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  #391  
Old 05-31-2014, 03:07 AM
Danny B Danny B is offline
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No risk for the bankers

I found a GREAT article but, it isn't linked. I really like the rationale of Jim Grant. From The Daily Reckoning;
One Simple Step to Fix the U.S. Financial System Immediately

Jim Grant, editor of the eponymous Grant's Interest Rate Observer,
was the speaker. The occasion was a lecture -- called a "Tea Talk" --
one of many put on every so often by our former employer Dr. Ron Paul.

The Great Depression, we remember the tall, thin, bow-tied Grant saying,
ended "something called 'double liability in bank shareholdings.'"
Today:
"Before 1935, if a bank failed, the shareholders of the bank got a capital
call. The courts insisted that they, the shareholders, put up funds with
which to pay off the creditors, including the depositors. It was their
bank. It wasn't the taxpayer's' bank, it wasn't the government's bank,
it was their bank. If the bank failed, the stockholders should put the
money up. That was capitalism.
"Gradually, and by degree since the early 1930s, it seems to me, we have evolved a
system of socialized finance. Socialized in one direction chiefly: To
the capitalists go the swings to the up, and to we the people come the
costs of the downside increasingly in this country."

"What a concept," we thought to ourselves. "People having skin in the game
and those who take risks bearing the risks. That's what this country
needs to work again." [Ed note: Forgive our naivete. We had no idea what the country needs.]
With that, we plunged into our first and only foray
into legislative study. With the tutelage of Mr. Grant and a man named
Paul Isaac, your editor crafted a bill proposal for our boss at the time
-- a Floridian congressman.
The idea was simple. Washington tries to micromanage the financial system
via the Federal Reserve, the Federal Deposit Insurance Corp., the
Consumer Financial Protection Bureau, the SEC, the Comptroller of the
Currency… the list goes on.
But having enough busybodies poking their noses in banks' books isn't the
issue. All of the banking regulations and regulators in the world are as
useless as the Chicago Cubs in October if the banks don't have the right incentives.
Which brings us back to June 15, 2012...
"Here's a bill you could introduce that would virtually end excessive
risk-taking on Wall Street," we told the congressman. "You'd nip the
next financial crisis in the bud.
"Introduce a bill giving the federal government the power to claw back all bank
executives' pay, including from stock options, greater than [enter your preferred amount here], from the past seven years anytime their bank goes bankrupt... becomes insolvent…or anytime the government has to intervene in any way -- whether the bank is nationalized, bailed out or whatever."

“Here’s a bill you could introduce that would virtually end excessive risk-taking on Wall Street”
Bankers love money, no? Who doesn't? So why not put that love to good use, instead of mischief?
Because the plan "was too extreme" replied the congressman -- or at least his
facial expression said so. Either that or he had more pressing
legislative priorities, because our one-law-to-fix-it-all was shot down
as quickly as it would've solved the nation's woes.
We protested feverously…
"But the system we have right now is all reward and no risk! Each time the
system busts, nobody ever pays for it! Haven't you ever read about the
1920s, congressman? There was an 18-month depression… GDP fell by 20%...
but there wasn't one major bank failure. Not one. So why were there so
many in 2007? Are people dumber today than in 1920-21?"

OK, OK. That last part never happened. We wanted very badly to say that, though.
What really happened is that we were thanked for our grand proposal and politely blown off.

Now here we are, two years later. Too big to fail has become way too big to fail. And the house of cards waits to fall.
If you're reading this, congressman, there are two lessons...
As Hartley Withers, editor of The Economist in the early 1900s, rightly opined: "Good banking is produced not by good laws, but by good bankers."
And where are all the good bankers? Bailouts, soft penalties, low interest
rates and revolving doors drove them into extinction long ago.
"The cardinal maxim," once explained economist Walter Bagehot, "is that any
aid to a present bad bank is the surest mode of preventing the
establishment of a future good bank."
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  #392  
Old 06-02-2014, 03:51 AM
Danny B Danny B is offline
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Eric Janszen Jeffrey Berwick

Eric Janszen started learning the financial markets in '96. In '98, he started a blog and newsletter called itulip. Like a few others, he accurately predicted the tech crash and the 2007 meltdown. He relies on charts and investigation. He has great charts. He has tried to be optimistic but, he has had to admit that hope is fading. Every time that we have a financial problem, the banks print to avoid taking any losses. The serial bubbles just get bigger. He writes that he has little doubt that this is the LAST bubble.
2013 Review and 2014 Forecast - Part I: The Last Bubble - Eric Janszen

GOV knows that the crash is coming. They are hard at work trying to make sure that no capital can leave the country.
The Daily Bell - Jeff Berwick on the Internet, FATCA and the Killer 'Bs' of Personal Empowerment

The FED has claim on 24% of the U.S. GDP. Since we can't realistically pay that much,,,, we have lost our jobs, the FED will have to settle for taking all the infrastructure that WE paid for with our tax dollars. Greece is now selling 110 of their best beaches to satisfy the IMF.
Why do you think that Staircase Escalante was locked up as a national monument. It has enormous reserves of coal and oil and gas.
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  #393  
Old 06-03-2014, 03:24 AM
Danny B Danny B is offline
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War and more war

"Translation: The neoconservative architects of 9/11 and the 9/11 wars are disappointed that Obama refused to bomb Syria, attack Iran, and go to war with Russia over Crimea. They also believe that the US may have to attack China to prevent that nation's rise to world's-leading-superpower status."
PressTV - Bilderberg's New World Order plot hits Iran-Russia-China wall

"It is not widely known is that the English Rothschild bank funded the North in America’s Civil War, while the French Rothschild bank funded the South. It did not matter who would win, the Rothschild’s were going to increase both their wealth and, more importantly for them, their influence in US politics. That had always been their primary objective."
Noonan: U.S. Debt & the Expected Movement in the Price of Gold & Silver | munKNEE dot.com

"With the advent of WW I the belligerent governments ordered their central banks to stop redeeming their currencies in gold. The gold standard wouldn’t permit a long war — there was not enough gold to pay for one."
"At the Genoa Conference of 1922 and with the architecture of the monetary order firmly in governments’ hands, representatives from 34 countries met to discuss what to do about money. The problem was obvious. Just when governments had needed money the most — to engage in war — gold had let them down. It had proved exceedingly unpatriotic. On the other hand, paper money, like the girl from Oklahoma, couldn’t say no. It saluted whatever plans government devised. The problem, therefore, wasn’t too much paper — the problem was too little gold. "

“government depression policy has always … aggravated the very evils it has loudly tried to cure,”
Did gold cause the Great Depression?

