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Jim Grant Discusses The Fed's 'Backward Shooting Gun', And Black Walnut Tree Treasury Replacements
Yesterday, when discussing the forthcoming implications of the Libor scandal, we said that in the barrage of coming lawsuits, "the entity that will be sued by proxy is the Federal Reserve, whose Federal Funds rate is really the setter for the baseline Libor rate." This claim came at an opportune time, just hours before one of the Fed's most vocal critics (and gold standard advocates), Jim Grant, appeared on TV to discuss precisely the same thing. Best summarizing his position is a cartoon that appeared in a recent issue of Grant's Interest Rate Observer in the context of Lieborgate, and who is really at fault here.

What follow next are some of the traditionally brilliant bullet point that we have come to associate with Grant.
On the Fed's arsenal:
The Fed is not out of bullets; the trouble is its gun shoot backwards. These massive interventions in the marketplace distort the price we call interest rates.
On Liebor and the Fed:
The banks fixed Libor. The Fed fixes rates. The banks do this surreptitiously and opportunistically. the Fed does it for a living.
On whom anger should really be focused:
The idea that these guys talking about what they might finance their bank, that they are in charge of manipulating interest rates is absurd. The central banks do it all the time, they do it massively. The outrage ought to be directed at them...
On the Fed's centrally-planned "reality show":
Ever see the Truman Show where Jim Carrey's character finds out
he is living in a TV set: he finds out because he rows his boat into the painted canvas sky: that is life under the rule of central banks.
On the paradoxical perfect storm which everyone sees:
Everyone is talking about the "perfect storm": the fiscal cliff, and China, and Greece, and Europe, there is a constellation of bad news: the Wall Street Journal is the grimmest reading in years. How can this be a perfect storm if we can see it coming?
One observation which our European readers will likely not find too palatable:
The trouble with Europe is they work 5 hours a day, nothing to do with a shortage of Euros.
And finally, where people should get "yield":
You plant black walnut trees, and in 30 years they flower to $1000 each, you pay $5 for them, that's a zero coupon tree, that's where you get yield.
Full clip below:
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Too bad Grant will be dead before those Walnut trees flower to $1,000. This pompous blowhard never had any good recommendations.
He was bullish on equities, it's interesting that he and Jom Rogers would probably agree with each other on everything except their investment strategy.
So Buffet says the FED is out of bullets and interest rates cant go any lower from one side of his mouth and from the other side says dont buy gold - cognitive dissonance?
good observation...now buffet is bearish==Time To Go LONG !!!
At 2:14 Maria says "ekcetera".
Please give us some insight on the markets Maria.
Jim Grant vs. Brad DeLong on QE3
http://www.planbeconomics.com/2011/06/22/jim-grant-vs-brad-delong-on-qe3/
At 4:00 grant calls Maria, Morgan. Whateva talking head.
Congressman Howard Buffett:
"I have a son who is a particularly avid reader of books about panics and similar phenomenon."
http://bastiat.mises.org/2012/05/letter-from-howard-buffet-to-rothbard/
During a panic, you can pick up other people's assets for pennies on the dollar.
rich bagg.....can you imagine how david hasslehoff felt when he watched himself the next morning after fucking that chee'burger on the floor and how embarrassed his daughters were as they watched.....your "top spotted" comment should make you feel all hassle-hoffy inside in the morning at that point you either vowel to never ever post again on the hedge, the wise choice. or you come back a few more times to get the rest of your robert brusca treatment ,....and they way it looks you have your up arrow and four "daughter" up arrows....
smlbizman, are you on your period?
should a person only post a comment if it can receive the accolades of others? I thought his comment was HILARIOUS? And, yes, Grant is a very astute (i.e., worth reading), but never right blowhard. Sor of like...hmm, Paul Krugman.
Buffet has health problems and is older. He can not help but sense vultures circling. The FED policies are probably adding to his uneasiness. Or...
Good info from Grant.
