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  • Recent online service interruptions at Bank of America (BAC) and JPMorgan Chase (JPM) are believed to have been caused by Iranian hackers who have targeted big U.S. banks repeatedly during the past year. It's not known if Iran's cyber attacks can cause significant damage, but "It's like the nuclear program: It isn't particularly sophisticated but it makes progress every year." [View news story]
    What a joke. The gov screws us for over $100B a month and you're worried about the Iranians? The Iranians are no threat to the US, banks or otherwise. Let the neocon chickenhawks fight their own wars and leave the rest of America out of another fail. If you haven't served in the military yourself, stop calling for someone else to go to war. get some integrity.
    Sep 23 07:40 PM | 2 Likes Like |Link to Comment
  • Peak Gold: Are We Running Out Of Gold Deposits? [View article]
    mbcy - i agree with your points and I would add that there the reason that silver goes up when monetary role of gold goes up is because there is some kind of implied assumption that a) gold will be part of the monetary standard (the reason for its monetary role going up) and b) silver will also become part of the monetary standard (eg. one ounce of silver will equal 1/20th of one ounce of gold, or whatever). However, if silver doesn't become part of this new assumed monetary standard (or even working practice), then silver isn't likely to rise in proportion. I'm stacking coins anyway.
    Sep 8 02:52 PM | 1 Like Like |Link to Comment
  • Why The Fed Will Ease In September [View article]
    I'm a veteran and I accept that for the four years I served I was a welfare queen (more blue collar than white collar though! haha). Anyway, what do I mean by white collar welfare queens? By that I mean those that basically need a government (local, city, state, federal) to sustain the vast majority of their standard of living. This would obviously include those that are in the employee of a government (eg. teachers, cops, etc.), those contractors that basically have only the government as their customer (eg. Defense, etc.), those on the dole (eg. SSN, welfare, unemployment, etc.) and those that are dependents of the former categories. They're in the majority now and they aren't going to vote in anyone that will impinge their standard of living even if it means giving up nearly all freedoms and selling their children down a river of untenable debt. They have chosen security over freedom and their comforts over those of American children.
    Sep 3 08:14 PM | 4 Likes Like |Link to Comment
  • Why The Fed Will Ease In September [View article]
    Obama will win in November because he is (slightly) more socialist than Romney. The majority of the country now depends on the local/city/state/federal governments to sustain their standard of living. This is overwhelming the white collar welfare queens - teachers, cops (who btw are gov employees), defense contractors, retirees, etc. It's not the poor welfare queens that cost so much; the white collar welfare queens cost 100x more. In fact, there probably won't be another GOP pres because the tipping point of the majority of the country demanding a greater socialist state has been reached.
    Sep 2 08:55 AM | 20 Likes Like |Link to Comment
  • Caution Advised In Gold And Silver [View article]
    With regard to "...history suggests that the most likely scenario is for the commercial banks to take down the price and cover at lower levels."

    How do they do take down the price? The statement seems to imply that they can set the price?
    Sep 2 08:44 AM | 8 Likes Like |Link to Comment
  • Switzerland's AG is conducting a criminal probe into UBS following allegations that a Malaysian politician used accounts at the bank in Hong Kong to launder proceeds from corrupt timber logging operations in Borneo. It's just the latest in a long series of scandals that UBS has been caught up in, including Libor. [View news story]
    Dear 509088, Your theory that the US outlawing of private gold ownership caused German hyperinflation is flawed because the former came 10 years after the latter.
    Sep 2 08:37 AM | Likes Like |Link to Comment
  • Another Confirmation Of The Emerging Global Credit Crisis [View article]
    $16,000,000,000,000 debt
    100,000,000 US tax peeps
    $160,000 debt/peeps
    completely unsustainable, unpayable, unethical and immoral. And Bush, Romney and Obama were and are all in on it. You sheep deserved to be sheared.
    Jul 6 01:48 PM | 1 Like Like |Link to Comment
  • Spain And Italy's Faustian Bargain With Germany [View article]
    bambooman, you could not be more wrong about the US being in danger of having to give up territory for debt relief. The US would only reluctantly cede territory through loss of a major war. China can send lawyers and bankers but that will work about as well as a knife in a gun fight. China can't even cross the Pacific Ocean without our approval for goodness sake. Meanwhile, we could blockade their coast line in a week.

