This economy is a what?
Updated: Saturday March 29, 2008 07:55 CST
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Revolution Monday: The Bankster's Coup
Back in earlier times in America, before the Central Bankers took over, there were lots of financial institutions in the country. Most were fiercely independent and they played a key role in the development of the nation. That was a time when the White House was able to dictate to the banks and financial interests rather than today's mirror/reversed situation where bankers largely tell the government what to do.
Of particular significance are two historical events. One is the history of the Second Bank of the United States, which, after its federal charter was withdrawn, ended up bankrupt in a few years. The key thing to remember is that President Andrew Jackson was so mad at the corruption and attempts to influence government, that he pulled the 'federal charter' of the bank, leading to its demise.
Key point: The President dictated to the Banks, not the other way around.
A second moment of history to be recalled is two days before Christmas 1913 the passage of the Federal Reserve Act. Perhaps the most thoroughly researched book on the forming of the 'Fed" to date has been G. Edwards Griffin's "Creature From Jekyll Island" where the bankers of the day hatched their plans for the monetary takeover of America in a scheme which would, in effect, allow private bankers to charge the country interest on it's own money.
A short video which you can see here, lets some of the secrets out: The Fed's actual owners are secret and the watering down of the purchasing power of the dollar has been successfully 'spun' from theft through watering down to the popular belief that prices go up through a mythical process called "inflation" which was ground into the public mind during the last Great Depression and its aftermath.
Key point: From 1913 until this week, the Fed dealt only with banks.
Now fast forward to this coming Monday when, according to a Reuters dispatch, "The U.S. Treasury will propose...that the Federal Reserve be given sweeping new powers that would make it chief regulator with authority to require actions and to ensure market stability"
Key Point: Having seized control of the currency in 1913, and having sold the notion that prices somehow mysteriously levitate in the general economy independent of the supply of goods, market demand, and supply of money, the bankers club - the not-really Federal Reserve will begin its push Monday to control much more than banking. It's about to seize Wall Street.
In doing so, the Treasury is expected to promote the merging of the Securities and Exchange Commission and the Commodities Futures Trading Commission that oversees the commodities markets.
Oh, and in dabbling their toes in owning (as securities pledge against loans) CMO's and such, the Fed may also have tipped its hat that it's getting into real estate ownership.
Context and Impacts
There are many ways one can describe the Fed's expansion into non-banking financial regulation.
One way is to argue that because of the electronic linkage between markets, its necessary to ensure 'market stability' at all costs, thus justifying the expansion.
On the other hand, as an independent speculator, which I readily confess to being, there's another equally descriptive term: Price Fixing.
The bailout of the financial institutions which we've been witnessing develop over the past year, or so, having arisen out of the mortgage bubble collapse, in pure economic terms should have resulted in the destruction via bankruptcy of the immoral, unethical, and unsound characters who caused the condition.
However, in today's United States, which adheres to a more generally socialist agenda (*e.g. government control and central planning) such self-cleaning properties of American Free enterprise are no longer politically acceptable. It's just not Agenda 21.
Instead of allowing market forces to shut down Bear Stearns, or other "too big to fail" institutions, what we witness instead is the methodical use of taxpayer monies to bail out the morally and otherwise bankrupt firms that gambled too heavily on CMO's, CDO's, SIV's, and the lot, with probable foreknowledge that (wink, wink, nod, nod) there really would be no risk to those making the decisions: The Taxpayers would be writing the checks to cover bad bets, which is where we are today.
In a country where the number of movie and mindless infotainment channels outnumbers the financial channels by perhaps a 200 to 1 ratio, it's understandable, yet sad anyway, that the bankers are using the excuse of "market stability" to enforce price fixing.
Is it possible that the linguistic work of www.halfpasthuman.com which has been pointing to a rebellion/revolution this spring and lasting for several years was not about regular people being priced out of their homes by foreclosures, losing their jobs through offshoring, or walking because gas is headed skyward and instead refers to a banker's coup?
Americans have always had a 'silent partner' in their investments. Whether it was a farm in Washington's time, or a Silicon Valley startup in the Internet bubble days, business has always paid some tribute to government in order to secure our greater good.
However, when I stand back and review the longer view, I can't help but notice that government's tribute, as a percentage of the gross, has expanded 20-50 fold since revolutionary days. Simply put, the bankers have been doing a marvelous job of getting a larger and larger piece of the fruits of the enterprising American worker's labors.
I have no doubt - well, OK some - that the Fed Chairman and the Secretary of the Treasury are well-intentioned: They realize that if the banking system were allowed to go through its normal 'self-cleaning cycle' that a lot of damage would be done, and millions would see their retirement accounts evaporate, because the investment community conned everyday folks into a belief that investment advisers and their ilk could make better decisions about what's a sound investment, than could a thoughtful worker who considers carefully where to save and invest.
Well, surprise, surprised, they didn't. They puffed up the books and sold liar's paper. But rather than fess up - with a few well earned visits to the iron-bar hotel, the Fed's bailing out Wall Street. But in return, this deal with the Devil, now turns to a pact to honor the Devil's spawn, the banksters behind the scenes... the 30% interest crowd.
Thus, as the era of American capitalism comes to an end, we see the institution of American socialism in its rawest price fixing mode entering the scene. Like junkies hooked on smack, the American worker has been fattened by the bankers of cheap credit, and absent assent to a slaughter of our freedom, we'll be beggared and bankrupted one-by-one and sent to tent cities where colored wrist bands will mark those allowed into the Bush presidency's hidden Hoovervilles.
Monday will also mark, if there had been any doubt previously, the end of the Republican Party that I grew up with. There was a time when the GOP stood for small central government, a progressive civil rights stance, strong belief in states rights, and minimal foreign entanglements along with strict adherence - to the letter - of the greatest Nation founding document ever.
Gee, I don't suppose you have any idea where the real Republican Party is, do you? I routinely call the current batch of pretenders "republicorps" because the universal solution to all problems in the country has been more laws, more governance, and oh, by the by, a bigger share for your silent partner.
The myth also persists that that there is an opposition party, the Democratic Party. Yet I continue to call this party the 'democorps." Why? Because the democorps, like the republicorp have their hands so far into the corporate cookie jars and have succumbed to PAC attacks to such a large extent, that genuine change of a policy found lacking can no longer be achieved because the money and 'grease' rules the day; the grease being voter turnouts promised by the PAC's, the campaign workers supplied, and so forth.
