorter and that oil prices will go much higher. Not only oil but also other natural resources are being rapidly used up as well. At the current projected pace of use, known reserves for many metals and minerals will be gone within the next 10 to 20 years. The energy needed to get these non-renewable resources out of the ground is growing exponentially. So we live in a world that must grow, but can’t grow and is subject to depletion. The conclusion out of all this is that our money system is poorly designed and that we need to rethink how we do things as quickly as possible.
After finishing his presentation Chris Martenson answers questions regarding a rise in efficiency, alternative technologies and oil prices. He also responds to questions regarding electricity, shale gas, gold, silver, platinum, palladium, and uranium and the race for global resources. This video was recorded on November 16 at the Gold & Silver Meeting 2011 in Madrid.I do believe this is the future. Add in some surprises on methane emissions and global warming, collapse of rational political thought, see ZeroHedge.
Gold, silver will not replace that which will be scarce.
Great presentation..very worthwhile.
Short hockey sticks.. long face masks.
I was there. Nice presentation from Chris. How about that free clean energy seawater plant from movie... wall street never sleeps. That will do the trick...right cptn amerka. What TURD of a movie..what were u thinking o.stone... Or Mr. Energy device they used on the time travel Delorean .. its all sci fi ..
p
well, peak oil hits the fans officially in 2013, the price of OIL goes to 200+, gold to 2000+, arable land to ...grow food becomes as expensive as 5th avenue.
Wow, what a schuss downhill this guy is predicting...
As for financial and economic paradigm change, I subscribe to this view 100%. Having been personally witness of the previous Oil paradigm change that Ronald imposed on the world, when Carter was saying just the Opposite, is the greatest tragedy on the Oil/financial front that the world witnessed. Reagan's deregulated model and his telephoned 'red line' ORDER to Fahd of Saud, "open up the faucet full blast, Mack, or I'll blast you out of your oil patch"...in 1982, produced the double whammy of oil depletion and financial asset inflation over the next thirty years.
He is, along with the Oil/MIC lobby, the evil architect of this tragedy, taking us further up/(down for depletion) the exponential curve, that Nixon had started in 1971, by opening the fiat faucet after dismantling BW. Martenson's curves show that very clearly, the irretrievable tipping point on exponential curve occured between 1970-1980.
Irony of history : Peanut Carter had it right and great Helmsman, RR, had it all wrong. And now we pay the piper.
Well put Falak.
ORI
I agree with your basic premise, Falak, but I wonder about the oil price question. Could oil really get to $200/bbl before the economy went into recession? In 2008, $150 was enough to sink us. The economy slowed, consumption declined, price retreated.
A lot of smart people (e.g. Chris Nelder) see this as the new paradigm, with one important detail: each time the cycle repeats, it will take less increase in the oil price to send us into recession. So maybe the next shortage-induced runup only gets to, say, $130, before the economy slows, and the next time only $120, etc.
Cheap oil and cheap credit fueled the last boom. What will drive the next one?
Just wondering...It could be a logistic curve--that would make sense because logistic curves factor in resource limitations or "carrying capacity". They look like exponential curves up to the inflection point. The plan seems to be to depreciate the currency and thus pay off the debts and kick the can down the road through inflation. Can the Fed control this so we don't get hyperinflation?
With a logistic curve, the 99% slowly get ground to dust, but it takes a long time. Perhaps the next 10 to 20 years before everyone--except the banana republic rich--are mired in poverty and live in a police state which is the NWO. There's absolutely no point in making this occur suddenly. So count on 10 to 20 years of increasing poverty for your families and descendants.
Dmitri Orlov has done excellent work on Peak Oil and is worth reading at cluborlov.com. He predicts a sudden drop and not a smooth downward trajectory.
I'm a believer in the slow grind model. However, I think it's going to be the bottom 80%-85% who will be ground up, not the bottom 99%. The US will cling to its myth of the middle class at all costs.
Rocky... I don't know if you have seen this Kyle Bass Video but it is well worth the watch. Pay particular attention to ~ minutes 41 to 44.
http://www.youtube.com/watch?v=5V3kpKzd-Yw
Thanks. I'll get right to that.
As far as implementation towards sound money, how does he feel about combining modern technology (digital currency/Debit cards) with the original 1792 coinage act?
