Daily Digest

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Daily Digest 1/23 - World Facing ‘Wave Of Epic Debt Defaults,’ America's Best Days May Be Behind It

Saturday, January 23, 2016, 11:28 AM

Economy

America's Best Days May Be Behind It (LesPhelps)

But flash back 50 years earlier. Then, less than half the population lived in cities. Though Ford Model T’s were starting to roll off the assembly line, Americans typically moved around on horse-drawn buggies on dirt or cobblestone roads. Refrigerators or TVs? Most homes weren’t even wired for electricity. And average life expectancy was only 53.

World facing ‘wave of epic debt defaults,’ says economist who predicted Lehman crash (richcabot)

According to White, European lenders will have to face large haircuts. In particular, European banks have already recognized $1 trillion in non-performing loans.

He added that the emerging markets are an important part of the problem, even though after the bankruptcy of Lehman Brothers that resulted in the 2008 global financial crisis, they were part of the solution.

World faces wave of epic debt defaults, fears central bank veteran (PBD)

"It will become obvious in the next recession that many of these debts will never be serviced or repaid, and this will be uncomfortable for a lot of people who think they own assets that are worth something," he told The Telegraph on the eve of the World Economic Forum in Davos.

China’s central bank mulls issuing digital currency (pinecarr)

Virtual currencies can also help boost the transparency of economic activities and curb money laundering and tax evasions, it added.

4 Steps to Escape the U.S. (Tiffany D.)

When it comes to the optimist/pessimist dichotomy, I suspect most people are in the same boat as me. They are pessimistic about things in general, but are secretly optimistic that they can improve their own situation. The trick is figuring out how to tilt the balance between the two, so pessimism doesn’t become a self-fulfilling prophecy. Part of my job is to tip those scales in your favor.

Soros Says China Hard Landing Will Deepen the Rout in Stocks (Brett R.)

The former hedge fund manager turned philanthropist joined a chorus of top investors -- including DoubleLine Capital’s Jeffrey Gundlach and Scott Minerd of Guggenheim Partners -- warning of further downside in riskier assets after a selloff that erased $16 trillion from global equities since June and sent commodities to the lowest levels in more than two decades. Concerns over China have roiled global markets this year amid waning investor confidence in the government’s ability to restructure the economy without a crisis.

Saudi Arabia's Secret Holdings of U.S. Debt Are Suddenly a Big Deal (Wendy SD)

In the past year alone, Saudi Arabia burned through about $100 billion of foreign-exchange reserves to plug its biggest budget shortfall in a quarter-century. For the first time, it’s also considering selling a piece of its crown jewel -- state oil company Saudi Aramco. The signs of strain are prompting concern over Saudi Arabia’s outsize position in the world’s largest and most important bond market.

Gold Being Gold; ‘It’s Doing a Good Job Right Now’ – Axel Merk (Herman J.)

“Gold has done a good job right now. It is a diversifier and the correction in the equity markets is far from over, so gold will do well.”

America’s Most Closely Guarded Secret: The Covert Fund That Controls It All — Rob Kirby (pinecarr)

Rob Kirby from Kirby Analytics joins me to expose extremely important economic information which the majority of the world knows nothing about. Rob says, “We are talking about something here that is extremely dark. This is a very dark entity. This is one of the most closely guarded secrets that America has.”

Podcast: Vladimir Putin and the petro states are slowly losing a key weapon (Afridev)

Since the breakup of the Soviet Union, Russia has used natural gas as a weapon against Ukraine and Europe as a whole. Threatening to turn shut off the pipes as the weather turns cold is a pretty effective way to influence foreign policy. But now it looks like one of Vladimir Putin’s key weapons is losing some its punch.

The Bark Beetle Plague (PBD)

Six — It’s pretty amazing. There have been tens of millions of acres of trees killed. If you go north to British Columbia, a really big province, something like 80 percent of the trees are dead. You can get in a plane and fly for literally hours over dead forest. So this is massive. Beetle outbreaks are normal, they have been happening for thousands of years.