As Br'er rabbit stated; I'm running for my life. Br'er fox is only running for his dinner. The Bilderbergers are scheming for continuance of their power structure. Their guest list didn't include the movers and shakers of the East. The East is fighting for survival. With their huge populations, they are at great risk from food, disease and climate wars instituted by the West. The West controls the high ground ( space). The East is locking up energy and gold. Also, China has bought control of strategic marine chokepoints. It has properties at both ends of the Panama canal. There are many others.

London and the district of corruption plan to rely on the old standby, WAR.

The East has read the Guidestones. They know that the power structure in the West considers the East to be the prime candidates for population reduction. Like br'er rabbit, they already know the outcome if they get caught by the West. Neither the East nor the West want a full-on war. The ants and beetles would inherit the earth.

The East watched while the U.S. slowly inflated itself higher and higher. The sons of Sun Tzu laughed when we sent them all of our employment. ROFLMAO when we blew a credit bubble to cover our lost wages. They cried tears of joy when we installed criminals into all the important posts.

We sent Bill Clinton to start the destruction of Africa. China partners and builds in Africa. Our short-term planning is both laughable and despicable.

Britain was a very small country that had a huge empire. The Bilderbergers would see that model extended over the East.
As the people of the West thrash around trying to escape the yoke of the PTB, the East takes close note. The West must advance with Haste. The bond market is facing it's LAST bubble.
The East just smiles as they; start up the BRICS bank, open the Shaghai oil exchange, absorb all the world's gold, initiate currency swaps. The East is well aware of what Western bankers have in store for them, given the chance. The East can pick it's time to act.
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  #394  
Old 06-05-2014, 04:48 AM
Danny B Danny B is offline
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Global currency reset

If you search on ... global currency reset...., there are a lot of interesting pages. Even the IMF is talking about a reset. https://www.youtube.com/watch?v=CVsGzIYmquc
The dollar has slowly been devalued. A reset would involve an overnight devaluation. This has happened hundreds of times to most of the world's currencies. They just knock of 3 or more zeros and issue a new currency. This totally screws any person who is holding currency. Zimbabwe holds the record for knocking off 27 zeros. Don't quote me.

When GOV prints currency, this is slow theft of the value of your money. When GOV declares a reset, this is quick theft of the value of your currency.
In 1971 when gold was fast flowing out of the treasury, Nixon closed off gold convertibility. This was an attempt to maintain the value of the dollar in spite of printing too many of them.
Roosevelt had earlier devalued the dollar by revaluing gold from $ 20 to $35. Nixon refused to do this.

Since the U.S. dollar is the reserve currency, the FED has been able to flood the world with dollars with minimal price inflation here. Many of those dollars are being returned because the world doesn’t need as many of them on hand to buy oil. States are not rolling over treasury bond purchases and the FED must buy about 90% of new issuance.

The glut of dollars has lowered their value. We went off the gold standard in 1971.
"The U.S. dollar has lost value at an increasing rate since 1971. What cost $100 in 1971 costs $2,428 now, a 96% decline"
The U.S. Dollar: Currency Masquerading as Money - GoldSeek.com
We have had a continuous devaluation but it seems that this is not enough.

Should a devaluation occur, it must be done without any warning. It would be announced late on a Saturday. All your dollar accounts would be "adjusted" ( robbed). GOV would give you 1? month to bring all your cash into a bank for exchange and recording. They may even demand that anything over a certain amount must be deposited in the bank. Executive Order 6102 prohibited the hoarding of cash and / or gold. 1933

The IMF is talking about a reset. The B.I.S said that the currency is expected to collapse between june, 2014 and july 2015. They also accurately predicted the 2007 meltdown. Since debt is more than 30% higher now than then, the meltdown can be expected to be worse.
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  #395  
Old 06-07-2014, 01:11 AM
Danny B Danny B is offline
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Dependency

“Don’t Feed The Animals: It Will Make Them Dependent”

We have seen these signs in parks and wild-life areas around America.
#10 This may sound crazy, but 25 percent of all American adults do not even have a single penny saved up for retirement.
15 Signs The Middle Class Is Dying [Dow Jones Industrial Average(INDEXDJX:.DJI)] | ETF DAILY NEWS
Social security was originally aimed at widows and orphans. It was NOT written to provide for retirees. SS kicked in at age 65 when the average life expectancy was 57.
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  #396  
Old 06-07-2014, 01:32 AM
Danny B Danny B is offline
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lights out in Europe

The West and particularly Europe are crashing fast. U.S. GDP is minus 6% and even lower if you consider that GOV counts it's money printing once when it is printed and a second time when it is spent. Europe is desperately trying to grow. It will never happen. GOV prints currency to stimulate the economy. This printing causes price inflation in energy that automatically precludes growth. Oil is getting more scarce in the West. Even without currency inflation, the price of oil SHOULD be going up. GOV wants growth to try to keep the banks alive. SO;
" Yet the deformed structure of EU energy pricing has left utilities in such deep crisis that they cannot finance new projects. “Wholesale power prices are 20pc below recovery costs so there is no appetite to invest. "
Europe at risk of blackouts, warns IEA - Telegraph
As if this isn't a big enough screw-up, Europe plans to shut down coal. ""Mr Birol said the EU will lose a quarter of its electricity over the next decade as old power stations are shut down, cutting 150 gigawatts of supply."

