Feds Bailout of Europe

As the author notes: "No matter the legalistic interpretation, the Fed is, working through the ECB, bailing out European banks and, indirectly, spendthrift European governments." The point to posting this? We are systematically collecting all the world's financial problems, deferring them, but rolling them into one big climactic Dollar crisis. This is a wealth transfer from ordinary Americans and others who hold dollar denominated financial assets, to bankrupt banks (or banksters), and governments in Europe.
Gerald P. O'Driscoll Jr: The Fed's covert bailout of Europe | Gold Anti-Trust Action Committee:: www.gata.org/node/10825
http://chumly.com/n/efe6d6

More on Military Detention for Civilians

Our Idaho Senators voted for the NDAA, from what I have been told. I e-mailed them for an explanation and got none. I guess being the lesser of two evils is good enough for establishment Republicans in Idaho. I hope this recall in Montana succeeds.
EconomicPolicyJournal.com: Montanans Launch Recall of Senators Who Approved NDAA Military Detention:: www.economicpolicyjournal.com/2011/12/montanans-la....html
http://chumly.com/n/efb8f9

Dollar Losing Trade Currency Status

This is a move which will undoubtedly decrease international demand for the Dollar, causing it to weaken. With the world's second and third largest economies abandoning it, we will feel the impact of this. How would America do if it were no longer subsidized by its trading partners? If it had to give as much as it got in trade, and could no longer just increase its largest export--debt?
China, Japan to Back Direct Trade of Currencies - Bloomberg:: www.bloomberg.com/news/2011-12-25/china-japan-to-p....html
http://chumly.com/n/ef834f

European Central Bank's Stealth QE

The author notes: "A bank can now borrow from the ECB at 1% per year for 3 years, invest in a 3-year Italian bond paying 6% plus, and pocket 5% each year in pure profit." This is why the banking industry can show record profits even while making virtually no economy stimulating loans. This is a fraud that creates no legitimate economic growth in the long run, but can create a flush in the short run. Its real accomplishment when all is said and done will be to extend irresponsible and even criminal behavior by governments and banks for a little longer. It will drain what life is left in the economies involved to keep unsustainable and irresponsible government programs afloat for a little longer. This, in all likelihood, is what our own central bank is doing here in the US.
How Gold, Silver And Platinum Will Respond To ECB's Money Printing - Seeking Alpha:: seekingalpha.com/article/315636-how-gold-silver-an...nting
http://chumly.com/n/edec70

NAR Inflated Housing Market Numbers

Here is the proof of manipulation in the housing reports. Government reports on employment and the economy are manipulated to shape the perception of the public as well. We have experienced steady deterioration in all the meaningful economic fundamentals for at least ten years. It is time to admit that our biggest threat to survival is our own government entities as they lie, steal, manipulate markets, line the pockets of those in power in DC and Wall Street, and bring us all the while toward financial climax. Why is it governments always sell themselves as "Robin Hoods" but turn out to be "Prince Johns"?
US Housing Market Was Artificially Inflated By 14% In 2007-2010 NAR Reports | ZeroHedge:: www.zerohedge.com/news/us-housing-market-was-artif...ports
http://chumly.com/n/ed89b8

Comprehensive Overview of Our Financial/Political State

This financial publisher takes an issue of his newsletter to summarize the fraying of western civilization, our government and way of life here in America. He is one of the best in the industry. Read it carefully.
The Corruption of America:: www.stansberryresearch.com/pub/reports/201112PSI_i....html
http://chumly.com/n/ed2513

Ron Paul Predicts More Bailouts

The US saving the Euro is cabling two sinking ships together, it just makes it harder for the passengers to get lifeboats launched.
Beware the Coming Bailouts of Europe | Ron Paul | www.safehaven.com:: www.safehaven.com/article/23715/beware-the-coming-...urope
http://chumly.com/n/ecc626

Former Heads of Fannie and Freddie in Trouble

But what of Newt? Wasn't he there promoter at the congressional level? Either he is a financial incompetent or he is incredibly corrupt. Either way he typifies what is destroying us. What scares me more than the radical changes of Obama is the gradual socialism that progressives in the Republican party represent. Obama scares America, waking it up, the soft socialists put it back into a sleep it may never wake up from.
Ex-heads of Fannie and Freddie sued by US regulator over sub-prime exposure - Telegraph:: www.telegraph.co.uk/finance/financial-crime/896159....html
http://chumly.com/n/ebc22f

Australia Taking Euro Crisis Seriously

The systemic threat caused by collapsing debt/currencies is not lost on every country out there.
Australian Banks Given One Week To Prepare For European "Meltdown" | ZeroHedge:: www.zerohedge.com/news/australian-banks-given-one-...tdown
http://chumly.com/n/eb9d7d

More Housing Pain

Houses are the middle class' most significant store of wealth. This is also more deterioration in bank balance sheets, just as the financial system is going to be stressed by the Euro's trouble. This multi-year debt crisis won't go away, and the solution is not more of the same, and yet we are lending to Europe through the IMF, we who have no equity ourselves.
New Foreclosure Wave is Coming - US Business News - CNBC:: www.cnbc.com/id/45682960
http://chumly.com/n/eb6c94

More Government Swat Teams

we have never had so many different groups of armed government code enforcement officials harassing poor and powerless Americans. Raw dairies being put out of business, Amish farmers prosecuted, now poor desert dwellers systematically harassed. Anyone who thinks that the personal rights of life, liberty and property are anything but the ghosts of Christmases past needs to wake up. The collective holds all the rights.
Is living off the Grid now a crime?:: offgridsurvival.com/livingoffthegridcrime
http://chumly.com/n/eabe91

Preparations for a Police State

With the Euro collapsing, and the contagion headed our way through the international banking system, it is chilling to observe our government preparing for martial law with this legislation. As the author notes, speaking of Nazism: "But do they (Americans) have any idea of how closely they are following the Germans in what led to it?"
"Journal Inquirer > Archives > Chris Powell > Suspend habeas corpus and enact martial law?:: www.journalinquirer.com/articles/2011/12/12/chris_...2.txt
http://chumly.com/n/e9c450

Gingrinch No Stocking Stuffer

Rand Paul does a great job exposing Newt as one who stuffs his own stocking at the expense of the taxpayers.
Rand Paul: Republicans would take a giant step backward by choosing Gingrich | The Des Moines Register | www.desmoinesregister.com:: www.desmoinesregister.com/apps/pbcs.dll/article?AI...id=54
http://chumly.com/n/e929e4

More on Insider Trading Thanks to Paulson

when DC feeds insider information to select and powerful players on Wall Street, you don't have a free market. It is instead how socialism works, and while the left accuses capitalism of greed, there is nothing greedy like socialism. As the author observes: "Whatever games are being played between Washington and Wall Street must stop, or the American capital markets will cease functioning."
The fix was in: a scoop confirmed - www.nypost.com:: www.nypost.com/p/news/business/fix_was_in_bloomber...tAbtJ
http://chumly.com/n/e89357

Mountains of Debt Worldwide Supported By Nothing

This article talks of the layers of debt and derivatives all built on a base of fiat currency, itself nothing.
Why The UK Trail Of The MF Global Collapse May Have "Apocalyptic" Consequences For The Eurozone, Canadian Banks, Jefferies And Everyone Else | ZeroHedge:: www.zerohedge.com/news/why-uk-trail-mf-global-coll...jeffe
http://chumly.com/n/e81651

Banking System on Verge of Collapse

I can't say it any better: "History has shown that over-indebted countries always destroy their currency."
My Blog:: kingworldnews.com/kingworldnews/KWN_DailyWeb/Entri....html
http://chumly.com/n/e81618

Run on French Banks

Let's see, to fix these banks, suffering from bad sovereign debt, we need a maze of leveraged "rescue facilities" financed by over leveraged sovereigns.
Bank of France debts jump tenfold on capital flight - Telegraph:: www.telegraph.co.uk/finance/financialcrisis/893914....html
http://chumly.com/n/e8160a

Article From Canada on Our Financial Endgame

This article warns its readers that the US and Europe will destroy their currencies and suggests some ways Canadians should protect themselves from it. It speaks of the hidden tax of QE and warns of inflation. What should be understood is that inflating the money supply does not always immediately lead to price inflation, and price inflation shows up inconsistently in the markets. It can show up in a stock market bubble, or a housing bubble, which eventually burst and provide pain in bug shots without any of what most people call "inflation". I don't think that the coming inflation will be so subtle.
We’ve been down this path before:: www.vancouversun.com/news/been down this path before/5798026/story.html
http://chumly.com/n/e7abe7

Euro Crisis Grinds On

The several year old debt crisis is getting harder to ignore. It is working its way up the system. Those invested in the system will not let it fail, so are going all in. At the top is the Dollar, itself hopelessly buried in debt, but still trying to rescue its comrade, the Euro. When they go, they go together, then what happens to commerce? When commerce goes, what happens to people? Will they turn toward freedom, or will they place their hope in the source of the problems destroying us--their own corrupt, lawless government?
We've Just Witnessed A Major Turning Point In The Euro Crisis:: www.businessinsider.com/sps-downgrade-watch-euro-r...11-12
http://chumly.com/n/e74384