Gold & Silver

Click to read the PM Daily Market Commentary: 1/21/16

Provided daily by the Peak Prosperity Gold & Silver Group

Article suggestions for the Daily Digest can be sent to [email protected]. All suggestions are filtered by the Daily Digest team and preference is given to those that are in alignment with the message of the Crash Course and the "3 Es."

25 Comments

saxplayer00o1's picture
saxplayer00o1
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Weekend News Repost

Kuroda Advises China to Impose Capital Controls to Defend Yuan

Bloomberg-5 hours ago
China's stockpile plunged $513 billion last year to $3.33 trillion, the first ... pivot from debt-fueled investment and exports toward consumption and services.

-IMF's Lagarde says markets need clarity on China currency

Reuters-4 hours ago
Bank of Japan Governor Haruhiko Kuroda, speaking on the same panel at the ... The Chinese central bank has been generous with liquidity, pumping a net 315 ...

Desperate in Davos: policymakers struggle for answers

Reuters - ‎2 hours ago‎
Last January, in a bold sign of policy activism, the European Central Bank unveiled its hotly anticipated stimulus, or quantitative easing (QE), program in a bid to kick-start growth and inflation in a euro zone still reeling from financial turmoil and ...

China's banking stress looms like Banquo's Ghost in Davos

Telegraph.co.uk-Jan 22, 2016
The more China burns through reserves to offset capital outflows and hold the line on the yuan, the more it tightens internal monetary policy - a variant of the ...

Bank of Japan's Kuroda says Japan inflation expectations ...

Reuters-7 hours ago
But some indicators on inflation expectations have been somewhat weak," Kuroda told reporters at the World Economic Forum in Davos, adding that he would ...

U.S. Steel lawyers focus on when former Stelco 'unable to meet its debts'

Hamilton Spectator - ‎19 hours ago‎
The trial is to decide if the $2.2 billion the American parent company claims from U.S. Steel Canada is really debt or injections of equity into a struggling subsidiary. If Superior Court Judge Herman Wilton-Siegel decides the claim is truly a debt ...

Peabody sells stake in Illinois power plant for fraction of investment

Belleville News-Democrat-18 hours ago
Peabody announced Thursday that it would sell its 5 percent stake in the Prairie State Energy campus for $57 million. It originally invested nearly $250 million in the 1,600-megawatt facility, which opened in 2012.

India's Exports Shrink 15% In Dec, Trade Deficit Widens On Gold ...

South Asian Link-11 hours ago
Imports shrank 3.88% to $33.96 billion in December on yearly basis. Gold imports jumped almost three-fold thereby pushing up the trade deficit to a 4-month ...

Hong Kong's Chan Says City's Economic Growth to Slow From 2015

Bloomberg-9 hours ago
Hong Kong's GDP is estimated by economists to have grown 2.3 percent in 2015, the most sluggish since 2008 amid rising concerns about China's slowdown ...

Bond Traders Tell Fed Optimism on Growth, Inflation Is Misplaced

Bloomberg-13 hours ago
He said a slowdown in the Chinese economy is contributing to global deflation. Futures traders assign about a 24 percent chance that the Fed will boost ...

Looming downgrades point to turmoil in 2016 for mining, energy

The Globe and Mail-19 hours ago
The slowdown in China's economy has wreaked havoc on the natural-resources sector. Minerals such as iron ore and metallurgical coal have declined more ...

Fearing default by Atlantic City, S&P slashes rating

Philly.com - ‎19 hours ago‎
"The city is currently vulnerable to nonpayment on its obligations and we believe it is likely to default without an unforeseen positive development," said Standard & Poor's credit analyst Timothy Little. The downgrade of Atlantic City's general ...
 

S&P slashes Atlantic City credit rating four notches deeper into junk

Reuters - ‎20 hours ago‎
Atlantic City, New Jersey's distressed gambling hub, had its credit rating cut four notches deeper into junk territory on Friday on the likelihood of a debt default in the next six months. Standard & Poor's Ratings Services issued the super-downgrade ...