See: http://nesara.org/files/coinage_act_1792.pdf
Under this act the "Dollar" 371 4/16 grain (24.1 g) pure or 416 grain (27.0 g) standard silver was the unit of money
From there the highest value coin was of gold the “Eagle”
$10 dollars =247 4/8 grain (16.0 g) pure or 270 grain (17.5 g)standard gold
The lowest coin was of copper the “Milles” $0.001 1.1 pennyweights (1.7 g) of copper
Seems like a broad enough monetary base to deal with the redenomination issues that always occur when moving from one currency to another.
As the 1792 act stands there is only one minor problem with it and that is the mandating a dual coinage at silver 15-1 ratio to gold. This can be fixed (market exchange ratio can be attained) by fixing one metal as standard and letting the other float.
I agree totally with the exponential growth of money = debt; this is a mere fact, mathematically rooted in the system itself, with all its dire consequences. Regarding world population I am not so sure. The rapidly / exponentially growing world population numbers could be propaganda by TPTB. The numbers are provided by the UN. The UN headquarters is located where? Close to which kind of firms? Just musing. The growth of Megacities is tangible and hard to deny. But is it really thoroughly cross-checked with rural population? How do you measure population in countries who hardly have any administration?
So WHY should TPTB apply that propaganda? I think the inner circles of TPTB know VERY WELL that poverty is a mathematical consequence of their debt-fiat monetary system. So it is handy to make sth else responsible for their poverty: Too many children. Second, the NWO crowd needs allies within the worldwide, clueless, wealthy class. They cannot avoid / omit all sympathy, but too much sympathy for the poor could turn into real action, which is bad (for TPTB). In one's perception, one life is worth less if there is a huge number, growing ever more. So, if there is war, well that is very bad, but not too bad... I mean there is no limit on how cynical their means are.
Are you saying that there aren't enough SNAP cards to go around even if we all share and get along and stuff?
I love you,
You love me,
We're a happy family,
with a great big hug,
and a kiss from me to you,
Won't you say you love me TOO!
I love you,
You love me,
We're best friends like friends should be,
With a great big hug,
And a kiss from me to you,
Won't you say you love me too
The only math that matters in Europe at present
2+2=240 (at 60X leverage)
all good kumrads you can tell by their altruistic smell - E. E. Cummings
Thanks, Tyler...Very good video!
Chris Martenson, ROCKS!
there in on it
.
too
... we're all "in on it" - like it or NOT
Yes.
And that is why the Tea Parties are correct.
And that is why all rational people need to vote for their candidates in the next general election.
It's just that simple:)
>> It's just that simple
I will say your solution is simplistic, but it's not that simple. What TP candidates do you think we should vote for and why? What policies are they going to impliment that will make a diffferrence? AFAICT TP=SOS
Simplistic is to blame the bankers for the problems, and by default mitigate the damage that the politicians did by claiming that they were controled/mainipulated etc. This is real tinfoiled hat,whackjob,crazytown stuff.
As to TP, I can't get over the level of hatered by establishment Republicans for the TP freshmen. This was pretty obvious in the debt ceiling debate, if you watched it closely. At the end of the day, the US has a spending problem. Any rational person can see this. But yet it is only the TP that are addressing this root cause.
Or to put it another way. Does anybody seriously think that if the government cut spending say 15% across the board, or reverted back to the 2006 spending levels in absolute terms, that the Federal budget would not be in a better position?
Once again, it's just that simple:)
There is not enough income to pay back all the debt. Ever. Budget cuts might put some pressure on the bleeding, and would be useful, but it does not get at the core issue.
The current "system" is NOT sustainable.
you know the new norm to keep the world warm without burning fossil fuel? There is a renewable bio-fuel, its called making love. That is sustainable as long as there is life. And the good things in life are free of debt!
Que the bass guitar...
Right. My two young girls have been born into a system that guarantees they will be burdened by unpayable debts. The accumulated debts, or savings, cannot be repaid in the long run, which is why it must fail. Personally I resist going into debt and frankly don't want anyone indebted to me. This is why I try to keep my economy as local as possible and have my trades evened out in a timely manner.
>> But yet it is only the TP that are addressing this root cause.
As long as the TP excludes the MIC from serious consideration in spending cuts, they'll get no respect.
The? funny thing is, banks are over-leveraged they refuse to lend (create money out of thin air) which causes a shortage of money/credit in circulation, which in turn makes it impossible for people to pay back the fraudulent loans, which in turn means we need more bailouts to keep the bankers from losing THEIR house and THEIR car and THEIR Yacht and THEIR JOB.
So in order for 2 - 3 men to keep their wealth/jobs, MILLIONS must lost THEIRS.
