Making news in the last few days is the collapse of MF Global, one of the handpicked elite primary dealers that serve as trading counterparties of the New York Fed in its implementation of monetary policy. Primary dealers are supposed to be heavily regulated and monitored, as they are required to participate in Treasury auctions. As of October 31, there were 21 primary dealer club members including the likes of behemoths that include JP Morgan, Citigroup, Goldman Sachs, and Morgan Stanley.
What you may not know about MF Global and why it is important is that they are not only a primary dealer, but also a broker-dealer, which means they trade securities on behalf of their customers. Yesterday, they filed for bankruptcy, making them the 8th largest bankruptcy in U.S. history, to the tune of $40 billion.
It turns out that as of this morning, there is about $700 million of customer funds that have disappeared.
The recognition that money was missing scuttled at the 11th hour an agreement to sell a major part of MF Global to a rival brokerage firm. MF Global had staked its survival on completing the deal. Instead, the New York-based firm filed for bankruptcy on Monday.
Regulators are examining whether MF Global diverted some customer funds to support its own trades as the firm teetered on the brink of collapse.
The discovery that money could not be located might simply reflect sloppy internal controls at MF Global. It is still unclear where the money went. At first, as much as $950 million was believed to be missing, but as the firm sorted through its bankruptcy, that figure fell to less than $700 million by late Monday, the people briefed on the matter said.
Source: NYT
A few weeks ago, Ulsterman’s Wall Street Insider suggested that there would be more Obama administration scandals similar to Solyndra, as well as hinting that Wall Street funding for the President’s 2012 election was drying up.
Based on what’s happening with MF Global, it looks like he was right.
You see, MF Global is headed by none other than Jon Corzine who served as governor of New Jersey (2006 – 2010) and is a former CEO of the investment bank affectionately known for Doing God’s Work, Goldman Sachs.
Perhaps just as important as Corzine’s résumé are his direct ties to the Obama administration, pointed out by Karl Denninger:
President Obama is desperately putting his Wall Street stock in an unlikely old buddy.
The beleaguered president has recruited former Goldman Sachs head honcho Jon Corzine to shore up re-election funds from the banking industry, which is furious over Obama’s financial regulations.
Corzine, the former governor of New Jersey who was blasted out of office by Republican Chris Christie in 2009, has attended secret meetings with the president and has been working on Obama’s 2012 campaign for months, The Post has learned.
The Democrat, who now leads Manhattan-based brokerage MF Global, has been tasked with scraping up the very little banking-industry support Obama can still get.
Source: NY Post
Pictured: Barack Obama and former New Jersey Governor Jon Corzine
Thus we have an elite primary dealer, headed by a former democrat governor who once ran one of the most despised firms in America and who is now the front man for President Obama’s Wall Street financing campaign, running a firm that disappeared $700 million in customer funds and declared the 8th largest bankruptcy in U.S. history… and we’re supposed to believe there was no political machinations behind the scenes to make MF Global a primary dealer in the summer of 2010 and that somehow regulators at the SEC, CFTC and the New York Fed missed it, and that President Obama in no way influenced the decision making process?
Denninger sums up the broader implications:
You cannot trust ANY balance sheet given to you today — in point of fact the government itself demanded that FASB allow lies as a business practice when it comes to the alleged value of securities. It’s that simple.
This is not the mark of a representative republic, it is not the mark of a free and fair market, and it is not “crony capitalism.”
It is a mark of a feudal system where outright looting is not only permitted it is encouraged.
There are no checks and balances and the banksters wield their briefcases like John Dillinger wielded his tommy gun. There has been no reform since 2008. Dodd-Frank was a joke, Glass-Steagall was not put back in place, and there was no prosecution of those who did wrong.
…
And now we have another collapse that appears to show that there is no regulation, there is no oversight and nobody in the government gives a damn when one of the primary dealers that the government charges with making an orderly market in Treasuries appears to have co-mingled more than half a billion in customer funds with their own trading book.
…
This game is nearing its forced conclusion and you’re not going to like it.
Our political, monetary and financial systems are totally corrupt, and in the case of MF Global, like Solyndra, the President of the United States and his regulatory agencies were complicit in the scam in one capacity or another.
It should be quite obvious to anyone paying attention – and we guarantee you it’s obvious to customers of MF Global – that bankers, politicians and the elite, who live by their own set of rules which amount to nothing short of complete lawlessness, couldn’t care less what happens to the 99%.
Our system is coming unglued because of precisely these reckless actions in the upper echelons of our government, financial institutions and regulatory agencies. If they are willing to wipe out GM bond holders, Solyndra investors, and MF Global customers, what do you think they’ll do to your 401k’s, savings accounts, pension funds, and purchasing power?
This is financial and socioeconomic terrorism, plain and simple, and all of the evidence suggests it is state-sponsored.
Is it any wonder that so many citizens don’t trust the government to do its job. This is just one more hint at what is to come. I mean 700 million dollars. It’s not like anyone can say “Oh yeah, I must have left it in my pants I wore yesterday, I hope the wife finds it before she washes clothes today!” This will not be the last we here of such things, I’m sure.