Police State

It looks like it is more important than ever to get constitution-minded county sheriffs in office. Why does it feel like the Federal mob is recruiting?
The Pentagon Is Offering Free Military Hardware To Every Police Department In The US:: www.businessinsider.com/program-1033-military-equi...11-12
http://chumly.com/n/e74325

Why a Christian Should Never Vote for a Property Tax Increase

It is not surprising at all that as we Americans have abandoned our Christian cultural roots we have lost the understanding of the great individual rights to life, liberty, and property which necessarily flow from the Christian moral law. These rights which are all over our founding documents and state constitutions were fundamental to our political system as designed. If the Natural Law does exist, it exists for all time, in all of creation, and over all people; and these same rights are critical to maintaining a just system and all the blessings that come from it. I think it was John Adams that said, the right to property meant that no man could lose his property except by his own act or fault. The individual held his/her own property rights exclusively and was (and is) accountable to God for his stewardship. In our day, property taxes stand opposed to this fundamental right and we have instead transitioned to a collectivist view of rights. Today society can, with a majority or super majority vote, effectively take some of your property through property taxes. How did the neighborhood get this right to your property? An ownership interest is clearly assumed in the process, since the collective has some (or if you fail to pay, all) rights to your property. This collectivist view of property rights is contrary to the Natural Law and is simply collective theft. The bible condemns going along with a mob and violating justice, so clearly a majority deciding something is right does not make it so. When we, as Christians, vote in support of a property tax increase, we are part of a collective theft. If you want to support a school give them your own property, not your neighbors.

The left sells property tax as a collection method claiming it a just system, but the opposite is true. Property taxes impact the poor far more than the rich. The tax affects the cost of the essential basics of shelter and food. While a primary residence usually has some exemption, rentals do not, and the owners necessarily pass those costs on to those who rent, who are usually the poor. While farm ground has some exemptions, any tax on it is passed on as more expensive food, another essential.

Property taxes are brutal. While the IRS isn’t allowed to touch many of your assets, the local county can kick you out of your house and off your land if you are too poor to pay the debt that others have collectively assigned to it. You can be debt free in every other respect, and still held liable for something you never agreed to. This is critical to understand, since when the chronic economic trouble we are in intensifies, our incomes could go to zero, our asset values could crater, but the debt we owe would tend to maintain its size or grow. When our neighbors begin to lose their houses and land to this collective evil, where will you stand?

The system is great at cover up, as well. Since most people pay their property taxes as part of their mortgage, we will never know how many ended up losing their homes because of the added cost of the tax portion of those payments.

When a government, a system, a majority, or a mob begins depriving people of one of life’s essentials, it has crossed a line very close to murder. If we lend support through silence and inaction, we become passive participants to the theft, and He who judges the hearts and souls of men will see it (Proverbs 24:11-12).

While our founding documents contain a philosophy of government that reflects Christian assumptions, we have in practice transitioned to a socialist form of government. We are not becoming socialist. We have instead long been socialist. A socialist state matures into bankruptcy. We are bankrupt. If we had been faithful to the political philosophy found in the Declaration of Independence, the state would not have the power to bankrupt us. To see what we now have instead, look up the ten planks of communism and see how many we have. The assumption behind property tax is that the collective holds an ownership interest in your property. The question we should ask ourselves is, where are the limits to this collectivism? Can the collective claim the food you have set aside for emergency if it decides you have too much? Would a vote make that ok too? As it stands now, the collective will claim your property if you lose your job and can’t pay your taxes, and that already is evil. These questions become all the more important as we see the government taking us implacably toward a fiscal crisis of historically unprecedented proportions.
http://chumly.com/n/e742eb

"Good" Unemployment Report Taken Apart

As I have said before, "the private sector job market is the economy". The charts in this very short article do not show an improving jobs picture. The details always matter, and these days government reports are designed to manipulate, not inform.
Key Charts From The NFP Report: Records In Jobless Duration And People Who Want A Job As Civilian Labor Force Plunges | ZeroHedge:: www.zerohedge.com/news/key-charts-nfp-report-recor...e-plu
http://chumly.com/n/e69d5f

More on Government/Sachs Insider Dealing

By now it is obvious that government action moves today's markets more than anything else. With the information that bureaucrats like Paulson give to the unethical firms like Goldman, JP Morgan, etc. they can't help but make a killing. But it is the middle class that gets killed. Don't blame free markets for this crap. This fits hand in glove with the insider trading by our elected representatives. No one with close connections to DC loses. Not the politicians, nor the "capitalists" that reject the moral restraints which created free market capitalism in the first place.
Hank Paulson’s inside jobs | Felix Salmon:: blogs.reuters.com/felix-salmon/2011/11/29/hank-pau...-jobs
http://chumly.com/n/e6919c

Ron Paul on the Euro Bailout

Ron Paul get it when it come to economics, and it shows in this interview.
Ron Paul on the Laura Ingraham Show 12/01/2011 - YouTube::


http://chumly.com/n/e68df5

Not Enough Money

Fractional reserve banking systems create many times more debt than money. As this article points out there is simply not enough money in the system to pay the debt, let alone fund the exponential growth that is required to keep the fraud going. But don't worry, more will be created.
My Blog:: kingworldnews.com/kingworldnews/KWN_DailyWeb/Entri....html
http://chumly.com/n/e6660b

Explanation of Swap Lines

Short article and not too complex.
How Does Europe Borrow Dollars From the Fed? - US Bussiness New Blog - CNBC:: www.cnbc.com/id/45492655
http://chumly.com/n/e66609

More on Bailing Out Europe

This is a short piece. With our politicians in charge, we are like a drunk lurching toward the financial cliff, but with each bailout, round of QE, and debt sale climbing higher on that cliff and collecting more boulders at the bottom.
My Blog:: kingworldnews.com/kingworldnews/KWN_DailyWeb/Entri....html
http://chumly.com/n/e601d5

Ron Paul Gets It

With the Fed now bailing out the world, at least one politician gets it. Since there is no such thing as a free lunch, who is really paying? The answer is all those that hold dollar based financial instruments. The Fed is taking from all of us to save its corrupt fiat currency system. This is life or death for big governments and the central banks they pretend to hold at arm's length. This will get a whole lot worse. Every country involved has mountains of debt, itself a derivative of a fiat currency, itself nothing.
Ron Paul Statement On The Fed's Bailout Of Europe | ZeroHedge:: www.zerohedge.com/news/ron-paul-statement-feds-bai...urope
http://chumly.com/n/e5f45c

Fed Saves Euro

With the private sector investors running from the Euro, our central bankers take the decision out of our hands. Go ahead and pretend that they are private bankers. It is true of the profits. But the Fed is, in reality, an unaccountable branch created by our government so the unelectable could to the indefensible.
Fed saves Europe's banks as ECB stands pat - Telegraph:: www.telegraph.co.uk/finance/financialcrisis/892698....html
http://chumly.com/n/e5f45b

Euro Bail-out Fund Won't Work

With virtually all the countries involved up to their eyeballs in debt, who is left to bail out those going under? The magic of socialism and its (enabling) fiat currency is being exposed as merely an illusion.
Wolfgang Schauble admits euro bail-out fund won't halt crisis - Telegraph:: www.telegraph.co.uk/finance/financialcrisis/892446....html
http://chumly.com/n/e5ad19

World's Financial System's Inherent Instability

The world’s financial system is like a pyramid standing on its tip. It’s inherent instability is becoming obvious. Chunks are starting to fall off. The crumpling tip it rests on is the full faith and credit of governments and the integrity of big businesses like Goldman. It is composed of men like Corzine, Bernanke, Weiner, and Soros. They have developed something like a big casino with no legal oversight. The only risk for the"house” is that the gamblers and those that work the business for them (the citizens) realize how rigged the game is, and they lose control. They create their worthless paper certificates at will with no labor, and the people slave away to collect a few of them. The complex labyrinth of derivatives and debt is a load that the rotten tip of the pyramid cannot hope to support.