Banks refuse to lend because they have capital requirements. Second, they have a bunch of bad debt on their books that they are not MtM. And lastly, bank stocks are trading around 50% of their book value (at least in Euroland), so the banks can't entertain any capital raising exercises. Just thought you might want to know:)
The banks are in the business of laundering counterfeit money, They make a loan, money is created put into circulation.
Yes the banks have a problem because they have capital requirements, but the banks are violating gaap and are using their own proprietary accounting, there is no reason to actually follow any cap requirements because there actually is no oversight.
The banks can counterfeit as much money as pleases them and the government is powerless to stop them, and atm this is their only hope.... they need to put more money in circulation than there is debt (for the first time in history) OR they need to write down the debt they hold by 30 - 50% across the board so that it actually becomes POSSIBLE to sustain the current status quo without poring on more debt.
It's like our boat is sinking and instead of filling buckets with water and throwing it overboard , we are filling buckets and leaving them on the boat.... the water is still on the boat, it's just in buckets.
Several observations:
Too much debt: Yes. Not a problem on household level since bankruptcy resets this problem. Problem really is on the government side. Markets could control this, but are being corrupted by politicians. In turn, politicians are providing services to their constituants, that they need to finance in debt market. I was amazed that the debt ceiling limitation was used by the ratings agencies as a negative. It appeared as if the ratings agencies wanted more debt issued. The answer here is quite simple, i.e. limited governement, that which the Tea Party movement is proposing. But somehow this element is being left out of the conversation. You just got to wonder why:(
Banks have too much debt on their books: True. But it's just the European banks that are insolvant. The US banks have a knock on problem since they most probably issued the insurance on this bad debt. You know, the CDS's. But you cant' through all the banks into on bag on this one, unless you are trying to make an idealogical point. Hint, hint, know what I mean?
The debt dynamic is the same regardless of whether your a household or a nation state: No truer words have ever been said. As to the economies growing at a much slower pace than the aggregate level of debt, yes. This is how BIG government, dare I call it the socialist nanny states functions. Tea Parties, right agian.
Perception catching up with reality: Yep. But like M says, we have known this for quite some time. As to reality, it has also been corrupted by the politicians. In Euroland, the politicians strong armed the banks into lending to them at below market rates. Anyone out there wonder why the holders of EU debt are exclusively the EU banks and insurance companies (outside of the stupid reserve managers/whose politicians decided that they needed a second reserve currency). The answer is that the American/Asians banks knew that the rates were below market rates and did touch the crap. Just goes to show you, not all bankers are the same.
Politicians wanting to protect their own jobs: After the frog march of the Demolemmings over the cliff to enact ObamaCare, this last statement is either naive or downright dishonest. Politicians protect there potential net worth. If they think they can make more by voting for ObamaCare and losing the next election, then they will do it. They got/get paid off at the back end. A good reference is Nigel Farage expose about how the EU political class is bribing the Croats to get them into the Eurozone.
Politicians and banker interests are aligned: Yes. Because the pols strongarmed the banks/insurance co. into buying gov debt that is now worthless, they created a problem in the banking sector. So now they are trying to figure out a way to save the banking sector. As to shifting the risk to the general population, yep. But it was the government services that was consumed by the general population, and it is they who will have to pay. How ironic. As to banker bonuses and the politicians payoffs, yea that's wrong. But it's a small piece of the pie and not the real problem here.
Who controls who: I guess when you are trying to run with a narrative that it's the bankers fault, stupid questions like this must be asked. Just to confuse the prols, I guess.
Anyways, this gets me to 5:44 of the tape. Nothing of any substance, just your general OWS/Main Stream Media narrative. Keeps the basement dwellers feeling warm and fuzzy inside, makes the bankers into scapegoats, but doesn't really provide any sound analysis let alone begin to address how to solve the problem.
:(((((
Try this for size.
http://aadivaahan.wordpress.com/2011/10/18/more-ows/
Pass it around if you know the OWS crowd.
ORI
>> if you know the OWS crowd.
I'd say it's a bit presumptuous of you to be lecturing the OWS crowd about what they don't know when it's apparent you don't know the OWS crowd. OWS is open source, if you want input the channels are there to input. Don't expect OWS folks to come searching for Ori to bestow knowledge on them.
And speaking of trying something on for size, one size does not fit all for that crowd. I went and hung out. I know of students involved, but none were there that day (they were at an OWS in another city, helping to resist efforts to throw them out). Lots of homeless folks there when I went, each understanding different parts of the puzzle, some of them just working it for the donations. One was a politician. He only stayed one night while the news covered him being there. Different "sizes" so to speak and different interests.
