Politics, Investing and Gold
Hour 1 :
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Hour 2 :
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Hour 1 :
- Segment 1: Glen Downs, Chief of Staff for Congressman Walter Jones of North Carolina joins Al Korelin and Cory Fleck with a bit of political discussion.
- Segments 2 and 3: Tim Iacono joins Al and Cory with thoughts on investing.
- Segment 4: Glen Downs takes off his political hat and discusses economics.
Hour 2 :
- Segment 5: Olivier Garret gives listeners an overview of his organization, Casey Research.
- Segment 6: Rick Ackerman and Doc share their long term views on gold.
- Segments 7 and 8: Jeff Deist, Cory Fleck and Glen Downs discuss political issues such as the invasion of privacy that some would suggest is happening.
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Citizens, wake up and smell the tyranny.
Good News: There is a rumor that:
The NSA Intends To Fire 90% Of Their System Administrators To Eliminate Future Leaks.
Believe it when you see it!
If the NSA is apying on us for OUR good, I ask the question…….
Why is there no prosecution of CYBERCRIMES?
The NSA presumably has data about phishing attacks…..
The NSA has data on computer scams, etc….
So why do we still have such crimes?
A bodyguard of the President was found dead. Rafael Prieto, after a liason with a foreign national. Ruled Suicide, despite lack of suicide note!
This may be noteworthy to provide insight into the behavior and mental complex of these employees of government; bodyguards, agents, officers. In some cases, the track record of these people is to be filled with prostitution, indulgence in alcohol and criminal behavior, etc. Earlier this year, 13 Secret Service agents were implicated in a prostitution scandal in Colombia.
CFS…..the pres. is just following in the footsteps of BILL AND HILLARY….., I think they are up to about 38 people or more that seem to wind up dead……..someone posted the list about 4 weeks ago….
Maybe, keeping watch on those supposedly keeping watch is the real reason for NSA?…..The plot thickens.
It is never as it seems…………..
Meanwhile in the UK, a story not reported in the mainline nbewspapers….
Wind farms paid £30 million a year to stand idle because the grid can’t cope with all the energy they produce off the coast of Norfolk..
I am in formed via people at the UEA. (University of East Anglia)
Recency/Normalcy Bias and the perception of Hunky-Dory Inaugural Speeches.
I recently was invited to an Eightieth birthday party which was thrown in McHenry (Deep Creek), Maryland. When preparing for the celebration I researched the occurrences of the birth-year and each the subsequent twenty year anniversaries. It occurred to me it is easy to see how someone born in the depression cannot understand we live in a depression today. It was the eighty year old’s parent that dealt with the trials and tribulations of the great depression. By the time the eighty year old was twenty it was “Happy Days” at Al’s Diner. When the eighty year-old turned 40 the seventies were just beginning the farce of fiat financing. Although things might have had a bump or two along the way what long strange trip it has been. As long as you distance yourself from the minutia of your numeric monthly statement then said document suggests you have perceived wealth somewhere. If your parents were employed in the 30’s comfort has never been denied your entire existence.
Below are some excerpts from a prolonged 80th birthday toast for someone lucky enough to be born in 1933. I omit personal identifiers.
1933- The year you were born
1. We should be happy to note that the year you were born Ruth Wake Field invented the Chocolate Chip Cookie at her Toll House.
2. Unfortunately that was just days before Adolf Hitler was appointed Chancellor of Germany by President Von Hindenburg.
3. On March 2 Faye Wary debuted with King Kong. (This is a good thing….this would mean you are not older than the Empire State Building.)
4. The very next day on March 3 Mount Rushmore was dedicated. (This is not a good thing because this would mean you were born before Alfred Hitchcock made North By Northwest.)
5. The very next day Franklin Delano Roosevelt is inaugurated as President.
FDR’s first term. FDR warned us about you in his first inaugural speech when he said
“This great Nation will endure as it has endured, will revive and prosper. So, first of all, let me assert my firm belief that the only thing we have to fear is fear itself——nameless, unreasoning, unjustified terror which paralyzes needed efforts to convert retreat into advance.”
6. On March 23 Hitler was declared dictator by the German Reichstag.
7. On April 5th Executive Order 6102 forbids the hoarding of gold and gold certificates in the US.
8. To ease the pain of parting with your bullion two days later on April 7 Beer was legalized prior to the end of Prohibition.
9. Thankfully on December 5 as you were cradled….. Prohibition was ended by the 21st Amendment.
(50 years later- 12/5/1983… I had an awesome keg party at Siena College to commemorate the 50th anniversary of this occasion. It was a good party…..but I digress)
SKIPPING AHEAD
WHEN YOU WERE 20
1. January 7 President Truman Announced the US has developed the Hydrogen Bomb.
2. January 20 President Eisenhower is inaugurated to his first term.
He said
“We must be willing individually and as a Nation, to accept whatever sacrifices may be required of us. A people that values its privileges above its principles soon loses both.”
If I may editorialize…………..Too bad we did not listen.
3. 1/22 Arthur Miller’s not so thinly veiled criticism of McCarthyism the play “The Crucible” opened on Broadway to a long run. Maybe we should have listened to the Senator instead of the playwright.
4. Feb 11 was not a good day for Ethel and Julius Rosenberg as President Eisenhower denied them clemency.
5. St. Patrick’s Day 1953 witnessed a nuclear test in Nevada.
6. Just one day after that Jonas Salk announced a polio vaccine.
7. June 19 was a very bad day for Ethel and Julius Rosenberg at Sing-Sing.
8. On Dec 17 the FCC approves color television and on Dec 30th the first color sets went on sale at a hefty then price of $1175.
SKIPPING AHEAD AGAIN
1973………….. WHEN YOU WERE 40
1. Nike is started in Oregon.
2. January 20, 1973 Richard Nixon said in his second inaugural speech……
“Let us accept that high responsibility not as a burden…….Gladly because the chance to build such a peace is the noblest endeavor in which a Nation can engage; gladly, also, because only if we act greatly in meeting our responsibilities abroad will we remain a great Nation, and only if we remain a great Nation will we act greatly in meeting our challenges at home.”