Buffet better get ready to meet his maker......Lucifer. Evil old fukkk.
Jim Grant is great.
buffets timeline is racing twards zero. this must afford clarity.
"cognitive dissonance?"
Is that Latin for douche-bag POS?
Jim Grant has been spot on for years. It is wise to listen to what he has to say.
Prepare for the US Dollar Collapse
did the world spin off it's axis and I missed it? Damn!
Today's 1000 dollars will be approx 550 30 years from now.
Try .5 new cents on eBay in a plastic bag of one million old dollars.
Today's 1 oz of gold will be 1 oz of gold in 30 years.
Speaking of .05 cents, I have begun to pull a box or two of nickels in rolls fresh from the CU each month.
They look at me funny, but have gotten used to it.
I think the nickels will be worth melt twice or more original value if the Govt should decide to dump the penny and nickel.
"NEW YORK (MarketWatch) -- There is an old and apocryphal saying that "a good handgun is worth an ounce of gold" and it turns out to be true -- at least it has for the past 136 years.
Because it is basically unchanged after 136 years of continuous production and because there is a healthy, liquid market for it, a good example of this case can be made by tracing the price of "The Gun that Won the West," the Colt Single-action Army revolver. The venerable Peacemaker turns out to be a better gauge of inflation than gold is and a better investment. President Ronald Reagan even named a missile after it.
The correlation of gold and guns can be traced back at least to 1873 when Colt's Manufacturing Company of Hartford, Conn., introduced the most technologically advanced handgun of its time, a six-shot revolver that used metallic cartridges. The Army adopted it as its standard side arm, a position it held until 1892. The innovation of metallic cartridges made it easier to reload in a hurry. Reloading had always been an issue because it was slow, unwieldy and required some expertise. Now anybody could do it.
In 1873 the Colt SAA sold for $17.50. The complete kit with a holster and some ammunition could be covered by a $20 gold piece. The $20 Double Eagle of 1873 contained 0.9675 ounces of pure gold. Today an ounce of gold is about $1,090 and a new Colt SAA can be special ordered from Colt's custom shop for about $1,500.
As a collector's item the Colt fares even better. A recent check of Collectorsfirearms.com found scores of listings at a wide variety of prices from $1,699 at the bottom to $175,000 asked for a Colt "Pinch Frame" called "the Holy Grail of single action collecting." This gun carries the serial number 58. So your $20 gold piece spent on this gun in 1873 would have returned 874900%.
Gold Double Eagle $20 coins from that year can be found on line for $1500 to $5000 depending on condition about the same price as Colt SAA's of similar age and condition.
Gold's price is fixed
Gold was in the midst of one of its many upheavals when the Peacemaker arrived. In 1873, Congress put the United States on the gold standard with the Fourth Coinage Act, which de-monetized silver and made gold the only metal by which to fix currency. President Grant signed it into law in February of that year. Gold was set at $20.67 an ounce where it stayed until 1934 when President Franklin Roosevelt devalued the dollar to 1/35 of an ounce of gold. During this period gold lagged behind the handgun."
I like and have both....The difference is that throwing gold coins at an intruder isnt much of a deterrant.
The ICBM was called Peacekeeper, it was SAC's motto.
B-36 Peacemaker was an early strategic bomber (developed during WW2 - deployed late 40s - 1950s). Could deliver hydrogen bombs. Some models actually used prop and jet engines. (Was into aircraft as a kid).
Nice aircraft. However the Reds did not get hot and bothered until we came up with the Hustler.
The B-58 Hustler - - that was one of my favorite aircraft as a kid. It just looked 'mean'.
(Of course, as a boy I didnt think all that much about the fact that these things were designed to kill a lot of people with nukes - - both, the guilty and the innocent.)
I thought the B-58 was nifty looking too, but even as a kid, I thought that between 8 and 14 fixed forward firing .50 cals and strafing duty in an A-26 was way more cool.
If Memory Serves, the A-26 was flown until they simply fell apart.