If one Wall Street brokerage can steal its clients’ money, others can as well. Could this start a run of retirement fund withdrawals, and damn the penalties!
It certainly has me thinking about it.
That is quite a thought there Hal, Could be why the MSM is downplaying or even ignoring this. We tried to get my wife’s and my retirement out back in 2008. We were told that we could only get them if we separated from our jobs. When I couldn’t find this stipulation in our paperwork I was told they updated there policy. I told them I never gave consent to abide by that policy, so give me my money back! I was told just belonging to the fund gave them my consent. If they would have gave me my money back 2008, the penalties would have been no where what we have lost so far.
I pulled out twice. Once in 1999 early and once in 2006 early. They dragged there feet both times with smoke and mirrors but I got out. I paid 30% total in penaties, however it is a far cry from what I would have lost. Not only that but I used the cash to start over for myself and all is still going well. PREPARE! It used to be we heard of such fraud about every 10 years or so. Now it is every other month. Not only that but it is SO CLEAR our goverment is in on the scam. They tend to fleece Americas savings.
Hal there has been a run out of equities and into Money Market funds and fixed annuities. The next step will be the mattress or coffee can buried in the back yard.
I think you will start to see NAV of the money markets drop below $1. Worse yet is many believe they can’t lose money in a MM fund.
The MM funds are heavy in euro bonds and banks. I personally don’t think that’s a place you want to be right now.
The bottom line; if we have a collapse. If its not in your possession it will be gone. Any stocks or bonds even if you have possession will be worthless.
I’m not sure if cash will retain its face value, but I think cash will have some value. What do you think will be worth more of its face value cash or coins?
coins
http://coinflation.com/
Shiny silver coins 🙂
Especially since there were reports before the 2010 election that described procedures being put in place with CONgressional acquiescence to allow freezing access to MM accounts by executive order. To stop runs, I’m sure. Don’t recall details now, but I yanked my MM account the next day. It was only paying about 1.5 percent anyway. Put it in preps, and given the inflation since then, I’ve made a better return than if I had left it.
We closed out my husband’s 401k 2 yrs ago…paid the penalties…and then about 4 mos ago we got a notice from the IRS…we “owe” them additional taxes!!
So what originally was $170.00 that we owed..is now almost $400.00!! Oh, and let me add, that with the notice, was another tax bill that the IRS said we owed…except, it was our oldest son who worked at a camp for the summer, NOT my husband..same first name, different middle name AND S.S number, obviously!
Took several phone calls to get that straightened out! BTW, our son was a good little American and had already paid the taxes on the summer camp work…so how they figured my H was the camp worker AND owed taxes on it is beyond me!!
I’m at the point that a cave in the Tennessee hills is looking pretty darn good right now!! Off The Grid….three little words that I love!!!
This is why I tell every one we must vote for Ron Paul, he will try very hard to get rid of the IRS
Good news is that all of your money is safe in a bank…. bad news it’s in somone elses account. Guess who? $5 foot long!
Way ahead of you hear.
The way Obama and his fellow financial thieves throw trillions of U.S. dollars around it is becoming more obvious by the day that the U.S. dollar is approaching the point of no return in terms of it’s future relevancy. The solution? Trade your USD’s for gold, silver, land, guns, and grub. Get off the USD system now, while you still can. The USD is dead by the end of 2012.
Zero hedge has an article about the total being much higher. It’s here:
http://www.zerohedge.com/news/mf-global-client-theft-estimate-doubled-15-billion
Mac, please stop using the jargon of the OWS “movement, ie 99%ers. Occupy Wallstreet is just a tool designed and implemented by the same group of crooks.
For me, I am not so much concerned with the wealth of the 1%….. it’s about lawlessness and corruption… I definitely see your point, and I toyed with using a different descriptor, but I decided on 99% with the caveat of “they live by their own set of rules which amount to nothing short of complete lawlessness.”
If a guy makes 100 million, I’m not sure it’s a good idea to cut off his head like Roseanne Barr suggests… because then where does that end? Eventually we’re chopping off anyone’s head who has a job… it’s a rule of law thing for me, really.
Last week I read about the NY Rail union members paying off doctors for early retirement. A few weeks back we had links here about a private union trashing an employers property because the Corp went with a competing union. While I can’t dismiss the criminal element in Wall Street let’s remember it’s not just on wall street, and not all of the 1% ers are criminals.
I agree with you Mac. Socialism has a way of killing the goose that laid the golden egg. The entitlement minded people in this country will bleed it dry and eat the flesh. Then turn on each other. Socialism is selfdestructive. A vortex that consumes everything in its path.
@ wheedle
Exactly ! Everyone talks about how Democracy fails….
but they don’t ever discuss when Socialism fails. How many millions die. This train is nearing it’s destination. When it gets there….we need to make sure that the outcome is back to where out founders started.
Montgomery County Texas
~~~Eventually we’re chopping off anyone’s head who has a job~~~
Not true Mac; when most of those corporate bastards have businesses overseas; and if not yet, soon??
Am I out of line??
I don’t think so. The stats in California alone say businesses are moving out of that state–think they are going to another state?? I don’t know. But with the BS dh puts up with just to run a damn little log truck??—-heck, bring it on; let’s all move!!