So, Monday the Revolution begins. Bankers will promote their socialist / price fixing, total government control of markets under the guise of 'saving us' from misdeeds by people who have made what are called 'errors in investment judgments'. In an earlier time, it would have been called fraud or rampant speculations and people would be fired, bankrupted, jailed, or hung for such breach of the public trust.
"Market Stability" is like pregnancy: You're either price fixing, or your not.
I've been writing about since 1995 about the economic future of America. You can find papers and notes I've made all the way back to 1997 in the library on this site. At it's core, this site has been watching for the painful - but manageable - wringing out of malinvestment from the system so that America can go through its periodic rebirth, formerly happening in long wave economic pivotal years like the Panic of 1873 and then the Depression of the 1930's.
In Biblical times, these were Jubilee Years (go reread Leviticus) and all debts were forgiven. In modern days, it was Long Wave Economics, but the same principles of death and rebirth continued.
Most weekends I offer a summary of various news events, a little contexting to maybe help you see the way to the future more clearly. But this weekend, there is only one story. ^There's a revolution coming Monday.
America has one of its most important decisions ever just ahead. Although it may be summarized incorrectly here, my view is that it comes down to a choice between two alternatives that demand your most solemn consideration.
We can, on the one hand, accept the proposals put forth by what I refer to as the corpgov and banksters. In accepting their proffered solution, we will be agreeing to more government and what's worse, more government control of private enterprise. With it will come further price fixing of financial markets via the interventions of the Plunge Protection Team, more formally the President's Working Group on Markets.
The outcome here will be a complete government stranglehold on your finances, assuring that without perfect cooperation with the system, you and your descendants will be "subjects" of the system rather than Free Men and Women. You'll be told where to work, what to think, and how to act to a much greater extent than even now because as history has taught us, absolute power5 corrupts absolutely.
The other outcome, which I admit is much less likely but the one I personally favor, is to take the other path. The one both political parties (before corporate subversion) followed: Strictly allegiance to the Constitution, the Bill of Rights, and a balance between the legislative, executive and judicial branches. Oh, did I mention sound money?
The problem with this path is will hurt - and maybe a lot: People will lose savings, but the flip side is the bankers can be brought to heel; the spiraling growth of government can be slowed. Maybe even reversed. Freedom - in the purest sense of the Framers - can be preserved. Or, it can be lost forever.
By the way; it never occurred to me to put it into a web browser, but see what happens when you click on www.usconstitition.gov or www.billofrights.gov. Nothing! Is this some kind of a hint? Is the outcome already assured?
I've chosen with my wife to live in a remote part of East Texas because of the spirit of the place. We don't have credit card debt, and we have voluntarily eschewed the 'flash and bling' media pimped lifestyle based on debt and excessive personal consumption. In a word, we've tried to 'unplug' from the mainstream a bit. No texting, no long commute, no twice weekly trips to big-name department stores, fewer prepared foods. Instead, we have a garden, raise a few animals, and pay our taxes.
The people out here are more 'real' than citified folks. The idea that a person's value is implicit in his vehicle, clothes, brand of cell phone even, well, that's just patently absurd. Strangely, with enough media hype, exactly that kind of thinking seems to prevail in many urban areas, though. We've decided to voluntarily downscale.
So the Banker's Revolution begins Monday and the choice is simple:
So give it some thought this weekend. Which side will you choose? Soft and Easy but totally Ruled, or Hard and Thrifty - yet FREE?
Let me know your thoughts. It might make an interesting Monday article if anyone responds. Send comments to email@example.com.
I'll leave you with three quotes that may help your deliberations on this momentous moment, which will surely pass unmarked by MainStreamMedia:
Winston Churchill's "I have nothing to offer but blood, toil, tears, and sweat."
And the most prescient of all: The Walt Kelly Cartoon character Pogo:
There is no other story this weekend that even comes close to the magnitude of this one.
This week for Subscribers to Peoplenomics:
Camping In: The "After-Action" Report
Before this weekend I was pretty confident that this weekend's "Camp In" preparedness test would find me totally ready. Yessir, I was set - or at least so I thought. It only took about 6-hours to arrive - somewhat humbled - at the realization that even though I've got some of the "big stuff" (food, gun, water, medicine, and the usual stuff you read about on the 'net), I've also got a huge 'punch list' of things to correct before I rerun the test in September, just before the linguistics tell us 'Beware October.' I think you'll find some of my 'blind spots' instructive, and they explain why I'm planning to make "camping in" a quarterly event around here...
Free Medical Advice?
If you know anyone who is sick of those endless "me too" and "good times are just ahead" reports on the economy, tell them about this site and our strange outlook on things. If they still like you fine, and if not, you didn't need them anyway.... Click here to send 'em an invite...
No More Income Bents
To get your "No Incumbents in 2008" click here. They're just $5. And no, that would not keep Ron Paul from running for the White House he is not an incumbent for that office having never held that job before, you see. And the CONgressional folks? Don't even get me started... Primaries this week in Texas and Ohio, to name just a few - eyes wide shut?
Cheap, Cheaper, Cheapest
There are lots of ways to save money on food, shelter, transportation, and such. It just takes a little reading and one source of good ideas is our handy ebook "How to Live on $10,000 a year or less. Still just $10.
Friday March 28, 2008
Consumers: Tapped Out?
The latest from the Commerce Department:
The key number is that consumer spending was up only 1/10th of one percent - which (by the time you back out inflation) is a negative as I read it. As for your personal bottom line:
Maybe...remember here about 4-5 months back the methodology was changed when the personal savings rate kept coming in -1.x percent each month, so if you're finding you can't save anything, don't think of yourself as below average. Think of it as your patriotic participation in a national recession that isn't being acknowledged.
Computing Notes: Time Monks and Viruses
Cliff and Igor at www.halfpasthuman.com have reported some serious hardware damage ,from an attack on the data gathering system. Serious enough to do actual hardware damage. As a result, while they build up a new machine, write code to the revamped NT 4 kernel they use to prevent another insurgency, and rerun processing, it will be a week or so before the next part of ALTA 1308 is posted.
None of the main data set collected for the run was damaged but whatever a redirecting virus is, it's enough to make the otherwise mellow time monks have mortgage banker kind of blood pressure levels.
I wonder if, when government statisticians are working on alleged 'productivity gains from computer horsepower going up, whether they consider the actual increase is massively watered down by anti-virus, spam control, phishing, and the 101 other things that eat into what should have been increased productivity?