The Hustler scared the Reds in trying to match or improve defenses.
An interesting analysis from Marco Polo during the reign of Kublai Khan and and the first FIAT currency
“Population and trade had greatly increased, but the emissions of paper notes were suffered to largely outrun both…All the beneficial effects of a currency that is allowed to expand with a growth of population and trade were now turned into those evil effects that flow from a currency emitted in excess of such growth. These effects were not slow to develop themselves…The best families in the empire were ruined, a new set of men came into the control of public affairs, and the country became the scene of internecine warfare and confusion.”
Read more: Fiat Currency http://dailyreckoning.com/fiat-currency/#ixzz20TNCchUxToday's 1 oz of gold will be 1 oz of gold in 30 years.
I wonder what it will be measuring in that era. Right now it's showing that the purchasing power of the dollar has fallen to 1/1572 of an ounce of gold. Don't think I can cut mine that small. The $US sucks.
Under optimistic assumptions, it will be 125 dollars (worth halves every 10 years)
Gawd, that's optimistic!
This pompous blowhard never had any good recommendations.
Grant is a long term gold-bug. People (like me) who bought gold based on his recommendations are very happy now.
Your "pompous blowhard" comment would fit Paul Krugman much better.
More like pompous ass.
Bailout Fiction Goes Hollywood: "After Losing Everything, Jim Confronts The Bank CEO With A Loaded Gun..."
Plot Suggestion: In the final scene when Jamie Dimon's character attempts to bribe 'Jim' for his life with $10 billion in cash that he keeps in his desk for emergencies, have Jim stuff that cash down Dimon's throat until he chokes to death on Federal Reserve Notes, while Jim screams:"How's that bailout taste, motherf*cker! You need some mustard with that?" Then Jim should gather all the remaining Fed notes into a pile on Dimon's desk and set them ablaze. Instead of watching them burn, Jim searches Dimon's lifeless corpse for the combination to his office safe, which he finds written on the back side of a bright red business card with #CtrlP on the front next to a picture of Bernanke and Krugman hugging it out, and the cell phone number for Brian Sack. Jim moves across the room to the portrait of Dimon's dog, nicknamed 'Dumbshit American People' or DAP for short, hanging on the wall, rips it away, opens the safe and takes an envelope labeled 'QE3 - For Bernanke's Eye's Only' from among the contents. Jim opens the envelope to reveal a picture of the Fed Chairman naked, hanging upside down from an Indonesian palm tree while baby giraffes lick his balls.
Finally Jim has what he needs to take down Bernanke, as he grabs a bar of gold bullion from Dimon's personal stash, puts it into his JPMorgan courtesy bag emblazoned with the grotesque image of Jamie's massive smile, visible just above the Chase logo, and heads out the door. On his way out, he spies a loose folder marked 'Silver Manipulation' and decides to grab it. Maybe it was going to be a good day after all, mused Jim, as he thought of ways to get Ben, Hank and Tim all into the same room.
Now that is funny.
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Rich Bagg, What is it about Mr. Grant that intimidates you?
1. His honesty?
2. His intellect?
3. His use of colorful metaphor?
4. His bow tie?
5. His 6 pack abs?
Go back to your box of vanilla wafers.
His extreme political idealogy which shapes everything he thinks and does including how he puts his pants on? (Although he seems like the kind of guy who does not even undress to go into the shower.)
Rich Bagg is totally reamed on this comment, and rightly so. You don't deserve to post on ZH with such obvious ignorance on display.
You are some kind of near-record junk magnet, a real hallmark of shame. Get lost and stay lost.
see this url for all the info you need on growing walnuts, quite the piece of work!
Ignore the negative comments. You have offended another's religion. HOW INDECENT! Great Grant Almighty! Someone around this joint needs to turn the record over.
I subscribed to his letter for a while and cancelled because it was too bond oriented and too expensive for me.
His featured recoes did extremely well for the most part.
