Daily Digest

Daily Digest - Apr 15

Wednesday, April 15, 2009, 9:51 AM
  • Oregon Unemployment Rate Ties Record High in 60+ Years
  • Massive debt issuance in the U.S. and elsewhere
  • The Fake Recovery
  • New Ways to Shop
  • Cash In A Mattress? No, Gold In The Closet (H/T Jrf29)
  • Summers: Living Large and in Charge (H/T CM)
  • Obama believes in the Easter Bunny (H/T CM)
  • New Baseball Fields and (Empty) Corporate Boxes (Photos)
  • Retail Sales plunge surprises WSJ (Chart on page)
  • You Can't Predict Inflation, But You Can Be Ready!
  • John Dizard: Geithner's and Citi's Days Numbered
  • Solar Water Distiller (H/T CM)

Economy

Oregon Unemployment Rate Ties Record High in 60+ Years

This graph is from Oregon's Employment Situation: March 2009 and shows the Oregon unemployment rate since Jan 2000.

The unemployment rate is at the peak level of the 1982 recession - the highest since record keeping started in 1947. The unemployment rate is increasing rapidly, and the rate of increase appears to be accelerating.

Massive debt issuance in the U.S. and elsewhere

You should note that Marc's comments mean that any dollar weakness from excessive debt and a weak economy will not necessarily be manifest in currency markets but might appear in commodity markets. This is one reason the dollar, which I see as a weak currency longer-term, is holding its own.

The Fake Recovery

Why 'Fake'? This is a fake recovery because the underlying systemic issues in the financial sector are being papered over through various mechanisms designed to surreptitiously recapitalize banks while monetary and fiscal stimulus induces a rebound before many banks' inherent insolvency becomes a problem. This means the banking system will remain weak even after recovery takes hold. The likely result of the weak system will be a relapse into a depression-like circumstances once the temporary salve of stimulus has worn off. Note that this does not preclude stocks from large rallies or a new bull market from forming because as unsustainable as the recovery may be, it will be a recovery nonetheless.

New Ways to Shop

Food auctions are a growing hit in communities slammed by recession and layoffs.

Cash In A Mattress? No, Gold In The Closet (H/T Jrf29)

There's the rub. In the event of global collapse and inflation, in a world in which paper currency is worthless, what good will gold actually do? How do you take your gold bar to the 7-Eleven and buy a gallon of milk? Mark Albarian, chief executive of Santa Monica, California based Goldline, says that when dollars are worthless, a gold bar will buy a whole lot of dollars, which you can then use to go buy milk. "We buy gold in case the unimaginable happens," he says. James Turk, who runs a company called GoldMoney, takes this doomsday scene one step further: in a financial calamity, entrepreneurs will emerge who will melt and mold your gold into coins or exchange it for a currency that does have value.

Summers: Living Large and in Charge (H/T CM)

Not surprisingly, Lawrence Summers is convinced that he deserved every penny of the $8 million that Wall Street firms paid him last year. And why shouldn't he be cut in on the loot from the loopholes in the toxic derivatives market that he pushed into law when he was Bill Clinton's treasury secretary? No one has been more persistently effective in paving the way for the financial swindles that enriched the titans of finance while impoverishing the rest of the world than the man who is now the top economic adviser to President Obama.

Obama believes in the Easter Bunny (H/T CM)

President Barack Obama declared Friday that the slumping economy has begun to show "glimmers of hope," but cautioned that it remains severely stressed and will require lots more work to turn it around.

New Baseball Fields and (Empty) Corporate Boxes (Photos)

Retail Sales plunge surprises WSJ (Chart on page)

 

WSJ reports:U.S. retail sales unexpectedly plunged during March in a broad-based decrease that threw a shadow over recent signs of improvement in the slumping economy. Retail sales decreased by 1.1% compared to the prior month, the Commerce Department said Tuesday. Economists expected an increase of 0.3%.

You Can't Predict Inflation, But You Can Be Ready!

Federal Reserve Chairman Ben S. Bernanke is siding with John Maynard Keynes against Milton Friedman by flooding the financial system with money. If history is any guide, says Allan Meltzer, the effort will end in tears. Inflation "will get higher than it was in the 1970s," says Meltzer, the Fed historian and professor of political economy at Carnegie Mellon University in Pittsburgh.

