| User Info
| Where Have I Seen Multiple Pledges Before? in forum [Market-Ticker]
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Grunwald
Posts: 254
Incept: 2012-06-01
Seattle
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I hape they crash very soon. I've been holding very long term puts on China (FXI) for over 2 years and they will be expiring in Jan 2013.
Every time they seem to be on the brink, they manage to save themselves for a while longer.
Same can be said of the EU
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Crzymorse
Posts: 1186
Incept: 2010-06-25
Maryland
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Just read they pumped 158B into steel for "infrastructure" tonight. Nothing to see.
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Ktrosper
Posts: 1498
Incept: 2010-04-06
ft collins co
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Hang on.. Lemme put on my shocked face... 
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The unexamined life is not worth living.-Socrates
The only stable state is the one in which all men are equal before the law.-Aristotle
Liberty exists now in the spaces government has not yet chosen to occupy.-Doc Zero
I anticipate that 10 Dallas Cowboys Cheerleaders will blow me this evening.-K.D
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Gamma
Posts: 5547
Incept: 2008-01-20
Northern CA
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It's oddly ironic, that the Chinese, who excel and place zero stigma upon copying things have figured out how to copy our genius bankers.
The multiple hypothecating thing really caught on in a big way, huh? Yet there is nothing new about it, it is little more than a banal example of fractional reserve lending, or, if you will, the issuance of multiple gold receipts by Euro bankers of 400 years ago. I am undecided about who taught whom, but I am certain it was the ratification of unprosecuted advanced theft technique by Madoff, Mozillo, Corzine, and Wasendorf that showed the world that if the fraud is big enough, the consequences are zero.
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This stuff we're going through, this is nothing compared to the Middle Ages.
They told me if I voted for John McCain, an idiot would be a heartbeat away from the presidency. Sure enough...
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Blackswan
Posts: 5562
Incept: 2007-11-06
Just outside of Philly
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Bank run starts in...
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“It’s checkmate. Everywhere it’s checkmate.”
Hugh Hendry
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Fraudster
Posts: 4173
Incept: 2011-05-10
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Re-hypothecation b*tchez!
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"Let China sleep, for when she wakes, she will shake the world." - Napoleon Bonaparte
"Circulation ceases first at the outer edges [Europe and Japan]. It will take a while yet for the decay to reach the heart [America]." - Foundation & Empire by Isaac Asimov
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Chuckbone
Posts: 3
Incept: 2011-03-04
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Genesis, did you happen to catch this speech given last week by US Assistant Attorney General Lanny Breuer? It was about Deferred Prosecution Agreements (DPAs). Link: http://www.justice.gov/criminal/pr/speec...."We are frequently on the receiving end of presentations from defense counsel, CEOs, and economists who argue that the collateral consequences of an indictment would be devastating for their client. In my conference room, over the years, I have heard sober predictions that a company or bank might fail if we indict, that innocent employees could lose their jobs, that entire industries may be affected, and even that global markets will feel the effects. Sometimes – though, let me stress, not always – these presentations are compelling." Basically, because prosecuting bank fraud may cause banks to fail, we shall not prosecute bank fraud. The whole speech is worth a read to truly understand the thinking of the guy who in charge of prosecuting white collar fraud. |
Tallystick
Posts: 2228
Incept: 2009-09-20
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Maybe they will learn you can't use rehypothecated steel for bridge building. Only physical.
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Katniss99
Posts: 28
Incept: 2012-06-05
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Wow. I'm beginning to think that everything around me is not real. It is the product of imaginary wealth. Whenever this thing crashes it is gonna be epic across the globe. Just got done watching Revolution and thinking if that will be us in 10 years.
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Raftermanfmj
Posts: 3327
Incept: 2010-09-06
USA
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Makes one wonder if all those warehouse receipts for gold are backed by anything more than ... smiles and glib assurances.
Naw, you can trust them to hold your precious. Just present your claim, and I'm sure you'll have no problem getting your gold.
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I have never wished to cater to the crowd; for what I know they do not approve, and what they approve I do not know. - Epicurus
Oderint dum metuant - Caligula & Police State USA
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Howardnyc
Posts: 132
Incept: 2007-11-01
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so, when china starts their war to distract their people from economic disaster--
can we just watch their war for distraction, instead of starting our own?
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kd told me (and i believe him) that
"We (Americans) deserve a Depression."
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Etz
Posts: 13888
Incept: 2007-06-26
LA
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All right. Pop quiz, hotshots.
You're a typical scumbag banker presented with dubious collateral.
You can call it off or just play along to get the bonus and then claim you "did not intend to break rules".
What do you do?
What do you do?
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Legal chicanery and beneficent darkness are the banker's stoutest allies - F.Pecora.
