Currency crisis

[psyche doctor]

Is this all for gold in this wave 5 or does it go higher into 1200, a nice round number.

This wave 5 does not mean the gold run is ending, only that once wave five ends, a correction or pullback is due. This 5th is part of a shorter time-frame count and of a lesser degree. Also, the massive reverse H&S on gold has a minimum target in the 1300 range.

 

 

[Drano]

 

Appears to be a breakout on the trend line for the NYSE Advancing volume trend...bearz

This chart comes up small on my computer (can click to enlarge) but when I first saw the post, I looked at the text on the right side and thought it said "Bearmount alert." Of course, that works too.

[cwd]

Good question. Don't know. Fed money sloshing around had to go somewhere, so it went into everybody's stock markets, not just the U.S.?

 

 

When foreign merchants exchange their dollars for their home currency, the local money supply increases unless the local CB does something to sterilize the new money which they normally don't. They buy USTs to keep their currency from rising.. We are exporting inflation.

[TenaciousG]

OH FOR CRYING OUT LOUD CAP!

 

The District Banks are owned by all the member banks. There's no secret here. Every bank that has the Federal Reserve System sticker on the window is an "owner" of stock in the district bank of which it is a member, as required by the law.

 

Who owns those banks? Please. Please. Tell me you don't understand that these are stockholder owned public corporations.

 

Just like if you own 100 shares of C or BAC or WFC. What control does that give you?

 

This is a non-issue. There's no conspiracy. No hidden ownership.

 

We already know that the Fed exists to serve the banks. This is not news.

 

The ownership is NOT THE ISSUE. The CRONYISM is the issue.

 

public, private - who gives a rat's ass.

 

this is the root of all the evil:

The ownership is NOT THE ISSUE. The CRONYISM is the issue.

 

 

By the way I am thankful that Doc has provided this forum for a lot of intelligent folks to discuss very complex and important topics!

 

Happy Turkey Day to All!

 

P.S. Oh yeah, call me retarded but I shorted the NQ on the close.

[Charmin]

This chart comes up small on my computer (can click to enlarge) but when I first saw the post, I looked at the text on the right side and thought it said "Bearmount alert." Of course, that works too.

don't know about you, but I'd prefer to see a sizable gap down on Friday lead by the financials

[psyche doctor]

public, private - who gives a rat's ass.

 

this is the root of all the evil:

The ownership is NOT THE ISSUE. The CRONYISM is the issue.

 

 

By the way I am thankful that Doc has provided this forum for a lot of intelligent folks to discuss very complex and important topics!

 

Happy Turkey Day to All!

 

P.S. Oh yeah, call me retarded but I shorted the NQ on the close.

 

Retard!

 

 

Just kidding. Hey, I shorted the Euro about the same time. Not gold the rocket, though.

[Drano]

don't know about you, but I'd prefer to see a sizable gap down on Friday lead by the financials

That would be my choice too.

 

However I fear the bears are indeed going to be mounted.

[Drano]

NY Post article about that house whose mortgage the judge vacated says the principal was 291K, penalties were 235K. Initial interest rate was over 10%, adjusted upward to over 12%. Given that mortgage rates are currently under 5% and is lower by a full point from last year's average rate, it doesn't seem that their adjustable rate mortgage was being adjusted correctly, does it? I was disappointed that the article didn't mention the most heinous thing, sending them a re-fi agreement AFTER the first payment was due, thus thrusting them into default before they even knew they had a re-fi.

 

And then there was this sentence in the article:

 

"The bank is involved in a similar case in California, where it's trying to foreclose on an 89-year-old woman, despite two court orders telling it to stop."

 

So they think that they don't have to abide by laws.

 

Seems to me the judge was right in trying to send these b@#*****s a message. By the way, the bank is paying those lawyers high salaries or fees, with OUR tax money, to behave rapaciously this way.

[Charmin]

That would be my choice too.

 

However I fear the bears are indeed going to be mounted.

 

Unless some shorts are removed on Uncle Buck by the end of Black Friday.

[DrStool]

I do not mean to be argumentative, but just want all of us to understand the terminology. I am not addressing the substance, which I do not dispute.