After those lofty worldly words we now know Nixon would not make it to 1974 as President
Two days after Nixon said those words…..
3. Roe v. Wade overturns bans on abortion 1/22
4. 5 days later the Paris Peace accords end the Vietnam War
5. April 4 marked the official opening of The World Trade Center.
6. Just a month later the Sears Tower opened in Chi town.
7. Sky lab was launched May 14
8. May 17 Watergate hearings began
9. July 16 Nixon Oval Office Tapes are revealed to exist
10. 10/10 Spiro Agnew resigns because of income tax evasion
11. The Alaskan Pipeline in authorized 11/16
12. 18. 5 minute gap in tape found 11/21
13. Dec 6 Gerald R. Ford is President 12/6
SKIPPING AHEAD
WHEN YOU WERE 60 –
1993
1. January 7 EPA release report citing bad things about second hand smoke from cigarettes
2. 1/19 Iraq refuses UN Inspectors
3. Bill Clinton is inaugurated the next day –
Slick Willy said
“We know we have to face hard truths and take strong steps, but we have not done so. Instead we have drifted, and that drifting has eroded our resources, fractured our economy, and shaken our confidence. Though our challenges are fearsome, so are our strengths. Americans have ever been restless, questing, hopeful people, and we must bring to our task today the vision and will of those who came before us.’
He sounds like You! When you are talking to your children there does he not?
4. 2/11 Paula “Justice delayed is justice denied” Jones commences sexual harassment suit against slick Willie
5. Feb 26 marked the 1st bombing of the WTC
6. Feb 28 marked the Raid on the Branch Davidian Compound in Waco Texas- April 19th the siege ended very poorly
7. 9/21 Constitutional crisis in Russia
8. 10/3 Battle of Mogadishu
9. European Union unfortunately begins 11/1 – and what a great job those collectivists in Brussels have done to date….Have they not?
10. 12/8 The North American Free Trade Agreement begins a giant sucking sound. Maybe we should have listened to Ross Perot instead of Al Gore?
Skipping ahead…..You at almost 80………………… brings us to today.
And we all know what is going on today. I will not bother quoting from Obama’s second inaugural speech. It is enough to say I wish upon no one tomorrow’s equivalent of yesterday’s lions.
And with that said….and with all the history…with all the water that has passed below many bridges since your parents contemplated you…I wish you only one thing of which I am almost certain.
That you receive what your awesome parents intended for you and that is to know God!
May you, your children and their children follow the example of knowing God!
A toast and a Happy Birthday!!!!!!!!!!Cheers to you!!!!!!!!!!!!!! Sláinte!!!!!!!!!!!!!!!
What goes around comes around, often enough with payback interest.
Dennis, I know you are well versed in the history of “Yamashita’s Gold” where during WWII the Japaneses stole gold from many people and nations. Japanese general Tomoyuki Yamashita secreted a large amount of this gold which is believed to have come mostly from the Chinese. After WWII stories suggest that the Federal Government found and confiscated this gold which was hidden in the Philippines. This gold was then transferred in secret to the Fed and with access by Secret Federal spy organizations like the CIA. How much gold was actually stolen from the Chinese by the Japanese is debated, but it was probably in the thousands of tons.
If this gold was found by people working for Federal authorities, it would most likely have been made access not only the the CIA but the Federal Reserve and other nefarious secret organizations.
In last 15 years or so China amassed huge amounts of the Federal Governments debt instruments, several trillion dollars worth of promises. During about 2007 the Federal Government and US economic situation began to go under, the Chinese began to amass large tonnage of gold. It is likely that some kind of agreement was reached between the Fed and the Chinese to have a large amount of this WWII stolen gold transferred back to the Chinese through various Western gold markets. This gave the Fed and its government time to manage its disabling economic situation which then resulted in these historically insane market’s sense 2008. Whether or not they wisely used this extra time is another topic, something I would say they squandered.
But the really big issue going forward is whats coming back around, only this time with compound payback interest between Japan and China. The situation today between the Chinese and Japan is approaching bad as it was during WWII, and if tensions do not stop here it will lead to War. A war between Japan and China will drag the US completely in and down, something America will not win because there will be no winners only losers.
As Bastiat wrote…and I paraphrase….
“When plunder becomes a way of life men in society will create for themselves in the course of time a legal system that authorizes it and a moral code that glorifies it.”
Or something like that.
Kind of like Kelly’s Heroes on steroids….
http://www.youtube.com/watch?v=jQM9JSux3Ew
I coined a similar term couple years ago.
When the cops become criminals, crime becomes the law.
Big Al, in segment 2 you stated that real estate should rise 2% per year going forward. Would you please explain to the listeners exactly what the fundamental drivers of the market will be?
Great show Al/Cory thankyou.
Ref Seg 4 and Glen Downs’ analogy to fixing the economy when the red light comes up on the dashboard and pulling over to prevent further damage, examples of people leaving things too late are legion. Recently in my old parish we’ve had a few rogue thunderstorms that have left a number with flooded homes and flooded cars. While there’s little people can do to protect their homes, it’s a simple enough matter to drive their cars onto higher ground. To have done so would have presented little inconvenience other than wet feet. Instead by keeping their cars where they were (and here I’m talking about Audi V8s and Alfa Romeos) they’ve ended up ruined. While the cars look perfectly OK even cleaner after the rains, they’re totalled insofar as once the electronic loom gets flooded the vehicle is kaput.
Because only a few cars were affected in this way neighbours can appeal to neighbours for loan cars, but what happens in the event of a total wipe-out?
If you get a total wipe out, just hand out some of those bottles of red wine that Al so dearly cherishes, in no time you will be very agreeable and feeling no pain. DT
[…] Weekend Show – Sat 10 Aug, 2013 […]
I hate to be negative ,,,,,,,but, TIM I …… is no expert……….
First, he needs to do some reading on bubbles.
Second, anyone who knows anything about real estate , saw, that real estate was in a bubble.
Third,, if he only recognized in 05, that something was going on with gold, he missed the market by 3 yrs.
Now, that I have raked this guy over the coals,,,this guy is confusing……….
Tell GLEN…..WE HAVE ABOUT 100 CITIES LIKE DETROIT……..
