JoeSixPack's Comments

Why Our Credit Crunch Mirrors the Weimar Hyperinflation from 1919-1923

Fri, 04 Dec 2009 01:00:35 -0500

Interesting article. One comment. One big difference is that the Mark was not the resrve currency of the world.

Max Keiser: 'World Entering Phase Two of Global Economic Crisis'

Tue, 01 Dec 2009 08:21:45 -0500

Barrick has completed removing all gold hedges. This is very big for gold. They recently announced they would do this by the end of next year. Apparently they know something we DO.

Barrick completes elimination of all gold hedges (Marketwatch)
By Polya Lesova

FRANKFURT (MarketWatch) -- Barrick Gold Corporation /quotes/comstock/13*!a... (ABX 43.49, +0.80, +1.87%) /quotes/comstock/11t!abx (CA:ABX 44.86, -0.39, -0.86%) said Tuesday it has completed the elimination of all of its gold hedges and now has full leverage to the gold price on the industry's largest gold production and reserves. In September, Barrick announced its plan to eliminate all of its gold hedges within 12 months. "Our positive view on the gold price led us to accelerate the elimination of these contracts ahead of the schedule we had established," said Aaron Regent, Barrick's president and chief executive officer. "With their elimination we no longer have any gold price related mark-to-market exposure and will now fully benefit from increases in the gold price." Gold futures climbed to a fresh high of $1,199.30 an ounce earlier on Monday.

The Fed Backed Itself into a Corner

Mon, 23 Nov 2009 02:27:08 -0500

"If Wall Street is no longer working for Main Street, it is time to side with Main Street."

BRAVO!

I said something similar last year:
financialblackmail.US/...

The US Dollar Must Collapse But the US Economy May Survive

Tue, 20 Oct 2009 09:22:09 -0400

I would say the dollar (and other fiat currencies) will collapse, but the economy MAY survive if congress does something right, or Americans take things into their own hands.

RevokeTheFed.com

Beware the Current Bull Market in Derivatives

Thu, 01 Oct 2009 15:44:24 -0400

What we are experiencing is a derivatives collapse. Worldwide estimates vary from $1/2-1 QUADRILLION ($1000 trillion) notional. Thisnis a fanatsy economy, and Obama is going along with the plan to force us into it. It dominates everything in our world. Obama has even agreed to regulate all human activity and life on this planet (i.e., CO2). This is financial facism, and most people have no clue it even exists.

Capacity's Comeback Strongly Indicates Recession's End

Thu, 17 Sep 2009 12:25:42 -0400

In a "normal" business cycle, this would be an indicator that we are on an upturn, perhaps. But, we are not in a normal business cycle. In a normal business cycle:

1. We are not sitting on $1 QUADRILLION in frozen up derivatives (with no real hope of unfreezing, since many are related top 3 and 4)
2. We do not have 17% (real) unemployment
3. We do not have a complete financial system breakdown
4. We are not in a spiraling residential foreclosure process, with a commercial real estate collapse just around the corner
5. etc. (and there is plenty of that to go around)

Yes, we still have 350 million people who need stuff, so mnaybe companies cut back a little too much, and retailers stopped a little too much delivery, but to ccall the end of a recession based on signals interpreted over the last 20 years of "normal" activity seems much too optimistic, if not outright foolish.

There Are No Good Choices for the Fed

Mon, 14 Sep 2009 00:25:39 -0400

Interesting article, and good that you brought velocity and gold into it. My question is how much velocity do we get from $1 Quadrillion of derivatives and off the balace sheet entities.

Is Barrick Responsible for $1,000 Gold?

Thu, 10 Sep 2009 16:00:52 -0400

I don't know if they have the gold to do it, nor that they want to give up what gold they have.

