Daily Digest

Daily Digest - August 23

Sunday, August 23, 2009, 10:39 AM
  • Peter Schiff - Worst Yet To Come - Raising the Debt Ceiling (Video, H/T iDoctor)
  • What Happens when the Hot Money Ends?
  • Dough for Dumps?
  • Jim Bianco on CNBC (Video on page)
  • Meredith Whitney: 300 Banks to Fail (Video on page)
  • Julian Week #34, Bank Failures #78-81
  • Michael Moore’s Love Story
  • The Crescendo Is Getting Deafening....
  • The Chinese Will Be Out Of The Dollar In A Year Or A Year And A Half - Bob Chapman (H/T Investorzzo)
  • The Zero-Carbon Car (Podcast)
  • Debt, Interest Rates, and Monetary Trends

Economy

Peter Schiff - Worst Yet To Come - Raising the Debt Ceiling (Video, H/T iDoctor)

What Happens when the Hot Money Ends?

Wondering where the fuel for the recent rocket shot is coming from? Well, as Point put it, “The New York Federal Reserve bought a record $5.6 billion in agency debt today. There's your fuel for the equity fire today.”

Dough for Dumps?

After having given away billions faster than even the optimists had anticipated, it was announced today that the federal government's "Cash for Clunkers" program is coming to an early end. But, based on the standards of economic analysis which prevail in Washington, Wall Street and academia, the program must be considered a master stroke of public policy. These experts will tell you that by mandating that citizens destroy older (but still working) vehicles to receive $4,500 toward the purchase of a new car, the program not only revved up the economy by encouraging Americans to borrow more, but it may have, perhaps, made some great strides in saving the planet by reducing carbon emissions.

Jim Bianco on CNBC (Video on page)

At the end of the interview, Jim raised some eyebrows by suggesting Bernanke would not be reappointed (see the last 30 seconds).

This is not new. He argued this exact point last month: His view is a bit different. Greenspan made himself irreplaceable and no president would dare replace him.

Bernanke, while competent, has not achieved this status. So, Obama has the opportunity to appoint someone else if he so chooses. We believe he is seriously considering that possibility, which is why we would put the odds of his appointment at even money. Note that the Intrade market (in the tables to the right) puts the odds of a Bernanke reappointment at 77% to 79%.

Meredith Whitney: 300 Banks to Fail (Video on page)

With 391 banks on the unofficial problem bank list (and more to come), I think 300 is probably low.

Julian week #34, Bank Failures #78-81

First Coweta Bank Newnan GA 57702 August 21, 2009 August 21, 2009

CapitalSouth Bank Birmingham AL 22130 August 21, 2009 August 21, 2009

ebank Atlanta GA 34682 August 21, 2009 August 21, 2009

Guaranty Bank Austin TX 32618 August 21, 2009 August 21, 2009

Michael Moore’s Love Story

The Crescendo Is Getting Deafening....

“No government, or central bank, is bigger than the bond and currency markets. Foreign bondholders aren’t going to sit idly by while any government … even the government of the U.S. … openly decides to trash its currency by printing it with reckless abandon. And they aren’t going to sit by while the government manipulates prices higher.

The Chinese will be out of the dollar in a year or a year and a half - Bob Chapman (H/T Investorzzo)

My best sources of information report that some unexpected deep shocks are coming from US Governement creditor nations. They are simply fed up, frustrated, and astonished at the manner of lost control, spiraling debts, and blatant monetization amidst lies in denial of that same monetization.

The US Treasury auctions now have domestic hidden elements, and global hidden monetization elements. The USFed is purchasing through Permanent Open Market Operations the bonds grabbed by the primary dealers. Some of the auctions are actually underbid, and fortunately for the statistics, the bid/cover ratio includes obligated dealer bids.

The Zero-Carbon Car (Podcast)

Debt, Interest Rates, and Monetary Trends - Click...

Note, however, what happens to monetary base velocity growth when you throw that much money into the system. And then note what has actually happened to Real Output Growth, a number I would contend is vastly overstated.