In 1992 I though it odd that the typical Ohio County Auditor average valuation of real estate was at about a 2/3 discount to fair market value.
The auditor’s position is an elected office and I wrote it off as the office giving the appearance of being reasonable.
Today the average County Auditor’s appraisals are at full valuation. Often the County position has properties valued for tax purposes well above what the property owner could hope for in a sale.
Although at arm’s length transactions are the minority of transactions in many markets but the Auditor only counts such pristine sales as legitimate comparable transaction.
So if the house on your right sells amidst an ugly all too common divorce and the house on you left is involved in an all too common short sale your adjacent neighbors transactions are irrelevant in determining how much property tax you should pay.
Auditors today cherry pick preferred transactions to determine their tax base.
Why? Because the counties need the money to pay the promised pensions to the government employees.
There are many more Detroits out there. When property values tank again in the face of interest rates climbing….. it will not only be those who hold the paper on the collateral that will suffer. Those who levy taxes on the property valuations will be denied their bread and butter.
Ask Rick, if his call has anything to do with , there are 42.5 claims for every oz.of gold at the COMEX………..
90% OF CONGRESS DID NOT KNOW WHAT NSA WAS DOING?……I THINK WE COULD ASK FOR …….IMPEACHMENT……………
Colleagues,
This 3 video story on zerohedge is remarkable and well worth your attention. It clearly reviews and outlines gold suppression.
Great videos, Thanks Tex
TO ONLY BE BLUE AGAIN
Do you remember when your community went into a kind of sleep on Sunday?
“Blue Laws” caused many businesses to close on “the day of rest”.
Clearly there was a Biblical tone to the “Blue Laws” however the Supreme Court upheld them as a free exercise of first amendment rights. Over time as our communities “modernized” the day of rest “Blue Laws” were abandoned in many jurisdictions. Many businesses opened to commerce. Some business elected to keep their doors closed out of tradition. However many family run businesses over time had to open on Sunday to compete with their rivals who welcomed the Sunday business activity.
Can you remember as a kid when you could tell it was a Sunday because the only car traffic was to and from church? Business districts were hushed and Recreation Park bustled.
Today the only reminder of “Blue Laws” is the occasional inconvenience in some locales of being denied a Bloody Mary at Sunday brunch because alcohol cannot be sold before 1PM.
Some things change but not for the better!
Below is a new low in the abandonment of Sunday “Blue Laws”.
http://lifenews.wpengine.netdna-cdn.com/wp-content/uploads/2013/08/orlando.jpg
Congressman walter jones of N. Carolina is a strong republican. He is very strong against abortion , and also sponsers lots of bills to kill Obama care. he is rated a very nice person to do business with in congress. Is NSA spying good or bad. in a perfect world , no spying on citizens would be allowed. But the recent incidents here in USA [Boston] make it clear we need to be more proactive to stop these mad killers and bombers. Give NSA its head for now. best to all S
Hollywood actor Matt Damon slams Obama. …“Jimmy Carter came out and said we don`t live in a democracy. That`s a little intense when an ex-president says that,“ Damon said, adding that Obama “got some explaining to do, particularly for a constitutional law professor.“ … Democrats are coming out and are saying…. their pissed. < this was reported on Black Entertainment Network(BET) in a recent interview. …….. Then there was another article `Bombshell: The Real Reason Barack Obama and Michele lost their law liicenses. http://beforeitsnews.com/2012/06/bombshell-the-real-reason-barack-obama-and-michele-lost-their-law-license-2288275.html 1., President Barack Obama, former editor of Harvard Law Review, is no longer a “lawyer“. He surrendered his license back in 2008 in order to escape charges he lied on his bar application. ……… No a “Voluntary Surrender“ is something you do when you`ve been accused of something, and you `voluntary surrender“ your license five seconds before the state suspends you. 2., Michelle Obama “voluntarily surrendered“ her law license in 1993, after a Federal Judge gave her the choice between surrendering her license or standing trial for insurance fraud! 4., A senior lecturer in one thing, a fully ranked law professor is another. Barack Obama was NOT a Constitutional Law Professor at the University of Chicago. This was confirmed by the University of Chicago in 2008, Obama taught courses there in partime, never held —— talk about those “Phony Scandals“ Obama talks so much about, he`s a phony from the word go, chief liar. —– As far as the NSA and the Boston bombings are concerned they(NSA) didn`t prevent anything with all they claim they have as far as what they do, its more BS, …. its like father like son, father(Obama), son(NSA), they lie the same, do the same things. Dumb and Dumber …..
Gold crossed back above 1300 twice and that means the bottom should be in as the strong season is starting. I started buying after it came up after the jobs report and loaded up heavily the 2nd time it came down. I sold conventional stocks and invested heavily in NEM the last week. I could see the 1550 area by the end of the year. 1600+ would be a more normal trading range. Hedge fund money should flow back to this sector if the general market keeps weakening a good trend develops in gold.
http://www.miningfeeds.com/silver-mining-report-canada Silver mining companies listed in Canada, I am warming up to a few stocks now, I like having a table that compares stocks in the same sector. DT
Segment 1: It was the correct decision to cancel the Putin/Obama meeting. Rhetoric is currently too hot and there would be no benefit to the president to be challenged or rebuffed over the Snowdon issue. The press and some members of the public are too focused on the wrong aspects of the proposed meeting at this time so the outcome would be more distraction and circus than a productive dialogue. Actually, the Russians wil appreciate the cancellation for their own reasons. It was a lose-lose meeting for everyone involved and nobody needs the unecessary appearance of conflict by heads of state at this time.
