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392 posts
msg #100533
Ignore dwiggains
5/3/2011 10:10:31 AM

AMEN machismo

6,362 posts
msg #100691
Ignore TheRumpledOne
5/11/2011 10:08:20 AM

In my inbox:

According to the Treasury’s own website the current staggering debt was only $20 billion shy of the ceiling. Check Table III in the lower right hand corner of the pdf page.

In my inbox:

May 11, 2011

The Global Dollar Dump Is Already in Progress Pt 1

The following quotes signal the beginning of the End Game for the US Dollar:

"We hope the U.S. government will take responsible policies and measures to safeguard investors' interests," [China's ministry] said in a statement.

"Foreign-exchange reserves have exceeded the reasonable levels that we actually need," [China's central bank governor] said. "The rapid increase in reserves may have led to excessive liquidity and has exerted significant sterilization pressure. If the government doesn't strike the right balance with its policies, the build-up could cause big risks," he said, without elaborating.

These two statements, in plain terms, are China saying it's sick of the US Dollar. Remember, the US Dollar and Dollar-denominated assets (Treasuries etc) are China's single largest holding. So the reference to "foreign-exchange reserves," is synonymous with "US Dollar denominated assets."

On the surface, it will be easy to chalk all of this up to politician speak. After all, China has been issuing warnings to the US regarding the latter's financial condition since 2009.

However, a few key developments have occurred that make it clear this latest round of statements are the real deal.

First and foremost, China and Russia agreed late last year to begin trading with one another in their own currencies, NOT the US Dollar. In that step alone, two of the largest emerging markets (and economies) in the world moved away from the US Dollar. Add to this the fact that China just agreed to expedite trade relations with Brazil and you've got the beginnings of a flight from the US Dollar and the end of the Dollar's reserve currency status.

Indeed, not three months after China signed this deal with Russia, China's president visited Washington and delivered a speech in which he stated that, "the current international currency system is the product of the past" (edits mine).

Consider the "past" comment in relation to China's decision shutting the US Dollar out of its trade with Russia (and other items I'm about to detail). In this sense, the "past" is the US Dollar as the world's reserve currency.

6,362 posts
msg #100696
Ignore TheRumpledOne
5/12/2011 10:52:53 AM

In my inbox today:

May 12, 2011

The Global Dollar Dump Is Already in Progress Pt 2

This is part 2 of our "Global Dollar Dump" article series.

In part we noted how China has already begun moving away from the US as a major trading partner. This move has set in motion a series of events that will result in the US Dollar losing its status as reserve currency of the world.

Indeed, we are now seeing various other nations preparing for the end of the US Dollar as reserve currency. Consider that Saudi Arabia becoming so fed up with the US that it is sending trade representatives to China and Russia to strengthen trade ties.

Saudi Arabia is the single largest oil producing country in the world. Saudi Arabia IS oil in some regard. Whatever currency Saudi Arabia chooses to denominate its oil exports in will be the world's reserve currency.

So Saudi Arabia's decision to send trade representatives to China and Russia should be seen as Saudia Arabia seeing the writing on the wall, (death of the US Dollar) and starting the process of moving away from the greenback.

Saudi Arabia is not the only one. Singapore announced today that it will begin trading Yuan. The significance of this is enormous. Singapore is one of the four largest financial hubs in the world (the others are New York, London, and Tokyo). It's also the second largest private banking center behind Switzerland. With its English-speaking population, first-world accounting standards, and close proximity to China, Singapore is literally a "gateway to the east" through which world capital flows into Asia.

In simple terms, the world is beginning to shift away from the US Dollar as a reserve currency. This is not idle conjecture. This is fact. The writing is clearly on the wall for those who can read between the lines of the media's US-centric focus.

6,362 posts
msg #100709
Ignore TheRumpledOne
5/13/2011 9:00:37 AM

The End of QEII: It’s Time to Make the Donuts

6,362 posts
msg #100759
Ignore TheRumpledOne
5/17/2011 9:56:05 AM

In my inbox today:

For most of last week I wrote about the impending debt ceiling breech that should occur Monday, May 16th given the arithmetic. It turns out I was correct – the US government’s credit card is maxed out. Since the government always spends more money than it takes in via tax receipts, Congresses ability to spend is granted by its creditors and Master Card just said “no more.”

The Master Card has not been revoked, it has been suspended and therein lies the truth: this is all political theatre. The same “theatre” has been performed many, many times before. In fact, Congress has raised the debt ceiling TEN TIMES since just 2001.

In 2006, for instance, Senate Democrats voted unanimously against raising the debt limit for President George W. Bush. Then Senator Barack Obama thought raising the debt ceiling was a bad idea and made the vote unanimous. Here is part of his speech railing against the debt increase…

The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. … Increasing America’s debt weakens us domestically and internationally. Leadership means that ‘the buck stops here.’ Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.