It's bad enough that they are selling at a loss,,,, $ 6 billion in the last 5 years. Now, they are just flat running out.
"In the second quarter of 2013, the oil companies balance sheets became increasingly alarming led by Exxon’s 57% profit decline and eight consecutive quarters of production declines."
" Today, the five biggest – Total, BP, Exxon, Chevron, and Shell – account for only 13% of global oil, while national companies including Saudi Aramco, Russia’s Rosneft, and China National Petroleum Company control over 75%."
"Yet, as oil analyst Chris Nedler stated, “Shale’s not a revolution it’s a retirement party.”
Joe Costello: Why the Oil Industry is Running Into Major Trouble | naked capitalism
So, Europe will shut down coal and run out of oil. They have mothballed some modern gas generation plants because the power costs too much. In the meantime, they are working on a recovery.
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  #397  
Old 06-09-2014, 12:55 AM
Danny B Danny B is offline
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Ron Paul and the disorderly collapse

The monetary authorities have made it clear that they expect a collapse. 12 years ago, Ron Paul made quite a few predictions of which many have come true. https://www.youtube.com/watch?v=ifJG_oFFDK0
Mr. Paul says that the monetary authorities expect a collapse that they can manage. He says that the collapse will NOT be orderly. https://www.youtube.com/watch?v=TKDkHOfaMv0
Ron Paul in earlier days. https://www.youtube.com/watch?v=ep_Yfpd0yO8
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  #398  
Old 06-10-2014, 04:44 AM
Danny B Danny B is offline
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China and the price of gold

Everyone knows that China imported huge amounts of gold. Even with this, the price of gold remained very low. Looking at the numbers from the CFTC, it was obvious that somebody (s) was driving down the price. Logically, one could figure that the entity driving down the price was the entity buying the gold. The suppression action was executed by a few big Western banks. GATA did extensive reports of this.
Jim Willie claims that rich Chinese families sent their gold to London about 12 years ago. The London Bankers, of course, stole the gold. The Chinese families told them; Get it back or we send the triads to take care of you. About 50 high powered bankers have died recently so, one could assume that the Chinese had to make things very clear.
The bankers colluded with the CFTC to crush the price of gold. Gary Gensler is the head weasel at the CFTC,,, formerly of GS.
http://voiceofdetroit.net/wp-content...ry-gensler.jpg

The big banks used free FED money to hold down gold. But how did the Chinese buy so much gold without jacking up the price?
China managed some very tricky deals of commodity financing that hid the movements of the actual commodity.
"Via ‘financing deals’, the positive interest rate differential between China and ex-China turns commodities such as copper from negative carry assets (holding copper incurs storage cost and financing cost) to positive carry assets (interest rate differential revenue > storage cost and financing cost)"

They used interest rate arbitrage to pay for the financing and storage costs.

"it is beyond a doubt that the year in which gold-backed funding deals rose to an all time high, gold tumbled. To be sure this was not due to the surge in demand for Chinese (and global) physical. If anything, it was due to the "hedged" gold selling by China in the "paper", futures market."

The Chinese central bank seems to want to curb much of the credit excesses.
"In other words, from a purely mechanistical standpoint, the unwind of China's shadow banking system, while negative for all non-precious metals-based commodities, may be just the gift that all those patient gold (and silver) investors have been waiting for. This of course, excludes the impact of what the bursting of the Chinese credit bubble would do to faith in the globalized, debt-driven status quo"
How China Imported A Record $70 Billion In Physical Gold Without Sending The Price Of Gold Soaring | Zero Hedge
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  #399  
Old 06-11-2014, 02:04 AM
Danny B Danny B is offline
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Illegitimate debt

Various European States are using austerity measures to cut the deficit. Conventional wisdom says that over generous social programs must be cut because they are far too expensive. Everybody already knows this,,, even if it isn't true.
"The neoliberal argument in favour of austerity policies claims that debt is due to unreasonable public spending levels; that societies in general, and popular classes in particular, live above their means.

This is plain false. In the past 30 years, from 1978 to 2012 more precisely, French public spending has in fact decreased by two GDP points"
"First, a fall in the tax revenues of the state. Massive tax reductions for the wealthy and big corporations have been carried out since 1980."

"Tax reductions for the wealthy and interest rates increases are political decisions. What the audit shows is that public deficits do not just grow naturally out of the normal course of social life. They are deliberately inflicted on society by the dominant classes, to legitimise austerity policies that will allow the transfer of value from the working classes to the wealthy ones."
"The report was written by a group of experts in public finances under the coordination of Michel Husson, one of France's finest critical economists. Its conclusion is straightforward: 60% of French public debt is illegitimate."
The French are right: tear up public debt – most of it is illegitimate anyway | Razmig Keucheyan | Comment is free | theguardian.com
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  #400  
Old 06-15-2014, 04:06 PM
Danny B Danny B is offline
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ISIS and Iraqi oil

Politics is naturally a dirty business and I try to keep a distance. BUT, the current invasion of Iraq by " Islamic State of Iraq and Syria" ISIS, is going to cause oil prices to go up. ISIS was a relatively small group that didn't have much funding. Since it is a splinter group of Al-Qaeda, it undoubtedly is controlled and funded by the CIA. ISIS hit the jackpot and over ran an area that had an unprotected bank containing $ 500 million in U.S. cash.
https://www.youtube.com/watch?v=DrR6zlfH-N0

Iran has big investments in Iraq and is sending in military. America has rushed in huge naval forces. America can't very well afford to have ISIS torch the refineries and oil fields.
Obummer has a terrible foreign policy and it is affecting things here even more. https://www.youtube.com/watch?v=mXIHII2hQws
The New York Times and various economists have no fear of all this;
New York Times Says "Lack Of Major Wars May Be Hurting Economic Growth" | Zero Hedge
They seem to ignore the fact that every rise in oil prices creates a contraction in the general economy.
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  #401  
Old 06-22-2014, 05:29 PM
Danny B Danny B is offline
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Peak wages

Mish has a good page showing that we passed peak wages a few decades ago.
"It is very safe to say, the decline in "unreal" weekly earnings from $825 in 1973 to $690 today, understates the decline by a huge degree."
Read more at Mish's Global Economic Trend Analysis: "Real" and "Unreal" Wages; Five Decades of Middle Class Decline in Pictures
He shows good numbers to illustrate that the loss is even more than claimed.
This is no real surprise when you consider that a lot of people in the world are willing to work for less money that we want.
America has lost 56,000 manufacturing facilities since 2001

