Greg Hunter of USA Watchdog said it best: Brace for Impact.
Today is the day. Watching mainstream media (MSM) this weekend, you would think a one notch downgrade to America’s debt doesn’t really matter. For example, former CNBC anchor Erin Burnett said Friday night on CNN the downgrade was “already priced into the market.” The panel spoke as if the first U.S. debt downgrade in history was no big deal. To that I say, positively absurd!
…
Economist John Williams of Shadowstats.com has been warning for months about a sudden dollar sell-off. According to Williams, $12 trillion liquid dollar assets are held outside the U.S. (dollars and Treasuries). If the holders of these assets throw in the towel and cash out, there could be a severe dollar sell off. That could spike inflation, cause interest rates to surge and eventually plunge the country into a hyperinflationary depression, according to Williams
…
The kind of impact we are going to have will not be like flying into the side of a mountain. It will be the kind of crash that skids over land, clipping trees and buildings until the plane ends up wingless in a smoldering heap. I just hope the fuel tanks don’t ignite when the long rough ride is over.
Whether we fly into the side of a mountain or the fuel tanks ignite, the end result will be the same. We’re toast.
The White House, Tim Geithner, and those big-dollar investors (like Mr. Warren Buffet) who stand to lose billions will no doubt move to discredit the ratings agency. In fact, the spin and finger pointing has already begun:
“They’ve handled themselves very poorly. And they’ve shown a stunning lack of knowledge about the basic U.S. fiscal budget math,” Geithner said in his first public comments about the credit rating decision.
…He said, “I think everyone can be confident around the world, that Treasuries are the … most liquid, the strongest place to put your money at a time like this.”
Source: Huff Post
Forgive the S&P, the American public and the rest of the world, Mr. Secretary, if we have a hard time understanding the basic U.S. fiscal budget math, where 2+2=5 and the only way to prevent a debt collapse is to print, borrow and spend as much money as foreign creditors and the US Congress will allow.
The Teleprompter of the United States, in prepared comments, also weighed in on the discussion in an emergency speech to the press at the White House insisting that the US has no credit risk:
We learned that the United States received a downgrade by one of the credit rating agencies, not so much because they doubt our ability to pay the debt if we make good decisions, but because after witnessing a month of wrangling over raising the debt ceiling they doubted our political system’s ability to act.
The markets on the other hand continue to believe our credit status is Triple ‘A’. In fact, Warren Buffet who knows a thing or two about good investments, said “if there were a Quadruple ‘A’ rating I’d give the United States that.”
I and most of the world’s investors agree.
…
All of this is a legitimate source of concern. Here’s the good news. Our problems are imminently solvable. And we know what we have to do to solve them.
With respect to debt, our problem is not confidence in our credit. The markets continue to reaffirm our credit as among the world’s safest. Our challenge is the need to tackle our deficits over the long term.
…
There will always be economic factors we can’t control. Earthquakes, spikes in oil prices, slow downs in other parts of the world, but how we respond to those tests, that’s entirely up to us. Markets will rise and fall, but this is the United States of America.
No matter what some agency may say, we’ve always been and always will be a Triple ‘A’ country.
Barack Obama
August 8, 2011
(Watch the full speech)
Mr. President, you’ve had nearly three years, spent Trillions of dollars and we’re nowhere near recovery.
The reality is that our problems are not imminently solvable. It happens to be exactly the opposite because of the very reasons Mr. Obama cited. Our Congressional leaders, as well as the President and his administration, will continue to wrangle over deficits, stimulus, and economic & monetary policy, while the bottom falls out of this economy. There is simply no way of avoiding the real imminent threat – a total collapse of the system as we have come to know it.
Mr. Obama mentioned several curious economic factors, like earthquakes and oil prices, which he believes are responsible for the “slow down” in our recovery. He also pointed to other countries as variables we can’t control. What about the slow down in consumer spending right here at home, the non existent two million jobs that were supposed to have been created as a result of the trillions spent, the exportation of jobs to other countries, and the destruction of credit and savings that have been happening throughout your first term?
We may have had Triple ‘A’ credit in the past, but sometime in the late 80’s it should have become apparent to everyone which way our rating was headed. This has been a long time coming. And it’s not just “one of the credit agencies” that is downgrading our debt. The People’s Republic of China’s top agency has also downgraded us. To suggest that investors around the world still believe in our ability to repay is disingenuous at best:
The squabbling between the two political parties on raising the U.S. debt ceiling reflected an irreversible trend on the United States’ declining ability to repay its debts.
Our downgrade simply reflects reality.
Chairman Guan Jianzhong, August 5, 2011
[Chinese State Sponsored and Controlled] Dagong Global Credit Rating CompanySource: History in the Making
Secretary Tim Giethner, who in April claimed there was “no risk” that US debt instruments would ever be downgraded still seems to be living in his own parallel universe despite the overt warnings from the Chinese (including their premier), responding to the downgrades over the weekend:
“I think everyone can be confident around the world, that Treasuries are the … most liquid, the strongest place to put your money at a time like this.”
He said he had “absolutely no concern” that China, the largest foreign holder of U.S. government debt, would stop buying that debt.
“They’ve been very strong and I’m sure they’ll be strong investors in the U.S. going forward as will investors around the world,” he said.
Source: Huff Post
In response to President Obama’s statement today that “the markets continue to reaffirm our credit as among the world’s safest” and that most of the world’s investors agree that our debt should be rated Quadruple ‘A’ we need only view the following chart:
Hat tip Drudgereport for the very creative “Barackalypse” headline, Steve Quayle, SGT Report, Greg Hunter, The Daily Crux
Everybody knew what obama would say, and we all know how true it is.
I’ll be glad when the corp collapses on itself so I don’t have to even look at obamas face when I am channel surfing.
