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    WTF: What The Fed?!? (Round 2)

    Williams, Maloney, Martenson, Smith: "Trillions more reasons to be concerned"
    by Adam Taggart

    Friday, May 15, 2020, 9:18 PM

Back in mid-January, Grant Williams, Mike Maloney, Charles Hugh Smith, Chris Martenson and I sat down for an in-depth discussion on the dangerous distortions to financial markets and the global economy that central bank intervention is causing.

That video, titled WTF: What The Fed?!? was released soon after the US Federal Reserve had added $200 billion dollars to its balance sheet in Q4 2019. At the time, we worried so much liquidity being added to the system so quickly could recklessly exacerbate the extreme overvaluations in the markets, and further increase the instability of our over-indebted economy.

Little could we have guessed that a global pandemic would soon ensue, one that has seen the central banks collectively flood the world with an additional $4 trillion so far, with (much) more anticipated to come. Sure makes that $200 billion look pretty tiny now…

So, if this group of experts was highly concerned about systemic risk pre-coronavirus, what are they thinking now?

$Trillions in new fiat currency printed in less than 2 months. Over 36 million jobs lost. A Q1 GDP drop of -5% and a predicted Q2 drop of -42.8%. And that’s just in the US alone.

These are historically unprecedented developments on a Great Depression-level scale.

The impact of the economic production loss triggered by covid-19 will be painful and with us for years. How bad will it get? What should we expect next? And why are the current prices of financial assets so divorced from the reality of the destruction to the economy?

For these answers and more, watch this 2-minute trailer for WTF: What The Fed?!? Round 2:

And then click here to watch the full 80-minute video discussion.

 

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37 Comments

  • Sat, May 16, 2020 - 1:57am

    #1

    thatchmo

    Status: Silver Member

    Joined: Dec 13 2008

    Posts: 233

    6+

    Can't wait

    for the next meeting of these 5 great intellects.  I could have listened to another hour of comments.  Unfortunately, the next time the guys meet, I'm guessing things will be a bit more pressing and perhaps grim....Mahalo nui loa Adam, Chris, Grant, Mike, and Charles.  Aloha, be well, Steve.

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  • Sat, May 16, 2020 - 3:25am

    #2
    planfortomorrow

    planfortomorrow

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    Joined: Dec 28 2017

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    A nice fireside chat...

    Every commentator had their spin and all are correct and all are suspect. Grant made it very clear that everyone is just guessing at the future at best. Basically, that there is no true answer to what is coming. I fully agree with his opinion on this. We are now guessing. If I'm going to guess then I'm buying first what every human being must have in their portfolio. ENERGY, it just makes sense. Inflation-Deflation, Long term is Gold and Silver, short term is putting your nose to the grinding wheel and to try and profit in the short term by grabbing a few dollars from the TRILLIONS moving about the economy, because things can change over night as Charles spoke of.

    Every day when I begin my research, which is not a planned research as I read everything and my day takes me where it does. Just work at everything, every day, until tired. I research everything so that I am not biased towards one way of thinking. Fact is, I have painfully put myself through the process of taking each side so that I remain humble to the fact that there are many different outcomes. I am never going to look beyond the 3 to 6 month time horizon. It is why I just don't see PM as being my primary investment strategy. I own PM and it bores me now as I just don't see where the "World Currency" issue is anyway near in sight. Fact is, when I look out I see everyone else defaulting before we do and then I look at our military, then I think we'll still be at the head of the table when the shit really hits the fan. The dollar is still very strong, I see heavy Deflation and I don't see any real Inflation just yet. My God, the world is just getting back to work, will still be in lock down mode for months, a couple of years maybe and Folks just want to pay their bills. I believe too that we will pay off debt now and wait for the time where we feel safe enough to shed our masks and start consuming again but, I never see the retail sector ever really recovering. People will still avoid crowds if they have a viable alternative. That Folks is Amazon. That Folks is work at home. That Folks is staying away from crowded anything. One thing that has permanently been altered is crowded places to comingle. I just don't see where that will return for those 25 and older. Kids, the next generation may reinstall the crowded bars thing but we are now very scared of getting sick so hanging out is pretty much a thing of the past but in small places that are large enough to space ourselves plenty of room.