On Sep 10 11:18 AM James Lewis wrote:

> Anyday now the USA Government is going to smash the hell out of gold.
> Be very careful, trading gold is a very hard thing to do. When there
> is stress in the fiat money system governments need to make it clear
> to investors/its people that gold is not safer than the government
> run fiat money system.
>
> To do this, huge amount of gold are sold over short period of time.
>
> $1000.00/Ounce could become $900.00/ounce shortly.
>
> If the governments do not jump in, then we are going to $1250.00
>
> My bet is the governments have a vested interest in take the market
> down

Why Silver Beats Gold as a Precious Metals Play

Wed, 09 Sep 2009 01:02:41 -0400

"Therefore, even though gold was at $800 and silver was at $50 back in 1980, investors who tried to cash in at those prices were being turned away by dealers. "

When this happens- barter with it. This is not about an "investment".

Is Wells Fargo Regretting Its Wachovia Acquisition?

Thu, 03 Sep 2009 18:08:30 -0400

Proclamation on the Federal Reserve System of the United States of America
RevokeTheFed.comMarch 2008
WHEREAS, Article I, Section 8 of the Constitution of the United States of America authorizes Congress "To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures";

WHEREAS, on December 13th, 1913 the US Congress enacted the Federal Reserve System;

WHEREAS, the Federal Reserve System is considered an independent agency within the federal government, with oversight of Congress and containing appointed public officials on its board of directors;

WHEREAS, the Federal Reserve System Controls the Federal Reserve Note, the official currency of the great nation of the United States of America;

WHEREAS, there may be controversies regarding the legality and constitutionality of the Federal Reserve System, it is recognized that the said system has operated continuously as the central banking system of the United States since the inception of the Federal Reserve Act of 1913;

WHEREAS, the Constitution of the United States of America granted Congress the authority to create the current Federal Reserve System, it also does grant Congress the authority to modify or revoke the Federal Reserve System;

WHEREAS, the actions of the Fedreral Reserve System represent the credit and currency of the United Stated of America to the citizens of this great nation and to the world;

WHEREAS, the Federal Reserve System, acting independently within the federal government allowed, supported, and even promoted parasitical and non-productive uses of the money and credit of the United States of America;

WHEREAS, the United States and likely the entire world's financial system is undergoing massive de-leveraging of the said parasitical and non-productive uses of the credit and money of the United States of America (as well as other nations' currencies);

WHEREAS, the US dollar, the "Federal Reserve Note" is declining in value due to these parasitical activites, as well as potentially other causes;

WHEREAS, it is recognized that the citizens of the United States and other nations did willingly participate at some level in the creation and propogation of said parasitical activities;

WHEREAS, it is also recognized that the United States of America, a sovereign nation, has the legal, moral, and God given authority to take actions to benefit its citizens and to protect its good name, credit and money in times of difficulty;

WHEREAS, it is recognized that the current time is such a time of great difficulty;

WHEREAS, it is recognized the parasitical financial institutions and their activities are at odds with citizens of the United States of America and the good credit and money thereof;

WHEREAS, the current indications are that the Federal Reserve System is acting to preserve the financial system currently flooded with the parasitical activities;

WHEREAS, the current indications are that the neither the Federal Reserve System, nor the Congress of the United States, nor the people of the United States have access to the books of the institutions being preserved by the Federal Reserve, and therefor the degree of inter-connectivity and risk associated with the institutions and other entities cannot be determined;

WHEREAS, the Federal Reserve System is accepting non-performing assets as collateral for credit with ultimate taxpayer responibility to entities not under its legislative mandate;

IT MUST BE CONCLUDED, that the Federal Reserve System is not acting to the benefit of the people of the United States of America, its credit, money, and good name;

WHEREAS, it is recognized that the political will and capability of the government of the United States of America may not be up to the task of prosecuting this proclamation ; It is also recognized that this may be the only hope for the continued survival of the United States of America as the great nation as it has historically existed.

NOW THEREFORE, it is PROCLAIMED by those supporting this Proclamation that the Congress of the United States of America FULLY NATIONALIZE the Federal Reserve System, and take full control of the credit and money of our great nation; The Congress must take whatever action necessary to seperate out, sequester, disown, or otherwise neutralize the effect of the parasitical financial activities which led to the current crisis; The Congress of the United States of America must reorganize, replace, or terminate the Federal Reserve System as appropriate; or otherwise devise a system for creation of the national currency.