To create a stable system you must build the financial system on honest money, money that cannot be created"ex nihilo”. The unit of exchange then can only come into existence through human labor, and has integrity from the start. Such a system does not lend itself to the top-heavy growth of government and big business if a free market is allowed to discipline the corrupt and inefficient. Such a system once existed in America when men still believed in the critical truth upon which the"rule of law” existed. They believed that there was a supreme Ruler and Lawgiver before whom all men, even those in government stood equally accountable. The Natural Law these men confessed in our founding documents did not originate with men, and therefor no man was above the law. Once that foundation is abandoned the only option you are left with is that men are the source of the law, and in every case where that is true, those same men will make the law begin to serve their own interests. The broad base of distributed power designed by our Founding Fathers has been completely replaced by a system of concentrated power residing with corrupt, selfish men. My hope is that as this pyramid crumbles those men at the tip will be crushed in its fall. I pray we will once again build a system with a broad base of distributed power and sound money carrying a small load of government commissioned with no more or less than preserving justice based on a Christian ethic. If that happens the pyramid will be set on its base.
http://chumly.com/n/e4cadb

Godfather of Newsletter Writers Warns of Financial Storm

My Blog:: kingworldnews.com/kingworldnews/KWN_DailyWeb/Entri....html
http://chumly.com/n/e4ca10

Goldman Sachs Conquers Europe

It should be obvious after the AIG bailout that Goldman pulls the important strings in the USA. Their tentacles in Europe are equally impressive. The thing to remember? It is our politicians/elected representatives who have welcomed this tramp into the most intimate corners of their governmental chambers. When the stewards of our freedom spend the resources they have been entrusted with on services like this, it is time to replace them. They supply the market for the Goldman and company brothel.
What price the new democracy? Goldman Sachs conquers Europe - Business Analysis & Features - Business - The Independent:: www.independent.co.uk/news/business/analysis-and-f....html
http://chumly.com/n/e3f266

Obama Taking US to Brink of War With Russia

This address by Russian president Dmitry Medvedev is chilling. It has been observed that desperate governments turn to war to rally their people around their insolvent currencies, policies and administrations, now our Nobel Peace Prize winner is acting more recklessly with our lives and the lives or our children than any before him.
Russia Retaliates Against US: Puts Radar Station On Combat Alert, Prepares To Take Out European Missile Defense Systems | ZeroHedge:: www.zerohedge.com/news/russia-retaliates-against-u...ssile
http://chumly.com/n/e3e78e

More Than Just PIIGS in Trouble

Anyone willing to take their head out of their WSJ will have to admit that we are in a multi-year global debt crisis. Debt equals risk. Every part of the system is loaded down with too much debt created by a fractional reserve banking system and undisciplined, unaccountable central bankers. Fiat currencies themselves are ponzi schemes that sponsor booms and busts, the timing of which is far more dependent on faith and perception rather than a strict relationship between currency inflation and price inflation.
Hungary turns to IMF as stress mounts in Eastern Europe - Telegraph:: www.telegraph.co.uk/finance/financialcrisis/890547....html
http://chumly.com/n/e297ed

Time to Toss Central Bankers in the Boston Harbor?

There is never a bad time to toss Central Bankers, but seriously, don't assume the Dollar strength we see as investors flee the Euro is a long term trend. Sometimes rats fleeing a burning ship end up on a sinking scow.
ECONOMIST: Bernanke Is Going To End Up Bailing Out All Of Europe:: www.businessinsider.com/economists-ben-bernanke-is...11-11
http://chumly.com/n/e29021

The Run Continues

Last week I called the run on European banks, this week the run is so obvious the main stream financial press is seeing it. Actually abandoning debt denominated in the Euro is a run on the Euro as a currency. After the Euro gets its due, how long will the dollar last? Money must both store value and facilitate trade. When it ceases to be a store of value, it is just a matter of time before its other function is in question.
The Run On Europe Begins As Global Investors Head For The Hills...:: www.businessinsider.com/the-run-on-europe-begins-a...11-11
http://chumly.com/n/e28eb6

Nigel Farage in the European Parlament

Nigel rakes the Eurozone leaders over for replacing the governments of Greece and Italy with Eurozone Technocrats, and ending democracy in those countries. This is well worth the couple minutes.
Watch Nigel Farage Dance On The Euro's Grave | ZeroHedge:: www.zerohedge.com/news/watch-nigel-farage-dance-eu...grave
http://chumly.com/n/e09a76

Barnhardt Capital Management Warns Clients and Shuts Doors

Ann Barnhardt advised her clients the following: "The futures and options markets are no longer viable. It is my recommendation that ALL customers withdraw from all of the markets as soon as possible so that they have the best chance of protecting themselves and their equity." Read her letter. It is fantastic. If what she is saying is true, then the 600 Trillion in derivatives worldwide are going to implode as credit defaults and fraud feed on themselves and consume the innocent and guilty alike.
Barnhardt.biz - Commodity Brokerage:: barnhardt.biz
http://chumly.com/n/e09675

Federal Debt Eclipses GDP

Even as Europe shows us where it leads, our debt level has passed limits which have always resulted in debt/currency crisis throughout recent world history. But this one promises to be the biggest and most widespread. We have always been there to orchestrate a transition when other smaller countries threatened the stability of world trade. What happens when the dollar gets its own discipline?
Federal debt tops $15 trillion - Washington Times:: www.washingtontimes.com/news/2011/nov/16/federal-d...age=1
http://chumly.com/n/e00251

In Case You Missed it Congress' Insider Trading

Congress: Trading stock on inside information? - 60 Minutes - CBS News:: http://www.cbsnews.com/video/watch/?id=7388130n&tag=contentBody;storyMediaBox
http://chumly.com/n/dfb386

Short Honest Commentary on the Euro

BBC News - Hardtalk - 'Only massive debt restructuring can save EU':: http://news.bbc.co.uk/2/hi/programmes/hardtalk/9639507.stm
http://chumly.com/n/dfb12f

European Financial Stability Fund Funding Itself

The printing presses running overtime in Europe to save us all.
European Ponzi Goes Full Retard As EFSF Found To Monetize... Itself | ZeroHedge:: www.zerohedge.com/news/european-ponzi-goes-full-re...tself
http://chumly.com/n/df248a

Energy

I believe this article states the problem well, the solution it offers, however, is idiotic. Handing more control over to the central planners would just give us more ethanol, wind farm and solar boondoggles. How about taking their manipulating hands off the market, and let the best products win. Products like clean burning natural gas and natural gas liquids. By the way, have you noticed that anytime a recovery is expected in the US economy, oil prices take off? If we actually had a recovery, how long would it be before skyrocketing oil prices nipped it in the bud?
No Growth in Oil Production for 7 Years - Will Alternatives Arrive Soon Enough? at Oil Price:: oilprice.com/Energy/Crude-Oil/No-Growth-in-Oil-Pro....html
http://chumly.com/n/ddddc4

US Money-Market Funds Pull Out of Europe

Sounds like the corporate equivalent of a bank run. The banks may be insolvent because of worthless government debt, but don't worry, they are backed by government guarantees that will protect depositors.
U.S. Prime Money-Market Funds Pull $8 Billion From Deutsche Bank - Bloomberg:: www.bloomberg.com/news/2011-11-11/blackrock-among-....html
http://chumly.com/n/dddd73

Jim Rickards and James Grant Interview

This interview is well worth the ten minutes.
Rickards on Fed Policy, U.S. Economy, Gold Standard - Video - Bloomberg:: www.bloomberg.com/video/79944740
http://chumly.com/n/dd3d21

More on the Euro

With the world's second most prominent fiat currency receiving multiple shots from the defibrillator, how long will it be before the world turns its attention to the #1 currency, the dollar, and examine its fundamentals? The question for us is when will histories largest and most distorted bubble burst, and what will be the consequences?
Gold and bonds are all that's left - Yahoo! Finance:: beta.finance.yahoo.com/news/gold-bonds-thats-left-....html
http://chumly.com/n/dcbee9

Financial Catastrophe Not a Product of Capitalism

The liberal press loves to blame capitalism for socialism's excesses. But Italy is proving everyone's debt is no-one's debt, and no-one will pay it honestly. When politicians can borrow with no personal liability and be rewarded by those being led to financial slaughter, you get unsustainable piles of debt. Debt without liability, what a concept.
My Blog:: kingworldnews.com/kingworldnews/KWN_DailyWeb/Entri....html
http://chumly.com/n/dcac78

A Little Free-Market Shows Up in the AMA?

Gotta love Tom Woods.
Need Inexpensive Surgery? Go Free Market | Tom Woods:: www.tomwoods.com/blog/need-inexpensive-surgery-go-...hread
http://chumly.com/n/da5e21

Iran Situation

If war breaks out in the Middle East our domestic energy policy will come back to bite us hard. How much would doubling or tripling gas prices hurt the economy? And please don't fall for the economic fallacy that wars boost economies.
Iran attack 'drawn up by UK and US' as Middle East tensions rise | Mail Online:: www.dailymail.co.uk/news/article-2056873/Iran-atta....html
http://chumly.com/n/d9987d

Peter Schiff on Fed and Economy

Economist Peter Schiff points out that the Fed is probably already quietly engaged in monetary easing, which can be accomplished by simply lending to the banks knowing that they will turn around and buy Treasuries, making a cool 2-3 percent profit in the risk free deal and providing an apparent lender to the government at the same time. Twisted.
My Blog:: kingworldnews.com/kingworldnews/KWN_DailyWeb/Entri....html
http://chumly.com/n/d96afa

Socialism's financial Plan Unravels in Europe

With Europe's elites deciding to deal with too much debt by creating a leveraged rescue fund, it is just a question of how it will all unravel and how fast, not "if". The mistake was too much borrowing and debt, and was made in the past, and is well beyond reversal. We in the US as well are already committed to a crisis by our own elites who have spent far more that can ever be repaid honestly. Our grandkids will not be paying this debt. We are right behind the PIIGS with similar debt to GDP ratios and even less discipline when it comes to cutting spending and shrinking the public sector.
Greek vote sets off 'pandemonium', engulfs Italy - Telegraph:: www.telegraph.co.uk/finance/financialcrisis/886367....html
http://chumly.com/n/d8b2d2

Seventh Largest Bankruptcy in US History

Another former Goldman executive turned politician shows what they're made of. Just a medium sized domino, but what will it bump?
Corzine's MF Global collapses under euro zone bets | Reuters:: www.reuters.com/article/2011/10/31/us-mfglobal-idU...early
http://chumly.com/n/d8119d

A Little Cartoon on the Euro Debt Crisis

Xtranormal Explains The European Non-Bailout Best - With A Cartoon | ZeroHedge:: www.zerohedge.com/news/xtranormal-explains-europea...rtoon
http://chumly.com/n/d8101e

Popularity of our Debt/Dollar Waining?

