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| More Fed Follies.... Paper in forum [Market-Ticker]
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Avianphlu
Posts: 3933
Incept: 2008-12-03
Ulster NY
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Tickercon 1 warming up?
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Genesis
Posts: 130717
Incept: 2007-06-26
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He's..... checking the wiring...
Replacing the light bulbs....
Making sure the switch works....
And that the solar panels will keep the light on for at least a little while after he's long since gone.
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I don't care if it makes sense -- only if it makes money. -- Me
Bank (n): See scam, fraud and theft. Eat a bankster -- they're low-carb.
What part of "shall not be infringed" was unclear?
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Apotheoun
Posts: 1283
Incept: 2009-08-14
MN
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"Tickercon 1 warming up?"
If what Karl is talking about, it will be nuclear and not tickercon 1. If/when we breach the point of no return and the bottom half of our nation cannot afford food, its revolt/civil war is what we will have.
"The peasants are revolting! Yes, they are revolting." MP
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"when despair is all you can see, the end is finally near."
"Because there is some good left in this world, AND ITS WORTH FIGHTING FOR!"
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Mannfm11
Posts: 3540
Incept: 2009-02-28
DFW, Tx
Online
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So, was this what moved the market the past hour? A statement that we are ****ed so the Fed is going to keep screwing it up more and more, until the only customers for anything above dog food are those that are depending on the dog food eaters to keep their asset prices up?
The LYING BASTARDS. Technically, if the government was forced to finance outside of the banking system, they couldn't cause inflation. They could damn sure cause the death of the economy, as they have in Japan. There is dumb, dumber and just flat stupid. Those that buy into this nonsense are one step lower, MORONS.
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The only function of economic forecasting is to make astrology look respectable.---John Kenneth Galbraith
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Winstonsmith2009
Posts: 1060
Incept: 2009-08-05
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And while those responsible for this mess renew the dock rentals for their yachts, the DoJ is concerned enough about this to sue: US Department of Justice to join lawsuit against Lance Armstrong http://usnews.nbcnews.com/_news/2013/02/...."The government’s legal theory in joining the lawsuit is that when Armstrong agreed to race for the U.S. Postal Service team a decade ago in the Tour de France, he defrauded the government, violating its strict ban on illegal drugs, all the while claiming he did not use them." |
Vitchilo
Posts: 4602
Incept: 2011-04-27
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Quote:This means a roughly 50% cut in government spending (ex-interest), a doubling of current collected taxes (not rates; due to lawful avoidance you'd have to raise rates much more than by a factor of two!) or some combination of the two. Good luck with that. People are going nuts over a few % cut... 50% overnight will set the country ablaze. GDP will go kaput. Greece is a very bad situation. But it'll be paradise compared to the US when everything hits.
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"Every normal man must be tempted at times to spit upon his hands, hoist the black flag, and begin slitting throats." -- H.L. Mencken
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Marvinmartian
Posts: 750
Incept: 2011-03-16
Pasadena, CA
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The Eurozone's finances are worse. They are pretending to have everything under control.
France is entering recession.
Until the US is no longer seen as a safe haven, we will be OK with new entrants to US$ ponzi.
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N9lhm
Posts: 92
Incept: 2010-01-28
South Bend, IN
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""The peasants are revolting! Yes, they are revolting." MP"
Mr. Tweedy: "Mrs. Tweedy! The chickens are revolting!"
Mrs. Tweedy: "Finally, something we can agree on."
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Gates
Posts: 6272
Incept: 2008-01-29
Scottsdale
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4th turning - we've started it but it isn't obvious to the masses... yet.
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Trades50
Posts: 4215
Incept: 2007-10-30
Land of Tax and Spend
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Quote:
Until the US is no longer seen as a safe haven, we will be OK with new entrants to US$ ponzi.
When the rush out of US currency it will be when the Fed shows there's nothing behind it's curtain.
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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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End_the_bubbles
Posts: 9519
Incept: 2009-03-25
The New 3rd World
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Genesis wrote..This is clearly a "CYA" paper from Mishkin and others -- they know what's coming and are very, very interested in making sure they don't hang. Too late for CYA. They WILL hang, all of them. My recent take is they've been at this gambit for a long time expecting higher inflation than they've had. They actually seem to be trying to talk inflation up. Sure, they've got another asset bubble going, and food and gas prices, etc. are up, but they are just subsidizing that with Food stamps and other transfer payments, etc. The real issue they are afraid of is something they won't be able to stop - that being serious deflation. All the additional debt they've taken on has done nothing but prop up an already over-bloated system. They tried to restart this scam, but have failed, and are now recognizing it. Even Gold senses it. Prices are going to DEFLATE, as they should!!!