Segment 4: Glen Downs. Brilliant comments. Managing of expectations is what is happening now and we are indeed headed for a crisis that has been shrouded in positive talk that serves to cover our real failures and our ineitable future. If positive talk works though then bring it on. Confidence counts. Truth is that if lying can improve the social mood then maybe our future will be better as a result. The other day we were talking about problems in China for example…….and we all know, as an investment community, that China is a disaster waiting to happen. No matter though, these past few days we have had a lot of sunshine blown up our collective arses and lo and behold things are suddenly turning around. So lying helps. Fudging figures and statisitics might serve a useful purpose in the same way a doctor does not tell his patient that a disease will kill him in ten days. Instead the good doctor will say everything is OK if you just take your medication and get plenty of rest. Some of us know better though. Obviously Glen is amongst them. We must still prepare even though as he notes we cannot even contemplate the conversation about future troubles with friends and associates. On hearing the truth they will think us all crazy anyway. The discussion itself is unwelcome but that is NOT a reason for those of us who know better to fall in line with the doctors assertions that everything is going to be OK in the end. Let the public eat the encouragement, positive thinking and medication for the masses………the rest of us should use the time to make preparations for a more dismal future that is now inevitable.
Maybe Obama did not want to remind us how flexible he promised Russia he would be after he deceived the American voter.
http://www.youtube.com/watch?v=4JpPU-SwcbE
Obama chose to display weakness instead of placing on the tee the above clip for repeated mass consumption as he delivered his gymnastic Nadia Comaneci-esque flexibility to Vladmir Putin.
Bird Man, you should always keep the lines of communication going, think about this whenever you have experienced difficulties in life no matter how trivial it always comes down to did you talk to the other party so you both could be understood. DT
Maybe if you are married. There is diplomatic channels for leaders though. Those are open.
Good article on upcoming short squeeze:
http://www.safehaven.com/article/30742/silver-short-squeeze
Ref Seg 7, All Health care providers are on a slippery/vertical slope. At an emotional level and in the most dire cases of need, Obamacare sounds like it’s necessary even if it’s not affordable. But here in the U.K. our own NHS is completely out of control having become a mega poison chalice, which our politicians are s..t scared of spilling for fear of upsetting the electorate. At its inception the NHS was of course an inspired dream. But the problem is that the public always presume a greater entitlement to it, even as members of the public take less and less personal responsibility for themselves.
Spiralling costs could b reined in if any one political party had the sheer audacity to be politically incorrect by saying things like:
1. No, we won’t give abortions on demand.,
2. No, we won’t give priority treatment to the morbidly obese, or give liver transplants to alcoholics. Nor will we allow ambulance crews to be diverted to pick up hosts of young people who choose to fall down drunk at weekends.
3. And no, we won’t allow litigation in the event of doctors allowing someone to die who’s on life support. We personally know of such an individual who’s been kept artificially alive for two years, his most recent nursing costs amounting to approx. £1000 per week, and he is but one of thousands.
I’ve probably expressed myself clumsily, and of course there are always extenuating circumstances. But you get my drift!
I get your drift, Andrew and I agree with you. Health care is already being rationed even if most people are not aware of that fact. When it is in our faces there might just be some surprise as those who abused their bodies are confronted with the reality that indeed the state is not responsible to patch up every single defect that is self inflicted.
“Be careful you may receive what you asked for!”
When the mangled messy mass of legislative lunacy is delivered people will be amazed how the frilly fanciful promised gift is unwrapped in an unruly ravel.
To the chagrin of many as they accept healthcare coverage courtesy they will discover what they really want is care not coverage.
To their surprise they will find the care they desired is now severely sanctioned and unavailable.
They will be taxed to pay for covered procedures they pray in church will end and will be denied procedures that could have saved their lives because the almighty IPAB says it is too costly for their circumstance.
It will be a chaotic contrived mess best described as a collective cluster……
What once you could have scraped together money to pay for will be prohibited care…uncovered….illegal to be delivered.
As Obama said in his town hall you will be asked to go home and “take a pill!”
As ” A Brave New World” described your healthcare coverage will amount to a
Mega soma Aldous Huxley Brave New World Coma……:
http://www.youtube.com/watch?v=z776bAqWxyQ
Health care is not unlimited, Dennis. That is all I am saying. It is, and always has been rationed for most people. That is what lineups and waiting lists are all about. That is what high costs of medical operations and medications is all about. I am not even saying anything unusual or controersial here. There is just not unlimited funding for unlimited care even when it is life-saving.
Bird,
Because something is finite does not mean it should be made contraband.
An example…..there exists a lifesaving surgery pre-Obamacare that would mean obviously a lot to an ill uninsured patient. In this setting the costly lifesaving surgery is available once the patient raises the funds. So she has a bake-sale…starts a web-site….appears on a sympathetic Oprah show an at 4:09 one afternoon Oprah announces going into commercial an anonymous donor is going to pay the rest for her surgery. By the end of the show enough money is raised for 100 such surgeries so she starts a foundation. In this instance the surgery is finite….the surgery is expensive….the surgery is obtainable.
In Obamacare…. the Independent Payment Advisory Board rules the procedure to be unavailable at any cost and the patient dies. The surgery is determined too expensive for the circumstance. It is deemed a crime for a surgeon to even donate his skills to the patient’s category. Oprah hears of the injustice but realizes the damage to collective to broadcast the story so she spikes it.
It is kind of like this Robert De Niro’s role of the renegade Heating Engineer:
http://www.bing.com/videos/search?q=brazil+movie&view=detail&mid=4F092A4D37F228F7D2B44F092A4D37F228F7D2B4&first=0&FORM=NVPFVR
Below is the correct link to the De Niro character who reveals the evil liberty destroying tendency of the collective cluster……
http://www.youtube.com/watch?v=dht_3NziwSw
Re Seg 8: Let’s not forget Bradley Manning.
Of course. We never forget traitors. Thanks for reminding everyone, Reverend. Snowdon is a traitor too. Now that I have finally read up on the whole story and understand all of what he did it is my verdict he be hung. Bring him home for trial.
Judging from what you just said if I was a trial lawyer and I wanted you on a jury to convict and not to be impartial and study the facts in a rational manner, Bird Man, you fit that profile. DT
Bird Man, it is really shallow of you to take the position you have considering that Snowdon is an individual at the mercy of a huge government bureaucracy and still he hasn’t been allowed to defend himself, he knows he won’t be on an equal footing ever. DT
the 90% of congress , who did not know about the NSA, who would like to get ahold of him, and find out what dirty secrets , the other guys know, about the other guys,that know about the ones ,who should know, but told, and now they told, and now they might have to go…..and I bet, they are about to go in their dipers…..the plot thickens…
Bird Man, you are no longer credible. DT
Good grief DT, he is a traitor. The guy even ran away to Russia taking his inside knowledge and state secrets with him. What do you think would have been his reward if this happened during wartime? Summary execution of course. Please don’t get all liberal on me. I would have felt differently if he had blown the whistle from home and faced the music but no, the guy is living in Russia under the protection of a leader who has little love for the West whatsoever. I object that you see my point of view as shallow. Did someone force Snowdon to make the statements he did to the media? I think if he is at the mercy of the state it is a situation of his own making.