Venezuela opposition rejects Maduro's 'economic emergency' decree

Stabroek News - ‎9 hours ago‎
CARACAS, (Reuers) – Venezuela's opposition refused yesterday to approve President Nicolas Maduro's “economic emergency” decree in Congress, saying it offered no solutions for the OPEC member-nation's increasingly disastrous recession. Underlining the ...
 

Brazil economy shed 1.5 million jobs in 2015

Arab News - ‎21 hours ago‎
Brazil is set to have both the worst recession and the third-highest inflation rate among G-20 economies in 2016, according to Reuters Polls. The government, whose popularity has sunk to near record lows, has sent erratic signals about economic policy, ...

Brazil's Rousseff signals tapping foreign reserves possible: media

Reuters - ‎19 hours ago‎
Most in her economic team share that view, but with Brazil in its worst recession in decades and with a growing fiscal deficit to boot, Rousseff is under pressure from her leftist Workers' Party to ditch austerity and spend more, including some of the ...
 

Market tumble puts quake in pension funds

Jacksonville Journal Courier - ‎9 hours ago‎
“For the most part, we are in it for the long haul,” said Christine Radogno, the Republican state Senate leader in Illinois, which faces the nation's largest unfunded pension liability, at more than $100 billion, and is in a tough spot because the ...

Auditor General: Easton pension funds close to becoming 'severely ...

Allentown Morning Call-21 hours ago
Auditor General: Easton pension funds close to becoming 'severely ... Overall, there is nearly an $8 billion unfunded pension liability, DePasquale said.

Illinois lawmakers: Stock drops no reason for pension worry

Bloomington Pantagraph-20 hours ago
Illinois lawmakers: Stock drops no reason for pension worry. Updated 8 hrs ago; 0 ... Illinois has the nation's largest unfunded pension liability at $111 billion. × ...

3000 jobs lost in Illinois in 2015 as state fails to recover from Great ...

WSIL TV-18 hours ago
WSIL -- Illinois' economy is still struggling. That became clearer Friday as the Department of Employment Security released figures showing the state lost 3,000 ...

Morgan Stanley still sees 20 percent chance of US recession

Reuters - ‎Jan 22, 2016‎
The government will release its first reading on fourth-quarter economic growth on Jan. 29. If GDP growth deteriorates to a range of 1 percent to 1.5 percent in 2016, the Federal Reserve would likely refrain from raising interest rates this year, the ...

Creighton economist says ag slowdown spreading to rest of economy

Radio Iowa-15 hours ago
“With the global economic slowdown, our trading partners are buying less and less of our agricultural products.” The rollercoaster stock market leaves traders ...

 

Arthur Robey's picture
Arthur Robey
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Quote of the day.

Two gorgeous quotes from Goodreads.

“It is my ambition to say in ten sentences what others say in a whole book.” 
― Friedrich Nietzsche
And 
“Writing is 1 percent inspiration, and 99 percent elimination.” 
― Louise Brooks

 

https://www.goodreads.com/quotes/tag/brevity

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Gail Tverberg

I really like this plot.  The cost of US conventional is right next to Canadian Oil Sands.

Figure 1. Global Breakeven prices (considering only technical extraction costs) versus production. Source:Alliance Bernstein, October 2014

 

 

 

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Arthur Robey's picture
Arthur Robey
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Money in the Bank

 

  • Money in a bank account has been deemed to be a loan  to the bank in a centuries-old  English law case.
  • Lenders require collateral against monies lent.  Banks require collateral against the money they loan to you.

 

  1. Where then is the collateral offered by the banks against the money you lend them? 
  2. Are employers not committing fraud and collusion by lending your money to the banks without your consent? 
  3. Are employers required to do due diligence before lending your money to the Banks? Does the onus of responsibility not lie with the employer if the Bank that they lend your money to does not honor their commitment to you? 

I'll see if I can get Karen Hudes to respond.

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Ron Kirby TODAY

As far as I am concerned, THIS IS THE BEST YET for explanations of much of what we here talk about.  PLEASE read and digest what he offers.  The ESF is the Key=the Deep State.