And, please let me clarify…I am a little country girl; I read here daily, and I don’t understand half of what I read..
But I do know this….I am not anti-American; hell, I want my country back as much as the next guy.
I am anti-government, anti-intrusion, anti-interference, anti-freedom grabbers; read that guys? Put me on another damn list.
From MailOnline News updated 12:02 AM on 2nd Nov. 2011. “It’s all over. The government is about to collapse,” said one greek official. Greece’s former deputy finance minister Petros Doukas agreed: “The shit has hit the fan.”
Years ago when the New American magazine was fairly new they had a very informative article on the pincer strategy. Pressure from the top (corporations, banks, foundations, media etc.) and pressure from below (protestors, riots, letters to the editor type stuff). It was all designed by the globalists to make the public think everybody was on the same page.
You are right about the OWS folks. Their “spontaneous” protests were foretold over a year ago.
It’s the application of the Hegelian Principle ie. Thesis vs Antithesis results in Synthesis. Put agents IN both camps with the plotted end result of CHANGING both camps into something completely different, something of the master plotters own design. I doubt that the 1% will be any better off than the 99% under the “new” system, at least regarding individual liberty and freedom.
WOW. They certainly didn’t connect those different dots in the story run on NPR this morning–I was just laughing to my husband that they “forgot” to mention he was a Democrat, which most certainly would not have been the case had he been a Republican. Seems like they “forgot” a few other relevant details as well. Ah, NPR, you pack of tools, I should run a pledge drive so you can pay me for listening to your propaganda.
But seriously,WTF is going on here? It’s like someone TRIED to collapse the firm by implementing the dumbest financial strategy conceivable. WTF’ing F! OWS is screaming for people’s heads on pikes–what better place to start than with this slimy tentacle of the Goldman Sachs vampire squid.
My wife said the same thing about a couple articles she read… no one in the mainstream really mentioned anything about the Obama/Corzine connection… I figured I’d just point that out as an FYI…
Isn’t the Republican and Democratic thing quite intriguing when you look at Main Stream Media. I’m glad you guys pointed it out, and its ironic that here you have a formerly elected official and they don’t even mention party affiliation. But bring up Solyndra and they quickly point out the CEO was a “R” even though he’s never been an elected official in his life.
I think a sentence of 90% income taxes would be a better sentence for some of these criminals. We sentence you to pay 90% of your income in taxes for the next 10, 20, 25 or life.
Your closing paragraph and closing statement are brilliant! One of the best pieces here, imo.
How’s this scenario:
Corzine is tapped to be Obama’s rainmaker on WS since their contributions are drying up. He’s made head of MF Capital, which is subsequently made a primary dealer.
Corzine then cuts deals w/ other primary dealers and I-banks where MF Capital goes willingly like a sheep to the slaughter and assumes the guaranteed LOSING side of a transaction. The catch is that the counter-parties must agree to donate a large percentage of their “profits” to everyone’s favorite Marxist. The money is thereby laundered.
Assuming that the winning banks keep half for their firms and pay a little vig in bonuses (15 – 25%), that means the BHO campaign can expect to potentially collect $175M from this scam.
wow…just wow! This is why Im creating my own bank by stocking up silver/gold instead of saving cash at banks! This is too pissy!
Too big to fail is all we heard for the past 4 years. I smell a Madoff here. I doubt any heads will roll until the investors go squealing to Congress or the Feds. That so called money that is missing is in someone’s bank account off shore.
MADOFF IS A FALL GUY SO THE SHEEPLE DONT WAKE UP AND REALIZE HOW TOTALLY CORRUPT THE USA ACTUALLY IS
The only heads that we’ll ever see roll is the little people like you and me, if we tried something like this!!!
These people are in it up to their eyeballs. How in the world do they continue to get away with this?
Where is our justice department? Oh never mind, holder is obama’s butt boy.
Where is the mainstream media & the outrage?! They are part of the agenda, part of the coverup and they are intentionally asleep at the wheel. That’s where.
WHERE WAS THE MEDIA WHEN BUSH’S BUTT BOY CHENEY GAVE NO BID CONTRACTS TO HIS FORMER COMPANY?? WHERE WAS THE MEDIA WHEN BUSH IGNORED ALL WARNINGS OF 911
Doing their job—reporting all the illegal lemonade stands and Amish fresh milk venders being raided..
How do they get away with this? Because unfortuantely the sheeple let them. Smoke a bunch of them, put em on display and most likely this shit will come to a halt. What did Magua the indian say on the movie, “Last of the Mohicans” about the “Gray Hair” and his seed.
Ummm…
There’s not enough Ritalin in the world to keep me focused long enough to know what this means to me.
It dosent sound good.
Because of how complex this sounds to the common man stuff like this is always a little abstract to the common man(myself).
I don’t understand it enough to become completely outraged by this.
I totally understand what you’re saying here… I am not particularly interested in the inner workings of how all this went down… But it’s clear that there are political connections across the entire spectrum here… Once again, the people got screwed.
The takeaway is the entire system is corrupt to its core.
This will not end well for any of us, I fear.