We've lost our jobs and our savings. The silly snots in the District of Corruption can't understand why we just don't seem to have any growth. We passed peak cheap oil several years ago and now energy is taking an ever-larger bite from our diminishing wages.
Chris Martenson has a good vid that covers a lot of the changes that we can expect.
Why The Next 20 Years Will Be Completely Unlike The Last 20 | Peak Prosperity
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  #402  
Old 06-24-2014, 03:47 AM
Danny B Danny B is offline
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New World orders

America likes the old world order. PNAC was ,, plan for a new American century. To some power brokers, NWO is a new world fascism centered on a one world currency,,, which they control. China wants a new world order where America is not top dog. Russia wants a new world order with plurality. The FED wants a new/old world order where the dollar is the commanding currency. A new arrangement called TISA would allow the FED/dollar to take control of all? foreign banks. Western think tanks claim that America must control central Asian oil if it wants to control the world.
The District of Corruption wants a NWO where it controls even more of the world. The mega-corporations want a NWO that has a fascist core with a collectivist majority.
The G7 met June 3 and left out Russia. Kinda stupid considering that Russia supplies about 40% of their gas. Now, they are thinking of pushing Russia out of the G20
Meanwhile, lots of countries are joining the Eurasian union.
Russia's Eurasian Union: Part of a Master Plan | The National Interest
Besides that, there are 2 other groups. Shanghai Cooperation Organization (SCO) and the BRICS forum
As the America empire declines, it attacks even more countries. Pax Americana has morphed into POX Americana. Everybody is uniting against America for survival.
Now there is a new group. 133 G77 Nations Vow to Destroy America’s New World Order
133 G77 Nations Vow to Destroy America’s New World Order
--------------------------------------------------------------------------------------
Everybody has their own idea of what the order of the world should look like. So many NWOs, one can't keep track.
----------------------------------------------------------------------------------------
So, how does this play out? U.S. has about $ 17 trillion in debt. Foreigners hold about $6 trillion. U.S. National Debt Clock : Real Time
They dump U.S. debt instead of rolling it over. They cash in everything.
The numbers are pretty high;
"Treasury needed to pay off a record of approximately $7,546,726,000,000 in maturing Treasury securities in fiscal 2013, which ended last Monday, according to Treasury's official accounting.

During the same period, the Treasury turned around and issued another $8,323,949,000,000 in new Treasury securities."
Over the last few years, the FED has increased it's balance sheet to about $ 3.48 trillion. It wouldn't be possible for it to absorb all the payment if the debt was not rolled over in any great quantity.
"Rollover Risk: Ideating a U.S. Debt Default" by Steven L. Schwarcz

If the rest of the world cashes in everything, we would have to default. Our exports have fallen drastically recently. We have a huge deficit in our balance of trade. Oil is our most critical import. If we default, we will have to pay in gold for oil. The dollar is hated everywhere because U.S. GOV is hated everywhere,,,, because we murder everywhere.
BRICS Gold Central Bank Outpost

The rest of the world is dumping our paper. Many holders of paper are cashing in paper for gold. When the gold stops, they have no reason to collect more paper. They already have enough. They will just trade with States who aren't run by sociopaths.
Dollar Ready to Die, We are Losing our Country-Jim Willie | Greg Hunter’s USAWatchdog
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  #403  
Old 06-24-2014, 03:48 AM
Danny B Danny B is offline
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New World orders

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Last edited by Danny B; 06-28-2014 at 03:32 AM. Reason: double post
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  #404  
Old 06-26-2014, 07:41 PM
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just adding an interesting article :

The open source revolution is coming and it will conquer the 1% - ex CIA spy | Nafeez Ahmed | Environment | theguardian.com


Quote:
But he also offers a comprehensive vision of hope that activist networks like Reclaim are implementing today.

"We are at the end of a five-thousand-year-plus historical process during which human society grew in scale while it abandoned the early indigenous wisdom councils and communal decision-making," he writes in The Open Source Everything Manifesto. "Power was centralised in the hands of increasingly specialised 'elites' and 'experts' who not only failed to achieve all they promised but used secrecy and the control of information to deceive the public into allowing them to retain power over community resources that they ultimately looted."

Today's capitalism, he argues, is inherently predatory and destructive:

"Over the course of the last centuries, the commons was fenced, and everything from agriculture to water was commoditised without regard to the true cost in non-renewable resources. Human beings, who had spent centuries evolving away from slavery, were re-commoditised by the Industrial Era."

Open source everything, in this context, offers us the chance to build on what we've learned through industrialisation, to learn from our mistakes, and catalyse the re-opening of the commons, in the process breaking the grip of defunct power structures and enabling the possibility of prosperity for all.

"Sharing, not secrecy, is the means by which we realise such a lofty destiny as well as create infinite wealth. The wealth of networks, the wealth of knowledge, revolutionary wealth - all can create a nonzero win-win Earth that works for one hundred percent of humanity. This is the 'utopia' that Buckminster Fuller foresaw, now within our reach."

The goal, he concludes, is to reject:


"... concentrated illicitly aggregated and largely phantom wealth in favor of community wealth defined by community knowledge, community sharing of information, and community definition of truth derived in transparency and authenticity, the latter being the ultimate arbiter of shared wealth."

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  #405  
Old 06-28-2014, 02:58 AM
Danny B Danny B is offline
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Open source revolution

MonsieurM, on June 25, I posted the link for the article on the open source revolution at an article by the Daily Bell. The next morning, they had rushed together an article decrying the open source revolution. Robert Steele appeared on the thread to explain and defend his ideas.
http://www.thedailybell.com/news-ana...lic-Solutions/
It has been a VERY lively discussion. A few people demanded that the Bell do an interview. The feedbackers at the Daily Bell are NOT foot-in-the-mouth people. I’ve learned a lot there. There is an unusually high number of comments on Roberts ideas but, only a small amount of name calling. It's very encouraging.