26 Comments

Davos's picture
Davos
Status: Diamond Member (Offline)
Joined: Sep 17 2008
Posts: 3620
Re: Daily Digest - August 23

I'll let you know how the Zero-Carbon Car book is, should be here in 3 days.

I read Hemp's RE Handbook, pretty good.

The audio reminds me of CM a lot. Long but good.

I'm considering doing a EV conversion but need more range. Seems like the series hybred is a super option. One guy did it in the 1970s and got 100 mpg. I got the plans from Mother Earth but today we have better off the shelf components. Mr. Sabaru will either get a new engine soon, or a Series Hybred (Bio) Diesel Electric system, or Marsh will be getting another used car. Believe it or not, we didn't consider cash for clunkers.

suesullivan's picture
suesullivan
Status: Gold Member (Offline)
Joined: Oct 6 2008
Posts: 305
Mexico's economy fell off a cliff last quarter

This doesn't sound to me like a bottom. It sounds like peak oil hits massive global depression, with a hefty dollop of social order decay....

 

http://www.cnn.com/2009/WORLD/americas/08/22/mexico.economy/index.html

 

(CNN) -- The Mexican economy went off a cliff in the second three months of 2009, with the gross domestic product dropping 10.3 percent from the same period last year, according to government figures.

The GDP for the second quarter also declined 1.1 percent from the first three months of the year, the National Institute of Statistics and Geography said Thursday.

The GDP, which is the market value of all goods and services in a country, is used to measure a nation's economic performance.

Analysts say the main cause of Mexico's nosedive is that the nation's economy is tied strongly to that of the United States, which is mired in the deepest economic downturn since the 1930s.

About 80 percent of Mexican exports go to the United States, said Allyson Benton, an analyst with the Eurasia Group consulting firm.

"If the United States isn't importing, Mexico isn't exporting," Benton said.

Susan Kaufman Purcell, director of the Center for Hemispheric Policy at the University of Miami, said Mexico can take some measures but "until the U.S. economy really starts recovering, Mexico is going to have a hard time moving up."

Other factors dragging the Mexican economy down include a tourism decline caused by the H1N1 flu outbreak and fears over continuing violence, declining oil and tax revenues, and fewer Mexicans abroad sending money back home.

suesullivan's picture
suesullivan
Status: Gold Member (Offline)
Joined: Oct 6 2008
Posts: 305
Cash for clunkers

Davos, we considered it for part of an evening, when several of our friends were totting up the lists of incentives and rebates for buying a diesel through cash for clunkers. But it's a wasteful, special-interest derailed project and we just couldn't do it. Viva our clunkers!

I've looked at some conversion options too. State of Colorado offers a hefty tax rebate for it.

This blog has a list of state incentive for conversions. http://www.electriccarconversionblog.com/electric-car-conversion-guide/insurance-and-tax-incentives/

fwiw,

sue

Davos's picture
Davos
Status: Diamond Member (Offline)
Joined: Sep 17 2008
Posts: 3620
Re: Daily Digest - August 23

Maybe the economists were smoking the green shoots that they just legalized down there.

Davos's picture
Davos
Status: Diamond Member (Offline)
Joined: Sep 17 2008
Posts: 3620
Re: Daily Digest - August 23

Hello Sue: I'll have to check that out and see if I can get the rebate as well in this state. I know FedEx and other companies that are going this Series/Strong Hybrid diesel electric route get massive tax brakes per vehicle.

It would be a plus. We paid taxes out the perverbial last year. For us it is time to convert or buy used. I'm really hoping we can convert. Can't wait to the book comes. I know from the podcast the questions I have will be convered in the book since he discussed them in some detail last night.

I'm amazed at the EV blogs that say this can't be done when in fact it was done. IMHO this type of conversion is going to be akin to the personal computer revolution. Another site I found of interest was www.LincVolt.com Neial Young's 1959 Lincoln which will go from 10 mpg to double maybe tripple diget fuel economy.

