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Økonomiske sitat: 27-29 september 2008

Lagret under: ash, bonner-bob, chapman-the, guru-adrian, mogambo, sitat-bill, økonomiske on oktober 2, 2008 at 9:04 pm

” Not to be outdone by their brothers in the military and industrial complex, the big bankers and financiers of the Illuminati have, during that same period, profited from the dot.com bubble and real estate bubble, not to mention the quadrillion dollar derivatives casino, that were set up through the repeal of Glass-Steagall by the Gramm Leach Blilely Act in 1999, followed by the deregulation of what was to become the gargantuan OTC derivatives market by the Commodity Futures Modernization Act in 2000.” 

“You might have been wondering why all these big banks like JP Morgan Chase and Bank of America are buying up and absorbing toxic waste dumps like Bear Stearns, Merrill Lynch, Countrywide and Washington Mutual, seemingly without fear that their toxic waste might poison them and put them under.  Wonder no longer, because all the Illuminist scum running these big banks were told in advance that the Paulson Plan would be slam-dunked down the throats of our Congress by the peerless Caligula Administration.  All that toxic waste, they were told months in advance, would not affect them, because the Illuminist operatives in our government were going to pawn it off on the dopey sheople, who would be sold down the river by their traitorous, so-called representatives in our government.” 

“The Paulson Plan will start with $700 billion, and end up being $7 trillion (plus) as they extend the bailout to include not only real estate derivatives but credit default swaps and interest rate swaps as well.  The average family of four gets a stimulus check for $1,200 from their government, and then they pay out 8 times that much back to their government, almost $10,000, just for the opening volley on the Paulson Plan as initially proposed, not to mention the Fannie and Freddie bailout, which will also cost roughly the same, just for openers.  Twelve hundred for you, ten thousand for them.  That is the Illuminist way, and it will create a hyperinflationary recession and a Very Large Depression that will make the 1930’s look like a cake-walk, while simultaneously removing any remaining pretense of free and open markets.” 

“You had best buy gold and silver quickly to protect yourself from the coming catastrophe.  While the ancient Jews had lamb’s blood to put on their door posts to protect them from the Destroyer, you will have to settle for gold and silver.  We also note that God is still available as well, and we suggest you call on His services for the ultimate in bailout protection.”      

Bob Chapman, 27. september 

“And what a bunch of numbskulls – Greenspan, Paulson and Bernanke! Every word they’ve said so far has been financial poison. “Greenspan relaxed about house prices…” reported the Financial Times in 2005. “Most negatives in housing are probably behind us…” said the same sage in October 2006. “We believe the effect of the troubles in the subprime sector…will be likely limited…” said Bernanke in March 2007. It’s “not a serious problem…I think it’s going to be largely contained,” added Paulson in April 2007.  

But these are the same numbskulls who now say they are saving capitalism from itself. Ah, there’s the rub…amid all this giddy merriment is a serious threat. The feds have bailed out the bankers, the insurers, the mortgage lenders, and half of Wall Street. But who will bail out the feds?

Since 1971, the world’s money system rests on the dollar. And the dollar rests on nothing but faith, hope and the kindness of strangers. And while the full faith and credit of the United States of America is elastic, it can snap.”

“Where will the government get that kind of money? There are only two possibilities – one honest and depressing, the other corrupt and alarming. Whether it borrows the money, or prints it up, the world enjoys no net increase in financial resources. Borrowing takes resources from projects that might have been worthwhile and diverts them to the losers. Interest rates rise, as a consequence of the extra borrowing; higher rates generally worsen the economic picture. And while the U.S. borrows, long term, at almost 5%, it lends at barely 2%. It’s like a bank that has gotten its business model badly mixed up. The more it borrows and lends, the faster it goes broke.  If, on the other hand, it merely prints the money – or if it creates it “out of thin air,” to use Lord Keynes’ handy phrase – the results are even worse. Inflating the money supply with new currency, a la Argentina or Zimbabwe, wipes out debts. But it destroys faith in the dollar and brings down the whole world’s money system.”  

”Yes, dear reader, as predicted in these pages…we are witnessing an epochal shift – from capitalism to socialism…from markets to politics…from subtle swindle to naked larceny…from white collar grifters to stick-up men…from slick fraud to brute force.” 

