A time capsule of the greatest financial mania in the history of mankind, told in real-time by regular folks and patriots. May future generations better understand the madness of crowds, and how power and money corrupt.
Has the US Dollar and post Bretton Woods II world financial system just reached the China Syndrome stage?
I'm thinking the situation with the dollar is more along the lines of Love Canal.Dr. Marc Faber, aka "Dr. Doom," who is famous for advising his clients to get out of the U.S. stock market one week before the October 1987 crash, said last week that, "In the long term, the dollar is a doomed currency. It will go to zero."
Yes, and the decent will speed up. Get you money into something else, anything but worthless green paper.
US retail sales for Feb.... -.6%expecting gain of +.2%gold touched $1000/oz minutes ago
I need to start billing my clients in Euros or Yen.Maybe gold or wheat.
Currency and comodity inflation plus asset deflation equals we are screwed. It would be that simple except that it can all turn on a dime. When the PTB decide to turn things around there will be no lube for the sheeple.
I think the price of oil is the best measure of currency right now. The supply and demand are not only unaffected by government fiat but they also contribute to the price of almost everything else. Let's see, magically create $200 billion over on the left and voila, over on the right oil goes up $10/barrel. Thanks DC!
Keep up, dude. Carlye Group circling the drain. Thanks in part to Helicopter Ben. Woo-boy.http://tinyurl.com/2anroyFront page post-it, Keefer!creme-puff-daddy.
No,Industry would shut down edventually. Will the dollar go down more, yes. Will the dollar totally collapse, no. Its funny though I have a feeling alot of chinese jobs are going to come back to the US.
Dow down another 226 today
This is about a different China problem.The underlying strategy is to cause China to destruct, similar to the way the USSR was destroyed without firing a shot.Get them dependant on the US dollar, then destroy the dollar - cause their system to fail. Note how the rhetoric on the Olympics is rising, expect that to be derailed as well.Massive losses, chaos, implosion, revolution all combined will make for a heady mix.
Paulson just asked the banks to cut their dividents and to raise more capital!!!!!!!!!!This coming a week or so after Bernake asked the banks to write down the value of mortgages in order to prevent mass foreclosures!!!!!!!Our government is in full fledge panic mode!!!!!!!And there's $300trillion of complicated, unregulated and misunderstood derivatives out there with serious counterparty risk issues!!!!!!!!Sell! Sell! Sell! For the love of God, get me out!!!!!!!!
I was in a gold dealer store the other day and it reminded me of 1979/1980, as it was jammed with people selling their silver and gold. The owner of the store was very busy. Just a few short years ago I would go into his store and purchase gold at $280 an ounce and his store was dead, year after year. I wonder how far the US will let the dollar fall before they do a Volker, brief but high interest rates to lift the dollar back up, some believe that this is not possible this time around, but history tends to repeat. B52 Ben may end up being a transitional leader as he is on a very bad watch.
A lot of speculation that the latest fed cash infusion was to prevent the immediate collapse of Bear Sterns. The latest fed move is clearly seen as an act of desperation. I think Ben knows the situation is way more desperate then anybody admits.
I have several big REITs on my trading screen. First they all move down, basically in meltdown mode.Then all of a sudden they all move up sharply in exactly the same arc, all at the same time.It's obvious that somebody is buying sector or whole DOW indexes hand over fist. Do you think these are large institutional players, hedge funds, or something else?Is this a well executed short squeeze for some quick fleecing of shorts and/or is this massive intervention to minimize market meltdown and breaking through of key technical support?
Ben lets the dollar slide until the election. Then he is forced to crank up interest rates ala volker.
Grandma PKK here-- re REITSSounds like large scale intervention.No one in their right minds would want to buy reits or anything connected with housing until things are clearer. But are we on the verge of the financial structure imploding?I think so. I agree that actions of the Fed are acts of desperation, especially Paulson telling banks to get money, NOW! basically. What the ??? There must not be much time. Does the end of March mark some time requirement?I've heard stories about what went on right before the '29 collapse and during the 30's from my parents and grandparents (gone)and these things happening right now are so similar I don't see how it can't imply similar problems...Clearly this isn't an identical move for move copy of that time. But at some time employment is going to fall, quite starkly. I think a major bank( similar institution) or two will fail first.