I dont blame snowden for leaving, considering he is looking at potentaly being tortured.
What he saw happening he saw as a government commiting treason on its people, he also wasnt kidding himself on their power.
I think alot of people have givin their lives and limbs for what they thought was freedom, snowden probly asked himself if he could do less.
Today, some people are aware that its banks that send us to war, is it treason to inform people of that?
Special for Matt, I posted a G Edward Griffin interview on howe street.
Maybe people should listen to it and see if they identify him as a traitor.
I like the guy, he is sharing some valuable info, just disgree we need a PM standard, sorry Matt.
Support for government created (intrinsically worthless) money is support for the most destructive and insidious kind of theft. It is also support for a master-servant society. Based on other comments of yours, I can’t believe that you would knowingly endorse either. If I am correct, this means that you do not understand the immoral privilege that is money printing.
Matt, its immoral when you have an immoral government. Somthing has to be used to facilitate business.
I believe your argument, or part of it anyway, is that governments are restricted in how much can be printed when a gold standard is in place.
1914 – 1918 and 1939-1946 british 1942-1946 american
those governments printed with abandon, (as well as others,i didnt list all)
I believe these are prime examples of governments unrestrained printing under a gold standard.
I would think this is proof a gold standard doesnt restrict governments printing in the least. Im sure there are lots if I wanted to think about it.
I think no matter what is used as currency an honust government is required to make it work. An argument could be made that the people need to be moral i guess.
I thought you might appreciate the interview with Mr.Griffin on Howe st.
Would be nice if there was a way to get it on mainstream but I guess not a chance.
Re: “Somthing has to be used to facilitate business.”
I don’t know why it is so inconceivable that money must come from the market. Without production, there is no money. Governments CAN NOT print value. They can only steal value; either directly in the form of taxation, or indirectly in the form of inflation. Any value that a government issued unbacked currency has, comes from the people. Governments produce negative value; that is, they are net consumers of the people’s wealth.
If you were to print money in order to pay your bills, you would be stealing from the rest of society. It is no different when governments do it. Money “printing” ALWAYS equals wealth transfer. ALWAYS. Money should come from the market and be subject to market forces like supply and demand. Interest rates should reflect this supply and demand. Governments should run only on taxation since it is the most transparent way to take the people’s money. Even the least among us can understand it. With money printing, the masses foolishly and idiotically hold their savings in currency and allow their masters to drain the value thereof as they see fit. There is no way to make this process moral.
Money is for the storage of our labor. Those who save while they are healthy and productive are doing the right thing for themselves and for society. They should not be plundered by those who have been irresponsible and live at society’s expense. More people than ever have less than ever because of this system of constant wealth transfer.
The whole world is awaiting the Manifesto of Mathew where he corrects all that is wrong about money and makes the world a better place. When can we expect you to share your special genius buddy and prove nobody but you has the true answers to making money better?
Matt, I agree with what your saying. I just think it is aside from the point.
No, governments wont print value, thats true, but currency doesnt have to be valuable. Other than be fiat to be sought after. Thats its value if you will.
Money on the other hand, yes, 1 of its attributes has to be a “store of value”.
Durable,divisable,convenient,have a use value, fungible.
But thats money not currency
Does it really take a genius to prefer payment in money that does not lose its value? Would you tolerate an ever-changing meter or foot; or pound or kilogram?
Gold would not eliminate the poor or the rich (and shouldn’t be expected to), but it would do a lot to level the playing field and would make economic calculations easier and long term planning possible for both businesses and individuals. Under the current regime, we’re all speculators whether we like it or not.
Mat, our discussion had nothing to do as to what anyone would prefer to be paid in.
I was saying I agree with Bill Still,a gold standard is not required.
You thought a gold standard is required to limit government spending and or printing.
I hoped my example showed there is no differance between an asset backed currency or a currency that is backed by nothing other than its ability to pay taxes.
The bankers gonna get ya either way.
But I can tell you I have explained retirement planning to young people in gold as opposed to currency many times.
Young people also need to have wealth explained to them, most have no clue.
Much less do they know the differance between currency and money.
No matter how you look at it Matt, the bankers go to get everything, as Faber says, we are doomed.
Sir Branson, tried to get airlines to tow their planes in and out to landing strips, would save 20% on fuel and help the envirnment.
Not a chance, and he is a billionare, check what Hugo Price is doing, another billionare, no hope buddy. Its the bankers and the masses will be fighting for scraps amugst themselves until they figure it out and “hang the bankers”
Throw the moneychangers out.
Where have I herd that before?
Your Mr Griffin does some fine work, but I disagree we need a gold standard.
Obviously I think it a wise thing to hold.
Benb, people are paid in currency and heavily taxed for buying/selling money (gold). So I do not know why this subject is off limits to you.
Re: “I hoped my example showed there is no differance between an asset backed currency or a currency that is backed by nothing other than its ability to pay taxes.”
This is simply no so. Remember the part about printing money being theft (and an insidious theft at that)?
It is bizarre that you think an honest solution can be found in such a sneaky and tyrannical scheme to tax the people without their knowledge.
Without gold or a deep, liquid, interest-bearing debt market backing it, how long do you think Still’s currency would last? Who would trust it?
Most importantly, what do you have against open and transparent taxation that common people recognize as taxation and, therefore, can account for as they plan their lives? If you are fine with the government being able to take what they please, when they please, why not at least do it openly?
Benb, where you said “No, governments wont print value,…” you left out recognition that they do transfer value -from the private sector (creators of society’s wealth), to themselves (consumers of society’s wealth).