My personal word processing effectiveness has been about the same since the TRS-80 days using a word processor called "Electric Pencil" - and not a one BSOD (*blue screen of death): I was able to make spreadsheets in VisiCalc and 1-2-3 that we just as incomprehensible as the ones I crank out from time to time in Excel 2007.
While the back-end hooks of modern spreadsheets being able to hook into a SQL database are useful, they are also time consuming and often seem to promote management decisions that become overly complex. My personal experience is that few decisions require much over 2 decimal place resolution and are made most effectively when more attention is paid to the 'framing questions' rather than the complexity of calculations.
One of the time monk's predictions about soaring grain prices continues to unfold. We noticed this morning that the "Jump in rice price fuels fears of unrest."
We've got an eye out for the "corn sugars /artificial sweeteners are dangerous" meme which is due to be popping in MSM shortly, says the model.
Great headline on the Grassfire Immigration blog this week in case you missed it: "Exposing DHS Border Fence Myth: How 302 Miles (of fence) is Actually Less than 10."
Meantime, CNN report "Mexico sends troops to U.S. border, officials say". Excuse me? What border?
The Runs: Mitt Picking
It's looking like Mitt Romney will be John McCain's running mate on the GOP ticket - at least that's the MSM hype which will give pollsters something to write about ad naseum for a few weeks.
I'll just go back to bed; wake me if anyone talks about a real issue like the Fed printing up money, the collapse of American industry due to offshoring, etc... I should have a nice long nap.
What's this? "Obama casts wide blame for Financial Crisis and proposes Homeowner Aid"? OMG: Someone's talking about an actual issue finally.
War Coming? Ousted Admirals
I'm continuing to pick up bits about the ouster of Admiral William Fallon. I mentioned to you last fall that I suspected that one of the preceding/leading indicators that a strike on Iran was imminent would be the dismissal of folks, like Fallon, who would not stand for US/Western 'first use' of nukes. Today, a report in the Bangor Daily News says "Fallon Was Right."
Also curiously timed was the firing of Vice Admiral John Stufflebeem this week.
Media worldwide are seeing an increased likelihood of a US Iran and headlines like "US moves towards engaging Iran" are popping up. But, on the other side this week, Iran is saying it may go after the West for damages as a result of economic sanctions enacted by the Security Council because of it's nuclear program.
We can't help but note that oil is hovering around $107 after the oil pipeline bombing in Iraq, part of the Basra fighting.
Earth Hour Weekend
What? You don't know that 35 countries are planning to put lights out for an hour Saturday to combat global warming? Yeah, we were in the dark about this, too...
Another Troubled Gov.
Thought Eliot Spitzer was the only governor with troubles? Today we can add Anibal Acevedo Vila, the governor of Puerto Rico to the list - he's been charged with 19 criminal counts related to election laws.
Say, you don't think 5,000% inflation would be an election issue, do you? Despite that, there's still a chance Robert Mugabe can hang on to his power in Zimbabwe in elections this weekend. OK, a slim chance...
Italian officials insist that Italian buffalo Mozzarella cheese is safe despite reports of elevated dioxin levels. Hell, I didn't know they had buffalo in Italy, let alone that they have enough milk from them to make pizza cheese....
Nice Gigs Department: UC's New Pres
At a time when student loans are drying up, and folks are having a tough time figuring out how to get kids through school, we note that Mark Yudof, the head of the University of Texas system has a new job as president of the University of California. Compensation: $828,084 says the LA Times.
Lemme see: At $4,000 per student loan, that would be only 207 enrollments. Ain't the education business great?
Bad Gigs Department: Bear Bummer
Bear Stearns' chairman Jimmy Cayne's holdings once worth over $1-billion have been sold off this week for $61 million. That bear bites.
So, how many student loan enrollments was that loss using the same $4,000 per student loan figure? Well, the drop in value was $939 million, so that would be...uh...234,750 enrollments in higher ed...yikes!
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Coping: What to Hold, What to fold:
A reader asked for some clarification of my outlook for what's ahead...and although this isn't investment advice, it's my 'take on things' from where we sit today:
So, I wrote back...
And, as I expected, Cliff chimed in with...
To all of this, the reader kindly wrote back:
Send snip and save comments and ideas to firstname.lastname@example.org
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Thursday March 27, 2008
Reader Note: The twisted/gouted knee is a lot better today, so here comes a regular workday methinks. Thanks to everyone who sent along suggestions on how to get better faster...there are sometimes, it seems when the best possible course of action is pure living and lots of rest, along with becoming immobile. I'm not sure which is these is most distasteful - none seemed fun at all...
What Hangs on the Buck?
Having had some serious down time over the past couple of days to ponder things without two phones ringing and three monitors demanding 110% attention, I have spent a fair amount of time pondering the 'chicken and egg' question of the US dollar's fate. Which, in case you have been oblivious to local food and gasoline price inflation, has progressed from a sniffle to death's bed lately, despite the Beltway Jingoists and 'deciders' who mutter nonsense like "Strong dollar policy". That's akin to screaming that the "Titanic has an unsinkable policy" while the orchestra played on in the precious minutes after the iceberg's goring.
Cliff and Igor at www.halfpasthuman.com , which provides linguistic-shift derived views of the future, have been watching what I've described here as the "rebellion/revolution' meme in linguistic modelspace developing for more than a year. Today it's clear that the 'rebellion/revolution' meme is growing as a reaction to the significant cognitive dissonance surrounding so many of today's news events.
Cognitive dissonance is best explained as the gap between what you're told and those events that you can plainly see. Over some period of time, cognitive dissonances result in mental/attitudinal shifts. An example recently has been the banking/finance/dollar/liar's paper debacle. We're told first that the problem is 'contained', then that it's 'manageable' and now that the public might be stuck for the costs of the bankster bailouts.
An Ernest Istook story headlined "Mismanaging the Mortgage Mess" is particularly instructive because it consciously (or otherwise) has been picking up the 'rebellion/revolution' meme.
On the surface, it's a good report that makes the [painful] point that "Taxpayers could be hit with a $300 billion-plus tab to help homeowners who filed false loan applications as well as those just struck by bad luck."
But below the surface, and the story contains an almost textbook example of how language 'leaks' future events to those studying language shift, the author begins the story with these words:
Do you see it? I don't care how skeptical you may be of our notion that the future is foreshadowed by shifts in language; this is story's opening line should scare the daylights out of even the most severe skeptic: It has drawn a direct link between 'the mortgage mess' [the headline], bad decisions, and mobs.