I gave a copy to an aquaintance in which Mr. Grant mentioned Annaly. I got the guy out of Lucent and he took the proceeds to NLY. It saved his butt and his mother's butt too.
Many of his mentions of the time that I subscribed turned out to be very large winners. You, Mr. Bagg are slagging Mr. Grant just because you want to tear down someone that is your intellectual superior.
You might wabt to read his earliest book, "Money of the Mind", It is widely available in public libraries if you are too cheap to buy it.
Unlike Rich Bag(less) who shares with us his wise and thoughtful words.....
K@
Any European will disagree with the following statement simply because it's idiotic:
"The trouble with Europe is they work 5 hours a day, nothing to do with a shortage of Euros."
Jim Grant is a writer and not a trader, i.e. he's a sales-man. And it is appearently lost on him and his peers that in aggregate, Europe's fiscal statistics are better than those of the US, where the average worker works longer hours and takes 12 days of vacation per year, as opposed to 30 hours and approx. 5 weeks in Europe. Isn't it about time for Grant and his clever peers to understand that working more is not a viable solution IF "THERE IS NO DEMAND TO MEET THE PRODUCTION CREATED BY THOSE ADDITIONAL WORK HOURS!". Sure, European labour reform is needed, but working longer hours isn't going to solve the main problem, which is excessive debt and bloated benefits. Pure capitalism with bankruptcies will solve it however, but we all know we won't see pure capitalism (with bankruptcies and no govt intervention) any time soon.
Greetings from a European.
Tom
Any European will disagree with the following statement simply because it's idiotic:
"The trouble with Europe is they work 5 hours a day, nothing to do with a shortage of Euros."
Jim Grant is a writer and not a trader, i.e. he's a sales-man. And it is appearently lost on him and his peers that in aggregate, Europe's fiscal statistics are better than those of the US, where the average worker works longer hours and takes 12 days of vacation per year, as opposed to 30 hours and approx. 5 weeks in Europe. Isn't it about time for Grant and his clever peers to understand that working more is not a viable solution IF "THERE IS NO DEMAND TO MEET THE PRODUCTION CREATED BY THOSE ADDITIONAL WORK HOURS!". Sure, European labour reform is needed, but working longer hours isn't going to solve the main problem, which is excessive debt and bloated benefits. Pure capitalism with bankruptcies will solve it however, but we all know we won't see pure capitalism (with bankruptcies and no govt intervention) any time soon.
Greetings from a European.
Tom
Thank you Jim Grant for being honest! And here is another truth teller:
British Ron Paul Nigel Farage is he the only politician that tells the truth (EU parliament speech )http://www.youtube.com/watch?feature=player_embedded&v=DSg09DUxoJk
Never a bad link regards Farage.
And here in the US we get the knuckle dragging dimwit wannabe conservative Tea Party and the utterly terminal, spineless democrats all holding out the Please Sir, may I have another campaign contribution bowl promising to return the favors with legislation benefiting per$onhood only a bankster could love.
at the very least, Farage could make a killing teaching the US CONgress rhetoric at some of those retreats they take at ALEX.
So do they pay the settlement with printed money?
That wouldn't really stack up to them paying now would it?
They need to miss something they used to have.
I want the deed to the planet desecurized in this and anything short will just not stack up.
Those fucking parasites.
The Fed can't do anything more. They will try, but it just makes everyone more ill.
http://confoundedinterest.wordpress.com/2012/07/03/an-ike-1959-velocity-recovery-factory-orders-surprise-for-the-moment-ny-pm-business-conditions-fell-goldman-lowers-q2-2012-gdp-forecast-to-1-5/
Planting Gunpowder to raise super crop failed too.
People who raise walnut trees in the suburbs, hoping to sell them for $1000 or more when they mature,
those people have a nasty habit of occasionally nailing "yard sale" signsm or kids tree houses, or
bird houses, or whatever to the tree and then just leaving the nails in there. After awhile, the tree
covers the nails with its bark and shows no more signs of it. However, sane saw mill operators
will not pay anything for a tree grown in the suburbs, they won't touch it, they won't even come cut it
down for free, because it only takes one nail to mess up their saw for good ..... not to mention
that black walnut with nails in it is not a very pretty wood .....