    Our goals are all different but what is common is what we all agree on. Get RESILENT. That means: what is it that I need for my life to be a rewarding life that I participate in to bring my consumer goods to me that I have a hand in, literally. For me this will control expected inflation as my quality of life also includes my working to bring in a garden, to help bring in my proteins. To bring in a good percentage of my heat and other expenses that I pay my currency for. I can support this because bringing in my crop affords me my style of life and pays me a real return. Hell, fish from our Pond we dug and fruits from trees and shrubs are reliable, productive year in and year out and are now free as all expensing has been paid for as well as past labor. I am doing what I love, every day that has monetary value...to us. My Lady is on board also and my tools help me or rather us to duplicate ourselves as well as do the heavy lifting. It's very exciting.

    Short term there is blood in the streets. Surely Oil is the master commodity. Never before and never again will we be able to buy at such cheep prices. So it isn't wrong to load up in oil. In fact it should now be owned by all portfolio's. I know that oil demand will rise at least 10 to 15 million barrels a day as we open up the world economy, not all at once but over the short term for sure. I believe cars will for a long time be the transportation choice. And I know in quick order that oil will recover and burn up much of the reserves that are spilling around all the storage tanks in Oklahoma. Why? The Rigs are being taken off the fields and producers are not pumping. they are not producing, they are not completing (Ducs) and they are not looking for oil. What they are doing is trying to get the price of oil up where it doesn't meet demand so that the reserves will get drawn down and then they will all manage oil to the point where they (the oil industry world wide) all are profitable and no one will take any action to the collusion that will be in place for the foreseeable future, Oil must get to the $50's, at least to bring back all the jobs and to supply only enough to keep the balance of Supply and Demand. It is imperative that we have a viable oil industry and we must come to a stable price for oil. Is that $70 a barrel? I don't really know, I think, probably, so that it doesn't keep destroying everyone's book. So, M&A, consolidation, bankruptcy's...we just must get oil squared away so that we don't have the spikes that are surely coming if we stop with the finding of oil.  Spikes are inevitable and Demand-Supply will balance as no other transportation will be viable but cars. Prices will go up as we start to count the portion of Folks leaving the unemployment lines to work. Looking out 6 months, does anyone believe that oil will be less than $40? I don't. I think $50 a barrel is achievable this year still. I'm guessing $40's but we can overshoot and will, we always do.

    What I care about is that my house gets finished without any more shut downs. I cannot go into the late Fall without a roof on because if and it's a big if, the government shuts down then I live with a roof not finished to brave the cold weather of the North Country and all the rain, snow and sleet that comes with this. Michigan can have brutal winters and I would risk a complete rebuild. Not going to happen. It is a RISK I am unwilling to take so may wait until next Spring. It's all a timing thing and I can't even get permits until Michigan opens up its economy fully in the near future. Plus I'm financing the project and we haven't even started this process because it's shut down and back logged.

    Now, when all the States roll their economy's out again then oil will gather steam and quickly until some form of buoyancy is achieved, it is then I will take profits and play the game even more attentively than I do now.

    All of this seems right by me and this Podcast for me gave credence to my plan as everyone spoke of things I'm concerned about and showed me that we probably have a lot more time to still plan than is appreciated. I just need one more year and everything I have planned for will be in place, productive, ready to rock and roll come what may. I believe many people get confused that things are imminent, and only bad things are about to happen. I believe all is good and will have to protect my privacy and not allow the spiritless to influence the harmony we have started in earnest years ago. I can't concern myself with the ultra rich, I can try and make some cash so that everything is owned out right (I will have only the debt of the new construction and that can be paid for next year if I choose. Next year we get my wifes investments and pension and incomes that she has worked for so hard these last 35 years. So we'll probably go for a payoff if it looks like we;ve exhausted our opportunies to make more cash in the stock market. I believe in oil, I believe in the Amazon's, I believe in investing in the things that clearly are needed by everyone just to live a modest life so that will be my only focus. That and a 20 acre piece of wooded land directly across the road from me. That's a lot of fireplace logs to heat the home with. Plus I can slice up many of the Oaks and Maples for some nice wood to sell area cabinet makers. Otherwise, I'll just process what I need and that has an immediate pay out for decades to come. I'll continue to help support my living standards by making food and providing protein so that I can stay home and order my stuff from Amazon. Truly, I just want the time to spend with my Lady in our better years enjoying doing what we do and that's gardening and taking care of the things that create wealth that was created by harvesting renewable resources. That is what we will do and we will have our investments and use this cash to better the lives of those around us as well. Mainly my son's. That will be what makes life worth living. Love this site...PEACE...PS: Charles, you didn't get much ink in this Podcast but that's ok. Your few words speak volume, certainly for me. I am loyal to you Charles as a Brother is to another Brother. You opened ever door for me because you are an excellent writer and you speak the language that truly motivates and makes things so much clearer for me. Hey, Man love Brother, LOL, what can I say?!  Peace.