Another writer who I have to give a gold star to if Bob Chapman of "The International Forecaster" who writes in a March 2008 newsletter posted yesterday over at GoldSeek:
Sometimes its frightening to see how precisely events percolate up out of the quantum foam of language into current events and headlines.
Revolutions are tipping points. Just as the July 2001 articles I wrote and posted here foreshadowed a tipping point later in 2001 after which life would be forever different, so too in current linguistic reads, life is about to become very unlike what most people expect.
Sometimes revolutions can be peaceful; an example of which might be something like the Viagra Revolution now 10-years old. "Viagra was a revolution waiting to happen" begins the article.
So whether you're talking about a revolution in Australian higher education, a coffee-drinking revolution expected to sweep Russia, or a revolution promoting Muslim website, the 'rebellion/revolution' shift is patently manifest.
Bryan Mahoney writes in the Lexington Minuteman, pondering how the American Revolution would have occurred should it happen today, rather than some 233 years ago:
OK, maybe it wouldn't work out quite that way. But behind the headlines there's a sense of rebellion/revolution against the financial morass congealing into a new reality which will evolve over the balance of this year; accelerating in October and lasting until early 2010.
What it will be like depends on who you ask. Some think it will be like the Argentina collapse. Others will point to the Russian financial collapse of nearly 10-years ago. Surveying the financial sector wreckage, the Moscow Times notes:
One of the key aspects of the Russian financial revolution was the country's reassertion of a link between gold and it's paper money.
All of which gets us around to the main point of the day. Even though the spot price of gold in some places has not seemingly reacted as one would expect, headlines like the "US dollar mostly lower, gold up in European morning trading" has some serious implications.
Paper instruments are in a major global retreat. There's a major power shift underway as a result, too.
As crazy as it may sound, the very bankers who are bailing one another out with more borrowing (e.g. printing of money, which in turn waters down the purchasing power of the general public) have managed to spin events such that the "Fed May Emerge from Crisis with more Influence at SEC Expense."
Yes, the very Fed that pumped money to feed the Internet Bubble and then the Housing Bubble, is now in effect saying "Let US watch those naughty investment bankers down on Wall Street. And oh, pay no mind that the public will be stuck for $300 billion of the bailout costs, or more."
The global marketplace, not being quite as gullible as MSM zombies in America, have viewed all of this with skepticism and have been lowering their valuation of the US Dollar. In the wake of the mythical "strong dollar policy" which have yet to see articulated in a meaningful way.
As the rebellion/revolution meme progresses over coming months, keep an eye on the sequencing of events.
Before the year's out, we may see what really hangs in the balance of the dollar's fate: Bankers.
Revolutionary Notes: Food Riots
If you don't see famine on the march, quick, go over and read Tony Lopez's column in today's Manila Times. A quote that goes to the rebellion/revolution meme in GlobalPop (in modelspace):
Say, I haven't bugged you about this for a few days, but do you have your garden in yet?
I don't suppose you want to read about how the honey bee colony collapse has been parallel the increased use of genetically modified crops?
"Report Assails Auditor for Work at Failed Home Lender" in the NYT. Not that this is surprising, but we continue to wonder where are the people who should be going to jail for orchestrating the housing collapse, including the enablers in banking?
I'm pleased to see the NY Times is coming up to speed on the HELOC (*home equity line of credit) crisis which we've been talking about for a few months. MSM emergence coming.
Hide the Bummer Number Department
Getting virtually no play in MSM is the report late last week from the Labor Department that employers took 1672 mass layoffs in February with 177,374 people hitting the bricks - the highest since the Katrina/Rita layoffs in 2005. Check it out:
What makes this number even more meaningful? What is the shortest month of the year?
Neat spin job, though, as after nearly a year of looking like a non-event kind of report, the MSM dozed off on this one.
Sudden Bush Trip
Seems like Russia didn't like Condi's latest pronouncements. Now, GW is heading to Russia. On the agenda? Iran maybe? Kosovo?
Lots of other stories about, but most of it is in the bread and circuses department - meaningless but urgent sounding stuff...more tomorrow...
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Coping: Bankers Hoarding Cash
Can't get a loan lately? Don't feel like the Lone Ranger. A really knowledgeable reader sends this:
Famine on the way? Try this:
Good info to keep, I hope. Never know when you'll kneed it...
Send snip & save ideas and comments to email@example.com
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Around the Ranch: Laid Up Learnings
I'm one of those folks who is cursed with a brain that sometimes won't be turned off. So, despite the swollen knee, I managed to keep busy by among other thing, listening to ham radio conversations.
one of them was pretty interesting. Seems one of the local Texas good ol' boys has been working feverishly over the winter restoring a boat which he plans to launch on one of the local reservoirs this weekend. That naturally brought the conversation around to what would be the right method of christening the vessel.
This being Texas and all, one of the suggestions was a bottle of Jack would do fine. But, after some discussion about tradition, a bottle of champagne was considered.
The old boy who'd done all the work on this now gussied-up boat then wondered aloud to the 75-meter band multitude if such a bottle wouldn't damage some of his handiwork on the boat. Boats were designed for floating, not for breaking bottles.
After a round of further deliberations, it was decided that the boat could be christened by breaking the bottle over the trailer hitch.
What kind of champagne? Which got around to a discussion of cost. Things like the ratio of champagne cost to boat displacement, for example. A bottle of champagne is less than budget dust if you're launching a nuclear submarine; things like that.
As I dozed off, I'm pleased to report this boat will be christened with a single bottle of Budweiser, and plans made to ensure the glass is all picked up..
It was all very reassuring. While banksters may hang (in balance) over the fate of the dollar, and the wars continue, and the other news/bummers of the day percolate, there are still plenty of level-headed Americans who take time to ponder the things we can change in this life: A boat, some bass, and Bud are all things we can do something about.
Wednesday March 26, 2008
A Reader Note: My 'blown out/gone to gout' knee still has me hobbling, however, I found some unused pain pills in the medicine chest and the knee is significantly better. The rest of my body is none too pleased about the current bout of purity, however. Notwithstanding, new Peoplenomics subscribers will have to wait another day for account access.
Melts: Ups and Downs
One can't help but wonder what the stabilization period for precious metals will be. "The what? You take one too many pain pills there, Ure?"
Oh no, not me... (got some more. though?) What I'm mumbling about is the recent run-up in the POG (*price of gold) and the subsequent price gyrations while a new equilibrium between price and demand is established.