I just thought you ought to know that .....
Exactly correct. Wire fencing also a problem. Some of the fancier sawmills are X-raying logs before busting up $100,000 saws.
Could also get walnuts to eat or sell from the trees in the meantime.
Just sayin'.
Or let the walnuts germinate and sell the seedlings. That'd work too.
Try that with a NIRP bond....
No offense, but your post is harder to read than a Shakespeare play.
*Disclosure: I'm an idiot. *
It's called a metaphor. I just thought you ought to know that .....
Thats Optimistic. I don't expect anyone in 30 years to remember how to it down a tree. Those that do, you will have to PAY and they'll end up selling the haul to someone else at a profit.
Good time to be a tree farmer.
so Jim is bullish now. what the fuck is going on?
Exactly. I would prefer Jim Rogers who is massive negative but I would probably agree with Schiff that equities could rise in nominal terms but still lose out to better inflationary hedges. If the market starts cracking open and Bernanke does nothing in August he will start getting tomato's thrown at him by everyone at his press conferences (and Bernanke's mom knows he hates tomato's)
Equities are assets and have value. Look at it as the replacement cost of the owned company. If replacement costs are inflated along with other assets, then equities will rise to reflect those costs. The issue with equities is with the confidence in the market and they are going to extremes to destroy that.
So the "replacement" cost of Facebook is $60 something billion????
HA HA HA HA HA HA HA HA HA HA
I needed that................
Details, details, details
The necessity to be right should Never be Obscured by Facts
(My lawyer told me that; reminds me of the lawyer in Fear and Loathing in Las Vegas. That's why he's my lawyer.)
"HA HA HA HA HA HA HA HA HA HA"
-M. Zuckerberg
I was refering to real companies, not some hyped vaporware. Facebook replaced Myspace and I don't give either much value. The cost to replace Facebook is the cost of Myspace, some code changes, a new name and a slight change in the wind. Now companies that actually make something or mine something have true replacement cost.
as the Tylers' Durden will tell you I was bullish but was so friggin' arrogant about "the inevitible inflation" as the cause i got endless grief here and everywhere else about how "you can't have your bull market and your inflation too Disabledvet...HARDY HARDY HAR!" And it turned out...I WAS WRONG! THERE WAS NO INFLATION!!! Hmmmm. GOD DAMN, BROTHER...DAT BE REAL MONEY TOO! (I do take note our gleeful "attack the Bernanke Days" which really were a ton of fun just aren't what they used to be. I stick by my term for The Bernank--The Sphinxer, as opposed to the Chairsatan...such a loveable face. Still...they do appear to be interchangeable at a certain level.)http://www.youtube.com/watch?v=0uvr3dmptvg
Interesting to watch CNBC's quote of Grant say "Fed not out of bullets" instead of "Fed has backwards firing gun."
........as long as you arent out of bullets....that is THE most important thing to remember.................
K. Maru was re-programmed to accept Kirk's Alternative course.
Regarding the trees, there are a number of Pecans in the area growing rather well. The crop is no good this year.
Chopped up some large trees these last few years, that went rather well.
At this point, especially after one of the most brutal weeks in recent memory, isnt this just slathing more stinking, hot fecal matter on to a Mrs. Haversham-esque wedding cake and calling it Chocolate Decadence?
Seriously... Rope. Tree. Figure 8 on a bite knot; dealers choice. Mount on bed of pick-up. Apply hemp neck-tie. Hit the gas. Repeat.
Nothing else. NOTHING ELSE. Is going stop this.
Metaphorically, of course.
Why are you still expecting the system to correct itself?
This will continue until justice previals.
If justice=entropy, then yes, justice will prevail.