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  • Sat, May 16, 2020 - 5:23am

    #3
    dcallback

    dcallback

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    You just jumped the shark...

    Finally, I've patiently waited through all the virus talk and death tolls (which I know is very important to some, just not me) and now we can discuss life moving forward.   So as a paying customer, I can't watch this unless I give you an email you already have? But wait there's a catch: I must give you permission to spam me endlessly at the email provided.  I don't want one more thing in my inbox every day, I don't want my email address sold to whoever, I don't want to be on one more list.  Voting with my feet on this new business model.  Thanks for all your past work I really enjoyed the site. Best of luck in your future.

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  • Sat, May 16, 2020 - 5:58am

    #4
    DaveDD

    DaveDD

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    Posts: 171

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    Excellent discussion

    Excellent discussion, the 80 minutes flew by. Although I’m not a paying member (anymore), I agree with dcallback that a little bit more communication as to why email adresses had to be given would have been nice.

    Thanks!

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  • Sat, May 16, 2020 - 7:18am

    #5
    MGRS

    MGRS

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    Burner emails

    If providing an email offends you so much, just put in a burner address or some [email protected]  The video still works just fine.

    I fully understand why they ask for it - email is effective marketing and lead capture, and PP would be dumb to leave that option off the table.  I'm glad they make it easy to bypass for those that make a modicum of effort.

    Keep up the good work, Adam and Chris.

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  • Sat, May 16, 2020 - 7:44am

    #6
    Prep101

    Prep101

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    video "What It's Like to Believe Everything the Media Tells You"

    Now for something funny. I found this video to be hilarious!

    It's about "What It's Like to Believe Everything the Media Tells You":

    https://www.armstrongeconomics.com/international-news/disease/is-free-will-a-sin/

    It's most likely - as Chris has stated - that there is a second wave coming. However, that does not justify the authoritharian overreach from the government nor does it justify the fearmongering from the mainstream media. This worries me just as much as the Sars-Cov-II virus itself.

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  • Sat, May 16, 2020 - 8:54am

    #7
    dryam2000

    dryam2000

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    Outstanding!

    Great discussion and video!  Keep up the great work.  PP's education of the world is accelerating at an exponential rate....that's one exponential Albert Bartlett would be quite pleased with.

    Btw, if people don't like the email thing for whatever reason I recommend [email protected]  Give it a try as I know it will suffice.  There are more things to be irritated with the world than typing in a bogus email.

    Hope everyone has a great day, gets a lot accomplished working in their garden which will give an outstanding opportunity for great sleep tonight.  I haven't slept this well in 20+ years.

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  • Sat, May 16, 2020 - 11:42am

    davedish

    davedish

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    davedish said:

    Thank you so much guys for putting forth this effort.  I find it very helpful to hear how the Big Players are thinking.  My only request for future roundtables is that if that is the best you can do with the Bandwidth, please just post icons of the people speaking so we can hear the uninterrupted audio.  While it is nice to see the speaker, if the system is having trouble supporting that then it should be dropped.  As with many things going forward from here, the "convenient and comfy" things will have to be sacrificed for what is really needed!

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  • Sat, May 16, 2020 - 2:01pm

    vshelford

    vshelford

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    Re getting the roof on

    Hey planfortomorrow - your comments about needing to get your roof on before winter takes me back to the '70s when we were building our house in Quebec.  We built the garage first, were living in that (mattress in the rafters) while we got the rest up.  This was during the inflation of the late 70s, so timing and availability of materials wasn't always what we expected.  But we plowed on, emphasis on the plowed.  We have a picture of me shoveling snow out of the bedrooms because winter got there first.  But between storms, we got it up.  It was a hellish winter, record amounts of snow.  When my husband was finally ready to put the cap on the chimney, he didn't need a ladder - just walked up the 16ft snowbank next to the house, and clapped it on.  By this time we'd moved the mattress into the house, but no heat yet of course.  So we had a very long extension cord keeping an electric blanket on, and my grandfather's old heavy arctic sleeping bag over that.  The thermometer over the bed showed -10F one morning, but we were lovely and warm.  Just didn't want to get up...

    Great memories - thanks for bringing them back 🙂

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  • Sat, May 16, 2020 - 3:40pm

    #10

    thc0655

    Status: Platinum Member

    Joined: Apr 27 2010

    Posts: 2064

    9+

    What if the result is a low level, chaotic Civil War 2.0?

