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| User Info | To Obama: Confidence Levels Critical in forum [Ticker] | |||
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Genesis Posts: 71435 Incept: 2007-06-26 
KD^2 
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http://market-ticker.org/archives/770-To....
---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2009-02-04 08:31:41
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Stonedog Posts: 1105 Incept: 2008-05-29
New Jersey
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Karl - awesome
---------- "F**k CNBS, CONgress, Obama, the Democrats, the Republicans, the ratings agencies, the Banksters, the Fed, the FASB, all the government regulatory agencies, the Trilateral Commission, the Council of Foreign Relations, the G whatever, the UN, and any other bastard or big corporate interest that has a fingerprint on this
2009-02-04 08:49:37
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Barracuda Posts: 36 Incept: 2007-06-26 cannot post
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Any way of finding out how many Dollars are being converted to other currencies? Just like putting 1920's German Marks into Swiss Francs and then converting back after inflation.
---------- not allowed to post Weimar Germany ended with 'currency reform', and Germany did it again after WWII. Study those lessons carefully. Buy items that are imported and have no expiration date. Imagine having a large supply of coffee
2009-02-04 08:53:26
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Sloonie Posts: 496 Incept: 2008-04-16 
waaaaay up North
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Bravo! Do you ever sleep? Wow.
2009-02-04 08:57:59
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Eddd Posts: 35 Incept: 2008-03-25 New York
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I converted a small to moderate amount of my total money into cash and deposited it in the bank of Sealey. I did so back in the summer of 2007 precisely because of the risks you highlight here, Karl. If just one of the three biggest banks goes down how long will it take to make depositors whole? if two of them do? And if there is ever a delay between depositors and their money the runs will explode nationwide, necessitating another depression-era measure of "stability" - the bank holiday.
2009-02-04 09:08:24
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Ludwigvonmises Posts: 273 Incept: 2008-10-10
Michigan
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Great Ticker Karl! I know several people who have deposits in their Bank of Sealy. Trust is definitely eroding. ---------- Quote:
Quote:"At some point Washington is going to have to bite the bullet and force the pig through the python - that is, we must force the debt out of the system." Gen 02/01/10
2009-02-04 09:16:46
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Richard112360 Posts: 148 Incept: 2008-02-06 Hooterville Online
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Great Ticker Karl!!!
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2009-02-04 09:19:47 by richard112360
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Sideler Posts: 805 Incept: 2007-11-10 
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"American Idle" is no more. The posted chart is proof. This is about to become all sorts of fugly.
2009-02-04 09:24:21
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Tesla Posts: 8182 Incept: 2008-04-03
Delaware
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One comment, Karl, other than again, outstanding - you might want to provide links to the S&P rating action article and the ING scam article for those who will not understand the references and won't/will be too lazy to look. That "resume" by Chris Warren should be a real kick in the teeth to the government. It won't, but it just points out the total extent of the fraud ...well into trillions and maybe double digit trillions. ---------- "Neither the wisest Constitution nor the wisest laws will secure the liberty and happiness of a people whose manners are universally corrupt." Samuel Adams I'd rather die on my feet than live on my knees. - Emiliano Zapata
2009-02-04 09:24:30
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Lordhumongous Posts: 1973 Incept: 2008-09-29
USA
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I have a large fraction of my money in bank money market accounts. They say that these are FDIC insured. Are they as good as a checking account with respect to safety? Should I move to checking? Savings account? I have a Treasury Direct account but the interest is zero and who knows, maybe they'll lock up all of my funds. Any ideas? Thanks ---------- Freedom. Is there anything it can't do?
2009-02-04 09:31:55
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Beausam Posts: 496 Incept: 2008-12-04 Florida
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Bravo KD...that about sums the whole of it up.
---------- The function of the Government is to separate the peasants from their money by pretending to fail.....Reinhardt
2009-02-04 09:34:37
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Mayorquimby Posts: 5868 Incept: 2008-09-18
Ponzi Planet Online
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My friend pulled out a few g's from BAC because he didn't want to deal with the hassle should something happen. He's also muchos ****ed at all of the bailouts. C'est la gare.
---------- It's a PONZI ECONOMY and it already HAS collapsed. Now they need more ponzi!
