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Djshakes.
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February 1, 2009 at 10:38 AM #340215February 1, 2009 at 11:51 AM #339682
peterb
ParticipantDont bet on the US$ death just yet. The debt distruction going on dwarfs any spending taking place. Ben would have to completely monetize the debt to kill the buck. I doubt very much TPTB will allow this to take place. Unless they all get into gold first. Which may be why gold is rising at this time. But there aint enough gold for this to happen. Putin can yak all he wants. He’s pissed because oil is down and that’s killing Russia.
To get a good understanding of where things are headed, read this from Dr Keen in OZ:Steve Keen’s DebtWatch No 31 February 2009: “The Roving Cavaliers of Credit”
February 1, 2009 at 11:51 AM #340008ParticipantDont bet on the US$ death just yet. The debt distruction going on dwarfs any spending taking place. Ben would have to completely monetize the debt to kill the buck. I doubt very much TPTB will allow this to take place. Unless they all get into gold first. Which may be why gold is rising at this time. But there aint enough gold for this to happen. Putin can yak all he wants. He’s pissed because oil is down and that’s killing Russia.
To get a good understanding of where things are headed, read this from Dr Keen in OZ:Steve Keen’s DebtWatch No 31 February 2009: “The Roving Cavaliers of Credit”
February 1, 2009 at 11:51 AM #340104ParticipantDont bet on the US$ death just yet. The debt distruction going on dwarfs any spending taking place. Ben would have to completely monetize the debt to kill the buck. I doubt very much TPTB will allow this to take place. Unless they all get into gold first. Which may be why gold is rising at this time. But there aint enough gold for this to happen. Putin can yak all he wants. He’s pissed because oil is down and that’s killing Russia.
To get a good understanding of where things are headed, read this from Dr Keen in OZ:Steve Keen’s DebtWatch No 31 February 2009: “The Roving Cavaliers of Credit”
February 1, 2009 at 11:51 AM #340131ParticipantDont bet on the US$ death just yet. The debt distruction going on dwarfs any spending taking place. Ben would have to completely monetize the debt to kill the buck. I doubt very much TPTB will allow this to take place. Unless they all get into gold first. Which may be why gold is rising at this time. But there aint enough gold for this to happen. Putin can yak all he wants. He’s pissed because oil is down and that’s killing Russia.
To get a good understanding of where things are headed, read this from Dr Keen in OZ:Steve Keen’s DebtWatch No 31 February 2009: “The Roving Cavaliers of Credit”
February 1, 2009 at 11:51 AM #340225ParticipantDont bet on the US$ death just yet. The debt distruction going on dwarfs any spending taking place. Ben would have to completely monetize the debt to kill the buck. I doubt very much TPTB will allow this to take place. Unless they all get into gold first. Which may be why gold is rising at this time. But there aint enough gold for this to happen. Putin can yak all he wants. He’s pissed because oil is down and that’s killing Russia.
To get a good understanding of where things are headed, read this from Dr Keen in OZ:Steve Keen’s DebtWatch No 31 February 2009: “The Roving Cavaliers of Credit”
February 1, 2009 at 2:31 PM #339692Arraya
ParticipantFrom peterb’s article:
In fact, thanks to Milton Friedman and neoclassical economics in general, the Fed ignored the run up of debt that has caused this crisis, and every rescue engineered by the Fed simply increased the height of the precipice from which the eventual fall into Depression would occur.
Having failed to understand the mechanism of money creation in a credit money world, and failed to understand how that mechanism goes into reverse during a financial crisis, neoclassical economics may end up doing what by accident what Marx failed to achieve by deliberate action, and bring capitalism to its knees.
pete-It’s not so much Ben destroying the dollar as it could be a concession to the other world powers to allow a basket of currencies, which in turn would severely devalue the dollar.
The reserve currency is essentially a tax to the empire and allows the US to be fiscally irresponsible and pass it’s monetary penalties to the the worlds currencies via the dollar link. The chinese know this, Putin knows this, Sarkozy knows this and a few UN economists just did a report on how it is in the worlds best interest to remove the dollar a reserve currency. So the meme is out there on the international scene.
If it does happen it has been planned behind the scenes for some time. Power plans ahead and is secretive.
Interestingly, there is a Rumor going around Russia that Obama has told Putin that he is going to dissolve the Fed. Albeit, not a credible source but still interesting in light of Putin’s recent remarks.
February 1, 2009 at 2:31 PM #340018ParticipantFrom peterb’s article:
In fact, thanks to Milton Friedman and neoclassical economics in general, the Fed ignored the run up of debt that has caused this crisis, and every rescue engineered by the Fed simply increased the height of the precipice from which the eventual fall into Depression would occur.