I donated food, trash bags, hygiene and paper products. They were super polite but hovering over my bags (they were hungry). The four bucks I had on me went in a lady's pocket. I followed her as she walked to the store to get cigarettes! I decided I was cool with that, they are sitting out there and I sure as shit am not. I can buy some folks a smoke if they are there to annoy bankers and politicians.
I strongly argree with your post.
Next time bring them knowledge.
Print out a few of your favorite ZH articles(complete with the comment section of course).
And print out this:
http://www.instructables.com/id/How-to-make-moonshine. Soon it's going to get cold and they will need to stay warm. Comfortably warm.
"Perception catching up with reality: Yep. But like M says, we have known this for quite some time."
"Nothing of any substance, just your general OWS/Main Stream Media narrative. Keeps the basement dwellers feeling warm and fuzzy inside, makes the bankers into scapegoats, but doesn't really provide any sound analysis let alone begin to address how to solve the problem."
...............................
Perception is not catching up with reality for the vast majority of people. The majority are not even aware that the world faces an economic predicament.
In addition, even if people were somehow required to view videos or read articles describing the economic predicament they would immediately tune it out mentally.
Fear of change is right up there with fear of death on the scale of things that people fear most. People, with a few exceptions, do not even want to contemplate change, much less actually change something in their lives or their routine.
As to your second 'point'... This is not a problem that can be 'solved'. This is an unsolvable predicament. You have missed the entire point of the presentation if you did not take this fact away from the discussion.
Fear of change? Then why do billions of people have billions of babies, get married buy houses, sell houses, get new jobs, quit jobs, retire, go to school and on and on? Seems like a pretty big change yet lots of people do it. Your thinking is stinking.
"Fear of change? Then why do billions of people have billions of babies, get married buy houses, sell houses, get new jobs, quit jobs, retire, go to school and on and on?"
.................................
All the events you named above are considered 'normal' in most peoples lives. In fact, it would be out of the ordinary if the majority of people did not marry, have kids, buy a house, go to school, get a job, change jobs, retire, etc.
People resist change to the very activities that you enumerated above because they are considered a normal life. For instance, the thought that a new generation of an OECD country is going to have far fewer opportunities to accomplish the activities that you enumerated is going to cause fear among the parents of those children. It doesn't mean the world is going to stop rotating, and in a couple of generations the kids will be adapted to picking bananas, raising hogs or whatever.
The fear in this instance is the fear of the parents for the lesser standard of living for the kids and, possibly, a longer working career for the parents because they cannot afford to retire as early as they thought they could.
But, if you try to explain to those parents why their kids are going to have a lower standard of living or why they are going to have to work longer, how will they respond to you? They will not want to hear it. Flat out will refuse to accept what you are telling them no matter the facts that you back up your assertions with. That is fear of change.
If you don't understand this then you should try the 'go to school' part again.
Of course the problem is solvable. It's called debt restructuring. Those who made bad loans need to pay the price. Will it be difficult, yes. But it's not impossible. It's just a simple math compounding problem.
I think the point is, the problem is unsolvable.
Why don't you run a bankers' therapy encounter group? Help them get in touch with their feelings about the whole unfair situation that is being engineered against them. Get a bankers' rights group together to advocate for the interests of this poor, strong armed, downtrodden minority. Oh wait, they have lobbyists that write all the laws for the politicians already.
You are fucking kidding us, right?
No, I am not kidding you.
Being in the financial markets (never worked at a bank) for... going on 28 years last time I checked, provides me with a pretty damn good insight into the causes of the present situation.
And if I said it one, I will say it a thousand times, bankers are not the cause of the problem. Anyone with a sliver of knowledge about how a Credit Committee works can tell you that. I often wonder what the typical CC at say a BofA looked like the day after the Affordable Housing Act became law. I wonder how many of the members said "WTF, they want us to lend with how much money down????.
But hey, no need to let facts get in the way of a good narrative. Right?
Oh, and speaking of therapy, I bring you the following clip.
http://hotair.com/archives/2011/12/04/awww-some-occupiers-so-traumatized-they-may-need-therapy/
Enjoy:)
Peter. Central Banks are private. It is their job to take the punch bowl away. When your supposed to be a steward of the highest order but 'capitulate' to politicians it means selling out. The solution will be banking becomes a utility. It is the kicking and screaming on the way there that there is not a solution for. Loss mitigation efforts are less fruitful with the same exact management running the same 3d pyramid model.