Take care and thank you for the link!!!

calledoutin08's picture
calledoutin08
Status: Member (Offline)
Joined: Apr 27 2009
Posts: 15
Re: Daily Digest - August 23

I am sure this is Garbage but we don't have long to wait and see!!!!

http://www.stevequayle.com/News.alert/09_Money/090811.bank.closures.html

Dutch John's picture
Dutch John
Status: Bronze Member (Offline)
Joined: Oct 10 2008
Posts: 50
Re: Daily Digest - August 23

Davos,

This is my first comment, so first I want to thank you for your daily reports. They are great! Keep up the good work!

Unfortunately the link to the Zero-carbon car does not open. Here's a link to a Carbon-negative car: http://woodgas.nl/ Of course it is not something for everyone to drive, but those who write off-grid and self-sufficiency in capitals and live rural will like it. No need for fossile fuel.

It is Carbon-negative, because, besides gas, it also produces bio-char or terra-preta. This carbon is bound and taken from the air forever.

Regards,

DJ

Davos's picture
Davos
Status: Diamond Member (Offline)
Joined: Sep 17 2008
Posts: 3620
Re: Daily Digest - August 23
Dutch John wrote:

Davos,

This is my first comment, so first I want to thank you for your daily reports. They are great! Keep up the good work!

Unfortunately the link to the Zero-carbon car does not open. Here's a link to a Carbon-negative car: http://woodgas.nl/ Of course it is not something for everyone to drive, but those who write off-grid and self-sufficiency in capitals and live rural will like it. No need for fossile fuel.

It is Carbon-negative, because, besides gas, it also produces bio-char or terra-preta. This carbon is bound and taken from the air forever.

Regards,

DJ

Hello DJ:

Thanks for the link. It was late last night and I could have sworn I forsaw Mp3 issue and put the link to the website up as well. Apperently I didn't my appologies. Here is the link I meant to post.

Pleasure to contribute to this fine community and the site that CM built. Take care

Damnthematrix's picture
Damnthematrix
Status: Diamond Member (Offline)
Joined: Aug 10 2008
Posts: 3998
with fossil fuels, you can do anything!

Welcome to the fray DJ.... Unfortunately, I have to completely disagree with you. Don't get me wrong, I know all this can be done, I've seen it with my own eyes. A friend (who is a blacksmith and the cleverest person I've EVER known) converted a 6 cylinder pick up here in Australia about 15 years ago. He built the entire thing himself, and eventually went to drive the car from Brisbane to Canberra and back on firewood, most of which he picked up off the side of the road. That's ~ 3000 km BTW, or 2000 miles for you Americans who still live in the dark ages!

But is it a solution? NO WAY! Too may people driving waaaaay too many cars. If we all did this we'd cut all the forests down in less than 10 years!

NOTHING in this is carbon free or neutral or negative either! The cars are made with oil (~ 90 barrels +/- 50), the roads are paved with oil, and the tyres are made of oil too... not to mention lubricating oils.

When you get used to the idea that cars are doomed as I have, you simply get on with the really imortant things in life, and you get on with life. I haven't owned a car in two years now, and hardly ever miss it.

Mike

MikeJE's picture
MikeJE
Status: Member (Offline)
Joined: Dec 27 2008
Posts: 13
Re: Daily Digest - August 23

Hi Davos,

 

There's a private  company in the UK  who have developed a kinetic energy recovery device (KERs) that can save 33% of fuel by recovering braking energy and using it to assist the vehicle when accelerating or starting off. The 33% isn't the best case:- it's pretty much applicable over any drive cycle. It's 70% efficient at capturing braking energy and feeding it back to the  wheels. A series electric hybrid is about 30-35% efficient and costs about four times as much. This isn't a computer modelled simulation. It's has actually been proved in a road car. Buses running the system have been modelled at up to a 50% saving in fuel. The technology isn't rocket science... It's based on storing energy in a flywheel  - I kid you not (all be it a flywheel whose surface spins at mach 3 in a vacuum)!  The technology is here and now, is green, is safe, relatively low tech and 100% recyclable. Jaguar have built it into a production car and are currently testing it.