Since the big Republican fuck you to Bretton Woods when Nixon said we had no more gold, and no more oil for that matter, we have been in violation of Bretton Woods.So we just ignored that treaty and thought it would just go away. Did we really think these international finance guys would go away.Well here comes the big fuck off right back at you.Can you say worthless toilet paper?We are doomed.King of the Bitter Renters
Three things can turn this around...a.) Exit from Roman-style Iraq empire folly and war inflation.b.) Massive reinvestment in alternative energy.c.) Fed with teeth.
You guys talk alot about gold. Someone posted that a jewelry store was busy with people selling their gold and silver. Does this mean they will make more on it? Could someone explain?Thanks
I asked the original REIT question-Thanks Grandma PKK.Since my grandma is gone, I'll take you and your good advice as a proxy. My mom was born in Oct of 1929(Early) and my mom always said that they thought she was born premature because her parents were stressed out over the market crash.
Look for the Fed and other central banks to wage war on gold/silver and to try to prop the USD. The G7 meeting next week should finalize their plans to stop the USD free fall and scare the hell out of gold noobies. I expect the dollar to jump back to 73 on the index, and the Yen will be back over 103/$.Gold will get whacked down to $850 on sales from the IMF and other banks, and we may even see some "anti-hoarding" taxes implemented to try and drive speculation out of the markets and punish Americans who dared to trade their dollars for gold or silver. Think about this if your purchases going forward involve a paper trail of any kind.Of course none of this will work in the long run as the banking system is broken, but like a cornered animal, the PTB will fight tooth and nail to preserve their status and power.
That's interesting information about the moves in the REIT's. Who would be buying those now anyways? My gut feeling is we are in full PPT mode. I my even sell out my last remaining mining munis today. Getting completely the f*#k out of this rigged market.
Even though I am inclined to belive that I doubt it. Things have been bad here in the US the last 7 REPUBLICAN years, but I think things will turn around.The dollar is way oversold, and commodities look like a bubble to me. I feel that it is not too late and a nice long recession will only be good for the US.Why? because people won't be waisting their hard earned money in places like Walmart, Target, etc, etc. This for sure will be missed accross the world in places like Asia. This for sure will make the dollar stronger again. After a year of pain, I can only see benefits here.The mentality of Anon 12:59 PM is exactly what happens when you are at a bottom on the dollar. Everyone starts jumping in. Isn't that what happened in housing.Danny
Anon 4:45,What people are talking here is investment in gold. For example, you can set up an brokerage account and purchase Gold via the GLD ETF. You can buy silver via the SLVR ETF. As far as the jewelry store, prices there will be affected as demand for gold just about everywhere drives up it's value.Danny
THE GOVERNMENT WILL CONFICATE YOUR MOTHERF*CKING GOLD YOU BRAIN IMPAIRED RETARDS!!!!
Queen of Soul Aretha Franklin may lose her Detroit mansion to the taxman. The property is worth $700K.Franklin owes a total of $19,192 in back taxes on the property through 2007.
If there is a time machine right now, Fred Flintstone would be smiling all over his face and chucking "Yabba-Dabba-Doo!"...Yes, Hooray... Yabba-Dabba-Doo!Dead meat the Americano...The Americano Housing Bubble has revealed the true anatomy of the Americano Australopithecus specie. And what that anatomy amounts to is a heap of putrid, rotten to the core, maggot filled, rat chewing pile of garbage. Greed, Ignorance, Irresponsibility, Laziness, Materialistic-Craze, Hoity-Toity attitudes are all part of the Americano rotted anatomy, stinky gut.How a fat-ass, obese, beer-gut, rotten teeth, putrid breath, dumb-ass Americano male driving by himself a Ford Expedition on the road, consuming 15-18 miles per gallon of gasoline is just beyond the realm of reasoning.How a whole family of cracker-nuthead, GrandPa and GrandMa, Joe6Pack and JaneZinfandel, 6 of the spoiled-brat runny nose snotty kids swarming the Walmart aisle after aisle piling junks on the shopping cart is pure hilarious and pitiful at the same time.How a whole family of Hicks and HillBilly chomping down on oily, greasy McDonal french fries and Wendy’s hamburger is just so resembling the scene of the bunch of hogs roosting and wallowing at the feed trough.The Americano nation is pathetic and sinful beyond the point of redemption !