Bill Bonner, 29. september 

“Another reason that I cry so piteously and drink so abusively is that all this new government borrowing will create so much new money that it will destroy the dollar’s buying power, taking my own country down with it. The only reason that I stop bawling like a little crybaby is the knowledge that the people who own gold, silver and oil will get rich, rich, rich, and since I own gold, then people will want me to loan them a few bucks out of my huge stacks of money because they are starving, and their children are starving, and I will say “No!”, and it will be thin gruel indeed for them to hear my mocking voice again echoing in their heads, “Buy gold, silver and oil, you morons, because your stupid government is letting a private bank (that misleadingly calls itself the Federal Reserve when it is, in fact, neither) to create so damned much fiat money that it will produce catastrophic inflation in consumer prices that will destroy the country, just like it has done to every other stupid country in the last 4,000 years that let its stupid government increase a fiat money supply at its whim! Hahahaha! Now you see why I always said you were freaking doomed! Hahaha!” 

The Mogambo Guru, 29. september 

“Now the terrified trio of Bush, Bernanke and Hank want $700 billion just to refinance the U.S. investment banks and their foreign landfill sites, let alone home-buyers, mortgage lenders and house builders. Yet five U.K. banks alone hold $175 billion of qualifying junk — fully one quarter of the sum requested. So no wonder Bill Gross — boss of Pimco, the world’s biggest bond fund, and a cheerleader for governmental intervention ever since Bear Stearns’ hedge funds went “hiccup!” — says the “troubled auction recovery program” will need another $500 billion on top, just for starters.” 

Adrian Ash, 29. september

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Økonomiske sitat: 16-22 september 2008

Lagret under: sitat, økonomiske on september 20, 2008 at 7:09 pm

Den økonomiske kollapsen som såkalte konspirasjonsteoretikere eller dommedagsprofeter har annonsert i årevis er her. Nå skjer ting så raskt at det for de fleste er vanskelig å skjønne hva som skjer, hvorfor og hva vil skje fremover. Masse sies og masse skrives og jeg har for min egen del bestemt meg for å samle sitat fra diverse meget kompetente folk etter hvert som det hele skrider frem.

Dette vi jeg her dele med de som er interesserte.

Man kan selvsagt ikke beskrive komplekse årsaksforhold med en rekke sitater, men jeg synes de kan spore til ytterligere undersøkelser i et forsøk på å forsøke å forstå.

 

Det er mye arbeid med å lese seg frem til interessante sitat, men jeg skal forsøke å komme med flere fra tid til annen og holde det så oppdatert som mulig. Derfor har jeg skrevet dato på sitatene.

 

“Things you expect to happen usually take longer than expected: but once underway, they tend to evolve much more quickly than you expected.” - Doug Casey

 

 Quotes

“Goldman Sachs, meanwhile, is said to be the best firm on the Street. But even it is suffering. It is supposed to announce revenues down 73% for the 3rd quarter.”

“Yesterday, at least some investors must have seen a total disaster headed their way. They bought gold.”

“But let us return to the big picture. For the last 13 years, the U.S. money supply has been increasing at about 2 times the rate of GDP. This is known, to monetary sticklers, as “inflation.” But the “inflation” that most people think of is the kind you see at the gas pump and supermarket checkout counter. Nobody squawks when the sticklers’ inflation raises house and stock prices. But nobody doesn’t squawk when it raise consumer prices.”

“Investors buy gold to protect themselves. Gold never overstates its earnings, understates its liabilities or declares bankruptcy. When everything else goes to Hell, gold is still there…still doing its job.”

“Of course, when there is a serious correction, the financial authorities also make a great show of repairing the damage, supposedly caused by greed and the lack of regulation. Typically, there are a few show trials…a few rich people are ruined and run out of town…and new programs and regulations are put in place which tend to delay recovery and make the next bust-up even worse.”

“But among one of the feds’ tricks, one is particularly dangerous: they can print money.”

“But all good things must come to an end…especially things that are too good to be true. And now, the great bubble in credit has been popped – and everyone’s squawking. The financial industry is in decline – and will probably not recover in our lifetimes. Inflation has given way to deflation. Just look at what happened to Lehman Bros. Hardly more than a year ago, investors had an asset worth $45 billion. Now they have nothing. What happened to that $45 billion? It disappeared.”

Bill Bonner, 16. September

“Hey! This economics stuff is easy! And buying gold and silver is almost just as easy, as it involves, at least, a few clicks on your computer or a few seconds dialing a telephone! And then, when gold and silver rise in price thanks to the coming economic collapse, just like they always have in every other economic collapse, getting rich will be the easiest of all, as you do absolutely nothing except sit around watching their prices go up and up! Whee!”