Thanks Mac,
I do appreciate you keeping us informed on these dirty deeds.
These banksters have done such a good job of hiding their vial, predatory tricks,
By shell games, that common people can’t figure out what they are doing,
But as you said, we get the sense that the whole system is corrupt.
Mac, I 2nd that (this will not end well for any of us…).
Thanks for getting this out. This is additional ammo to show those that are in denial. Why? This is happening as we speak.
Gee, Slick, that’s one of the great things about America–you still have the freedom to be responsible for your own education, rather than, 3 years after the financial collapse, scratching your butt and saying “Math is hard!” like you’re Sheeple Barbie or something.
Here is a good basic article at ZeroHedge: http://www.zerohedge.com/news/someone-going-jail-mf-global-caught-stealing-hundreds-millions-customers
And then google Taibbi Vampire Squid to understand the larger Golman implications, with the article Matt Taibbi did for Rolling Stone in 2010.
Thanks Mama,
I will check out the Zero Hedge link you posted.
And if I’m lucky, I will be able to get my arms around this Bankster shell game before the next Bankster shell game gets exposed and I have to start unraveling that little mistery as well.
Now I’ve got to ask.
Did your understanding of this shell game come to you after being in the banking industry,
Are you self educated,
Or, did you just sleep at a Holiday Inn Express, last night?
My education is in medieval literature and culture; but I got tired of being poor and sold my soul to the financial world. So I went from 100% complete ignorance to having a fairly solid foundation in a fairly limited slice of the industry, with a LOT of self-education–but for all the high-finance hijinks going on, I just have a working knowledge based on trying to understand what the heck happened in 2008. It just takes some digging. For example, I heard the story first on NPR, then I read the takes in the NY Times and National Review Online, both of which had commenters who referenced the Zero Hedge link.
I’m sorry if I came across as a little crabby, but I think it is our patriotic duty–especially in this day and age–to have a decent working knowledge of what is going on financially and politically in the world, and this story is a huge red flag because it is where finance meets politics in such a horrifying, abusive, scary way. Corzine is on the short list for Obama’s treasury head, and he bet $6 billion of a heavily cross-leveraged smaller firm on the PIIGS + Belgium. If you were TRYING to collapse the financial system, you couldn’t do it much better than that.
There is some kind of deeply dark shenanigans going on here. Something Wicked This Way Comes.
Sounds like they were using OPM (other people’s money). It’s amazing what one can get used to. Seen this on Bloomberg late last night. Nice, on getting this out so quick Mac.
Medical Advances
A doctor from Israel says: “In Israel the medicine is so advanced that we cut off a man’s testicles,
we put them into another man, and in 6 weeks he is looking for work.”
The German doctor comments: “That’s nothing, in Germany we take part of the brain out of a person;
we put it into another person’s head, and in 4 weeks he is looking for work.”
A Russian doctor says: “That’s nothing either. In Russia we take out half of the heart from a person;
we put it into another person’s chest, and in 2 weeks he is looking for work.”
The U.S. doctor answers immediately: “That’s nothing my colleagues, you are way behind us….
in the USA, about 3 years ago, we grabbed a person from Kenya with no brains, no heart, and no balls….
we made him President of the United States , and now….the whole country is looking for work.
Anonymous,
There is this boy who asks his father:
– Dad, since you are white, and mom is black, how come i’m chinese?
– My son, after this orgy we had, you must be thankfull that you don’t bark.
Sweet!! How are ya doing? Glad to see ya on here!
Hi Clay.
I’m still fine, a bit depressed, but healthy and strong.
How’s things there?
Much the same as before. The Government is asleep at the wheel and the sheeple are still bahhing away! Peace
Where did the money go? Opps, someone in accounting accidentally hit a delete key. Here, I’ll just type this into the books (types on keyboard) There! All better!
Well, that’s the level of ridiculous we are dealing with. Maybe they could send over the TSA and see if there are any domestic terrorists hiding in their agency. It would be the first time the TSA actually found a terrorist. Win-Win!
Where did the money go? Like all the gold in California, “It’s in a bank in the middle of Beverley Hills, in somebody else’s name…….
Sheriff Wright: Time For Citizens To Arm Themselves
“S.C. sheriff urged citizens not to get mace, but get a firearm and get their concealed carry permit.”
A woman was attacked Sunday afternoon walking her dog in the park. The attacker had numerous arrests over many years.
Sheriff Wright said the attacker “doesn’t fight police or men folk — he just goes after women.”
Wright said, “It’s too bad someone with a concealed weapons permit didn’t walk by. That would fix it.” He said people are tired of doing the right thing and criminals getting away with their actions.”
(wyff4.com/news/29638219/detail.html)
Hey Mom, Check this out, a woman was stabbed to death in a Walmart parking lot in Albion NY Last night. To top it off the guy who stabbed her and 2 of his buddies that were with him were illegals. Just makes me want to puke!
http://www.buffalonews.com/wire-feeds/state/article614274.ece
Claymation,
That is TERRIBLE!! 🙁
I agree with Sheriff Wright as how to deter crime. 🙂
Our current legal system coddles & rewards criminals and illegals (Illegals get free housing, food stamps, medical … and we wonder why they keep coming???).