We have been extracting wealth from our printing presses for decades, but eventually that fraudulent game is up. The question is when. The PIIGS are being kept in the union because otherwise they will default through the printing press. We, on the other hand have had several rounds of QE and not been disciplined for it yet, but eventually the "gods of the copybook headings with terror and vengeance return". I just pray the smooth tonged (political and financial) wizards will not simply own it all when it is all said and done.
Foreigners Sell Second Largest Amount Of US Bonds Ever In Past Week, Record $93 Billion In US Paper Sold In Past 2 Months | ZeroHedge:: www.zerohedge.com/news/foreigners-sell-second-larg...st-2-
http://chumly.com/n/d6401a

Another US Debt Downgrade Expected

The first downgrade introduced some extreme market volatility. Eventually, downgrades equal rising interest rates, which for us equal insolvency.
U.S. rating likely to be downgraded again: Merrill | Reuters: www.reuters.com/article/2011/10/23/us-usa-rating-m...11023
http://chumly.com/n/d473e5

Euro's Disaster Becoming More Obvious

Is our own accounting right behind theirs?
The single currency is close to collapse - Telegraph: www.telegraph.co.uk/comment/telegraph-view/8841385....html
http://chumly.com/n/d3ca3c

Collapse of the Euro Becoming Obvious

Producing little and consuming much never results in prosperity as the PIIGS are proving in Europe. And eventually those that earn their living through honest hard work get tired of giving a free ride to those that think the world owes them something, as Germany is demonstrating in the macro situation in Europe.
The single currency is close to collapse - Telegraph: www.telegraph.co.uk/comment/telegraph-view/8841385....html
http://chumly.com/n/d3ca1a

Britain's Central Bank Panics

Britain's central bankers want to liquidate their currency some more. It is like spraying more water on the rigging of a ship in the North Sea, adding to the ice already at dangerous levels, but calling it flotation and forgetting the possibility of roll-over.
Panic stations: Bank's unanimous vote on QE bodes ill - Telegraph: www.telegraph.co.uk/finance/economics/8368557/Pani....html
http://chumly.com/n/d265f3

Ron Paul's Plan

Even this conservative news site calls this a radical plan. What is radical about it? I guess it is radical like a surgery that removes part of a large and growing tumor. It is also true that spending cuts of this order would disable the govt. from masking symptoms of the depression we are in. It would bring on economic pain like never before. But it would maybe avoid complete catastrophic failure of the federal government, the US dollar/debt, and our whole system of commerce. It is what we need to do.
Ron Paul: Cut Cabinet and President's Salary: www.newsmax.com/InsideCover/Paul-cuts-president-sa...46D-1
http://chumly.com/n/d1d1d4

The War on Raw Milk Dairies

I would consider starting a raw milk dairy myself were it not for the threat of the FDA swat team showing up and dumping all my livelihood. The Estrellas were raided by the FDA, their production shut down, and were told to keep their cheese for evidence until the govt. got around to needing it. But cheese molds, so eventually they had to clean their cave out...and now they are also being charged for destroying evidence. In reality, what has been destroyed is their lives. Their award winning cheese business has bankrupted them since the cows kept eating, but the milk was suddenly contraband. How will this couple feed their bunch of adopted kids? While some of the liberals protest these acts, this is a direct result of abandoning a civil order based on a Christian worldview/moral and ethical system. This is what you get when government becomes the author of the law and sheds all accountability to the supreme law giver.
FDA Goes KGB | Help the Estrella Family Creamery: estrellacheese.wordpress.com/2011/08/30/fda-goes-k...s-kgb
http://chumly.com/n/d1d07c

Once Again it Begs the Question Who is Buying Our Treasuries?

Foreigners Dump $74 Billion In Treasurys In 6 Consecutive Weeks: Biggest Sequential Outflow In History | ZeroHedge: www.zerohedge.com/news/foreigners-dump-74-billion-...story
http://chumly.com/n/d0ee41

Trichet Calling for Bankrupt Governments to Rescue the Banks Full of Bad Sovereign Debt

Sovereign debt crisis now systemic - Trichet - The Irish Times - Tue, Oct 11, 2011: www.irishtimes.com/newspaper/breaking/2011/1011/br....html
http://chumly.com/n/ce862d

The Debt Trap is Already Sprung

Europe's banks are insolvent because they hold sovereign debt. It looks like our banks are loading up on our debt right now because they are the only market left for it. This article hits it on the head and educates on the debt trap which has us in its vice.
Quantitative easing, or when there's nowhere left to run: www.goldmoney.com/gold-research/quantitative-easin...=gata
http://chumly.com/n/cdec26

The Big Picture in Very Few Words

My Blog: kingworldnews.com/kingworldnews/KWN_DailyWeb/Entri....html
http://chumly.com/n/cdec08

IMF to Save Euro?

It looks like the Euro won't go down by itself.
'Whole Set of Options': IMF Offers to Dramatically Expand Euro-Zone Help - SPIEGEL ONLINE - News - International: www.spiegel.de/international/europe/0,1518,790132,....html
http://chumly.com/n/cb96d6

Gold/Silver Derivatives Consentration

This issue is important because the struggle for freedom is inseparable from the fate of fiat currency. Without it the game is up for big government, big banking and much of the ultra-large corporate world. Fiat currencies are a critical tool for stripping wealth and manipulating markets and populace. This is an historic battle for survival for those that are constantly centralizing more power. It is also a battle for our own survival.
Jesse's Café Américain: The Anglo-American Precious Metals Derivatives Duopoly: Quarterly OCC Report: jessescrossroadscafe.blogspot.com/2011/09/precious....html
http://chumly.com/n/c9fdb4

Ron Paul's Free-Market Answer to Fraudulent Money

Ron Paul, Upping the Ante in His Campaign for Liberty, Hoists the Flag of Hayek - September 29, 2011 - The New York Sun: www.nysun.com/opinion/ron-paul-upping-the-ante-in-...87502
http://chumly.com/n/c8fd01

Elitists Get Called What They Deserve

The financial Armageddon being brought onto Europe is also coming at us. This Daily Telegraph columnist calls it like it is. We have the political and financial elites to thank for all the trouble we are just experiencing the early innings of.
Peter Oborne 'Idiot' Comments Prompts EU Spokesman To Storm Off Newsnight - YouTube:


http://chumly.com/n/c8cb21

Fed Lending to Foreign Banks

With "Mark to Market" accounting rules suspended so our own banks appear solvent, we continue to bail out the rest of the world with the Dollar that we all use to store our own wealth. This is criminal.
Euro Crisis Makes Fed Lender of Only Resort as Funding Ebbs - Bloomberg: www.bloomberg.com/news/2011-09-28/euro-crisis-make....html

New York Fed researchers said U.S. branches of foreign banks were among the biggest borrowers from the discount window because they lack deposit bases.
http://chumly.com/n/c7f826

Depression Starting to Affect Socialism's Ruling Class

With depression level statistics all around us: virtual soup kitchen lines (food stamp recipients) around 44 million and real unemployment somewhere around 20% (but only some of whom feel the pain due to benefits), thing have been tough for a while, but public employees, part of socialism's ruling class, is finally starting to feel the pinch.
Cities Face More Budget Problems, Report Says - www.nytimes.com: www.nytimes.com/2011/09/27/us/cities-face-more-bud...tha23
http://chumly.com/n/c74c63

Goldman Rules the World

Check out the end of this short, candid interview.
BBC Speechless As Trader Tells Truth: "The Collapse Is Coming...And Goldman Rules The World" | ZeroHedge: www.zerohedge.com/news/bbc-speechless-trader-tells...world
http://chumly.com/n/c68d70

Great Article on the Current Financial Chaos

This article was written before the gold and silver smashing of the last several days. Let me just point out the obvious on the gold and silver market action. First of all there was no event in the physical market for the metals that could justify this kind of action, so the price take-down was driven in the paper market. That market dwarfs the real market. It is nothing but paper instruments that are derivatives of the metals. All the concentration is in the derivatives market, and concentration is used to manipulate. Physical demand has been steadily growing at every price level so far, so it really looks like something engineered in the paper market. This is part of a battle to the death for fiat currencies and the parties fighting for survival are big government, big banking, some giant international corporations that need both of the others to remain in business. In other words all the current power brokers are desperately trying to keep everyone else enslaved with their fraudulent currencies, and the grass roots is beginning to rebel.
Financial Warfare | ZeroHedge: www.zerohedge.com/news/financial-warfare
http://chumly.com/n/c549d8