Eh. This manipulation pales in comparison to the "Mormon Fed" days during the Depression. Hell they kept that one rockin' and rollin' right through WW 2.
It's time to run for the hills when the perma-bears get bullish.
We expect a exodus of which nothing has ever been seen here in the hills.
Desperation propaganda is going hand to hand with reality all over the MSM.......the end must be near.
Can someone explain the Black Walnut Tree comment? I don't follow it.
Black walnut wood is very strong, yet relatively easy to work with. This makes it expensive. Plant a tree, sell the wood for a grand.
Yeah, but how do you plant a tree?
you plant a tree by digging your nuts into the ground
Yeah i know sounds weird to me too but that's what the manual says!
Or spend a thousand to have a proper truck haul the tree (Roots and all) and hydraulically drive it into the ground.
Black walnut is used in high end furniture and can fetch a high price for the wood. One of the things that people used to do is plant the trees on their property so that when their children inherited the property and cut down the trees, they would get a good return. Since americans move on average once every 5 years, this doesn't work as well anymore.
Bloomberg version two days ago..
James Grant: Gold, the Refuge of the Idiots
March 13 actually.
http://www.bloomberg.com/video/88249154-james-grant-says-bond-market-is-...
The problem with all this talk-- it's just fucking talk. It never leads to true change and reform and all the shrills on tv masturbate about what's the problem, but we all really know what it is... don't we?
End the fed, reform congress, and break up the banks via not allowing them to "account" for profits and hide losses just for starters.
There will be no reform until there is collapse and even then the question that bothers me is whether they already have a post collapse plan for society which is even scarier than today's mess.
What they fear is a breakdown in society that lasts more than three days and which leaves people without food and cities with inadequate policing to control the situation.
with the NDAA, FEMA camps, coffins, , etc., I'd surmise they've thunk this one out.
I'm with NRA Jesus here.
Continuity of Government has not (openly at least) seen planning like this since the atomic threat and the executive orders over the last decade or so make it perfectly clear the US gov does not prep for the people.
Amerika's greatest asset is Yak Yak and more Yak. Yeap that solves everything in the USSA. LOL.
Nyet.
It's Yakkety Yak.
"an don't talk back."
ben is the mountaintop glacier from which all the worlds monetary rivers flow...........
like most glaciers in the world, ben is slowly melting, and so the rivers shall dry up.......................
I have 100+ walnuts from 8 to 30" caliper on my property.
Finally, an investment strategy that might work!
Get the chainsaw out Bro. Grant has likely never operated a chainsaw in his life. Pompous Bloviator is worthless.
None of that Home or Lowes crap either.
Get a Skil. And at least a 20 inch bar.
And purchase a 3 foot span clamp and 6 foot bar to roll the things.
How about finding someone who wants to buy them first?
No need to find a buyer if you can capitalize on the usage thereof.
Check out a V8 powered chainsaw.
You're gonna need a file to sharpen the blade (every day if you saw properly) and a lot of petrol & two stoke oil to run it off of.
A good bow saw might be a better idea.
I've been stumped for nigh on four years now trying to come up with a solution to what ails us and find a way to "put America back to work again". Then, out of the mouths of Baggs comes the answer: chainsaws. All we need is for all able bodied men and women to pick up a chainsaw and get to work. That'll do it. I'll let Jim know. Gee, and wasn't Al Dunlap ahead of his time.
Hey Big Corked Boots,those are pretty big walnuts" 8 to 30" caliper.
Those are goig to be some BIG walnut trees.
Now I see why you need the "Big Corked Boots".
http://www.zerohedge.com/news/frontrunning-june-28#comment-2567805
Note the date
I'll keep saying, be ready when the curtain is fully opened upon the wizard. It will happen. Be ready!
jim grant for ron pauls tzar of finance
The difference between what the banks did with LIBOR and what the FED does with interest rates is huge yet all wrath descended on the banks while the FED incurs no penalty.
