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JT

https://www.cnbc.com/id/24494689

Greenspan, Cox and Snow live now.

DrKrbyLuv

Elaine said: "The US just announced that the government is guaranteeing 70% of all US mortgages. This is a huge, huge hole in the budget but they don't care."

This is the untold story; our government has been irresponsible in jeopardizing their credit to save private corporations. Confronted with a decision to allow private institutions to fail from bad business dealings, they instead put our country on the hook.

This will ultimately make the problem much worse as we will eventually see the government fail and lose their credit. Will our government be able to trade on the international markets after insolvency? Will we be denied oil and other necessities of life?

I don't see where in the constitution the government is allowed to potentially destroy their credit by guaranteeing the bad debt of the private sector.

There really is no difference between the democratic or republican presidential candidates in this regard. They both supported the bail-out, they both want to increase the military, they both want an imperial presidency and they both promise tax breaks despite the fact that we run a perpetual deficit.

But we should expect this as both candidates kneel in front of the same masters and disregard the better interests of the american people.

don

Dr.Krbyluv: Your assessment is excellent. As I shake my 8-ball in a discreationary
manner, with my eyes closed, hoping one day, I will run for office, get a $150,000 allowance for clothes, use the Fed to bail out my buddies and other institutions- because of my own mistakes, maintain my off-shore accounts for a rainy day, make sure that the Dems-Indymac Rep. gets the fair housing act in shape for my own discount, borrowing money on derivative credits, just to name a few. I finally open my eyes and think to myself-is the answer "yes"? No !!!

Duski

Found an interesting article:

https://www.dailykos.com/storyonly/2008/9/10/105137/798

"The Republicans have just spent a month going completely frothy over the need to drill for oil and natural gas in every backyard in America, claiming it'll lower gasoline prices at the pump.

But did you know that in the meantime, they've been preparing to secret all that natural gas out of the country and sell it to the Japanese?"

Well, you have to pay debts in a way or another...

ziff house

What i don't see, maybe i missed it here, or at Denningers, is any discussion of US dollar hegemony. After all that is how we got here. When Bush was being interviewed at the Olympics he was asked about the 'problems' the US faced, and he gave us the usual smiling chimp response '' the us dosen't have any problems''
Crazy i know, but from his point of view the US can print as much it wants because everyone is holding the dollar bag , they cannot let it fall.

DeVaul

I am not sure, but I think that Elaine is saying that these Forex reserves and sovereign wealth funds are the "defenses" that other countries have come up with to our threat or attempt to "spray the earth" with dollars.

I don't pretend to know how it works, but it seems to be working for them so far. China is not collapsing from us printing endless dollars and credit, so they must be doing something right.

As for the stock and commodity markets, they bear little or no relation to reality now, as they are heavily weighted with pretend values and "future" goods bought and sold that do not actually exist right now. Following them is increasingly a waste of time. The black or local market is where real prices will and are being set right now for goods that exist right now.

Elaine Meinel Supkis

Like in the Soviet Union: the true value of 'mark to market' goods as the black market.

Tell

Elaine

https://tinyurl.com/6juujd

"this planet's physical resources are limited"

Now you are at the heart of what is really happening.

Elaine Meinel Supkis

All the many physical limitations are crashing into the latest attempt at gaining infinity. Just like the very rich wish dearly to live forever.

They cannot accept limits. This is a human desire which the Greeks called 'hubris.' And the entities who punished hubris were gods of various sorts or rather, goddesses in specific.

Tell

"this planet's physical resources are limited"

And mankinds greed is unlimited...or should that read insanity.

Blunt Force Trauma

Hey, all.

Been away from the "scene" for a while. Drove to Mazatlan, Mexico from Toronto but still paid attention to what is going on listening to both CNBC and Bloomberg on satellite radio.

I see Roubini is predicting a stock market trading cessation for a week or more in the coming days (and war) and the US dollar is gaining against most currencies except the Yuan, Yen and the Israeli Shekel. Weird. Or not(?).