BHO went to the BJ Clinton school of deny, deny, and deny….then picked up a Saul Alinski book and adds blame, blame and blame all while using his personal main stream media to do both….
I think he went to the doin a heckuva job brownie school, or the mission accomplished school, or was it the weapons of mass distruction school
Obama knew this was coming. He has spent us into oblivion on purpose. Is there anyone who even believes we will have 2012 elections? Or instead will we be in a “state of emergency”?
How is the gyno practice going? So here is the plan. We, the People, print a note for two quadrillion dollars and make the FED and all banks take it as full payment of all global debt owed them. With this payment they will relinquish all claims, encumbrances, liens for all debts public and private on the entire planet. Call it a global “reset button”. They must place the note in a vault under the highest security and be able to produce it on demand. This note will pay off all home mortgages, car loans, business loans and the like and everyone will own all property in their name free and clear. Also all municipal loans, derivative contracts, pension funds and the like will be declared fully funded and solvent. All accounts will be declared paid in full and will be settled immediately. However, no one with a net worth greater than 10 million dollars will be able to buy anything with the proceeds in their settled accounts but must keep their “money” on account perpetually and the interest earned will be distributed to the citizens of the country in which the accounts reside. Think of it as fighting fiat with fiat or as a haircut for the uber rich.
Ha-Ha Somebody has watched Animal House a time or two.
OBAMA = SUPREME ASS CLOWN OF THE UNIVERSE
NO TALENT ASS CLOWN, please.
No talent lying sack of crap SOB Ass Clown!!! 🙂
It’s as if they really believe if they keep saying it, it will make it true. The total detachment from reality that is going on at the upper level is alarming.
It makes you wonder if they know exactly what is going on and where we’re headed. There is no way they could be this stupid, right? They are playing with hundreds of millions of lives, and they don’t seem to care one bit.
If one had inside knowledge, one could short and come out big. 641 down. DING, DING, DING. Municipal bonds are next… then pension funds then inflation.
I hope the federal employees/retirees are not dumb enough to believe that their pension funds (that have been looted) will ever be repaid with anything other than IOUs. Welcome to the Social Security system!
They of course know. It’s like watching the most well-played drama ever. They all deserve Oscars!!!
Mac: “Teleprompter of the United States” … I like that! Use “Teleprompoter in Chief” too, Mac, I think that would be good.
I have been telling anyone who would listen that these people are competent and know EXACTLY what they are doing. They do. Incompetence implies malfeasence; knowledge validates treason.
Treason is the word that should be emanating from our mouths everytime WE speak, everytime WE post, anywhere.
The dollar must INFLATE… by double digits. Purchasing power must DECLINE; if under the rules devised by the gangster banksters, America is ever to get any jobs back.
The alternative is to bring the manufacturing and jobs back the way they left: by Presidential Directive and Congressional legislation repudiating the Free Trade Agreements of NAFTA and the legislation with China.
The former will be more painful for US. The latter would be more painful for the gangster banksters. Guess which process will be employed?
Speculate in silver, invest in gold, hoard your lead. Save those crisp new $10 bills in a #10 can until you have enough to buy silver, gold, or lead. They won’t be making anymore of it after martial law is imposed on YOU.
Won’t affect me one bit …. just saying.
i always wanted to believe this same thing as well. they cant be that stupid can they or is there a greater plan. I have no idea but if they are, someone is going to be getting revenge
It’s getting closer and closer. The world is going to change, drastically. Hell, it’s already changing, but people can’t or won’t see it. Do we ever learn from the past?
Be ready for it guys http://www.bereadytosurvive.com can help you with survival gardening and storing seeds for survival
Over at Silverbear today is a great article by Catherine Austin Fitts ( go read the whole thing )that reduces the federal problem down to a family level by taking an equal number of zeros out of each category. This makes the problem easy to see.
From the article:
* Total annual income for the Jones family: $21,700
* Amount of money the Jones family spent: $38,200
* Amount of new debt added to the credit card: $16,500
* Outstanding balance on the credit card: $142,710
* Amount cut from the budget: $385
So in effect last month Congress, or in this example the Jones family, sat down at the kitchen table and agreed to cut $385 from its annual budget. What family would cut $385 of spending in order to solve $16,500 in deficit spending?
Great example.
Karl Denninger wrote something similar the other day:
** Spending less than you intended to, but more than last year, is not a “cut.” This is like a 400lb man going to the Chinese Buffet every day and eating five plates instead of six, claiming that he’s “dieting.” Ok, in a year he’ll weigh 500lbs instead of 600, but that’s not a “cut.” **
We’re DEAD!!!
Thanks Mac for keeping us well informed and “in the loop”.
Likewise to you and the rest of our readers. Most of the really great information that appears on this website comes directly from the community. Thanks all!
Thanks Mac for all that you do. I know this might seem shallow, but this week sure has been entertaining. I am always get up early 4:30 or so to feed the chickens and listen to ol’ Skeets crow, come back in fix my coffee and sit down at the keyboard and home in here to check replies, catch a laugh, then hit the bricks.
This is without a doubt the best place to see what is happening. I don’t agree with all of those that post but for the most part you’ve got a pretty sharp bunch of participants.
QE3 will begin quietly, along with the PPT writing yet more trillions in derivatives to try to turn the stock markets upwards, and precious metals markets downwards, but it will have even less effect this time than it did during QE2. The fat is in the fire. The foolish are wondering what is going on. The wise are making final preps, and praying!
And “Barack, The Court Jester” continues his juggling act.
I give a rats less about the maaaket, I’m glad to see the smugs get hit like we low level savers have been since gen.bernakapart crapped on the interest rates.
As usual though it went down by 600 and now back up to 500 down and the CNBC clowns are already sayin “its off its lows” ita a “ralley”, smirks, Cramer will be out soon with the noise makers and party hats.
