US Fed (Ben Bernanke): I'll take my dollars and cut 100 basis points. Take that.
European Central Bank (Jean-Claude Trichet): I'll see your incompetence and panic, Ben Bernanke, and I'll raise you 350,000,000,000 Euros. As a matter of fact I'll get in my helicopter and personally spread them all through Europe. Take that Ben Bernanke and your stupid filthy American dollar!
Bank of England (Mervyn King): OK, you two wankers can bugger off. I'll take your 100 basis points and your $500,000,000,000 dropping from helicopters and I'll raise you a £55 billion failed bank bailout - and there's plenty more where that came from! I'll bail out every bank in England you fools!
US Fed (Ben Bernanke): Oh, you silly Europeans. You forget, we've got the unchecked FHLB money printers playing at their own side table! And they've just pissed out $163,000,000,000 over the last few days bailing out the likes of Countrywide and WaMu! And there's TRILLIONS more where that came from! Just wait 'til they get to Fannie and Freddie!
US, EU and UK taxpayers: Why do we trust these pretty colored pieces of paper and incompetent central bankers again? Hmmm... f*ck it, maybe we should just buy gold!
December 20, 2007
The US, EU and UK Central Banks: Making pretty colored pieces of paper more and more worthless by the day
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how many of the gamblers once worked for GoldmanSachs??
where is all this money coming from? me i guess
how many of the gamblers once worked for GoldmanSachs??
one
To understand who he was, you have to go back to another time when the world was powered by the black fuel and the deserts sprouted great cities of pipe and steel. Gone now swept away. For reasons long forgotten, two mighty warrior tribes went to war and touched off a blaze which engulfed them all.
Without a gold standard they were nothing. They built a house of straw. The thundering machines sputtered and stopped. Their leaders talked and talked and talked. But nothing could stem the avalanche. Their world crumbled. The cities exploded. A whirlwind of looting, a firestorm of fear. Men began to feed on men.
On the roads it was a white line nightmare. Only those mobile enough to scavenge, brutal enough to pillage would survive. The gangs took over the highways, ready to wage war for a tank of juice. And in this maelstrom of decay, ordinary men were battered and smashed.
Except for one man armed with an AK-47, and a Honda full of silver. In the roar of an engine, he lost everything and became a shell of a man, a burnt out, desolate man, a man haunted by the demons of his past. A man who wandered out into the wasteland. And it was here in this blighted place that he learned to live again.
Nice picture. I always get a kick out of the one passing the ace under the table, is that Paulson?
Excellent post Keith. You REALLY hit the nail on the head here.
I haven't been posting on HP lately because I have been busy elsewhere, carefully documenting and commmenting on this historic, unprecedented, global, credit collapse.
And, as Keith points out so humorously, the central banks are in an absolute panic behind the scenes and are literally throwing everyhing including the kitchen sink at the problem.
Now for a minor clarification: Thus far, the central banks have NOT resorted to outright "monetization" (central banks buying up the debt instruments such as MBs/CDOs) and have only been increasing the amount of "temporary loans" and the duration of time to pay them back.
However, I fully expect the central banks to resort to the "Final Solution" of outright monetization as the problems continue to get worse.
(By the way, I have done extensive research on the subject of the credit collapse and the numbers will total tens of trillions of dollars in debt and derivatives being literally evaporated.)
So, keep watching what the central banks to in response to the continuing crisis. If they DO resort to monetization, then it will be "Global Weimar".
If they DON'T resort to monetization--and I mean like immediately--then look for a depression that will make the "Great Depression" of the 1930's look like a walk in the park.
"A man who wandered out into the wasteland. And it was here in this blighted place that he learned to live again."
Anytown USA, this time next year.
Good luck everyone.
-Snowden
Now THIS IS THE BIG finacial news of the day:
ACA was downgraded from "A" to "CCC". In one move.
This also caused a cascade of downgrades on other bonds and in related actions, S&P also put MBIA and Ambac on "negative" watch.
All those hedges are now worthless.
GS magic profits are now worthless
This is HUGE news – most don’t understand it yet.
Marky Mark
Thank you Butch I miss your logical comments...and good to see you....
So when do we get to the point of instead of a credit card offer in the mail..you receive..$100 dollar bills?
The idiot low level players like Bernanke are panicking. The owners of the poker table are watching everything unfold according to plan.
All currencies are fiat? check
Destroy all currencies? in process
Roll out new global currency? next up
The bankers' ultimate dream is controlling ONE global currency. Perfect control. Perfect enslavement. Cuts out all the middlemen.
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