Matt, I am not against transparency. Inflation is the insidous tax your talking of I think. Nothing wrong with taxes.
Printing even with a gold standard not so?
I gave you examples when it happens, its so. It happens and not one person would argue against it. Unless you were on “the other side” of course.
I understand and agree with the points you are making Matt. My point, it doesnt matter, the banks end up with everything, a gold standard or diamond standard or any standard is an illusion banks use to keep you and everyone else working to profit them. Printing a nations currency has to belong to that nations government, in the U.S. that would be the treasury department.
Look at Bill Stills list of people that opposed the banks, there were some pretty smart cookies opposeing them,the war of independance was about getting rid of the banks, the banks overthru the Zar, bankrolled Hitler, paid for just about the entire napoleonic wars. Who profited from vietnam? Iraq? who profits from Syria?
Until we realise the “system” is run by the banks, we go to lose.
We have a choice, “hang the bankers” or be slaves.
Makes no diferance the standard,gold or yak dung. same outcome.
Being a bit of an ex banker, I have to unfortunately kind of disagree. We sold our institution because of the feds and their stupid rules. We saw what was coming right around the corner in about 2003.
Don’t get me wrong, I don’t believe the banks should control the money. My point is just that things would be no better if the government controlled the money.
There are different gold standards, and I would not be for one that includes any paper certificates or allows fractional reserves. But as I said earlier, I would prefer to let the market decide. No “standard” is necessary.
When I asked what you have against transparency, my point was that Still’s printing would not be transparent in that the masses, like now, would not recognize that it would levy a hidden tax. So my question to you is, why have Still’s plan at all? Why not just tax openly and directly and be done with it. Money (value) comes from the private sector and the government should be there only to enforce laws (if at all). Still’s system, like the current one, attempts to hide the fact that the government is nothing without a productive private sector. Any fiat money con requires a distracted and ignorant dupe. When the parasite is bigger and more powerful than the host, both die. This is where most of the West finds itself now. But I digress.
To facilitate the coining of money is a lot different than the scam of creating “money” out of thin air. There is no need for the government to be involved in either, but engaging in the latter automatically means wealth transfer. Still’s scheme, like the current one, would make the parasite the master and the host the slave. It’s just wrong.
Could you please,TELLS US WHAT THE” WHOLE STORY” IS..,I must be missing something…….THANKS……….
Birdman,
Go to Netflix and stream “The Boy in the Striped Pajamas”.
Then tell me who the traitor is?
Let us make “The Boy in the Striped Pajamas” Al Korelin Weekend Show movie of the week (aka AKWSMOTW).
Wow, that is quite a leap of logic and comparisons, Dennis. You really see Snowdon as the victim?
In the above referenced movie there are examples of people who called out the evil in which they lived. The Commandant’s mother called out the evil in which her husband and son dedicated themselves. The wife was conflicted about the evil in which she understood she participated. Bruno rebelled against the barbed wire. He betrayed the evil in which his family existed. The family’s existence in evil made the evil ubiquitous. Like a school of fish do not realize they are all wet. It was not understood by many except maybe Bruno that to be a traitor against the society in which they lived was in fact deciding to do good.
I don’t see the connection. Snowdon should have stayed and faced the music. He ran away which makes me less than sympathetic. Can’t call him brave and a coward in the same sentence. His actions stink to all high heaven. Why is he in Russia of all places?
When lemmings start jumping off a cliff it is time to leave the herd.
http://www.youtube.com/watch?v=A24Q0IXy5zw
When we see the gold bugs leaping like Lemmings I will know the real bottom is in. Most of them have already given up in disgust and even this site is getting prety thin on commentary as others noted. I am taking a contrary posotion to both Rick and Doc here though. Guess I am still the wet blanket in the crowd. Gold needs to break above 1350 before I might suspect anything has changed. The small bounce we saw last week is just a piss in the pot and signifies very little to me. Much more important is that the dollar looks ready to rally and crude is beginning what looks like an overdue decline. Both of these are negative for gold. If the Euro falls so will precious metals. Even the technical picture on gold is not positive as I see it. The declining trend line remains unbroken in a series of lower lows and lower highs. It is about to repeat the cycle and begin its next stage down in my opinion. I am still not a buyer until a floor is in sight but God bless the gold bugs who are backing up the truck and jumping back in prematurely. The guys on the other side of the trade need them to power price down.
A hologram is difficult to hug.
Just as wealth calculations during periods of monetary mayhem are a measure, but only a measure of a contrivance. Rick, Doc & Birdman can chart this,Bollinger band that, Fibonacci something else, maybe even Elliotwave at a significant move…
I will simply choose what is real. When we desire affection you need something real. You do not want to end up like Manti Te’o. An imaginary girlfriend can only do so much for you. You cannot hug her. Do not let your arms come up empty when you reach for your nest egg!
I like stuff that goes up in price, Dennis. Until gold shows it has REAL legs I am out.
I prefer to concentrate on value regardless of price.
In a synthetic world where electronic manipulation passes as both music and money I will dollar cost average into value and listen to Mozart.
I will observe others concern themselves with price moves and DJs that pretend they are a cultural advance.
I agree, Dennis. You don’t have to be a goldbug to recognize value.
Bird a wet blanket? More like a proxy for the herd. He has a problem with so-called goldbugs just as years of propaganda has instructed him to. HE is the lemming.
Matthew check this out……….:
Timeless value.
Mozart Symphony No. 40 …..in G minor(I think):
http://www.youtube.com/watch?v=1MOAF6qlFjw
Thank you Dennis. My wife is a huge fan of Mozart and (obviously) thinks you have great taste. (One of her degrees is in music and she is a great singer, too.)
The Wright Brothers are said to be men that first achieved powered flight.
Mozart was the first man to fly. I am always amazed how his music sounds of wind, air and motion. His audio presents arrive to my mind in video.
Not Mozart, but still very nice:
http://www.youtube.com/watch?v=IjmK2E_WJbw
You meant to say ex-wife I presume.
If any newcomers were wondering why I called you an ASSHOLE, now they know. I knew I could count on you!
Children read this site sometimes Matt. Are you one of them? Maybe cool off on the rough language pal.
Yes Matt.