What is mind blowing is that there is no groundswell of anger against the FED because everyone except the unfortunate depositors, are addicted and dependent upon low rates.
When hypocrisy outshines reality we are indeed approaching the final resolution.
SC funeral home to offer Starbucks coffee
http://news.yahoo.com/sc-funeral-home-offer-starbucks-coffee-103617320.html
Raising the Dead Coffee.
I've been contemplating that for a while now and concluded it's just plain fucked up.
Would you like room for formaldehyde with the deceased?
Oh no, some sticky bodily fluid will do just fine, thank you.
Mommy, can I have a filling?
Shush Sally; go amuse yourself. See if you can sneak the earrings off of Ms. Dolittle without the mourners noticing.
Attention everybody, we'll be closing the casket in just a few minutes, but we're happy to announce that Starbucks will remain open until one hour after the drive thru cremation.
Muslims are allowed to have sex with their wives up to 6 hours after death. A good cup 'o joe is always rewarding afterwards.
John Denver's head has never been found...
You disgust me.
Even if they are our enemies.
I don't understand how he can 'favor' long zero's unless he believes that Tsy ylds have much more to drop and stay there for quite a long time.
If yields keep falling much further, the Bernank is bound to just start mailing people checks for $10k...
Uncle Warren says economy is crapping its pants
http://www.cnbc.com/id/48160135
He is finally coming to his senses I guess.
I'm guessing that Warren is becoming more and more cognizant of the fallout from crapping of the pants.
Pants crapping is all that old coot knows. The same goes for his playpen buddy Sleestak Magoo Munger.
Coming to his senses?? He LOVES Obama. He is Obama's willing poster boy. Buffet is a fraud and hypocrite.
Buffet is pumping for the next round of QEandmakeitbiggerthanshitlike
He's got stock, bonds and whole fucking boatloads of derivatives that'll go bad on the shelf if they don't get some monetary stimulus.
Plus, he wants to get His Highness reelected.
If the OpFor takes over, Warren'll be paying a whole pissload of them taxes that he's been preaching about.
And probably get the piss audited out of him by the SEC, IRS, CFTC, Jesus and Whoevertheelsetheycanthinkof
Uncle Warren has just been following the adage "keep your friends close and your enemies closer." He's been buttering up the Dems, including politicians, law schools, charities, ever since he saw the handwritting on the wall. It's just a game to warp their perceptions. It worked. There's another important adage: "When your enemy is ankle deep in water, offer him a hand, When he is neck deep in water, step on his head."
I for one am delighted that we're up to 14 figures. National pride. I also learned to relax and love the oligarchy. And I hope that nobody goes to jail for Libor. /sarc
Off subject, but had to post. I landed in Indianapolis this morning and drove north on I-65. I stopped at several places before nearly reaching the Michigan border to check on corn growth. Absolutely devastating. At one location, the largest cob I could find was no larger than an ink pen. Crop a 25% failure? BS. In central Indiana, it's all gone, beans too.
What are we gonna wipe with when the TP's gone if the corn cobs are the size of a Bic?
A little Butterscotch and man's best friend will just have to do...
That's the great thing about dogs. They don't have the same customs as prissy humans. Anything for their best buddy, what the hell.
Farmers are going to cut it down and blow it into their silos because the corn ear will not develop. You're right it is devastating and from what I understand it's a wide spread disaster.
The Drought was bad this year. Even the trees are dropping the leaves and going sleep.
First ice storm, there is going to be hell to pay.
I am actually debating cutting them down this fall.
And you can forget the rice and wheat this year too.
so buy dba?
A lot of the farmers around here are cutting the corn down for silage already since it's all dead.
ignorant question, this terrible crops yield that I only hear about through ZH how much is this going to affect basic food prices this fall and winter? I know in advance up, but are we talking doubles, triples, heaven forbid shortages? Honest questions, I'm afraid I have not much frame of reference in ag markets.
I heard tell, they smuggled butter into Norway last holiday season at 500+ dollars a pound.