John Dizard: Geithner's and Citi's Days Numbered

Yves here. Geithner has given lip service before Congress to being able to put big banks in receivership, but I have seen nada in the way of concrete steps to make that happen. Back to the article:

The key problem is this: if the cash the FDIC uses for big bank resolutions really is a loan from the Treasury, then it will have to be repaid with a usurious assessment on the rest of the insured banks. That would not leave sufficient operating cash flow, or capital accumulation, for the banks to finance recovery. So the loan must turn into an equity capital contribution from the taxpayers.

Energy

Solar Water Distiller (H/T CM)

Solar Stills operate on the same principles that produce rainfall. The sun is allowed into and trapped in the Still. The high temperatures produced destroy all pathogens. The water evaporates, and in this process, only pure water vapor rises in the Still, only to condense on the glass. The glass is sloped to the south, and the condensed water runs down the glass and is collected in a trough. The water is allowed out of the collector through silicone tubing, and is collected in 5 gallon glass jugs. There are no moving parts in the solar still, and only the sun's energy is required for operation.

The design of the our Solar Still began with many hours spent researching previous designs, successes and failures. Our goal for the Still project was to design and develop plans for a Still which could be replicated using "off the shelf" materials.

We designed a still which is easy to replicate, using standard building materials, of which 95% are available "off the shelf". The exterior materials were chosen for their ability to withstand our desert climate with minimal maintenance. The still produces an average of 3 gallons per day in the summer months. Winter production is expected to be 1/2 that amount. The Solar Still can utilize a standard size patio glass replacement, 34"X76". The material costs per still are approximately $150.

18 Comments

dickey45's picture
dickey45
Status: Bronze Member (Offline)
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Posts: 77
Re: Daily Digest - Apr 15

Yikes, does my home state have to make top news today?  I live in Corvallis and although the unemployment rate is around 9% we still fetch $240k for 700-1000 sqft 1940's junk homes.  It is crazy.

mcafeejs's picture
mcafeejs
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Posts: 34
Re: Daily Digest - Apr 15

http://www.oath-keepers.blogspot.com/

Declaration of Orders We Will NOT Obey


Recognizing that we each swore an oath to support and d
efend
the Constitution against all enemies, foreign and domestic, and
affirming that we are guardians of the Republic, of the principles in
our Declaration of Independence, and of the rights of our people, we
affirm and declare the following:

1. We will NOT obey any order to disarm the American people.

The attempt to disarm the people on April 19, 1775 was the spark of open
conflict in the American Revolution. That vile attempt was an act of
war, and the American people fought back in justified, righteous
self-defense of their natural rights. Any such order today would also
be an act of war against the American people, and thus an act of
treason. We will not make war on our own people, and we will not commit
treason by obeying any such treasono
us order.

Nor will we assist, or support any such attempt to disarm the people by other government entities, either state or federal.

In
addition, we affirm that the purpose of the Second Amendment is to
preserve the military power of the people so that they will, in the
last resort, have effective final recourse to arms and to the God of
Hosts in the face of tyranny. Accordingly, we oppose any and all
further infringements on the right of the people to keep and bear arms.
In particular we oppose a renewal of the misnamed “assault-weapons” ban
or the enactment of H.R. 45 (which would register and track gun owners
like convicted pedophiles).

2.
We will NOT obey any order to conduct warrantless searches of the
American people, their homes, vehicles, papers, or effects - suc
h as warrantless house-to house searches for weapons or persons.

One
of the causes of the American Revolution was the use of warrantless
searches known as “writs of assistance” and the first fiery embers of
American resistance were born in opposition to those infamous writs.
The Founders considered all warrantless searches to be unreasonable and
egregious. It was to prevent a repeat of such violations of the right
of the people to be secure in their persons, houses, papers, and
effects that the Fourth Amendment was written.

We expect that
warrantless searches of homes and vehicles, under some pretext, will be
the means used to attempt to disarm the people.

3. We will NOT obey any order to detain American citizens as “unlawful enemy combatants” or to subject them to trial by military tribunal.

One
of the causes of the American Revolution was the denial of the right to
jury trial, the use of admiralty courts (military tribunals) instead,
and the application of the laws of war to the colonists. After that
experience, and being well aware of the infamous Star Chamber in
English history, the Founders ensured
that the international laws of war would apply only to foreign enemies, not t
o
the American people. Thus, the Article III Treason Clause establishes
the only constitutional form of trial for an American, not serving in
the military, who is accused of making war on his own nation. Such a tr
ial for treason must be before a civilian jury, not a tribunal.