Until this is changed…things will continue on the downslide.
KY Mom
Just doing the stabbing Americans won’t do.
Now that’s funny!!
Yep, they can stab for 8 hours at a time while americans won’t do it.
Maybe we need to start transplanting some testicles, and they’ll look for a knife.
Impossible!! They are all here to pick lettuce!
Of course, there is the alternative to this story.
When I was in college (mid 90s) there was this flasher that was exposing himself to girls that were out on the hiking trail. We were all pretty nervous about it so I started carrying pepper-spray on my hikes. I’m walking along and I saw this dude looking around suspiciously and standing with his back turned to the trail. Alarm bells were ringing in my head. Suddenly he turned around and whipped out…………………..
A CAMERA.
Too late – I sprayed the daylights out of him. He had only been there taking pictures of these little baby birds and next thing you know, he was writhing around hacking up a lung, eyes streaming.
This episode did not really go so well for either of us, but at least he was nice enough not to press charges.
I know it is really not funny Daisy, but just picturing it my mind, I had to laugh.
I always get a kick out of the “maroons” pictured sitting in the back behind the president when he speaks in public. Do they pay them or are they just tards?
Both!
Manos,
I laughed until tears came out of my eyes. I will have to tell my wife that one. It is very good to hear from you.
Paid ‘ tards. Thats gotta be a cushy job.
“Don’t worry scro’! There are plenty of ‘tards out there living really kick ass lives. My first wife was ‘tarded. She’s a pilot now.”
Idiocracy. It’s happening.
What is a maroon?
maroon
A term of derision often uttered by Bugs Bunny when referring to an interaction with a dopey adversary. It is a mispronunciation of the word “Moron”
“What a Maroon!” “Will ya get a load of this maroon”
Thanks, I was deprived as a child, not enough Bugs I guess.
Was usually during the classic anti-Hitler Buggs Bunny cartoons. Elmer Fudd also.
One can only imagine what the American People would do “en masse” if they could put a face on the current economic crisis.
When pension funds go broke, unemployment checks stop coming, food stamp cards scan “insufficent funds”, paychecks for Social Security recipients no longer direct deposited, Medicaid no longer purchases prescriptions at drugstores, WIC can’t buy milk & cheese, Federal & state employees stop being paid,,,,,,,, All Eyes Will Be On Washington,DC.
It’s a shame that we as a country will essentially be responding in hindsight, AFTER it all goes down… right now, people are depending on the government to get us out of all this. If this particular story serves any purpose, my hope is that it will be to open peoples’ eyes to what is really going on behind the scenes.
They (none of them!) have our interests at heart. We’re just the collateral damage.
In all reality Mac it is indeed a shame. But by going down as you, I and others watch, will become a defining point in time that will show us all where what lines alot of Americans will form along. That information will be priceless.
The face is Government, all Government. They should be only doing their primary roll. To serve and protect. They have become oppressive and controlling. We are moving from a soft tyranny to a hard tyranny very quickly.
ALl eyes should be on DC..problem is all eyes should have BEEN on DC from the get go, and made them accountable for every dam folly..
no one has gone to jail yet..when is that going to start, and will it be retroactive..that is something I’ll sign up to vote on..and be a jury for
Look they have 50 years experience gaming the entitlement system. What did you think Progressive Liberals were going to do when you gave them the keys to the store?
The Citizens of America should be choking off their cash flow. Cut the taxes, eliminate 58% of government,eliminate long term unemployment and welfare. When I listed my 25 items on my hit list in the article “Hidden in plain sight” most thought I was nuts. Some may not think I’m that looney now.
Like an addict, Government can’t stop spending. If We The People cut them off we should be prepared for them to get violent.
We The People need to start wielding the power given us in the Constitution.
Who is John Galt ? 🙂
More importantly, “Where” is John Galt. I’d like to join him.
That’s easy. He is in a certain gulch, that John Galt.
Funny when Conservatives run the system, there is still entitlement programs,why do sham conservatives keep it going? Because they work for the same team as democrats
We The People can actually take a few steps of our own. Downscale til it hurts — minimize income to reduce personal taxes on the 1040s. Cash in 401Ks and other retirement accounts. Set up in basic savings and/or credit union savings. Stay liquid. Keep ZERO financial investments other than real estate. Be debt free.
Get out of their feed-lot. Stop consuming.
STARVE THE BASTARDS.
New title:
Bigger Than Solyndra: Over Half a Billion in Customer Funds Disappear Under Obama’s Top Wall Street Confidence Man
“The beleaguered president has recruited former Goldman Sachs head honcho Jon Corzine to shore up re-election funds from the banking industry, which is furious over Obama’s financial regulations.”
Obama needs the people to THINK the bankers are furious with him. Just like the bankers came out against the Federal Reserve Act nearly 100 years ago, knowing that if they were against it the people would be for it.
Obama is hoping for the same result. If he can convince the people the banks are against him they are probably more likely to support him. We, however, know the truth.
It’s just a dog and pony show for the masses. All it shows is that the bankers no longer care if they get caught. The system is so skewed that nobody can do anything about it anyway, at least among the people.