Having failed to understand the mechanism of money creation in a credit money world, and failed to understand how that mechanism goes into reverse during a financial crisis, neoclassical economics may end up doing what by accident what Marx failed to achieve by deliberate action, and bring capitalism to its knees.
pete-It’s not so much Ben destroying the dollar as it could be a concession to the other world powers to allow a basket of currencies, which in turn would severely devalue the dollar.
The reserve currency is essentially a tax to the empire and allows the US to be fiscally irresponsible and pass it’s monetary penalties to the the worlds currencies via the dollar link. The chinese know this, Putin knows this, Sarkozy knows this and a few UN economists just did a report on how it is in the worlds best interest to remove the dollar a reserve currency. So the meme is out there on the international scene.
If it does happen it has been planned behind the scenes for some time. Power plans ahead and is secretive.
Interestingly, there is a Rumor going around Russia that Obama has told Putin that he is going to dissolve the Fed. Albeit, not a credible source but still interesting in light of Putin’s recent remarks.
February 1, 2009 at 2:31 PM #340114ParticipantFrom peterb’s article:
In fact, thanks to Milton Friedman and neoclassical economics in general, the Fed ignored the run up of debt that has caused this crisis, and every rescue engineered by the Fed simply increased the height of the precipice from which the eventual fall into Depression would occur.
Having failed to understand the mechanism of money creation in a credit money world, and failed to understand how that mechanism goes into reverse during a financial crisis, neoclassical economics may end up doing what by accident what Marx failed to achieve by deliberate action, and bring capitalism to its knees.
pete-It’s not so much Ben destroying the dollar as it could be a concession to the other world powers to allow a basket of currencies, which in turn would severely devalue the dollar.
The reserve currency is essentially a tax to the empire and allows the US to be fiscally irresponsible and pass it’s monetary penalties to the the worlds currencies via the dollar link. The chinese know this, Putin knows this, Sarkozy knows this and a few UN economists just did a report on how it is in the worlds best interest to remove the dollar a reserve currency. So the meme is out there on the international scene.
If it does happen it has been planned behind the scenes for some time. Power plans ahead and is secretive.
Interestingly, there is a Rumor going around Russia that Obama has told Putin that he is going to dissolve the Fed. Albeit, not a credible source but still interesting in light of Putin’s recent remarks.
February 1, 2009 at 2:31 PM #340141ParticipantFrom peterb’s article:
In fact, thanks to Milton Friedman and neoclassical economics in general, the Fed ignored the run up of debt that has caused this crisis, and every rescue engineered by the Fed simply increased the height of the precipice from which the eventual fall into Depression would occur.
Having failed to understand the mechanism of money creation in a credit money world, and failed to understand how that mechanism goes into reverse during a financial crisis, neoclassical economics may end up doing what by accident what Marx failed to achieve by deliberate action, and bring capitalism to its knees.
pete-It’s not so much Ben destroying the dollar as it could be a concession to the other world powers to allow a basket of currencies, which in turn would severely devalue the dollar.
The reserve currency is essentially a tax to the empire and allows the US to be fiscally irresponsible and pass it’s monetary penalties to the the worlds currencies via the dollar link. The chinese know this, Putin knows this, Sarkozy knows this and a few UN economists just did a report on how it is in the worlds best interest to remove the dollar a reserve currency. So the meme is out there on the international scene.
If it does happen it has been planned behind the scenes for some time. Power plans ahead and is secretive.
Interestingly, there is a Rumor going around Russia that Obama has told Putin that he is going to dissolve the Fed. Albeit, not a credible source but still interesting in light of Putin’s recent remarks.
February 1, 2009 at 2:31 PM #340235ParticipantFrom peterb’s article:
In fact, thanks to Milton Friedman and neoclassical economics in general, the Fed ignored the run up of debt that has caused this crisis, and every rescue engineered by the Fed simply increased the height of the precipice from which the eventual fall into Depression would occur.
Having failed to understand the mechanism of money creation in a credit money world, and failed to understand how that mechanism goes into reverse during a financial crisis, neoclassical economics may end up doing what by accident what Marx failed to achieve by deliberate action, and bring capitalism to its knees.
pete-It’s not so much Ben destroying the dollar as it could be a concession to the other world powers to allow a basket of currencies, which in turn would severely devalue the dollar.
The reserve currency is essentially a tax to the empire and allows the US to be fiscally irresponsible and pass it’s monetary penalties to the the worlds currencies via the dollar link. The chinese know this, Putin knows this, Sarkozy knows this and a few UN economists just did a report on how it is in the worlds best interest to remove the dollar a reserve currency. So the meme is out there on the international scene.
If it does happen it has been planned behind the scenes for some time. Power plans ahead and is secretive.
Interestingly, there is a Rumor going around Russia that Obama has told Putin that he is going to dissolve the Fed. Albeit, not a credible source but still interesting in light of Putin’s recent remarks.