Tax Revolt Starts in Greece

Part of "austerity" for Greece is raising taxes on those already sucked dry. Small business owners have had enough, conversely, those that are sucking them dry will never have enough, just like our own government. Great idea from Greece.
'We Won't Pay': Greece's Middle Class Revolt against Austerity - SPIEGEL ONLINE - News - International: www.spiegel.de/international/europe/0,1518,787847,....html
http://chumly.com/n/c52561

European Overview

This guy does a good job of summarizing the financial dead end that The Euro/Europe is in. Liberalism has no solutions which have not been tried repeatedly, but like good evolutionists, they will keep trying the same things over and over waiting for that punctuated equilibrium to validate their faith in the gods of time and chance. And they are the true intellectuals?
My Blog: kingworldnews.com/kingworldnews/KWN_DailyWeb/Entri....html
http://chumly.com/n/c446bf

Governor's Office Pushing Obamacare

We desperately need a free market in medicine. After winning in Federal court with our challenges to Obamacare, why is Idaho cooperating in its implementation? Why are we not just inviting many more insurance companies to do business here and letting them customize policies in any way their customers want. Let me customize my policy any way I want and only pay for what benefits I want, and I will save some serious money. Give me credit for being responsible for my health and habits, give me credit for preferring natural and less invasive treatments, give me the responsibility for myself back. Give me a list of doctors that charge based on results (doesn't exist now, but it would in a free market). Give me freedom.
Lawmakers schedule meeting to discuss health care exchanges - Eye On Boise - Spokesman.com - Sept. 14, 2011: www.spokesman.com/blogs/boise/2011/sep/14/lawmaker...anges
http://chumly.com/n/c3f7c7

Even WSJ Sees Euro as a Goner

Insolvent banks, impossible debt levels, what does Europe have that we don't?
What Comes After 'Europe'? - WSJ.com: professional.wsj.com/article/SB1000142405311190410...s-wsj
http://chumly.com/n/c30adb

China to 'Liquidate' US Treasuries

China is becoming more open about its intentions to buy our capital assets instead of hold our debt. It is recognizing that our QE programs are defaults on our debt, consider this quote: "The Chinese are clearly vexed with Washington, viewing the Fed's QE as a stealth default on US debt." If they begin to buy capital assets in earnest, and DC and the Fed continue to liquidate the currency, we are indeed setting up the perfect scenario for hyper-inflation. If the world's reservoirs empty of dollars, sending them back to us, and our government continues to print because that is its sole source of adequate funding, if those things continue to accelerate, the dollar will have its perfect storm.
China to 'liquidate' US Treasuries, not dollars – Telegraph Blogs: blogs.telegraph.co.uk/finance/ambroseevans-pritcha...llars
http://chumly.com/n/c12ad9

Swiss Join in Currency "Race to the Bottom"

Worried about being hurt by the unstable Euro, the Swiss devalued the Franc. The game of competitive currency devaluation has become so obvious that the press is actually admitting it might happen, when in reality it has been going on for years. In this "Race of the Lemmings", the Swiss have decided to stop fighting the crowd, and go with the flow instead.
Another Reason to Buy Gold: Franc Losing Safety Status - CNBC: www.cnbc.com/id/44410858
http://chumly.com/n/bc89f5

Forbes Article on Honest Money

The last time the dollar was in this kind of trouble Paulson raised interest rates to 20%. We could not afford to do anything like that today. This article suggests deeper, more fundamental reform for our currency, but doesn't mention why government will fight it tooth and nail. It would spell the end of stealthy wealth transfers, unlimited power to national politicians, international banksters and some multi-national corporations. It is no surprise that the movement has more strength at the state level, rather than with the power brokers in DC.
Fiat Money: The Root Cause of Our Financial Disaster - Ralph Benko - Mises Daily: mises.org/daily/5602/Fiat-Money-The-Root-Cause-of-...aster
http://chumly.com/n/bb8d27

How Socialism Doesn't Work

While capitalism voluntarily rewards those who produce things cheaper and better, socialism rewards the politically connected, and hijacks public funds to do so. It never works out, since what government subsidizes into existence almost always needs continuous subsidy to survive. It is, however, a system which serves the corrupt well.
Breitbart.tv » ‘Green Jobs’ Solar Company Obama Touted Last Year Declares Bankruptcy: www.breitbart.tv/green-jobs-solar-company-obama-to...uptcy
http://chumly.com/n/ba7f80

Some Anti-Gold Propaganda

It is not surprising to see some anti-gold editorials. Gold is both a messenger (which must be killed) and just plain competition for the dollar. With the Dollar and Euro circling the drain all fiat currencies stand discredited. If you can't trust American or European central bankers, are you going to turn to the Chinese? The Russians? No, gold and silver are the only options left on the table world-wide for anyone with a brain. And the "King" of fiat currencies has no cloths, just lots of dirty laundry.
WSJournal, NYTimes commentaries urge: Murder gold | Gold Anti-Trust Action Committee: www.gata.org/node/10364
http://chumly.com/n/ba7f36

Stephen Leeb Comments on Fiat Currency Race to the Bottom

While the Fed destroys the currency we all depend on, a federal bureaucracy keeps Idaho in the poor house by tying up Silver Valley resources which would otherwise be in boom mode. Will our state ever fight for its citizens in this war on free enterprise waged by the Federal Government?
My Blog: kingworldnews.com/kingworldnews/KWN_DailyWeb/Entri....html
http://chumly.com/n/ba1bb6

Germany Ready to Bail on Bailouts?

Like climbers on a cliff, the PIGS are dangling from the rope. Germany is the one climber with a good grip and is beginning to consider cutting the financial rope that binds their collective fate.
Bundesbank questions legality of EU bail-outs - Telegraph: www.telegraph.co.uk/finance/financialcrisis/871678....html
http://chumly.com/n/b6d6d0

Post from greshambouma at CHUMLY

This Currency, as we manage it, is a wonderful machine. It performs its Office when we issue it; it pays and clothes Troops, and provides Victuals and Ammunition; and when we are obliged to issue a Quantity excessive, it pays itself off by Depreciation. - Benjamin Franklin
http://chumly.com/n/b6d609

Stimulus Spending Trap

Governments worldwide wage a war on healthy economies by their stimulus programs and replace them with economies dependent on chronic public borrowing and spending. Like an addict, you need increasing amounts to maintain the old high, and eventually you run out of suppliers.
Stimulus Spending a Fatal Addiction: www.absolutewealth.com/stimulus-spending-a-fatal-a...ction
http://chumly.com/n/b6ce5c

A Glimpse Into the FED

The title to this article says it all. Socialism rewards the politically connected, and constantly robs those who are not.
Wall Street Aristocracy Got $1.2 Trillion in Secret Loans at Lowest Rates - Bloomberg: www.bloomberg.com/news/2011-08-21/wall-street-aris....html
http://chumly.com/n/b67924

What About Rick Perry and the FED

I don't know whether Perry is just being populist, or whether he has real conviction, but this article takes us back to when we began this scheme and our financial journalists argued for something more disciplined than crony capitalism built on a fraudulent monetary policy.
Waiting for De Gaulle - August 19, 2011 - The New York Sun: www.nysun.com/editorials/waiting-for-de-gaulle/874...87456
http://chumly.com/n/b5855f

Doug Casey Discusses (Global) Economic Storm

Doug Casey: We Are Exiting the Eye of the Storm - Casey Research: www.caseyresearch.com/cwc/doug-casey-we-are-exitin...storm
http://chumly.com/n/b55090

Obama's Balance

For most of America, a balanced approach to finances means you don’t spend more than you bring in. In other words your expenses don’t exceed your revenue. I am all in favor of a balanced approach in DC as well. But in their twisted world a balanced approach doesn’t mean anything close to what we would call balance. For them balance means placing more burdens on the private sector just as the weight of government is crushing the life out of it. It means trusting the government with more of our increasingly hard earned wages, not in spite of its incompetence, but because of its incompetence. It demands to be rewarded with more of our earnings, not in spite of the fact that it has wasted and mismanaged everything we have given it so far, but because it has wasted and mismanaged far, far more than we have already given it. In the working sector, businesses and people that prove themselves untrustworthy, wasteful, and full of fraud are disciplined—soon finding themselves out of business (unless government bails them out), but in the land of ever-growing bureaucracies those attributes apparently merit a raise.
http://chumly.com/n/b3e314

Excellent Article by Alasdair Macleod

Alasdair explains the debt trap we are in, monetary policy and other aspects of the perfect financial storm coming at us. It is imperative that we understand how government is responsible for the multi-year financial crisis we are in and how and why every rescue attempt compounds the problems.
2011.08.06 GATA Speech.pdf (application/pdf Object): www.financeandeconomics.org/Articles archive/2011.08.06 GATA Speech.pdf
http://chumly.com/n/b29a95