They simply did not have enough cows to meet the demand for butter.
Bufett is the same asshole who told everyone to invest in stocks in this depression.
Maybe Buffet needs some Bic sized corn cobs.
We sold some black walnuts off our farm 2 years ago. The yield was not that good we got $200 to $800 per tree. Ya gotta grow em straight. Plus Ol Jim didn't factor in the cost of the land. But it made me laugh.
Five hours a day would serve to spread the employment among more sheeple. Why shouldn't they benefit from increased productivity, which all goes to corporate profits? Corporations who sit waiting for another tax holiday so they can repatriate profits to prop up stock prices by promising jobs. Corporations who have no interest in a sustainable economy.
"The trouble with Europe is they work 5 hours a day, nothing to do with a shortage of Euros."
"How can this be a perfect storm if we can see it coming?"
Shame on you, Mr. Grant.
It doesn't work that way.
Perhaps you misspoke.
You need to brush up on the dynamic of things.
where is buffett that he is wearing a turtle neck in the middle of this heat wave? or it could be a neck wrap of gauze, getting a head start on his mummification.
Covering up Becky's hickey
Jones79 said:
He doesn't want any humans to see him molting.
It's a reptilian thing.
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Jim Grant on Libor, the Federal Reserve and the Status Quo, via Tyler
http://hartzman.blogspot.com/2012/07/jim-grant-on-libor-federal-reserve-and.html
amazingly clarifying.
He is cold brilliant. Years ago, when gold was cheap(er), he said he was buying Kruggerands.
END CENTRAL BANKS PERIOD
www.etfdigest.com REALLY GOOD GUYS!
I have to admit I used to pass Jim Grant over, but lately he's been eye opening, it gives me the chills to be honest, how matter of factly he just puts it out there, the truth, central banks are doing it, where's the outrage over that? And Maria, the MSM, CNBC just keeps ticking over, "yea yea but how do you get yield?" I mean I'd probably shit myself he just said that on tv and I was host..."wwhhhaaaat? Say that again please Mr. Grant?" Holy crap I'm a journalist and I'm in dangerous territory awww screw it let's go for it I'd think to myself.
Its all right out there in open and nobody seems to be paying attention. It can't get any clearer can it, I mean its right there on CNBC and nobody stops or MSM runs with this as a headline on the 6:00 pm news?
I find this disconnect if that's what you call it bloody disconcerting, it spooks the hell out of me.
it is kind of interesting, isn't it?
the libor manipulation has made it apparent that NO-ONE can be trusted, yet the 'markets' just go on like nothing fucking happened. all of them holding guns to each other's heads. but we all know they can't stand there forever.
entropy is a long and slow process.
and on the 4th horse rode pestilence and famine, IE droughts and starvation. I have seen some corn fields in northern Indiana that look like pineapple fields and there are farmers plowing there fields of corn in hopes of late planting a soybean crop. Cost per acre for seed corn,,,, 225.oo give or take, not counting fuel or fertilizer or time or equipement wear and tear. 6 to 10 days from soybeans being a failure in most of the 5 state breadbasket of our midwest. Still want to save "Mother Earth"? If it were my mother she would be put in prison, just saying.
Larry Kudow tonight: "The Fed printing money has had nothing to do with the market's rise the past 3 years" Sick of Mr. "Free Markets" horseshit.
His show is just one long Romney ad of late.
If there is one reason I'd want Obama to win, it would be to watch Kudlow's show the next night.
Kudlow is the definition of a term "Jack-ass-hole"
So the FED is purposely advertising the Lie-bor manipulations in order for them to create a new mechanism of doling out freshly printed fiat to their buddies?
I bought some organic corn last week. It cost me $1.29 an ear. It was very good.
PS. There is no inflation.
I don't know about the rest of you, but I am more concerned about the drought and food than what the politicians, bankers and governments are doing cause we all gotta eat and something like this can put priorities in perspective real quick.