Check out       www.flybridsystems.com 

 

They are a private company so have no public shareholders ( so I can't be accused of ramping...!) Will their technology see the light of day? I've know idea! If there is any justice then yes it should but that is not always how the big corporations see it!

 

I've watched the "Crash Course" several times and believe that systems like this are the anwser to give us a bit more breathing space in the search to source energy alternatives. Can I just add that American Co.s:-  Allison, Ford, MTD and others, are also indirectly involved in the gear box that makes the flywheel KERS possible.

 

 

Mike.

MikeJE's picture
MikeJE
Status: Member (Offline)
Joined: Dec 27 2008
Posts: 13
Re: Dailt Digest - August 23

Oh!  I forgot to mention, in many cases it can be retro fitted!

 

 

Mike.

Rustyrayl's picture
Rustyrayl
Status: Member (Offline)
Joined: Oct 6 2008
Posts: 11
Re: Daily Digest - August 23

Hi Davos, I just read an interesting article at  http://www.drschoon.com/articles/AEFDressRehearsalForTheLastContango.pdf in which Professor Fekete makes the observation that never in history have we had a situation where all the governments have defaulted on all their debts obligations simultaneously. I have pondered that for awhile, and want to know ----What is your opinion on this, is this realistic, and if it were to occur what do you think would be the probable outcome. Seems to me that we would be thrown into chaos and there would be no predictable outcome.

Penny for your thoughts!

Davos's picture
Davos
Status: Diamond Member (Offline)
Joined: Sep 17 2008
Posts: 3620
Re: Daily Digest - August 23

Hello MikeJE:

Wow, thank you for the link, I'm en-route to the site now. Take care

Davos's picture
Davos
Status: Diamond Member (Offline)
Joined: Sep 17 2008
Posts: 3620
Re: Daily Digest - August 23

Hello RustyRayL:

I'll read it and let you know, thanks for the link, take care

JAG's picture
JAG
Status: Diamond Member (Offline)
Joined: Oct 26 2008
Posts: 2492
Re: Daily Digest - August 23

Thanks for Michael Moore's Capitalism trailer.

I can't wait to watch it, but I don't do movie theaters, so I'll have to pilfer it from Europe when its released.

Davos's picture
Davos
Status: Diamond Member (Offline)
Joined: Sep 17 2008
Posts: 3620
Re: Daily Digest - August 23

Hello RustyRayL:

It was a good read. I'd be interested in hearing what others on this site think, there are a lot sharper knives in the drawer than I.

My take is this will probably play out in a currency crisis. We are insolvent. Up to this year we have been able to borrow the difference between what we take in and pay out a year. That changed. Zimbabwe did this. I'm not convinced that just because we are the worlds reserve currency that things will be different because of that.

I don't know. I think if the banks go first or the currency goes first it is going to be disasterous. If the market tanks first that might help since there probably will ensue a flight to (perceived) safety.

I'm not to concerned about everything going at once. In the 1930s England sank first and took everyone down with her.

Take care

Dutch John's picture
Dutch John
Status: Bronze Member (Offline)
Joined: Oct 10 2008
Posts: 50
Re: with fossil fuels, you can do anything!

Hello Mike,

Damnthematrix wrote:

But is it a solution? NO WAY! Too may people driving waaaaay too many cars. If we all did this we'd cut all the forests down in less than 10 years!

NOTHING in this is carbon free or neutral or negative either! The cars are made with oil (~ 90 barrels +/- 50), the roads are paved with oil, and the tyres are made of oil too... not to mention lubricating oils.

When you get used to the idea that cars are doomed as I have, you simply get on with the really imortant things in life, and you get on with life. I haven't owned a car in two years now, and hardly ever miss it.

Of course you are 100% right.

I just built the car to make a statement. An eyeopener for the dumb. Carbon-negative is true, but just a way to attract the mob. Many people ask me whether driving on wood can be scaled up. It CANNOT! People should make thoughts about the useless trips. Work near home. Take a bike for the short distances. I confuse these people, because they thought I had found a solution to the carfuel problem, but at that moment I have achieved my goal: have them think.