The Dollar and S&P

Apparently there is a journalist in America that both understands the dollar fiasco and doesn't support it. This short editorial says a lot.
Journal Inquirer > Archives > Chris Powell > It's the dollar, not S&P; and all must have prizes: www.journalinquirer.com/articles/2011/08/11/chris_...1.txt
http://chumly.com/n/b2279d

The Social State of Britain

Socialism matures into moral and financial bankruptcy, which this article details some of. I don't think we are that far behind in either facet. While liberalism pays homage to democracy, it is really a liberal elite that build their brave new world.
British rioters the spawn of a bankrupt ruling elite | The Australian: www.theaustralian.com.au/news/opinion/british-riot...40970
http://chumly.com/n/b14ce7

Dollar Instability Shows up at Wall Street

When a country sacrifices its currency (through uncontrolled printing) to sustain uncontrolled spending, ultimately commerce itself is threatened. Note also in this article that Europe is announcing more bailouts for sovereign debt. It is working out so well, why not keep it up?
US debt downgrade slams stocks- MSN Money: money.msn.com/market-news/post.aspx?post=956ae416-...4e714
http://chumly.com/n/afb3c9

Post from greshambouma at CHUMLY

What everyone needs to remember about DC: Tomorrow's cuts are today's joke.
http://chumly.com/n/af5092

US Loses AAA Credit Rating by S&P

For the first time since 1941 the US has been downgraded. And it turns out the ceiling isn't the problem, the deficits/overspending are the problem. And DC is standing in a deep dark debt hole, looking at the bottom, and saying this "ceiling" is a problem. Paul Volcker rescued the dollar in the late '70s by raising the Federal funds rate to a high of 20%! It stopped inflation and restored confidence in the dollar. The same would not be possible today. Last year we spent about 20% of our tax revenue on interest, with rates at 3-4%. If interest rates were five times as high it would take 100% of our tax revenue to pay the interest. So when the rates begin to head up just remember that the kind of intervention we took last time round isn't even an option.
S&P Cuts U.S. Rating for First Time on Deficit Reduction Pact - Bloomberg: www.bloomberg.com/news/2011-08-06/u-s-credit-ratin....html
http://chumly.com/n/af3cde

Japan Makes Move in Race to the Bottom

Japan, anticipating another round of QE from the US, made moves to dramatically weaken the Yen. This is how the dollar retains any strength--by the others weakening in comparison. The result is you see real price inflation. Europe was desperate to keep Greece from leaving the Euro because if Greece did, it would print money and buy its own debt, and they considered that a default. We have done it several times now, and our QE programs dwarf Greece's debt. Not only do our politicians rob us, they rob the world!
Kitco - Commentaries - Chuck Butler: www.kitco.com/ind/Butler/aug042011.html
http://chumly.com/n/af15c0

US Treasuries No Longer Safe Haven

US Treasuries a few short years ago had the reputation of the world's safest investment. Now one of the world's leading investors is saying that stock investments in emerging markets (banana republics) are a safer bet. This is a change that we will feel in purchasing power, a weaker dollar, inflation, dollar devaluation...choose your term.
Mobius: US Dollar, Treasurys No Longer Safe Havens - CNBC: www.cnbc.com/id/43938134
http://chumly.com/n/ad397b

The Real News

While the press is in a blather over the debt ceiling negotiations some news even more ominous hasn't even qualified. When the Fed began hinting about a week ago that they were considering another round of QE, the press didn't even call it that. Since every round of QE is another technical default on our debt, that would make default number three. We are at the point where we are the sole significant lender to ourselves. Since the stated purpose of the programs is to drive down interest rates, it begs the question, at what rate would we find willing lenders(other than ourselves)? And as rates rise at what rate would we be able to afford only interest and little else in the budget? And since at higher rates it becomes obvious that we carry more debt than we can honestly pay, why would anyone ever loan us anything? No, don't worry. We will just keep lending to ourselves so we can keep all those wonderful programs running that keep us the land of the brave and the home of the free.
http://chumly.com/n/ac7679

Buckler Summarizes US/World Financial Condition

"The fuel to keep the global financial system functioning does not stop at the borders of the US. The"Dodd-Frank Wall Street Reform and Consumer Protection Act” has just produced the first ever"audit” of the US central bank. It reveals that in the period between December 2007 and July 2010, the Fed parceled out $US 16.1 TRILLION in emergency loans to financial entities all over the world. Almost half of this - a total of $US 7.75 TRILLION - was loaned to four US banks. They were Citigroup, Morgan Stanley, Merrill Lynch and the Bank of America. In July 2010 [the cut off date for this"audit”], total US stock market capitalisation was $US 15 TRILLION. The Fed provided about half of that.
"This inflationary explosion is unprecedented in any era. It represents the biggest ever effort to rescue a debt-based system from the ravages caused by its own debt issuing excesses. It has, at best, provided a"remission” for global paper markets. The cost has been devastating for REAL economies everywhere.
"A cancer patient who goes under the knife gets the malignant disease physically removed. If all traces of the malignancy are removed, the patient will recover. If all goes well, the recovery will be permanent with no"remissions”. A life-threatening malignancy is NOT fought or cured by doing everything possible to increase its power and potency. Yet that is what financial authorities in the US and everywhere else have been doing in regard to the life blood of their economies. As this stark fact becomes ever clearer, Washington DC and Wall Street stand helpless before the fact that they can only cure the economy at the cost of killing the financial system which is feeding on it. It’s THAT simple. - Bill Buckler...The Privateer...July 24, 2011
http://chumly.com/n/ac2d54

Marc Faber on Money

My question is, as the world's two leading fiat currencies skip together along the edge of the cliff, who will trust any script when they both succumb to gravity?
My Blog: kingworldnews.com/kingworldnews/KWN_DailyWeb/Entri...etary)_Reset_Will_Destroy_Cash.html
http://chumly.com/n/ac0afc

Mass Layoffs Crop Up

The private sector job market is the real economy, and it's had no real recovery for years and is headed down hill. Socialism matures into a government dominated economy which only works with ever increasing borrowing from outside its own borders, which explains why the dollar is scraping the bottom of its index (which mostly compares it with the Euro--which is itself being hit with the defibrillator).
Return of Mass Layoffs a Grim Sign for U.S. Workers | Daily Ticker - Yahoo! Finance: finance.yahoo.com/blogs/daily-ticker/return-mass-l....html
http://chumly.com/n/ac0afb

Gold and Silver Signal more Concerns on Dollar

"S&P said in a report that even if Congress raises the limit in time to avert a default, it might lower the U.S. sovereign credit rating to AA+ with a negative outlook if a deal isn’t accompanied by a"credible solution” on the debt burden."
Copper, Oil, Grains Drop as U.S. Debt Talks Falter; Gold Jumps to a Record - Bloomberg: www.bloomberg.com/news/2011-07-25/gold-climbs-to-r....html
http://chumly.com/n/abab9c

Super Congress?

This sounds like a great way to concentrate power even more and produce less accountability in DC. Talk of balance in DC...they have been doing nothing but growing government for decades, and now balance is merely slowing that growth. With total direct govt. spending at 44%, how much of GDP is private sector that is not dependent on govt. spending? Maybe 15 or 20%? Can we go farther down this road? If we want an economy left, govt. must shrink dramatically.
'Super Congress': Debt Ceiling Negotiators Aim To Create New Legislative Body: www.huffingtonpost.com/2011/07/23/super-congress-d....html
http://chumly.com/n/abaa84

Parallel Universe

‪In the world I live in I work my butt off in order to pay all my taxes, insurance, feed, shelter and cloth my family. If this video is even half true it is a glimpse into how our government can spend 1.6 Trillion more than it brings in per year. Its official spending exceeds revenues by about 69 percent each year lately. That is just the official numbers. With the official debt numbers up by about 4 Trillion in two years, it is actually worse than 1.6 Trillion per year. And that is just the official debt numbers. It doesn't include the debt from the bailout of Fanny and Freddy. Wake up America. Your government doesn't tell you the truth. Hell, it doesn't even believe Truth exists so why should it stick to it? Or maybe the problem is that it doesn't believe Hell exists, so is free to start "organizing" it here on earth.
ELABORATE WELFARE HOUSING PROJECT‬‏ - YouTube:


http://chumly.com/n/ab5391

The Upside-down World of Liberalism

Only in the upside-down world of Washington DC could the bottom of the debt hole we have dug be termed a "ceiling". It is a profound mistake to let the liberal press and the left frame this debate as being over a ceiling instead of a grave.
http://chumly.com/n/ab2edb

More on Eroding Euro

Just the possibility that the Euro is headed to the monetary graveyard should give us pause. If it dies, well, the dollar has not been stronger than it over the past year, so the dollar will probably suffer the same fate soon after or as part of the same event. If the world's two leading fiat currencies implode, it holds many implications for trade, economies, and what we call money.
How many more times can eurozone visit 'last chance saloon'? - Telegraph: www.telegraph.co.uk/finance/comment/damianreece/86....html
http://chumly.com/n/ab2ed9