The best though is the news of the FDIC who may guarantee bad mortgages. Wow. What a further kick in the groin to US taxpayers!

FDIC May Guarantee Some Home Loans (Washington Post)

https://tinyurl.com/6f3m5q

America's financial dominance is ending, warns Nouriel Roubini (Telegraph UK)

https://tinyurl.com/6ngb4h


blues

https://tinyurl.com/6mzlnj

"In his Guardian interview, Deripaska made it clear that Britain was of little strategic interest to him. His global empire, he explained, was based on smelters, hydro-electric dams and cheap Siberian power. "I'm dealing with industrial things, and Britain is a post-industrial economy," he said."

don

Elaine:
If the United States continues on this path
of self-destruction of the dollar, and the
official debt count is in the trillions,
will the people we owe money too, attack
the off-shore accounts to pay for the mistakes of wall street? Is that when we
really go broke, technically?

ziff house

''the "defenses" that other countries have come up with to our threat or attempt to "spray the earth" with dollars.''

come up with' ? they didn't come up with it they exchanged their labor for it.

Zulu

The Chinese are no slouches. They've been attacked many times throughout their long history by one conqueror or another and have always come out on top. They won't give in to us or anyone, unless it suits their purposes. I do not trust them, and no intelligent leader from the West should.

No The Elite do not want the game to end, but it will. The game will go on for a while, with fits and hiccups, but will end suddenly and violently. Just like a house built on a faulty foundation.

‘Alas, alas, that great city Babylon, that mighty city! For in one hour your judgment has come. For in one hour such great riches came to nothing. Alas, alas, that great city, in which all who had ships on the sea became rich by her wealth! For in one hour she is made desolate.’

Simon

Please do not take it as a comment against the general Jewish people but I have noticed that in history at one point or another nations that took prominent Jew as advisors ended badly

cases in point:
Egypt
Babylon
Persia under Xerxes
Germany
Great Britain
US?

Again a small group of elites does not represent the entire people, amorpheous concept that it is.

ziff house

FRom the press [telegraph]

''The spectacular dollar rebound has geostrategic implications. Heady talk earlier this year that dollar hegemeny was coming to an end - or indeed that the US was losing its status as a financial superpower - now seems very wide of the mark.''

propaganda i know, they can't even spell, but they will try to make it stick.


Q

With the Yen currently under 95 the Fed is faced with the 'Horns of a Dilemma' cut rates to keep the US markets from tanking in the next day or two but at the cost of totally wiping out the remainder of the Yen carry trade and destroying most global economies that borrowed the yen to expand (or) sit back and watch the US markets drop 25% and drag down the global markets in sympathy. I am afraid we are on the verge of a market holiday where they can figure out how to screw the taxpayers of the world even further to bail out the gnomes in their derivative Ponzi scheme. All credit swaps default contracts must be deem null and void with no recourse as soon as possible to avoid bringing the global economy crashing down, beyond the 25-50% drop that is coming.

calvino

Q watching the futures are we? Your suggestion is logical, however lying Hank will not allow it. All off-exchange derivatives and contracts are to be canceled, lest they suck all the value out of the markets. As any preening academic rat, Dr. Bouhiki came to fight the Great Depression that he jailed in the thirties. Too bad bank guarantees are THE problem in the two thousands. When the high school principal returned Beavis and Butthead to middle school, he explained: 'these boys aren't geniuses, these boys are morons.'

The AIG grab for an extra forty billion is taking the markets down four percent as I write. Some of us who harp on flying wax lips and chocolate faeries think this is all a play removed. This is actually very real, and very bad. Now real people's savings and retirements are being torched. When Exxon Mobil moves ten percent in one day, the markets are imploding.

calvino

Correction, the s and p 500 futures are down five percent now.

Elaine Meinel Supkis

As I keep saying, the Derivatives Beast has not gone back into his cave, he is eating all the wealth of the world since he is a totally NEGATIVE creature. To get back to parity and balance, he must eat all the wealth.