Time will be a changin’ soon enough…
I think the only way we are going to see anything change is if there is an outright rebellion (yeah, like people can get off facebook long enough to read something that would inspire that!) or if Ron Paul is elected President.
When I was laid off last spring I took cash disbursement from my 401k, all of it. I took 1/5th of that and started my multipurpose distillation unit business. We paid off debts with the rest. We still have some debts but it is manageable. Over the past 15 years I’ve collected silver and some gold coins, I’va always collected firearms. We are preparing the old fashion way by canning and pickling and doing some with dehydration. Every weekend we are doing something to add. My wife in the kitchen, me in the back yard shop welding copper to copper, not an easy task, but fulfilling. I started a new unit last weekend, finishing one presently and starting on a large unit this weekend. And for those that will say, “Hah, your wife, in the kitchen”, I help her with the pressure canning and all.
Bottom line is we have no paper assets other than some real estate, house and bugout property, all assets are hard in hand.
I’m going to file the federal paperwork for my fuel grade ethanol unit at our address in the country, next spring we will plant potatoes. Last time I grew them in a big way, I planted 16-70 foot rows and the yield was 600-700 lbs. I’ll be converting all we grow to the fuel grade ethanol, after I’m permitted. For storage at present. I hope we get the time.
Time is a luxury to handle all what needs to be done. We do it a little at a time. I strongly urge all the readers to be prudent, I’m sure you are otherwise you would not be reading this.
For those that have never hunted, try it, fishing, try it, get your equipment, it does not need to be fancy.
I taught myself trapping at a young age by reading all I could get my hands on. It took time and trial and error, but I garantee I can trap just about anything, and I’m a nerdy engineer in a large city. LOL Well, maybe not that nerdy….
Mac, I love all your articles, the one on montgomery county and the drone was excellent.
Even better was the story of the Bosnian Civil War survivor.
Y’all, take care and keep on keepin on
Terry
lnlprotekt.com
BIGGER THAN SOLYNDRA, BUSH’S UNCONSTITUTIONAL PATRIOT ACT COSTS AMERICANS MORE RIGHTS THAN EVER, UNDER BUSH’S CONFIDENCE MAN.
Yes, I sure wish BoBo would do away with the Patriot Act. Do you really see that happening…
Sorry about your busted caps lock key, hope you can afford to get it fixed soon.
Aside from that, what’s with the “It’s all Bush’s fault” sidetrack.
Will you pinheads EVER get tired of trying to sidetrack Every-Freaking-Thing-No-Matter-What onto the “It’s all Bush’s fault” path?
Seriously, is that all you’ve got? Pitiful.
You idiot, do you realize that Joe Biden wrote that bill long before 9-11?? Probably not….I’m not a huge GW fan, but get your facts straight.
Know what comes to mind now, after all these exposures of non-regulated thefts????
If you can’t run with the big dogs, stay on the porch.
You were warned years ago. Business as usual; the Chicago way!
pul your money out of everywhere..everywhere..
let them all fall flat on their face
better get it out now while there is still some place to get it from, seriously , get it all out.
let them see just who really runs the fuckin show, everyone take everything out, thats when WE will have THEM by the balls
This is off topic, but relevant to preping:
Am I the only one who has noticed the folks living on the East Coast still have their heads up their keesters? There are folks (preppers) who still have power and other services bloging about the sheeple standing around outside of gas stations (for example) for hours as if the doors will open and the pumps will start working again if they stand there long enough!
One would think that after the nasty winters they have had in the past few years and the hurricane/tropical storm of this year a larger number of people would have set aside some provisions for heat, food, and water at the VERY least.
Yes, there are folks living on the East Coast who have their preps in a pile. But if the reporting from those who live there is correct, most STILL do not.
I live in New Hampshire and I can attest to the fact almost no one is prepared. We have tried to talk to people but they just don’t want to hear it. Hurricane Irene and the most recent snow storm kicked the crap out of most of the populace of New England and yet they still stand around with their hands out for help……took me days of looking at miles of driving but just found a place in Vermont that sells Kerosene for portable heaters. I’ve got all the bases covered…..my problem is that no one else around me does.
I know of many preppers in NC. Several read this blog even if they don’t blog themselves. However, I am sure the vast majority are ill prepared for is just around the bend.
I’m an East Coast prepper, and I don’t know of a single other person who preps. With this latest storm, we were out of power from 6 p.m on Saturday until about an hour ago. We were fine. NO mad dashes to the store, no panic. We had everything we needed.
One thing that came in handy was foil and foil pans. Great for cooking in and throwing away. Didn’t need to use precious water to wash pans. Need to get more now for the next “event”.
Being a Jersey Girl, it doesn’t surprise me to see Corzine take up with the likes of Obama. We always thought he was a crook when he was our Gov. We were glad to get rid of him. Now he is causing trouble elsewhere.
Wow BB, you throw those pans away? Soap and water are cheeper than buying more of em. My wife shakes her hear at me. JM2CW.
Darn chickens! meant “cheaper”.
Drats! “head”, not “hear”. (I quit).
While being without power to run the well pump, we waned to conserve the water we had stored up. I would otherwise wash them if they didn’t have too much baked on goo.