Yes, America deserves a lot better than speeches and “hopium.” But the Republics are no better and are cut from the same hypocritical cloth. When their guy is NOT in the White House, all of a sudden it is a repugnant idea to raise the debt ceiling. The situation was reversed in 2010: no Senate Republicans supported a higher debt limit for Obama, accusing him of reckless government spending.

Nothing has changed and nothing will change. Both sides of the isle are groups of petulant children and the market knows it. US interest rates are at near historic lows. The bond market knows that once the hissy-fit is over, Congress will agree to continue its profligate spending ways.

6,362 posts
msg #100853
Ignore TheRumpledOne
5/22/2011 1:52:10 PM

In my inbox:

This Is Why There Are No Jobs in America

I'd like to make you a business offer.

Seriously. This is a real offer. In fact, you really can't turn me down, as you'll come to understand in a moment…

Here's the deal. You're going to start a business or expand the one you've got now. It doesn't really matter what you do or what you're going to do. I'll partner with you no matter what business you're in – as long as it's legal.

But I can't give you any capital – you have to come up with that on your own. I won't give you any labor – that's definitely up to you. What I will do, however, is demand you follow all sorts of rules about what products and services you can offer, how much (and how often) you pay your employees, and where and when you're allowed to operate your business. That's my role in the affair – to tell you what to do.

Now in return for my rules, I'm going to take roughly half of whatever you make in the business each year. Half seems fair, doesn't it? I think so. Of course, that's half of your profits.

You're also going to have to pay me about 12% of whatever you decide to pay your employees because you've got to cover my expenses for promulgating all the rules about who you can employ, when, where, and how. Come on, you're my partner. It's only "fair."

Now… after you've put your hard-earned savings at risk to start this business, and after you've worked hard at it for a few decades (paying me my 50% or a bit more along the way each year), you might decide you'd like to cash out – to finally live the good life.

Whether or not this is "fair" – some people never can afford to retire – is a different argument. As your partner, I'm happy for you to sell whenever you'd like… because our agreement says if you sell, you have to pay me an additional 20% of whatever the capitalized value of the business is at that time.

I know… I know… you put up all the original capital. You took all the risks. You put in all the labor. That's all true. But I've done my part, too. I've collected 50% of the profits each year. And I've always come up with more rules for you to follow each year. Therefore, I deserve another, final 20% slice of the business.

Oh… and one more thing…

Even after you've sold the business and paid all my fees… I'd recommend buying lots of life insurance. You see, even after you've been retired for years, when you die, you'll have to pay me 50% of whatever your estate is worth.

After all, I've got lots of partners and not all of them are as successful as you and your family. We don't think it's "fair" for your kids to have such a big advantage. But if you buy enough life insurance, you can finance this expense for your children.

All in all, if you're a very successful entrepreneur… if you're one of the rare, lucky, and hard-working people who can create a new company, employ lots of people, and satisfy the public… you'll end up paying me more than 75% of your income over your life. Thanks so much.

I'm sure you'll think my offer is reasonable and happily partner with me… But it doesn't really matter how you feel about it because if you ever try to stiff me – or cheat me on any of my fees or rules – I'll break down your door in the middle of the night, threaten you and your family with heavy, automatic weapons, and throw you in jail.

That's how civil society is supposed to work, right? This is Amerika, isn't it?

That's the offer Amerika gives its entrepreneurs. And the idiots in Washington wonder why there are no new jobs…

6,362 posts
msg #100898
Ignore TheRumpledOne
5/25/2011 11:01:44 AM

In my inbox:

May 25, 2011

We've Just Breached the Debt Ceiling... Next Comes the Default

While Barack Obama is chugging Guinness and Congress is doing... well not much of anything, we've breached the US debt ceiling.

That's correct, the US now has more debt than is legally permitted. We'd crossed the "more debt than is healthy" as well as the "more debt than is sane" levels long ago. However, it wasn't until the last few weeks that we cleared the legal debt limit.

You'd think that the world's largest economy (and home of the world's reserve currency) exceeding its debt limits would be big time news. But we've yet to hear a peep about it from the mainstream financial media.

It's even stranger that we haven't heard mention of the fact that the US is in fact RAIDING pension funds to continue to fund its debt.

That's correct, Tim Geithner, who aside from being a tax dodger has managed to make US Treasuries (formerly the ONLY risk-free investment in the world) so unattractive to foreign investors that he is now using money that was promised to retirees to fund his debt orgy.

Let's think about this for a moment... US Treasuries are so unattractive that investors no longer want to buy them... so we're using money promised to those who worked... to buy them.

Simply staggering.

206 posts
msg #100901
Ignore djones000buck
5/25/2011 3:27:17 PM

Fear not. Guess who can also raise the debt ceiling.

11,567 posts
msg #100904
Ignore johnpaulca
5/25/2011 5:09:36 PM

Have Americans become so complacent that they allow these hooligans to run your country ...wake up people, do something!!!

11,567 posts
msg #101011
Ignore johnpaulca
6/2/2011 6:35:44 PM

this a little slow loading, it is very funny.

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