The foolish, dangerous, idiot gnomes who created him were hoping he would allow them to reach infinite wealth. This is why they madly made him grow from less than a billion to way, way over the value of all earthly finances in less than 15 years.


Thus ends a goofy experiment in eliminating risk! Indeed, the entire period of 'little inflation' was FAKE. To keep it going, the governments of the world conspired to cook the books and deny obvious inflation. As a person on a fixed income, I felt this directly as my retirement funds ceased covering my expenses which it covered previously.


This cannot end unless the governments of the world first bow to Libra's tremendous powers. She wishes to save us but if we insist on unbalance trade and monetary systems, she pulls out her sword and uses it to balance the scales.

This is why being smart and at the same time, humble ourselves to the natural forces at work here is the best solution.

Simon

S&P500 is limit down 6%
Opening soon, lets see what happens

srini

hi elaine :-), i dont think i would feel safe to make those bubbles today in front the tse.. lol

Simon

This is why I NEVER, NEVER listen to any of the goldbugs
Too much is at stake, and they can outgun you any day.

Elaine Meinel Supkis

Since gold is presently a commodity, note how it is collapsing in price as all currencies fall. This is due to it being an odd thing relative to money.

Gold still has the 'monetary' aspect attached to it! Since so many central banks still hang onto their gold reserves and instead, 'swap' it rather than part with it, it continues to have this curious relationship with monetary games of the Floating Currency system.

This is why gaming with gold is dangerous: the central bankers still control this game! And they WANT people to park their paper money there for a while so when it is time to kill inflation, it dies in the gold areas where desperate people trying to escape inflation flock.


The governments want us to SPEND money so they can TAX it.

carli

Calvino, I too would like to think that lying Hank and Dr. Bouhiki will save the day by reneging and cancelling all the CDS's, but two things are preventing this, 1.) Greed. They are to happy to apply 10% vigorish for their buddies in every piece of the bailout pie (the Brits have now started mimicing this behavior), and 2. DISTRUST. Read how the "prestigious rats" fight for cheese...

[The following message came yesterday to my desk. It pertains to General Electric. It involved dishonoured Letters of Credit (L/C). The US banks not only distrust each other, they are engaging in criminal activity, like contract fraud. If big enough, or connected well enough to the power center, it is permitted. Again, no solutions, only proliferation of chaos.

[“Try this one on. One of our clients did a bond early last year (underwritten by RBC/Dain Rauscher) backed up by a General Electric Letter of Credit. There is a tag end of $1 million. The deal was the sale and lease back of 13 bank branches. One remains. The tenant is a regional bank. RBC cannot remarket the bond now because the market is still frozen. So the client, per the documents, called on the L/C for performance (as allowed in the L/C, which extends to 2021). GE has reneged on the L/C and will not pay unless the two principals come up with $1M in cash. The client has said no way, the L/C has no such provision. GE has said, too bad, if you don't like it, talk to our attorney. We're not paying.” Stories like this are probably surfacing all over the North American landscape. US banks are defending themselves by dishonouring contracts.]
https://tinyurl.com/56r4zh


Yusef

"will the people we owe money too, attack
the off-shore accounts to pay for the mistakes of wall street? "

Money swirls in electron clouds hither and yon like wispy, whispering fog over a swamp. Don't try to catch the wind and attacking a vault to get "money" is no better.

Dutch

Nice article Elaine, Kirby is right. So is Denninger.

@ziff house- It was an interesting comment by Bush. Mish has got a link from the Charlie Rose program last night. I dont know if his video has all of the interview.(There were two guests)

https://calculatedrisk.blogspot.com/

The last guest gave a good explanation of MBS(mortgage backed securities) The banks bundled these things up and sold them off probably assuming that the good would cover the bad. Like your credit card. The shortfall could be picked up over time. Vis a vie the 'the floating currency'

The danger here is that if greed overtakes common sense on the gold price. Hence the Ezekiel warning. If the new hybrid banks take hard currency and use it as collateral it might save the system. What say you?

I think its time to put politics and war aside and let real money in before congress hands a gun to our enemies and tells them to shoot us.

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