The international laws of war do not trump our Bill of Rights. We reject as illegitimate any such claimed power, as did the Supreme Court in Ex Parte Milligan (1865). Any
attempt to apply the laws of war to American civilians, under any
pretext, such as against domestic “militia” groups the government
brands “domestic terrorists,” is an act of war and an act of treason.

4.
We will NOT obey orders to impose martial law or a “state of emergency”
on a state, or to enter with force into a state, without the express
consent and invitation of that state’s legislature and governor.

One
of the causes of the American Revolution was the attempt “to render the
Military independent of and superior to the Civil Power” by disbanding
the Massachusetts legislature and appointing General Gage as “military
governor.” The attempt to disarm the people of Massachusetts during
that martial law sparked our Revolution. Accordingly, the power to
impose martial law – the absolute rule over the people by a military
officer with his will alone being law – is nowhere enumerated in our
Constitution.

Further, it is the militia of a state and of the
several states that the Constitution contemplates being used in any
context, during any emergency within a state, not the standing army.

The
imposition of martial law by the national government over a state and
its people, treating them as an occupied enemy nation, is an act of
war. Such an attempted suspension of the Constitution and Bill of
Rights voids the compact with the states and with the people.

5.
We will NOT obey orders to invade and subjugate any state that asserts
its sovereignty and declares the national government to be in violation
of the compact by which that state entered the Union.

In response to the obscene growth of federal power and to the absurdly totalitarian claimed powers of the Executive, upwards of 20 states are considering, have considered, or have passed courageous resolutions affirming states rights and sovereignty.

Those
resolutions follow in the honored and revered footsteps of Jefferson
and Madison in their Kentucky and Virginia Resolutions, and likewise
seek to enforce the Constitution by affirming the very same principles
of our Declaration, Constitution, and Bill of Rights that we Oath
Keepers recognize and affirm.

Chief
among those principles is that ours is a dual sovereignty system, with
the people of each state retaining all powers not granted to the
national government they created, and thus the people of each state
reserved to themselves the right to judge when the national government
they created has voided the compact between the states by asserting
powers never grant
ed.

Upon
the declaration by a state that such a breach has occurred, we will not
obey orders to force that state to submit to the national government.

6. We will NOT obey any order to blockade American cities, thus turning them into giant concentration camps.

One
of the causes of the American Revolution was the blockade of Boston,
and the occupying of that city by the British military, under martial
law. Once hostilities began, the people of Boston were tricked i
nto
turning in their arms in exchange for safe passage, but were then
forbidden to leave. That confinement of the residents of an entire city
was an act of war.

Such tactics were repeated by the Nazis in
the Warsaw Ghetto, and by the Imperial Japanese in Nanking, turning
entire cities into death camps. Any such order to disarm and confine
the people of an American city will be an act of war and thus an act of treason.

7. We will NOT obey any order to force American citizens into any form of detention camps under any pretext.

Mass, forced internment into concentration camps was a
hallmark of every fascist and communist dictatorship in the 20th
Century. Such internment was unfortunately even used against American
citizens of Japanese descent during World War II. Whenever a government
interns its own people, it treats them like an occupied enemy
population. Oppressive governments often use the internment of women
and children to break the will of t
he
men fighting for their liberty – as was done to the Boars, to the
Jewish resisters in the Warsaw Ghetto, to the Cossacks, and to the
Chechens, for example.


Such
a vile order to forcibly intern Americans without charges or trial
would be an act of war against the American people, and thus an act of
treason, regardless of the pretext used. We will not commit treason,
nor will
we facilitate or support it."NOT on Our Watch!"

8.
We will NOT obey orders to assist or support the use of any foreign
troops on U.S. soil against the American people to “keep the peace” or
to “maintain control” during any emergency, or under any other pretext.
We will consider such use of foreign troops against our people to be an
invasion and an act of war.

During
the American Revolution, the British government enlisted the aid of
Hessian mercenaries in an attempt to subjugate the rebellious American
people. Throughout history, repressive regimes have enlisted t
he aid of foreign troops and mercenaries who have no bonds with the people.

Accordingly,
as the militia of the several states are the only military force
contemplated by the Constitution, in Article I, Section 8, for domestic
keeping of the peace, and as the use of even our own standing army for
such purposes is without such constitutional support, the use of
foreign troops and mercenaries against the people is wildly
unconstitutional, egregious, and an act of war.