Those that had the bucks to buy gold last year are doing well, I didn’t have the bucks to buy it than and damn sure don’t now, but so it goes.
You have the wrong mind set. Buying gold last year wouldn’t have helped you out much either. Are you prepped or just wasting your time waiting for your end to come? Get off the net and go purchase a silver dollar.
Amen Anon..
Did that very thing today! Poor mans “gold” is what I call silver…we buy a little each week…Have a local place where we know them and they know us…hand over our cash and the hubs and I walk out the door, feeling a little more prepared each time.
Canned some of the peaches I picked on Saturday and later in the week I’ll can spaghetti sauce with the tomatoes from my garden…doing a little at a time…and praying for MORE time!
I’m a financial idiot—everybody is sooo concerned with the ‘market’ because it affects jobs??
What has been going on for 3 years?? Created jobs??
I think not!!!
Sooo?????
JJ van Winkle: Have you beeen asleep for 20 years? 🙂
Jobs started to disaapear en mass three years ago because the factories in China that were dismantled here and transfered there during the Bush jr Admin were completed in 2008.
Can you say, “treason” people? One more time and with emphasis:
“TREASON!”
“TREASON” !
Joerocker: That word should be coming out of OUR mouths everytime WE open it, anytime WE open, everywhere WE open it.
That is the word that DC needs to hear every fricking day, tens of thousands of times a day. It needs to be printed, posted, and dissimanated on every LSM posting site. The DHS security software monitoring America needs to get a fricking EARFUL of it every day, day after day until the SOB’s in DC get the message:
“WE know what Congress has done on behalf of the gangster banksters. Repeal it, fix it, or YOU will
be held responsible for it!”
TREASON!!!
TREASON!
the “head Traitor in charge” is commiting high TREASON!
The senate, CONgress..Bankers, and all of TPAB..High TREASON!
TREASON!! NO NEED NEED FOR THE COURTROOM…
TREASON
Hell, Barry what’s his name isn’t even legally POTUS. Is that treason or treason with a side of fraud?
Barack Obama- Fraudulent puppet President and TRAITOR-IN-CHIEF!!!
Ben Bernanke- Conspirator and TRAITOR!
Timothy Geithner- Theif, conspirator and TRAITOR!
These 3 people should be the first to HANG for HIGH TREASON!!!
What ever Obama “the destroyer” and “tax cheat” Geithner say, believe the opposite. Get ready for some serious hyper inflation……..we are in real trouble.
Or rapid deflation…..either one will hurt but only the rich can really survive deflation….
I heard it referred to, today, as “Obamageddon”. Loved that one.
Wonder how long it’ll take before it begins to feel different here?
I think for 47 million Americans on food stamps it already feels different. Most people have no clue how US dollar movements or Treasury bond and municipal bond interest rates affect them, but if there is another market collapse it will be the talk of the town… In fact, i suspect it’s the hot topic at water coolers around the country today.
If the markets happen to pick back up as a result of QE3 and PPT infusions, they will think everything is back to normal…Not until they can no longer afford food or their A/C bill will they accept that something is wrong.
I have thought that was their objective from the start. Get them poor, run them out of work, get them dependent on the government, on assistance and food stamps, and get them hungry, controlling the food supply. As a result, they have a more docile compliant submissive subjects/citizens to deal with. BUT; they forgot one little detail.
305 million Americans armed to the teeth will fight. Play on that shit OBAMA!!!
THIS AINT SOME BANANNA BOAT PAL!!
Well, realistically there aren’t 305 million armed; but with the ones that are armed, being armed to the teeth, it’s KEWL.
Naw… I am I’m a packed, working class bar right now and none of the 35 patrons has said a word. So far, reality has not intruded upon the dream.
I really hope they do QE and it somehow works just long enough to prep some more! Another three months, please!
Been topping off with extra rations and one or two 525 round boxes of .22’s everyday. No sense in buying any more for the larger guns, only got a half ton rig.
Bought another 20 silver eagles today. Getting ready.
Barackalypse Obamageddon. Says it all!!
it’s an Obamination!!!
We need to fire the entire lot of crooks & their staff in Washington DC. Hit the re-boot button & start over – build a part time government. Build a society of citizens who want to work (or at least need to work) in order to eat.
We are on the precipice of something big. If we stay together as a nation, we will go through years of political fighting – which will make the politicians more powerful and result in economic calamity. ((Sound Familiar? Something like TODAYS news?!))
Vastly differing fundamentals suggest to me that a civil war will take place with 2 or 3 different nations emerging. I stake my claim for land in the small government/freedom rich side. I’ll see all of you there soon-to-be neighbors!
If only it were as easy as firing them (or voting them out of office). Unfortunately, I think your scenario of re-boot plays out for all of us involuntarily… It’s going to get ugly.
You’re talking of ‘seceding’??
As the song goes, I’m already gone!!
It makes sense that the founding fathers who had just seen a fiat currency, the Continental go to zero, put in the Constitution that gold and silver are the money of the land. We are going to experience exactly what they did, and I agree with you, IF we have the opportunity, we need to do a reset, allow only citizen lawmakers with limited terms, gold and silver as money, and only those that either own land or pay taxes can vote. Get rid of welfare and freebies for those who don’t or won’t work. Let them starve. And, we need to have a come to Jesus meeting with all those who have held public office and who have not kept their oath to uphold and defend the Constitution.
I will look for the new nation that does not join the UN. This will probably be the same nation you described.
Well we definitely need arable land and ports for ocean going vessels.
Anyone want to give their opinion of where the new Free America should be?