The Mogambo Guru, 16. September

“I just loaned $283 to AIG…I and every other American. And the funny thing is; no one asked our permission. The Federal Reserve simply took our money and handed it to a group of individuals who have demonstrated the ability to lose billions of dollars faster than almost anyone on the planet.” 

Eric J. Fry, 17. September 

“Ah yes, dear reader…the land of free markets and free men has become the land of the free lunch. Wall Street hustlers can make billions in bonuses – when the sun shines. As soon as it begins to rain, the losses are handed out to the general public. What kind of capitalism is this?”

“No, dear reader…we’ll stick with our formula: Sell stocks on rallies. Buy gold on pullbacks. Gold is a good buy right now.

Bill Bonner, 17. September

“Note how, in all the above bailout situations, the shareholders get vaporized, and the bondholders get saved.  This is in keeping with what we told you about the bond markets, namely, that they are the seat of Illuminist power.  The small investors, the municipalities, the regional banks and the pension plans who invested heavily in the stocks of these failing companies get vaporized, while the bond-holding Wall Street fraudsters, the transnational Illuminist conglomerates and the thieving, currency-manipulating nations which took undue advantage of the elitists’ free trade, globalist agenda, or which gouged us with monopolistic pricing of oil and other essential commodities, get a bailout, courtesy of their victims.  It is like a mugger who steals your money, gambles it away, and then asks you to make good on his losses.  Even the mafia doesn’t go that far!” 

Bob Chapman, 17. September 

“By nationalizing nearly 80% of AIG for $85 billion, the Fed is doing a lot more than simply flushing taxpayer money down the toilet. The greater wrong is allowing the agency that has the power to print money to take control of a private enterprise, especially without the approval of the company’s shareholders. The move represents the largest lurch toward socialism that this country has ever seen, and signals the end of the vibrancy of America’s once vaunted free market economy. Since there is no limit to the amount of money the Fed can create, there is no limit to the number of assets they can acquire.” 

“Where does this stop? What other troubled companies will the Fed nationalize, and how much will it cost? Why stop at troubled companies? If the Fed can buy into a sick company, why not a healthy one? Now that we have allowed the Fed to take over any asset it wants, private property rights are meaningless. When oil prices get really high, why bother with a windfall profits tax when the Fed can simply nationalize Exxon-Mobil with a few cranks on its printing press. Who needs Bolsheviks when you have the Fed?” 

Peter Schiff, 17. September

“It used to be that the job of the Federal Reserve was, as former Chairman William McChesney Martin Jr. told it, “to take away the punch bowl just as the party gets going.” Now it seems like the Fed is laying a direct pipeline to the distillery to keep everyone loaded. And in the process of taking over Fannie and Freddie, the U.S. government is socializing the financial side of the national housing market. The cynical view is that the federal government will loan you the money to buy an overpriced house and your local government will tax you for the privilege of living there. But where is the money coming from?”

Byron W. King, 17. September

“The good news is that “Rocky Road Of Destruction (RROD)” is the new hit release of the band called “Mogambo and the Mogambo-Tones”, where the fabulous band now takes a dark foray into Goth, with a tune propelled by the catchy hook “We’re freaking doomed!” which is constantly repeated over a soundtrack of wolves howling, people screaming and crying out “We’re freaking doomed because of the inflation that was set in motion in the ’30s when the corrupt Supreme Court overruled the Constitution and declared that paper money was the same as gold money, and then it was brought to a head in 1997 when the Federal Reserve under Alan Greenspan started an exponential creation of so freaking much money and credit so that, in 1999, when the loathsome Bill Clinton repealed the Glass-Steagall Act, the banks had the wherewithal to create so much more debt and thus an increase in the money supply to finance asset bubbles and derivative bubbles (now approximated at $1.25 quadrillion world-wide, or about $200 for every freaking man, woman and child on the freaking planet), which makes you laugh at the audacity of such lunacy, but then we did it for so freaking long that the resultant inflation in prices no longer appears as inflation in stocks, no longer as inflation in bonds, no longer as inflation in houses, but always as more and more inflation in the size of government and the cost of living (price inflation), which means that the Federal Reserve must create more money that the Congress needs to borrow, which will make inflation in prices worse, which was the original problem in the first freaking place! Oh woe! Oh woe!”Okay, I realized that the lyrics needed a little work, but I am too lazy to do the work and nobody else wanted anything to do with it, but the point is not that most people are tone-deaf morons who wouldn’t know good music if it came up and kicked them in the crotch.”

