The American Dream

[Bob]

For Bank of America, crisis isn?t over MarketWatch First Take - MarketWatch

Not quite ready for prime time.

boa was forced to consume countrywide....huge revelation

 

[Bob]

What's also interesting is that the so called bogus quote comes from an argument that comes from an investors web selling wealth building strategies. Not only is he a wealth adviser, he seems to think he is an economist as well. But, what is even funnier, is he prints another quote that he validates which pretty much sums up Friedman's position. Then uses a graph, that is not very specific and extremely basic, to argue his point, when Friedman studied the Depression extensively.

In any event, you accused me of not backing my assertions with facts and I provided them to you.
Many people do not realize that the Federal Reserve Bank (FEDS) is not a government agency and doesn't answer to anyone. They are simply audited by Congress for airs so that the sheeple think it is regulated. Greenspan even admits it in an interview:

"Well, first of all, the Federal Reserve is an independent agency, and that means, basically, that there is no other agency of government which can overrule actions that we take. So long as that is in place and there is no evidence that the administration or the Congress or anybody else is requesting that we do things other than what we think is the appropriate thing, then what the relationships are don't, frankly, matter.

Doesn't anyone have a problem with this or see the room for corruption when Banks are running your economy and not your government?

​

i, for one, do not want monetary policy subjected to the shifting winds of politics. an independent fed free of frank,paul, mccain,pelosi is a preferable fate for our country.

 

[TNJed]

i, for one, do not want monetary policy subjected to the shifting winds of politics. an independent fed free of frank,paul, mccain,pelosi is a preferable fate for our country.

Those checks and balances of the three branches of our government are quite pesky aren't they.

 

[Mango]

i, for one, do not want monetary policy subjected to the shifting winds of politics. an independent fed free of frank,paul, mccain,pelosi is a preferable fate for our country.

Why even have one at all? The markets would correct themselves. The likes of Pelosi and McCain are already involved politically because they are spending money we do not have, especially had it been tied all along to the gold standard. It's all a farce that the FEDS act independent of political printing presses. When I meant government, I meant We, the People operating monetarily the way we should be constitutionally.

 

[TNJed]

Today's macro news:

Russia Imposes Inflation-Driven Price Controls: Will Use Price Caps On "Socially Important" Commodities | zero hedge

Russia To Increase Gold Holdings By 13% In 2011, Will Buy 100 Tonnes Of Gold Each Year | zero hedge




And somewhere between the macro and micro is the mythical BOA/Countrywide being sued, again, over "massive mortgage fraud."

Insurance Companies Sue Bank Of America Over "Massive Mortgage Fraud", Find 91% Of Securitized Loans Are Misrepresented | zero hedge

 

[Bob]

Why even have one at all? The markets would correct themselves. The likes of Pelosi and McCain are already involved politically because they are spending money we do not have, especially had it been tied all along to the gold standard. It's all a farce that the FEDS act independent of political printing presses. When I meant government, I meant We, the People operating monetarily the way we should be constitutionally.

i believe the fed's actions, as an independent entity, relevant to this downturn, have been quite masterful at averting chaos. the legislative/executive branch can reign in spending only when term limits are in place, and the supreme court decision to allow unlimited corporate contributions is reversed.

 

[TNJed]

First Tunisia rioting and revolution over inflation, unemployment and food prices. If Egypt goes, watch out. Historic times we are witnessing. Maybe that's redundant but anyway...

Breaking: President's son and family 'have fled to the UK'

Continue reading on Examiner.com: Breaking: President's son and family 'have fled to the UK' - National Foreign Policy | Examiner.com Breaking: President's son and family 'have fled to the UK' - National Foreign Policy | Examiner.com
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Breaking: President's son and family 'have fled to the UK' - National Foreign Policy | Examiner.com

 

[TNJed]

the legislative/executive branch can reign in spending only when term limits are in place, and the supreme court decision to allow unlimited corporate contributions is reversed.

+1

 

[TNJed]

I haven't posted much about the details of the gold/silver markets because I didn't want to confuse the issue of investment vs economics, but in the PM market they are one in the same.

Just as the POMO/bailout/stock market operations are confusing and difficult to follow, so are the gold/silver markets. They are the yin to the dollar yang. Precious Metals are centered around the LBMA (London Bullion Market) and the Comex (Commodity Exchange) in NYC.

This is where the metal meets the road and electronic trickery fails. This is where futures contracts are settled supposedly with physical metals for those who stand for delivery at the end of the month. Now they allow settlement in cash, against it's bylaws, but in light of the fact they don't physically have the metal to cover, rules are made to be broken.

It's also where the CFTC (US Commodity Futures Trading Commission) continues to raise margins for longs (3x in the last 6 weeks) but allows JPM (an arm of the Fed) and Blythe Masters to short silver at a ratio of 100:1. That's 100 short contracts for every 1oz. of silver available. This is what we call naked shorting. Something that is illegal in equities but "allowable" in commodities because it's in our national interest or something. In the same way, we allow our government to artificially prop up our markets, we allow them to suppress the precious metals market. Why would they be so interested in suppressing something which doesn't matter? Can they hold back the forces of nature on two fronts?

Anyway, there have been strange movements in the Comex for the past two months. As we approach options expiration on 1/27 they are getting wilder. There are rumors flying that sovereign funds are going to stand for silver delivery in March. This is why there are massive raids occurring in the paper markets and Comex vaults.

JPM is in an all-out assault against the paper silver price, while trying to buy up every available physical ounce of silver on the planet so they can try to prepare for the February rise into March.

This is where gold and silver differ from all the rest. There is a paper AND a physical market. This asset class is actually obtainable and can expose a naked paper market for the currency-manipulated sham that it is. Let's see what happens starting in the beginning of February. If correct, we could see silver approaching $40/oz by March 1. Anything less and the Comex could be forced into a commercial failure which would domino into the LBMA, the Bank of England and the US government.

I don't see this happening, but that is where this road leads. Let's see how it plays out. If you don't have any metal, this next week would be an excellent time to start IMHO.

Keep up with daily Comex action with Harvey Organ's blog...

Harvey Organ's - The Daily Gold & Silver Report

I also enjoy Turd Ferguson's blog for all the Comex action in laymans terms. (Turd Ferguson was the name the Burt Reynolds character chose for the SNL Jeopardy! skit just in case you were wondering.)

Along The Watchtower


Stay tuned!

 

[DuneAHH]

Ascent of Money - PBS feature

Sunday night I watched this Niall Ferguson PBS feature on the history of money. Rewatched it tonight online and learned even more.
Here's the link


Watch the two-hour THE ASCENT OF MONEY | Ascent of Money