BTW, I started a thread here about a few people who are really smart and inventive. I titled the thread, "Dean Kamen"... the first person who I highlighted. The fourth entry was about Robert Steele. The entire thread was deleted shortly there after.
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  #406  
Old 06-28-2014, 03:30 AM
Danny B Danny B is offline
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gold again

Great Britain's exports of gold have gone up 10 fold... As much as 240 tons a month. Richard Nixon was impeached just because he stiffed the London Bankers for their gold in 1971 so, you can assume that the bankers hold on tightly to gold. Just why in hell is GB exporting so much gold? WHAT ARE THEY BUYING?
Here is a gold-to-oil chart. http://www.macro-investing-strategy....old-prices.jpg
Gold and oil track very nicely. EVERYONE knows that the price of gold has been driven down. The bullion banks and the miners have been flogged to keep prices low. The latest scheme in China has exposed commodity traders as being short by many billions of $$$$$ in actual physical (mostly) metals. This includes gold. My Blog
There is a chance that this will crash the bullion banks and they will default on deliveries that have been paid for but, don't actually exist.
(Formerly) Great Britain isn't alone at importing oil and exporting gold. America too, has been importing oil. Paul Craig Roberts says that we have been exporting gold.... EVERYBODY'S gold.
My Blog

The CME group that owns the COMEX stated that they sell every ounce of gold to 100 people. Should there be some kind of default, there are going to be 100 people looking to take possession OR sell. Jim Willie said that the COMEX hasn't delivered any gold in the last year. They settle everybody out in cash. As long as the price of gold doesn't spike, I expect that they are happy enough.
Any default by a bullion bank would cause quite a spike. The West can NOT afford to run out of gold and allow a spike. BUT, by suppressing the price of gold, they have caused a lot of mines to shut down and diminished the new supply.
It has long been stated that gold and oil flow in opposite directions. Why is GB sending out gold if it can print all the Sterling that it wants. I suspect that oil exporters don't want any more Sterling.
I suspect that the same is true for dollars.
Since gold and oil flow in opposite directions, one could imagine a halt in flow occurring almost simultaneously. Even the Amish would be in for hard times.
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Old 06-29-2014, 09:19 PM
Danny B Danny B is offline
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When trickle down doesn't work, look out for pitchforks

Way back when, Henry Ford paid his workers an astonishing wage of $ 5 a day. He figured that, if they had money, they would buy his cars.
Nick Hanauer is pushing the same idea. He is part of the 1% or the .1%,, not sure. He says that the wealth inequality is hurting the business and profits of the rich. He is not at all subtle. He sees US coming for THEM with pitchforks.
The Pitchforks Are Coming… For Us Plutocrats - Nick Hanauer - POLITICO Magazine
Richard Steele did an interview for the Daily Bell where he spells out his proposals. The Daily Bell - Former CIA Spy Robert Steele Wants to Strangle Leviathan With 'Open Source' Governance
May you live in interesting times.
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Old 07-02-2014, 02:28 AM
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Germeny, gold, paper money and debt

Antal Fekete is probably the most astute person alive when it comes to understanding markets and economics. He has an excellent recent article.
"According to the American master plan Germany is the last fort of the crumbling global fiat money system. Germany will not defect: that is the purpose of keeping American troops on German soil."
"Yet unknown to the general public a very great danger is looming, the like of which has not threatened the world since the collapse of the Western half of the Roman Empire more than fifteen hundred years ago. This danger, should it materialize, would mark the end of our civilization and the beginning of a new Dark Age. I am talking about a threat of the sudden and complete collapse of world trade."
AMERICAN BASES IN GERMANY AND THE GOLD BASIS | Lars Schall

lars Schall, "This is different. In the globalized, synchronized, meshed world of paper money today, every single paper money in the world is interlinked, and I am absolutely convinced, mathematically certain, that when one goes, they’ll all go. Absolutely. And this brings us to the situation where when every single paper currencies collapses at the same time, not only has the money collapsed but surely the validity of the issuing authority has collapsed, too. And I believe for the first time in recorded history, this collapse will see the credibility of governments as organizers of the money supply brought very much into question."
The gold standard is absolutely inevitable | Lars Schall
Through regulatory capture, the banks control GOV. That brought us enormous debt. "Rather, the fact that we are nearly 60 trillion dollars in debt as a society is what really matters.

The same thing applies for the globe as a whole. Right now, the citizens of the planet are more than 223 trillion dollars in debt, and "too big to fail" banks around the world have at least 700 trillion dollars of exposure to derivatives."
18 Signs That The Global Economic Crisis Is Accelerating As We Enter The Last Half Of 2014

Japan is the road map. They rescued the banks but killed the economy. What is next? Greece is being forced to sell 100 of it's best beaches to pay the banksters. You can expect the bankers to demand valuable infrastructure as their rightful payoff.
Devvy Kidd has been writing for years to try to wake people up. She covers a LOT of ground. Is America On The Edge Of A Depression? Get Prepared Now
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Old 07-13-2014, 02:19 AM
Danny B Danny B is offline
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Hegel and communitarianism

The philosopher, Hegel influenced many people for many years. Hegel, " ("the State is the divine Idea, as it exists on earth") He felt that the State was all important and should come ahead of everything else. "Communitarianism is a collectivist philosophy that explicitly rejects individualism." The New Feudalists - EU Communitarian Agenda
All these various world-improvers ignore human nature; We don't work without motivation. Our families come first. This is part of our survival instinct.
Their credo, "from each, as to his abilities, to each, as to his needs.
The State has promoted itself as the ultimate "security blanket". Human nature is such that; if we are promised security from an outside party, we ignore personal responsibility. The result;
"Shock Report: 70 Million People Would Be Starving in the Streets Without Government Welfare Programs"
Activist Post: Shock Report: 70 Million People Would Be Starving in the Streets Without Government Welfare Programs
The State is getting a bit nervous about all this.
https://www.facebook.com/photo.php?v=467368290053268
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Old 07-13-2014, 02:47 AM
Danny B Danny B is offline
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Deflation and default

The Bank of International Settlements is not a national bank. They have no particular State affiliation. They recently released a report on the world economy. They were particularly critical of the FED.