Good news is that we have power again. But, many still do not.
I think God is trying to tell us to get ready! We have never had the power outages here in NJ that we have seen in the last few months.
how does half a billion of “customers” funds ” disappear?
sounds like someones ass needs to disappear!
you cant tell me there wont be hell to pay for this, those people are going to lay down for this? seriously?
the firestorm when it gets lit off is going to be hellacious, im just wondering whats it going to be that sets it off, if this didnt do it, what than?
another chip off the rock, with no heads rolling?
It use to be with an eraser, Then it was shredded.
Today: it is deleted.
Dear customer:
I’m sure by now you’ve discovered the discrepancy of funds on the books of _____________.
Rest assured, we are meeting at this moment to assemble a team with magnifying glasses to attempt to uncover the missing funds; until that time please accept our condolences and this I.O.U. for __________ amount.
Still searching,
President/company manager/accounting dept. head/janitor of _________
(as of yesterday)
Every night they have to by law show liquid capital to a certain percentage of their outstanding liabilities. Up to now they could point to piles of European government bonds, but with the Greek chaos, the value of their Greek bonds drops instantly by 50%. They had to make it up somehow, so they simply “appropriated” the cash in their retail customer accounts.
Big as it is, this is small potatoes. Bank Americorp, the holding company behind Merrill Lynch and Bank of America, is illegally (but with approval of regulators) transferring as much as a $trillion$ in credit default swaps from Merrill, which isn’t FDIC insured, to Bank of America, which is. When BAC folds, and it will, we’ll forget all about MF Global. Having money in *any* FDIC bank is a big risk today. When BAC folds, FDIC will collapse also. Then, no matter what bank you may be in, if it goes too, you will be s.o.l.
disappear?
how the f*&ck does 700 billion “disappear?
was David Copperfield in the dam room er something?
700 million not billion. Not that it makes much of a difference as it is more money at the million level than I can reasonably comprehend.
Hahhaha million,,sorry..any more these days 700 Billion/million whatever..lol
“days 700 Billion/million whatever..lol”
That comment (along with yesterday’s holiday) reminded me of a former speaker of the house.
These cats make Dillinger and Copperfield look like pikers.
A basically Lawless generation, led by a completely Lawless administration = results we see in the headlines daily.
on Drudge Report…
Texas Gun Instructor Refuses to Teach Muslims How to Handle Firearms
In the article there is a Youtube link to his ad. Here is part of the ad:
“If you are a socialist liberal and/or voted for the current campaigner-in-chief, please do not take this class,”
“You’ve already proven that you cannot make a knowledgeable and prudent decision as required under the law. Also, if you are a non-Christian Arab or Muslim, I will not teach you this class. Once again, with no shame, I am Crockett Keller.”
If you are a member of the USA Govt Christian Brotherhood, we will not teach you either
Unlike yourself we got all of our training courtesy of the US Army, US Navy, US Marine Corp and US Air Force.
In words you can comprehend….sux2bu
You are an idiot
should’ve clarified, that was for AEOP
Maybe they should like in his brother’s hut.Best place ever to hide a pile of cash.Ha Haha ha.
I have very little money to my name. I have even less in an IRA account.
But I’m so f’n sick and tired of leaving it to the mercy of these greedy sociopaths. I’m taking what I have out in January, and I’ll build my retirement fund on my own, without Wall Street.
Bleep all of them.
dude… take it all out , let em’ penalize you… and put it all in precious metals silver gold store at home and in one year you’ll make back what they took in penalties… promise!
precious metals have no where to go but UP! STRAIGHT UP!
El Rushbo was all over this on his show today. Had me in stitches, “Does anyone wonder what MF stands for in MF Global?” Classic Rush rant.
MF? Of course. Massey Feruguson, as in Massey Ferguson farm tractors. When I was going to college we had a local that use to come by the gas station, where I worked part time, that would stop by and chat. This character always had a ball cap on with MF (Massey Ferguson) in big red letters stitched on the front. Guess what all of us working there got to calling him………
11 11 2011 , beware folks… nov. 9-11 2011… protect your wealth and computers… stock up on fresh water, 3 mnth of food, ammo, stay warm.
11 11 11 is a friday… they always hit us on a friday!
And I personally am still wanting to know where that $$$ 3.6 trillion and the 5000 pedaphiles went on 9/11/ 2001 from the u.s. pentagon! hmmmmmm
it’s all fun and games till someone gets shot in the face with a tear gas cannister in oakland c.a.!
“it’s all fun and games till someone gets shot in the face with a tear gas cannister in oakland c.a.!”
Then it’s effin’ hilarious!
The World you Live Within is a LIE! AMERICA is a LIE! Open your Mind and see the TRUTH of IT!
You and your family ; now live within the UNITED FASCIST GMO TOXIC RADIATED FLORIDATED PRISON STATES OF AMERIKA!
Educate -Arm Up -Stock Up -Prepare! Preditor or Prey the Choice is Yours!