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In the long run even the most despotic governments with all their brutality and cruelty are no match for ideas. Eventually the ideology that has won the support of the majority will prevail and cut the ground from under the tyrant's feet and rise in rebellion to overthrow their masters.
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Krzelune
Posts: 5513
Incept: 2007-10-08
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What is "fiscal dominance"?
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The desire of millions, the inconvenience of millions, the suffering of millions, the death of millions, does not concern them because of the evolutionary humanist lens they peer through.
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Snowmizuh
Posts: 1354
Incept: 2009-03-18
Alabama
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Mannfm11
Posts: 3540
Incept: 2009-02-28
DFW, Tx
Online
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EOB, watch out for the guillatine. It was generally us, not them that got it in France. Only the useful executions were on them. The politically expendible. Chances are they will be guillatining us if we don't take their paper, buy their bonds and eat their dog food.
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The only function of economic forecasting is to make astrology look respectable.---John Kenneth Galbraith
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Phxkevin
Posts: 353
Incept: 2010-06-25
Phoenix Arizona
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gradually then suddenly (Hemingway: The Sun Also Rises)
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Congress persons are all the same, republican or democrat, conservative or liberal. They talk a good game, but the results (or lack thereof) show something different.
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Wtf_247
Posts: 53
Incept: 2011-11-01
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They are already trapped and they know it. Like you, I have done the math on the debt/deficit. The only solution is a doubling of the tax rate on everyone + 100% chance of actually collecting it.
No chance there - even if the citizens all were on board, the economic impact of an across the board doubling in taxes would hit GDP huge - the estimated collections still would not reach the needed levels. There would be massive avoidance - the top federal rate would be close to 80% BEFORE state and local taxes - good luck with that one. No one is going to work for free - they stop.
They also realize that there is no way people are going to cough up even 50% more in taxes if they know it will go for nothing - not for infrastructure, not for jobs, not for military, not for education - the money is literally "gone" to pay for past generations of spending. You will basically get a revolt and refusal to pay.
"Why should I give up 50% extra in taxes to pay for overspending that happened prior to being born, from which I derived no benefits?" will be the discussions from the younger generations - I know you have touched on this topic in prior tickers Karl.
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Friar_tuck
Posts: 1118
Incept: 2008-01-09
N. Cal
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Karl wrote..At that point loss of control by both The Fed and Government become inevitable. What does that mean on the street level (outside the beltway)? The federals have been bankrupt for years now...hasn't slowed them down. What specifically do you see happening? Base closures? Reduced foreign entanglements? No more meat inspectors? |
Wtf_247
Posts: 53
Incept: 2011-11-01
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"What does that mean on the street level (outside the beltway)? The federals have been bankrupt for years now...hasn't slowed them down. What specifically do you see happening? Base closures? Reduced foreign entanglements? No more meat inspectors?"
The usual M.O. for politicians is to immediately threaten to cut anything that benefits the public directly. Police, fire, ambulance, SS payments, medicare etc. They will revert back to fear tactics that have traditionally worked to try to keep the charade going a bit longer.
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Ruaslave
Posts: 108
Incept: 2012-06-30
Republic of Texas
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@WTF_247
I quoted you on facebook. I think we are potentially looking at full scale WROL, SHTF, TEOTWAWKI, but I am an optimist.
But my biggest fear is nothing changes.
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Math is a Bitch and she don't care. - R.U.A. Slave
My idea of non-partisanship is not that there are politicians who just have different ideas of what is best for the country. My non-partisanship is they are ALL crooks and liars.
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Crzymorse
Posts: 1189
Incept: 2010-06-25
Maryland
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For all the preppers.. $6 T in deficits since Obama and $3T on the Feds balance sheet got us what 2% inflation. I think the inflection point is much higher than you think. I'll take a guess at somewhere around 30-40T (debt + fed balance sheet). Until then the Bush/Obama/****ing New Guy malaise will continue.