    The US has by far the strongest military in the world and further, is strategically an incredibly difficult take over target with an ocean on either side and a well armed population.

    When someone owes you money and you have the real power to collect from them (ultimately this is done through the threat of violence) then they have a problem; when someones owes you money but you don't have the power to collect, you have a problem. Street Econ 101.
    Jul 1 09:28 PM | 3 Likes Like |Link to Comment
  • Gold, A Quick Take [View article]
    This link provides detailed handling of not only gold but also other precious metals. 'gold' occurs 55 times; 'precious metals ' 4 times. i interpret it to say that other PMs will also be treated favorably by the FDIC.
    Jun 20 06:13 PM | Likes Like |Link to Comment
  • Physical Precious Metals Versus Their ETFs: Which Is Best For You? [View article]
    i agree with streetmoney and would add that there is a huge difference between owning bytes in a database that represent wealth/money/gold and owning physical gold/silver that is tangibly wealth/money/gold. The bytes in the database are well known to the government and they will be far easier to tax and confiscate than the physical. This is not to say that the government won't also tax or confiscate the physical like FDR did, but they will certainly go for the easiest target first and that is the digital representation.
    Jun 18 05:59 PM | 2 Likes Like |Link to Comment
  • European Debt Crisis Escalates Before Greek Election [View article]
    I don't see that the Greek elections matter much since we've been hearing about how the EU crisis has been escalating for at least two years now. The Europeans are the masters of procrastination and I have no doubt that, left to their own devices, they can keep that sinking ship afloat for another decade. I think the trigger that causes the ship to finally sink quickly will come from an unexpected source, for example a natural disaster or military attack. The true system now is quite fragile, far to complex to sustain or keep secret and impossible to repair without shutting down for extended maintenance. The gig is about up as the smart money makes its last bets and walks away from the game until a new dealer arrives.
    Jun 16 09:50 PM | 1 Like Like |Link to Comment
  • Gold $2000? Are We Joking? [View article]
    Avi, thank-you for the insight and I pray your little one recovers quickly.

    The technical analysis is far above my understanding but I do sense that gold and silver will rise significantly (not very scientific i know!). Anyway, it seems to me that the basics for a rise, or should I say global fiat debasement?, are in place. Further, and what I think is not well reflected in economic models, is the potential for the black market to significantly drive up the price of gold and silver. That market is quite astute and needs to be since they are playing without the safety net that most bankers, traders and economists have. Their mistakes are likely to leave them hungry that very night.
    Jun 3 09:43 AM | 5 Likes Like |Link to Comment
  • Bankia hurtles 24.5% lower in Madrid following news that Spain's government will provide €19B to the lender. Shares had been suspended on Friday ahead of the announcement by Bankia of its recapitalization requirements. The developments are pressuring other bank stocks, with Bankinter (BKNIY.PK) -4.1% and Santander (STD) -1.1%.  [View news story]
    Exactly right Mitrado. The US and EU banks are now all playing the long odds at the casino because if they win, they win big and if they lose, they lose other people's money. It is amazing how we sheeple and muppets allow the Fed, ECB and IMF to rape us daily. The problem is that the majority of EU and US citizens, and even illegal immigrants!, depend on government subsidies to get by (eg. local/state/federal government employment, students, teachers, government contracts, food-stamps, bailouts, etc.) and the majority is not about to vote for a stoppage of the transfer of wealth from the middle-class to them. It is a daunting challenge to change this culture of white collar entitlement and socialism.
    May 28 02:33 PM | 1 Like Like |Link to Comment
  • Europe's Runaway Train Heading For The Steep Curve [View article]
    The Greek ain't paying and the banksters aren't cutting off their addict while the policitians continue to pimp their taxpayers to cover the costs. Let's call it Philly economics!
    May 18 01:16 PM | Likes Like |Link to Comment
  • JPMorgan's $2B Loss: A Preview Of The Coming Derivatives Market Collapse [View article]
    Great article and the author accurately and completely describes why the Fed and government policy of bailouts, easing and twists for banksters will bring Americans to their knees. Romney and Obama are already bought and paid for. It's amazing how few people it is taking to bring our country down.
    May 13 10:25 AM | 2 Likes Like |Link to Comment