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Michael Clark  

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  • China Real Estate: Build It and They Will Come or Bubble Waiting to Burst? [View article]
    Are empty buildings everywhere a sign of 'progress' or of 'delusion'?
    Feb 15, 2010. 02:54 AM | 1 Like Like |Link to Comment
  • Financial Crises: Is Goldman Sachs Ubiquitous? [View article]
    Lucifer indeed! Remember Satan (Lucifer) appearing to Jesus in the wilderness, showing him a vision of the city, saying (I'm paraphrasing): 'Join me, and I will give you power over the earth, I will give you wealth and pleasure...!'

    Isn't that what Goldman Sachs was saying also?
    Feb 15, 2010. 02:53 AM | 8 Likes Like |Link to Comment
  • Eleven lessons that can be learned from Iceland.  [View news story]
    Hard to see how unions are being protected, unless you mean the auto industry. Unions have been destroyed over the past two decades. That was the plan of the Business Class, to get rid of high-paying manufacturing jobs by sending them overseas and destroy the unions at the same time. If Obama is trying to bring life back to the working class, in little drips now, then it is because unions have been decimated by the 'free market' revolution led by Reagan in 1983.

    We're heading for a system of modern 'feudalism' with the banks and the corporate elite on top and everyone else on the bottom living on the banks' capital and paying off monthly debts to the 'landlord' owners of the society.

    'Honor only the rich' creates a lot of glitz and a lot of glamor...but it creates a huge shadow in the underworld.
    Feb 15, 2010. 02:36 AM | 1 Like Like |Link to Comment
  • Eleven lessons that can be learned from Iceland.  [View news story]
    I agree with this. Let private banks risk their own money. If they fail, they fail. They will not drag the whole society down with them.

    We can always reconstitute banks. We can't always reconstitute societies (civil wars are harder to fix than failed banks and bankers).
    Feb 15, 2010. 02:23 AM | Likes Like |Link to Comment
  • Eleven lessons that can be learned from Iceland.  [View news story]
    Lesson 11. Remember, the banks and bankers are the ox and oxen, not the cart. Use the oxen to get things done for the society. But don't let the oxen decide where the cart is to go and how fast it can run. The driver of the cart must be provided with a sharp whip.
    Feb 15, 2010. 02:21 AM | Likes Like |Link to Comment
  • Sovereign Default: Stuck Between Dire and Disastrous [View article]
    Oscillating between the biologic and economic model, we can see that artificially going beyond the self-organizing/system... amount of hormones/credit, may temporarily extend the “hormonal/credit” phase but at huge and detrimental cost to the entire system, being it the body or the economy. The correlative examples that can be used here are steroid use in a baseball player and the excessive credit offerings to the economy by the government. The consequences for both models are very clear: health problem for one and economic crises to the other.

    Very nice. This is the 'over-expansion' phase -- or what I like to call the 'Viagra' Economy, during which, after legitimate expansion has occurred, the Fed continues to jack-down rates and over-inflate the bubble through fear of decline, stagnation, old age. "This time it's different -- because this time I have viagra." Which is followed by the "Oh my God I'm having a heart attack" stage and then the "Oh my God what have I done" stage. Then bed-rest and a lot of self-recrimination.
    Feb 15, 2010. 02:12 AM | 2 Likes Like |Link to Comment
  • Is the Bond Market Screaming Inflation? [View article]
    Sad how the dems end up leading most of our war efforts. World War I: we didn't start that war; but Woodrow Wilson eventually did end the war. World War II: didn't start that one either. FDR wanted to come in; but the isolationists wanted to stay home, because it was Europe's war, and Asia's war. (Another way to read this: the Republicans were ideologically aligned to the fascists, and did not want to fight them because they were really on their side -- they wanted the fascists to win, because the fascists were 'pro-business'.)

    Korean War: North Korea did invade South Korea, lest we forget. Why have the dems been the American warriors ever since: the Republicans claimed the Dems were 'soft on communism', cowards who were willing to sell out the American way of life to the commies (remember Joe McCarthy), so Korea and Vietnam were testing grounds to prove the Democrats were loyal and had guts and patriotism.

