Bert wrote..

The David Stockman interview is an absolute gem.

Kick ass interview.

you know what, who cares WHY he is saying this now. The main thing is that he is extremely high profile and a message cant get much stronger than when somebody is prepared to admit they ****ed up and call for things to be put right.

So instead of attacking him (which may or may not be correct, i dont presume to know his character) use him to push for the changes that must be made. Karl may be a strong character and has a loud voice but he doesnt have the profile of someone like Weill.

Maybe Weill is going to pull a Hank Paulson. "Please ask me to be Sec. of the Treasury so that I can liquidate everything that I own tax free so their is no conflict of interest." What a deal!

Stockman mentions 1971 as a key date for (gold) but spends more time talking about a change in spending habits too. Called it a default I believe? I start all my long term gold charts from '71 but what might end up just as critical for gold buyers in the future is Jan 1, 2012, the date when all gold sales over 600 required a 1099.

Regarding Weill, really good comments and speculation and after taking it all in I realize there certainly could be more than one driving factor in today's apparent turn-around.

Perhaps we're nearing the statute of limitations on a good part of this stuff and now spokespeople for TBTF feel like they can disclose their position and surpise! They've been on our side for quiet a Weill, er while. So is there enough distance between them and the crime scene for us peons to see what's left of the evidence now? Too early to quantify damages? Hey, let's keep this simple, nooses for everyone!

I wonder if Weill had to pay the 50k for the CNBC guest seat and an extra 50k for his daughter? Did she push him on the show? Maybe worried about a grand child kicking him in the shin before he changes the last name? Brutal.

The feigned shock from CNBC is either an act or they just realized that bloggers worldwide are really, really, really right - either way, it's a slap in the face to every honest analyst that's ever spoken stern warnings. Nobody dared tell Weill, well yah, I can think of dozens of analysts saying the exact same thing Mr Weill. Sure doesn't get any respect here abouts.

What happened in gold was merely delayed reaction. This composition by a noted economist, written from the 1950's to 1970 or later demonstrates that the bankers in the US set out to destroy the gold standard and make the US purely a debt money system. We have basically gone from one world debt/currency crisis to another since Nixon pulled gold from world trade. Gold exchange, which was the standard we were using is primarily what caused the Great Depression, as Britain, the country of standard pulled their gold from their currency. What followed was a debt crisis of massive proportions. The Federal Reserve was also a gold exchange system and FDR made it purely for international purposes. There really isn't another way of balancing trade without something like gold. When the world has been conditioned to run off American credit expansion, as it was under Breton Woods, to cease to do so, creates a massive number of trade dominoes lined up in a row. Note that problems in Europe actually stem from the various housing bubbles, namely in the USA, but to a lesser degree in Spain and Ireland, creating credit to finance trade imbalances. It isn't a surprise Weill would call for an end to something that can no longer produce a profit, because they used up all the credit.

http://library.mises.org/books/Jacques%2....

WOOOOWWWWWWWWWWWWWWW!

"Mark to Market" EVERY DAY?

http://www.zerohedge.com/contributed/201....

Quote:

Third, Weill said that assets must be marked to market every day.

Ummmm, is this guy channelling Karl?

Duc, maybe he's concluded that this[1] is the best way to keep the BigBucks he's accumulated?

[1] -- "this" may be "doing what he stated" ... OR ... "simply making these statements". I don't know enough about this stuff to guess which is more likely, although the cynic in me leans strongly towards the latter.

Tully