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  #781  
Old 06-18-2015, 02:49 AM
wayne.ct wayne.ct is offline
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Quote:
Originally Posted by Danny B View Post
EVERYWHERE you look, GOV and bankers are preparing for the crash. They are desperate to convert their thin-air money into tangibles.
This is the statement that caught my eye. To beat them at their game, you need to convert YOUR Federal Reserve Notes into tangible assets. Would you agree?
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  #782  
Old 06-18-2015, 03:06 PM
Danny B Danny B is offline
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Cash to tangibles

Wayne, that all depends on how wealthy you are. The VERY wealthy are locked into bonds. They can't go out and buy up $200---300 billion of stuff. There is now a SHORTAGE of assets to buy, INCLUDING BONDS. When CBs printed up an extra $ 100 trillion, there was no place for it to go. The wealthy gained the most from the printing. They will lose the most from the unwind.
Most credit instruments are going to crash. Paper money is a debt note but, not truly a credit instrument. That is why GOV wants to take them out of circulation. Credit can just evaporate but, paper is more durable.

As far as buying tangibles when you have a limited budget, that is a good idea because the system is going to lock up. Find a bulk grain supplier like Honeyville Grain. Buy whatever you can store and afford.
Honeyville | The Leader in Food Storage & Baking Ingredients

The second thing that I bought was diesel fuel. It stores better than gasoline. When credit locks up, the cities are going to go up in flames. Mobility is going to be a critical issue. i have a couple of old MBZ diesels that will run even if there is an EMP burst. Not happy with that, I am building a woodgas truck of the general design of Wayne Keith at Drive On Wood.
While you may be right to convert cash to tangibles, a supply of cash will be absolutely critical when the banks close.
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  #783  
Old 06-18-2015, 03:16 PM
Danny B Danny B is offline
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Physical gold in Texas. Contagion- Athens to Berlin

Investors are thoroughly disgusted with all the gold being stolen from GOV controlled depositories. They are very worried about what to do with gold in the event of a confiscation. The new Texas depository is drawing extraordinary interest from investors around the world because it promises to be 100% physical BUT, still do transfers electronically. it remains to be seen if they can actually get their gold back from New York.
Texas Gold Bill Sponsor Challenges Feds to 'Come and Take It'

When Lehman Bros went down, it came close to taking down the whole system. Deutches bank is in worse shape than Lehman.
"June 9: S&P lowers the rating of Deutsche Bank to BBB+ Just three notches above “junk”. (Incidentally, BBB+ is even lower than Lehman’s downgrade – which preceded it’s collapse by just 3 months)"
The Next Great European Financial Crisis Has Begun
The Greek crash will take down Deutches bank. They hold derivatives equal to 15 times the GDP of Germany. THAT will make a BIG splash in financial markets. Goldman Sachs insisted on raping Greece and forcing privatization. The Greeks resisted and this will blow German AND New York derivatives all to kingdom come.
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  #784  
Old 06-19-2015, 02:08 AM
Danny B Danny B is offline
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Bonds,,, now you see them,,, now you don't

The rich are pretty much locked into bonds. The banks were forced into buying GOV bonds. What happens to the banks when GOV defaults? ALL GOVs eventually default.
"The two countries who are serial defaulters in Europe are France and Spain. The Spanish sovereign defaults took place, turning the country into a serial defaulter beginning in 1557 followed by 1570, 1575, 1596, 1607, and 1647 ending in a 3rd world status."
"Other European states followed in the seventeenth century, including Prussia in 1683, though France and Spain remained the leading defaulters with a total of eight defaults and six defaults, respectively. Following Greek independence in 1829, Greece spent around half its time in default on its sovereign debt.

Why people even buy government debt is unexplained, for lawyers take control of government and pass laws that elevate government to “quality status” when in fact it is unsecured and has typically resulted in the total destruction of capital formation. When the core economy is involved, such as Rome, the resulting episode is typically a Dark Age."

" These two major global defaults were interestingly 86 years apart. Adding 86 years again, curiously brings us to 2017. The whole sovereign debt crisis started to surface in 2009 which is two 86 units of time from when it began with Andrew Jackson in 1837. This is the Phase Transition on debt and we should expect the sovereign debt crisis to expand dramatically during the last phase into 2017."
Greece 2017 – Sovereign Debt Cycle | Armstrong Economics

"I do not want to sound alarmist. However, it is critical to get the word out for when this turns down hard between 2015.75 and 2017.90, they will blame everyone but themselves. The two harbingers of economic totalitarianism, Rogoff and Buiter, are only looking at this from a purely academic perspective in a perfect world. They fail to grasp this road leads ONLY to totalitarianism, which is most likely not their intent. Nevertheless, this entire economic system is failing and all you need do is look at the collapse in liquidity in the bond markets. A trader is scared to death. Only an academic who has no such experience is oblivious to this crisis."
Ah yes,,, academics and lawyers. Pure poison.
Government Has Gone Insane – That’s What a Phase Transition Is All About | Armstrong Economics

Hugo Salinas Price;
"Total world debt has been calculated recently at $223 Trillion dollars. World debt has increased some 40% since the crisis of 2008-2009; as I recall, it was about $157 Trillion at that time. The $223 Trillion is actual debt, and does not include the potential debt lying in derivates of this debt, which is another humongous amount and would become debt should there be any default on the $223 Trillion world debt.

The $223 Trillion world debt is like a huge cloud up in the sky.

It is of vital importance for the world of finance, as it presently exists, that the $223 Trillion world debt continue up in the sky, and that it not be subject to liquidation.

Liquidation and payment are two different things.

Liquidation means that holders of debt seek to exchange the debt they hold, for cash.

The problem for the world's central bankers is to keep the debt cloud up in the sky and avoid at all costs a deluge of liquidation. That is to say, there must be no movement to get rid of bonds in exchange for cash."