    I recently watched this four part series about Vermont during the Revolutionary War. If our coming collapse enfeebles the Federal government (which I’m actually hoping for), what we get may have many similarities to the struggles of the people of Vermont from 1775-1785. The average person in America (today’s poor, working class, middle class and upper middle class) would be extremely affected by this kind of chaos and conflict if it struck where they live. A number of commenters have asked for more PP content on just that kind of scenario, as opposed to how do the top 10% cope with what’s coming. If that’s what you’re interested in, watch this four part documentary (only about an hour) and then spend an hour considering the implications for you if something akin to it happened to you over the next ten years. I found it chilling and quite plausible, and I think you will too.

    https://www.youtube.com/watch?v=gSljep46Z98

    https://www.youtube.com/watch?v=NCMk6nYG7GA

    https://www.youtube.com/watch?v=QJBaU2qxq-s

     

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  • Sat, May 16, 2020 - 4:01pm

    #11
    vshelford

    vshelford

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    Joined: Jul 13 2014

    Posts: 158

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    REALLY enjoyed the discussion

    It's a great group and these are all people I follow so it was neat to hear them going back and forth.  I'm not an "investor" but I do think keeping an eye on where the money goes is a good idea, for a heads up about how the larger world is doing and where it's headed.  I strongly second davedish's comment that we'd be better with audio and still images than losing chunks of it because of trying to be higher tech.  Presumably you can't even get a transcript of this because the lost bits really are lost.

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  • Sat, May 16, 2020 - 5:56pm

    #12
    Gorris

    Gorris

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    Key takeaways

    Great discussion. To me, there were two key takeaways that i hadnt heard that clearly before. One is to support local businesses if you can. I think that is a fantastic win-win that we should all strive for. It made me order take out dinner tonight 🙂

    Secondly, I can seen Grant's point about accepting certain things rather than getting al fired up about them. There is A LOT to be agitated about these days and I would agree that can suck a lof of energy out of you. Just my 2*(1/100 oz).....

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  • Sat, May 16, 2020 - 11:49pm

    planfortomorrow

    planfortomorrow

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    planfortomorrow said:

    vshelford...you are welcome! Great story and confirmation that I will NOT take the risk (LOL) because I am an old construction Man and I can't see myself walking up a snow bank to cap my chimney! That was hilarious! Thanks for sharing, you brought levity to our home with your comments and it is always welcome during these times to just laugh allowed and I did. I have always loved living in wide open spaces, meaning no people but lots of land and critters. I lived in the City until married and I lived there with 12 other Brothers and Sisters, Mom and Dad and half the neighborhood. My favorite place in the house was a claimed little closet where I could go, shut the door and lock it! It had a small window so that I could watch the Pigeons roost at the very height of the roof. I could watch birds all day, same with squirrels, sooooo relaxing. I feel if the critters call my place home then my environment is healthy and is our greatest compliment. This goes for butterfly's, bee's and all beneficial insects. Their all beneficial are my thoughts. Our mind set is to always leave more than we take. Chop a tree down then plant two, that sort of thing and store extra's for the repairs of tomorrow. If I see anything at the flea markets that will be useful for repairs in the future I gather it up. I have bought old doors that have been in many homes that I will use on the interior. All are 13/4 inches x 36" and in good shape but all are different period pieces nearly 100 years old. I will use them in my Cabin and have that lived in look, rustic from the start! I'll save a boat load, hang them myself and use the savings on something else. Doors have a living spirit all there own I think, and just seeing a well crafted door makes me happy. I bought one door that has Principle Office on smoked (hammered) glass! Of course that will be the Master Bedroom bathroom door. Maintenance of everything is critical so that year in and year out repairs are made cheaply and blends with the distress that Mother Nature puts on everything. For example: Cedar siding ages as it oxidizes over the years. I don't want a siding repair to look new with all others aged so I age the wood but out of the full on elements. This way everything is repaired and looks seamless. Anyways, thank you. I have a question: isn't walking out your door so much more alive because you know why and the how's things were done and it just makes you more aware and at peace. That's what this site has provided me for over 12 years now. Plus, talking with like minded Folks like you always makes for an enjoyable visit. Better than the walleye stares of the unenlightened that are drifting... Be good. Peace

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  • Sun, May 17, 2020 - 4:40am

    #14
    mahroch

    mahroch

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    Joined: Jan 27 2020

    Posts: 4

    bulgaria hyperinflation

    Mike Maloney spoke about hyperinflation in Bulgaria in 1997 and that someone was able to pay off the mortgage for 100 USD. I'd like to find out more about this, prices and real situation. However, even after hour of googling it I didn't find anything useful and getting to the point. So, was that a real story? Does anybody have any more information to this theme?