23. "In all but a handful of countries, bringing debt service ratios back to historical norms would require substantial reductions in credit-to-GDP ratios. Even at the current unusually low interest rates, credit-to-GDP ratios would have to be roughly 15 percentage points lower on average for debt service ratios to be at their historical norms. And if lending rates were to rise by 250 basis points, in line with the 2004 tightening episode, the necessary reductions in credit-to-GDP ratios would swell to over 25 percentage points on average. In China, credit-to-GDP ratios would have to fall by more than 60 percentage points. Even the United Kingdom and the United States would need to reduce credit-to-GDP ratios by around 20 percentage points"

so, how do we arrive at a better credit-to-GDP number? Either credit goes down or GDP goes up.

25. The alternative to growing out of debt is to reduce the outstanding stock of debt. This happens when the amortisation rate exceeds the take-up of new loans. This is a natural and important channel of adjustment, but may not be enough. In some cases, unsustainable debt burdens have to be tackled directly, through writedowns."
"The conclusion is simple: low interest rates do not solve the problem of high debt"
"Government debt-to-GDP ratios have risen further; in several cases, they appear to be on an unsustainable path."
"Output and financial variables can move in different directions for long periods of time, but the link tends to re-establish itself with a vengeance when financial booms turn into busts."

"Unless it is recognized, limited effectiveness implies a fruitless effort to apply the same measures more persistently or forcefully. The consequence is not only inadequate progress but also amplification of unintended side effects."
Mish's Global Economic Trend Analysis: BIS Slams the Fed; Ridiculous Question of the Day: "Is The Fed Going To Attempt A Controlled Collapse?"


Mish does a pretty good analysis. The takeaway is pretty clear; amplification of unintended side effects AND re-establish itself with a vengeance. The BIS is pushing for writedowns BEFORE defaults are a huge problem. Banks don't have near enough capital to survive writedowns or defaults. Bail-ins would help. Leave aside the huge problem of the various flavors of derivatives. The longer the banks avoid writedowns, the more fragile the system.

Lenzner says that you will NOT see the crash coming; Why You Will Be Blindsided By The Next Financial Crisis - Forbes
This site has a lot of interesting statistics; The Greatest Financial Crisis the World Has Ever Seen is Coming | Humans Are Free
They seem to think that we will get hit in April, 2015
Bris seems to think that we will get hit as soon as April 2015; IMD Prof Bris: Next Financial Crisis Will Be in April
Bris gives several reasons; "In the US there are only three companies left with an AAA rating: ExxonMobil, Microsoft and Johnson & Johnson. If ratings are an indicator of bankruptcy, there will be bankruptcies across the board. If interest rates increased by 2%, half of the corporate sector would be wiped out."
Finance Expert Sounds Alarm on 8 Ways a New Global Crisis Will Hit by 2015

"From 1950 to 1980, the world’s largest economy soared by 191% in inflation-adjusted terms, while the combination of household, corporate (including financial) and government debt increased by a mere 12%”

“In the following three decades, from 1980 to 2010, the U.S. GDP grew a more moderate 124%, yet total debt rose by an almost identical 125%”.

Did GDP increase or did the DEBT GROWTH create the illusion of GDP growth?"
http://tedbits.com/bombs-er-bonds-de...-our-doorstep/

So, the BIS demands that we reduce credit by at least 20%. Our growth has all been dependent on printing. I'll save the bad news for the next post
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Old 07-13-2014, 03:05 AM
Danny B Danny B is offline
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Falling oil production

The oil majors are not allowed to export crude oil. They are allowed to export refined products. We pay $ 4 a gallon. European prices are much higher.
Fuel-prices-europe.info - Current Fuel Prices in Europe Italy pays about 8 bucks a gallon.
We have reached and passed cheap peak oil in the lower 48. GOV takes in more money on a gallon of gas than the oil companies do. The oil companies are losing money and are selling their exploration units. They claim that they need an additional $ 2 trillion for exploration and development ,,, per year. They also say that tight oil will decline in about 6 years.
IEA Says the Party’s Over | Oil Price | FINANCIAL SENSE
Doesn't sound good.
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Old 07-16-2014, 03:28 AM
Danny B Danny B is offline
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central banks without a clue

It's been known for a long time that zero interest rates cause investors to throw money at anything. Junk bonds usually command 22-35% interest. Today, the only pay 5%. When money is free, everybody piles into anything that promises some kind of return. All this hot money drives down interest rates. The monetary nitwits claimed that they could get rid of any down days in the business cycle. They caused a lot of mal-investment that had to crash eventually. When free money removes all risk, it's not called investing. It's gambling.
"This corrosive game has been underway ever since the Greenspan Fed panicked on Black Monday in October 1987 and flooded the stock market with liquidity."
Once the free money spigot was turned on, it couldn't be turned off. The mal-investments didn't magically become good investments. Since all risk was off, you could invest in anything that moved. This compounded the mal-investment. The Implosion Is Near: Signs Of The Bubble’s Last Days | David Stockman's Contra Corner

After a certain point, there is no point in staying in the stock market. The institutional investors have fled the scene. They say that there are no more earnings to be made this year. The Wall Street Journal says that trading floors are eerily empty. Unfortunately, as institutional investors flee, private investors are flooding in.
The FED is reducing asset purchases and there is much less money flowing from the spigot. After QE1 was ended, the markets dropped badly. So, it became obvious that they needed QE2. When that ended,,, same story.
"S&P500 fell by -16% after QE1 stopped and by -17% after the end of QE2"
QE3 was launched. QE3 will be one for the history books. It is much more bubbly than the last 2 crashes; http://blogs-images.forbes.com/jesse...ince-19951.gif
There is general agreement that stocks are 40--50% overvalued.
These 23 Charts Prove That Stocks Are Heading For A Devastating Crash - Forbes

The FED is absolutely clueless; The Terrifying Reality of the Fed’s Decision Making Process | Zero Hedge
The ECB is desperate also, "The insanity doesn’t just continue, it intensifies. The overriding idea is still that the more companies and individuals borrow, the better the economy goes."
"The ECB is blind or borderline criminal. Blind, because lending is not the key weakness, spending is."
"The reason the ECB and the Fed are involved in these highly dubious actions, and have been from 7 years running now, can only be this: they know – or at least strongly fear – that the debts in the banks are so enormous they could make the entire economic system wobble if not crumble"
The Economy Is Deteriorating Fast - The Automatic Earth
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Old 07-16-2014, 03:33 AM
Danny B Danny B is offline
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Bad debt and bad credit

Forbes;
"When we look at national debt as a percent
of GDP, we see few signs of danger by this rule. Debt-champion Japan is
over 180 percent, Greece is just under 150 percent, with Italy in third
place at 109 percent. The U.S. is in eleventh place (out of 34) with
debt equal to 61 percent of GDP."

