Jump to content

Amazing Swimmer . . .


Guest

Recommended Posts

...all Leeson has done is cause new dislocations in credit, housing, paper assets and "turned japanese" in order to get out of what we should have never gotten into in the first place....

 

Rates are taking an unnatural course in order to to feed the monster....

 

Ag

It's like a ... monetary breeder reactor.

 

Al's Atomic Particle Accelerator produces more capital than it consumes ... a free energy machine.

 

As capital becomes superabundant, its price falls to zero. :mellow:

"Thus the system continued to flourish till the commencement of the year 1720. The warnings of the Parliament, that too great a creation of paper money would, sooner or later, bring the country to bankruptcy, were disregarded. The regent, who knew nothing whatever of the philosophy of finance, thought that a system which had produced such good effects could never be carried to excess. If five hundred millions of paper had been of such advantage, five hundred millions additional would be of still greater advantage. This was the grand error of the regent, and which Law did not attempt to dispel. The extraordinary avidity of the people kept up the delusion; and the higher the price of Indian and Mississippi stock, the more billets de banque were issued to keep pace with it. The edifice thus reared might not unaptly be compared to the gorgeous palace erected by Potemkin, that princely barbarian of Russia, to surprise and please his imperial mistress: huge blocks of ice were piled one upon another; Ionic pillars of chastest workmanship, in ice, formed a noble portico; and a dome of the same material, shone in the sun, which had just strength enough to gild, but not to melt it. It glittered afar, like a palace of crystals and diamonds; but there came one warm breeze from the south, and the stately building dissolved away, till none were able even to gather up the fragments. So with Law and his paper system. No sooner did the breath of popular mistrust blow steadily uypon than it fell to ruins, and none could raise it up again.

 

"The first slight alarm that was occasioned was early in 1720. The Prince de Conti, offended that Law should have denied him fresh shares in India stock, at his own price, went to his bank to demand payment in specie of so enormous a quantity of notes, that three waggons were required for its transport.... Others were soon found who imitated from motives of distrust, the example which had been set by De Conti in revenge. The more accute stockjobbers imagined justly that prices could not continue to rise for ever... and converted their notes into specie, and sent it away to foreign countries. They also bought as much as they could conveniently carry of plate and expensive jewellery, and sent it secretly away to England or to Holland.... Notwithstanding every effort to the contrary, the precious metals continued to be conveyed to England and Holland."

 

Charles Mackay, Extraordinary Popular Delusions and the Madness of Crowds

Link to comment
Share on other sites

  • Replies 264
  • Created
  • Last Reply
Guest bullseatshitndie

there was a 1min h&s pattern on dow futures for a target of 10578, hit 581. didn't think it had a chance of breaking down at the end, good to see

Link to comment
Share on other sites

Irrational?

 

We ain't seen NOTHING yet!

 

Many persons grow insensibly attached to that which gives them a great deal of trouble, as a mother often loves her sick and ever-ailing child better than her more healthy offspring. Upon the same principle we must account for the unmerited encomia lavished upon these fragile blossoms. In 1634, the rage among the Dutch to possess them was so great that the ordinary industry of the country was neglected, and the population, even to its lowest dregs, embarked in the tulip trade. As the mania increased, prices augmented, until, in the year 1635, many persons were known to invest a fortune of 100,000 florins in the purchase of forty roots. It then became necessary to sell them by their weight in perits, a small weight less than a grain. A tulip of the species called Admiral Liefken, weighing 400 perits, was worth 4400 florins; an Admiral Von der Eyk, weighing 446 perits, was worth 1260 florins; a shilder of 106 perits was worth 1615 florins; a viceroy of 400 perits, 3000 florins, and, most precious of all, a Semper Augustus, weighing 200 perits, was thought to be very cheap at 5500 florins. The latter was much sought after, and even an inferior bulb might command a price of 2000 florins. It is related that, at one time, early in 1636, there were only two roots of this description to be had in all Holland, and those not of the best. One was in the possession of a dealer in Amsterdam, and the other in Harlaem. So anxious were the speculators to obtain them that one person offered the fee-simple of twelve acres of building ground for the Harlaem tulip. That of Amsterdam was bought for 4600 florins, a new carriage, two grey horses, and a complete suit of harness. Munting, an industrious author of that day, who wrote a folio volume of one thousand pages upon the tulipomania, has preserved the following list of the various articles, and their value, which were delivered for one single root of the rare species called the viceroy :-- florins. Two lasts of wheat.............. 448 Four lasts of rye............... 558 Four fat oxen................... 480 Eight fat swine................. 240 Twelve fat sheep................ 120 Two hogsheads of wine........... 70 Four tuns of beer............... 32 Two tons of butter.............. 192 One thousand lbs. of cheese..... 120 A complete bed.................. 100 A suit of clothes............... 8O A silver drinking cup........... 6O ----- 2500 -----

 

Also from Mackay.

Link to comment
Share on other sites

Pumpa Jam Day 2

 

Today's Fed Feed Report is now updated. How can you expect to know how things will come out if you don't know your Feed?

Fine report. Tanks.

 

Looks more and more like the monetary base growth accelerated from new year's, like you say here. Perhaps the Fed is following the lead of Japan and will just leave interest rates as they are and concentrate on new money production.

 

The BOJ set its free reserves target yesterday at 35 trillion yen but in reality it is probably already well beyond that target. The Feed is learning new bubble management tricks like this from the BOJ.

Link to comment
Share on other sites

Must read Pearlstein in todays Friday Washinngton Post Business section--not much thats new tro stoolies but for the first time,at least to me, a major world class newspaper takes Big Al on and actually uses the word "DISSEMBLE" IN CHARECTERISNG BIG aL'S TESTIMONYY BEFORE THE ocngrassional committees charged with overseeing Big AL'S SECRET VENTURES--IT ALSO CONTAINS HIS unofficial obituary aand why he chooses to escape from envenomed hordes of the unwahed around june--

beardrech :ph34r: :cry:

Link to comment
Share on other sites

Archived

This topic is now archived and is closed to further replies.

  • Tell a friend

    Love Stool Pigeons Wire Message Board? Tell a friend!
  • Recently Browsing   0 members

    • No registered users viewing this page.
  • ×
    • Create New...