However, I have at least one question.  IF much of what he says is true and the dollar will start to weaken or BLOW UP, then would it not be better to use those $s before they become worthless, or  lose much of their purchasing power??

So, what to do: upload in more and more gold/silver thereby decreasing stored dollars??  Short the S&P, the Canadian dollar,  and as Soros says: short commodity-producing countries, Asian currencies, and BUY treasuries???

 

Help, anyone.  Ken 

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learn to farm

...best advice...teach another...

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Is This The Real "Plunge Protection Team"?

Hi Ken-

   As you probably already know from listening to Rob Kirby's interview, one of the sources of information he references on the ESF is a research expose by Eric DeCarbonnel (previously of MarketSkeptics.com).  In case you or others want to dive deeper into this topic, DeCarbonnel presents his findings in a 5 part video series @ http://www.marketskeptics.com/2011/06/the-esf-and-its-history.html .   It is presented under the headline "*****What I have been afraid to blog about: THE ESF AND ITS HISTORY (Part 1-5)*****"

   Here is a ZH 1/1/2012 article commenting on Eric DeCarbonnel's research (DeCarbonnel's research came out in June 2011), and referencing his 5 videos: "Presenting The Exchange Stabilization Fund In 5 Parts: Is This The Real "Plunge Protection Team"?"  http://www.zerohedge.com/news/presenting-exchange-stabilization-fund-5-p...

   From the ZH article:

When it comes to the fabled President's Working Group on Capital Markets, also known as the Plunge Protection Team, the myths about the subject are certainly far greater than any underlying reality. To be sure, vast amounts of popular folkflore has been expounded into the public arena, with most of it being shot down simply due to it assuming conspiracy theories of such vast scale that the human mind is unable to grasp the complexity, and ultimately the inverse Gordian Knot makes an appearance with the claim that vast conspiracies are largely untenable simply because it is impossible to keep a secret from so many people for so long. Yet what if the secret is not a secret at all but is fully out in the open, and is only a matter of interpretation, and contextualizing? Why just 3 years ago it would appear preposterous to allege the capital markets are a ponzi and that the Fed does everything in its power to keep stocks higher. Well, what a difference three years make: now the Chairman himself in a Washington Post OpEd has admitted that the sole gauge of Fed success is the loftiness of the Russell 2000, neither unemployment nor inflation really matter now that the Fed's third mandate has been fully whipped out. Furthermore, Keynesian economics, and the entire top echelon of the educational system have also been accurately represented as a paradigm which merely perpetuates the status quo as the alternative is the realization that the whole system is a house of cards. As for the global capital markets being nothing short of a ponzi, we merely point you to the general direction of Europe, the ECB and the continent's banks, where the monetary interplay is nothing short of the world's biggest pyramid scheme. Yet the PPT, or whatever it is informally called, does not exist? Consider further that only recently did it become known that the former SecTres Hank Paulson himself was exposed as presenting material non-public information to a bevy of Goldman arb desk diaspora hedge funds, headed by with none other than the head of the President's Working Group on Capital Markets Asset Managers committee David Mindich. So, if contrary to all the evidence that there is some vast underlying pattern, if not a conspiracy per se, one were to take the leap of faith and take the next step, where would one end up? Well, most likely looking at the Exchange Stabilization Fund, or ESF, which Eric deCarbonnel has spent so much time trying to unmask. Is it possible that the ESF, located conveniently at the nexus between US monetary policy, foreign policy and last but not least, a promoter of the interests of the US military-industrial complex, is precisely the  organization that so many have been trying to expose for years? Watch and decide for yourself.

ZH went on to state:

As a reminder deCarbonnel is not some tinfoil hat clad sub-basement dweller - it was his input that led us to the realization that in attempting to control the Treasury curve, the Fed will, and already has, experiment with selling puts on various Treasury maturities in an attempt to generate reflexivity whereby the synthetic determines the value of the underlying (something ETFs are now doing so very well), the value naturally always being higher, higher, higher irrelevant of what underlying demand there is (and as we showed last week, with a record amount of international outflows in the past month, the demand, at least from abroad, is just not there).