"But if all the big investors are owners of bonds, who are they going to sell their bonds to when they wish to liquidate them and get into cash? These investors are going to suffer big losses, because the prices of bonds will have to collapse. This is going to take place the moment that the investors think that the trend in interest rates is no longer down, but up."
"Banking systems are investors in bonds, and bonds make up an important part of their assets. In Europe, if the assets of the banking system fall by only 4%, then the whole European banking system is bankrupt. "
"they are trapped and wait in dread for the deluge of bond liquidation when the $223 Trillion debt cloud hanging over the world turns into a cloudburst."
http://www.24hgold.com/english/news-...+Salinas+Price

Armstrong seems to agree in timeline with the news out the back door of the Pentagon. 2 years of total chaos. GOV is looking to implement martial law as a substitute for civil control. Martial law means command-and-control of the economy. No amount of martial law can compensate for a collapse of credit markets. His models are based on CONFIDENCE. GOV has all the laws on the books for confiscation. Will the farmers plant if fuel supplies are uncertain,,, if confiscation seems likely?
This will be Agenda 21 in reverse. Big concentrations of population make sense for a manufacturing economy. They don't make sense for an economy with diminishing agricultural output.
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  #785  
Old 06-19-2015, 02:52 PM
Danny B Danny B is offline
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nationalizing the banks

It doesn't appear that there is any way to save Greece,,, at least the Greek banks. They aren't expected to open on Monday. Outflows have hit as high as 1 billion Euros a day. Greece will nationalize the banks eventually. This prospect has terrified various leaders. They tried to play hardball with Yanis. THAT was stupid. There are emergency talks on monday but, the banks are too damaged to survive. Greek tax collections have crashed because people believe that the whole mess will crash down.
Greece faces banking crisis after eurozone meeting breaks down | World news | The Guardian
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  #786  
Old 06-19-2015, 02:55 PM
Danny B Danny B is offline
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navy vs CIA,,, money problems

In spite of all the money spent on the military, they complain that they don't have enough money. " The USN also says it cannot afford to refuel and refurbish the older USS George Washington — even though it’s only half way through its designed life cycle."
Aircraft carrier problems need expensive fixes
Not all GOV agencies are running out of money.
TWO CIA AGENTS ARRESTED BY MINUTEMEN WHILE CROSSING MEXICAN BORDER WITH 1300 POUNDS OF COCAINE | Political Vel Craft
The above link went bad. T
he story was changed.
Two CIA Agents Arrested by Minutemen while Crossing Mexican Border with 1300 Pounds of Cocaine World News Daily Report
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  #787  
Old 06-20-2015, 01:22 AM
Danny B Danny B is offline
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Paying taxes instead of having kids

As the world gets more automated and mechanized, we see ever-greater amounts of tangible wealth. Why are we ever-poorer? Why are we headed down an inescapable path to financial crash? We can't even afford to have kids.

"Why the Globalists Want a Negative Birth Rate

Have you ever noticed that every global think tank champions gay marriage and unregulated abortion? The globalists disguise their arguments as a moral and civil rights issue. However, this is not really a moral issue at all to the globalists, the real agenda is that the globalists want a declining population because a declining population means a lowered demand for goods and services. Gay marriages and abortions lowers the population growth, which helps to take the air out of the economy by lowering the population."


"Therefore, I would estimate that the economy as we know it, will be devastated by design, in the next 2-6 years. This explains why the globalists are accelerating the implementation of their takeover."
"To help you understand this, let’s pretend that you were to have a checking account with $100 and a savings account with $1,000 in two different banks. Let’s further imagine that you only reported to the IRS, that you only had $100 dollars as your net worth because you don’t want to use your savings account to pay bills (i.e. taxpayer obligations) . Subsequently, you’d be audited and put in a federal prison. But the government plays by its own rules that it makes up. The government simply designates of “non-governmental” or “non-taxpayer” income and investment returns allows them to hide all of this wealth from the people and as reported in the government’s Budget Report. The funds and wealth in the CAFR report, never gets reported. If you and I did this, we would go to jail. And the reason that governments continue to engage in this shady practice, is that they want to be able to justify the taking of a greater portion of your income through increased taxation. I call this highway robbery.

The release of CAFR’s, alone, could erase our national debt and return financial affluence to America. For example, although then Governor Brown claimed the state budget deficit of $16 billion requires austerity actions, the state CAFR revealed $600 billion in CAFR’s. When all the CAFR surplus accounts are totaled, Californians have been overtaxed by $8 trillion dollars in a sampled study. This is being done at every level of government, two sets of books and two sets of figures. This makes the national debt appear to be meaningless."
Ending Taxation - The Only Game in Town - 2011 - Walter Burien - CAFR1 at Conspiracy Forum, with video embedded, topic 2123580

"the department has plenty of cash, even though it has been soliciting hundreds of thousands of dollars in donations in what was thought to be a desperate scramble to keep parks open."
BREAKING NEWS: California State CAFR looked at; Fraud identified; Heads Roll
Oregon legislator reads CAFR, finds billions, ends budget deficit crisis; (Conspiracy Forum) 11/14/2013 2124291
"Since 1946 (legislated by a wiser Congress), 84,000 Government entities including States, Counties, Cities, School Districts, etc., have been required yearly to report the ACTUAL accumulated financial assets and income they each separately possess."
"Between local and Federal government, the total of liquid investment assets held Internationally is a conservative sixty (60) Trillion dollars."
"When Orange County lost a little over $1 billion in derivatives investments, they were crying "poverty" and threatening to shut down schools, police would have to be laid off etc. However someone dug into the Orange County CAFR and found out that the county had about $16 billion in profitable investments! The county, from their profitable liquid investment funds / cash position could have continued performing the same services, without collecting one dime in taxes, and could have done so for another 11.9 years from the existing funds prior to running out of money! "
"While he was a Mayor, Jesse Ventura's city council wanted to raise $360,000 in taxes to cover a short fall on their "city budget for schools." Ventura objected when he discovered the city owned $48,000,000 in idle investments funds from which the $360,000 could be drawn from without raising taxes!"
""GROSS" INCOME of government is now 1/3rd "TAX" income and 2/3rds NON-TAX income derived from: return on INVESTMENTS and money generated from government Enterprise projects."
CAFR 'Off-BudgetÂ*Incomes DWARF 'Budget Deficits'

OK, you get the idea. 48,000 GOV entities have stashed away $ 60 trillion. CAFRs: The BIGGEST Secret - $60 Trillion Invested By Fed, State, And Local Governments!
" liquid investment funds, bond financing accounts and corporate stock portfolios (32 Trillion) over 53% of America's stock market, and a large percentage of the international stock market, etc., are all revealed in their required filing of CAFRs (Comprehensive Annual Financial Reports) and noted reports therein."