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  • Sun, May 17, 2020 - 6:31am

    DaveDD

    DaveDD

    Status: Bronze Member

    Joined: Sep 08 2019

    Posts: 171

    Bulgaria

    Mahroch,

    I found the links below. I’m not sure if it contains what you are looking for: tldr. Hope this helps. Btw, the last link is interesting, at one point the inflation was 2000%: 100 dollars would buy you at least twenty fold the amount it used to do, considering the price levels of houses in Bulgeria in 1997, Mike’s story is indeed very plausible.

    https://www.cato.org/publications/commentary/bulgaria-fifteen-years-later

    https://www.tandfonline.com/doi/abs/10.1080/14631377.2017.1339476?journalCode=cpce20

    https://www.rferl.org/a/1084339.html

    https://tradingeconomics.com/bulgaria/inflation-cpi

     

     

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  • Sun, May 17, 2020 - 6:52am

    mahroch

    mahroch

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    Posts: 4

    mahroch said:

    @DaveDD: unfortunately not, I saw all of those you wrote, and many more, but all info I was able to find was that inflation was there (the peak was 1061%), 1 USD formerly was for 70 Leva (end 1996, before inflation) and then it rose (for a while) to 2200 Leva per 1 USD. Still, for 100 USD you would have 220 000 Leva. I'm not sure, but  if 1 USD was 70 Leva in good times, it would be hardly enough to buy a house or flat or pay you off the mortgage for 100 USD ...

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  • Sun, May 17, 2020 - 7:39am

    DaveDD

    DaveDD

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    Posts: 171

    DaveDD said:

    Hi mahroch,

    As you made me curious, I looked into property prices. Indeed very difficult to find. I did find this rather anecdotical piece of information wrt property cost:

    https://www.justlanded.com/english/Bulgaria/Bulgaria-Guide/Property/Cost-of-Property

    This is recent information, but it seems to me that 100 dollar in 1997, especially during hyper inflation would have bought you something in rural areas.

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  • Sun, May 17, 2020 - 7:42am

    #18
    pat the rat

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    diapers

    This virus is about 8 months old, it's  not even out of diapers yet and look the damage it has done to the economic, I don't want think about what happen when it hit the terrible two's

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  • Sun, May 17, 2020 - 8:00am

    mahroch

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    mahroch said:

    well, maybe, and the maybe is still a weak speculation. but for sure 100 USD had some value if you use it in tiny niche of the hyperinflation. and even though the debt is nominal, I doubt that a bank agreement for mortgage would be so sieve and not bonded to inflation so you can pay it off with 100 USD. For me to consider it as useful information rather than unverfiable tidbit would need some more information about the case ...

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  • Sun, May 17, 2020 - 8:31am

    yogmonster

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    yogmonster said:

    I might be mistaken, but in my memory Mike was speaking about 100 swiss franc's. Which were still backed by gold.  Now I'm gonna have to go back, and listen again.

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  • Sun, May 17, 2020 - 8:46am

    mahroch

    mahroch

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    mahroch said:

    timing is around 55:55. yes, he mentioned swiss franks, but then somehow mixed it with 100 USD ... maybe I got something wrong, so have a look and share your opinion. Anyway, that was in 1997, we are now in completely different situation ... once I read that during Weimar republic (around 1927, Germany) you could buy whole business street (!) for a 1 ounce gold coin. But that information I was not able to verify anywhere neither ... that's why Mike Maloney's info took my attention and for me it seems to be another unverifiable info ...

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  • Sun, May 17, 2020 - 10:23am

    vshelford

    vshelford

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    to planfortomorrrow

    I have a question: isn't walking out your door so much more alive because you know why and the how's things were done and it just makes you more aware and at peace.

    I agree!  In fact, I wonder if it would be fun to have a forum on the ups and downs of building your own home (if there isn't one already).  I'll check, and if I can't find one, I'll start it.  Come on over!  And anyone else with stories or questions or whatever!

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  • Sun, May 17, 2020 - 10:58am

    Gorris

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    Gorris said:

    I heard Mike say it were Swiss francs to a total amount equivalent to 100 $ US....

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  • Sun, May 17, 2020 - 11:02am

    yogmonster

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    yogmonster said:

    I am having a hard time finding much info. It's a pain on my cell phone also.  Mike mentioned his assistants father had invested swiss rancs. No mention of year. In 1949 $1=4.375 francs.