They will monetize the bad debt, just as expected.
The China Syndrome was a false alarm that kept us hooked on more dirty and expensive energies like oil and coal instead of going nuclear. No Americans have ever been killed by nuclear energy while tens of millions have been harmed through acid rain, lung diseases and asthma from coal and oil pollutants.
I think your best off charging your clients in gold. It's the only thing that is somewhat stable.
b.) Massive reinvestment in alternative energy.Ethanol is a big part of the inflation problem. We need a smart energy policy that mixes conservation, drilling, and alternative energy, such as wind, solar, and nuclear.
You guys talk alot about gold. Someone posted that a jewelry store was busy with people selling their gold and silver. Does this mean they will make more on it? Could someone explain?-----------------------------It means you take your gold bars and with a knife you slice up pieces and weight each piece. You will then use this to pay for stuff. Its like going back to the Roman Times! You can even make your own gold coins with your face on it and it will be accepted. Neat ain't it!
Hmmmmm, stocks did a 180 and bounced back up because S & P said we've hit bottom and everything will be fine. These are the same people who rated subprime bonds as AAA. Why does Wall street believe them now. More likely the fed is using options to manipulate the market like Greenspan did in 87 (the Greenspan put, google it).
Queen of Soul Aretha Franklin may lose her Detroit mansion to the taxman.Maybe she didn't "Think".
Black Friday tomorrow, yes?
THE GOVERNMENT WILL CONFICATE YOUR MOTHERF*CKING GOLD YOU BRAIN IMPAIRED RETARDS!!!!They'll have to be looking all over Uruguay, Switzerland, and at another organic farm in a undisclosed country to confiscate mine. Good luck with that!
The mentality of Anon 12:59 PM is exactly what happens when you are at a bottom on the dollar. Everyone starts jumping in. Isn't that what happened in housing.Not the same thing. The reason gold is going up while the dollar is sinking is because the US is bankrupt, American markets lost all credibility, and inflation is raging. Plus, the international community doesn't believe that Obama has the capacity to change anything, based on his empty speeches and lack of solid experience. Obama will be the last nail in the coffin.
Is this a well executed short squeeze for some quick fleecing of shorts and/or is this massive intervention to minimize market meltdown and breaking through of key technical support?Bingo! Bingo!
Look for the Fed and other central banks to wage war on gold/silver and to try to prop the USD. The G7 meeting next week should finalize their plans to stop the USD free fall and scare the hell out of gold noobies.Oh really? And how are they going to do that? Is Bernanke raising rates to kill inflation? Is the government going to be fiscal conservative and decrease the skyrocketing deficit overnight? Are the banks going to be solvent overnight without any way to increase earnings because of lacking bubbles? Several critical fundamentals are rotten to the core and no amount of trickery will change that overnight. The biggest rotten fundamental? Lack of trust in the US.
Blowfly said... THE GOVERNMENT WILL CONFICATE YOUR MOTHERF*CKING GOLD YOU BRAIN IMPAIRED RETARDS!!!!March 13, 2008 5:33 PMDAMN!! For once I have to agree with Blowfly. If this pans out to be equal to '29 or even close, control will be tighter than a frogs ass...
Soon it will cheaper and easier to wipe your ass with dollar bills then buying charmin. One dollar worth less than 100 Yen F ing ridiculous. It reminds of the Seinfeld where Kramer is a little confused about the exchange rate and spends all Japanese Businessmen’s money.Burn Baby Burn
THE GOVERNMENT WILL CONFICATE YOUR MOTHERF*CKING GOLD YOU BRAIN IMPAIRED RETARDS!!!!Oh really??? Hell, when they try to find it, I will graciously give them a globe and a big hint. It's not in the blue area. Good luck.
