For listeners of JGL, the link under discussion is here. Be sure to read the comments as well, including this one.
5 Replies to “We Are All Cypriots Now”
Financial planners words cannot express their ‘joy’ at the thought that plunder has become an international value…
Precisely when do Canadians hoist the “Jolly Roger” ensign to reflect this new reality?
Arghhh, PREPARE TO BE BOARDED & SURRENDER THE BOOTY!
Cheers
Hans Rupprecht, Commander in Chief
1st Saint Nicolaas Army
Army Group “True North”
It’s criminal that not ONE of our mainstream media outlets has concerned themselves with telling Canadians about this proposed legal theft.
Meanwhile, they blather on endlessly about Bob Ford, or North Korea (send money or we will hold our breath!), or Elizabeth May, or …
London Gold slid another $23 today, now down almost $300(16%)since it’s Sept 2011 peak of $1875.
Why would this be happening if the world is worried about USD currency devaluation/reserve status and QE inflation threats. Gold’s slide seems counter intuitive unless the market-think is the banks will have to pay higher interest rates on deposits as a risk premium because of the new policy/threat called ‘bail-in’ aka confiscation. Could it be?
Also, what gives with the DJIA bull? Just the age old lesson – the markets will not always behave as one thinks they should? Or just getting back to basics – bubbles always run their course, dividends/rents always, eventually determine the real price, emotions be damned?
QE can “fix” a liquidity problem but the world does not have a liquidity problem – it has a solvency problem. Printing for more and more loans will not “fix” a solvency problem, it will aggravate it – unless the inflation fire can be lit. So far that is not really happening, is it? Other than in fuel and food. And that is a totally different story. Gasoline usage is down so why the price inflation? Retail gasoline deliveries, already well below 1980 levels, have absolutely fallen off a cliff. Ag production has exploded and population increases have also fallen off a cliff but food prices have risen dramatically. So what gives?? Simple – gov’t imposed mandates on ethanol usage and ridiculously expensive fossil fuel “enviro” regulations.
Harrumph! Way to go, cgh, for stealing the show (again) — this time on the boss lady’s second beta test of her new (as yet unannounced) meme of “media convergence” between talk radio in Canada and, you know, august commentary on her award winning weblog.
All of which is a tongue-in-cheek way of paying you an important compliment, as I’m sure you know. Just remember that three of the last four elected Conservative prime ministers (those who, you know, actually won a general election) have been born in Ontario and gone west as very young men. I hope your particular baptism did not contain much fire.
On the other hand, I’m quite certain that there will be ample opportunity to pop corks, etc., over Stephen’s (Joe Oliver’s) announcement today of the dismantling of John Diefenbaker’s Canadian Oil Policy — which served it’s purpose for a while (thirteen years, if memory serves), but which ultimately served as a convenient stick for Mr. Trudeau, Sr. to publicly beat Western Canada, before Ontario voters, until Mr. Mulroney, thankfully, put an end to all that junk, through deregulation (albeit under conditions of falling energy prices). I’m certain that there will be much and many more than corks popping this evening.
Life is a three-legged stool: now, we have a chance.
An Update:
The Conservatives, seeking a way to avoid being in the direct line of fire on this grand theft plan of theirs, have elected to try to let the Globe and Mail act as its proxy, in this pure piece of fancy and BS: http://www.theglobeandmail.com/report-on-business/ottawa-clears-up-confusion-over-bank-bail-in/article10697667/
The Globe article is, of course, misleading and pure BS.
1. Only the first $100,000 of deposits are insured by CDIC. Amounts over that will be subject to the rape and plunder by the government.
2. The CDIC (Canada Deposit and Insurance Corp) is, in fact, the Canadian taxpayer. Welcome to YOUR double-dipping contribution to the bailout of greedy and mismanaged banks!
3. I checked the Ministry of Finance website this morning (Wed). There is no such “clarification” referenced there, as stated in the Globe article.
Basically put, the Conservative governments policies with respect to bailouts/bailins are fuzzy, poorly defined, and use depositor + taxpayer funds to bail out “too big to fail” banks.
The only, and real solution, is to “right-size” the banks so they can’t get into a fail situation through their new-found greed and avarice of size, over-leverage, and obscene CEO salaries. Basically, reinstate the “four pillars” of Canadian financial institutions that worked so well and safely for a century. Banks bank, trusts trust, brokerages brokerage, and investment houses make markets and do M&A work. Also get the banks out of insurance.
Why are bank CEOs so overpaid, given that it’s taxpayers and depositors that are taking all the risks, in this latest theft of balances by the Conservative government?