Too much debt: It is a problem on the household level, because essentially America is MADE UP OF HOUSEHOLDS.... when the problems are at home it causes many problems.... say people go down on their loans, lose their homes to banks who put up no risk to make that loan (because of govt insurances / fraud/counterfeiting) the bank essentially gets that property for free... (no equitable exchange).... the bank now has incentive to dump the property driving property values to almost zero market value.
If people don't feel confident that their property will hold of gain value then they will be less inclined to hold onto that property and would be more inclined to default and buyout a new home when prices hit rock bottom.
It's a vicious cycle of depreciating assets due to over leveraged households.
And bankruptcy doesn't really solve that many problems... it's not like you file for bankruptcy and everything just becomes "ok".
Banks have too much debt on their books: sure they do because they themselves are the ones that are truly IN DEBT.... every dollar on deposit is debt that the bank owes.... banks are in the business of DEBT... the US Banks are ALSO insolvent because those CDS are more than likely ALSO INSOLVENT, just because you have insurance doesn't mean the insurance companies/brokers can actually afford to pay out to you.... and with all the fraud that going on, I would be hard pressed to believe that these default swaps etc will continue to be a shield for the banks much longer.
ALL banks have in reality no money, they are all insolvent... most banks are probably leveraged almost 100 to 1 by now , they mask it by various fraudulent accounting tricks/scams.
Perception catching up with reality: I think this is true, everyone has known the problems exist, but so long as energy was cheap we could ignore the problems and continue our madness, when the rest of the world stops making sacrifices to prop up our life styles then reality will really hit home.
The economy is going to shrink globally over the next 10 - 20 years.... that means more people out of work, more people rioting, more people on welfare, and it means that those of us that are still working will have to feed the mouths of those who don't so that they don't try and kill us like ravenous cannibals .
The problem is simple, the monetary system is broken, it benefits only a handful of interests, the banking elite know the system is going down, so they are actively bettering their own positions at the expense of the greater whole.
The fact that our govt is either a) completely incompetent or b) completely bought and paid for (its hard to tell sometimes) doesn't help much either.
And one more post, I promise.
This is what real economic analysis looks like. It is a clip by Milton Friedman entitled "Why it isn't necessary to throw the bums out":
http://www.youtube.com/watch?v=ac9j15eig_w&feature=player_embedded#!
Enjoy.
R U a bum?
You obviously DID NOT view the clip :)
News from Europe:
No Eurobonds – no euro
According to the EU monetary chief, the eurozone may only have a few days left to find a way out of the crisis. But economic analyst Michael Mross believes that Germany would rather let the euro die than support the idea of Eurobonds.
http://www.mmnews.de/index.php/english-news/8997-no-eurobonds-no-euro-
My rep in New York says:
"We got the 88 bil from the B-man for the first shipment from San Monique. No worries no sweat my man all going to plan 'cept I had to put the arm on some honky who was gettin inna my grill with all dis 'My name is Bond, Euro Bond' shee-it. Hadda school the white boy - 'Names are for tombstones baby' - heh heh..."
not one word was mentioned, about the intent of the oldidorks to impovrish everyone! that this was engineered to play out as it has! maybe chris is one of them!
Merkel intends to “create the master currency- a new European currency dominated by a new German currency, a Deutschmark type currency to rule Europe with.”
http://www.presstv.ir/detail/213643.html
AS IT STANDS THE WORLD IS IN A COMPLETE SHUMBLES AND THE ONLY SOLUTION TO THE DEBT CRISIS IS EITHER DEBT FORGIVENESS OR PRINTING MONEY (THIS GOES FOR NOT ONLY EUROPE BUT ALSO US, JAPAN, UK, ETC) THE PRICE TO PAY IS THEREFORE DEBASEMENT OF CURRENCIES AND GOLD TURNING THE STANDARD MEASURE OF ASSET PRICES. ALSO WHEN THIS HAPPENS, AND IF DEBT IS COMPLETELY WRITTEN OF OR MASSIVE HAIRCUTS ARE TAKEN, THE CDS WILL BECOME WORTHLESS BECUASE ISDA WILL CLAIM THAT THESE KIND OF EVENTS DO NOT TRIGGER A CREDIT EVENT..THIS IS GOOD AS IT WILL BE THE ONLY WAY THAT BANKS CAN FINALLY SHRINK THE CREDIT DERIVATIVE MARKETS WHICH IS ENORMOUS..LEVERAGE WILL ALSO BE SUBSTANTIALLY REDUCED AND SOME BANKS WILL HAVE TO BE NATIONALISED..