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Stimulus side effects catching up with global economy

Stimulus side effects catching up with global economy

Nikkei Asian Review-9 hours ago
TOKYO/HONG KONG -- Volatile swings and anxiety continue to roil global markets as debt fed by economic stimulus and excess cash from monetary easing ...

 

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Great Pinecarr! Thanks

Interesting that the LEAD front page article of the NYTimes seems to correspond well with what's above.

"Saudis, The C.I.A. and The Arming of Syrian Rebels," by Mazzetti an Apuzzo.

Pinecarr: Have you watched the 5 videos yet?  And what about my comments about the dollar.

Robie.  I also farm and do teach others in community building.  But the more resources I have, the more I can do and reach others, no?  Maybe even invite the downtrodden to live with me, once I get a 500 acre farm.  Care to contribute?  Need partners.   Ken

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Alaska 6.8 magnitude earthquake this morning

Earthquake today: Alaska rocked by powerful 6.8 magnitude quake (Independent.UK)

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Re videos and your dollar comments

Hi Ken-

   It has been some years since I originally checked out Eric deCarbonnel's videos, so I started watching them again a day or two ago.

   Re your other questions (Ken said:):

However, I have at least one question.  IF much of what he says is true and the dollar will start to weaken or BLOW UP, then would it not be better to use those $s before they become worthless, or  lose much of their purchasing power??

So, what to do: upload in more and more gold/silver thereby decreasing stored dollars??  Short the S&P, the Canadian dollar,  and as Soros says: short commodity-producing countries, Asian currencies, and BUY treasuries???

   I certainly don't have the expertise in investing that some of the people at pp.com have.  But here's my opinion, FWIW.  Yes, if I thought the dollar was going to weaken significantly, I would certainly want to use my $s to buy something that has/holds value before they lose their purchasing power.  That's not a new idea here: I believe that's why Chris and others are such strong advocates of tangible assets (gold, silver, woodlots, soil amendments, etc.), as well as paying off debt now. And I think Chris very frequently addresses this issue -recommending that people buy tangible assets to prepare for such a collapse- in many of his articles

   As for the potential plays that could be made on the market ("shorting the S&P, the Canadian dollar", etc.), someone with more market savvy than I should address that question.  One of my concerns (not sure how well founded) is if the market collapse is truly devastating, will there be someone to "make good" on the other sides of your bet even if you place a "winning bet"?  I know some people are more comfortable with more tangible assets that are within their own local reach to protect against such a case.  But I'm sure others think that is anticipating an extreme scenario.  But who knows how this is going to play out? 

   I personally already lost a few thousand dollars when Bullion Direct declared bankruptcy this last summer.  Luckily for me, I listened to advice from alternate sites and my gut prior to that, that "if you don't hold it, you don't own it", and had withdrawn most of my assets prior to their bankruptcy.  But I'm by no means wealthy, and so it stings to think of the tangible investments (with tangible pay-offs) I COULD have made with that money: amendments for the garden, a new furnace, etc.  So it sure has given me an up close and personal perspective on how assets that you don't tangibly hold can disappear in a flash*! 

*In fairness to other more responsible PM sites and wealth funds, I should add that Bullion Direct had identifiable issues that should have raised red flags, such as PMs not being allocated.  But their buying and selling platform worked so well for a long time that it was easy to ignore the issues.  I.e., it worked well...until it didn't.

 

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The ESF is the Deep State

I have just watched all 5 videos from MarketSkeptic.  WOW!!

1. It's heavily documented.

2. The ESF, run by the Treasury Secretary since 1934 with absolutely no oversight by anybody, IS the Deep State.

3. The Fed and the evil bankers are pawns of the ESF.  So is the President and Congress.

4. He quotes The Crash Course on "fuzzy numbers" in episode 4.

5. He establishes a motive for the Deep State running the attacks on 9-11, or at least knowing about them in advance and benefiting from them. The ESF depends on it's massive illegal drug trade profits to do its dirty work and the Taliban almost shut those profits down by stopping the cultivation of poppies in Afghanistan in 2000 and 2001.  9-11 terror attacks led to an invasion of Afghanistan and a resumption of poppy cultivation and heroin sales in America (protected by US troops!!). ESF funds restored. Problem solved!