It's not like they make a secret of this.
I can understand, "they" want to reduce population and make us poor so we can't afford to have kids. I can understand that "they" want to crash the system so that the phoenix of world socialism rises up out of the ashes.
State and local GOV buy bonds from the FEDs.
https://www.treasurydirect.gov/govt/...q/faq_slgs.htm
When the FED defaults, what will happen to this $ 60 trillion? If all levels of GOV collapse, there will be plenty of ashes but, NO phoenix rising up.
Those with the most money stand to lose the most. When the bail-ins come, will the cash part of these stashes by sucked up by the banks?
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Last edited by Danny B; 06-20-2015 at 02:13 AM. Reason: Mis smelling
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  #788  
Old 06-21-2015, 12:05 AM
Danny B Danny B is offline
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Greek fallout

Things are quiet for the moment. The Grexit possibility has brought down the Swiss Franc. They thought it wouldn't affect markets. Greece isn't in all that bad of shape. There must be some stinky derivatives lurking in the background. Their problem is that they were cut off from credit markets. Russia is willing to step in and help out. Greece was supposed to be rogered real good just like Argentina. Russia is willing to spoil that plan. Yanis Varoufakis wrote 3 books about "game theory". What did Merkel write after her long indoctrination at Karl Marx university?

Goldman Sachs wants to rape and pillage Greece. The bankers do not want to see Greek banks collapse and be nationalized. America does NOT want to see NATO kicked out of Greece. Germany was invaded when it did not play by the banker's rules. It is doubtful that Greece can be invaded. Should Greece return to the Drachma, Greek holidays will be much cheaper. Greece can declare Force majeure and cancel it's debts. There will be little that the bankers can do to make things worse.

You don't need to actually visit Greece to get the Greek experience.
Ron Paul; "So we're all on the verge ‒ the country, the world is on the verge of looking more like Detroit and Greece than anything else."

Read more: Ron Paul: US Stock Market About to Collapse / Sputnik International
I've travelled around Greece and I like it very much.
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  #789  
Old 06-21-2015, 08:24 PM
Danny B Danny B is offline
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Greece, fear, contagion and default

The Euro was designed knowing that it would crash. The peabrains didn't take cultural differences into account. Compounding their stupidity, they assumed that they could easily manage the crash and the transition to a common tax and treasury. WRONG.
"We have now reached the point where the euro does not have a problem – the euro is the problem." "In the six years from 2004, Greek output increased in nominal terms by 40 per cent, while government spending rose by 87 per cent and tax revenues rose by a mere 31 per cent. "
The Euro Does Not Have A Problem... It Is The Problem | Zero Hedge
The Greeks have pulled out many billions of Euros in cash. "As for all the Athenians who have recently tapped the ATMs, check your euros. If the serial number starts with a "Y" that means it was printed by the Bank of Greece"
Meanwhile, Greece Is Quietly Printing Billions Of Euros | Zero Hedge
Somebody has a smokin hot printing press.
"Greek banks have haemorrhaged over €30 billion since October. Over €2 billion was withdrawn between Monday and Wednesday "
Greek Contagion Abyss Looms ? Wealth Preservation Strategies | Zero Hedge
This is making a LOT of people very nervous.
"In other words, 6, 7, or 8 standard deviation moves that in theory should only happen once every two or three billion years may now start to show up once every two to three months." Somebody's models seem to be faulty"
"The manager of one of Britain’s biggest bond funds has urged investors to keep cash under the mattress."
http://www.zerohedge.com/news/2015-0...systemic-event
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  #790  
Old 06-21-2015, 09:15 PM
Danny B Danny B is offline
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The end of a paradigm

America had a very high consumption economy because it had a lock on the premier value-industry,,, manufacturing. We sold to the rest of the world. 50% of the cost of anything that you buy is for finance,,, average. 19% for trash collection,,, 78% for public housing. This made the banks very rich. GOV taxes us $ trillions that it doesn't need or use.
When the low-wage labor markets came on the scene, they knocked manufacturing out of the country. They also knocked out the part of the finance industry that was tied to manufacturing. The design of the financial system demands constant growth of the money supply. The FED had / has a mandate of 2% growth. America now has 1 billion sq. ft. of empty retail space.

The domestic production / consumption could not /did not generate the wealth necessary to support the credit / money growth. When productive enterprise could not supply the wealth, more money was printed.

China made big bucks producing for the West. BUT, the productivity that they absorbed impoverished their former clients / buyers. We slip towards a global mean wage. The former affluent buyer is now walking the streets looking for cardboard and aluminum cans.

50% of cost equals 100% markup to support the banks. Half of our money supports banks. We work every year until April 24 to pay our taxes. There isn't much left over.
Our new found poverty is reducing income for China. They can't survive when the West works for Chinese wages.
China's stock market is about to collapse

The world can't survive working for Chinese wages at anything above a survival level. The robots "live" just for survival so, they can always undercut our wages. It's a downward spiral of wages and consumption.

The lack of employment just keeps driving down the economy. 25% of the households in London have nobody employed. Still, everybody demands support.
"Governments cannot face the facts. There is NO WAY to maintain the current system. It is dead and trying to blow air into a dead-corpus is pointless. They will not bring this back to life. We need SERIOUS REFORM to save society" London Protest Draws 100,000’s Anti-Austerity | Armstrong Economics
What if the PTB don't want to save society?
https://www.youtube.com/watch?v=k2ZORgND51k

Edit, the financial authorities claimed that they could banish the business cycle by supporting instruments when they threatened a downturn or correction. There would be no "down days". Stocks would always hold their value. This is especially true in China. Even with GOV support, investors are getting nervous. 18--1 is a good ratio for stocks. Price is 18 times earnings. The Chinese market recently hit 95--1. Even with the central bank backing up equities values, this extreme number was just too much. The Shanghai index fell 13.3 % in one week.
Signs Of Financial Turmoil In Europe, China And The United States

The British are complaining about austerity. GOV is preparing to cut 12 billion pounds from welfare. Welfare cuts of £12bn to be announced in the next Budget - UK Politics - UK - The Independent
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Last edited by Danny B; 06-22-2015 at 05:10 AM. Reason: more info
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  #791  
Old 06-22-2015, 05:30 AM
Danny B Danny B is offline
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Demographic changes