    Any way, found a paper by Zdravco Balyozov, titled The Bulgarian Finacial Crisis.  If I'm reading the chart right in June of 1997 the exchange rate for $1 was 1718.7 Lev?

    Better move on to something else, my wife just asked what I was doing.  When I told here I was researching exchange rates from Bulgaria in 1997, I received a very strange look. 🙂

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  • Sun, May 17, 2020 - 11:04am

    #25
    westcoastjan

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    QE 5 - an interesting take...

    Why haven’t we called it ‘QE 5’ yet? And why we must call it ‘QE 2.1’ instead

    ...It’s not that history repeats itself perfectly and that we can assume that we can exactly overlay the financial history from 2008-19 to the upcoming era of 2020-31. No, it’s that we should realise that – whatever the exact future historical timeline – the neoliberal system can afford no other path: shutting off the spigot (ending “no strings attached” QE and raising interest rates back up to the 20% of 1980, or just a more typical 3-5%) would cause massive bankruptcies in high finance, and they are the vanguard party in the West’s bankocracy.

    Unlike the USSR, there is no chance the elite of the US vanguard party is going to wilfully implode themselves. They are radicals who believe There Is No Altnernative (to Western capitalism-imperialism).

    That’s why, just like QE 1.1, QE 2.1 is being used domestically to protect the imperial centre during the outbreak of crisis. Some is even finally being downloaned to non-banks and non-corporate entities, and to subsidise wages in some Western countries, but only a very inadequate portion – it is, like in 2008, being primarily used to “socialise the losses” of the 1%.

    The new, recent, easily-graspable history of QE is that it has altered the flow of capital everywhere. While developing countries are hurt the most, corona is going to ram home to the Western domestic audience just how unpatriotic and immoral Western capitalism-imperialism really is.

    How many rounds will of QE 2.0 will it take for Westerners to realise that?

     

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  • Sun, May 17, 2020 - 12:46pm

    #26
    kunga

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    To Have or Have Not

    " In all thy getting, get wisdom."  Proverbs 4:7

    My formula for peace of mind:

    Make health your top priority (physical, mental, emotional, spiritual.)

    Just say, "No."

    Be frugal, live simply.

    Pay your debts.

    Always be a beginner; never stop learning.

     

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  • Mon, May 18, 2020 - 5:02pm

    #27
    Sparky1

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    Joined: Jul 21 2016

    Posts: 753

    4 million stimulus payments to be sent through debit cards, Treasury Department says

    https://ktla.com/news/nationworld/4-million-stimulus-payments-to-be-sent-through-debit-cards-treasury-department-says/

    Getting everyone's finances (including the "unbanked") digitally linked into the banks/non-banks to make transfers in/out easier. While serving the immediate purpose of efficiently distributing stimulus payments to individuals, it may also pave the way for UBI, bank bail-ins, and negative interest rates theft/fees. I'm sure that whatever non-financial processing mediator (e.g., Netspend) will make a hefty profit skimming off of any transactions, which may not be apparent to the recipients of the stimulus but for which we all will pay for.  Many strings are attached to these stimulus payments with the 1% and corporations benefiting the most while the majority will receive relative crumbs or nothing at all.

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  • Mon, May 18, 2020 - 5:16pm

    Sparky1

    Sparky1

    Status: Bronze Member

    Joined: Jul 21 2016

    Posts: 753

    US Treasury EIP debit card (video)

    https://www.thesun.co.uk/news/11654349/treasury-four-million-debit-card-coronavirus-checks/

     

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  • Mon, May 18, 2020 - 6:16pm

    #29
    Sparky1

    Sparky1

    Status: Bronze Member

    Joined: Jul 21 2016

    Posts: 753

    7+

    Chris' newest video, "BRRRRRRRRRR!" (the sound of the FR printing press in overdrive) (5/18/20)

    "The Evils Of Money Printing (Coronavirus Response)" (5/18/20)

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  • Tue, May 19, 2020 - 3:36am

    VTGothic

    VTGothic

    Status: Bronze Member

    Joined: Jan 05 2020

    Posts: 219

    1+

    An Alternative "Bank". And, one way for the 99% to socialize loss, privatize gain.

     ...it may also pave the way for UBI, bank bail-ins, and negative interest rates theft/fees.

    This is why I have recently begun using my Bitcoin (BTC) account as my non-current expense savings account: keep any extra cash out of the  bank. (If you do that put it on a private "wallet," like Exodus (exodus.io), rather than use the wallet provided online by an exchange service, e.g. Coinbase.com). Plus, on balance (even with the day-to-day volatility of BTC), you can make a real increase (i.e., "interest") on those holdings, unlike what you get from bank interest rates (which may go negative before long).