While the recent price spike in gold over $1,000 may have seemed like a momentary affair, I'm inclined to believe that higher prices are yet to come.
High prices of the 'yellow dog' have indeed brought about some dishoarding in the form of people selling off jewelry and so on.
On the other hand, a quick trip over to www.kitco.com reveals that the current price (up $5 for the day when I checked) is still up more than 1/2 of 1% for the past month, and it's up 42.31% from a year ago.
Elaine asked me about whether we should maybe sell some gold and silver and I explained why I'm holding out for higher prices which I personally think (*this is NOT investment advice) are still ahead. - I promised to give it some serious thought, though, because my commodity portfolio gains which had been north of 1000% annualized, has recently come down to a mere 350% annualized. Yup, she's right asking for a review of things.
My first stop was Kitco's historical price charts page and directed her to the 1975 to 2008 gold chart in particular. This one is of interest because it shows the London afternoon price and in 1980 it looks like $755 to $760 but if you zoom in on 1980 by itself, you can see the blow-off high was actually over $850.
Following the same methodology, the multi-year (1985-2008) silver chart shows a 1987 high of what looks like $9.50, but when you zoom in on the single year chart you will see $11 silver in late April of that year.
"The key thing to think about," I explained, "is that none of these figures takes inflation into account. So, if we want to see where a similar blow-off peak would be in 2008 dollars, we can click on the Minneapolis Fed's inflation calculator and run out where prices could be."
I plugged in $850 in 1980 and came up with $2,224.03 for a similar gold spike while silver came in at $20.88...close to its recent highs.
It could be argued that since we have already touched the inflation corrected high for silver, that now might be a time to book some profits and chill out for a while. If I was managing an account in the "widows and orphans" department that might be a reasonable thing to do. But, I'm not. I'm playing for maximal gains, not minimal risk.
Which then gets us around to the Gold/Silver ratio. Historically, this has run about 16 to 1. In other words, one ounce of gold would cost 16 ounces of silver. In the 1987 silver peak, the price of gold was about $475 an ounce, which would put the ratio at 43 to 1. More recently, like a couple of weeks back, we saw gold was around $1022 (or there about) while silver was just under $21.
That means the recent ratio was 48.6667 to 1 - rounded that's about 48.7 -ounces of silver to an ounce of gold..
That left me scratching my head thinking "Hey, maybe she's right..." until I remembered that we have other metrics that can help spot when gold is at a price extreme. One of these is the oil/gold price ratio. As one post (*not surprisingly, on a Ron Paul web site) noted [below the chart]: There may be a gold buying opportunity for gold when it is priced at less than 10-barrels of oil per ounce. And, it may be time to sell gold when oil is priced at 20 barrels (or more) per ounce.
This sends me scampering (hobbling is more like it!) over to check on this morning's price of oil: "Oil nears $102 as dollar weakens" reports the A.P.
Armed with this new information I penciled out this morning's relationship between $950 gold and $102 oil - that's a 9.3 to 1 ratio. So, based on this alone, I would expect one of the following to be true:
Which one is right? Well, if gold is fairly priced around $100, then gold would be a buy in here and I shouldn't sell gold until gold is over $2,000. Based on an extreme of a silver: gold ratio of 50:1, that infers selling silver at $40.
On the other hand, if we see a collapse in the price of oil, to say $50 a barrel, $1,000 gold would be a sell. But, I'm not holding my breath.
Globally, oil demand has continued to grow in new markets like China and India. New in the sense than their domestic us is climbing faster than the US. India refiners in February were up 5.8% year-on-year, for example.
If there's even a glimmer of truth to the Peak Oil scenarios, which doesn't mean running out, it just means that new production is being outpaced by demand, then there's no reason to expect a 50% reduction in oil prices which is something I'd be looking for in order to turn gold into a "sell!".
Parenthetically, Russia and Egypt has signed a near power deal. So if 'close to the source' countries like Iran and Egypt are putting in nuclear operations, it suggests that Russia and Egypt/Russia and Iran are not expecting cheap oil to be around forever. Long term, oil going up from here seems like s slam dunk.
To reduce it to an outlook, I'd estimate that as long as the US dollar doesn't perform a Lazarus type miracle, which seems an impossibility given how we've screwed over the rest of the world financially, I'd put the odds of $2,000 gold much higher than $50 oil. That, in turn, leads to my further expectation that even at 50:1 silver to gold, we have $40 silver ahead.
There was a headline last week in the Ottawa Citizen about how a US firm had laid claim to a vast part of the Arctic where there are estimated to be as many as 400-billion barrels of oil.
[*Reader note: 400-billion barrels of oil sounds like a lot until you pencil in 88 million barrels a day of global demand. Then it becomes apparent that this is only 12.45 years of supply - and we haven't even tapped it yet. If you have kids, I hope they will live long enough to see the end of cheap energy, but global food shortages 9mass famines) and the collapse of international commerce that will come as oil availability declines, argue they won't.]
Will that push us toward $50/barrel oil? Or, what about the reported Gulf of Mexico sites, or the new fields off Brazil? Won't those help? Help? Of course. End of the problem? No.
But don't take my pessimistic view as gospel - I'd steer you to oil financier Matthew Simmons latest presentation "Peak Oil's Investment Implications".
The very first slide he puts up notes that oil spiked to 103.76 in April of 1980. Going back to our inflation calculator (courtesy of the Minneapolis Fed) we can see what a similar spike would infer denominated in 2008 dollars: $271.49. However, that doesn't take into account the decline of the dollar (continuing this morning) that has continued unabated.
That implies gold being priced at $2,714.49 per ounce in a 10:1 world, making gold a sell in a 20:1 world at $5,400 +.
Can this kind of world happen? Simmons argues that it already is. Motorists in the UK last fall were paying the equivalent of $9.00/gallon for gasoline last fall which pencils to $378 a barrel for oil. One of his slides shows that oil is priced at one third what a barrel of Budweiser costs: Oil this morning is at $102 a barrel while Simmons pencils Bud to be $372.96 per barrel.
With a Western war with Iran nearing execution (*if I read behind the headlines correctly), there's no reason not to expect oil to spike to levels it saw during the 1981 Iran-Iraq war - well over $250 a barrel.
At those kind of prices, the US would have no policy options left except to say "We have a strong dollar policy" out of one side of our mouth, while on the other, going into 10-20% inflation; again it argues for metals.