We
will oppose such troops as enemies of the people and we will treat all
who request, invite, and aid those foreign troops as the trait
ors they are.

9.
We will NOT obey any orders to confiscate the property of the American
people, including food and other essential supplies, under any
emergency pretext whatsoever.

One
of the causes of the American Revolution was the seizure and forfeiture
of American ships, goods, and supplies, along with the seizure of
American timber for the Royal Navy, all in violation of the people’s
natural right to their property and to the fruits of their labor. The
final spark of the Revolution was the attempt by the government to
seize powder and cannon stores
at Concord.

Deprivation
of food has long been a weapon of war and oppression, with millions
intentionally starved to death by fascist and communist governments in
the 20th Century alone.

Accordingly, we will not obey or
facilitate orders to confiscate food and other essential supplies from
the people, and we will consider all those who issue or carry out such
orders to be the enemies of the people.

10. We will NOT obey any orders which infringe on the right of the people to free speech, to peaceably assemble, and to petition their government for a redress of grievances.

There
would have been no American Revolution without fiery speakers and
writers such as James Otis, Patrick Henry, Thomas Paine, and Sam Adams
“setting brushfires of freedom in the minds of men.”

Patrick Henry: "Give me Liberty, or Give me DEATH!"

Tyrants know that the pen of a man such as Thomas Paine
can cause them more damage than entire armies, and thus they always
seek to suppress the natural rights of speech, association, and
assembly. Without freedom of speech, the people will have no recourse
but to arms. Without fr
eedom of speech and conscience, there is no freedom.

Therefore,
we will not obey or support any orders to suppress or violate the right
of the people to speak, associate, worship, assemble, communicate, or
petition government for the redress of grievances.


And for the support of this Declaration, with a firm reliance on the
protection of Divine Providence, we mutually affirm our oath and pledge
to each other our Lives, our Fortunes, and our sacred Honor.
Oath Keepers

The
above list is not exhaustive but we do consider them to be clear
tripwires – they form our “line in the sand,” and if we receive such
orders, we will not obey them. Further, we will know that the time for
another American Revolution is nigh. If such a revolution comes, at
that time, not only will we NOT fire upon our fellow Americans who
righteously resist such egregious violations of their God given rights,
we will join them in fighting against those who dare attempt to enslave
them.

NOTE: please also read our Principles of Our Republic We Are Sworn to Defend

More About Oath Keepers

Oath
Keepers is a non partisan association of currently serving military,
veterans, and peace officers who will fulfill our oath to support and
defend the Constitution against all enemies, foreign and domestic, so
help us God.

Our
oath is to the Constitution, not to the politicians, and not to any
political party. In the long-standing tradition of the U.S. military,
we are apolitical. We don’t care if unlawful orders come from a
Democrat or a Republican, or if the violation is bi-partisan. We will
not obey unconstitutional (and thus unlawful) and immoral orders, such
as orders to disarm the American people or to place them under martial
law. We won’t “just follow orders." Our motto: “Not on Our Watch!” or
to put it even more succinctly, in the words of , "NUTS!"

There
is at this time a debate within the ranks of the military regarding
their oath. Some mistakenly believe they must follow any order the
President issues. But many others do understand that their loyalty is
to the Constitution and to the people, and understand what that means.

The mission of Oath Keepers is to vastly increase their numbers.

We are in a battle for the hearts and minds of our own troops.
Help us win it.
www.oath-keepers.blogspot.com

 

mcafeejs's picture
mcafeejs
Status: Bronze Member (Offline)
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Posts: 34
Re: Daily Digest - Apr 15

April 15th...  Tax day. We ought to have some highlights from Tea parties I think.

but for some reason I don't see anything meaningful in the MSM other than some gross misinformation about how Fox News and the evil conservative billionaires are behind it.  From what I have seen watchin this very closely is that Rick Santelli gave his now famous rant on CNBC and the Paulites grabbed ahold of it and began protesting via the tea party method.  It was and is a true grassroots effort continuing by the freedom loving folks that champion the the Ron Paul rEVOLution and Campaign for liberty (liberTEA).  