"A better comparison is to examine each
country’s debt to government tax revenue, since that is the government’s
income. This also offers a better comparison because different
countries have very different levels of taxation. A country with high
taxes can afford more debt than a low tax country. Debt to GDP ignores
this difference. Comparing debt to tax revenue reveals a much truer
picture of the burden of each country’s debt on its government’s
finances.
When I compute those figures, Japan is
still #1, with a debt as a percentageof tax revenue of about 900
percent and Greece is still in second place at about 475 percent. The
big change is the U.S. jumps up to third place, with a debt to income
measure of 408 percent."

Forget Debt As A Percent Of GDP, It's Really Much Worse - Forbes

"This does not factor the several trillion
dollars owed to Social Security, yet it includes the Social Security
taxes collected. If Social Security taxes are not counted, the U.S.’s
debt to income ratio rises to 688 percent (still in third place)."

It can be argued that the U.S. can print all the dollars that it needs to meet obligations. I posted a dissertation showing that the BIS is disgusted with the actions of the FED. The BIS wants the FED to reduce the credit supply by at least 20%. The BIS is pushing and the FED GOV is pulling. The FED said that asset purchases will end in October.

Rickards; "The end of QE1 in June 2010 was, in effect, a 100% taper. The end of QE2
in June 2011 was also a 100% taper. So, the famous taper of December
2013 was actually the third time the Fed had tried to withdraw from
money printing. The first two times were failures as evidenced by the
fact that the Fed had to launch new money printing programs after each
withdrawal. By early 2014, it appeared that the taper of QE3 would also
be a failure."

It remains to be seen if the FED can stop QE AND hold down interest rates.

"In the US there are only three companies left with an AAA rating:
ExxonMobil, Microsoft and Johnson & Johnson. If ratings are an
indicator of bankruptcy, there will be bankruptcies across the board. If
interest rates increased by 2%, half of the corporate sector would be
wiped out."wiped out."
Finance Expert Sounds Alarm on 8 Ways a New Global Crisis Will Hit by 2015

In our current picture, there is a mad scramble for yield. With a view to history, I don't see any way that interest rates can be held down for much longer. Interest-rate-normalization will blow derivatives all to hell. It will also cause a mad stampede OUT of any currently held low-rate instruments. Like 2007-08, the money market funds will be the first to experience a run.

Forbes says that you won't see it coming.
Why You Will Be Blindsided By The Next Financial Crisis - Forbes

Devvy Kidd has a lot of interesting info.
Is America On The Edge Of A Depression? Get Prepared Now
Ron Paul says that the FED believes that it can control the collapse. NOT possible.
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  #414  
Old 07-18-2014, 02:56 PM
Danny B Danny B is offline
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Investment crash

Here is a chart on labor productivity, http://www.zerohedge.com/sites/defau...40716_prod.jpg
Not to worry, Goldman said;
"There are good reasons to expect further improvement in productivity growth over the next few years. In particular, stronger business investment is likely to boost the growth rate of the capital stock"

Here is a chart from IBM for debt-to-equity; http://www.zerohedge.com/sites/defau...ity%20debt.jpg
"Net Debt of IBM has risen by a ludicrous 55% in the past year to a record $36.8 billion"
Is This The Scariest Chart In IBM's History? | Zero Hedge
This "strong business investment" is not going to happen. There are $ trillions sitting on the sidelines. Consumption has crashed and , after a lag, investment and productivity has crashed. Q1 Productivity Collapsed Most In Over 60 Years; Goldman Fears Consequences | Zero Hedge
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Old 07-19-2014, 03:25 AM
Danny B Danny B is offline
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Russian sanctions

The mental midgets in the district of corruption are placing more sanctions on Russia. Paul Craig Roberts; "The unilateral US sanctions announced by Obama on July 16 blocking Russian weapons and energy companies access to US bank loans demonstrate Washington's impotence. The rest of the world, including America's two largest business organizations, turned their backs on Obama. The US Chamber of Commerce and the National Association of Manufacturers placed ads in the New York Times, Wall Street Journal and Washington Post protesting US sanctions." Also, the Europeans have told DC to shove it.
The truth is that the sanctioned companies have plenty of cash on hand,,, even without all their ongoing business.
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Old 07-19-2014, 03:52 AM
Danny B Danny B is offline
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crash the world

As the dollar became the reserve currency, it moved into every corner of the world. When the 2008 meltdown came it was because of a cascade of bad debt in the sub-prime housing market. The FED printed $ 700 billion or so for the domestic markets. Later testimony revealed that it had created close to $ 27 trillion. These dollars went to every corner of the earth that had a liquidity problem. “Almost 90% of the $5.3 trillion a day in foreign-exchange transactions last year involved the dollar, BIS data show. More than 80% of trade finance was done in dollars in 2013 … “
That's 5.3 trillion in daily exchanges. Also, there is about $ 10 trillion in finance. EVERYBODY used these dollars to rescue debt that was in danger of defaulting.
The FED left the liquidity taps open long enough for everybody to get used to the unending stream.
Everybody and their dog knew/knows that the FED will not stop the flow of liquidity. The FED is now cutting way back on liquidity. Since American markets were stagnant with ZIRP, much of that hot money flowed to emerging markets. The emerging markets have tons of debt denominated in dollars. The FED is cutting back the supply.
" This is not a margin call, it’s a margin scream. The demand for the US dollar will rise precipitously, at precisely the time that there’ll be far fewer of them available. This means mayhem in many developing nations, and it means the USD is set to surge. Ambrose Evans-Pritchard is dead on in that respect:"
The Rise Of The Super Dollar - The Automatic Earth