While I'm sitting around waiting for what I expect will be a melt-up in oil prices, with a concurrent melt-up of metals prices, try to remember that gold and silver has shown much more resilience that stocks. True, the price of gold went from about $1,010 down to $922, a drop of 8.7%, I figure its a much less dramatic decline than the Dow, which dropped from 14,093 in mid October (on a weekly basis) to 11,873.7 a couple of weeks ago - that's a 14.7% drop.
I had a couple of emails this morning asking "Should I sell my gold or silver?" So here's my answer to paste up on the wall someplace to save you from sending me email:
Based on all the numbers I can see, we're either going to see a melt-up in metals, or a melt-down in oil. Either way, it should be interesting to watch.
Melts & Memes: Global Coastal Event
Seems to be getting underway with the big ice shelf disintegration over the past month in the Antarctic. This collapse by itself shouldn't impact, as it was already floating and displacement and all that means no change. But:
Something you may note have considered: Damming of rivers may be causing the real impact of rising waters to be masked said one recent report.
Half Trillion? One Trillion?
The headline this morning is that "Wall Street may face $460 billion in Losses, Goldman says."
I figure the size of the liar's paper/bailout debacle will be like the cost of the Iraq War - it will keep leaking out over time. We're nowhere near the end of it and the price tag is nearing 1/2 trillion. So, how long till the other shoe drops?
"Hoarding by banks stokes fear over crisis" says the Financial Times. You hear that other shoe yet?
Rocket Surgeons Department: Social Security Notes
OK, we've known about this for how long? Hank "Paulson: Social Security fix needed".
The Runs: Social What?
Bread and circuses!
Ratings & Runs
Dear CBS: Might work if you could find better candidates...
Banksters and Channelers
'Banks Balk at Paying for Clear Channel Deal" headlines the NYT. Sounds like lawyer time is nearing...
Cool Headlines Dept
BTW: Can someone please tell me what the Decider's a strong dollar policy means when we're crashing to new lows relative to everything but the Bugravial zork?
(*Bugravia was a mythical country used by late radio greats Coyle & Sharpe, famous for their tape recordings of man on the street absurdities. - check the .MP3 snips...)
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Coping: Inflation and BBQ's
Ah, that time of the year - where BBQ comes into the conversation. Don't care whether it's a Veggie Burger or a 2" T-Bone, BBQ is my favorite way to cook. Maybe it's some regression to the 'caveman' DNA. Anyway, inflation is hitting - as noted by a reader who sent this posting.
Sun Spot Planning
Not that you can do much about it, but there are already starting to be some notes about how the current sun spot cycle could be a 'baddie'.
Camping In Follow-Ups: Indonesia Report &Stocking Up Ideas
Our former Houston Bureau which is now located in the hills of the Indonesian hinterlands, sent in what the Camping In experiment (Peoplenomics report) is like outside the USA:
A US reader also offered some experience and shopping ideas:
Here are a few suggestions you might want to give your readers on products we found to be valuable to replace our comfort without if the system goes down.
(have been experimenting with this life for over 10 years now and have weeded out the bad from the good.)
1. FIRE BALL STARTERS:
(great to start fires and cook with)
STORED THESE IN LARGE TRASH BAGS AND IN 60 GALLON
GREAT FOR STARTING THE STOVE ON A COLD DAY QUICKLY.
(ONLY TAKES SEVERAL TO START)
The quick, easy, safe way to start a fire in wood stoves, fireplaces, grills, at campsites... and a must-have for your back country survival kit.
Non-toxic, environmentally-safe Lightning Nuggets® are a blend of highly resinous, pulverized pitch wood sawdust and food-grade paraffin wax. And one is all you need! Pine-scented Fire starters are guaranteed to light easily and burn strong for 15 minutes.
2. THE BERKEY LIGHT GRAVITY FEED FILTER
WE USE THE BERKEY LIGHT: (without base)
Removes pathogenic bacteria and cysts including E. coli, Giardia, and Cryptosporidum,
chemicals including herbicides and pesticides to below detectable levels while still
reducing by more than 855 heavy metals like lead, mercury, aluminum,
chromium, and copper.
Also controls taste and odors.
(found that the Big Berkey would not reduce E Coli, or Giardia,)
The Berkey Light is wonderful to travel with. weights only 5lbs.)
If you did not have clean water you can at least fill from well, creek and
have drinkable water.
(you could have poured your bad stored water through and not lost
Water Filters" src="http://www.lehmans.com/images/us/shire/85415.f.jpg" border=0>
Pour "raw" water in top chamber and draw off sparkling-clean water from lower chamber. Special ceramic elements contain carbon media to remove bacteria and reduce chemicals, rust, sediment, and bad tastes/odors.
ALASKA STOVE & ACCESSORIES:
GREAT FOR OUT DOOR KITCHEN:
WE USE THIS FOR CANNING ALSO , HAS ATTACHED WATER HOLDER
TO HEAT WATER WHILE YOU HAVE THE STOVE GOING.
If you are a welder than making one would be better because you
could use a barrel and make your water side tank larger.
Meticulously handmade of steel for dependable, long-term performance. Unlike others, this baby has a dial-adjustable air intake to deliver precise control of oxygen flow to the flame, maintaining a constant temperature. Plus, it stores conveniently. Add the Stove Accessories below for a customized unit to fit your needs.
Recommend 2 large 1500 gal water tanks, one for
house, and one for animals , garden, and barn.
( I am thinking about buying another one to
put in my pasture where the orchard is. )
( build a platform in a V shape or small shed to give
your animals some shelter during bad weather to
catch the extra water.)
This would be great for your coffee trees as
you will not have to haul water to feed them when
dry and use the drip method to save moisture loss.
Bought a black one and a green one.
The black one always gets the water warmer from the
sun and we built a stone wall stand 10' high to
hold the tanks, ( easier to clean and sturdier, can
use block if not a stone mason)
then built an outdoor shower and shower stall
next to it to use on the warmer days and in the summer.
These water tanks do not collect any algae.
Then put the rain barrels around at certain areas
to catch the excess for gardening and just extra
as not to waste any rain water when it comes.
By the way drip irrigation helps you conserve water
for plants, garden, fruit trees. Not expensive to
I use 1 teaspoon silver per gallon of water.
I even put in my rain barrels.
(great for animals to drink also)
Have kept water up to 2 years and no after taste.
( bought shiver maker) but anyone can buy and taste a lot
better than bleach. Silver is great for immune system.
