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  • August 14, 2009 at 6:47 PM #16186
    paramount
    Participant

    Some excerpts from the current Harry Schultz Letter:

    In its current issue, HSL reports rumors that “Some U.S. embassies worldwide are being advised to purchase massive amounts of local currencies; enough to last them a year. Some embassies are being sent enormous amounts of U.S. cash to purchase currencies from those governments, quietly. But not pound sterling. Inside the State Dept., there is a sense of sadness and foreboding that ‘something’ is about to happen … within 180 days, but could be 120-150 days.”

    HSL’s suspicion: “Another FDR-style ‘bank holiday’ of indefinite length, perhaps soon, to let the insiders sort out the bank mess, which (despite their rosy propaganda campaign) is getting more out of their control every day. Insiders want to impose new bank rules. Widespread nationalization could result, already underway. It could also lead to a formal U.S. dollar devaluation, as FDR did by revaluing gold (and then confiscating it).”

    HSL says: “The world is staggering today between stagflation and net deflation right now; it varies widely around globe. Net deflation is a maybe 35% risk, due to toxics and/or deepening depression. Bit more likely, we’ll slowly creep up to a dangerous 4.5% inflation on average, medium-term. But the wild card is the currency risk, which has a 50% (?) chance of boiling over and causing literally overnight (i.e. 24 hours) mega inflation in the asset markets.”

    August 15, 2009 at 3:55 PM #444969
    jpinpb
    Participant

    This is too alarming to contemplate.

    August 15, 2009 at 3:55 PM #445162
    jpinpb
    Participant

    This is too alarming to contemplate.

    August 15, 2009 at 3:55 PM #445499
    jpinpb
    Participant

    This is too alarming to contemplate.

    August 15, 2009 at 3:55 PM #445571
    jpinpb
    Participant

    This is too alarming to contemplate.

    August 15, 2009 at 3:55 PM #445752
    jpinpb
    Participant

    This is too alarming to contemplate.

    August 15, 2009 at 4:58 PM #444998
    bsrsharma
    Participant

    Exactly why is a “FDR style” Bank Holiday needed and what would it achieve?

    Differences between then and now:

    1. FDIC – no need for bank runs since FDIC pays depositors for insured amounts when banks fail.

    2. If FDIC runs short of funds, Treasury will replenish it, if needed with Congress’s approval. See TARP program of 2008 for precedent.

    3. Fed has no restraint or constraint of gold backing or convertibility problem of 1930s (or debt of other nations). So liquidity expansion potential is limitless.

    4. Bernanke may or may not know many things; but he has written books on Great Depression. So, one thing he won’t do is repeat 1930’s techniques.

    I think HSL should bring “More Data” to this Pigg

    August 15, 2009 at 4:58 PM #445192
    bsrsharma
    Participant

    Exactly why is a “FDR style” Bank Holiday needed and what would it achieve?

    Differences between then and now:

    1. FDIC – no need for bank runs since FDIC pays depositors for insured amounts when banks fail.

    2. If FDIC runs short of funds, Treasury will replenish it, if needed with Congress’s approval. See TARP program of 2008 for precedent.

    3. Fed has no restraint or constraint of gold backing or convertibility problem of 1930s (or debt of other nations). So liquidity expansion potential is limitless.

    4. Bernanke may or may not know many things; but he has written books on Great Depression. So, one thing he won’t do is repeat 1930’s techniques.

    I think HSL should bring “More Data” to this Pigg

    August 15, 2009 at 4:58 PM #445529
    bsrsharma
    Participant

    Exactly why is a “FDR style” Bank Holiday needed and what would it achieve?

    Differences between then and now:

    1. FDIC – no need for bank runs since FDIC pays depositors for insured amounts when banks fail.

    2. If FDIC runs short of funds, Treasury will replenish it, if needed with Congress’s approval. See TARP program of 2008 for precedent.

    3. Fed has no restraint or constraint of gold backing or convertibility problem of 1930s (or debt of other nations). So liquidity expansion potential is limitless.

    4. Bernanke may or may not know many things; but he has written books on Great Depression. So, one thing he won’t do is repeat 1930’s techniques.