IT IS FURTHER PROCLAIMED, that the Congress of the United States of America in cooperation with the Executive of the United States of America contact allied nations and any other nation willing to participate in the overhaul of the failing and parastical financial sytem currently in operation and create new treaties and alliances as necessary to create a sane and productive system of finance with the express goal of supporting a productive national, and by extension and through voluntary cooperation, world economy;

FURTHERMORE, it is PROCLAIMED that it should be the goal of such an international effort to maintain fair international trading practices allowing for protection in national interest of labor, resources, and productive capabilities;

WHEREAS, it is recognized that such a move on the part of the United States of America may result in the necessity of an isolationist policy IF the other developed nations do not follow our lead; If such occurs, so be it.

SO HELP US GOD!

On Sep 03 12:35 PM swaps wrote:

> Wells Fargo will do just fine. I just typed in Wells Fargo and predatory
> and got lots of hits alleging predatory behavior.
> The big financial melt has morphed into one big predators' ball and
> the biggest predators are gorging and feasting with no fear of indigestion
> because Benranke and Geithner and Congress will give them all the
> trillions they need to settle their stomaches..
> I note an earlier poster, a smaller bank executive from the heartland,
> observes that big government is biased toward big banking.
> But by its nature, banking ever evolves into bigger and bigger entities,
> gobbling up or destroying the less nimble, the less astute, the less
> well connected with guvmint.
> Of course, the customers get trampled in the process, but that is
> the American way....
> Soon after moving to a sleepy Colorado town I observed to a county
> commissioner:
> " Why in southeastern Colorado do you see crumbling ruins surrounding
> a shiny bank building?"
> Well, we have a crumbling America with a few big, shiny banks.
Discl...
> Own AIB and my outlook is biased by living in rural America, rather
> than in bright shiny suburban America. I truly hope your bright shiny
> view of glossy shopping centers and new bank and office buildings
> leads to an American Renaissance.
> But I think we have to come up with a different system not utilizing
> usury. There was no usury during the European Renaissance

Report from Europe: Does September Mean Sell?

Thu, 03 Sep 2009 18:07:08 -0400

Gold touched $1000/ozt.

Is Wells Fargo Regretting Its Wachovia Acquisition?

Thu, 03 Sep 2009 17:58:06 -0400

Hey, they got the pick-a-pay loan. What more could ya ask for?

Coming Soon: Banking Crisis of Historic Proportions

Tue, 18 Aug 2009 17:19:05 -0400

Proclamation on the Federal Reserve System of the United States of America
RevokeTheFed.com
March 2008

WHEREAS, Article I, Section 8 of the Constitution of the United States of America authorizes Congress "To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures";

WHEREAS, on December 13th, 1913 the US Congress enacted the Federal Reserve System;

WHEREAS, the Federal Reserve System is considered an independent agency within the federal government, with oversight of Congress and containing appointed public officials on its board of directors;

WHEREAS, the Federal Reserve System Controls the Federal Reserve Note, the official currency of the great nation of the United States of America;

WHEREAS, there may be controversies regarding the legality and constitutionality of the Federal Reserve System, it is recognized that the said system has operated continuously as the central banking system of the United States since the inception of the Federal Reserve Act of 1913;

WHEREAS, the Constitution of the United States of America granted Congress the authority to create the current Federal Reserve System, it also does grant Congress the authority to modify or revoke the Federal Reserve System;

WHEREAS, the actions of the Fedreral Reserve System represent the credit and currency of the United Stated of America to the citizens of this great nation and to the world;

WHEREAS, the Federal Reserve System, acting independently within the federal government allowed, supported, and even promoted parasitical and non-productive uses of the money and credit of the United States of America;

WHEREAS, the United States and likely the entire world's financial system is undergoing massive de-leveraging of the said parasitical and non-productive uses of the credit and money of the United States of America (as well as other nations' currencies);