You are a bright man but I did trash that comment.
Birdman,
Are you nice to your waiter?
Do you have an ex-spouse, or alternatively have you always been lonely?
Just curious! My question was prompted after reading Irwin’s rule #18 below and previous rude-esque comments.
Thin skin or something? I am only trying to boost Al’s Alexa ranking. Good to see so many posts!
It is Bird.
There are effective ways to boost Alexa rankings as you probablt are aware. The most effective seems to be having a large number of sites linking in. We haven’t focused on that because I really enjoy the discourse that is manageable.
321 gold is ranked about twice as high as we are, but notice that Bob has very little dialog with visitors.
Not better or worse,just a different business model.
I appreciate your comment as it made me stop and think.
Thanks,man.
You do what you have to, Al, and I will too. I argue based on the actual content of a comment. Bird, on the other hand, likes to put words in people’s mouths and make endless and pointless assumptions about their personal life. It’s fine that he “accuses” me of being from Calgary (???), or of losing money, but bringing up my wife over and over again just shows that he is a miscreant. Is that rated “G” enough?
I am sorry Matthew,
Point number one: Calgary is one of my favorite cities in the world and I have seen a lot of them.
Point number two: Bringing up your wife is completely out of place.
Point number three: How does anyone know if you are loosing money or making it hand over fist.
I understand your anger. My only point, and I do mean this, is that you are one bright dude and I now realize that you were really pissed off!
Best,
Big Al
Thanks for your understanding, Al. I didn’t mean to waste your time with such nonsense.
It is absolutely not nonsense!
James Rickards and G Edward Griffin are interviewed on Howe st.
this week in money aug 10.
Benb, great interview with Rickards. Finally a great explanation of how gold works as insurance..according to how much one thinks gold will rise determines what percentage of your portfolio is allocated. Many other ideas such as how the us dollar cannot be replaced as the world reserve currency. Good stuff, thanks!
Hi Bobby, he does give some good insight on how much gold a person might think about owning.
His “currency wars” book really tells alot about what the governments are doing and have done with currencies too.
He is a great thinker, I saw him speak live at calvary chapel, Costa mesa several years ago regarding a debt jubilee.
Matthew anyone who enjoys Mozart is said to be naturally intelligent, and who by listening/playing more only helps develop their intelligence further!
This old Genesis video (land of confusion) applies well to today:
http://www.youtube.com/watch?v=1pkVLqSaahk
Funniest part is when Reagan wakes up and presses the nuke button instead of the nurse button.
Going on with segment 3, with whats up with China`s reserves in gold, since it seems both the US &China are into saying one thing and doing another ie. with its true numbers, figures in percent of gold they have, from this article http://www.strategic-culture.org/news/2013/08/09/peoples-bank-of-china-launches-trial-balloon-back-to-bretton-woods.html …`Simple calculations based on official statistics related to gold production and imports show that today China is to have no less than five thousand tons of precious metal. Still, some experts believe the figure is no less than ten thousand exceeding the one for the United States.`……. `The currency swap accords are discussed by the bank of China with the central banks of Switzerland and France. Iran supplies oil getting payments in Chinese currency to buy commodies in China. The use of yuan instead of dollar(as well as other national currencies) allow the so called “rogue“states to successfully get around the sanctions imposed by Washington…. The number of payments in yuans in the global market has grown from 0 to 12 percent in only five years, since 2008 to 2013. By and large, it corresponds to the Chinese share of the world economy.` —– Perhaps since China has signed currency swaps accords to avoid resorting to euro or dollar with the an agreement with the Bank of England. Have the Rothschilds given China a free reign to become the role as becoming `the most favorable nation regime` ? Since here in the West the US has been so mired in its own ruin that a new start with another player is warranted.
NINETEEN THINGS THAT IT TOOK ME 50 YEARS TO LEARN
1. Never, under any circumstances, take a sleeping pill
and a laxative on the same night.
2. If you had to identify, in one word, the reason why the
human race has not achieved, and never will achieve,
its full potential, that word would be “meetings.”
3. There is a very fine line between “hobby” and “mental illness.”
4. People who want to share their religious views with you
almost never want you to share yours with them.
5. And when God, who created the entire universe with all of its glories, decides to deliver a message to humanity,
He WILL NOT use, as His messenger, a person on
cable TV with a bad hairstyle.
6. You should not confuse your career with your life.
7. No matter what happens, somebody will find a way
to take it too seriously.
8. When trouble arises and things look bad,
there is always one individual who perceives
a solution and is willing to take command.
Very often, that individual is crazy.
9. Nobody cares if you can’t dance well.
Just get up and dance.
10. Never lick a steak knife.
11. Take out the fortune before you eat the cookie.
12. The most destructive force in the universe is gossip.
13. You will never find anybody who can give you a clear
and compelling reason why we observe daylight savings time.
14. You should never say anything to a woman
that even remotely suggests that you think she’s
pregnant unless you can see an actual baby
emerging from her at that moment.
15. There comes a time when you should stop
expecting other people to make a big deal about your birthday.
That time is age eleven.
16. The one thing that unites all human beings,
regardless of age, gender, religion, economic status
or ethnic background, is that, deep down inside,
we ALL believe that we are above average drivers.
17. The main accomplishment of almost all organized
protests is to annoy people who are not in them.
18. A person who is nice to you,
but rude to the waiter,
is not a nice person.
(This is very important. Pay attention. It never fails.)
19. Your friends love you anyway.
The above is by Dave Barry.
They are all sound advice!
I will commit to memory #6, #11 and #18.
Thanks Irwin…Re pt 4 reminds me of the religious nut who said to an opponent ‘You worship God in your way, and I’ll worship Him in his!!
Interesting way to put it Reverend!
How could you have done number 1? Should have put on a diaper.
I just watched sixty minutes on the property bubble in China, if the bubble bursts and now the developers are not finishing many projects (their broke) it will turn out to be similar to the Arab spring.
Most Chinese earn only $2 a day and the condominiums sell for $60,000 to $100,000 US, they sit empty because most can’t afford them, It sure doesn’t look like they aren’t going to escape the reckoning which will ripple through the World’s economy. DT
By design Dick … By design.
