Økonomiske sitat: 23-24 september 2008

Lagret under: krise-sitater, økonomisk on september 27, 2008 at 3:28 pm

” Being long gold, for example, is one way to short the U.S. dollar. And drinking at home with friends is one way to short restaurants with stuffy dress codes.” 

Joel Bowman, 23. September  

“What are my “big investment ideas,” you ask?  I’ll give you three: Sell the dollar, sell the dollar and sell the dollar.  My fourth and fifth big investment ideas are related: Sell short long-dated U.S. Treasury bonds; buy commodities.” 

“Even though commodity prices have retreated substantially from their all-time highs, they will rebound eventually…and then continue on to new all-time highs. (Perhaps the big bounce in gold and oil during the last couple of trading sessions is the start of something bigger). So at the risk of repeating myself, I will repeat myself anyway: I like commodities, at least for the long haul, if not also for the short haul. I like commodities because supplies are limited and demand is not. I also like commodities because they lack CEOs and executive management teams. I like commodities because greed and stupidity cannot destroy their value.”  

“American-style investment banking is not a “business model,” it is a Ponzi scheme – a fraud – in which all the money flows to the people at the top, while everyone else who plays the game absorbs the losses. This massive institutionalized fraud is now over.” 

Eric J. Fry, 23. September  

“Last week, the SEC announced a temporary ban on new short sales in 799 specific financial stocks. Short selling is one of the most important weapons in an investor’s cache. It allows the market to react to foul play and sloppy corporate leadership. This is an even more important tool to use against poorly run small caps. That’s why this ban is so significant.” 

“Rather than target the individuals who had been warning about this situation for years, why doesn’t the SEC investigate the proprietary trades of the banks’ trading desks? I’d expect it would find evidence that the investment banks were short selling each other’s stocks at the same time that they were cutting each other’s lines of credit. In the autopsy of Lehman Brothers’ balance sheet, we have discovered that Lehman management wildly overvalued its toxic assets. Why wasn’t this taken as evidence that the lack of transparency at investment banks is at the root of last week’s crisis?” 

Dan Amoss, 23. September  

“And the New York Times reports that older Americans are “terrified.” They staked their retirements on housing and stocks. Both now are losing value. Worse still, they have fewer savings than any generation since WWII…and the meager savings they do have pay almost nothing!” “Those old people would be better with a stash of gold coins somewhere. Coins have no counterparties. No hidden liabilities. No explosive “investments” in the vault. They yield nothing…but nor do they lose value when people get scared. Instead, when the going gets rough, they typically go up in price.Our guess is that we will hear a lot more about gold in the years ahead. Because the world’s paper money system…a system that depends on hope, faith, and the kindness of strangers…is going bust. Maybe not this week. Maybe not this year. But eventually. And each day that passes brings us closer.” 

“As the correction continues, we expect more and more frantic efforts on the part of the government to stop it. Look for the Fed to cut rates. Look for more bailouts…more junk on the Fed’s balance sheet…more guarantees…and more intervention. Both candidates for president, along with the media, and the voters themselves are all in favor of “doing something” to prevent assets from falling to what they are really worth.” “Of course, investors will smell it coming. They will push up the gold price…to $1,000…to $1,500…maybe to $3,000. And then, the financial authorities will prohibit trading gold. Franklin Roosevelt already set the pace; he confiscated it.” 

 “First, note how the elitists have allowed the stock markets to crash over the past two days in order to put pressure on Congress to adopt their plan.  They have withdrawn PPT support in an effort to stuff this plan down Congress’s throat.  And this pressure will continue until they get their way.  This is what Congress gets for letting the Illuminati run our country.” 

“And how is this elitist bailout bonanza going to benefit the taxpayers, or our economy?  It isn’t!  In fact, it is going to exacerbate an already volatile situation. Thanks to free trade and globalization, the global economy has become a tripwire economy.  One wrong move, and the claymores go off, taking out the entire global financial system in a blaze of shrapnel and glory.” 

“The United States operates at a deficit, spending more money than we gained from our own production, and we need foreigners to finance our profligacy.  In order to help us finance this deficit, these foreigners buy our treasury paper with the excess dollars they obtain from their trade with the US.  They do this by having their central banks print more of their domestic currency to absorb the dollar forex which is flooding their economies due to trade imbalances with the US.  Their central banks simply print more of their own currency, which is then used in currency exchanges to soak up that dollar forex.  This process inflates their economies by dumping their own currency on their domestic markets while bidding up dollars which are then used to purchase treasuries.  While those dollars are parked in treasuries, they do little harm to US citizens via inflation, although we do have to pay interest on them.  The foreign nations then enjoy a competitive price on their exports to the US because of their artificially weakened currency, but at the expense of domestic inflation.  This system perpetuates the trade imbalances, and the inflation in the foreign nations.  Obviously, this cannot go on forever.” 

“And now, all these wild, lunatic bailouts will threaten the entire world economy. Why?  Because we are dumping more dollars into the world economy, devaluing our currency, and therefore the value of all these foreign-owned US treasury bonds. Imagine what will happen when 700 billion dollars, in cash, is dumped into the fraudster system.  If the fraudsters start lending again, that means the fractional banking multiplier, which usually runs at 7 to 8 times reserves, will then generate five to six trillion dollars of new money and credit, an amount that would swamp the US and global financial systems even if the Fed shut off its money and credit spigot completely.” 

“These bailouts must be stopped at all costs, or we are going to get vaporized later.” 

Bob Chapman, 24. September 

“If citizens across the country could glimpse the horror seen by the Congressmen (of which we have long warned), then widespread panic would truly be the order of the day. In particular, people will be shocked to see how Paulson’s seemingly vast request to Congress for some $1 trillion is utterly dwarfed by the likely problem.” 

“An old maxim is that, gold makes sense when nothing else makes sense. Today, not much does make sense. Gold is likely to explode, at least in the initial stages of panic. In a recession, cash becomes a King. In a depression, gold is an Emperor.” “In these precarious times, think return of capital, not return on capital.” 

John Browne, 24. September 

“What is ironic is that China, a self-described socialist state, is increasingly now responsible for the well-being of the US, a nation rapidly transforming itself into a fascist nation right before our eyes; and, while this might be the ultimate resolution of the two competing ideologies of the 20th century, I don’t think so. Instead, it could be the end of both.” 

Thomas Jefferson: “I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered.”  

Jefferson’s prophecy has now come true and, yet, we act surprised; and, if we are, it is because the corporate controlled media has effectively misled Americans about the cause of their problems.” 

Darryl Schoon, 24. September

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