The percepetion exists on websites such as www.ronpaul.com that Fox News and the MSM republicans are going to "Shanghai" the movement, if they haven't already done so.  MSNBC says Ron Paul is the father of the tea party  but
does a tremendous diservice by saying there is no coherent message other than "lower taxes" and implying Freedom works (run by Dick Armey) is organizing it.  There is a coherent message and it is the
same outrage you sense on this website and others like Mish's . Crossing these wires may allow the liberal side of the MSM to trivialize the sound historical (and Constitutional) message being communicated at the tea parties------- that we need a government of laws (a republic) and not men (democracy or oligarchy), that the role of the Federal government must be limited and the states are/must be that balance of power to the Federal government, that the only purpose of government in a free society is to provide that freedom through the rule of law, and that sound money, property rights, free markets are the core elements of ALLOWING people to be free. 

---BREAK---- 

 Great Wall Chart concerning Tax Day.

http://www.wallstats.com/blog/wp-content/uploads/WallStatsDATlarge.jpg 

Doug's picture
Doug
Status: Diamond Member (Offline)
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Posts: 3125
Re: Daily Digest - Apr 15

mcafeejs

My guess is that if those citizens take a couple shots at you, you'll change your mind pretty quickly.

doug

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gregroberts
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Posts: 1024
Re: Daily Digest - Apr 15

mcafeejs

Thank you for directing me to the Oath Keepers, this is one of the most important issues regarding our freedom, the military and the police can either be our protecters or our worst enemies depending on whether they honor their oath to the constitution and refuse to obey unconstitutional orders despite the consquences.

Greg

miranda's picture
miranda
Status: Bronze Member (Offline)
Joined: Apr 29 2008
Posts: 28
http://www.oath-keepers.blogspot.com/

so...after 8 years of Bush/Cheney decimating our civil liberties... NOW that Obama's president we're really in trouble? sigh...This is why I don't spend much time on this blog anymore...

 I believe John Stewart responded best to this line of thinking... that you "might be confusing tyranny with loosing" http://www.thedailyshow.com/video/index.jhtml?videoId=223862&title=Barac...

kiwidave's picture
kiwidave
Status: Bronze Member (Offline)
Joined: Sep 7 2008
Posts: 37
A Global commodity based monetary system

I have posted before on the concept of a global monetary system backed by a basket of commodities.  
This is now gaining traction from China.  
 
"China has woken up. The West is a black hole with all this money being printed. The Chinese are buying raw materials because it is a much better way to use their $1.9 trillion of reserves. They get ten times the impact, and can cover their infrastructure for 50 years."  
 
Zhou Xiaochuan, the central bank governor, piqued the interest of metal buffs last month by calling for a world currency modelled on the "Bancor", floated by John Maynard Keynes at Bretton Woods in 1944.  
 
The Bancor was to be anchored on 30 commodities - a broader base than the Gold Standard, which had caused so much grief in the 1930s. Mr Zhou said such a currency would prevent the sort of "credit-based" excess that has brought the global finance to its knees.  
 
If his thoughts reflect Communist Party thinking, it would explain the bizarre moves in commodity markets over recent weeks. Copper prices have surged 49pc this year to $4,925 a tonne despite estimates by the CRU copper group that world demand will fall 15pc to 20pc this year as construction wilts.  
 
http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/5160120/A-Copper-Standard-for-the-worlds-currency-system.html  
 
Cheers,  
David.

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maveri
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Posts: 159
Re: Daily Digest - Apr 15
Doug wrote:

mcafeejs

My guess is that if those citizens take a couple shots at you, you'll change your mind pretty quickly.

doug

+1

Yes, when threatened with life and limb, people resort to their basic instinct for survival.

I wouldn't mind betting that the powers that be will also be telling those that they get to do their dirty work that they are doing it in the true interests of those they are rounding up/disarming/killing.

I also wouldn't mind betting that they will also use the two class system of have's and have nots, where you tell those doing the dirty work that they will share in the riches/spoils and that ultimately there is not enough for all so they are securing their share by following their dictates.

I have not seen anyone really show the total benefit to every man women and child when these regimes are dismantled. i.e. information like how much each person would benefit in their pockets in real dollar terms if the banks were dismantled and interest on money abolished or something along the lines of the Gold Standard was constructed. I have not seen anyone tell the masses how much they personally would gain if all the government waste/pork was done away with and that wealth flow back to the masses. If someone knows, I'd love to look at the figures/website.

Telling people over and over that the system is corrupt and bad gets their nod of apporval - hell - most people know this because they see/feel/breath this crap every day but to spur people to action requires them to see what they are actually missing out on in real terms in their lives and how to change it - then they may get off their sorry ar*ses are seek change and a better lifestyle by becoming involved in the process of change themselves.