Because that is todays big problem: people do not THINK anymore. The past 40 years a "multiple choice generation" is created. Globalisation made it all inside the box; only multiple choice. Fortunately every day more people step out of the box and refuse to choose between the given choices. And make their own, out-of-the-box decisions. Thanks to guys like Chris Martenson this group is increasing!

Last thing about woodgas cars: it's a solution for crisis times and idealists. Nothing more.... But fun!

Regards,

DJ

Vanityfox451's picture
Vanityfox451
Status: Diamond Member (Offline)
Joined: Dec 28 2008
Posts: 1636
Re: Daily Digest - August 23

Hi Sue,

I've been away from CM.com for a while as a writer because of internet difficulties. However, I read your article on Davos's Daily Digest concerning Mexico's issue's, for which we both agree are caused by the effects of Peak Oil. Therefore, in-case you haven't read this piece, here is both a link to the original and, also its entirety printed below ...

The full effects for America and to Mexico need only imagination, left hemispheric and forward thinking for a truer realisation of what some, and sadly, not a majority, would define as an extremely steep cliff - Civil, Political and Environmental ...

Best,

Paul

http://www.financialsense.com/editorials/salinasprice/2008/0620.html

 

TRIBUTE PAID IN OIL
by Hugo Salinas Price
President, Mexican Civic Association Pro Silver
June 20, 2008

According to the data presented by David Galland in his article “Turning off the Taps”, recently published at www.financialsense.com, México is exporting 184,000 barrels of oil less than its programmed quota of sales to the U.S. The article says the deficit amounts to 11%. Therefore, the daily quota must be about 1,673,000 barrels of oil daily, but the actual net export of oil is approximately 1,489,000 barrels a day.

If we multiply 1,489,000 barrels a day by 360 and by $112 dollars, the present price of Mexican oil, we get the amount of some $60 billion dollars of annual exports of Mexican oil to the US.

Mexico’s oil production is in decline due to the on-going exhaustion of the oil fields being exploited.

In 2004, Mexico exported 50% of the oil extracted. Some years ago, Mexico reached its peak production and if we estimate very conservatively that production is declining at a rate of 5% a year, in four years – from 2004 to the present - production must have declined by 20%.

In the meantime, Mexico’s own consumption of oil has increased. So that by 2014, Mexico will have no excess oil production available for export. Galland conjectures that by 2014, not a single barrel of Mexican oil will be exported.

The whole world is presently feeling the first effects of the general exhaustion of world oil fields: “Peak Oil”. Unless “Peak Oil” is an imaginary problem, the price of oil is therefore going to continue rising with brutal effects upon the world economy. Not only Mexican oil production is declining; we are dealing with a decline in world production of oil.

For this reason, there will perhaps be no reduction in the amount of dollars entering the Mexican economy for the remaining years during which there will be exports of oil. The price of oil will go to $200, to $300, to $400 hundred dollars a barrel and more, as the economies of the world struggle to obtain the oil required for their industries.

Today, there are at least two world centers which will be able to pay those prices; they will have no option but to pay them, because without oil, the lights will literally go out.

Those centers are the US and the Eurozone. They will be able to pay the necessary price to get their oil, because both the US and the Eurozone can manufacture digital dollars and digital euros at will. Iran is willing to accept Japanese yen in exchange for its oil.

The rest of the world, which needs the oil but does not have the advantage of having a currency accepted as a “reserve currency”, will have a terrible time obtaining the dollars or euros necessary to purchase oil. Their economies will be strangled for lack of fuel.

We must note something that is of fundamental importance: neither the US nor the Eurozone are actually paying for their oil with exports of goods and services to the oil producing countries. They “pay” with bank digits, created by computers; these payments are registered in the form of credits in the computer memories of banks in the US and in the Eurozone. We should have to include Japan among the countries which are able to purchase oil with their own currency.