There is endless talk about creating jobs and boosting consumption. There are endless prescriptions for reviving the economy of Japan. The Japanese are getting old and dying off. Nobody seems to mention this or factor it in. Japan is ahead of America but, going down the same road.
"The 0-54 peak yr/old segment growth peaked in the early 90's at almost 3 million and has steadily declined since...now down to 300 thousand. This is a 90% drop from the '90's growth rate in new population...a 90% drop in new consumers, 90% drop in new homebuyers, etc. etc. "
90% sounds pretty important.
"2- Annual US population growth of 55+ year old segment. This is the segment nearing or in retirement. They generally are moving to fixed incomes and social safety net programs. They are asset heavy and cash light...and need buyers for all their assets they are mandated to liquidate in their old age."
Hambone's stuff: 0ne Simple Chart Explains the Great Financial Crisis and Why a Far Greater Crisis is Inevitable
GOV blew a bubble in the assets of this class so that they could sell out to the emerging purchasing class.
"Simultaneously, the 55+ year old population has grown early '90's 300 thousand to in excess of 2 million annually now. "
They need to liquidate their assets but, the emerging working class isn’t working. An economic collapse will severely diminish the value of their assets. Unfunded GOV liabilities amount to $ 212 trillion (Kotlikoff). The elderly will starve to death in their dilapidated McMansions.
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Last edited by Danny B; 06-22-2015 at 05:32 AM. Reason: forgot link
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  #792  
Old 06-22-2015, 02:53 PM
Danny B Danny B is offline
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Crash Greece,,, burn the European taxpayer

Greece spent 50% of their modern history in default. The bankers thought that they could remove all chance of loss by writing derivatives (insurance) on Greek bonds. Of course this isn't realistic.
Any rescue of Greece is just a rescue of those derivatives. It has nothing to do with a rescue of the Greek economy. The Greek bonds are collateral for those derivatives. If the bonds enter into default, the derivatives must pay out a few $ trillion. The troika demands that Greece implement GOV austerity. It has been well proven that Austerity reduces economic activity and makes it even more difficult to repay creditors.
Should Greece agree to the demands of the creditors, it would temporarily uphold the value of the bonds / collateral / derivatives for a while longer. Greece would be poorer and less able to pay. The bonds can never be repaid with Greek money. It must come from the outside if it is to come at all.
Greece has NOTHING to gain by agreeing to a bailout.
Plan "A" is the usual. The bonds default,,, the taxpayer reimburses the private speculator. The profits are privatized,,, the losses are socialized.
http://www.zerohedge.com/news/2015-0...blem-countries
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Old 06-23-2015, 03:03 AM
Danny B Danny B is offline
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The bumpy road after august

"Australian housing market facing 'bloodbath' collapse ..."
"13% decline in Shanghai stock exchange"
With headlines like this, you can bet that the troika don't want to create any turmoil. I know that they want to string out Greece. Unless Syrzia becomes suicidal, they won't object to being strung out. NOBODY can predict the results of every random action. One day, an archduke, next day, a vegetable seller. They can toss a few billion to Greece to keep investors calm. They are printing 60 billion a month anyway.
The skies are full of black swans and one of them is going to go SPLAT before long.
Greece Creditors Aim To Strike Deal To Include 6-Month Extension (Guardian)

"In the video posted below, he explains that he recently received “two different calls” from “extremely prominent wealthy people” warning him about what is coming by the end of this year and asking him why he isn’t leaving the United States “before October”.

In other words, these individuals believe that something really big is going to happen by the end of September. This dovetails perfectly with what I have already been warning about.

In this video, Alex also explains that large numbers of insiders are now quietly leaving the country. I have never seen him quite like this. I think that so many of us are just in shock that the things that we have been warning about for so long are now actually happening."
2015

"WASHINGTON—In an effort to make the nation a leaner, more dynamic international force, the United States government is reportedly offering 100 million American citizens generous severance deals to leave the country"
"we have made the difficult but necessary decision to trim redundancies among the general population,” President Barack Obama said "
U.S. Government Offers 100 Million Americans Generous Severance Deal To Leave Country - The Onion - America's Finest News Source

Funny that spell check does not recognize Barack Obama.
An interesting note from India;
"Gold Smuggling in India at All-Time High. Customs agencies seized over 3,500 kilograms of gold (112,527 ounces) in 2014-2015, the largest stash ever confiscated in Indian history. The report says gold smuggling has grown by 900% in just two years. It also estimates that seizures could be less than 10% of actual smuggling."
World Wide Financial Collapse Scheduled For Between September and the end of December 2015!
That's 35,000 kilos smuggled in to add to the reported holdings of 20,000 tons. Indians use the Rupee. They also use coins with big holes in them.
https://www.flickr.com/photos/rtw2007/2283742900
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  #794  
Old 06-25-2015, 02:11 AM
Danny B Danny B is offline
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Running out of jobs.

Western corporations are losing market share and customers. Their solution is deals like the TTP, etc. How could they have so little appreciation for the real problem. They just want to extend monopoly power instead of addressing the real problem.
"What may be looming is something different: an era of technological unemployment, in which computer scientists and software engineers essentially invent us out of work, and the total number of jobs declines steadily and permanently."
" President Herbert Hoover received a letter warning that industrial technology was a “Frankenstein monster” that threatened to upend manufacturing, “devouring our civilization.” (The letter came from the mayor of Palo Alto, of all places.)"
" But two years later, a committee of scientists and social activists sent an open letter to President Lyndon B. Johnson arguing that “the cybernation revolution” would create “a separate nation of the poor, the unskilled, the jobless,” who would be unable either to find work or to afford life’s necessities."
"the ongoing triumph of capital over labor, the quiet demise of the working man, and the impressive dexterity of information technology.

• Labor’s losses. One of the first things we might expect to see in a period of technological displacement is the diminishment of human labor as a driver of economic growth. In fact, signs that this is happening have been present for quite some time. The share of U.S. economic output that’s paid out in wages fell steadily in the 1980s, reversed some of its losses in the ’90s, and then continued falling after 2000, accelerating during the Great Recession. It now stands at its lowest level since the government started keeping track in the mid‑20th century."
Capital may have triumphed over labor but, it can never survive without consumption.
" In 1964, the nation’s most valuable company, AT&T, was worth $267 billion in today’s dollars and employed 758,611 people. Today’s telecommunications giant, Google, is worth $370 billion but has only about 55,000 employees—less than a tenth the size of AT&T’s workforce in its heyday."
" We know that these tasks can be done by machines rather than people. But we may not see the effect until the next recession,"
This is an extremely important consideration. We are supposed to continue down for 2 years. Then, we skid along the bottom. When all credit dies, what will revive job growth in sectors that are vulnerable to automation?
"In 2013, Oxford University researchers forecast that machines might be able to perform half of all U.S. jobs in the next two decades. The projection was audacious, but in at least a few cases, it probably didn’t go far enough."
A World Without Work - The Atlantic
The article goes on at length speculating what we will do with this new-found leisure time. If labor has lost the battle to both capital AND automation, our new-found leisure will be couple to a new-found poverty. Too much free time eventually brings great boredom for most people.
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Old 06-25-2015, 02:23 AM
Danny B Danny B is offline
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Keeping up with the Jones's on borrowed money