    A step further: IMO, anyone who gets stimulus money could use whatever they don't need for current expenses to buy BTC. It is an asymmetric hedge to the upside. The loss is limited to what you put in; the upside is currently limitless. So, if you use stimulus money anything you lose was not yours anyhow so no harm done, but anything you gain is yours to keep. It's a way to play the poor man's version of the 1%er's "socialize loss, privatize gain" without putting one's own capital on the line.

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  • Tue, May 19, 2020 - 5:57am

    #31
    macro2682

    macro2682

    Status: Gold Member

    Joined: Sep 03 2009

    Posts: 361

    1+

    Moving to Columbus

    Looks like I'm probably leaving Chicago and moving the family to Columbus, OH.  Any PP folks in the area that can share some advice please shoot me a message!

    Thanks,

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  • Tue, May 19, 2020 - 12:47pm

    James

    James

    Status: Member

    Joined: Sep 19 2013

    Posts: 24

    Reply to Planfortomorrow

    Planfor,

    Just wondering how you “invest” in oil. Options futures market? Certainly you don’t take delivery, right? Not an easy play from what I gather. Honestly interested in your strategy.

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  • Tue, May 19, 2020 - 1:04pm

    #33
    MKI

    MKI

    Status: Member

    Joined: Jan 12 2009

    Posts: 242

    4+

    Another great production!

    I'm glad to see so many comments and watchers. Last time I felt I was the only one watching/commenting! Comments on WTF Take 2:

    1. Taggart did a better job moderating than last time, which I thought impossible. This presentation is so smooth I thought I was drinking century old wine. Color me transfixed.

    2. Grant, as usual, gets it. It's a timing game. Game: Focus on wealth-producers - profitable business or $ generating RE. Also, I love his final comment: nobody knows anything, so stay nimble!

    3. I'm surprised none of the panelists called BS on the whole Corona virus caper. This is a big investing deal, IMO, because even though the CV craze caused the first wave of raw communism in this country (totalitarianism/lockdown+ wealth redistribution/stimulus) CV fears are quickly being shown to be way overblown (just some more elderly/obese dying). I'm surprised nobody mentioned the possibility of a crack-up boom once the real economy comes back on line after the hype-fear disapates and our tyrants have lost their credibility on CV fear-mongering. This could be wild!

    Great job, again!

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  • Tue, May 19, 2020 - 1:31pm

    jturbo68

    Status: Bronze Member

    Joined: Aug 04 2009

    Posts: 120

    jturbo68 said:

    I have a step son, mid 30s in Columbus.  He is not a PPer, but would be happy to make introductions if it would help you get acquainted to the city.

     

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  • Tue, May 19, 2020 - 2:55pm

    Hladini

    Hladini

    Status: Member

    Joined: Dec 28 2011

    Posts: 226

    Letter to the Fed

    Hey Sparky,  thanks for posting Chris' new vid. They are hard to find.  While I was watching yesterday's  daily briefing, I had to stop and write one of my nasty letters to the  Fed, and here it is:

    "Hello and Good Morning,  I just thought I would provide some anecdotal information from Main Street.  First, as millions of Americans lose their jobs, as 10's of 1000's of Americans lose their lives, as supply chains are disrupted, and Americans line up at free food distribution centers, the stock market is careening higher and higher.

    I  have to tell you, with the stock market going up and up against the headwinds of such catastrophic economic news, to us Main Streeters, it feels like a cold, hard, wet slap in the face.    It feels like the stock market is cheerleading and rising on every piece of bad news for Main Street.  Like the Fed and company (all those who profit from Fed intervention) are just having the time of their lives enjoying the morass of human suffering.

    And please explain how is it possible Jeff Bezos made $24 billion dollars just recently?  How is that possible?  How is that good for anyone, including Jeff Bezos?

    The central banks have got quite the gig: a license to counterfeit money out of thin air, then the authority to sell it to the public you're serving, which means there will always be more debt than money.    Interesting.

    Even more interesting, is that a bunch of un-elected intellectuals can set/target the amount of inflation deployed against the public.  Inflation: a stealth tax on the public.  This same bunch of Ivory Tower Land Dwellers, then decides what the  price of their counterfeited product is!  Well I'm here to tell ya, from where I'm sitting your product ain't worth shit at .00000001% interest rate for Main Street.