Did not notice any after taste or difference cooking with it
PORTABLE HOT WATER HEATER
Have set this up in our bathrooms and turn off
when not in use.
THE COBB COOKER:
My best find I think:
(I use 4 fire ball starters, or 4 charcoal ready starter
briskets.) Saves matches also.
Have a large supply of charcoal for other source
of heat and cooking.
Have used on back porch, truck gate, and made a stand
for it to always be ready. Bakes great pies, bread.
Here is some background info on this great product:
The origin of the Cobb was in South Africa where it was intended to provide a safe cooking system for people in rural areas without electricity - and a greatly reduced danger of out-of-control fires. (It originally worked using dry corn cobs - hence its name.) And it was voted one of the best inventions of 2001 by Time Magazine.
Now redesigned to use only
8-10 standard charcoal briquette, it will BBQ, roast, smoke,
fry, grill, or bake for up to three hours. And its design
permits double-duty, for example, roasting vegetables in the
interior "moat" while grilling meat or seafood on the grilling
It's very easy to use and is
completely dishwasher safe.
The Cobb Grill is our winner.
LAUNDRY DAY WITHOUT ELECTRICTY.:
Since you did not mention if Elaine did any laundry during
the weekend figured you did not get to that one yet.
We use double plastic tubs and just mounted a ringer for ease,
but the whole system can be found at: Lehman's
( our laundry room is also next to the Black water
Ours is there when the electricity goes out or stays off
if the system goes down.
The ringer will come in handy doing those large items
like sheets and bedspreads.
Tip: we bought some silk sacks : the ones you buy
when you are traveling to other countries and using
hotels that may not wash their sheets every day....
these make great sheets to sleep between and washes by hand
easily and dries fast due to being 100% silk.
They come in twin and doubles.
If you buy from others be careful as they have some
that are not 100% silk.
Sleeping on these large sheets and comforters are a pain
to wash by hand when you have no electricity.
Need to make wash day less drudgery especially if the ladies are
not used to doing laundry by hand.
( also have plenty of close pins handy)
Always have a stainless steel washboard also for those
Wringer washers can save money on water, heating and electricity costs.
A typical washing machine uses 40 gallons of water to fill the tub for one load.
It also uses another 40 gallons to rinse the water. In comparison, a wringer washer
can use that save 40 gallons of water to wash three loads. rinsing is the same.
So three loads of wash would use a total of 80 gallons of water, as compared to
240 gallons of water for three washes in a typical washing machine.
Wringer washers use less energy, too. A wringer washer can be set to run for as long as you like. For normal clothing, wash for 9 to 15 minutes. Heavily soiled loads can go a bit longer. Compare that for 30-45 minutes with a typical washer from start to finish, depending on the settings. You can find wringer washers that run on propane gas (like the model my friend uses) or wringer washers that run on manual power using a crank. The crank is a lot of work, but if you are interested in not using any purchased energy, it is a good choice.
Wringer washers can use less laundry detergent, too. The increased agitation of the wringer washer gets everything very clean with just a bit of detergent.
I am sure I have not covered all but hopes this helps your readers think about those everyday chores we take for granted with electricity.
Boy, did you make me think about the coffee. I am way short on my stash on that one.
Two readers sent good gout cures to consider:
And a fellow ham sent this:
Send snip & save ideas - anything that you find either really interesting that's been overlooked by the MSM or things you find help you cope with life, to firstname.lastname@example.org
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Tuesday March 24, 2008
Timing the Next War
I've mentioned to you several times that the predictive linguistics from HalfPastHuman.com and a modest awareness of recent travel arrangements of America's WH leadership, seem to support the idea that we're about to have an outburst of fighting in the Middle East.
Some reports go to the idea of a sneak attack in the early morning hours of April 4th, while the Syrian build-up of three divisions near the Lebanese border are generating region tensions.
Vice president Dick Cheney has gone on record saying that Syria and Iran are sabotaging the ME peace process, and I expect Condi Rice's most recent trip to Moscow was to give them a 'heads up' that their nuclear investments in Iran might be at peril should Iran not change its nuclear policies. Which seems unlikely.
The tactical problem faced by the neocons and other war promoters, would seem to be finding a decent date for an attack. If the West moves prior to the April 25th elections, then it could be argued that the West is 'anti-democratic'. On the other side, the neocon drumbeat is that the longer a hypothetical attack is held back, the more advanced the Iranian nuclear program will become.
Perhaps one of the best indicators for the timing of the Next War will be commodity prices. When I see gold and silver going back to their recent highs and wheat setting new records, then I'd venture about two weeks from there.
While we've been watching the price of wheat soar (although it has pulled back recently) there is still a lot of worry about rice becoming very short in supply worldwide.
Floods Don't Help
With the world running perilously short of food, it will still be late this week or early next, before the full impact of floods developing in the nation's heartland can be assessed.
The AP headline this morning that "World markets Rally on Easing US Worries" goes a long ways toward setting events in place to fulfill my expectations of a spring into summer rally, which will be followed by a slow decline by markets over September and then a much larger decline in the, seemingly driven by events beyond markets.
At the same time, oil is coming back to near $100 and the dollar has rallied a bit.
A good BBC article on the future of the 'net: Bottom line is that corpgov of all stripes is trying to control what people can read or do on the internet. Is there such a thing as too much freedom? Seems so if you're defending the 'old paradigm'.
Speaking of things 'netly' - Google is backing the idea of 'white space' for wifi with the recent turning loose of some spectrum by the FCC.
Has Housing Bottomed?
Personally, I don't think so. But skip my outlook, just focus on the Housing Price Index due out in a few minutes.
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Coping: Water Harvesting on Cayman Brac
We started yesterday with a few remarks in the coping section about the idea of rainwater harvesting. Wouldn't you know it: a lot of feedback. Some from a small island some 85-miles from Grand Cayman - Cayman Brac:
Hope this is useful to you; If not, I'll still be seeing you every day. Cheers mate. Bride says "hey!"...
To add Chlorine? Once you've got a rainwater system is bleach the best thing, or something else?
We I have to admit I don't know if colloidal silver (CS) would inhibit algae growth. Anyone have the science on this point?
Send snip and save notes to: email@example.com
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Monday March 24, 2008
Number Munching Monday
Numbers, numbers, numbers; where to begin? Well, I could say "Gee, here's something surprising: "Bank of America is staring at a $6.5 billion dollar loan loss says an analyst..." The correct reaction is likely something along the lines of "Is that all? Haven't these guys learned anything about fleecing the public from their peers?"