America and much of the world have been in expansion for many, many years. We don't actually have any kind of "blueprint" for contraction. It just falls apart willy-nilly like a big, tall building hit by an airplane.
charles hugh smith-No Institutional Path to Contraction
Americans have been pushed and pushed to CONSUME and don't stop. GOV sends checks to half the people to encourage consumption. Don't WORRY, GOV will take care of you. Since GOV has promised to take such good care of me, I don't need to save anything.
Three in 10 Americans Have No Savings, Says Survey - NBC News
The total of these promises that are not funded has reached $ 212 trillion.
Get your name in early for Camp FEMA.
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Old 06-26-2015, 02:59 PM
Danny B Danny B is offline
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BAD economic models

The vast majority of academia accepts BS economic theory like Keynesian economics. We are in the midst of a BIG, FAT experiment. Big, Bad, Bald Ben Shalom Bernanke bet the farm that he could stop deflation. Unfortunately, it is OUR farm. He said that he could print his way out of any mess. He reasoned that he could always drive down interest rates. He drove them down to zero but, consumption had left the room by that time.
QE was supposed to last a short time but, the banks locked into place with their derivatives. So, the printing continued. He knocked down the long end of the yield curve but, is losing control of the short end (90 day)
All that pixel printing does NOT increase liquidity or collateral. It's all pixels and paper but, no wealth.
NOT included in his theories is that fact that QE destroys wealth.
"relentless central bank monetization of debt, liquidity in bond markets would decline at an ever faster pace even as, paradoxically, these same central banks added "phantom liquidity" (the topic of another post from two years ago) to equity markets in their attempt to artificially inflate stock prices to record levels without fundamental justification.

Sure enough, with the usual 2-5 year delay, in 2015 the primary financial topic sweeping the mainstream financial media and all the "serious" pundits, is the collapse in bond market liquidity. "
"Our answer, at that point, QE will have officially failed, because instead of lowering bond yields - which as a reminder is the primary QE transmission mechanism, one which forces investor to reach not only for yield but also for risk in other asset classes such as equities - any incremental bond purchases will start raising yields as the adverse impact from the illiquidity "premium" surpasses the price appreciation benefit from frontrun central bank buying. "
http://www.zerohedge.com/news/2015-0...icially-failed
Do NOT worry about GOV going broke. They are organizing EVERY last detail of your life in a quest to ensure that you pay your fair share.
What does the taxman know about you, your finances and your lifestyle? - Telegraph
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Old 06-27-2015, 04:00 AM
Danny B Danny B is offline
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6-25-2015 Gold and China

The Report From Iron mountain states emphatically that America must have continuous war to hold the nation together. We MUST have a slew of enemies so that fear binds us. The CIA does it's part to create enemies. The world war mongers are working very hard to fire up a hugely expensive cold war and a limited hot war if they can. They say that we need hundreds of $ billions for new weapons. It doesn't matter if the planes can't fly. It doesn't matter if it is too risky for the warships to leave harbor, We MUST build them.
http://www.stopthecrime.net/docs/Rep...n_Mountain.pdf

Wolfowitz gave us the master plan. We MUST dominate Eurasia. Eurasia is not too keen on this part. They need to stop the warmongers before it gets too dangerous. We have the power to destroy all life on the planet with minimal effort. The insane neocons ( all of them) plan to take on Russia first and then China. China is not the kind of adversary that is likely to wait.

Chinese savers hold about $21 trillion. China can control markets. the important market is the gold market. The West is controlling the gold market through paper manipulations. The COMEX hasn't delivered any gold in 2 years.
" And since the Comex has not actually delivered any metals for more than two years despite them being a futures delivery market, the potential that China's move to take over physical gold pricing within the next six months could very easily cause a derivatives meltdown, and drive the price of gold even higher than the SGE might set it at."
" In fact, sources claim that right now premiums on large sales of gold bullion are ranging as high as $600 over the current paper spot price."
China announces they will be setting new gold price by end of year - National Finance Examiner | Examiner.com
"It could be at any price they fix. There's a lot of things that they can do to make this work," he says.

Hoffman estimates that to create an exchange rate of one ounce of gold for every $64,000, the country would need about 10,000 metric tons of the metal. "That's nine times the national official holdings and about 6 percent of all the bullion ever mined globally," Hoffman says. "
Chinese Gold Standard Could Create 'Fireworks' - Bloomberg Intelligence - TheStreet
China is expected to receive approval from its central bank for a yuan-denominated gold fix, with a potential for an announcement as early as next week.
China can pick the time and place and number for revaluing gold. If the Yuan is reset to a given gold value, ALL currencies must follow. Just like poker, you must lay your cards on the table. All States would have to reveal and audit their gold holdings for the reset / revaluation of the currency.

If China feels too threatened, it may force the issue. It would have to crash the entire U.S. economy to get the military to back off.
China is believed to have the 10,000 tons of gold. There is a vid linked here on the repricing of gold by China.
China's takeover of the West continues as they receive invite to set gold prices - National Finance Examiner | Examiner.com
The American gold is gone. You can thank Rubin. The world is no longer going to allow us to roll over our debt forever. Our balance will be "zeroed out" periodically with gold. GOV will print up a new currency but, It won't fly with the rest of the world. We will have huge shortages.

By rattling sabers at China, we have forced their hand.

Edit: Buffet said that derivatives are weapons of mass financial destruction. The world trades about 4500 tons of gold every day. Very little is physically moved. It is just used as a reference of value compared to other commodities. With this view in mind, you can see that it is the interests of the PTB to keep the price of gold low.
Just imagine that you found a HUGE bomb with the fuse already lit. It is a waterproof fuse. You continually pour water on the fuse to keep the bomb from exploding.
The FED is printing up $ billions to try to stop the price explosion in gold from wiping out the rest of the economy. It has forced price discovery into the paper markets that don't actually sell any gold.
"When the gold price moves against a fully-leveraged futures speculator?s bet, their entire capital risked can literally be wiped out within days. At 31.3x, a mere 3.2% adverse move in gold would devour 100% of the money bet on that contract. "
http://www.24hgold.com/english/news-...+Hamilton&mk=1

The West drives down the P. O.G. to hold off the explosion. The more they drive it down, the more gets sold off to the East. If the Chinese are already paying $ 600 over spot, you can bet that they will re-price the P.O.G. much higher and annihilate the shorts. When the shorts get skinned alive, any corresponding derivatives will melt down whatever is left of any precious metal speculators.
If a 3.2% increase would wipe out everybody, you can expect a 30% increase to create un-payable margin calls. The brokerage houses would melt down to the foundations.

