The Big Dots – See If You Can Connect Them

When misguided public opinion honors what is despicable and despises what is honorable, punishes virtue and rewards vice, encourages what is harmful and discourages what is useful, applauds falsehood and smothers truth under indifference or insult, a nation turns its back on progress and can be restored only by the terrible lessons of catastrophe.
Frederic Bastiat

“The Precious Metal Purchasing Act” From Executive Order 6102 – Santelli’s Take :

Track your gold, track your guns…don’t worry be happy, you can trust your government, they have your interest at heart.

Notes From Underground: The Basel Accord Gets Watered Down. What Are The Potential Impacts? :

When Central Planners can’t play by the rules, they simply change them. Unfortunately, the consequences (and there are always consequences) make the game MUCH riskier.

Jim sums up the decision succinctly, as he always does:

The entire reason for the agreed delay of the Basel Three liquidity requirements is the Western financial system’s balance sheets. They are cartoons because of FASB blessing of debatable values for paper assets such as OTC derivatives with absolutely no market relationship.

Put succinctly, the Western world financial system simply does not have the ability in terms of real liquidity to meet Basel Three requirements. That is the entire story. The tomes written on this should be but one line – bankrupts cannot meet liquidity requirement now or in two years from now.

Add this to the news that a derivative dealer out of Citi has been proposed as Secretary of the US Treasury and my conclusion is that in truth, “Father forgive them because they (our esteemed leaders) really do not know what they have gone and done.”

Respectfully,
Jim

 

This Is About To Rock The Financial World

It is only right in our present financial world that one of the primary manufacturers and distributors of OTC derivatives should be made Secretary of the Treasury– God help us all.

The graph below shows exactly what the money-center banks and their CEO – the Fed, have done to your purchasing power. In case you’re wondering what took place in 1971, at the base of the hockey stick, that would be Nixon taking us completely off the gold standard and any connection to reality. With the Fed trying to keep rates near zero, what exactly is supposed to constrain the money supply?

Could this unconstrained money printing have an impact on the price of hard assets, like gold?

According To The Bretton Woods Calculation, Gold Is Worth $20,000 Per Ounce Who am I to argue with the Dean Harry Schultz on the potential for the gold price.

Highest Ever One-Day Sales for American Silver Eagles?Not exactly a traditional sign of a silver bear market!

Have the policies of the modern day Wizard of Oz, Chairman Bernanke, helped the economy or insured its demise by endlessly printing money to backstop the selfish, irresponsible spending of Congress?

American Express to cut 5,400 jobs – If the global recovery was any stronger, the unemployment rate would be double the current reported number (oh that’s right, it is).

If you want a more in depth explanation of the banker-induced collapse of our system, here ya go:

What’s Inside America’s Banks?

Secrets and Lies of the Bailout

It has been four long winters since the federal government, in the hulking, shaven-skulled, Alien Nation-esque form of then-Treasury Secretary Hank Paulson, committed $700 billion in taxpayer money to rescue Wall Street from its own chicanery and greed. To listen to the bankers and their allies in Washington tell it, you’d think the bailout was the best thing to hit the American economy since the invention of the assembly line. Not only did it prevent another Great Depression, we’ve been told, but the money has all been paid back, and the government even made a profit. No harm, no foul – right?

Wrong.

It was all a lie – one of the biggest and most elaborate falsehoods ever sold to the American people. We were told that the taxpayer was stepping in – only temporarily, mind you – to prop up the economy and save the world from financial catastrophe. What we actually ended up doing was the exact opposite: committing American taxpayers to permanent, blind support of an ungovernable, unregulatable, hyperconcentrated new financial system that exacerbates the greed and inequality that caused the crash, and forces Wall Street banks like Goldman Sachs and Citigroup to increase risk rather than reduce it.

The connected dots are starting to remind me of this graphic:

 

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