6. That the ESF would be involved in the attacks of 9-11 seems like just one of its many evil programs, and NOT the worst (eg. JFK, RFK assassinations, etc.).

7.  The ESF is deeply involved in derivatives.

8. The whole ESF Ponzi scheme is falling apart and about to be exposed to the public.

9. The author of the videos was very afraid of publishing them and has been in hiding ever since 2012 (hopefully he's not dead).

10. YOU HAVE TO WATCH ALL FIVE VIDEOS!!

"Welcome to the Hunger Games. And may the odds be ever in your favor."

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Thanks Pinecarr

Your video link certainly puts a different spin on things. 

  • The economics of the world were set up by a warrior after the second world war. This was a Huge personnel department failure. Warriors fight wars.  Bankers run banks. Warriors and ex-electricians do not run banks.  
  • It has the feel of truthiness to it. The argument is coherent.
    I loved the bit about how the Soviets tricked the CIA into handing over your gold in Poland. Sucka.
    Mind you, us Rhodesians were even more clueless.
    (Pro tip: never play chess with the Rus.)

http://www.marketskeptics.com/2011/06/the-esf-and-its-history.html

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ESF videos

Tom-

I agree the videos are worth watching.  I think its pretty clear that ESF was (and perhaps is) a large and convenient slush fund with zero accountability for use by the executive without the oversight of Congress.  Pretty much every activity could be justified under the heading of "stabilizing the value of the dollar."  Money without any accountability is just asking for trouble.

Given the convenience of having such money lying around to various deep state actors, I could imagine those actors turning it into a hedge fund operating with the power and intelligence gathering powers of the US government behind it.  If the US government decided it wanted to make money in the markets off of activity that the US government itself was going to engage in (or were privy to as a result of intel it got from surveillence), they'd be pretty well positioned to do so.  The books of the ESF show assets of (about) 100 billion; if you lever that up, you could get perhaps 2-3 trillion to play around with, as long as you didn't end up betting wrong.  If you marry the NSA (watching everything, everywhere) with the ESF (big pot of unaccountable seed capital), and loop in the CIA (authority to kill people pretty much anywhere), its pretty daunting.

https://www.treasury.gov/resource-center/international/ESF/Pages/reports.aspx

I think the author's documentary evidence is a lot better in the earlier videos than in the later ones.  For instance, I believe there is a connection between drug sales and the funding of off book US deep state activities, but his claim that drug money flows resulted in the "deficits stopped mattering" event weren't backed up by numbers, at least not to my satisfaction.

For instance, what were the deficits during the period, and how did they measure up to the amount of drug money leaving the country?  Seems easy enough to calculate.  I could just as easily hand-wave and say that deficits stopped mattering because major powers started to accumulate large quantities of dollar reserves.  China, Japan, and Saudi Arabia might be three such examples.  Did he quantify the impacts of the dollarization on the amount of currency floating around the world?

In addition, the claim about 9/11 and poppy production being linked to currency creation.  Here's a chart of currency in circulation during that time.  I see Y2K as the standout event, not 9/11.

What the videos do, however, is provide a history of the organization; they show a historical record of this organization being used to provide seed capital for various (off-book) executive projects - which were later repaid via IMF loans.  This also provides a motivation for why this particular arm of the US Treasury might be motivated to become a profit center.  The larger profit it makes, the more power the executive has to act without interference from Congress.

Such things could easily take on a life of their own.  Such a slush fund is very useful to every executive who arrives at the White House, independent of party.

If an organization has gone overboard, I'd be more willing to imagine it is this group, rather than the Fed, given their history of funding covert projects over the years.