At the Bretton Woods conference, dozens of States agreed that currency printing MUST be controlled. 40--50 States have signed up for Yuan swap lines. Even Great Britain signed up. This is an indication that the world has once more arrived at the conclusion that currency creation must be managed intelligently.
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Old 06-27-2015, 04:37 AM
Ruphus Ruphus is offline
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I think the Americas (North and South) will need to go to a silver standard. I see Mexico/South America being invaded for it's silver mines.

As for FED devaluing the dollar, they need a strong dollar to increase interest rates correct? Or would a weak dollar be needed for a rate increase?

It seems to me that if a strong dollar was allowing for more purchasing power on imports, a rate increase would slow spending and further strengthen the dollar from bond purchasing outside the boarders. I don't see how the FED can increase rates with a weak or devalued dollar, do you?
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Old 06-27-2015, 04:55 AM
Ruphus Ruphus is offline
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Trendy

I sometimes look up various words or phrases to see if Google can "predict" events.

https://www.google.com/trends/

So far I've found nothing useful, but a lot of people looked up God in March 2010 for what reason I don't know.
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Old 06-27-2015, 09:44 PM
Danny B Danny B is offline
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Stashing Greek loot in the Cayman islands

"UNITED States of America - It can now be reported that the Greek euro denominated debt has escalated to $360 billion. This now represents as much as $25 TRILLION of worthless cross-collateralized derivatives, which are now outstanding with the Bank of England and the Bank of New York Mellon as counter parties."
"Without a Greek deal all of these aforementioned banks collapse leading to capital controls and the possibility of worldwide bank runs."
"We can also divulge that the Greek government is enraged having learned that various financial ministers tied to European Union nations have created secret offshore tax havens in the Cayman Islands using the euro payments of the Greek People to establish these illegal offshore accounts."
So, this gets VERY interesting.
"The Cayman Islands’ Department of International Tax Compliance (DITC) has notified Cayman financial institutions of its intention to move forward with implementing the OECD’s Common Reporting Standard (CRS), with the introduction of local regulations by the Economic Confidence Model turning point – October 1, 2015. This of course will end banking in the Cayman Islands and will impact many hedge funds as well."
Cayman Islands to Begin Reporting Everyone on October 1, 2015 | Armstrong Economics

So, the crooks moved all their loot to the Cayman Is. The Cayman Is. will soon rat them out.
Hot Explosive Breaking News: It's Contagion: Banks in the Bucket | Alternative
I can't vouch for all the numbers in the above article.
Apparently, the stock market is returning a big fat ZERO.
http://www.zerohedge.com/news/2015-0...cks-collapsing
The Euro and the Eurozone were designed and destined to fail. The Eurocrats believed that they would just slide in even more control. Derivatives in the form of interest rate swaps did not exist when the Euro was created. There is no backup plan. Yanis has created another extension whereby the ECB is pumping banknotes into Greek banks. It won't be much longer before ALL Greek paper wealth is held at home.
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Old 06-29-2015, 04:43 AM
Danny B Danny B is offline
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Ruphus, a strong or weak currency is somewhat of a misnomer. The currency is just a tool. What matters is a strong or weak economy.
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Old 06-29-2015, 04:58 AM
Danny B Danny B is offline
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Currency re-alignment

Jim Rickards did war-game exercises with our 16 intelligence agencies. They expect the dollar to collapse. Now, you see Rickards everywhere on the net talking about the "spooky new currency" he's talking about the Special Drawing RightsSDR. This has been around for many years and hasn't caught on. It sounds like somebody wants to force-feed it to us.

The Yuan is expected to be accepted as a reserve currency very soon. "They" are making a big deal of this. First Look: U.S. Dollar Substitute to Go Public on Oct 20th?

Jim Willie said that America will get a new dollar to replace the current one. He also said that foreign States will not accept it because we will overprint it.
Saudi, Iran, Russia and China are all aligned as a major petro hub. They will demand balance-of-trade settlement in gold.
October looks to be a very busy month.

Edit: if your following the stock market, there is news.
"Smart Money Just Sold The Most Stocks in History"
, Zero Hedge, June 23, 2015
http://www.bestmindsinc.com/document..._June26.15.pdf
So, where did that money go? It probably went to a bank where it will be available for the bail-in.
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Old 06-29-2015, 02:22 PM
Danny B Danny B is offline
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europe

The EU was designed and destined to fail. After the inevitable collapse, the various states were to be locked into an ever-tighter union.
Activist Post: The U.S. And EU Will Collapse Regardless Of Economic ''Contagion''
I’d be willing to bet that the original "eurocrats" did NOT count on the numerous emerging problems. The migrant crisis, Islamist terrorism, Grexit and Brexit: a perfect storm of crises blows apart European unity | World news | The Guardian
The Eurozone was planned to be maxed-out socialism with the wealth being transferred to the pestilent overlords. (bureaucrats). Their numbers are legion and their demands insatiable. Their qualifications and abilities???
"Müller described the bloc's decision making process as plagued by "helplessness, cowardice, selfishness." Yep, sounds like bureaucrats.

Read more: Merkel's European Strategy Didn't Just Fail, It Failed Spectacularly / Sputnik International

Greece must be punished severely so that nobody gets the same idea. This will prolong the agony, NOT save the union.
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Old 06-29-2015, 02:47 PM
Danny B Danny B is offline
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The end of GOV mandated profits

The various trade agreements are designed to bring guaranteed profits to corporations that are unprofitable. Obummercare is designed to bring profits to Big Pharma when Americans can no longer afford medical care. Profits are drying up and dying. The emerging fascism is an attempt to support corporatism by GOV fiat when the consumer can no longer afford to support the corporate behemoths. The consumer has fallen at the side of the road. GOV is trying to print the necessary wealth to support the corporations.