I think the only way to really combat a strong military that's rounding up it's own people is to inform them (the military) of these things and that can't be left till they are rounding you up! It's way too late by that stage. Momentum is a huge force in itself as is the locomotive hurtling down the track once it's got moving. To rely upon their good nature not to put a bullet through your head when you raise an objection when they are rounding you up is leaving your life decision in someone else's hands when they have total power - something that this little black duck isn't prepared to do.

The best way to get a bone from a dog is not to fight him/wrestle with him over the same bone - it's to present him with  a bigger bone.

How do we show that life would truely be better with finanical reform, a different money standard/system etc etc etc - in real terms, in ways people can see/feel/touch and understand?

It's true, if the majority of people stood up in unisen to the military, then yes, they could be stopped - no amount of technology (exclusing nuclear of chemical/biological weapons) can stand up to millions of guns but the coordination of the same just isn't going to happen.

Anyhow - I got a little off topic there - my post was to agree with Doug...

maveri's picture
maveri
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Posts: 159
Freedomfest

I got got this e-mailed via Peter Schiff's website.

http://www.europac.net/freedomfest.htm (Info. link).

Frredomfest's website is: http://www.freedomfest.com/

I've never heard of Freedomfest (then again, living down this end of the world we know stuff-all of these sorts of things (at least my generation that is)).

Here's a snippet of what the link contains

Quote:

Dear
Investor;

At last
year's FreedomFest in Las
Vegas, I warned a standing room only crowd that we were
headed for disaster, and I was proven right.  Now newly elected
President Obama and his lacky Ben Bernanke think they can spend their way out
of the global crisis by running massive deficits, taking over the banks,
insurance companies, and auto companies, and re-inflating. 

It's socialism and
it's insane.  Attempts to literally paper-over these problems will lead to
disaster.

The Bible tells us
"When there is no vision, the people perish."  Your freedoms and financial
assets are vulnerable to absolute disaster if you don't act now. 

What to do?  I
have the answer.  I urge every investor to return
to FreedomFest 2009, set for July 9-11, at Bally's/Paris Resort in
Las Vegas, and
hear what I and other top financial experts have to say about the worst
financial crisis in our lifetimes.  Your life and your money depend on
it.   

Among the notables
speaking, will be Peter Schiff,  He will be giving a major talk on the
current financial crisis, a special luncheon, participate in a debate on
Austrian vs. Chicago economics, and hold a special session
for his clients and subscribers only. 

And I've just arranged
for a special $100 per person ($200 per couple) discount on the
registration fee for Peter's subscribers and clients.  But this is
only good until May 15.  (See below for more details.)

I have more good
news:  I've just learned that Ron Paul's road show, "Campaign for Liberty," will be coming
to this year's FreedomFest.  Join him, Judge Andrew Napolitano, Tom Woods
(author of the NYTimes bestseller, "Meltdown"), and me, Mark Skousen, for this
unique event at FreedomFest. 

This year's theme is
most appropriate: 

 

“Clear
and Present Danger”

etc etc etc

End Quote:

Hope it's of use to someone out there...

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ChrisG
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Posts: 1
Re: http://www.oath-keepers.blogspot.com/

"so...after 8 years of Bush/Cheney decimating our civil liberties... NOW that Obama's president we're really in trouble?"

Apparently, since you seemingly receive your news from a comedy network, you may have missed the whole "The Obama administration is again invoking government secrecy in defending the Bush administration’s wiretapping program" deal. Not to mention Obama having his Secretary of Homeland Security brand anyone who disagrees with current polices, "extremists" and "terrorists".

 Seems you might feel a little more at home at Daily KOS.

Ready's picture
Ready
Status: Platinum Member (Offline)
Joined: Dec 30 2008
Posts: 917
Re: http://www.oath-keepers.blogspot.com/
miranda wrote:

so...after 8 years of Bush/Cheney decimating our civil liberties... NOW that Obama's president we're really in trouble? sigh...This is why I don't spend much time on this blog anymore...

Miranda,

I re-read all the comments previous to yours and I have to say you lost me. This is not a political partied post. Re-read it if you don't believe me. You trying to make it one is transparent at best.

Your delivery on this one is akin to a seagull, fly over, drop a load, fly off. What was the point of that exactly? If you are so annoyed with the activity here, what motive do you have to flame a fire you seem to be creating?

Confused...