    Iraq One: Bush senior responded to a major mistake by Saddam. Iraq Two: Bush Junior tried to finish what Bush Senior should have done in the early 90's but did not do.

    Today: Afghanistan and Iraq really can't be called Democrat's wars. Obama inherited these wars, like he inherited the now-defunct global economy.

    Why do WAR and economic depression go together rather nicely (in many places, not just America)? Because the army keeps men employed and less inclined toward civil war (caused by anger and frustration because of their unemployment).
    Feb 15, 2010. 02:04 AM | Likes Like |Link to Comment
  • Sovereign Default: Stuck Between Dire and Disastrous [View article]
    The second option is that they can simply default and go into a depression for more than a few years. This would have the advantage of reducing the debt burden, depending on what terms the government settled on. Would bond holders get 50 cents on the euro? 25 cents? Stay tuned. But it would also most assuredly mean they would not be able to get new debt for some time to come, forcing, as noted above, severe cuts in government spending. From one perspective, it has the potential advantage of reducing government's share of the economy, which is good in the long-term but a short-term nightmare.

    This is the corner we're in now. We have to stay here until the paint dries. This is the future of the entire world, not just Greece. These are why depressions are built in to the system: to dry us out again; and to dry up debt.
    Feb 15, 2010. 01:40 AM | 5 Likes Like |Link to Comment
  • How Could Treasuries Possibly Go Higher? [View article]
    Nicely written. Enjoy your love of language.
    Feb 15, 2010. 01:27 AM | 2 Likes Like |Link to Comment
  • How Could Treasuries Possibly Go Higher? [View article]
    You can't eat paper; you CAN burn it. I guess that's its advantage. Of course, burning paper get's you a little bit of short-lived heat, and then it's gone.

    Short gold? Look at what is going on around you. Gold goes up during times of global uncertainty. Gold will have another leg up. Do you think the global uncertainty is going away or just starting?
    Feb 15, 2010. 01:18 AM | 3 Likes Like |Link to Comment
  • How Could Treasuries Possibly Go Higher? [View article]
    And some say in fire-water.
    Feb 15, 2010. 01:08 AM | 2 Likes Like |Link to Comment
  • How Could Treasuries Possibly Go Higher? [View article]
    It suggests a vowel: TB(I)T. Remember: 'Two bits, four bits, six bits, a dollar: all for hyperstagdeflation stand up and holler'?
    Feb 15, 2010. 01:07 AM | 3 Likes Like |Link to Comment
  • Davidowitz Offers Needed Dose of Economic Reality [View article]
    Sadly, if the Business Kings under the direction of George W. had not sunk the global economy through the art of 'policing themselves so well' -- 'Greed is good', remember -- Obama would not be in a political position to make all of you so afraid of what he is doing.

    Who killed the golden goose? The goose keepers did. Now they want someone to blame. Typical. Let's blame the black man, the 'socialist'!
    Feb 15, 2010. 12:58 AM | 1 Like Like |Link to Comment
  • The Best Books on the Financial Crisis [View article]
    Michael, you forgot one.

    'Turn Out the Lights,' an examination of the metaphysical causes of the Financial Collapse.

    Feb 14, 2010. 01:18 PM | Likes Like |Link to Comment
  • A Question of Cultural Failure: Part I [View article]
    Who drove the world economy into the ditch? It was the bankers, I might remind you, not the socialists, the Greeks, and the unionizers. The bankers' claim was that we would always be able to finance debt -- we could spend as much as we wanted. Goldman Sachs helped Greece to hide their debt with sophisticated models of deceit.

    The whole world got on the bankers train. And then the bankers wrecked the train.

    The problem in Greece is the problem in every nation. Too much capital destroyed by the bankers coupled with too much spending and too little tax revenue in a world being crushed economically by the Greatest World Depression in History.

    The bankers destroyed the world; and they are now pretending it is NOT destroyed, or, if destroyed, it was destroyed by someone else.
    Feb 14, 2010. 01:10 PM | 31 Likes Like |Link to Comment