This bubble is close to exploding, NOT popping. The consumer is no longer a producer. He worked harder and harder to be more productive than the machines that would replace him. Like the draft horse, he finally lost the competition.
A World Without Work - The Atlantic
Man is not the same as a horse. He MUST have a center to his life. Take that away and he loses all identity.
The Movie Every Screwed Millennial Should Watch | Alternet
The whole economy is being carried along by printing for the survival of both the corporation and the consumer. Man is de-materializing.
Editorials | Mauldin Economics
At the same time, we enter a gigantic demographic crash. Hundreds of $ trillions of unfunded liabilities, much of it to seniors.
"Starting in 2015, the IPAB will give 15 unelected bureaucrats unprecedented power to slash billions of dollars from Medicare when spending exceeds targeted growth rates. The cuts made by the board will come on top of the $500 billion that was transferred from Medicare to a new entitlement program as a result of the new health care law." - See more at: Obamacare is a Public Requiem by Supreme Decree

So, what happens when FED GOV defaults? What happens to all those programs that guarantee profits to unprofitable enterprises? How much further does employment go down?
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Old 06-30-2015, 01:11 AM
Danny B Danny B is offline
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The China mess

There is no shortage of things to write about. I'll start with China because they take your breath away,,, literally.
Pan Yue, China's eloquent, young vice-minister of China's State Environmental Protection Agency (SEPA),
"We are using too many raw materials to sustain [our] growth ... Our raw materials are scarce, we don't have enough land, and our population is constantly growing. Currently there [are] 1.3 billion people living in China, that's twice as many as 50 years ago. In 2020 there will be 1.5 billion ... but desert areas are expanding at the same time; habitable and usable land has been halved over the past 50 years ... Acid rain is falling on one third of Chinese territory, half of the water in our seven largest rivers is completely useless, while one fourth of our citizens do not have access to clean drinking water. One third of the urban population is breathing polluted air, and less than 20 percent of the trash in cities is treated and processed in an environmentally sustainable manner ... Because air and water are polluted, we are losing between 8 and 15 percent of our gross domestic product. And that doesn't include the costs for health ... In Beijing alone, 70 to 80 percent of all deadly cancer cases are related to the environment."

"Developed countries with a per capita gross national product of $8,000 to $10,000 can afford that, but we cannot. Before we reach $4,000 per person, different crises in all shapes and forms will hit us. Economically we won't be strong enough to overcome them."
"The government has squandered astounding quantities of resources building entire industries China does not need."
China's Communist-Capitalist Ecological Apocalypse

Ah yes, empty cities.
"China plans to build 20 cities per year for the next 20 years." "Moreover, according to the website Chinaghostcites.com, as of the end of 2011, 64 million newly built apartments were vacant in China. "
"so they build cities on an unprecedented scale, essentially erecting the equivalent of Rome every two months. And since seven to eight million people are added to the workforce every year, the government must do what it can to keep them busy. "
Ah yes,,, keep them busy. China moved 300 million self-sufficient peasants off the farm and into the cities.
What Should I Know about China?s Ghost Cities?
China is burning the economic candle at both ends to keep everybody working. When the crash comes, there will be a few hundred million people who will wish that they were back on the farm.

" The policy easing should be viewed as a measure to contain the risk of a hard landing or systemic crisis rather than one to achieve faster growth. In this case, the stronger-than-expected monetary easing may help stem the decline in the equity market following a 10.6% drop over the past two trading days. The positive wealth effect of the equity market on consumption or aggregate demand is limited in China, but an equity market collapse would hurt millions of mid-class households and pose great danger to the economy and social stability."
There's that word again, "social stability". Often used in the same paragraph as social unrest.
"And there you have it: just like all other central banks, the opportunity cost to markets returning to fair value is nothing short of social conflict (as admirably displayed with every passing day in the US) and even, perhaps, civil war. "
http://www.zerohedge.com/news/2015-0...cial-stability

"1928–1929 U.S. market rally of 100%, which occurred over the course of 18 months." The PTB created/allowed TOO MUCH credit expansion.
"The Chinese A share market has been historic, rising 150% in less than a year " " This rally has been fueled by margin trading, with margin debt up 464.57% over the past year"
China pumped it up too fast,,, too high. They sacrificed their environment and their health. World in Review: The Greek Tragedy Continues to Set the Tone | Armstrong Economics

China is making big moves in finance but, it won't do them any good if they are in civil war.
China Resets The Currency Markets - Gold Forecast - Silver Forecast - ETF Trading Strategies - ETF Trading Newsletter
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Old 06-30-2015, 01:50 AM
Danny B Danny B is offline
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Fear and lies from the BIS

The world is run by politicians whose primary attribute seems to be deviousness. In the corporate or academic hierarchy, most politicians would be stuck at a very low level. The politicians constantly proclaim that they have consulted with "experts" in the field. They NEVER follow the advice of the experts because it would cost them money or votes.
The Bank of International Settlements is staffed by people who have considerable intelligence. Like the FED, these people are using a lot of bad models. Just the same, they do come up with accurate analysis when a problem is very close (obvious).

The B.I.S. is now quite worried; "The BIS is critical of the low interest rate environment and is, apparently, appalled by the actions of some central banks – namely, those of Switzerland, Sweden and Denmark – who have introduced negative interest rates which it describes as “stretching the boundaries of the unthinkable”.
Boundaries of the unthinkable,,, has a nice ring to it.
The BIS claims that we need structural reforms. The idiots claim that we have to cut loose the non-producers (pensioners) who PAID into the system. We have to cut them loose to save the banks,,, who never produce anything except misery and debt.
Grexit?, BIS Warning, Chinese Market Crash & Systemic Risk Shake the Global Economy

"The BIS claimed that central banks have backed themselves into a corner after repeatedly cutting interest rates to shore up their economies. "
The usual lie. They only tried to save the banks, not the economy. Every action from the central banks has been an effort to save banks. The producing economy has crashed but, the banks think that they are the center of the universe and must be saved at all costs.
Much of the article is total BS.
The world is defenceless against the next financial crisis, warns BIS - Telegraph
“Misallocated labour needs to move from these sectors to other parts of the economy,” These people are unemployed, not mis-allocated.
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Old 06-30-2015, 02:29 AM
Danny B Danny B is offline
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Puerto Rico hits the wall

Yanis refused to borrow any more money. Evidently, the governor of Puerto Rico has the same idea. "And this one: any deal with hedge funds, who are desperate to inject more capital in PR so they can avoid writing down their bond exposure in case of a default, "would only postpone Puerto Rico’s inevitable reckoning. “It will kick the can,” Mr. García Padilla said. “I am not kicking the can.”
The idea is to inject more money and exit your position before the can hits the wall.
"This is not politics, this is math.”

Funny: math went out the window in 2009 when central bank "faith" took over. The problem is that faith has run out, as has the "political capital" to keep an insolvent global system running, and first Greece now Puerto Rico are finally realizing it.