The Mogambo Guru, 17. September

“The more the economy and financial sector weaken, the more money the feds must put up to rescue them. The more dollars they need, the more they must borrow. And the more they borrow, the more they don’t pay back… Already the amount unpaid – the official national debt – is almost $10 trillion. The interest alone is nearly $2 billion per day. Meanwhile, tax revenues are falling. Social costs – as people need more unemployment compensation, more free food and medicine, more subsidies and giveaways – are rising. Some economists are predicting budget deficits of $1 trillion…others say it could go to $2 trillion…”

Bill Bonner, 18. September  

“And, as my dismal experiences on this planet prove, not only do people not want to talk about it, but people don’t want to hear about it, either! Like, for instance, I was at this party last weekend and I heard this guy saying to this girl, “Hey, baby, let’s go over to my place and get crazy!” and she was cooing back through half-lidded eyes, “Ooooh, yes!”, and so I said to them, “Wait! You would be MUCH Better Off (MBO) if each of you immediately went home and arranged to get your stupid little retirement accounts and other dollar-denominated assets out of the stock market and into gold, silver and oil as soon as possible, because your dollars will lose so much buying power! So go home! Right now! Chop chop, you morons!”” 

The Mogambo Guru, 18. September

“Let’s begin by adjusting the previous high gold price of $850 set in 1980, into today’s dollar value.  By using the US government’s own inflation calculator, we find out that gold should be trading at $2,260 to match the 1980 high of $850.  For silver the price today should be $129 to match the 1980 high of $48.  If one were to use the statistics maintained by John Williams at Shadowstats.com the numbers would be twice as high:  Close to $5,000 for gold and well over $250 for silver. We need to keep in mind that there are today several billion people who were not part of the global population back then.   According to Goldman-Sachs an estimated 70 million people worldwide are entering the middle class each year.  Once people attain middle class status, they will work hard to stay there or advance higher still. It is a coincidence that in two rapidly rising economies ( China and India ), the population has a centuries old attraction to precious metals.” 

Peter Degraaf, 18. September

“Easy prediction: gold will go up today. Any sane person reading this news can see that the Goddess of Hyperinflation is being untied and is now going to stretch her wings and take off. Not instantly, she always has to wait for the banking gnomes to spread this magic flying piggy bank loot across the earth. Then, the recipients have to find somewhere safe to park it all. And they find it! The gnomes that get this loot will run off and put it in a safe place. Their mattress is gold, platinum, etc. The ‘rare’ metals.” 

“The oldest banks on earth are dying. Central banks are dying. The Federal Reserve is going to SPRAY the planet with swaps it doesn’t have in reality. It will ’swap’ stuff with bankers who are also going bankrupt. The Sovereign Wealth Fund nations are silent in all this, note that!”  

Elaine Meinel Supkis, 18. September

“Moments after learning of the latest installment to the government’s “emergency plan” to “fix” the markets, the Dow Jones Industrial Average begun a dramatic turnaround. After falling 300 points in early trading, the market mustered up all the delusion it could to stage a 700+ point catapult into the black.  The brazen display of collective irrationality continues this morning with the Dow up 380 points as your perplexed editor writes. Never let it be said that the amount of gullibility in the markets is in short supply. If anything, its cup spilleth over.” 

“Call us cynical, but your editors tend to feel very uneasy when politicians get the urge to “do something” concerning the business of Mr. Market.  Personally, we like it better when politicians are locked in battle amongst themselves. At least then they are less likely to “do something.” In fact, we’d feel most inclined to vote for the politician who ran with the slogan, “Vote Joe Blogs – We Promise to Do Nothing.” “ 

Joel Bowman, 19. September

“…but the one thing it cannot do is create real money. Every intervention costs money. And money is the one thing the feds don’t have. Not real money. They only have phony money. And when investors finally realize the difference – between real money and funny money – that’s when things will get very, very interesting.” 

“How is it possible for a “conservative” government to nationalize the insurance business? What comes into the heads of “conservative” leaders that makes them want to spend a half trillion they don’t have bailing out investors? Why would any U.S. official with his wits about him want to raise the possibility of war with Russia…over Georgia? Maybe Atlanta would be worth defending…and even there we have our doubts. But Tbilisi?”  

Bill Bonner, 19. September

“Despite all the bankruptcies and bailouts, the U.S. dollar is still holding up fairly well. That’s not likely to last. The world’s central banks are running out of tricks… and short on time.” 