Bank for International Settlements Accountable to Nobody

Typical of powers governments and institutions take for good cause, ultimately it seems to end up used for evil as in this case of the BIS.
Frits Bolkestein: BIS shelters money for dictators and deadbeats | Gold Anti-Trust Action Committee: www.gata.org/node/10165
http://chumly.com/n/ab2ed6

Ron Paul on the "Default"

Paul observes: "The government is insolvent, as there is no way that this massive sum of liabilities can ever be paid off." When individuals or businesses go into debt they call it going into the hole, when socialists in DC do it they call the bottom of that hole a ceiling. How would it change the conversation if they were debating deepening the hole instead of "raising the ceiling"?
Default Now, or Suffer a More Expensive Crisis Later: Ron Paul - Bloomberg: www.bloomberg.com/news/2011-07-22/default-now-or-s....html
http://chumly.com/n/ab2ebf

Consumers Turn to Credit Cards

This happened several years ago as we headed into the last recession. It actually produced rising GDP numbers as people spent more on credit. Maybe it will be counted as a "positive" and part of the recovery this time as well by Bernanke and our chorus of liberal economic liars.
Consumers in U.S. Relying on Credit as Inflation Erodes Incomes - Bloomberg: www.bloomberg.com/news/2011-07-21/consumers-in-u-s....html
http://chumly.com/n/aac8c5

Jim Sinclair on the Debt Ceiling

The idea that an increase in the debt ceiling is a solution to anything is nonsense. Calling an increase in the debt ceiling a solution to a debt problem, is too stupid to be stupid. - Jim Sinclair
Well said. It is only DC that would call the hole we are in a "ceiling", just more liberalism thinking we are moving up even as we sink.
http://chumly.com/n/aac8c4

Greece Suffering

Greece illustrates where economies dominated by their own government end up. Eventually the ability to borrow more dries up and the economy, which in the long run gets its vitality from the private sector, is just a hollowed out shell ruled by corrupt, incompetent weiners serving their own interests and that of their powerful allies. American is different than Greece in that it can deffer the hardship by printing money until that destroys the value of its currency, all the while avoiding the necessary shrinking of the public sector.
The People Behind the Numbers: Greece Threatened with Widespread, Long-Term Poverty - SPIEGEL ONLINE - News - International: www.spiegel.de/international/europe/0,1518,775301,....html
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British Deputy Prime Minister Sees the Obvious

The multi-year financial crisis brought on by irresponsible public spending/borrowing is entering a new phase, and even the politicians will have to admit to it.
Nick Clegg: 'I fear we're on the brink of another financial crisis' - Telegraph: www.telegraph.co.uk/news/politics/nick-clegg/86442...email
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European Banks Looking Shaky

Europe's banks may not be any more solvent than our own, but maybe there disclosure is better. We changed the accounting rules for our banks so that they would be solvent on paper, but ultimately your sins do find you out and the smooth tongued financial wizards get exposed.
European stress tests: banks set for 'chaos Monday' after nine fail - Telegraph: www.telegraph.co.uk/finance/newsbysector/banksandf....html
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Fannie and Freddie Debt Rating at Risk

From an accounting/disclosure standpoint Fannie and Freddie debt should be considered part of our total federal debt. Everyone knows it is only good to the extent the federal govt. backs it. The reason it is not added to the federal total is that the truth of the size of our debt is just too grim to admit to. As the article notes: "S&P said government-controlled Fannie and Freddie, along with certain Federal Home Loan Banks and Farm Credit System Banks, could also default on their debts, given each institution's "direct reliance on the U.S. government.""
S&P warns it may downgrade Fannie, Freddie credit - www.usatoday.com: www.usatoday.com/money/economy/2011-07-15-fannie-m...n.htm
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It IS Going to be Different This Time

The interviewee in this article points out the obvious trend toward a statist or totalitarian end game to this crisis. The governments that caused it all will assume all power in the name of containing the crisis, of course. With even our once freedom loving society dominated by Marxist assumptions at is hard to ignore the obvious trend. Of the crisis we are in Felix observes: "...we have never seen, me in my lifetime I have never seen anything like this, and I think not even in the last 100 years has anything like this happened."
My Blog: kingworldnews.com/kingworldnews/KWN_DailyWeb/Entri....html
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Euro Crisis Continues

I doubt if anyone can be sure that the Euro will survive for long, but here in the States we are not much better. The Dollar Index does a litter more than compare the Dollar and the Euro, but not much, and the dollar remains week in spite of all the turmoil.
Debt Quicksand: Europe Fights the Growing Currency Crisis - SPIEGEL ONLINE - News - International: www.spiegel.de/international/europe/0,1518,774483,....html
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Helicopter Ben Denies Status of Gold

As non-western central banks scramble to diversify out of the Dollar and Euro and accumulate gold by the ton, our desperate leaders continue to exploit their management position, extracting value from all those who hold dollar denominated assets.
Bernanke: Gold Isn’t Money - July 13, 2011 - The New York Sun: www.nysun.com/editorials/when-gold-isnt-money/8742...87421
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Why Central Planning Can’t Work

One of the mantras of the left is that as the economy in our country has grown more complex and inter-related, only a fool would assume it could work without government management. In other words, the free market was great for the founding fathers, but things are just too complex now to work on there own, and government oversight is necessary. While it might sound reasonable at first, the statement is as illogical as the rest of leftist thinking (sorry for the oxymoron). When has the government been able to run a lemonade stand well, let alone something as complex as an economy? And the more complex the economy gets, the more information it would take for central planning to work. In fact to compete with the free market which responds to the information and needs of all its participants in its own decentralized manner, central planning would have to collect almost infinite amounts of information, correctly analyze it, and get all the correct information to all the correct places in a timely manner so that resources would be efficiently allocated and human needs met. In other words, God would have to take up full time residence in DC, because central planning requires omniscience for it to work well. I don’t think He is interested. In fact, I don’t think He approves of the fraud, deceit, theft, lies and so forth, which characterize our current government. The government, whose job it is to protect our lives, our liberty, and our property, has instead become the biggest threat to all three of the fundamental God given rights.

Speaking of the government assuming god-like attributes, it sounds like the Fed is hinting at another round of Quantitative Easing, to"stimulate” the economy. This unofficial part of our government whose job it is to manage the public currency for private gain all behind smoke, curtains and mirrors seems to believe it can create wealth out of nothing, just like the Creator. For the humanist it must work because we are smarter, wiser and better in every way than all those who came before, and therefor"it’s going to be different this time”. Nothing can stop the upward trend of history in the liberal humanist’s world; it doesn’t matter how many times the same thing has failed in the past, or how many mutually exclusive"truths” they have to simultaneously believe. While it only takes a mustard seed’s worth of faith to please the God of the Bible, to believe in our government’s competence and virtue would take something more than 14 Trillion dollar’s worth of faith. Maybe I just need to apply for food stamps, sign up for unemployment, write a government grant and enroll my land with the Dept. of Ag and I will finally understand.
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The Real News is What is Not Said

Markets rallied on the news that the Fed would stimulate the economy? First of all the Fed can ultimately only liquidate the economy, not stimulate it. Sure it is stimulative when you rob value from foreign holders of your debt by printing more money, but in the long run it destroys your own currency. Why not just say the Fed is considering QE III? And is this a market rally, or are investors just looking for ways to ride out higher inflation? Is that why Gold and Silver broke out of their trading ranges as well today? Will our Criminal-in-Chief be held responsible for all this? I think we should liquidate the Fed before they liquidate us.
Gold Prices Flirt with $1,600 on Hint of QE3 - TheStreet: www.thestreet.com/story/11183258/1/gold-prices-hit....html
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Post from greshambouma at CHUMLY

Government spending is a horrible way to stimulate an economy because it stimulates the growth of a public spending dependent private sector. When the public spending shrinks, the private sector related to it loses its life support. With direct public spending at around 45% how much of a truly private sector do we have left? We have, by the way, been growing our economy by public borrowing and spending for decades. Ever since the phrase "Its the economy stupid".
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PIIGS Still Bleeding

While "austerity" is necessary, their government borrowing and spending dependent economies will crater without rescue, but any rescue is money forever gone, and subsidizes all that is wrong with their economies. They are just like us in that they are a socialistic system that has matured to the point of bankruptcy. We used to rescue countries like these, now we need rescue, and no one is big enough to do it even if they wanted to.
German 'Nein' leaves Italy and Spain in turmoil - Telegraph: www.telegraph.co.uk/finance/8631219/German-Nein-le....html
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Central Banks Continue to Remonetize Gold

Foreign Central Banks have become buyers of gold in the last several years as the sun setts once again on the liberal fiat currency scam. It promises a battle to the death, but the trend is clear at this point.
India to import 350 tons of gold, 1200 tons of silver | www.commodityonline.com | 3: www.commodityonline.com/news/India-to-import-350-t....html
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Europe Continues to Illumine our Future