These bank digits are not credit instruments in favor of those who receive them, as for instance dollars were, when they were formerly redeemable in gold; they are simply numbers, because they do not incorporate a promise to deliver something to the beneficiary, the oil exporter. A credit instrument is the promise to deliver something, and a bank digit is not “something”. It is just a number and nothing more.

So we can quite correctly say that the US and the Eurozone – and other countries whose currencies are considered “reserve currencies” – are “paying” for their oil imports with nothing at all. The Romans called such an operation “Collection of Tribute from the Conquered”.

This is what Mexico is doing; it is exporting precious oil from its oil fields in relentless decline in exchange for – nothing.

It is true, of course, that dollars and euros can be used (for the time being) to purchase things in the rest of the world. They are good for that, because they are accepted as a means of exchange. However, those means of exchange are most certainly not a means of payment. Payment is the delivery of something in exchange for something. Bank digits are not something. They are simple numbers.

This fact is glaringly evident when we contemplate the gigantic “monetary reserves” of China, which has recently accumulated $1.68 Trillion in reserves which include dollars, euros and some other digital currencies. The Chinese really do not have the faintest idea of what to do with this monstrous amount of digits and they, like the Arabs, have formed financial entities which are called “Sovereign Wealth Funds”. The purpose of these funds is to find unsuspecting countries upon which to unload these bank digits in return for tangible resources.

The bank digits in the Chinese reserves are only means of exchange. The Chinese are going around the world trying to find places to deliver these digits, for which they otherwise have no use at all. Now, if the Chinese reserves were gold, they would be in no hurry to get rid of them nor would they consider them excessive. But the reserves are not gold; they are simply bank digits which live in the computers of the countries that issue those digits.

For Mexico, what are the consequences of delivering oil from Mexican territory in exchange for bank digits?

I shall not go into detail on how Mexico distributes the digital income from the “sale” – properly speaking, tribute – of oil to the US.

We are talking about some $60 billion digital dollars which are available to various Mexican entities every year. Part of those digits are applied to the importation of merchandise for consumption. Part to pay for imports of machinery and services by PEMEX, the oil company. Part of that income is used by PEMEX to pay salaries and expenses in Mexico, for which it needs to sell its dollars in exchange for pesos with which to effect payments. Part of the oil income goes to the Federal Government, which also exchanges dollars for pesos. When dollar digits are exchanged for pesos, the dollar digits wind up as Reserves in the Bank of Mexico, and increase the total reserves of bank digits held by the Bank.

Net – net – net: What left the country was oil; what came in was bank digits. Part of the bank digits left the country for importation of goods. But a good part remained here. As a reflection of that, the reserves of the Bank of Mexico now stand at a record.

The result of exporting oil is that every day we have more money in circulation. 27% of that money is nothing more than paper bills or metal coins; the remaining 73% is only bank digits called “pesos”. This is imaginary money which Mexicans have in the banking system of the country.

Thus the dollar digits coming into Mexico cause monetary inflation, a constant increase in the mass of money in circulation which makes each unit of pre-existing money less valuable. Of course, the most common and inevitable result of this is rising prices.

We are importing inflation from the US because the oil we export is not paid for with goods and services coming from the US to Mexico; we are given a simulated payment, which is payment in bank digits. This imported inflation is contributing to the general rise in prices taking place in the country. On June 18, the Mexican government decreed an emergency freeze in prices of 150 food products to last until the end of 2008.

The high price of oil is not a blessing for Mexico because it does not mean that we get more things of value from the rest of the world; it means that we receive now, and shall receive in the future, quantities of bank digits which are going to cause an increase in the price of things which Mexicans have to purchase in order to live.

What we are suffering is happening in all the countries of the world which have export surpluses. They are all importing monetary inflation and local prices are going up.

China, the great manufacturing power and exporter, is an example: too much digital money is entering China and thus prices in China are on a tear; both their internal prices and now their exports will be rising in price. Chinese products have to go up in price and soon they will be sold for higher prices both in the US and in Mexico: digital monetary inflation originates in NY City, passes on to China and from there, it returns to the US and to Mexico in the form of higher prices for Chinese products.