    BTW, the inflation rate is eating Main Street alive.  I was a single mom in the 80's.  I remember the price of all things needed to live.  I  remember my wages back then.  Compare life then to now, and you got adult children still living at home.

    Many people are learning that only @ 20% or less of the population owns 85% of the stock market.  40% of that 85% is owned by the  top 1%.  So, tell me again how all of the Feds/Central banks' Herculean efforts have helped Main Street with this soaring stock market?  Correct me if I'm wrong, by helping the top 10% - magnificently BTW, see Bezos' recent portfolio - the bottom 90% owe all this money back?

    Just to be clear, I am not in favor of fiat currency.  I  believe fiat currency is the root of all evil.  It's a simple concept:  Crooked currency, crooked polices.  Honest money, honest policies.

    As more and more of Main Street wakes up to the massive fraud of unlimited printed currency, the Fed and other printing crazed central banks will be recognized as a veritable enemy of the people.  Not only will we be taxed to pay the principle, we'll be taxed to pay the interest.  When debt is catapulting into the Trillions of Trillions Galaxy, while Main Street implodes and loses all it's shitty jobs........ well let's just say you  got yourself a bad combination.

    A favorite line from a favorite movie comes to mind (with a small edit):  "The Fed's Dead, baby, the Fed's Dead.”"

    I know it's not for everyone, but anyone who has the inclination should start complaining, regularly.

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  • Fri, May 22, 2020 - 10:24am

    #36
    Satoshi Nakamoto

    Satoshi Nakamoto

    Status: Member

    Joined: Aug 18 2014

    Posts: 8

    Suggest to prioritize audio over video in next videoconference

    Chris, Adam, Mike, Charles, and Grant:

    Awesome dialogue and exchange of ideas, thank you so much for sharing your honest thoughts on what I believe will very quickly become the challenge of a lifetime for so many of us.

    One point of suggestion for your next videoconference, though (hoping and assuming you have one): I don't know what application you were using to connect to each other and record the video, but if it's possible, you might want to try prioritizing the audio signal over the video in the future.  Although it's certainly important and helpful to see everyone's facial expressions and gestures as they speak, the audio dialogue is most important in terms of communicating ideas, and if the local ISP serving any of you becomes bandwidth-limited for any reason during your videoconference, it's the video that consumes most of that bandwidth.  If the application can be configured to prioritize audio whenever the available bandwidth drops, the dialogue can continue, even though the video might be temporarily frozen.

    During this webinar, I was literally hanging on every word, and I found myself shouting at my TV whenever the audio dialogue would fail, but leave the video functional.  😀

    Anyway, exceptional stuff on a very complex and important subject that the vast majority of people are yet unaware of, and it's such a breath of fresh air to hear the meeting of the minds on subjects like this.  Thank you again!

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  • Fri, May 22, 2020 - 8:55pm

    #37
    Satoshi Nakamoto

    Satoshi Nakamoto

    Status: Member

    Joined: Aug 18 2014

    Posts: 8

    Suggest to prioritize audio over video in next videoconference

    Chris, Adam, Mike, Charles, Grant,

    Thanks to all of you for an exceptional meeting of the minds on this important stuff.  I know the subject is extremely esoteric for the average person - but absolutely essential, and I'm really thankful that people like yourselves take the time to share your obvious knowledge on the subject.  Personally speaking, I'm deeply fascinated (although extremely concerned, of course) to be watching what I believe will be regarded as one of history's most important events, on a par with the World Wars, or Nero fiddling while Rome burned, unfolding before my very eyes.

    I'm writing to make a suggestion that, if possible, the network traffic for the audio portion of any future such conference be prioritized above that for the video portion.  Of course, I don't know what application(s) you guys used for the purpose of the meeting, but if an application can be configured for this purpose, anytime the local ISP serving any of you happens to fall short of available bandwidth, the video will temporarily stutter or freeze for that person, while the audio will continue.  Although it's certainly important to see everyone's facial expressions and gestures while they're speaking, it's most important to be able to continue hearing what's being said.  From a technical standpoint, audio requires much less bandwidth than does video, so it's more likely that each of your ISP's would be able to sustain the continuing audio (at a minimum), in order to allow the meeting of the minds to continue uninterrupted.

    During your conference, because I was literally hanging on every word, I found myself shouting at my TV during those few occasions when the audio would disappear, but the video was apparently still functioning.  This is how much I want to hear what you guys have to say.  😀

    Anyway, just a suggestion, I hope it proves to be helpful.  All the best!

    - Satoshi

     

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