    I think HSL should bring “More Data” to this Pigg

    August 15, 2009 at 4:58 PM #445601
    bsrsharma
    Participant

    Exactly why is a “FDR style” Bank Holiday needed and what would it achieve?

    Differences between then and now:

    1. FDIC – no need for bank runs since FDIC pays depositors for insured amounts when banks fail.

    2. If FDIC runs short of funds, Treasury will replenish it, if needed with Congress’s approval. See TARP program of 2008 for precedent.

    3. Fed has no restraint or constraint of gold backing or convertibility problem of 1930s (or debt of other nations). So liquidity expansion potential is limitless.

    4. Bernanke may or may not know many things; but he has written books on Great Depression. So, one thing he won’t do is repeat 1930’s techniques.

    I think HSL should bring “More Data” to this Pigg

    August 15, 2009 at 4:58 PM #445782
    bsrsharma
    Participant

    Exactly why is a “FDR style” Bank Holiday needed and what would it achieve?

    Differences between then and now:

    1. FDIC – no need for bank runs since FDIC pays depositors for insured amounts when banks fail.

    2. If FDIC runs short of funds, Treasury will replenish it, if needed with Congress’s approval. See TARP program of 2008 for precedent.

    3. Fed has no restraint or constraint of gold backing or convertibility problem of 1930s (or debt of other nations). So liquidity expansion potential is limitless.

    4. Bernanke may or may not know many things; but he has written books on Great Depression. So, one thing he won’t do is repeat 1930’s techniques.

    I think HSL should bring “More Data” to this Pigg

    August 15, 2009 at 10:19 PM #445088
    barnaby33
    Participant

    This is too alarming to contemplate.

    Why? While by no means the most likely outcome, in my opinion, what about this scenario is to alarming to contemplate? You mean you might have to look up from your own concerns for a bit and focus on other more concrete issues like basic necessities? A house in PB would no longer be your prime economic focus? I’d love to hear why this is so alarming.

    I don’t see a bank holiday as likely, we don’t have a gold backed currency, and the world has not shifted away from US demand enough. That will take years, unless of course we actually go through with Obamacare. If that happens, then that alarming scenario, whether too alarming or not, is front and center.

    Josh

    August 15, 2009 at 10:19 PM #445282
    barnaby33
    Participant

    This is too alarming to contemplate.

    Why? While by no means the most likely outcome, in my opinion, what about this scenario is to alarming to contemplate? You mean you might have to look up from your own concerns for a bit and focus on other more concrete issues like basic necessities? A house in PB would no longer be your prime economic focus? I’d love to hear why this is so alarming.

    I don’t see a bank holiday as likely, we don’t have a gold backed currency, and the world has not shifted away from US demand enough. That will take years, unless of course we actually go through with Obamacare. If that happens, then that alarming scenario, whether too alarming or not, is front and center.

    Josh

    August 15, 2009 at 10:19 PM #445619
    barnaby33
    Participant

    This is too alarming to contemplate.

    Why? While by no means the most likely outcome, in my opinion, what about this scenario is to alarming to contemplate? You mean you might have to look up from your own concerns for a bit and focus on other more concrete issues like basic necessities? A house in PB would no longer be your prime economic focus? I’d love to hear why this is so alarming.

    I don’t see a bank holiday as likely, we don’t have a gold backed currency, and the world has not shifted away from US demand enough. That will take years, unless of course we actually go through with Obamacare. If that happens, then that alarming scenario, whether too alarming or not, is front and center.

    Josh

    August 15, 2009 at 10:19 PM #445692
    barnaby33
    Participant

    This is too alarming to contemplate.

    Why? While by no means the most likely outcome, in my opinion, what about this scenario is to alarming to contemplate? You mean you might have to look up from your own concerns for a bit and focus on other more concrete issues like basic necessities? A house in PB would no longer be your prime economic focus? I’d love to hear why this is so alarming.

    I don’t see a bank holiday as likely, we don’t have a gold backed currency, and the world has not shifted away from US demand enough. That will take years, unless of course we actually go through with Obamacare. If that happens, then that alarming scenario, whether too alarming or not, is front and center.

    Josh

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