When oil reaches $200 dollars a barrel the situation will be even worse. Prices in Mexico will be forced to rise, including wages, for workers will be shortly demanding higher and higher wages. The higher oil goes, the higher prices will rise within Mexico and the higher the prices that imports will cost.

Now we are entering a period in which prices are going to rise for two different reasons.

The first cause will be the growing scarcity of oil in the world. The Central Banks cannot do anything about this rise in prices caused by a greater and greater scarcity of oil. From here on, oil will be subject to a rationing due to scarcity, but the countries which have the advantage of issuing reserve currencies can “jump the waiting line” for their ration and simply issue more banking digits to ensure their supply. When they “jump the waiting line” and create more digital money to get their oil, they are creating a world inflation of prices.

The second cause will originate in the world’s financial system which is terribly damaged by bad investments made in recent years. The main Central Banks will create gigantic quantities of money in an attempt to save the busted banks. This tsunami of digital money intended to save the banks – bankers are always saved – will destroy the value of the dollar and consequently the value of the Mexican peso.

Suddenly, in 2014 there will be a great fall in the number of digits entering Mexico, because there will be no more oil to export. The social and political trauma will be enormous. The kind of government to which we have become accustomed will not survive the huge financial hole caused by the absence of $60 billion dollars of annual oil sales, or whatever tens of billions future exports may amount to.

I see an endless number of articles by experts on our present day problems, but I think I am the first, or among the first, to point out that we are in a huge mess in this world, because the world has disregarded the fundamental change in the nature of the dollar, on August 15, 1971. On that date, the dollar was no longer both a means of exchange and a means of payment. It became only a means of exchange. No one seems to have noticed the difference!

It is because the world has not taken notice of this fundamental change in the nature of the dollar, that we have the present mess. I need only refer to the explosion in Central Bank reserves which has taken place in recent years, as “means of exchange” accumulate in Central Bank computers (not vaults!). The amount stands today, at close to $7 TRILLION (valued in dollar digits), which is a sum utterly unnecessary for handling trade and other international so-called “payments”

 

rowmat's picture
rowmat
Status: Gold Member (Offline)
Joined: Nov 15 2008
Posts: 358
Re: Michael Moore - 'Capitalism: A Love Story'

Whether or not you like Moore, this documentary may have more potential than anything else to wake up the majority of Americans who are totally ignorant of the corruption that has been transpiring between Wall Street and Washington.

It's not inconceivable that if it generates enough publicity it may just start a major public backlash against Washington by 'Main Street'.

If that is indeed at all likely, then I just wonder whether or not 'something' doesn't occur to to either prevent it being released in October or at least pressurise movie theatres not to screen it under the guise of 'disinformation' potentially resulting in social unrest and threatening national security.

If it does screen and the response is not one of outrage, then public apathy in the U.S. must be so entrenched in the majority of the population that I'm afraid that nothing will change until the country has 'crashed and burned'.

 

Cloudfire's picture
Cloudfire
Status: Diamond Member (Offline)
Joined: Sep 29 2008
Posts: 1813
Michelle's Entourage

This may be a propos of nothing, but I couldn't resist posting the following, regarding the lack of fiscal responsibility of the first family in the midst of the depression:

http://www.canadafreepress.com/index.php/article/13827

Dogs_In_A_Pile's picture
Dogs_In_A_Pile
Status: Martenson Brigade Member (Offline)
Joined: Jan 4 2009
Posts: 2606
Re: Michael Moore - 'Capitalism: A Love Story'
rowmat wrote:

Whether or not you like Moore, this documentary may have more potential than anything else to wake up the majority of Americans who are totally ignorant of the corruption that has been transpiring between Wall Street and Washington.

rowmat -

I never thought in my lifetime I would ever type words in support of any product from Michael Moore, but if he can keep his own partisan leanings out of this doc, then this could be another big weight added to the tipping point of awareness.