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Trades50
Posts: 4214
Incept: 2007-10-30
Land of Tax and Spend
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Although when in China when someone gets carried away with Ponzi they get executed quickly if their caught. The government doesn't spend a lot of money to house these people. http://m.theglobeandmail.com/news/nation....For a multimillionaire businessman deported to China, the rosiest picture of the future has him spending the rest of his days in a Chinese prison. More realistically, his lawyers say, 65-year-old Han Lin Zeng probably faces torture and a firing squad. “The minister has effectively delivered our client into the hands of his executioners,” said Joel Sandaluk, a lawyer for Mr. Zeng, who was placed on a non-stop flight to Beijing Wednesday. “We are under no illusions about our client’s life expectancy once he is returned to China.”
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When the people fear the government, there is tyranny. When the government fears the people, there is liberty. - Thomas Jefferson
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Otiswild
Posts: 5613
Incept: 2009-03-09
Inside you, the force is!
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I liked the original version of this movie better, starring Zero Mostel and Gene Wilder.
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Steelhead23
Posts: 2037
Incept: 2008-09-09
Portland OR
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Trades50 has identified the vewy weal diffwence between China and the U.S. Steal many billions in the U.S. and we "defer prosecution" in order to save the system. Steal a few measly million in China and get executed. Are we a great country or what?
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"Give me control of a nation's money and I care not who makes it's laws" —Mayer Amschel Bauer Rothschild Benjamin Bernanke
For-profit commercial banks are a menace and should be eradicated
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Chris92346
Posts: 1314
Incept: 2009-03-25
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Noting that there very seldom are true coincidences, an inquiring mind would like to know if this economic trouble has anything to do with rising tensions with Japan.
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Jubber
Posts: 13939
Incept: 2007-07-05
UK
Online
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Very red tonight and this morning but seems to be Spain rather than this issue
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“The problem with socialism is that, sooner or later, you run out of other people’s money.” Thatcher
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Flappingeagle
Posts: 1224
Incept: 2011-04-14
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Quote:"We are frequently on the receiving end of presentations from defense counsel, CEOs, and economists who argue that the collateral consequences of an indictment would be devastating for their client. In my conference room, over the years, I have heard sober predictions that a company or bank might fail if we indict, that innocent employees could lose their jobs, that entire industries may be affected, and even that global markets will feel the effects. Sometimes – though, let me stress, not always – these presentations are compelling." So let's see, everytime a person who is the breadwinner of a family faces prosecution that person should get a DPA because of the collateral damage the prosecution/jail time will do to the family when no one is bringing in a paycheck? If anything was ever 100% Bull**** in all four dimensions that line of logic is it. Flap
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Here are my predictions for everyone to see:
S&P 500 at 320, DOW at 2200, Gold $300/oz, and Corn $2/bu.
"You can't build a house of cards on a shaking table." - Tony Johns
The January 2015 AMZN put at $130 (cost $4.25) will be a winner.
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Flappingeagle
Posts: 1224
Incept: 2011-04-14
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I hate to post again so quickly but my mind keeps going down a path and ending up at the place. How much of the time in our financial system are the only real assets backing some deal actually depositors money that should have never been used for that purpose in the first place? Wasn't there an issue with MFG where someone had physical gold in a custodial account and yet a judge ruled the gold could be seized to pay off creditors? Is our system truly one thin layer of actual wealth with a monstrous pyramid of unbacked promises built on top?
I must say that it is looking more and more like Ann Barnhardt is correct. Pull all of your financial assets and get into something tangible that you physically control.
Flap
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Here are my predictions for everyone to see:
S&P 500 at 320, DOW at 2200, Gold $300/oz, and Corn $2/bu.
"You can't build a house of cards on a shaking table." - Tony Johns
The January 2015 AMZN put at $130 (cost $4.25) will be a winner.
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Frat
Posts: 1934
Incept: 2009-07-15
NKY
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Couldn't have happened to a nicer bunch of theives....
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We're ****ed. Where's Henry Bowman when you need him?
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Frat
Posts: 1934
Incept: 2009-07-15
NKY
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To Flap's point (and now *I* have to double-post to answer YOUR double-post Flaps, argh!), it was the comment made before, but in the original "10 Things to Do" Ticker:
If you can't eat it, shoot it or screw it, that's a problem.". If you've got physically possession of it, then trading it is also possible, but yeah - YEAH - if your "object" or while parts of your "wealth" are on paper - all you've got is some emergency TP that ain't too gentle.
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We're ****ed. Where's Henry Bowman when you need him?
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Glennb6
Posts: 475
Incept: 2009-03-02
ne florida
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To flap, I'll double-dog-double-post you (sorry), eh, think of exter's inverted triangle with AU at the bottom tip, and think of hockey stick graphs. Have a good nights sleep now :O
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Debtpie
Posts: 534
Incept: 2009-12-17
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When Commy/socialist governments get hungry, they go for the big piles of industrialist cash...
Whom might be a good target?...bite of Apple anyone...billions in cash...all courtesy of the Chinese slave workers...sounds like a great political scape goat target to me...
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A Leader, or an Opportunist? "A leader has the capacity of vision, the ability to see where things are headed before people in general see those things." Mitt Romney --- DebtPie's definition: a leader decides where "things" should head and "leads" us there.
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Aliveh
Posts: 4043
Incept: 2008-01-18
Los Angeles
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so is this bullish or bearish for steel prices and why?
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