 

 

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Damnthematrix
Status: Diamond Member (Offline)
Joined: Aug 10 2008
Posts: 3998
Re: Daily Digest - Apr 15

Australia's
pole position

The
copper price rose another 4 per cent last night. It has now gone up 72.5 per
cent since bottoming on December 24th and 56 per cent this year.

Part of this is
due to short covering by commodity-based hedge funds but, remarkably, a lot of
the buying seems to be coming from China diversifying its foreign exchange
holdings out of US dollars and into metals, especially copper.

Ambrose
Evans-Pritchard, writing in the London Telegraph, has a fascinating
article this morning, suggesting that the
Chinese government has made a conscious decision to stockpile physical metals
instead of US bonds.

He quotes Nobu Su, the head of Taiwan’s TMT Group, which ships
commodities to China, as saying: “China has woken up. The west is a black
hole with all this money being printed. The Chinese are buying raw materials
because it is a much better way to use their $1.9 trillion of reserves. They
get ten times the impact, and can cover their infrastructure for 50
years."

If this is right,
and there is plenty of evidence that is, it fundamentally changes the dynamics
of global finance – and very much in Australia’s favour.

The west is
borrowing to finance fiscal stimulus, including Australia. China has made it
clear that it is worried about the trillions it has invested in western paper,
especially US bonds, of which it owns about US$1.7 trillion.

By switching
from holding US paper to buying and holding metals China is, in effect,
switching from investing in what America has – the promises of capitalism
– to something that Australia has plenty of: real metals you can stick in
a warehouse, and then use later on.

At a grim time
for this nation, this is the best news I have seen for months.

While Australia
is borrowing to finance fiscal stimulus, the US has gone further by embarking
on a deliberate strategy of gradual “default by inflation” –
that is, printing money to finance its Government debt, which reduces the value
of the debt over time – along with the value of assets.

Premier Wen Jiabao said last month:
“We have lent a huge amount of money to the US, so naturally we are
concerned about the safety of our assets.”

And the
manifestation of that appears to be that Chinese imports of copper reached
329,000 in February and a further 375,000 tonnes in March. This can’t be
explained by Chinese industrial demand, since exports fell by 17 per cent in
March.

Evans-Pritchard
concludes: “The beauty of recycling China's surplus into metals instead
of US bonds is that it kills so many birds with one stone: it stops the yuan rising, without provoking complaints of currency
manipulation by Washington; metals are easily stored in warehouses, unlike oil;
the holdings are likely to rise in value over time since the earth's crust is
gradually depleting its accessible ores. Above all, such a policy safeguards
China's industrial revolution, while the west may one day face a supply
crisis.”

Damnthematrix's picture
Damnthematrix
Status: Diamond Member (Offline)
Joined: Aug 10 2008
Posts: 3998
Re: Daily Digest - Apr 15

U.S. FORECLOSURE INDEX: Foreclosures Soar in March, Up 44 Percent Over February’s High

Lenders End Moratoria, Opening Flood of Foreclosures; Re-Defaults and Job Losses Also Take Their Toll

SACRAMENTO, Calif.--(BUSINESS WIRE)--Completed
foreclosures hit another monthly record in March as 175,199 homes were
lost to foreclosure, up 44 percent from February’s record high,
according to the latest U.S. Foreclosure Index released today by
ForeclosureS.com, a leading real estate information provider.

The number of foreclosed properties was
up dramatically from 121,756 in February. Nearly 370,000 properties
have been repossessed by lenders so far this year – 18.3 of every 1,000
households – up more than 38 percent from 266,986 in the fourth quarter
of 2008, the U.S. Foreclosure Index shows, and up 76 percent from
210,280 in the first quarter of 2008.

The first-quarter 2009 total is the
highest quarterly total of completed foreclosures since the foreclosure
crisis began. Pre-foreclosure filings – filings that could lead up
to a completed foreclosure – also reached their highest quarterly
level, topping 600,000 for the first time since the foreclosure crisis
began.

jamesdvetter's picture
jamesdvetter
Status: Bronze Member (Offline)
Joined: Feb 23 2009
Posts: 51
Re: http://www.oath-keepers.blogspot.com/
Ready wrote:
miranda wrote:

so...after 8 years of Bush/Cheney decimating our civil liberties... NOW that Obama's president we're really in trouble? sigh...This is why I don't spend much time on this blog anymore...