I might actually pay to see this one..........

rowmat's picture
rowmat
Status: Gold Member (Offline)
Joined: Nov 15 2008
Posts: 358
Re: Michael Moore - 'Capitalism: A Love Story'
Dogs_In_A_Pile wrote:

rowmat -

I never thought in my lifetime I would ever type words in support of any product from Michael Moore, but if he can keep his own partisan leanings out of this doc, then this could be another big weight added to the tipping point of awareness.

I might actually pay to see this one..........

Moore was a big supporter of Obama during the election campaign.

I only hope he has the guts to expose where most of Obama's campaign funding came from, and of course every other politician who falsely claims to be representing their constituents.

If he does, it should be highlighted towards the end of the film after all the lobbying, deregulation, payola and scandals have been pointed out.

If he is too critical of Obama at the start of the movie, many Obama 'worshippers' will be turned off and refuse to believe anything that is presented from that point on.

Remember, Obama made a very big deal about ending the overt influence of lobbyists on Capitol Hill and also about not rushing bills through congress by allowing time for them to be read and understood in full... well like that has happened - NOT!!

But you're quite correct, hopefully Moore has kept his own leanings out of this or he may lose many potential 'revolutionaries' in the process.

A. M.'s picture
A. M.
Status: Diamond Member (Offline)
Joined: Oct 22 2008
Posts: 2368
Re: Daily Digest - August 23

I think that A Michael Moore Documentary will do exactly what his last ones have done:

Polarize people even further.

The guy is a wank, and has no business making films. Take the $8 you'd have spent to see it in the theater, or the $20 you'd spend on buying the DVD and send it to Chris Martenson instead.

Buy his DVD and give it to people, or show it in your community.
Michael Moore is NOT who we want speaking on this subject.

Cheers,

Aaron

Dogs_In_A_Pile's picture
Dogs_In_A_Pile
Status: Martenson Brigade Member (Offline)
Joined: Jan 4 2009
Posts: 2606
Re: Daily Digest - August 23

Aaron -

I probably should have underlined, bolded and italicized the IF in my earlier post.  Moore does have  penchant for going left just because, faster than a fat kid on a box of Krispy Kremes.

rowmat's picture
rowmat
Status: Gold Member (Offline)
Joined: Nov 15 2008
Posts: 358
Re: Daily Digest - August 23
Aaron Moyer wrote:

I think that A Michael Moore Documentary will do exactly what his last ones have done:

Polarize people even further.

The guy is a wank, and has no business making films. Take the $8 you'd have spent to see it in the theater, or the $20 you'd spend on buying the DVD and send it to Chris Martenson instead.

Buy his DVD and give it to people, or show it in your community.
Michael Moore is NOT who we want speaking on this subject.

Cheers,

Aaron

Aaron,

The reality is many, many more people will see this Moore film than will sit down and watch the 'Crash Course'.

More than six months ago I gave away six copies of the 'Crash Course' to various friends.

At this point how many have watched the 'Crash Course'?

Zero, zip... NONE!

Part of the issue is that here in Australia people, thus far, have a false sense of security and don't think things will get all that bad.

Although most have lost at least a third of their pension funds, and know people who have lost their jobs as a result of the GFC, none of them even know what a 'Goldman Sachs' is.

After all, they actually believe Obama is the new messiah who will save the world and this has already been proven because the 'experts' are now saying the recession is coming to an end!!

While those who frequent this website are deeply concerned about the state of our world, 'we' amount to only a small percentage of the population.

I hope it grows.

If  the 'sheeple', as a result of seeing Moore's film, then become more receptive to something like the 'Crash Course'... then I don't have a problem with that. Because if you don't wake up the 'sheeple', then they have no hope of taking 'evasive' action before the SHTF.

If it opens the door far enough for the 'brainwashed' first to get mad, and then to refuse to take it any more, then that's at least a start..

rowmat

 

lite26's picture
lite26
Status: Member (Offline)
Joined: Aug 1 2017
Posts: 1
Liteblue is the service

Liteblue is the service portal for USPS employees. USPS employees can log in and know about benefits, payroll, schedule and much more. Know how to do Liteblue Login now.

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Login or Register to post comments