As the NYT adds, this is "a startling admission from the governor of an island of 3.6 million people, which has piled on more municipal bond debt per capita than any American state."
http://www.zerohedge.com/news/2015-0...-payable-refus
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Old 07-01-2015, 04:56 AM
Danny B Danny B is offline
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Expanding bond crisis

Banks have just assumed that they would always get bailed out by taxpayers,,, naturally without the approval of the taxpayers. With this "backup" in mind, they engaged in irresponsible lending. The numbers have become so large that GOV can't bail them out. Puerto Rico isn't a new problem.
"According to MarketWatch: Chicago's six pension plans are 40% funded; New Jersey's are at 51.5%; and Puerto Rico, which is facing its own crisis moment, is grossly underfunded at 3%.

Read more: Puerto Rico, Chicago, Detroit: Is the US Set to Be the Next Greece? / Sputnik International
How can anybody be surprised that Puerto Rico is failing?
"A survey by the Center for Retirement Research found that 150 state and local pension plans had an average ratio of assets to liabilities of 74%. In other words, for every dollar those funds owe their pensioners, they only have 74 cents in assets."
None of this is an overnight development. Irresponsible lending nurtured it.

"To avoid disaster, the US Congress may move to allow US territories like Puerto Rico to file for bankruptcy protection."
Marvellous, they will declare bankruptcy to avoid disaster.

Italy is in the hot seat because they are the tenth largest economy but, the third largest bond market. Italian stocks plunge as borrowing costs soar - The Local
Spanish bonds tumbled.

Varoufakis drained every Euro out of Greece so that creditors couldn't demand more money. Everyone is clear on the fact that austerity will never work. He has positioned things so that debt forgiveness is the only avenue available. He doesn’t have to say a word. Merkel says, "compromise".
If Euro Fails, Europe Fails: Merkel Urges Compromise as Greek Default Looms / Sputnik International
The banks demand that no investor or banker lose even a penny. Debt writeoff is the only answer. Of course, the bankers want all the loses thrown on the taxpayers.
Deutches bank holds lots of Greek debt and they are ready to blow up any minute. The very big risks of the Greek debt crisis - Jun. 29, 2015
They are now rated lower that Lehman Bros. was rated just before they blew. All these debt transfers to GOV are what is going to blow the sovereign bond market.

Reportedly, the bank runs are going to start in the "shadow banking" system.
http://www.zerohedge.com/news/2015-0...-panic-selling

Charles Hugh Smith writes about "Magical Thinking".
http://charleshughsmith.blogspot.ca/...-collapse.html

Armstrong has a plan ready to go to save Greece. Hopefully, Syriza will implement it.
http://www.armstrongeconomics.com/archives/34175
Stockman says that the FED will bailout Europe. Seems strange because the Euro is a competitor to the dollar. Of course, they don't want to lose the NATO base in Greece.
http://davidstockmanscontracorner.co...out-of-europe/
Do NOT worry, Everything is going to be OK. (EGBOK)
Consumer Confidence Index climbs to 101.4 in June – ABC News
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Old 07-01-2015, 02:56 PM
Danny B Danny B is offline
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Another day,,, a new bond problem.

France seems unhappy that Greece and Italy are getting all the attention;
French Economy In "Dire Straits", "Worse Than Anyone Can Imagine", Leaked NSA Cable Reveals | Zero Hedge
Socialism isn't necessarily a bad idea. The problem comes in that it tries to maintain a standard of living for everybody that eventually breaks the bank.
Puerto Rico refuses to kick the can for long enough to permit bond holders to exit their positions; Bond Insurers Crash, Hit by Puerto Rico’s Default Shrapnel | Wolf Street
Greece is winding down and China will take center stage;
John Rubino ? End of the Greek Tragedy is Here, Just as the Chinese Tragedy Starts « Financial Survival Network
But, there is still plenty of drama to play out in Greece; Panicked hedge funds now praying for a miracle in Greece – Wolf Street
America has it's own Greek Tragedy; Illinois Government Stumbles Toward Shutdown in Budget Stalemate - Bloomberg Politics
Hedge fund manager just lost millions on Greece and Puerto Rico – Fortune
The headlines show panic in the public bond market. This is slowly turning into contagion. Armstrong calls for a crash in U.S. GOV bonds. Looking at the spreading contagion, this isn't hard to believe.

Argentina was a good object lesion of a country that got screwed by the bankers. Iceland came along a broke the "plan". Greece is going to break the plan. Puerto Rico caught on even faster. If Marine Le Pen gets her way, France will bolt in a flash. Bepe Grillo will do the same for Italy. When the bankers get a warning, they are able to dump toxic paper on GOV. Sure, this saves the banker's position. BUT, GOV can only absorb just so much toxin. Save the banks,,,, bring down GOV.
The bankers may have saved their skin but, they risk destroying the currency.
Inflation / deflation is often selective. Equities have been grossly inflated. They will be grossly deflated. Same is true for GOV bonds. Hopefully, food commodities will be somewhat stable.
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Old 07-01-2015, 05:38 PM
Danny B Danny B is offline
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Tsipras lit the fuse

Europeans are serial defaulters. The bankers invented the Eurozone to put them in a debt straitjacket.
"Instead, the troika’s authoritarian bailout regime has stimulated political revolt throughout the continent. Tsipras’ defiance is only the leading indicator and initial actualization–the match that is lighting the fire of revolt..

But what it means is that there is now doubt, confusion and fear in the gambling halls. The punters who have grown rich on the one-way trades enabled by the money printing central banks and their fiscal bailout adjutants are being suddenly struck by the realization that the game might not be rigged after all.

So let the price discovery begin. In the days ahead, we will catalogue the desperate efforts of the regime to reassert its authority and control and to stabilize the suddenly turbulent casino.

In riding the central bank bubbles to unconscionable riches the big axes in the casino have falsely claimed to be doing “gods work”.

As they are now being forced to liquidate these inflated assets, they actually are.

Last fall one of the most detestable members of the regime, Jean-Claude Juncker, arrogantly issued the following boast.

“I say to all those who bet against Greece and against Europe: You lost and Greece won. You lost and Europe won.”

This morning that smug proclamation is in complete tatters. Good on you, Alexis Tsipras."
http://www.zerohedge.com/news/2015-0...tsipras-part-1
The Eurocrats have nothing left to offer except poverty.
"What changed is that after Juncker’s speech, the discussion is no longer about data or numbers or facts anymore (but who understands that?), because he never mentioned them.

It’s instead now about fear and fight and flight and various other base instincts, you name them. And that’s not a coincidence. The reason he, and the EU as a whole, resort to this ‘message’ (and no, these guys’ spin teams are not stupid) is to a substantial extent that it’s simply all they have left. "
Europe's Controlled Demolition - The Automatic Earth
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