For years I’ve been telling my brother we’re going to split up. There is a critical mass of liberal idiots on the left coast and New England. Three countries. Two on the coasts destined to rot and the free one in the middle. The battlegrounds will be the purple states like PA, WV, VA, NM and maybe states that are red, but have a critical mass of communists in a major city, like IL and MN.
The Southeast is probably the best location (FL, AL, GA, SC, NC, TN…). The West coast is toast due to California. Texas is great but has a serious problem with Mexico. The Northeast is just too cold and is overrun with socialists.
The Southeast enjoys 2 growing seasons, mild winters and is still mostly conservative. There’s ocean frontage, mountains, flatlands & lots of rural farmland.
I’m there. I’ll take a place in the mountains, please.
Not in Texas, not right now anyway. You could’nt grow a weed in this 105+ heat, and it hasn’t rained in 6 months!
Surely it is just coincidence the DOW took a nosedive…. I think NOT.
Bernackapolyse must certainly be lurking around the corner. He is cooking up something to spring on us.
Couldn’t afford gold but bought silver eagles Friday. Hope you bought PM’s. If you don’t own PM’s you need some.
When / if you hear from the MSM positive comments on U.S. it is all hype. When a country spends more than it takes in and no way to repay its debts thats is not good news.
I am looking forward to reading your reactions to this monetary crisis.
Montana Mike
I think im going to call him “Teleprompter in Charge” from now on
I dont really have a dog in this “Market” issue..
but..it will affect those who dont.. so, thinking it wont fuck with you is sticking your head in the sand.
interesting ride…oh, here is where i get off
Can a “Teleprompter” commit Treason or just the puppet using the telepromter.
The collapse as predicted in upon us; we can’t climb out of the hole we are in. The politicians have not a clue as to what to do. Prepare for you and your families; gold, guns and a get away plan.
Its odd to me the soaring Gold Price is not mirrored by a soaring silver price? The later is an incredible buy at a ratio of more then 40 to 1 in value to gold right now. Historically that ratio has always been much much lower. Gold may well reach $2,000 shortly ($300 gain on a $1700 investment) but silver could reach $100 once SHTF and the full scale depression is no longer ignored. That is a $60 gain on $40……
Jim, because silver is an industrial material as well as s store of wealth, it relies partly on economic growth to support its price. Governments and individuals around the world have embraced silver so I’m not worried about it in the long term, even if today’s performance is so-so. Your $100 per ounce estimate seems too low. I’m thinking the mid triple digits within the next ten years, enough so that 500 1-ounce coins will buy a better-than-average house. Also, if FRNs go the way of Weimar Germany and Zimbabwe (as I expect), you’ll be glad you have something with good barter value.
And the hold ins silver price is a GIFT…..take advantage of it while you can !
Bought more silver today. Bought gold earlier.
I bought brass. 🙂
We all know he hwole thign is another lie and were flaoting on borrowed money .Qe3 will be here soon to buy more junk and keep this baby alive a little longer .the american people are pawns in the ches game . When this is said and done the people will be broke while the corporate leaders and those high up in the fiancial secter will reap billions .
What is that im hearing ? Im hearing it now c? Can you hear it ? Revolution coming !
….Running out of ammunition and excuses, this Zombie Economy has finally hit the skids.
But never mind all that, let’s all go on vacation while the shit hits the fan and the country falls apart, that way we’re not to blame. Those motherf*ckers have a lot of nerve being on vacation.
There were many times when I had to forgo my vacation in order to handle business. Who the F*ck is running this country? Oh, that’s right… the country is running into the side of a mountain…
EVERYBODY, ABANDON SHIP!!!!
Euro is on vacation too. Probably hiking in the mountains.
Its the Tea Party, their at fault! Oh let’s see I inherited a AAA rating from Bush, no that won’t work.
All I can say is I’m glad the propaganda worked till this morning. I really thought the Asian and European were going to sell off a lot more then they did. If we close over 600 down today tomorrow could be a whole lot worse.
Remember it will take 10 business days to collapse our markets with the circuit breakers built in.
I hope I’m wrong.
Ten days with trading curbs is about right. The world still has no other currency to turn too. I’m thinking the UN’s printing press might be about ready to start up something as it needs a “crisis” to power it up. I’m so glad I was able to convert most of my retirement savings into farm land, and I’m so mad my employer pensions I can’t f’ing touch in time to save.
SDR, I wonder what they look like.
PO: Never see them. They are digital.
“Our challenge is the need to tackle our deficits over the long term. But here’s the good news. Our problems are imminently solvable. And we know what we have to do to solve them.”
The System is Crashing… Time to Re-boot and change the Hard Drive!
It’s getting to the point there aren’t enough Clint Eastwood or Fred Flintstone quotes to insult these idiots in DC. I’ve even run through all my stuff from Barney Fife and Rocky and still it’s not enough. Now THAT’S scary!
You’ll think of something. I have faith in you.
ROFLMAO
If you ‘know what to do to solve the problem’ then doesn’t your not solving the problem wreak of TREASON!
TREASON!
I, Barry the Bomber, do pledge to defend the Constitution of the United States of America,
TREASON! TREASON!
Whoever believes the puppet from Kenya is in charge or to blame has been watching too much talmudvision. This collapse has been long planned by the “international” banksters and financiers to accomplish their goals:
(1) consolidate ownership of more of the planet,
(2) 90% depopulation by whatever means are available,
(3) subjugate the survivors, and
(4) dethrone Jesus Christ from his social kingship.
They have perpetrated wars, genocide, and economic crimes against humanity. Prosecute the guilty; leave the innocent alone!
¡Viva Cristo Rey!
Right on, John Q. But what I read is that He said, ‘the gates of hell shall not prevail against (the church).’ He has never allowed world dominion, and I don’t read in the Book that it is going to happen. There’s gonna be a fight…!!!
The Chastisement cometh.