Be aware prepare for the coming US GOV Black Ops FED NWO FALSE-FLAGS and Beware your neighbors in the times ahead!
http://nymag.com/daily/intel/20091021_handholding_190x190.jpg
I visit this site because being prepped for what may be a chaotic period or future seems wise these days and I learn some things here.
I agree that they’re all, ultimately, crooks (the big banks, multi-national corporations, and most politicians) based on the fact they’ve gamed the sytem to their advantage if nothing else. Some are clearly crooks aka Madoff.
But I can’t buy the conclusions you draw in this article Mac Salvo. You are connecting dots that don’t even exist — that ‘s a symptom of paranoia. Being cautious, aware and alert is wise, but letting this run to the point of paranoia does none of us any good. I think we all are right to be pissed off and deeply concerned about the state of our politics and economy, but let’s keep our heads and not become a raging mob ready to hang the innocent. Perceptions and assumptions are sometimes right and sometimes wrong — it makes no sense and serves no good purpose to draw conclusions from them — unless all you want is for the world to be shaped in your fashion.
Denny
You say the dots don’t exist? And that we are just being paranoid? I would like to know when you started prepping?
For myself it all began about a yr ago. I first began to notice somethings just were not right so I started digging and thats when I found this site. Along with this a dug even more and what dots I found was that our elected congress is made up of millioners, Tha in fact have added millions to their own wealth. Folks say that giving the chance our goverment works! Well sir let me ask you this,
Did you vote to give these companies millions in loans? Did you vote for the newest super congress panel?
Did you vote for Obummercare?
Did you vote for us to spend billions to bomb libiya?
Did you vote for the billions for the bank bail out?
Did you vote for our goverment to give trillions in foreign aid?
You say (Perceptions and assumptions are sometimes right and sometimes wrong — it makes no sense and serves no good purpose to draw conclusions from them — unless all you want is for the world to be shaped in your fashion).
I ask you this sir, In who’s fasion is the world be shaped in??
DPS
@ Denny: Oh please, tell me that you’re just trying to play devil’s advocate, ‘cuz you are going to be slaughtered (metaphorically speaking, of course) for casting aspersions on Mac’s judgement. I read and reread this editorial, and I don’t see any paranoia. Sure, a couple or three of the posters are way out there, but every popular blog gets a few. But they keep things interesting, and often say things that some of us more timid readers may have thought and wondered about. I’m sure there are more cautious and less paranoid blogs out there… somewhere
Denny, if you can’t see how this article has connected dots, check out the Corzine map over at Muckety. It might be easier to see how powerful Corzine’s elitist influence and connections work.
Ironic that the mapping begins with the following: “Jon S. Corzine has direct or once-removed relationships with 2,300 people, organizations or other entities in our database of the most influential people in America. Under a scoring system that gives more weight to direct links, this score is higher than 99% of all entries. Corzine has a Muckety influence index of 98 out of 100. This is a measure of power and reach compared with others in the U.S. leadership elite. ”
Be sure to see just how “well-connected” this thug is:
http://www.muckety.com/Jon-S-Corzine/5021.muckety
greetings everyone!
ONLY 700mil???
Peanuts and chump change(as long as it’s not yours).
Same basic Uber-Rich and Goldie-sakies defrauding/looting happened in 1929(hence the term “roaring-twenties”).Now that “lawless street” has fully “unfettered capitalism”(I.E. unregulated either by the feds or locally),any remaining appearance of honesty is unnecessary and foolish on their part.Savage and lawless Capitalism is as evil as corrupt Socialism.Why be honest?
It won’t make you any money!I see many tiny and small businesses disappearing all the time where I live.the banks won’t lend out money to any but the “top tier”(read big business and foreign banks)with the blessing of the REPOCRATS who are running Congress.Tough times ahead like Manos tells us about in Greece.Both parties have the blood of the future on their hands even before it’s conceived.
We may still have a “let them eat cake” statement from the 1%’s before it’s all over….
Best to everyone here!
Stay warm and prepped(still working on mine)
GFG
Our government is a joke. our crooked leadership is a joke. our congress is a joke. And these idiots continue to act like nothing is going on that rings an alarm bell. The 99% continue to get screwed daily by these crooked sob’s, and our so called representatives in congress continue to let them get away with it.
How much more of this crap can Americans put up with? Not much I think. If the government thinks all this “occupy” this or that movement isn’t anything to be really concerned about, they better think again. People have had it with our moronic leadership.. The natives are restless, and they can’t take anymore.
Now, the real fun begins, and the main attraction is about to being. it will not be a good time for the unprepared.
The time to blog & talk has passed. It’s time for someone to step up & make demands, how about breaking the US into six regional govts each with it’s one charter based upon the COnstitution?
You remember the Constitution don’t you? It’s that olde piece of paper that DWI Buus & Dickless Cheney wiped their asses with & flushed down the toilet.
700 Million missing while Corzine was at the helm?
I suspect there’s a good chance that SOME OF THAT MONEY WILL FIND ITS WAY INTO OBAMA’S RE-ELECTION CAMPAIGN. Just a wildass guess.
No wonder the ass-kissing leftist media whores were trying to hide this HUGE fraud–and the CORZINE/OBAMA CONNECTION–by running endless non-stories slandering Herman Cain all week.