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re ESF Videos

Dave, I am really glad you took the time to watch the ESF videos, and comment on them.  I watched them all again yesterday, and came away wondering if/where to make the delineation between well-documented facts and speculation.  I figured it would take me at least one or two more watches to figure out where I felt that occurred, to decide for myself what to accept, and what to question.  So I am grateful that you took a look at them and are sharing your analysis.  There is certainly a lot of well-documented information worth digesting.  -A lot of food for thought.

PS If you haven't seen Rob Kirby's article on ZH referencing this material, you may want to check it out  (posted in the Daily Digest).  Kirby has his own opinions on where he thinks there is a bias in the material in one of the later chapters in regard to bankers.  I.e., I believe he thought DeCarbonnel's family history with bankers may have biased his opinion/view of bankers.

 

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history vs conclusion

pinecarr-

Thanks to you all for recommending them.

The author clearly has a bias, and a conclusion he seems to want to arrive at.  He had some great news articles, but he kept recycling them, which seemed like a "presentation strategy", so the video was a bit less credible once I realized this.  (I always have to re-assess things whenever I feel someone is trying to trick me).  I found the testimony before Congress really fascinating.  The whole record might be worthwhile to look over.   Author of the video wasn't great with numbers.  He never put them in context.

With those caveats, I found it all quite valuable.  It is undeniable that the fund exists, that it was stuffed with a 2 billion dollars back when that was real money (as a basis of comparison, in January 1934 the total amount of US monetary gold was 4.04 billion, total currency in circulation was 5.38 billion, and total bank loans outstanding for the entire country were 16.2 billion).   Currency now is 1.4 trillion, total loans is 11.7 trillion, so percentagewise - maybe that's 500 billion - 2 trillion, relative to the overall economy.

ESF was designed and run by a PhD Economist/Soviet Spy who had his fingers in dozens of different pies, it seems like it was designed by a shady guy to be FDR's slush fund, to circumvent a reluctant Congress.  It just smacks of black ops. It is a pot of money practically begging to be misused, basically stolen from the American people.  Conceived in sin, as it were, and it seems like it just went downhill after that.

If you compare this to the Fed - I looked at the Fed's original design, and its original balance sheets, and it all looked really above board.  It looked nothing like the ESF.  It definitely was designed to be a banking support organization, but it didn't have that smell of bribery and skulduggery that the ESF had so soon after its formation.  "Yeah, its...uh...about dollar stabilization."

Kirby has said they have ten trillion dollars and have soaked up a trillion dollars in T-bills that have been sold off by the emerging market nations.  In what form was this alleged ten trillion?  Seems like too much.  I just don't think that's likely.  I think they could well have more than they claim.  Given the background of the way the place seems to operate, I wouldn't be surprised if they weren't forthcoming about their entire balance sheet.

Kirby does bring up an interesting question though.  Where did that trillion go?  That's still real money today.

Here's my latest data on that.  Looks like it wasn't quite down a trillion back in September, but maybe it is now.

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Thanks again for your additional analysis, Dave!

I have to admit, I also like the idea of you assimilating this new piece of the puzzle into your evolving "knowledge base".  I like to think it may help some other pieces fall into place for you in a future analysis, and get us closer to seeing the big picture!  (Me, I'll forget it all by tonight!:)

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The Truth Is Out There
thc0655 wrote:

I have just watched all 5 videos from MarketSkeptic.  WOW!!

1. It's heavily documented.

2. The ESF, run by the Treasury Secretary since 1934 with absolutely no oversight by anybody, IS the Deep State.

3. The Fed and the evil bankers are pawns of the ESF.  So is the President and Congress.

4. He quotes The Crash Course on "fuzzy numbers" in episode 4.

5. He establishes a motive for the Deep State running the attacks on 9-11, or at least knowing about them in advance and benefiting from them. The ESF depends on it's massive illegal drug trade profits to do its dirty work and the Taliban almost shut those profits down by stopping the cultivation of poppies in Afghanistan in 2000 and 2001.  9-11 terror attacks led to an invasion of Afghanistan and a resumption of poppy cultivation and heroin sales in America (protected by US troops!!). ESF funds restored. Problem solved!

