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Buffalo Ken

"Reuters) - The owner of a tiny island in off Scotland declared its independence from the United Kingdom on Saturday, saying he wanted the territory, population one, to be a crown dependency like the Channel Islands.

In a declaration on his Web site, Stuart Hill, who owns the 2.5 acre island of Forvik in the Shetland Islands in the North Sea, said he no longer recognised the authority of the government or the European Union, and cited a centuries-old royal marriage dowry deal as the basis for his claim.

"Forvik owes no allegiance to any United Kingdom government, central or local, and is not bound by any of its statutes," Hill wrote. "

Elaine - this is why I love you.

Buffalo Ken

I can only hope my daughters will be as you...you are valient in the highest degree...or at least, you are to me...


Buffalo Ken

Hey, one last thing for the day. We need to try to understand uncertainty. Uncertainty is not a threat. Uncertainty is what life commences from....seems or feels as such to me....just trying to be as honest as i can be...

Buffalo Ken

and one more last thing to the last thing and the thing is you never know what the thing might have in tow

Buffalo Ken

i am not playing around....what about u....

i hope not...because it will be better

....for both us if we each choose....

to work together for the benefit

of all.

My opinion...thats all it is.

Buffalo Ken

Hey well ok, just one more...my daughters they watched this movie called "mean girls". They could oh so do it that way if they wanted to, but i don't think they do...

Buffalo Ken

six posts so decided to go to 7

Buffalo Ken

u get me - u under stand....

you got standing...i'm not so sure...

but what do i know?

I'm just of the



...... yep... After Olympic, China is going to say.. eff ya'll. Now it's our turn to play ball.

so two big events:

1. Israel-Iran war
2. What China will do after Olympic

These will determine the overall post- US Dollar landscape. (God help us, Bush is still in charge. So the greedy bankers are all in charge and will save themselves)


The method used in the past decades is no longer available: no one will accept to buy large amounts of Dollars in order to rescue the US currency if some voluntary policy (like the one described previously) is not implemented by Washington. As they will not do it, the rest of the world will draw its own conclusions: everyman for himself, knowing that from mid-August onward, as Beijing is relieved from the constraint of the Olympic Games, a large number of “tough” options (6), put on the back burner until the Games, will resurface (7).

Buffalo Ken

now you are free...to do what you want to do...


As this criminally flawed system spawns tornadoes of inflation scooping everything off the peasants dinning room table and evaporates any savings in the cupboards saved for such emergencies - and as you say, Elaine, All that glitters has a shadow - even gold will not hold up to the sleight of hand ticks of currency chicanery by the Masters of Universal Greed - What should the peasants do to defend themselves? We need to have some practical tool or weapon to mitigate the onslaught of the malefic forces. O woman of magical blogging abilities and Macro sensibilities we beg you to shed some light on whether there is any salvation in savings and what form this monetary buffer should be in these stormy times.

natty bumpo

Dear Elaine,

Regarding your comment on the little Shetland Island and the independence of your own homestead.....Remember "The Mouse That Roared"?

natty bumpo

Dear Elaine,

Regarding your comment on the little Shetland Island and the independence of your own homestead.....Remember "The Mouse That Roared"?

Elaine Meinel Supkis

Everyone is trying to start pirate islands. I figure, since several mountain principalities are doing this too, why not my little town that was sacrificed on the altar of free trade? Be a free booter!

By the way, I LOVED the Mouse that Roared. The book is even funnier than the movie. By the way, all CIA people read the book back during the Kennedy era.

Jojo: the ONLY tool we have is to be organized and to go after the guys in the headquarters. In DC. We have to push for campaign reforms, we have to open up the media and so on. It sounds very annoying but this is the truth: Daily Kos is aiming to strengthen the grip of the Democrats. But the real problem is BOTH of the old parties. I am very much a third party person these days. Past days, too.


Elaine, thanks for the article, it is factual, complete, thought stimulating, and has a great flow to it.

There may be a relenting in the rise in the supply of money

Data from the St. Louis Fed shows a topping off in MZM:
Date And Value Of MZM
2008-05-12 8670.6
2008-05-19 8720.2
2008-05-26 8748.0
2008-06-02 8762.2
2008-06-09 8753.7

The chart from Now And Futures.com shows a topping out of M3

The question arises, "Just what is topping off? ... The data and charts show a topping off of 'money supply', perhaps better said, the data and charts show a topping off of 'liquidity'.

I document in my article 'Topping Out And Downturn Of Oil Brings Stocks To The Edge Of A Major Downturn' that 'peak wealth' has now turned down ... the question arises: "Are we seeing a topping off of inflation?

That is why your article is so timely and important.

We have arrived at the end of the era of investment prosperity and are beginning on the era of the investment demand for gold.

I believe that the yen carry trade has been one of the two great investment dynamos of the age of fiat wealth prosperity; the other dynamo has been Alan Greenspan credit liquidity, and more recent Bernanke helicopter drops of liquidity onto the markets, by reducing the interest rates and provision of TAF, TSLF and PDCF facilities.

The chart of the EUR/JPY, FXE:FXY daily, and FXE:FXY weekly, serves as the barometer of the yen carry trade and indicates that the TAF rally ended May 19, 2008; and the yen carry trade rally ended for all practical purposes on June 10, 2008; but the Bank of Japan lending window has remained open providing loans at 0.5% interest which has sustained investment right up through the end of stock market trading on Friday June 20, 2008 in indexed commodities ETFs and mutual funds, such as oil, USO, which traded up 2.1% manifesting a doji to close at 109, as West Texas Intermediate Crude, $WTIC, did likewise to close at $136.

