I’d embed it if I could: Harry Koza on BNN on the European debt crisis – “Enough already, stop the madness”. Related – watch jaws drop at the BBC.
I’d embed it if I could: Harry Koza on BNN on the European debt crisis – “Enough already, stop the madness”. Related – watch jaws drop at the BBC.
Yikes, glad the mortgage is paid off in 4 months.
Oh dear, oh dear
In yet another scene from a novel by Ayn Rand
Welcome to the brave new world.
Not sure where to put this link, but there is a petition on the front page of Rob Anders website asking the government to defund the CBC.
http://www.robanders.com/
Heres a guy who has no political axe to grind. He doesn’t care if the market goes up down or sideways. Ho only cares that he will be able to trade it effectively and make money.
You might agree with that outlook or disagree, but I would say he offers a more clear eyed assessment of the reality of the situation than any politician or central banker.
I wonder what happens when the “nice” people finally realize the nanny state(s) does more bad than good? I wonder if warm sunny weather, beer and barbeques will make it as easy to overlook as in the past?
I say everyone digs a hole for the head of the person to their left. Don’t ask me what the last guy is supposed to do though.
Thanks Kate for the link. Enjoyed the interview and agree with ‘Post by: ward at September 26, 2011 7:40 PM’.
Here’s a few lines of code you can use to embad the video using iframes. -Enjoy-
My jaw drops when the same people who put the boots to business are those who wonder why the market is tanking.
No. More. Bailouts.
The Ricochet podcast had a guy saying he wants to see bankers on the street selling apples. I agree. Let the system collapse. Those with savings will rebuild.
Norman at September 26, 2011 8:04 PM
“Those with savings will rebuild.”
God speed to the frugal before inflation!
I thought the guy on the BBC was -brilliant-. And he’s -right- too. If you’re savings is the equity in a house or property, even here in Canada you’re going to get skinned IMHO.
TSX is already getting skinned. Suncor, just ferinstance, is almost back down to where it was in the bottom of the 2008 crash. Realy! If you thought it was all going to be ok, its not.
I am not one of those who thinks the world is going to end, because it isn’t. Example of why its not:
The Imperial Valley in California is cut off from water by the EPA right now. Endangered smelt, y’know. Northern cities only notice a small increase in prices because freight is cheap enough to ship fresh produce from Mexico and South America. Peruvian strawberries, forsooth. Lets say that changes, lets say freight gets expensive due to a crashing American dollar.
ONE WINTER of no strawberries in New York is all its going to take to get the EPA dismantled.
People on the East Coast talk a good game. They pretend to be good bunny huggers and watermelons, good caring liberals. But I’ve seen how they handle adversity. I’ve seen women fighting over a loaf of bread in a big expensive store because a storm was forecast the next day.
Mark me, -one- hard winter and the Democrat machine is not just toast, its burnt toast.
Somebody tell me why he is wrong.
Not you Krugman.
It is interesting to watch the journalists reaction to the idea that government may be an impotent, not omnipotent, force. Apparently this thought has never occurred to them – do something, pass a law, spend money, ban it is always assumed to work, like waving a magic wand.
If a neo-con is a liberal mugged by reality then maybe we shall see a tsunami-like wave of conversions in the next few years.
I started taking things “really” seriously the first month Obamba took office.
The lead time until now has been great & put too good use,the longer the better.
“Hope for the best, plan for the worst”.
It was especially enjoyable to see the woman at the BBC near the end of the video. Like someone had exposed themselves… or their charade.
Interesting comment : That “Goldman Sachs rules the world, not governments”. I find it telling this trader admits western economies are now made and broken by credit and default – just like 3rd world failed states. – Unsecured fait credit and unsecured currency issue are inventions made from thin air with no tangible inherent wealth or value, except what is grasped in a default.
This is of course the new economy run by zombie banks (remember Goldman Sachs et al being bailed out by mom and pop tax payers?) which create wealth only by seizing tangible assets in default of fiat credit to poor risks. The old economy had hard inflation proof crash proof currency and wealth was a matter of getting a piece of the productive genius of industrialists filling the new, faster, better consumer need. When we allowed our dipshit globalist polis to deindustrialize the west, we lost our old economy. Now our markets are cesspools of racketeering on the latest hoax, like derivatives and debt trading – carbon trading market all plundered on borrowed fait credit – more fait credit extended to socialist governments who are already insolvent due to lack of revenue from lack of productivity. Heh, could there ever be a more destined to fail economic system?