 

I believe that the Federal Reserve District banks are not technically "public corporations." They are neither corporations owned by a government nor are their shares publicly traded. I believe a better term may be a private corporation.

 

I was addressing the second part of the question. That was "Who owns the banks that own the District Fed Banks?" I understand that the Fed District Banks are not public corporations. Regardless of that fact, as minority shareholders they exercise no managerial control whatsoever. They exercise influence through cronyism and corruption.

[DrStool]

The Federal Reserve is not owned by the Treasury and the Federal Reserve is not a hindrance to Congress spending money. I think that's our real problem. Nationalize the Fed and send us a paycheck from the money system.

 

Andrew Gause

http://www.oneradionetwork2.com/mp3/money/...nov_25_2009.mp3

 

OH MY GAWD.

 

OK, you want to nationalize a government agency, right? Well, the Fed is an Agency of the Federal Government. And all operating surpluses, otherwise known as profits in the private sector, ARE RETURNED TO THE US TREASURY each year. In recent years it's been $40-45 billion and it's part of the Federal budget.

[DrStool]

http://www.factcheck.org/askfactcheck/who_...serve_bank.html

 

Says the Fed is owned by the banks that comprise it. Who owns those banks? Perhaps this is not public information, but numerous web sites have guesses, of course.

 

Anyone publishing "guesses" about who owns the Fed is an insane bullshit artist. The Board of Governors is a GOVERNMENT AGENCY. The District Banks are owned by the member banks, virtually all of whom are public corporations. There is NO SECRECY involved whatsoever.

[shorty]

Anyone publishing "guesses" about who owns the Fed is an insane bullshit artist. The Board of Governors is a GOVERNMENT AGENCY. The District Banks are owned by the member banks, virtually all of whom are public corporations. There is NO SECRECY involved whatsoever.

Can anyone please list the names of these member banks, both the ones that are public corporations and the ones that are not? Thanks.

[Charmin]

OH MY GAWD.

 

OK, you want to nationalize a government agency, right? Well, the Fed is an Agency of the Federal Government. And all operating surpluses, otherwise known as profits in the private sector, ARE RETURNED TO THE US TREASURY each year. In recent years it's been $40-45 billion and it's part of the Federal budget.

 

I was trying to summarize what Andy Gause said in the radio broadcast. All I can tell is it's a problem reflected in the currency.

[capitall]

Well, I do agree that the important thing is how the Fed conducts itself in relation to citizens. This is portrayed below, from a post by Bullmarket on Clearstation a few days ago:

 

Bernanke: You want answers?

 

American Citizen: I think I'm entitled to them.

 

Bernanke: You want answers?

 

American Citizen: I want the truth!

 

Bernanke: You can't handle the truth! Son, we live in an economic system that has oligarchs. And those oligarchs have to be guarded by helicopters that drop money. Who's gonna do it? You? You, Mr. American Citizen? I have a greater responsibility than you can possibly fathom. You weep for Capitalism and you curse Socialism. You have that luxury. You have the luxury of not knowing what I know: that Capitalism's death, while tragic, probably saved Wall Street bonuses. And my existence, while grotesque and incomprehensible to you, saves Wall Street bonuses...You don't want the truth. Because deep down, in places you don't talk about at parties, you want me protecting oligarchs. You need me protecting oligarchs. We use words like plunge protection team, quantitative easing, and primary dealer credit facility ...we use these words as the backbone to a life spent defending something. You use 'em as a punchline. I have neither the time nor the inclination to explain myself to a man who rises and sleeps under the blanket of the very manipulated market I provide, then questions the manner in which I provide it! I'd rather you just said thank you and went on your way. Otherwise, I suggest you pick up a toxic asset and bailout a banker. Either way, I don't give a damn what you think you're entitled to!

 

American Citizen: Did you order the bail out?

 

Bernanke: I did the job you sent me to do.

 

American Citizen: Did you order the bail out?

 

Bernanke: You're goddamn right I did!!

 

-----------------

This is a parody of Jack Nicholson's speech in a movie here:

 

 

But this is the exact rationale that Bernanke uses. He is not this aggressive in his words though, so he appears as if he is a nicer guy than the character Nicholson plays. But he is saying exactly this.