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  • Austerity Continues To Fail Greece [View article]
    This just in.....Greece's deficit gap widens. Sounds like that austerity program is making good progress.
    Dec 13, 2011. 09:03 AM | 1 Like Like |Link to Comment
  • Greece's budget deficit widens to €20.5B through November, 5% higher than a year ago despite a raft of new taxes and collection efforts, as well as budget cuts. Spending rose 3% anyway, much of it due to a sharp boost in financing costs as government bond yields soared. Meanwhile, estimates for economic contraction continue to grow. The math isn't working in Athens.  [View news story]'s that contractionary austerity program working for ya.
    Dec 13, 2011. 09:00 AM | Likes Like |Link to Comment
  • European Banks Need Tons Of Money [View article]
    "Spain’s Santander has sold a stake in its Chilean subsidiary, scheduled a group placement of holdings in the Brazilian subsidiary, and announced a deal to sell 95% of its unlisted Colombian subsidiary. The family jewels are being sold."

    The Banksters use debt to force people, companies and countries to sell their respective fmaily/crown jewels. For a good read, check, "Confessions of an Economic Hitman."
    Dec 13, 2011. 02:52 AM | 3 Likes Like |Link to Comment
  • It's Time To Sell Gold (At Least For Now) [View article]
    Hate to be dense....but I am an old guy.....who are the "juvenile delinquents"?
    Dec 13, 2011. 02:26 AM | 1 Like Like |Link to Comment
  • Explaining Gold's Manic Monday [View article]
    MKW....thanks. I agree. It's hold course and watch the battle rage from the high ground.
    Dec 13, 2011. 02:18 AM | 4 Likes Like |Link to Comment
  • Explaining Gold's Manic Monday [View article]
    Tempo, I certainly see no evidence that Europe will settle it's unsustainable debt problems. Under current contractionary circumstances almost all over the world, how does this get better?
    Dec 13, 2011. 02:18 AM | 5 Likes Like |Link to Comment
  • Gold's Trump Event And India's Weak Demand [View article]
    "This system is already in place, what we do not have is sound currency."

    Until the problems get fixed....I'll vote with Venerability.
    Dec 13, 2011. 02:13 AM | 1 Like Like |Link to Comment
  • Paul Krugman Versus Milton Friedman [View article]
    No problem....I'll maintain my paradigm until someone convinces me otherwise.
    Dec 12, 2011. 11:59 PM | 1 Like Like |Link to Comment
  • ECB To Investors: Sell Gold [View article]
    Toe in water today....don't know what tomorrow will bring....ready with gun loaded.
    Dec 12, 2011. 11:56 PM | Likes Like |Link to Comment
  • Paul Krugman Versus Milton Friedman [View article]
    You said these concepts are wrong....but you have done nothing to convince me that the US government can't print $15T and pay off it's debt. Nor have you convinced me that the government can't print all the money they want even if the IRS was to shut down. And you have not suggested any concept that indicates the IRS will ever come knocking on my door to collect my share of $15T. And you have not told me where the Chinese get the money for all the stuff they sell to the US, except from the available credit that allows the US citizens to buy their stuff.
    Dec 12, 2011. 04:52 PM | 2 Likes Like |Link to Comment
  • ECB To Investors: Sell Gold [View article] the US, when the "Government" decides to deficit spend, the Fed is the intermediary who places the digits into the government's bank account. They deposit "money" so the "government" can write a check to buy stuff like cruise missles. The "government" has the taxing power to reclaim those newly issued funds at a later date, which essentially cancels out the previous issuance (+ or -).

    In the case of the ECB, the question would be "Who's sovereign debt are they monetizing". If the ECB creates money, will they credit it to Germany's account or to Greece's account. And who will the ECB tax (without a political union) to cancel those funds out? They have no taxing authority.

    So I see the issue as somewhat of a practical impossibility. It would be like saying the US monetary authorities will print money to give to California, which I guess they could do to help them with their budget, but then assume there were no "consolidated" IRS. How does the FED get their money back? I guess they could float a loan to California (for liquidity), but it wouldn't change California's debt burden. And how would they ever collect if CA told them to write it off. my brain is starting to hurt.
    Dec 12, 2011. 04:44 PM | Likes Like |Link to Comment
  • Preparing For Eurogeddon [View article]
    For years during the immigration hayday to the US, immigrants from Italy chose to live with their Italian neighbors. Same with those from Ireland, etc. Only after 3 generations of marrying and sending their kids to school did they get "nationalized" as an American.

    When my mother immigrated in 1929, they entire family were almost ashamed to speak their native language. They were made fun of. After 3 generations, not one of the grandkids in her family or any or her 9 brother's and sister's families speaks the mother tongue. The melting pot works but it takes time. And....we didn't have a 1000 years of history as a nation to drag around prejudices, etc.
    Dec 12, 2011. 04:20 PM | Likes Like |Link to Comment
  • Preparing For Eurogeddon [View article]
    Hollywood....that's a watered down comment :)
    Dec 12, 2011. 04:15 PM | 1 Like Like |Link to Comment
  • The U.S. is on pace to run a fiscal year deficit below $1T for the first time in 4 years after recording a lower total of $236B for the first two months, according to the CBO. Still, very few congratulations are circulating around Washington with major budget hurdles - unemployment benefits and expiring Social Security tax cuts - lying in wait to trip up this year's deficit total. [View news story]
    Papa...your're right. I smell a big fat RAT. Let's see, we have payroll tax holiday with strips revenue from SS which adds to deficit, and we have no change in unemployment. We haven't vacated Afghanistan or Iraq, so we are still spend boat loads on Wars. So someone tell me where we have trimmed $500 billion from expenses or raised $500 billion in revenue, or some combination of the two in lesser amounts. This is pure fantasy.

    Oh....let me see....we have 2 months of performance under our belt. "Past performance in not an indicator...."
    Dec 12, 2011. 04:14 PM | 2 Likes Like |Link to Comment
  • Preparing For Eurogeddon [View article]
    "At first glance this would not seem like a bad outcome. U.S. banks might enjoy a much-needed rise in liquidity"

    Really? I thought the US banks need an increase in capital? Isn't that what the EU Banks need, an increase in capital? Why do we continue to foist the argument that this is a liquidity issue, when it's so much a solvency issue.
    Dec 12, 2011. 04:42 AM | 1 Like Like |Link to Comment