WHEREAS, the US dollar, the "Federal Reserve Note" is declining in value due to these parasitical activites, as well as potentially other causes;

WHEREAS, it is recognized that the citizens of the United States and other nations did willingly participate at some level in the creation and propogation of said parasitical activities;

WHEREAS, it is also recognized that the United States of America, a sovereign nation, has the legal, moral, and God given authority to take actions to benefit its citizens and to protect its good name, credit and money in times of difficulty;

WHEREAS, it is recognized that the current time is such a time of great difficulty;

WHEREAS, it is recognized the parasitical financial institutions and their activities are at odds with citizens of the United States of America and the good credit and money thereof;

WHEREAS, the current indications are that the Federal Reserve System is acting to preserve the financial system currently flooded with the parasitical activities;

WHEREAS, the current indications are that the neither the Federal Reserve System, nor the Congress of the United States, nor the people of the United States have access to the books of the institutions being preserved by the Federal Reserve, and therefor the degree of inter-connectivity and risk associated with the institutions and other entities cannot be determined;

WHEREAS, the Federal Reserve System is accepting non-performing assets as collateral for credit with ultimate taxpayer responibility to entities not under its legislative mandate;

IT MUST BE CONCLUDED, that the Federal Reserve System is not acting to the benefit of the people of the United States of America, its credit, money, and good name;

WHEREAS, it is recognized that the political will and capability of the government of the United States of America may not be up to the task of prosecuting this proclamation ; It is also recognized that this may be the only hope for the continued survival of the United States of America as the great nation as it has historically existed.

NOW THEREFORE, it is PROCLAIMED by those supporting this Proclamation that the Congress of the United States of America FULLY NATIONALIZE the Federal Reserve System, and take full control of the credit and money of our great nation; The Congress must take whatever action necessary to seperate out, sequester, disown, or otherwise neutralize the effect of the parasitical financial activities which led to the current crisis; The Congress of the United States of America must reorganize, replace, or terminate the Federal Reserve System as appropriate; or otherwise devise a system for creation of the national currency.

IT IS FURTHER PROCLAIMED, that the Congress of the United States of America in cooperation with the Executive of the United States of America contact allied nations and any other nation willing to participate in the overhaul of the failing and parastical financial sytem currently in operation and create new treaties and alliances as necessary to create a sane and productive system of finance with the express goal of supporting a productive national, and by extension and through voluntary cooperation, world economy;

FURTHERMORE, it is PROCLAIMED that it should be the goal of such an international effort to maintain fair international trading practices allowing for protection in national interest of labor, resources, and productive capabilities;

WHEREAS, it is recognized that such a move on the part of the United States of America may result in the necessity of an isolationist policy IF the other developed nations do not follow our lead; If such occurs, so be it.

SO HELP US GOD!

Coming Soon: Banking Crisis of Historic Proportions

Tue, 18 Aug 2009 17:18:05 -0400

Also, silver was demonetized in 1873, and we were froced onto a gold standard.

On Aug 18 02:46 PM carey_jim wrote:

> I'm glad to hear echoes of financial history in your post. Knowing
> our financial history wont give us a perfectly clear picture into
> the future but without it, we will be like Columbus WITHOUT the defective
> compass he took with him. It didn't work very well, and maybe was
> only a tiny bit more useful than a rabbit's foot, but it got him
> here.
>
> I think the crisis that started in 1873 had a lot to do with the
> economic turmoil produced by the Civil War and Reconstruction. It
> was one of the most corrupt and venal periods of American history
> and, essentially saw the old Gentile Class, who were the class of
> the Founding Fathers and whose wealth was mostly in the form of land,
> replaced by a new rich class who have been in power ever since. They
> are the business class which we now are starting to recognize as
> an oligarchy.
>
> Ironically, it was the same period that saw America draw neck and
> neck with Britain and then surpass it, in 1900, as the world's largest
> economy.
>
> My guess is that we are in a new period where a new class, produced
> by universities, which includes, economists, engineers and other
> people who work with their brains, are in a struggle with the business
> class for control. Since the time of Reagan, the business class has
> denigrated this new class of bureaucrats and intellectuals, with
> a wink and smile from rank and file Americans, but the system that
> has "evolved" is unstable and showing signs of disintegration which
> you are monitoring very closely. (Read: "Lack of effective regulations.")
> Remember that before World War I, almost all Americans did their
> graduate work in Europe. Since the end of World War II, as many Europeans
> now come to the United States for graduate training.
>
> You will notice that the only people who seem to be able to stop
> the disintegration are the intellectuals who are only arguing among
> themselves about the methods but nobody, even the big business leaders,
> seem to think that there is anything wrong with the very fact that
> intellectuals and bureaucrats are taking control.
>
> Ordinary Americans have wrongly identified control by intellectuals
> as "socialism" but in this case, it is closer to that other ugly
> word, "fascism" because corporations are still owned by stock holders
> and, more or less, controlled by CEO's. You should now start to read
> the fascinating history of American economic thought in the 1930's
> which was divided between liberalism, conservatism, socialism and
> fascism. A surprising percentage of Americans admired Hitler, Mussolini
> and Franco during that period.
>
> The trend, however, is for power and control to shift from inherited
> business wealth to bureaucrats trained in elite universities.
>
> History always seems to progress from one crisis to another and financial
> history is no different. We don't go from one class in power to another
> in power without wars, revolutions and social chaos. British history
> has been the least bloody. Hopefully we will follow their example
> and not European history.

Coming Soon: Banking Crisis of Historic Proportions

Tue, 18 Aug 2009 17:14:59 -0400

"The situation in 1873 started with a financial panic in 1869"

And the demonetization of silver.

On Aug 16 05:22 AM markfl wrote:

> You're not the only one who feels there's more trouble to come. We
> may be in the eye of the storm. Fractional reserve banking is very
> important to economic growth, because it affects the positive acceleration
> of money. Not judiciously making loans to credit-worthy customers
> is the equivalent of stashing money under the mattress. The money
> does no good for the economy there.
>
> "I hope we don't have to compare what happens in 2010 to 1873." The
> situation in 1873 started with a financial panic in 1869. I happen
> to think the risk of a lost decade is uncomfortably high. We've been
> lucky that recessions have occurred roughly every 10 years since
> 1982. I think that trend is about to end. Recovery? How about 4-6
> quarters of weak recovery followed by another recession? Happened
> before (if you go back far enough).

Armageddon Part Two: Securitization Is Too Big to Fail

Mon, 17 Aug 2009 09:46:15 -0400

How about
f) RevokeTheFed.com?

REITs, CDS Spreads and Bear Markets

Thu, 06 Aug 2009 23:02:49 -0400

" Will “cash for clunkers” be the Cinderella story of this recovery and revive Joe Sixpack’s desire to lever and spend ...? "

No.

REITs, CDS Spreads and Bear Markets

Thu, 06 Aug 2009 23:01:59 -0400

Will “cash for clunkers” be the Cinderella story of this recovery and revive Joe Sixpack’s desire to lever and spend or will the stimulus, which is still having a more potential than kinetic effect burn off like starter fluid on a brick?

The Looming McMansion Attack

Thu, 02 Jul 2009 16:34:55 -0400

News Flash: Citi Acquired !!!!

lampoon.me

Is Foreign Demand for U.S Treasuries as Strong as It Looks?

Fri, 26 Jun 2009 12:56:21 -0400

I would propose instead to abolish the Fed altogether. They encouraged and allowed the creation of the $1/2-1 QAUDRILLION derivatives bubble (including the shadow banking system) that has led to our current financial collaose, and is currently sucking out what is left of our economy.