Miranda,

I re-read all the comments previous to yours and I have to say you lost me. This is not a political partied post. Re-read it if you don't believe me. You trying to make it one is transparent at best.

Your delivery on this one is akin to a seagull, fly over, drop a load, fly off. What was the point of that exactly? If you are so annoyed with the activity here, what motive do you have to flame a fire you seem to be creating?

Confused...

Ready...couldn't agree more.

fujisan's picture
fujisan
Status: Gold Member (Offline)
Joined: Nov 5 2008
Posts: 296
Re: Daily Digest - Apr 15

Banks 'Virtually Laughing' at Loan Seekers: Trump - Real Estate * US * News * Story - CNBC.com

Quote:

There are no signs that the real economy is improving and banks are still not lending despite the huge amounts they received from the government, legendary real-estate investor Donald Trump told CNBC Wednesday.

Banks received "billions and billions" of dollars and this made them solvent, and some want to pay it back sooner, but they should lend to boost the economy, according to Trump.

"The banks are not lending money, there's no money out there, no matter how strong you are, no matter how good your deal is, if you go to a bank today they virtually laugh at you if you're asking for money. They don't have money or they're hoarding money," he said.

The policy makers have to make the banks loan the money that they're giving to the banks. I don't know what they do with the money but they don't have any money to lend," he added.Analysts have repeatedly said that banks may be using the cash they get to cover holes in their balance sheets caused by toxic assets.

"It's going to be very interesting what the toxic assets will sell for... if they sell," he said.

Trump also said he was buying commercial real estate, but admitted that there were clouds of uncertainty hanging above the sector.

"I'm a buyer of commercial real estate," Trump said. "The only problem with buying is you just don't know how low is low. The only positive I see frankly is that the stock market is going up but I just don't know why the stock market is going up."

Doug's picture
Doug
Status: Diamond Member (Offline)
Joined: Oct 1 2008
Posts: 3125
Re: Daily Digest - Apr 15

One possible reason that the banks are not lending that I have not seen discussed is that they may be expecting inflation and don't want to be repaid in devalued dollars.  If the bail outs have sufficiently recapitalized them, what other reasons are there not to lend to solid businesses?  It's not in their nature to hoard money, they want it working for them.

cat233's picture
cat233
Status: Platinum Member (Offline)
Joined: Aug 20 2008
Posts: 575
Foreclosure activity increases 9% in first quarter

Foreclosure activity increases 9% in first quarter according to RealtyTrac U.S. Foreclosure Market report

RealtyTrac released its U.S. Foreclosure Market Report for Q1 2009, which shows that foreclosure filings -- default notices, auction sale notices and bank repossessions -- were reported on 803,489 properties in the first quarter, a 9% increase from the previous quarter and an increase of nearly 24% from Q1 2008. One in every 159 U.S. housing units received a foreclosure filing during the quarter. Foreclosure filings were reported on 341,180 properties in March, a 17% increase from the previous month and a 46% increase from March 2008. The March and Q1 2009 totals were the highest monthly and quarterly totals since RealtyTrac began issuing its report in January 2005 despite a decrease in bank repossessions, which were down 13% from the fourth quarter of 2008 and 3% from February totals. "In the month of March we saw a record level of foreclosure activity -- the number of households that received a foreclosure filing was more than 12% higher than the next highest month on record. Since much of this activity was in new foreclosure actions, it suggests that many lenders and servicers were holding off on executing foreclosures due to industry moratoria and legislative delays," said James Saccacio, chief executive officer of RealtyTrac.

From Briefing.com

cmartenson's picture
cmartenson
Status: Diamond Member (Offline)
Joined: Jun 7 2007
Posts: 5568
Re: Daily Digest - Apr 15
Damnthematrix wrote:

By switching
from holding US paper to buying and holding metals China is, in effect,
switching from investing in what America has – the promises of capitalism
– to something that Australia has plenty of: real metals you can stick in
a warehouse, and then use later on.

At a grim time
for this nation, this is the best news I have seen for months.

Interesting link, Mike.

I totally agree with the Chinese strategy of stockpiling easily stored commodities in preference over increasingly worthless paper.  Brilliant and advisable.

But I completely disagree with the Author's notion that it is "good news" for Australia that it can now exchange its increasingly rare earth metals for China's recycled paper promise tickets.

That's just the China strategy in reverse.  So either it is smart for China to exchange infinite paper promises for hard metal or it is dumb for Australia to do the same, but they can't both be smart strategies.

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