Let’s face it; Obama is nothing more than a well placed PR campaign. There is little doubt that he and those around him believe that; “If we say it, they will believe.”
That shit might work in a theory exercise in college, but this is the real world and it aint working.
How can anybody believe ANYTHING this ass says now? Well I can think of a few, in particular.
It isn’t really so much what he says that makes people believe, it is the dishonest media. I tell you, I boycott most major news organizations because as far as I am concerned, they are largely responsible for the problems in this country. Most all of our problems are rooted in human nature, however, our founders knew that a free and honest media was essential to a free republic. The problem is news outlets like CNBC and Bloomberg do nothing but cheerlead the markets while others like MSNBC, CNN, ABC, NBC, CBS do nothing but put a positive spin on anything liberal or progressive and a negative spin on anything conservative or responsible.
The bottom line is I totally agree with you—the problem is so many people are not engaged and get their views and news from our corrupt university and media systems which should be serving as the 4th branch of government but instead focus all their efforts on propaganda and disinformation—-all to push their anti-American liberal agenda’s.
Bottom line is we are screwed in this country not because we have problems that could be solved, but rather, because our politicians, aided by a dishonest media, refuse to face up to the problems and just want to paper them over with propaganda.
If you want entertainment, check out CNBC, CNN, MSNBC today and listen to the desparation and lies spewing out—-it is almost unbelievable. What is really sad is there are actually people out there that listen to these liars and believe it, otherwise, why would they watch?
Can anyone say “idiocracy”!
WSP: Don’t blame the LSM. As pathetic as they are, they are just a symptom, bought and paid for by the source of the problem: Wall Street gangster banksters.
I don’t normally watch CNBS (aka CNBS) or CNN nor their web sites because these two media outlets are just so blatantly dishonest, in the tank for progressives, and amount to nothing more than cheerleading propaganda.
HOWEVER, I did switch over to CNBC today just to see how desparate they are—–and they are REALLY DESPERATE. Its all about what do we need to do to get the market to “go up”—they are so obsessed with getting the market to “go up” that they ignore or coverup the real fundamental problems in society.
Bottom line is if dishonest media outlets like CNBC and CNN would just do their job and tell people the truth, we wouldn’t have the problems that we do now. Instead, they believe propaganda, dishonest reporting, and outright lies can put lipstick on the pig and make all our problems go away—THEY WON’T.
Anyway, if you have some extra time and want a few laughts, flip over to CNBC and check out the utter desperation and propaganda coming out of these idiots mouths. they just cannot be honest—they just want the market to “go up”.
Today is a great—I love it when the market goes down and the cheerleaders get desparate—too funny.
Stayed up late last night monitoring financial news from Asia. Got up early this morning and continued the process. Around 7:30 decided to head out and top off my preps. Just a couple of customers buying gas when I was there. Drove to the shopping center and there were far more customers at Starbucks chatting over coffee than there were at the Kroger’s. Scored 5 food grade buckets from the bakery, free! Drove over to the Super Wal Mart. Same scenario, more employees working than customers. Calm and quiet, made shopping easy. Drove to the bank. I was the only customer in the lobby. Employees chatting about their weekend, included me in the conversation. Home before 9:30. But I wonder, how many more days will this peace and quiet go on for?
Mac, thank you for all of your hard work and keeping us informed. Thanks for the opportunity to submit and read comments from around the country. My best wishes to all who frequent this site.
Yeah, its called “Normalcy Bias”. I thought you knew that!
Knowing about it and seeing it are two different things.
There is a lot of people that haven’t got so much as a clue what the hell your talking about. Normalcy bias? Do I need a prescription?
And this year’s Oscar for Best Actor in a Drama (or is it “in a Comedy”) goes to…
the part at the end about “our military men who gave their lives…” had me weeping.
“imminently solvable”
I feel so much better now. Uh if is so solvable, why hasn’t it been solved?
Just my opinion but the problem seems to be one of everyone from the working and non-working poor to the plutocrats want and demand stability. To achieve stability, we MUST have effective command and control of the markets ie. serious regulatory efforts.
The problem was, is and will continue to be the tax revenue stream. The only dependable source is large corporate cash flows. Guess who will get the support from DC?
By the same token, debt is, by and large, a matter of free choice. I have no money and no debt. I have property that I bought with my labor. Now with social security almost 2 years away and my ability to work somewhat compromised, I am concerned that what few investments I have made are going up in smoke.
Solvable? I have little doubt that a solution will arise and be implemented. And I am concerned about it too.
————————–
Currently reading:
“Democracy for the Few”, Michael Parenti, 6th ed. 1995, St Martin’s Press, New York.
Attempts to be a balanced tome. Only up to Chap 4 and so far offers a different look at the rise of the mega-corporate plutocracy. I tend to agree that we have let the mega-corps(e) run amok. Fits nicely with today’s fandango.
Right. Kind of like the talk of future savings bu cutting out Medicare waste, fraud, and abuse. If you know these are present, why are they not being attacked now?
Sorry. Lost my mind for a moment. It’s easy to ignore these things when you are writing checke from somebody else’s account.
BHO is not this stupid. For as much as I despise the socialist pig, he’s no dummy. He keeps cutting us, then picking the scab, then pouring salt into the wound, then blaming us for squeaking. He wants and is trying to provoke either a collapse or an uprising; or both. That is the only way he will be able to hold onto power.
This bumpy ride is about to get bone-jarring.
The s.o.a.b. just approved 105 million for Somalia, Wtf
More spreading the wealth… ours.
Sam , I understand you also live in S. F. Is that correct?
south florida
History also informs me that the dance-band on the Titanic played on into the night while the ship sank around them in attempt keep the passengers as calm as possible.