NOOOOOOO. NOT SHUMBLES! RUN, RUN FOR YOU LIVES!
SHUMBLE: A running back that runs a 6.2 sec 40 yard dash. Usually found on college fb teams that are teaching the students math, physics, engingeering or some discipline that will prepare them for the real world.
Any word of banking problems this weekend? I would of thought by
today we would of had a system go down.
Shit. You just had to say it Martenson. Now the deadfall laying on the forest floor, that I gather to heat my home, will have value once folks clue into that. I figure that will take some time though because as he says, people aren't persuaded by facts. Magical thinking and emotion guide the masses.
I feel bullish. it is a sure sign of sustained bear market in equities....
http://www.youtube.com/watch?v=7B3Fw5TPJK8&feature=player_embedded
A Chinese customer kindly sent me a 50g (roughly 1.607537328 troy ounces) silver bar for Christmas
Bring on the currency collapse - I'm ready
OT: Finland's finance ministry thinking abt options if the old Mark will replace zEuro.
Sunday Finnish: Ministry of Finance to find out the benefits of the floating mark (Google Translated)http://translate.google.com/translate?sl=fi&tl=en&js=n&prev=_t&hl=fi&ie=...
Will CDS on sovereign debt ever actually get paid out on?
There will presumably always be some attempt to state its not a credit event etc.
Another YANK, from Durham NC, USA, telling us Europeans how we cannot possibly do ANYTHING TOGETHER! FUCK OFF, MIND YOUR OWN BUSINESS, YOU FUCKING COWARD REFUGEES FROM EUROPE!
YEAH, THAT IS RIGHT! Your ancestors were nothing but quitters and losers, looking for easy life somewhere else!
Now we want an easy life in your backyard. Don't worry...we'll leave a big, fat mess for you to clean up in case you were feeling bored.
Latest news
Iran shoots down US drone
15:52 04Dec11 RTRS-UPDATE 1-Iran military shoots down U.S. drone-state TV
(Adds background)
TEHRAN, Dec 4 (Reuters) - Iran's military said on Sunday it had shot down a U.S. reconnaissance drone aircraft in eastern Iran, a military source told state television.
"Iran's military has downed an intruding RQ-170 American drone in eastern Iran," Iran's Arabic-language Al Alam state television network quoted the unnamed source as saying.
"The spy drone, which has been downed with little damage, was seized by the Iranian armed forces."
picture:
http://www.mmnews.de/index.php/politik/9007-iran-schiesst-us-drohne-ab
his name wasn't Chris Martenson was it? That guy just drones on and on and on and....
I don't know why ppl. are so confused that pushing on a string does not work.
You have to... instead...
POOL DA STRINK!!!
http://www.youtube.com/watch?v=L7Dw60SVXQ4&feature=related
The system is creaky, but holding together. I think it is because 15% of the population thinks they are the 1% or close enough to think they will get through relatively unscathed. Being poor is for poor people.
The MFG situation hasn't registered with them yet, "as a sophisticated investor, you know the current fraudulent nature of the market and should of realized your money will be stolen." You will not be made whole. I am pretty sure that will include most of Congress.
Look at Italy versus the US. And then look at video from Government Gone Wild. This is all OUT OF CONTROL AND WILL CRASH!
Can Europe Control Its Spending And Save The Euro (or Gyro)? Don't Look To China As A Role Model For Economic Growth Either
http://confoundedinterest.wordpress.com
As of Friday's close:
- SPY is up 84% from the 2009 lows
- No major bank in the U.S. has failed
- Oil is down 31% and the CRB Index is in a vicious downtrend
- Gold and silver equities are down huge this year
- The consumer is stronger than ever
- Most resources are plentiful with ample supplies
So far, nothing in the "Crash Course" has come true.
Robot - "The consumer is stronger than ever"? Which planet?
It's amazing how well things look for a short period of time when the Fed prints a few trillion dollars.
Tell me Robot, what will happen when Ben attempts to raise interest rates by 1% ?
ZIRP will continue in earnest through 2013, many FED officals have hinted (as noted here on ZH) it will probably last even long than that. Thus, Bernanke will never raise interest rates.
The end game is Hyper-Inflation. Deflation will never be allowed to happen when you have the world's reserve currency and a printing press.
The Euro is likely to escape more damage this year, but next year is likely to be a different story. http://bit.ly/v4mbzU