Andrew, you are so right on, Americans are pig-f*cking retards....One problem though....The American military can kick the sh*t out of any nation toe-to-toe, tank-to-tank, carrier to carrier, nuke to nuke......Doesn't mean they can rule afterward, but they can bomb yer ass into oblivion....
> Who would be buying REITs?Well... me.A couple months ago, I noticed a sharp drop in Realty Income Corp (O). I like this company since it's dividend is solid... based on long term rental contacts. It's all standalone comercial (e.g. Taco Bells)... no housing at all.So... I decide to 'buy' cheap by selling naked puts around the 52 week low (22.50s). Dividends over 7.25%. I'm hoping the puts will get called... but instead I keep picking up the premium! Feb... March. Oh well... I'll cry all the way to the bank.I agree they have been trading very strange. Everytime it touches 22.50, the Fed does something to save it. Unless it drops this week... I'll have to sell April contacts.
Anon 9:13,You are full of shit. Obama doesnt have the credibility and experience? Are you freaking serious?I bet you think Bush has the experience and the credibility.Come on guys, you dont have to be that smart to understand that the US is in debt to its eyeballs and we're in trouble. With that said, any monkey that can understand that, will make the changes necessary to put the US ahead, period. Or are you implying you, Keith and I are smarter than Obama. In addition to that, we are not much worst than the EU buddies. They have their share of problems. It should be fun to watch when shit hits the fan in Europe and all those countries start battling one another.Danny
Whoaaaaa!!!!What does that EYE stand for in the Dollar? Is that some kind of Mason secret code? Is America some kind of Masonic country?Not to worry. Cause in Europe they got Muuuslimmmmms!!!!!!!!Muuuslimmmmms I tell you!!!!!!DUMB SHIT Americans!!!!!!!!Your stupid dollar is tanking. Not to worry, though, cause with all the putos invading from south of the border, you wont need dollars anymore. YOU'LL need Pesos.
HMMM!!!!! Gold will be illegal like crack, marijuana, and cocaine.How is the war on drugs working out, I know those drugs have devalued in price as there is no market for them. (HA,HA,HA)U.S. announces war on silver and gold, everyone needs to turn their holdings in starting tommorrow. Those metals are now worthless to us so hand them over.BLOWFLY YOU ARE A RETARD!!!!YOU MUST HAVE A TAT OF REAGAN AND BUSH ON YOUR ASS!!!!
Not the same thing. The reason gold is going up while the dollar is sinking is because the US is bankrupt, American markets lost all credibility, and inflation is raging. Plus, the international community doesn't believe that Obama has the capacity to change anything, based on his empty speeches and lack of solid experience. Obama will be the last nail in the coffin.Another thing to Anon 9:13. We are bankrupt you say and that the international community doesnt trust us anymore. I think you will be surprised in a year or two when everyone else is in deep shit and the US is in good shape. All we have to do is stop spending like mad and quit the freaking war in Iraq. It took about 3 years for Bush to destroy the country and it will take about the same to get the country in good shape. Obama will do it.Danny
To: Andrew Hac said... If there is a time machine right now, Fred Flintstone would be smiling all over his face and chucking "Yabba-Dabba-Doo!"...-----------------------NOT ONE MENTION OF THE SNAPPER TURTLE! I'm truly disappointed!
THE GOVERNMENT WILL CONFICATE YOUR MOTHERF*CKING GOLD YOU BRAIN IMPAIRED RETARDS!!!!Blowfly; you never make any sense and you sure aren't funny. the gov is gonna confiscate your gold? what if I shove mine in my ass? To all HP'ers Lets all tell blowfly to STFU!!!!!BTW blowfly turn your fricken caps lock off while your at it!!
Enough dollar speak already.Bring on the Amero!!!RayNLA
HP'ERS;QUESTION OF THE DAY;IS DOPES AND BLOWFLY THE SAME BLOGGER????
Soon it will cheaper and easier to wipe your ass with dollar bills then buying charmin.Well, if you're in a rush, you can always use the pages of Frank's book.
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