Somewhere Ayn Rand and Hayek are sayin, “we told you so”.
Wow! What else is to say except the chickens coming home to roost.
There will be blood in the streets.
Phantom, in a word, “yes” to everything in your post. You’re quite right; it’s no strawberries in New York in February which will start to bring this home. The problem up to now is that trade has become so globalized that a nation can hammer part of its economic activity and it’s little noticed because supply is available elsewhere.
And it’s not just the stock market that’s sliding. Anyone notice how commodities have tanked over the last couple of weeks, including gold?
And the trader on BBC is right. There’s big money to be made, particularly in things like blue chip stocks that are selling dirt cheap and have high dividends. Back to an old, old investment strategy of investing for earnings and not growth.
“…but it doesn’t help the rest of us…” is the best line in both clips. That’s what you get for living in a fool’s paradise.
really had me interested until he said something like “they’re moving their investments to safer places like… the US dollar”. The US dollar, an investment safe haven? Is he on crack? Seriously? That thing (the USD) is borderline junk status!
“safer” just means safer than Europe.
I wonder what the Islamist living on Kaffur Jizra are going to do once the golden egg goes away.
I wouldent mind an article by Mark Steyn on that.
When the Islamics find they are not going to be subsidized anymore, what will they do?
The “BBC silly cow” could have asked “But if they raise the interest rates and grant credit to good
small businesses that are starved now, won’t that leave my crony capitalist boyfriend and his
politician silent partners who now are gatekeepers to all that free money, up the creek?”
.
I get what he’s saying, but ultra low interest rates aren’t the primary cause of the whole shebang – they are a symptom. The real cause comes from the US government wanting to promote higher levels of home ownership coupled with two certain US government sponsored entities figuring out that there is a market for “securities” that push the risk from the lenders to investors.
In essence, it was a giant global game of hot potato, and he’s absolutely right that no bank should have been bailed out. They should have been made to eat their losses and suffer the consequences.
“really had me interested until he said something like “they’re moving their investments to safer places like… the US dollar”. The US dollar, an investment safe haven? Is he on crack? Seriously? That thing (the USD) is borderline junk status!”
In fact that is not the case at all. As one trader said a few weeks ago, US treasuries are the least dirty shirt in the laundry basket right now.
TSX is already getting skinned. Suncor, just ferinstance, is almost back down to where it was in the bottom of the 2008 crash. Realy! If you thought it was all going to be ok, its not.
Perhaps in the short term. Canada has an abundance of resources: oil, gas, hydro-electricity, potash, minerals, wheat, etc. In the long term of decades from now Canada will do just fine. On the other hand if it makes one feel better to panic, go right ahead. Watch the price of copper for a better measure of the health of the economy.
The markets will continue to flounder until the Greeks, Spanish, Portuguese, and Italians get cut loose from the Euro and get their currencies back. The Euro Zone isn’t Canada or the US, as there are no common values on which to base a common currency. A Greek’s idea of retirement is different from a German’s and the Germans aren’t going to work longer and harder so the Greeks can have early retirement with government benefits.
North of 60 has it more right than many posters here. Canada has the resources and the stability to weather the coming storm better than many other countries.
Having said that, debt is a noose around necks from the individual level to the federal level, and the indebted must somehow be hoping for hyperinflation to make their current debt go away with minimum pain. Deflation reflected in lower salaries and house prices would sink many families today.
Bottom line, though, is if one is living beyond one’s means today, will it be possible to live within them tomorrow? Because above all things, that will be necessary. Start now. Better still, start 3 years ago.
The trader spoke of people making money in the depression:
The day of the ’29 crash JP Morgans wife heard of the calamity on the radio and assumed that they were ruined and promptly began loading up the car with all of the jewelry and other valuables to prepare for their getaway a soon as JP returned from wall street. When JP did arrive home he asked what she was doing and when apprised of it told to not bs so foolish – he had made more money that day than in any other single day before in his life…
The trader is partly right – you can make money – lots of money in a down market. But if you aren’t a pro at it you can get demolished in trying to do so.
You cannot help but notice how the financial media will not deviate from a demand for a solution from the pundits. They cannot accept a bottom line that a collapse is inevitable. For many it will mean a job loss. They are no different than the politicans and bankers who will all be held to account in the end.