This week's rise in the gold ETF, GLD, as well the rise in currencies, FXE, FXY, FXA, FXB and FXS, came partially through yen carry trade loans, and the other part came through investors buying both these gold currencies and gold itself.

The Federal Reserve's provision of the framework agreements of TAF, TSLF, and PDCF have only served to debase the US Currency, destabilize bond and stock markets worldwide, and inflate the price of commodities, RJI, especially oil, USO, gold, GLD, and agricultural commodities, DBA globally.

This week's 3.5% rise in Gold, $GOLD, and the US Dollar's, $USD, 1.5% decline, documents that an investment demand for gold is underway, as investors seek refuge in the safety of that hard asset from concerns over inflation, as there is a growing disinvestment from stocks especially in the BRICS, EEB, as the yen carry trade unwinds, as concern grows over Timothy Geithners' call for unified regulation of banking globally, as well as the likelihood of a military strike upon Iran's nuclear facilities, under the authority of The Declaration of EU US 2008, or by the Israeli air force itself.


Question to all smart people out there...

What would be the impact of "Asian Monetary Fund" against current global trade imbalance?

It seems to me, then Asian exporters country can smooth out extreme exchange rate tilt against speculator. So a massive trade imbalance cannot be attacked by usual market player. (heck, now even Japan can't do it without ruining the point of AMF)


what will happen to IMF, Bretton wood agreement and dollar exchange rate?

It seems to me the logical conclusion would be. We are now against the entire asian money (albeit uncoordinated) There is no way we can pressure any single asian country to change their exchange rate without one of them say "wanna try me?"

Elaine Meinel Supkis

This is why Asians have both huge FOREX reserves AND are madly buying up our government debt! This way, they OWN us! Isn't that simple?

We used England to buy up most of our debt only England is going bankrupt faster than the US! The dark pools of the pirates is being used to buy dollars and debt only with hyperinflation taking over, they don't want either of these much longer.

YES, gold is rising again. But I view this as a way of wiping out 'wealth'. Why is this?

WEALTH IS VALUE-ADDED LABOR. Wealth is peasants, slaves, harvests and manufacturing and trade. Gold is a regulator that prevents inflation. It is trying to do this today, soaking up excess dollars in this inert substance that has one function: to be stored, not used.

IE: this is what Fort Knox was! A place to stick gold and keep it OUT OF CIRCULATION. This, in turn, made the dollar stronger. Gold is still trying to soak up excess dollars but cannot possibly keep up with it.

Inflation is eating dollars faster than gold can neutralize it safely. Inflation of consumables literally eats excess dollars which then VANISH! Into thin air. Gone.

This is why we see global inflation. If people are 'eating' their dollars in the form of raging inflation in food and fuel, they can't buy much gold, can they?

This leads to the next dynamic: depressions. Once all the savings and wealth of the workers and middle class is burned and vanishes without a trace, then there is NO money! At least, in the hands of the people who keep economies going. Namely, the working forces.

We will end up like Japan: depressed workers toiling under increasingly dire conditions. Unable to have children anymore, suicidal and in despair. What a great future that is, no?


UP until his recent posts, I had thought Mike Shedlock to be a serious economist. However, bring out the furry eyebrows and the big red nose for Mish. What an ultramaroon. This is just an opinion. Nevertheless, any one who drags Smoots Hawley out on the carpet to compare it to tariffs on Chinese steel, deserves the whole clown getup. While pontificating on the horrors of protectionism and the GDP destruction wrought by Smoots, 'MIsh' forgets to mention that Smoots was a gold standard world, and that the Middle Kingdom was not destroying our manufacturing sector by hoarding one and a half trillion dollars in Treasuries to prop up the dollar and to misdirect our economic resources away from manufacturing and into particle board McMansions. So this Groucho is for you Mish, you fucking clown. In my humble opinion of course.

Elaine Meinel Supkis

Yes, understanding all the elements is very, very hard. It is an uphill battle. I can do this because my father was advisor to 5 Presidents and I grew up at the top, so to speak. Went to school overseas. I had to learn about relative value of money the hard way, while living outside the US and while listening to or reading my dad's letters where he complained about policies that made his international work [hard to bribe if money is losing value, you know!] harder and harder.

When he opened a Swiss bank account in frustration in 1972, I knew we were going into a very serious currency crisis. My ex-husband, who worked for a Greek shipper alerted his boss to this fact. A lot of international traders were hammered from 1972-1976.

I like Fekete as a place to get information because that professor isn't an ivory tower twit. He worked in the real world and has a sure, strong handle on tracking all things at once. Nimble and on his feet, I admire him greatly.

I have disagreed with Mish in the past, by the way. You have to read him very carefully and compare him with others [like here]. Indeed, I highly encourage this! If anyone relies on any pundit, they can be led astray. We all must learn from each other all the time. This is a group effort to understand.

This is also why I mention Karl Marx: when US propagandists wiped him off the books, the stupidity level of commentary and understanding became obvious. We can't analyze economics if we totally ignore some of the smart things Marx wrote! Especially the business about 'capital', 'profits' and 'value-added labor.'


Marx is taught in sociology classes now, not in the economics department, if that tells you anything.

Crimson Ghost


So many of today's problems are tied to US wars of aggression and the gargantuan military budget that this requires.

Ron Paul is the only mainstream politician to point out the obvious connection between US foreign policy and rapidly escalating economic problems around the world.

The economic and financial costs of our reckless Zionist dictated foreign policy is a verboten subject in the mainstream media and among almost all mainstream politicians. This says a lot about what their REAL priorities are.


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