6. That the ESF would be involved in the attacks of 9-11 seems like just one of its many evil programs, and NOT the worst (eg. JFK, RFK assassinations, etc.).

7.  The ESF is deeply involved in derivatives.

8. The whole ESF Ponzi scheme is falling apart and about to be exposed to the public.

9. The author of the videos was very afraid of publishing them and has been in hiding ever since 2012 (hopefully he's not dead).

10. YOU HAVE TO WATCH ALL FIVE VIDEOS!!

"Welcome to the Hunger Games. And may the odds be ever in your favor."

11.  Just watch last night's episode of the X-Files.  Pretty much wraps all of this up in one nice, 6 episode summary.

With aliens.......

Agent Scully has aged very well IMO

davefairtex's picture
davefairtex
Status: Diamond Member (Online)
Joined: Sep 3 2008
Posts: 5686
x files reloaded

Dogs-

I read some commentary about what ended the X-Files: after 9/11, people wanted to have confidence in their government, they didn't want to imagine their government was engaged in conspiracies to hose them.

But now of course its come full circle.  Complete surveillence, security theater, repeated bits of cognitive dissonance in foreign policy, endless "war" on terror - drugs - etc, and the X-files are reloaded.

With aliens, of course.  I loved the ARV.  All I missed was the Lone Gunmen.

I think they gave us too much in Episode #1 though.  I'd rather have found that out over the whole season.

Big Fan though...

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VeganDB12
Status: Platinum Member (Offline)
Joined: Jul 18 2008
Posts: 757
X files

So it's all true right? Thought so.  The premises of the new series make a lot more sense to me now than they would have 15 years ago that's for sure. haha. Chris Carter is ballsy I'll give him that. He likes to write essays on evil in his works (like Millenium) and as weird as it gets I learn from his shows. Looking forward to the rest of the episodes. Duchovny looks pretty good too!

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pinecarr
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Joined: Apr 13 2008
Posts: 2259
X files re-visited

-I second that on David Duchovny!:)

And in the spirit of "The Truth Is Out There"...

Reference: "Renaissance 2.0 - Financial Empire - Full Length" - Damon Vrabel (our own Strabes from earlier days).  I believe these came out 2010.

 

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sand_puppy
Status: Diamond Member (Online)
Joined: Apr 13 2011
Posts: 2033
X-Files Episode One

http://www.fox.com/watch/607308867569?cmpid=psm_XfilesAllFBRegTextWalkIm...

I had never watched this show.  But here it is.

And a small clip from SGTReport

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Dogs_In_A_Pile
Status: Martenson Brigade Member (Offline)
Joined: Jan 4 2009
Posts: 2606
Some disconnects....
davefairtex wrote:

Dogs-

I read some commentary about what ended the X-Files: after 9/11, people wanted to have confidence in their government, they didn't want to imagine their government was engaged in conspiracies to hose them.

But now of course its come full circle.  Complete surveillence, security theater, repeated bits of cognitive dissonance in foreign policy, endless "war" on terror - drugs - etc, and the X-files are reloaded.

With aliens, of course.  I loved the ARV.  All I missed was the Lone Gunmen.

I think they gave us too much in Episode #1 though.  I'd rather have found that out over the whole season.

Big Fan though...

I thought Cigarette Smoking Man was blown up by a drone strike at the end of Season 9?????  Not that Chris Carter hasn't resurrected dead characters before or anything.....

The Lone Gunmen MUST come back.......

davefairtex's picture
davefairtex
Status: Diamond Member (Online)
Joined: Sep 3 2008
Posts: 5686
CSM returns

Here's an article/interview with William Davis - actor who plays CSM.  Yes he got blown up by a missile, but - wait, they didn't get a DNA swipe?  Hmm.  Sloppy...

http://www.nytimes.com/2016/01/25/arts/television/the-cigarette-smoking-man-of-the-x-files-resurfaces.html?_r=0

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