Financial planners words cannot express their ‘joy’ at the thought that plunder has become an international value…
Precisely when do Canadians hoist the “Jolly Roger” ensign to reflect this new reality?
Arghhh, PREPARE TO BE BOARDED & SURRENDER THE BOOTY!
Cheers
Hans Rupprecht, Commander in Chief
1st Saint Nicolaas Army
Army Group “True North”
It’s criminal that not ONE of our mainstream media outlets has concerned themselves with telling Canadians about this proposed legal theft.
Meanwhile, they blather on endlessly about Bob Ford, or North Korea (send money or we will hold our breath!), or Elizabeth May, or …
London Gold slid another $23 today, now down almost $300(16%)since it’s Sept 2011 peak of $1875.
Why would this be happening if the world is worried about USD currency devaluation/reserve status and QE inflation threats. Gold’s slide seems counter intuitive unless the market-think is the banks will have to pay higher interest rates on deposits as a risk premium because of the new policy/threat called ‘bail-in’ aka confiscation. Could it be?
Also, what gives with the DJIA bull? Just the age old lesson – the markets will not always behave as one thinks they should? Or just getting back to basics – bubbles always run their course, dividends/rents always, eventually determine the real price, emotions be damned?
QE can “fix” a liquidity problem but the world does not have a liquidity problem – it has a solvency problem. Printing for more and more loans will not “fix” a solvency problem, it will aggravate it – unless the inflation fire can be lit. So far that is not really happening, is it? Other than in fuel and food. And that is a totally different story. Gasoline usage is down so why the price inflation? Retail gasoline deliveries, already well below 1980 levels, have absolutely fallen off a cliff. Ag production has exploded and population increases have also fallen off a cliff but food prices have risen dramatically. So what gives?? Simple – gov’t imposed mandates on ethanol usage and ridiculously expensive fossil fuel “enviro” regulations.
Harrumph! Way to go, cgh, for stealing the show (again) — this time on the boss lady’s second beta test of her new (as yet unannounced) meme of “media convergence” between talk radio in Canada and, you know, august commentary on her award winning weblog.
All of which is a tongue-in-cheek way of paying you an important compliment, as I’m sure you know. Just remember that three of the last four elected Conservative prime ministers (those who, you know, actually won a general election) have been born in Ontario and gone west as very young men. I hope your particular baptism did not contain much fire.
On the other hand, I’m quite certain that there will be ample opportunity to pop corks, etc., over Stephen’s (Joe Oliver’s) announcement today of the dismantling of John Diefenbaker’s Canadian Oil Policy — which served it’s purpose for a while (thirteen years, if memory serves), but which ultimately served as a convenient stick for Mr. Trudeau, Sr. to publicly beat Western Canada, before Ontario voters, until Mr. Mulroney, thankfully, put an end to all that junk, through deregulation (albeit under conditions of falling energy prices). I’m certain that there will be much and many more than corks popping this evening.
Life is a three-legged stool: now, we have a chance.
An Update:
The Conservatives, seeking a way to avoid being in the direct line of fire on this grand theft plan of theirs, have elected to try to let the Globe and Mail act as its proxy, in this pure piece of fancy and BS:
http://www.theglobeandmail.com/report-on-business/ottawa-clears-up-confusion-over-bank-bail-in/article10697667/
The Globe article is, of course, misleading and pure BS.
1. Only the first $100,000 of deposits are insured by CDIC. Amounts over that will be subject to the rape and plunder by the government.
2. The CDIC (Canada Deposit and Insurance Corp) is, in fact, the Canadian taxpayer. Welcome to YOUR double-dipping contribution to the bailout of greedy and mismanaged banks!
3. I checked the Ministry of Finance website this morning (Wed). There is no such “clarification” referenced there, as stated in the Globe article.
Basically put, the Conservative governments policies with respect to bailouts/bailins are fuzzy, poorly defined, and use depositor + taxpayer funds to bail out “too big to fail” banks.
The only, and real solution, is to “right-size” the banks so they can’t get into a fail situation through their new-found greed and avarice of size, over-leverage, and obscene CEO salaries. Basically, reinstate the “four pillars” of Canadian financial institutions that worked so well and safely for a century. Banks bank, trusts trust, brokerages brokerage, and investment houses make markets and do M&A work. Also get the banks out of insurance.
Why are bank CEOs so overpaid, given that it’s taxpayers and depositors that are taking all the risks, in this latest theft of balances by the Conservative government?