February 1, 2009 at 6:14 PM #3397074plexowner
Participant“there aint enough gold for this to happen”
I’m going to take exception to this statement, Peter
there is always enough gold – the only question is what price tag is placed on each ounce of gold
according to Jim Sinclair (www. jsmineset.com), gold at $850/oz in 1981 balanced the US books
using the same logic, I have seen writers placing price tags on each ounce of gold at $5000/oz to as high as $50,000/oz
the price to balance the US books depends on how many of our liabilities you want to acknowledge
the $5000/oz balances the openly acknowledged liabilities like all the worthless paper the Fed has recently purchased and all the bailout money the US taxpayer has generously given the banking system as well as the $10.6 trillion public debt
the $50,000/oz price comes into play if you want to acknowledge all of the unfunded liabilities of Medicare and Social Security ($50-70 trillion dollars depending on whose numbers you want to use)
the numbers above are based on the assumption that the US actually has all of the gold that it claims to have – since the gold deposits haven’t been publicly audited since the 1950’s, who knows – there is much discussion about whether or not the gold still exists in the claimed quantities
who knows what will unfold in the future or how high the price of gold will go
I just wanted to make the point that there is ALWAYS enough gold in the system for us to have a gold backed currency
February 1, 2009 at 6:14 PM #340033Participant“there aint enough gold for this to happen”
I’m going to take exception to this statement, Peter
there is always enough gold – the only question is what price tag is placed on each ounce of gold
according to Jim Sinclair (www. jsmineset.com), gold at $850/oz in 1981 balanced the US books
using the same logic, I have seen writers placing price tags on each ounce of gold at $5000/oz to as high as $50,000/oz
the price to balance the US books depends on how many of our liabilities you want to acknowledge
the $5000/oz balances the openly acknowledged liabilities like all the worthless paper the Fed has recently purchased and all the bailout money the US taxpayer has generously given the banking system as well as the $10.6 trillion public debt
the $50,000/oz price comes into play if you want to acknowledge all of the unfunded liabilities of Medicare and Social Security ($50-70 trillion dollars depending on whose numbers you want to use)
the numbers above are based on the assumption that the US actually has all of the gold that it claims to have – since the gold deposits haven’t been publicly audited since the 1950’s, who knows – there is much discussion about whether or not the gold still exists in the claimed quantities
who knows what will unfold in the future or how high the price of gold will go
I just wanted to make the point that there is ALWAYS enough gold in the system for us to have a gold backed currency
February 1, 2009 at 6:14 PM #340129Participant“there aint enough gold for this to happen”
I’m going to take exception to this statement, Peter
there is always enough gold – the only question is what price tag is placed on each ounce of gold
according to Jim Sinclair (www. jsmineset.com), gold at $850/oz in 1981 balanced the US books
using the same logic, I have seen writers placing price tags on each ounce of gold at $5000/oz to as high as $50,000/oz
the price to balance the US books depends on how many of our liabilities you want to acknowledge
the $5000/oz balances the openly acknowledged liabilities like all the worthless paper the Fed has recently purchased and all the bailout money the US taxpayer has generously given the banking system as well as the $10.6 trillion public debt
the $50,000/oz price comes into play if you want to acknowledge all of the unfunded liabilities of Medicare and Social Security ($50-70 trillion dollars depending on whose numbers you want to use)
the numbers above are based on the assumption that the US actually has all of the gold that it claims to have – since the gold deposits haven’t been publicly audited since the 1950’s, who knows – there is much discussion about whether or not the gold still exists in the claimed quantities
who knows what will unfold in the future or how high the price of gold will go
I just wanted to make the point that there is ALWAYS enough gold in the system for us to have a gold backed currency
February 1, 2009 at 6:14 PM #340156Participant“there aint enough gold for this to happen”
I’m going to take exception to this statement, Peter
there is always enough gold – the only question is what price tag is placed on each ounce of gold
according to Jim Sinclair (www. jsmineset.com), gold at $850/oz in 1981 balanced the US books
using the same logic, I have seen writers placing price tags on each ounce of gold at $5000/oz to as high as $50,000/oz
the price to balance the US books depends on how many of our liabilities you want to acknowledge
the $5000/oz balances the openly acknowledged liabilities like all the worthless paper the Fed has recently purchased and all the bailout money the US taxpayer has generously given the banking system as well as the $10.6 trillion public debt
the $50,000/oz price comes into play if you want to acknowledge all of the unfunded liabilities of Medicare and Social Security ($50-70 trillion dollars depending on whose numbers you want to use)
the numbers above are based on the assumption that the US actually has all of the gold that it claims to have – since the gold deposits haven’t been publicly audited since the 1950’s, who knows – there is much discussion about whether or not the gold still exists in the claimed quantities
who knows what will unfold in the future or how high the price of gold will go
I just wanted to make the point that there is ALWAYS enough gold in the system for us to have a gold backed currency
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