Great list Irwin.
DT, Hard for me to understand why people are not permitted to move into them,just so there not empty. Maybe a couple hundred year morgage would work.
Just strange to see them sit empty.
The government in China is not allowing people to buy more than one unit by doing this they are hoping to slowly deflate prices, and prices have come down somewhat but it still takes forty five times the average salary to afford the starter unit and the Chinese government is very much aware of what happens if you just let people move in or you let the bubble burst.
A lot of these ghost cities are built on properties where small impoverished towns had once been and the government simply bulldozed the peasants homes and gave them next to nothing for compensation. Most of these people are moving back into the country as they can’t afford to live where they once had, it is a terrible mess and now with no work because the cranes are sitting idle and have been for eight months it could get real ugly fast.
Besides China does not want to go back to it’s socialist ways and they are trying hard to show the World what great capitalist’s they are, I guess that in a nutshell is why people aren’t allowed to just move into the empty units, getting something for nothing would be a step into their past and they don’t want to travel down that road again. DT
Thanks Machine Gun
Many very good observers and analysts are bearish on China, but I am not for many reasons; not the least of which is the fact that China’s savings as a percent of GDP is about 5 times higher than that of the U.S.
OK Big mouth!!!!!!!!!!!!!!!!!!!!!!!!1
http://www.youtube.com/watch?v=Kqw0Gz9GahM
I am hoping for an uptrend in gold something like this as of Saturday.:
http://1000gold.blogspot.co.uk/2013/08/on-saturday-i-thought-of-what-i-would.html
As of Sunday night, gold is at $1330. I was hoping for around 1332, Rick A. likes a move to or above $1329, so we are there at his target.
Congratulations Rick! I hope that, unlike me, you traded it! Rick and Doc are both looking like market prophets now.
Thanks Silverbug and yes they are!
Nothing to do today but sit and watch.
-remember … “turn around Tuesday” can work both ways.
In the meantime, stay healthy!
quote:
“Commercially prepared condiments are typically a mixture of low quality, genetically engineered ingredients, chemical preservatives, fillers, and taste and texture enhancers that have potential health risks
“Five common condiments are discussed with sample ingredient lists for each: mayonnaise, sour cream, ranch and blue cheese dressing, ketchup, and steak/barbeque sauce
“Suggestions are provided for preparing homemade condiments, making them a beneficial part of your overall nutrition plan, such as making your own cultured sour cream and yogurt as a base for dressings”
http://articles.mercola.com/sites/articles/archive/2013/08/12/condiments.aspx
Thanks Irwin,
Believe it or not I have a real interest in this.
Thannks
Irwin,
You made me think again!
Here is what I thought……….
Never buy pre-wrapped meat at the grocery.
This lesson is more important the better the quality cut & grade of meat you are considering. It is frugal to select the meat through the window at the counter and have the butcher wrap the meat in freezer wrap. When you buy the meat in the display it is packaged in see through plastic wrap and the meat is usually on top of a white tray. Between the meat and the tray is a sponge to absorb moisture. You pay for the sponge filled with moisture. When you go home you discard the tray and moisture laden sponge. You paid the same for the discarded packaging by weight as you did for your entrée. If you are buying a decent cut filet mignon and the sponge weighs in at 4 ounces there is a little bit of mal-investment in the display purchased pre-wrap meat selection. The display packaged meat is weighed after it is wrapped. The counter purchased meat is weighed and then wrapped.
Food for thought!
Good thinking Dennis M
Buying any meat that’s gone from factory farm, to mechanised abattoir, to minimum wage distribution outlet is indeed a scary proposition; I’m amazed at how fast today’s meat turns green.
Big Al,
It’s been about a year and a half since I read “Wheat Belly” by Dr Wm Davis; then I read “Life without Bread” (Allan & Lutz). Ever since then I’ve been on a sort of health kick … we oldsters need to look after ourselves 🙂
After reading those two books and taking some of the recommendations to heart, I’m certainly much healthier than I was two years ago.
Dr William Davis author of “Wheat Belly” has been posting before and after photos sent in by people who are going “wheat-free”.
Not all his links will open for some reason, but most do.
https://twitter.com/WilliamDavisMD
Thanks Irwin,
I will download both of them.
Best,
Big Al
Hi Al,
I could be wrong but It looked to me like you were saying you disagreed with me about the bankers ending up with everything due to your experience with banking.
Just as an example. Rothchilds took the bank of england in 1815 aprox.
There are estimates that Rothchild owned 50% of WORLD wealth by 1850 aproximatly.
Now, Im not going to calculapute and investigate this info, I will leave it up to those that say they have as they present their case with evidence to support their claims.
But if we assume these claims are only 50% correct, giving the Rothchilds only 25% of the worlds wealth in 35 years? How much do the bankers own since the creation of the federal reserve?
At 25% every 35 years that works out to…….. just about everything in 100 years.
Then calculate how much they get in the next 100 years.
Remember, it was Rothchilds that did away with tally sticks and moved the west onto a gold standard.
In other words, as long as the bankers exist, the worlds population dont got a snowballs chance in……
Hi benb,
I don’t totally disagree with you.
What I was trying to say was that my personal experience is that the govt officials told us what we had to do. We realized that it would probably lead to ruin and we said “okay” and sold our institution.
Turned out we were completely correct in our assessment.
It would be more correct to say, I guess, that blame lies with both parties today.
I do agree that the mega banks probably do run the show. Actually, take out the word probably.
How’s that for wishy washy!
Big Al
With gold apreciating at about 8% over the last month, it makes it really hard to not invest into it.
Just because the President said he would be open about 1984 type Big Brother surveilance of US citizenry, does not make such any more moral or constitutional than the Patriot Act was in “allowing” it.
An unconstitutional law is unconstitutional and immoral, just as much as slavery laws were immoral, even if technically not unconstitutional at the time of passing.
BIG BROTHER BLANKET MASS SURVEILLANCE IS WRONG.
It has been said that Hitler and Stalin never did anything illegal, and always acted within the laws of their countries. That, however, did not make their actions acceptable to society.
And besides, I do NOT trust anything Obama says…….He has been proven to lie time and time again.