Of course, we as a country do have some problems; but our problems are all “fixable” as President Obama informed us today on the TV. What else did you expect the man to say?? That’s a part of his job description as president, to be able to offer up optimistic, up-beat, positive and downright patriotic platitudes to the masses in the face of some pretty depressive economic realities that we as a country face.
The markets really don’t seem to care very much for this presentation either; down about 400 points the last time I bothered to look. BOHICA boys & girls!!!!!
Oh, wait a minute boys & girls! I haven’t had an interest in the stock market since I actually had a job and was contributing to a 401k retirement plan. That was literally years ago. I finally had to cash out the plan, take the ‘hit’ on the taxes and use the rest to pay our way. Mutual Funds or Municipal Bonds? Don’t have any of those either!!!
I guess that being poor must have at least a minor ‘up-side’ to it.
Please keep that ‘silly-grin’ on your face no matter what happens. It drives the bastards nucking futz wondering what the hell it is you have to smile about!
God Bless & good luck to you and your families. Keep your head down and stay alert. Will our next diversion from normality be WWIII?? Only the ‘Shadow’ knows!
The market is never wrong… Sometimes a bit early or late…
“The Teleprompter of the United States” Mac, excellent. A+
Okay AAA+.
I wonder if the plan was to have Bush Jn start the problems ….. Followed by Obama riding heroically to the rescue with “Change” and “Yes we can” only to find he was infinitely worse. Will the next Savior be, after “Obama be gone” ….. “Be the final nail in the FEMA” coffin?
I agree BO is way over his head in being the leader of this country. Maybe if McCain had had some sense in picking a running mate we wouldn’t have BO to kick around.
How about this site spread the blame around for all the political whores occupying the Congress. Every damn one of them!
Time to reboot while I reload.
Oh come on Manich…do you REALLY believe that Sarah Palin would do a worse job than Obama? Seriously? At least she WAS a Governor…a little more experienced than a community organizer! McCain lost the election all by himself…am old white, fuddy duddy verses Mr. Smooth talking Hopey Changey dude!
McCain is a progressive, a lousy aviator, and he squealed to the commies. He sux.
Well that is what I am saying. We could all be sitting around blasting him instead of BO.
We need THIRD choices on the ballot that can win!
He also wasn’t much of an ‘airplane-driver’ either. Only the son & grandson of admirals could have lost control of and damaged three aircraft and still remained on flight status.
While working on converting a sluice box to a siphon dredge, the word “imminent” kept eating at me. So I dragged out the dictionary.
Imminent: likely to occur at any time (with emphasis on threatening).
OMG, neither the Dems or Reps have a clue. The solution is likely to occur does not mean absolutely will occur. We are so screwed.
D.C. Insomnia
http://www.youtube.com/user/politizoid#p/u/4/_99pp-pjNS4
I was waiting to hear “the economy is fundamentally strong”. I woulda hurled!
And, yeah, TREASON!
http://www.youtube.com/watch?v=Z0GFRcFm-aY
LMAO, No toes? Is that you? LOL
No, if your not him you won’t get it.
Yes, Obama is the President. However, he is neither Presidential or a leader. Obama and his cronies in Congress think that the American people are a bunch of illiterates. Wait until they figure out there’s a whole bunch of us that’s been reading the writing on the wall!
Prep on!
Yes, yes, prep on. When it rains it, it pours. Think I will go buy a snorkel.
Watch and Wait: Here is link for your edification to confirm to you what I have already explained on another thread:
http://finance.fortune.cnn.com/2011/08/08/the-truth-about-the-bluster-in-beijing/
Another good reason why the greeback is desired by friend and foe alike. Two words for you:
FALL SEMESTER!!!
It’s Tuesday in Asia, Tokoyo opened down by 2%
Nikkei Opens Below 9,000 On Weak Global StocksTOKYO
Tokyo stocks opened sharply lower Tuesday, with the Nikkei Stock Average falling 185 points, or 2.0%, to open at 8,911.
It is the first time the benchmark index has fallen below the psychologically important 9,000 line during trading hours since March 17, when the index hit 8,639.
The Dow Jones industrial average hit its lowest level overnight since October last year amid worsened investor sentiment in response to tumbling stocks across the world.
In Tokyo, blue chips broadly opened lower on the first section of the Tokyo Stock Exchange, with automakers, appliance makers, precision instrument makers and banks being sold aggressively.
http://e.nikkei.com/e/fr/tnks/Nni20110809D09SS249.htm
Sorry, make that down 343, or 3.78%
Oh my. At this point in history with 100 things going wrong, we have the worst president that we have ever had. Who ever is second worse looks like Lincoln or Washington compared to this one.
But really and honestly, Barack Hussein Obama is not the real problem. The problem is that we have citizens who would actually vote him in!!
What kind of country is this that would become infactuated with a man like this who had no experience running anything or any qualifications to run a country? What the f- – -?
That is why this country is about to collapse and that is why this country DESERVES to collapse. And it will. And it should.
Voting for and electing such an idiot to run our country is the last and worst straw. We all should burn in hell. Even the folks who DIDNT vote for him because we allowed him to take office. We should have stormed the capital and cryed out HELL NO!!!!
I kind of think its funny folks still beleive he was actually “voted” in.
It wake up time, time to open your eyes, and rise, and shine. (Tom Petty)
Dang, Stan, it’s good to know there are others that feel the same way I do about this worthless clown! I thought eight years under the draft dodger was bad, but this guy who has never done anything and can’t prove his past thinks he DESERVES it. It sickens me that we have fellow citizens that voted for him once and would again. I still think you ought to either own land or pay income tax before you can vote.
When the shooting begins…..
Wake me up!