AbolishTheFed.info

On Jun 26 10:41 AM coreopsis wrote:

> Dave, I think you're being harsh on Bernanke who (like all of us
> in the real world) is trying to find a solution to a problem that
> has been evident for a long time (from Nixon going off the gold standard
> in 1971) and results from the fact that successive US governments,
> of both parties, overspend and print money to borrow (the only possibly
> exception to this is Clinton). Republicans tend to favor the military-industrial
> complex, and the Democrats, social transfer payments. Both parties
> backed the pathways to the financial crisis we have today.
>
> Bernanke certainly understands this; he's a brilliant person as all
> can testify. However, he can't singlehandedly reverse what has been
> the American MO historically (and into the future).
>
> If Bernanke is replaced by Summers, which seems increasingly likely,
> we will have true sorrow. A guy who was ejected as President of Harvard
> and is a luminary of the private equity firm D.E. Shaw --- he's brilliant
> too, but he has his buddies to protect. Seems to be doing a pretty
> good job of it.

Russia Makes the First Call for the Monetization of Gold

Wed, 17 Jun 2009 15:28:50 -0400

I suspect they will create a basket of many currencies, but they need time to divert their dollars to buying those other currencies (including gold of course).

On Jun 17 01:46 PM Roger Knights wrote:

> "Whenever I hear about conferences like this, I find myself wishing
> I could be a fly on the wall during the "private" meetings, cocktail
> receptions, etc., so I could know what's really being said and mooted
> about, ..."
>
> I wonder if their public talk about a basket of currencies and commodities,
> and of there being no alternative to the dollar (what about gold?)
> is mostly camouflage to avoid creating a disruption in the currency
> markets, and that the real point of the conference is to discuss
> the ways and means of getting to a mostly gold-backed currency. If
> that was indeed its real point, concealment would be needed to avoid
> driving up the gold price before the instigators acquired their share
> of it. If some sub rosa agreement has been made to reinstate the
> monetary role of gold, or at least to think seriously about it, you
> can be sure that outsiders wouldn’t be told in advance.
>
> NB: "Cui Bono?" is usually a good question. It almost answers itself--and
> explains a great deal: Three of the BRIC countries are major gold
> producers and the fourth, India, has large reserves that only its
> own stupid regulations (recently revised) have kept from being developed.
> They'd all benefit from the monetization of gold.

Russia Makes the First Call for the Monetization of Gold

Wed, 17 Jun 2009 15:27:07 -0400

The key is tha tthey do have nuuclear weapons, and in league with Brazil, India and China they do have some influence. Do not underestimate them. Remember the third little piggy built his house out of BRIC . You remember what happened to the other two?

Fortunately, the US has one of the largest gold reserves (at least it is claimed so).

On Jun 17 10:03 AM Gyoza Mimi wrote:

> Despite Russian's view of itself as a superpower that can suggest
> using its Rubles as part of the new alternative global reserve currency,
> the reality is Meggie Thatcher was spot on when she called Russia
> (almighty Soviet Union back then) an "Upper Volta with nuclear weapons".
> Medeveev can make suggestions, of course. And so can Bob Mugabe by
> proposing to make Zimbabwe's dollar the world currency. Aside from
> muted laughs about stupidity of the idea there will be very little
> reaction from other players, though.

History of Silver, Part I: Metal of the Moon

Thu, 11 Jun 2009 18:59:33 -0400

SIlver is also increasingly used in electronics. Solar cell technology requires silver to avoid electric losses at contacts.

Silver is the transitional metal in that it is both a monetary metal and a fantastic industrial metal. If the economy goes down badly, its monetary side will shine. If the economy booms, its industrial side will boom. Alternative energies will use a lot of silver (and think palladium, too).

Is the Old Gold/Silver Ratio of 16 Still Alive Today?

Thu, 11 Jun 2009 15:27:32 -0400

NIce article, thanks!

The question becomes witll the ratio narrow by silver increasing in price, gold decreasing, or both?

U.S. Government Paying Homeowners to 'Walk Away'

Tue, 09 Jun 2009 17:27:09 -0400

Not only were they paid by the CDS, but since the govt. held up AIG and other "insurers", they have less or no incentive to try and renegotiate the loan. Had AIG, a total sham, been permitted to fail, the banks would have lost their CDS "protection", and thus had more incentive to work with the homeowner. OUR MONEY IS BEING USED TO SWAY THE BANKS AWAY FROM HELPING US. Thanks, Mr. Obama/Bush, you jerk(s).