The world got complacent and denominated all that debt in dollars. Most nations of the world have signed on to an anti-dollar alliance. Now,(soon) dollars are in short supply. They may tell us to shove it. We will respond by sending HAARP and lots of diseases to mess with them. Wait a minute,,, we're already doing that.
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Old 07-26-2014, 03:38 AM
Danny B Danny B is offline
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Russian sanctions

Here are a few headlines that are funny,,, in that they show how desperate things are.
$200 per barrel oil if Russia sanctions escalate- Oxford Economics
http://rt.com/business/174908-sancti...obal-meltdown/
EU to weigh far-reaching sanctions on Russia
EU to weigh far-reaching sanctions on Russia
Yep, the EU is going to weigh sanctions. They will conclude that self-immolation is not a good thing.
Eurozone economy dead in the water, with crisis expected to carry on 'a long time' Eurozone economy dead in the water, with crisis expected to carry on 'a long time' – Telegraph Blogs
Just imagine what $ 200 a bbl oil would do to an economy that is already dead in the water.
U.K. bank debt is $ 500 % of GDP. The B.O.E is pushing for bail-ins to save them. Sounds messy to me.
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Old 07-28-2014, 01:04 AM
Danny B Danny B is offline
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2005 bankruptcy reform law

The 2005 Bankruptcy Reform Law.... If John Doe declared bankruptcy, he could no longer exercise a Chapter 7 BK. No more was permitted the lineup of all assets, placed against all debts, with a cleansing operation and single sweep. Ch-7 used to allow for the debtor to walk away with no more debts, the creditors dealt with fairly, using whatever assets existed. Imagine the debts being 5 times larger than the assets, which would mean the creditors would receive 20 cents per dollar in debt held. Clean, nice, done! It was eliminated, in favor of Chapter 13 BK. It instead stipulated a restructure of debts, often with reductions on amounts owed, along with a revised timetable for repayment, seemingly forever in many cases. Imagine a rework of a car loan or home mortgage, when more time is given, interest rate possibly reduced, with end result being more years to pay off but more manageable"

OK, that sounds pretty simple. You can't walk away from debt now. You will pay for the rest of your natural life.
No problem, you have savings in the bank to pay for your future debts.

"The far more onerous and deceptive side of the Reformed BK Law is seen in provisions for the financial institutions. The failure of big banks or other large financial institutions would never again be a simple failure, with liquidation, with trustee management, with a hierarchy of losers. The entire hierarchy was quietly altered, but with almost zero publicity. It took many alert analysts a few years to discover the fine points of the revised law. The new law dictated the derivatives would be first in seniority for satisfaction during any bankruptcy proceeding. The truly sadistic element of the new law was the accounting classifications, whereby depositors are called "unsecured lenders" to the bank, while derivative owners are called "secured lenders" to the bank. Hence, the depositors like with CD or passbook savings accounts no longer own their accounts."
Derivatives: Abuse, Props, Risks | Gold Eagle

Speaking hypothetically, the banks will steal all the money. They will not give it out. It will go to the holders of the derivatives. The money will be locked away and it's absence from the economy will bring even more deflation. No money circulating, prices for necessities will rise. Supply and demand.
Prices for real estate will fall until the banks feel good and ready to buy up everything with the money that they had locked away.
The Northern Command and Homeland Security will be the enforcers for the bankers. BLM and the EPA will prevent you from living off the land.

Jefferson; "If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered."
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Old 07-28-2014, 02:02 AM
wayne.ct wayne.ct is offline
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Who will end up holding the short straw?

For every paper FRN (Fed Reserve Note) there are approx. 150 electronic "dollars" spread around the world economy. I heard from one person with questionable reliability that all paper money was going to be recalled and "overnight" the underground economy would be suppressed. In other words, it would be illegal to carry or spend cash. Who benefits is this should happen? Well, it is hard to say the average person "on the street" would benefit. Therefore, logically, the agencies that control the flow of electronic cash would seem to benefit. The most cash I can get from an automated teller is (let's pick a number) $500. Since this is a computer enforced limit it would be a trivial computer program enhancement to say "nobody is allowed to spend more than $500" per day on anything or more than $5000 per month on anything, blah blah blah. I suppose you get the idea. Good luck if you had plans to spend some of your money. Only insiders and connected "powers" are permitted into the club.
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Old 07-28-2014, 04:19 AM
Danny B Danny B is offline
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2 currencies

Wayne, Jim Willie has written about the introduction of a "sheiss" dollar. It would be circulated internally. A new gold backed dollar would be required from our trading partners. Cuba has 2 currencies circulating at the same time. Adrian Salbuchi is a very astute Argentine economist who predicts that America will have 2 currencies. Adrian Salbuchi
The question gets down to; how much does the world need our stuff? We export lots of stuff,,, besides war. I suspect that the world could survive without us. America produces 136% of it's food supply. Canada, 144%
Food is the ultimate leverage. Ukraine did not plant this season. WE destroyed the Man-Made River project in Lybia. We HAARPed California to reduce the food supply. Imagine a high pressure zone off the coast that lasted for TEN MONTHS.

By some strange coincidence, we have virulent viruses in fowl and swine. Mad cow is slow at the moment. Then, there is UG99, a wheat disease. Terminator seeds will do what they are intended to do. Their genes are unstable and crashing.
Back on topic. "The Federal Reserve says that at any given time, between one-half and two-thirds of the M0 money stock of U.S. dollars is held overseas [source: Federal Reserve]."
If we were to do some kind of overnight changeover, there would be a lot of unhappy people. This doesn't include other types of GOV debt notes.
EVERY country has devalued their currency over time. This time is somewhat different. If you look at Wiemar Germany or Zimbabwe, they printed up tons of NOTES. I believe that only .4% of the U.S. money supply is in the form of paper. Paper in your pocket can not be stolen. Digits in your account can vanish at any time.
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Last edited by Danny B; 07-30-2014 at 01:31 AM. Reason: not complete
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