Addison Wiggin, 19. September

“Although gold initially sold off as the apparent need for a financial safe haven ebbed, look for a spectacular rally to commence as its traditional role as an inflation hedge returns with a vengeance.” 

Peter Schiff, 19. September

“The financial crisis is fast unfolding as Fannie Mae, Freddie Mac, AIG, Lehman, Merrill Lynch, Washington Mutual and Wachovia are joining Countrywide, Bear Stearns and company in their disappearing acts.  There are rumors now that Morgan Stanley is in trouble, too. I am surprised that the administration did not do more than they did to stabilize the financial sector (not that I am for it). There’s no question in my mind that conditions in the market are worse than 1929, except that this time the dollar is not anchored to the gold standard so governments are printing at will. Watch out for credit card collaterals deteriorating, which will hurt Citibank and Bank of America.” 

John Lee, 20. September

“At this point, it’s virtually impossible to keep up. Every time we return to our computer we find that Washington’s do-gooders have wrapped their tentacles around another hundred billion taxpayer dollars (OUR dollars!) in order to bail out Wall Street’s most profligate fat cats.” 

“We watched capitalism as we know it die this week. Perhaps a minute silence is in order…” 

Joel Bowman,  21. September  

“The rain falls on the rich and the poor alike. That’s symmetry. But after the rain lands, the rich receive a much larger share of the water than the poor. That’s asymmetry. Indeed, some of the rich funnel as much water as possible toward their own personal reservoirs…even though they have more than enough water already. That’s greed. …And some of the rich drain the wells of their neighbors and clients to water their golf courses. That’s Wall Street.” 

Eric J. Fry, 21. September

“None will escape the coming juggernaut of losses when the glowing, quadrillion dollar Derivative Death-Star goes supernova.  The entire world economy will get sucked into the resulting financial black hole.”  

“To support the survivors, they then announce the Resolution Trust Company II bailout, kill all shorting of over 800 financial companies, and then spew out money and credit throughout the international banking system in amounts that are nothing short of spectacular.  This is an outrageous, unbelievable, unprecedented consolidation of power, which flies in the face of free markets and paves the way for an ever-burgeoning corporatist, fascist police state.  Hanky Panky wants to give the Fed sweeping regulatory power over this new group of behemoths who will control everything, while occasionally allowing crumbs to fall off their table for the little guys to gobble up.  And there will be far fewer of the little guys to worry about after the carnage in the banking sector has finally ceased.  This is not a sure thing for them.  The fraudsters remaining, even the big guys, could still fail, that is how bad this situation has become.  The Illuminati are quaking with terror that they have overdone things and that they could end up destroying the whole system irreparably.  That is why we are having all these bailouts stuffed down our throats.”  

Bob Chapman, 21. September 

“The banksters own this country, always have; only now they’ve decided to strip away the curtain and reveal the ghoulish visage of the puppet-master. It ain’t pretty.” 

Mike Whitney, 21. September 

“One minute everything is hunky-dory; the subprime meltdown is “contained” and “the fundamentals of our economy are strong”.(Paulson) And, less than a week later, congress is forced to surrender their constitutionally-mandated right to oversee spending in order to forestall economic Armageddon. Which is it? Or is the real objective just to keep the country on an emotional teeter-totter long enough for all state-power to be subsumed by the Wall Street Politburo?” 

Mike Whitney, 21. September 

“Bernanke and Paulson have shown their hand. Hyper-inflation it is. It never really was in doubt, but there was always the hope that some integrity might surface eventually. Not a chance, down the gurgler we go with the elites desperately scrambling to stay upright by balancing on top of us.” 

Tom Cash, 21. September 

“The party pooping reality is that the DOW is now set up for the biggest fall in the history of Wall Street. Gold has finally achieved a dignified serenity and continues to glide upwards, un-phased and unimpressed by the drunken revelry surrounding it. There is no looking back for gold now. Just make sure that yours is not in ETF’s or stored in banks. That will all be confiscated. There can be no doubt about that any longer.” 

Tom Cash, 21. September 

“Yes, almost every imbecilic act we could imagine has become fact. No exaggeration is too extreme. Life imitates farce. A few years ago, in a moment of lighthearted hyperbole…we suggested that the War on Terror was such an absurdity… “Why not a War on Bear Markets?” we wrote. And now, we have one!”

Bill Bonner, 22. September

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