On May 18 10:45 AM mr_subprime wrote:

> Phoenix, you forgot something. They were paid when they sold the
> note forward, plus the fees and commissions. They were paid AGAIN
> by the Credit Default Swap insurer when the loan defaulted, and then
> they got paid A THIRD TIME with the TARP money. Conspiracy? You betcha!
> When you structure a trust with 1000 prime loans overlying 3200 subprime
> loans, of which 40% resulted in default, bankruptcy, foreclosed,
> and "RealEstateOwned", all only 2 1/2 years into the life cycle of
> the 30-year MBS structure, THIS WAS NO ACCIDENT!!! This is indeed
> a conspiracy to grab as much of this country's real estate and force
> as many citizens into bankruptcy and submission as they can. It started
> with Clinton (Gramm, Leach, Bliley Act) but the whole of Congress
> is enslaved to the American Bankers Association and the Mortgage
> Bankers Association. If you can make everyone poor and homeless,
> they become dependent on the government for EVERYTHING!! That's the
> plan! Remember it! And you homeowners out there? START FIGHTING BACK!!!

On the Road: The Dollar, Interest Rates, and Gold

Tue, 09 Jun 2009 16:31:35 -0400

One wonders if the collapsed $1 QUADRILLION derivatives bubble may play a part in all this?

Derivatives: Gambling at Public Expense

Fri, 17 Apr 2009 12:50:38 -0400

Bernie Madoff and his Ponzi scheme was a distraction for the masses, diverting attention from the $1/2-1 QUADRILLION derivatives Ponzi scheme. This is a house of cards waiting to collapse.

DerivativesCollapse.com

Is the Fed's Independence at Risk?

Fri, 27 Mar 2009 15:21:07 -0400

Unfortunately, the Fed is the one who created, or at bare minimum allowed/encouraged/ena... the current collapse of the world financial system. Now we want to give them more power to "solve" the problem. This is insanity.

We can save the economy, but we need to surgically remove the failed financial system. We need to the private parties involved in the $1/2-1QUADRILLION derivatives bubble to settle their contracts between themselves. We need to put these parties into a bankruptcy type receivership to do this. We then need congress to create a new currency to support the 99.999% of Americans who were not involved in the direct creation and propogation of the derivatives gambling casino. We then need to pass laws and regulations (as well as enforce existing ones and reinstate older ones like Glass-Steigel) to avoid allowing financial engineers to destroy our financial system again.

RevokeTheFed.com

Is Financial Catastrophe Imminent?

Fri, 06 Feb 2009 20:41:14 -0500

The system is dead. The stimulus package may lessen the pain for a little while, but what we need is a new currency and financial system. Eventually we will be forced into that. Too bad there is no political will to just start there rather than prolonging the suffering.

U.S. Mint Actions Discourage Gold Ownership

Fri, 23 Jan 2009 20:39:35 -0500

Keep in mind, the gold in Fort Knox is on the books at $42/ounce. They could sub out fabrication of the blanks from this gold and have plenty of margin.

As to the volumes- it is not as easy as turning a knob to double production.

On Jan 23 10:04 AM Smarty_Pants wrote:

> In their defense, US law does require the mint to use gold mined
> in the US for its coins. Given the high demand for gold coins and
> the large premiums, any new blanks which become available are probably being purchased by private concerns at prices above what the Mint is allowed to pay, leaving the Mint with a much smaller working supply of blanks.

>
> 2008 = 860,500 oz
> 2007= 198,500 oz
> 2006 = 261,000 oz
> 2005 = 449,000 oz
> 2004 = 536,000 oz
> 2003 = 484,500 oz
> 2002 = 315,000 oz
> 2001 = 325,000 oz
> 2000 = 164,500 oz
> 1999 = 2,055,500 oz
> 1998 = 1,839,500 oz
> 1997 = 771,250 oz
> 1996 = 275,000 oz