When you carry mountains of debt, a small increase in the rate of interest you pay can overwhelm your budget, which is why our Fed plays the dangerous game of interest manipulation it does. Ultimately these bailouts are all about the banks, as the following quote says: "We are exploring several possibilities. If we continue down the current road, all private debt in Greece will be converted into sovereign debt and we will have bailed out the banks,"...
ECB tightens noose on Southern Europe - Telegraph: www.telegraph.co.uk/finance/economics/8624143/ECB-....html
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Quick Look at Obama's Legacy

This is a short and well done little video. We tried to solve the problems created by the creeping socialism of Bush by electing someone who is imposing a galloping socialism. Maybe we should elect someone who is loyal to the principles espoused in our founding documents. YouTube - The Obama Legacy: www.youtube.com/watch_popup?v=gQD9IaGoLWk
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Australia's Reserve Bank director Warwick McKibbin Warns of Financial Wreck

If you are wondering why there are steady international efforts underway to move away from the dollar as international reserve/trade currency, consider the following quote: "As the US created more dollars to inflate away its debt repayment obligations, countries that are linked to the dollar, including China, India and parts of Latin America, would suffer 1970s-style inflation."
Global 'train wreck' coming - world - business | Stuff.co.nz: www.stuff.co.nz/business/world/5218159/Global-trai...oming
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Rick Perry and Islam

Politically correct thinking promotes a universalistic attitude toward different cultures and religions, failing to recognize that each culture/religion has inevitable political/civil implications. Show me a country dominated by Islam that does not have a totalitarian government. Show me a humanist/secular state that is not socialist (then show me a socialist state that is not bankrupt in every sense). If we want what America once was, especially in regards to freedom, we must not abandon the fundamental assumptions that gave it to us in the first place.
Office of the Governor Rick Perry - [Press Release] Perry Attends Groundbreaking for Ismaili Jamatkhana and Center: governor.state.tx.us/news/press-release/3666
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Nervous Europeans Turning to Gold

Typical of countries where mismanagement becomes terminal for the economic system or currency, the people are turning once again to the ancient relic.
Greek savers rush for gold | Gold Anti-Trust Action Committee: www.gata.org/node/10028
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Dollar Being Sacrificed for Foreign Banks?

Consider the following quote from the article: "In summary, instead of doing everything in its power to stimulate reserve, and thus cash, accumulation at domestic (US) banks which would in turn encourage lending to US borrowers, the Fed has been conducting yet another stealthy foreign bank rescue operation, which rerouted $600 billion in capital from potential borrowers to insolvent foreign financial institutions in the past 7 months. QE2 was nothing more (or less) than another European bank rescue operation!"

Read more: www.zerohedge.com/article/exclusive-feds-600-billi...kkP1X

Where Did All of the QE2 Money Go?: www.businessinsider.com/where-did-all-of-the-qe2-m...011-6
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Russia Reducing Treasury Holdings

For our economy to hold up, for our dollar to maintain trend (devalue slowly), foreign countries must continue to buy our debt. The opposite is happening as we approach the end of QE II, during which we financed the vast majority of our borrowing with the digital printing press. Even American households are reducing their exposure to our government debt. The buyer of last resort (the Fed) seems to be the only buyer still interested.
After Dumping 30% Of Its Treasury Holdings In Half A Year, Russia Warns It Will Continue Selling US Debt | zero hedge: www.zerohedge.com/article/after-dumping-30-its-tre...us-de
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China's Monopoly Over Rare Earths

Rare Earth prices have exploded thanks to China's restrictions on export. Since they are used in high tech defense applications, our military is dependent on China. Since they are used in wind turbines, hybrid cars and other high tech alternative energy applications, it is China that profits from our centrally planned energy policy as we ignore abundant and cheap domestic conventional resources and channel taxpayer dollars into the politically correct dead ends.
Rare Earth Metal Prices Go Parabolic | zero hedge: www.zerohedge.com/article/rare-earth-metal-prices-...bolic
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Euro's Trouble is Our Trouble

Banks the world over are interconnected through investments and derivatives. As the whole mess threatens to come apart don't expect the guys in the financial sector who take down million dollar plus salaries to quietly accept it. The US government will once again try to collectivize the punishment for the sins of the financially foolish as noted in this last paragraph: "One thing that may help money-market funds weather the Greece storm better than the Lehman hurricane is that they now have an implicit US government backing." If you aren't prepared for a financial tsunami, it is time to consider preparing. The water may have drawn back away from the shore since 2008, but it looks like there is something big on the horizon.
Why Your Money-Market Fund Could Be Hit by Greek Default - CNBC: www.cnbc.com/id/43425080
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Euro in Delirium

Who really gets bailed in these deals if they go through? And who pays? Socialism has matured into the social chaos of a spoiled, dependent population demanding more from their bankrupt government. Germany is realizing it pays for much of this. France, Belgium and Spain all benefit, and the rest of the PIIGS get burned as well if Greece bursts into flames. While the Euro could be on its last legs, the dollar is showing no strength, so it must not be far behind. It looks like all fiat currencies will suffer together, just as the PIIGS do, if the Euro goes down. Think about it, if the dollar or the Euro go down, what currency will the common man trust? Who in their right mind would trust Bernanke or Obama?
Greek crisis exposes growing rift between France and Germany - Telegraph: www.telegraph.co.uk/finance/economics/gilts/857810....html
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Billions Missing in Iraq

Just another case in point showing how government aid and charity seldom work, as it gets stolen, mismanaged, diverted to unauthorized purposed or creates dependency instead of any real lasting benefit.
Iraq: Missing Iraq money may have been stolen, auditors say - www.latimes.com: www.latimes.com/news/nationworld/world/la-fg-missi...story
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Greece Displays our Future

Greece is where all addicted borrowers end up--helplessly looking for a handout. And Germany is tired of bailing it out, so interest rates go up, and the Euro looks like a climber's rope, with Greece (and other PIIGS) dangling and threatening to pull the solvent European countries off the financial cliff.
Greece's credit rating cut again on higher risk of default - Telegraph: www.telegraph.co.uk/finance/economics/gilts/857378....html
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World's Leading Bond Investor Slams Dollar/Debt

Bill Gross commented "We've always wondered who will buy Treasurys" after the Federal Reserve purchases the last of its $600 billion to end the second leg of its quantitative easing program later this month," Indeed, the end of this month could prove interesting as QE II ends in an economy desperately dependent on intervention.
US Is in Even Worse Shape Financially Than Greece: Gross - CNBC: www.cnbc.com/id/43378973
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Millions in Homes but not Paying Mortgages

Foreclosure limbo: Staying without paying. - Jun. 9, 2011: money.cnn.com/2011/06/09/real_estate/foreclosure_s...=Lead
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We Are Our Own Biggest Lender

How can China's credit rating agency claim that we are already in default? Why, we can lend unlimited dollars to ourselves in order to pay our debts. Seriously, we are in technical default on our debt with the QE programs at the Fed already. The end of this month will be interesting.
Fed passes China to become largest U.S. creditor - The Tell - MarketWatch: blogs.marketwatch.com/thetell/2011/06/09/fed-passe...ditor
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Economist Alasdair Macleaod on Fed Policy

He warns: "The scene is set for both a lower dollar and rising bond yields. The distortions have been wound up so much that a return to normality will be a violent, disorderly event." Big spender in both parties have brought us to this point of unavoidable hardship. I pray that when the dust settles they are not still in charge.
FinanceAndEconomics: www.financeandeconomics.org/Articles archive/2011.06.09 Weak money.htm
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US Govt. Floods Mexico with Guns

Remember the govt. and press blaming gun shows for weapons showing up in Mexico? Read this article on the real culprit. It was just typical leftist projection of their own policies and actions on others.
Justice Officials in 'Panic Mode' as Hearing Nears on Failed Anti-Gun Trafficking Program - www.foxnews.com: www.foxnews.com/politics/2011/06/09/justice-offici...depth
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Bill Gross Warns About Treasuries

When the world's most reputable bond investor speaks, we should listen. Remember that our debt is the dollar and the dollar is our debt. Bill is warning that our currency is going to weaken even more dramatically than it has.
Pimco's Bill Gross says get out of Treasuries - Jun. 8, 2011: money.cnn.com/2011/06/08/markets/bill_gross_pimco_...HP_LN
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Post from greshambouma at CHUMLY

Americans Expect Depression
Americans Expect Depression?:: CNN got those poll results in spite of the following reminder: "...during the Depression in the 1930s, roughly one in four workers were unemployed, banks failed, and millions of Americans were homeless or unable to feed their families". Well, let's see, by the old rules one in five are unemployed right now, by old accounting standards the banks are insolvent right now, millions of Americans remain in homes they aren't paying the mortgage on, and the virtual bread line of food stamps is around 44 million long last time I checked. Maybe the private sector has been in a depression for a while now, and it is about to hit the public sector as well any day now.
CNN Poll: Obama approval rating drops as fears of depression rise – CNN Political Ticker - www.cnn.com Blogs: politicalticker.blogs.cnn.com/2011/06/08/cnn-poll-...-rise
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