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Throxxofvron
Posts: 10324
Incept: 2009-02-17
Hyper-Speculative Psycho-Facsistic Parabolic Blow-Off
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http://www.newyorkfed.org/markets/maiden....Quote:November 15, 2012: Net proceeds from additional sales of securities in Maiden Lane LLC enabled the full repayment of the subordinate loan made by JPMorgan Chase & Co. plus accrued interest.
The New York Fed will receive 100 percent of future cash flows generated from the remaining ML LLC assets, in accordance with the ML LLC waterfall. Oh, My... -Take a look at THIS: http://www.newyorkfed.org/markets/toc_pi....Quote:Treasury Operations Counterparty Pilot Program
The Federal Reserve Bank of New York is conducting a pilot program for a few small firms to participate in New York Fed operations to conduct secondary market outright purchases or sales of U.S. Treasury securities, along with primary dealers.
The New York Fed’s intent in conducting this pilot program is to explore ways to broaden access to open market operations, and to determine the extent to which firms beyond the Primary Dealer community can augment the New York Fed’s operational capacity and resiliency in its monetary policy operations.
ANNOUNCEMENTS
Treasury Operations Counterparty Pilot Program
Firms interested in participating should submit an Expression of Interest Form and a letter (using Expression of Interest Letter Template) to pilotinfo@ny.frb.org by February 27, 2013.
Be sure to also submit all materials listed in a Request for Information to this same e-mail address by March 29, 2013.
February 20, 2013
..& THIS: Quote:Reverse Repo Counterparties
To prepare for the potential need to conduct large-scale reverse repurchase agreement transactions, the Federal Reserve Bank of New York is developing arrangements with an expanded set of counterparties with whom it can conduct these transactions.
These counterparties are in addition to the existing set of Primary Dealer counterparties with whom the Federal Reserve can already conduct reverse repurchase agreements.
ANNOUNCEMENTS
New York Fed releases expanded reverse repo counterparties list
January 15, 2013
Statement Regarding Reverse Repurchase Agreements
November 28, 2012
RRP Eligibility Criteria for Banks and Savings Associations III, Government-Sponsored Enterprises II and Money Funds IV
August 16, 2012
Application for Banks and Savings Associations III
Application for Government-Sponsored Enterprises II
Application for Money Funds IV
August 16, 2012
...Hmmmmm.... IF One had a Desk in London. & LIBOR was... OR...... Nah, can't be.... http://www.newyorkfed.org/markets/openma....( see fig. 1 )
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DIONYSUS: " Thou hast no knowledge of the life thou art leading; thy very existence is now a mystery to thee. " -from 'The Bacchantes' By Euripides “During times of universal deceit, telling the truth becomes a revolutionary act.” -George Orwell
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Ishmael
Posts: 4731
Incept: 2008-02-25
Los Angeles to Oklahoma, at least temporarily for now!
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In 2002 or so I made the following statement at a dinner in San Fran and everyone at the table thought I was nuts (since then one person said, "Ish if you lived 500 years ago they would have burned you at the stake for being a witch." Well this is what I said and it becoming more and more true, "The United States Government will attempt to save everything until in the end it will be fighting to save itself."
Keep your seat belts fastened. My SO has a little piece of property with olive trees on it outside Kalamata that keeps looking more and more appealing. Of course there will be civil war in Greece also, but I continue to believe the first in will be the first out.
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Hope is neither a good strategy or birth control methodology!
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Friar_tuck
Posts: 1118
Incept: 2008-01-09
N. Cal
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I am just curious, partly academic and partly selfish (how's it gonna affect ME?).
I agree with 24/7's take, it mirrors what Webster Tarpley has said for years. They plan to eviscerate Medicare medicade and social security, "defence" won't be touched save for VA health and veterans benefits.
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Dazedncornfused
Posts: 311
Incept: 2010-10-13
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Hey Winstonsmith2009, you can't expect the FBI to have time to chase John Corzine and the wizards at the FedReserve when it's busy with its own misconduct: http://www.telegraph.co.uk/news/worldnew.... Yup, FBI agents dating drug dealers. Priceless quote "When you are given an FBI BlackBerry, it's for official use," Ms Will said. "It's not to text the woman in another office who you found attractive or to send a picture of yourself in a state of undress." What's to stop me from coming to the conclusion no part of our government is functional? And why does it have to be a Brit paper reporting? Oh right, George Snivelopoulos is a reporter.
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Stand up and be counted or line up and be numbered.
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