We all want to run the b******s out of Washington, but the bigger problem is mountains of bureaucracy. There are only hundreds of senators and representatives, but there are millions of bureaucrats that we didn’t elect, we don’t want and we can’t fire. I spoke to a member of the House at a fundraiser. After he had a couple of drinks, he came right out and said he went to Washington to change things but the bureaucracy answers to no one. It’s like our very own dictatorship. And the average Joe is clueless. Every time I read SHTF I think there is hope, but then I talk to people at the supermarket or the bank, and they are totally unaware of the coming catastrophe.
DOW futures down another 255 points tonight.. it ain’t over yet..
I feel this isn’t going to slow until the DOW bottoms out at 9500.
Everything is being done on purpose. Check the below link out for invaluable links to documentaries, links, and ideas.
http://nwosurvivalguide.com/
Korean markets are reportedly down 9%. Other Asian markets over 5%
Blame everyone but the “kenyenish indonisian chicago thug with a fake hawiian birth certificate”…..it was ah..a tea party ah….racist,ah,thats right it was ah…bubba,ya..thats it,ah it was that racist tea party bubbas fault,ah..I read it right here on… my…brand new teleprompter….treason? ah,who said that …ah.. was that you michelle,ahh,hahhahahha,ah… thats not funny…ah…who you callin blue lips you ah.. big butt…?
Greetings Everyone!!
First we had GWB(not the finest we ever had put into power,then BO comes along with promises to “change” things for the better.Except it’s too late.I expect to DOW to fall about 1,500 points by weeks’ end.Perhaps more.A lot more.The GOP is willing do ANYTHING to keep him from being reelected.That includes the ruination everyone else in the country.Mr.O. seem to be cozying up to them every chance he gets.All to the bad for the country.We’re run out of Statesmen it seems.Guess it had to happen sometime,just wish it wasn’t so soon.
Best to All
Stay Safe and Prepped People!!
GFG
BALL OF CONFUSION (THAT’S WHAT THE WORLD IS TODAY)
WRITERS NORMAN WHITFIELD, BARRETT STRONG
1, 2… 1, 2, 3, 4, Ow!
Eddie: People moving out, people moving in.
Why, because of the color of their skin.
Run, run, run but you sure can’t hide.
An eye for an eye, a tooth for a tooth.
Vote for me and I’ll set you free.
Rap on, brother, rap on.
Dennis: Well, the only person talking about love thy brother is the…(preacher.)
And it seems nobody’s interested in learning but the…(teacher.)
Segregation, determination, demonstration, integration, Aggravation, humiliation, obligation to our nation.
Ball of confusion.
Oh yeah, that’s what the world is today.
Woo, hey, hey.
Paul: The sale of pills are at an all time high.
Young folks walking round with their heads in the sky.
The cities ablaze in the summer time.
And oh, the beat goes on.
Dennis: Evolution, revolution, gun control, sound of soul.
Shooting rockets to the moon, kids growing up too soon.
Politicians say more taxes will solve everything.
Melvin: And the band played on.
So, round and around and around we go.
Where the world’s headed, nobody knows.
[Instrumental]
Oh, great googalooga, can’t you hear me talking to you.
Just a ball of confusion.
Oh yeah, that’s what the world is today.
Woo, hey, hey.
Eddie: Fear in the air, tension everywhere.
Unemployment rising fast, the Beatles new record’s a gas.
Dennis: And the only safe place to live is on an Indian reservation.
Melvin: And the band played on.
Eve of destruction, tax deduction, city inspectors, bill collectors,
Mod clothes in demand, population out of hand, suicide, too many bills,
Hippies moving to the hills.
People all over the world are shouting, ‘End the war.’
Melvin: And the band played on.
[Instrumental]
Great googalooga, can’t you hear me talking to you.
Sayin’… ball of confusion.
That’s what the world is today, hey, hey.
Let me hear ya, let me hear ya, let me hear ya.
Sayin’… ball of confusion.
That’s what the world is today, hey, hey.
Let me hear ya, let me hear ya, let me hear ya, let me hear ya, let me hear ya.
Sayin’… ball of confusion.
Latest rumor on the street is that Obama is gonna give a reisgnation speech in a few days. (I know it’s the latest rumor, because I started it) Full text of speech as follows:
My fellow Keny..uh…Indones…uh…Americans, It is with a great deal of sadness, yet a profound sense of pride in our country, that I take this opportunity to announce my resignation from the presidency. These past two and a half years have been filled with great challenges and at the same time, many wonderful vacation memories for Michell, myself and the girls.(wink at camers) We’ve enjoyed traveling on Air Force One so frequently, dining exquisitely and basically living it up at your expense. Now, however, the time has come for someone else to do that.
The income from Michelle’s speaking engagements, my books, as well as other unnamed sources have gotten us to the point of great wealth and now I see no need to continue putting myself at risk of extreme personal harm by staying in office. Additionaly, I believe vice president Biden would be a much better scape goa…uh..leader to see us through the remainder of the economic recovery, which we all know is just around the corner.
My resignation has nothing to do with the death threats I’ve recieved from republican congressmen, nor the threats from members of my own party. This is obviously a bi-partisan effort, and while I applaud their willingness to work together, I see no benefit in waiting until these threats are carried out. I’m happy to leave Washington knowing I’ve restored the spirit of co-operation between the parties.
I leave office knowing that America is stronger than it was under George W. Bush. Under my administration, our wars have lasted longer, debts and deficits have reached new heights, more money has been given to bankers than ever before, and racism is alive and well in our country. We’ve basically done everything better than him, and besides he left me SO many problems to deal with, and these things take time, and you people are just too impatient. But I’m not bitter.(bite lower lip) I leave with my pride intact, several towels from the white house bathroom, and the knowledge that you people don’t deserve a great leader like me.(flip middle finger to camera)
Thank you, good night, and may allah…uh…God bless America. (turn toward mecca, bow and exit to rear)
SmokinOkie,
Well said and with tact and humor! 🙂
someone needs to be watching every move of every politician. Senators, CONgress person..president etc..
when they head out, they need to be boxed in right where they are at..if we are to be left to suffer this, they need to be in the middle of it, not out on some island or down in a bunker somewhere laughing at us all..
when The S hits the fan..they need to feel it, and live it too, this is their creation, they need to stick around to see what its all about
This is what happens when you put a community administrator in charge of a country.