Hmmm...Good point. Well, how about this one, then: At nearly $43 billion in losses "Citigroup's 2008 losses equal that of all Indian banks..." I can hear your thinking now: "Yeah, that's more like it..."
Then there's the report that JP Morgan will raise it's offer for Bear Stearns to as much as $10 in order to quiet down the ticked off shareholders who screamed about the $2 offer.
The really astute financial observer would notice, along in here somewhere, that the newest game by the central banksters is to buy up (*by holding as 'security') bad loans to get a little control their multiple (naughty) children banks. In fact, I'd argue with the Fed taking (*pretty much anything) as loan security, and this morning's report that the "Bank of England may join securities buy-up plan" that what's going on at a global scale is one of the most important precursors to one-world government. A single universal bank. Seems to me that's what's coming, although by fits and starts.
I may still be suffering the consequences of too much spaghetti and gin last night, and a rematch with the spaghetti for breakfast, but it sort of makes sense. In order for a New World Order to really own everything on earth, all these disparate little banks around are a terrible nuisance. Let's just buy them up, setting off a portfolio-saving inflation along the way, and centralize control! Hey - makes perfect sense, right? We'll make an almost unnavigable set of rules, force everyone to clear through a clearinghouse the same way, and then gradually let the markets forces drive everything into the hands of the few (the rich).
OK, so it may turn out to be a little slower than One Worlders would like, but nevertheless, the concentration/consolidation (*and shotgun marriages orchestrated by regulators) seem to be the fad of the year in financial circles. About all we can do is watch.
I've made a note to myself to find a small, local bank which doesn't clear through a mega-bank if such things possibly exist anymore: I haven't had much luck finding an "Association of small, independent, community oriented, risk-averse, reasonable FDIC or FSLIC insured banks."
Naturally, if there were such a thing, they wouldn't be very big because they would have not given the millions in campaign contributions to the presidential and CONgressional wannabes - which gets me to the question "How can these failing banks still give money to political hacks over the past few years? Payoff money in advance?" Another one of my reasonable enough questions which won't be asked by LameStreamMedia...
Come to think of it, maybe I shouldn't open a new bank account. Maybe I should just open a bank...
Gold Claws Back
After seeing gold and silver's declines of last week (*which I attribute to hedge funds getting margin calls and selling everything that wasn't nailed down to meet margin calls) I*'m pleased to report that as of byte time (modern press time) the price of gold had recovered about $10-bucks.
Self-serve nationally is now $3.26 a gallon - highest ever -- like you need reminding. Holdout: Ohio where Channel 2 reports prices are down 13-cents from last week. OK, a little far to go to fill 'er up...
What Kind of Theft?
Not sure how he managed it, but here's a fellow who reportedly stole 250 gallons of "diesel gasoline" No, I have never heard of 'diesel gasoline' before, either.
What makes a little more sense is that high diesel prices could put the brakes on new diesel car and truck sales.
Personally, if I had the time (*which I don't seem to) I'd be looking at something like this 1967 Daihatsu Tri-Mobile to restore...
Going On Six
It's now 4,000 US dead in Iraq after five years of warring. Not to be too ,grisly about this, but this is Number Munching Monday: Civilian casualties are put between 82,349 on the low side and 89,867 on the high side by www.iraqbodycount.org. so a median guesstimate would 86,108 and that's a 21.53 to 1 kill ratio.
And the Next War Is...
Not sure yet, but Syria reportedly has massed three divisions on the Lebanese border says the Debka Report...
Cell Phone Bugging
think your cell phone is off? LOL - you're joking, right? Go watch this video and then see if you understand why I haven't had a cell phone for years.
Tent City Life
Meantime, cities are starting to use colored wristbands to identify homeless people living in various tent cities. Sounds like a distant partial echo of WW II tattooing to me...
Politics: Dirty - As Usual
If you're reading that the Eliot Spitzer prostitution case was maybe helped along by a one time republicorp operative, I doubt you'll be surprised...
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Coping: Skipping Registration
Here's an interesting little site to tinker with: It promises to get you around those mandatory 'free registration' screens for a lot of major news sites. Check it out. Also, they have a companion site www.pdfmenot.com which also seems promising.
(No, you can't get a free access to Peoplenomics Inside Reports this way - I was pleased to note.)
One of the biggest lessons learned from this weekend's "Camping In" experiment was the realization that I hadn't done anywhere near adequate planning for the farm animals.
Turns out there is a really good Texas Water Development Board ebook on line which in 88-pages goes through about everything a person would want to know to get started with rainwater harvesting... Having my mind in the gutter may turn out to be useful after all.
Oldies But Goodies: Orlov Link
A number of people have resent me the link to the Dmitri Orlov PowerPoint on why the USSR was better prepared for economic collapse than the USA is. It's over at the Energy Bulletin and although we've posted it before, you might find his thoughts interesting and well-reasoned.
I'm not sure what it means when I read headlines like "More owners turn to cremation for pets." In this 'reality show' crazed world, I would have expected the turn to taxidermists, but what the hell do I know? Not much, apparently.
Times Looking Up
"Where?" you're wondering? Why, at pawn shops, says the LA Times.
send snip and save notes - ideas and anything you find useful to live a better, more productive life, to firstname.lastname@example.org.
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An explanation of this chart
Once upon a time, a long while ago, I observed during my quest for 'truth' in economics, that the powers That Be, the talking heads on the teeve, and the other information sources that actively engage in the programming of humans not to think, had conveniently swept several trillions of dollars that disappeared in the Internet Bubble's bursting (since spring 2000) under the rug. Surely, it wasn't unnoticed by the thousands of people who called brokers and said "Where is my money?" "Gone, but hang in there as you're a long term investor!" was about all they heard back.
But, the truth of the matter is that this chart shows what your account would look like if you have taken a few thousand dollars and invested equal amounts in the Dow, the S&P 500, and the NASDAQ Composite in the waning days of 1999. It's not a very pretty picture, and it sort of gives away the other side of the story. You know, the one that no one has an interest in telling, because it's a truth which shows the amazing coincidence of the timing of 9/11, the disappearance of naked shorting evidence and all, along with the impact of The Wars which have managed to keep the economy out of an earlier depression than the one expected by me by late 2008.
No, it's not a perfect replay of 1929, but history doesn't repeat exactly, it only rhymes. So think of this as the rhymes and the crimes chart:
Write when you get rich,
George Ure, The People's Economist
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