Don’t worry, the gov-designed bunkers will not work.
Let’s say that you managed a business that over the course of 50 years ran up debt to the level of, say, $2M. Ever paying this back honestly is obviously hopeless. You essentially are bankrupt. Now, along the way, you and your colleagues in the business all were part of this mess and all personally benefitted immeasurably and became wealthy and secure. Your employees, on the other hand, took pay freezes and pay cuts all along the way. You and your cronies ensured that you had gold-plated medical coverage, too, while each year your employees paid more into a lead-plated plan. Finally, the stockholders are asking what is going on with the business. You had been paying dividends, but now you cannot do that any longer, so they are getting suspicious. What happens next? My guess is that the shareholders FIRE you and the whores that work with you. With luck, local prosecutors will charge you with crimes of fraud and conspiracy. But in no case to you have a job tomorrow.
So, why should any of these elected monsters have jobs come 2012? Obama, Reid, Pelosi, McConnell, Boehner, Frank, Lugar, Snowe. . . Kick all of these insiders out. Keep only those who, since at least 2010, have fought against deficit and debt increases, have fought for a balanced budget amendment, have fought for lower taxes and free enterprise, have fought against government overreach in our lives and businesses. . . It is not hard to figure out which of these jackasses to boot. So vote, come 2012, and rid government of the worst for worst.
Assumption being that the citizenry are the shareholders.
No exactly true. The Constitution was written to protect property rights from government.
The vast majority of citizens do NOT own property. They are renting, buying, borrowing against, reverse mortgaging, squating, etc. A small minority owns property outright.
The Constitution protects the haves from the have-nots.
So like uh what? Our nation is based upon property rights plain and simple. The choice to be a have or a have-not is yours. Circumstances of birth might increase the effort needed to become a have, but it is still possible. It is impossible to create and maintain a completely level playing field.
Every new shift in paradigm creates opportunities for an enterprising individual or group to gain entry into the “have” group.
And those of us with owned property, but little if any capital wealth? We are “haves.” We are just the black sheep of the family. Raise our capital worth and get invited to dine at the family table.
————————————-
This relates back to my concern about “imminently solvable”. Those with the greatest risk of property are floundering for a solution. The Ralph Kramdens and Ed Norton zombies will destroy our nation’s infrastructure and we got no mo money to fix it.
———————————-
QUOTE
Currently reading:
“Democracy for the Few”, Michael Parenti, 6th ed. 1995, St Martin’s Press, New York.
Attempts to be a balanced tome. Only up to Chap 4 and so far offers a different look at the rise of the mega-corporate plutocracy. I tend to agree that we have let the mega-corps(e) run amok. Fits nicely with today’s fandango.
UNQUOTE
Some good info, but then the balance goes gonzo against property rights and wealth. The author uses printed for masses media as sources for a litany of activities used to prove a conspiracy against the have-nots. Only got to read for a few hours, but at halfway through, I see this as a socialist rant against the haves. Fortunately I have critical thinking skills and enough knowledge base to effectively argue both sides and this tome is NOT balanced. Socialist conspiracy nuts will love it and proclaim,”See, we are the oppressed. We deserve a nice standard of living for existing.”
Everything will be ok, the markets opened a little higher on the Dow today. Meanwhile gold is going down and silver is taking a real beating. Get ready for QE3 and the biggest recovery and job creation we’ve yet to see.
After 635-Point Sell-Off, Fed Running Out of Options
http://www.cnbc.com/id/44030863
Porter Stansberry: Why stocks are plummeting now
http://www.thedailycrux.com/content/8358/Porter_Stansberry/eml
Two of Europe’s largest banks are on the “brink of disaster”
http://www.thedailycrux.com/content/8360/Euro/eml
The market will experience a series of “sucker rallies,” as QE3 is alive and well, and being implemented today. They have really never stopped pumping the market. They go into the Asian and European markets and pump during the overnight hours. The ups and downs are designed to throw the suckers off, so that they can sell them their stock that they bought at the lower price. Most of the QE3 money is being funneled through the “Berkshire Hathaway” fund, then out the back door to purchase stocks like “Faz,” and into the “social network” stocks. Be safe…buy food, gold, silver, emergency supplies, guns, ammo, a good helmet and vest. Good luck and GOD be with you.
Financial Market is not only depent on “Arc” up and down. It’s depent on it’s cycle of “Arc Wave” also known as “Wave Frequency”. Three basic elements of Crest, Trough, and Wavelength. Between Crest and Trough is call “Amplitude”. Crest-Trough>=0, Trough-Crest<=0 Americas Amplitude(debt celing)going increasing all the way up and become Opside down "U" is called "Half-Period Cycle"
Of course, you are going to ask me why not make "Period Cycle". the answer is "We are doing it". US is making another cycle from Trough to Crest to complete "Period Cycle".
Right now, how do we save our Financial Stock Market ? US need to creat "High Frequency" with narrow down "Period" to shorten "Wave Length" to bring the energy and synergy to US financial Stock Market.
Also adding "Low Frequency" as Dollar Currency to synergy with "High Frequency" US stock market. Combine with "Low Frequency"(US Stock Market)+"High Frequency"(US$ Currency)="Low Frequency"(Crest-Uptrend)
+"High Frequency"(Cap Trough-Downtrend) Another Word is change the standard US$ currency to "Diamond" more Flex Product.