2009-02-04 09:35:46
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Viper Posts: 717 Incept: 2007-08-28
Madison, WI
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I was at SHOT Show a couple of weeks ago and talked with a number of gun manufacturers, particularly ones that make AR-15 style rifles and some of them are already back ordered 3 YEARS! These companies are so overloaded with orders that many have gone out and fired all of their rep groups because they don't need them. They have more orders than they can deal with already. Similar stories from ammo manufacturers. A number of people I have talked to in person have told me that they are converting cash into tangible assets with utility value, that are easily converted back into cash at a later date. It seems unanimous among these people that guns and ammo fit that criteria better than anything else. So, perhaps this is where some of those demand deposits are going... ---------- http://www.mccotterforpresident.com/
2009-02-04 10:08:46
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Harmoniker Posts: 23 Incept: 2008-12-16
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Karl, I think quite a bit of that money is not only in mattresses and safes, but also in short-term treasuries. I've got over 50% of my net worth sitting in 4-week Bills and the C of I at Treasury Direct. That money will flow back into banks, but only after the government stops propping up the bad ones so the consumer can know without a doubt which banks are safe.
2009-02-04 10:08:56
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Genesis Posts: 71435 Incept: 2007-06-26
KD^2
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Harm- yep. The problem is that if the government doesn't cut this **** out what's going to happen is that all the banks will be destroyed by the systemic run. ---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2009-02-04 10:10:26
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Oddone Posts: 50 Incept: 2008-07-14 About 10 miles from Genesis
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My own opinion, FWIW, about the crisis of confidence and the likely response to it from political circles, is thus: Obama will do nothing to help alleviate the crisis. No politicial will. And the Fed and Treasury will ride this hideously bad plan of theirs all the way into the abyss. Why? Becuase time and again history tells us that people with wealth and power will do anything - and I do mean anything - to keep it. If it means destroying a nation to preserve their ability to create more money for themselves, they'll do it without blinking an eye. Trying to print a way out of a collapsing economy is suicidal as we all know, but that way means that the pigmen get to keep a little more for a little longer as the whole house of cards comes tumbling down. It's not like there's not historical precident to support this perspective, and history has this nasty habit of repeating itself if its previous lessons went unlearned. The people responsible for this mess don't give a **** how much damage they do as long as they get theirs. That is the long and short of the whole problem. They want more, and they will get more even if it means bringing everything down around them to do it - that's a risk they are perfectly willing to take. The only thing that will stop the impending collapse will be a solution coming from outside the political and financial sectors. A war that forces a total redevotion of resources, deteriorating conditions resulting in sociopolitical collapse and the concordant civil war (and the literal hunting down and killing of those responsible is a very real possibility in such a context), or even divine intervention if your belief system supports such - any or all of these will get the job done. Relying on politicritters? Not a snowball's chance in hell - it's simply not in their best interest (read: it doesn't put $ in their pockets or increase their level of influence) to change the status quo that's proven to be so miserable and criminal a failure.
2009-02-04 10:18:06
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Harmoniker Posts: 23 Incept: 2008-12-16
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Indeed. For what it's worth, I'm faxing my senators and representative this week telling them that this "guarantee of bad bank assets" plan is a bunch of BS, and I'm encouraging them to support legislation that crams down the shareholders and bondholders per your earlier posting. They will have a full on taxpayer revolt (complete with bank runs) if they don't cut this **** out.
2009-02-04 10:20:33
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Ababeinthewoods Posts: 71 Incept: 2008-12-22
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Karl, this post is just a confirmation of what you're saying... You see, we're in the business of doing industrial automation projects for the real manufacturing sector -- on the factory floor. Our projects usually have an ROI of a few weeks!!! We're even seeing a choke-off in spendingthat engineers have calculated to be CRITICALLY important. The bean counters are scared SH**LESS and not even allowing fully justified projects that are ENTIRELY DEFENSIVE to their cashflows. IF confidence were equal to ZERO these projects would STILL go through -- if only to cut scrap and rework losses for the sake of the bottom line. IMHO we are in times of (CONFIDENCE << ZERO) in the manufacturing sector. This even applies to the "patching holes below the waterline" projects. BLIND panic arrived a few months ago. These CAPITAL SPENDING FREEZES are ubiquitous throughout Automotive, Consumer Electronics, Confectionary, Food & Beverage, Military, etc. These are not snap decisions and do not turn on a dime. They typically last for multiple fiscal quarters, not weeks or months. Sucks to be us, Yes, but it REALLY sucks to be the poor SOB that works for these companies. These are odd times.
2009-02-04 10:20:35
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Robertmc Posts: 48 Incept: 2008-09-24 Tallahassee, FL
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re:firearm and ammunition sales are off the charts, as are concealed carry permit applications. As some of you know, I'm what right wingers would consider a 'dirty hippy librul' (even though hippies think I'm a narc and rednecks think I'm an egghead (guilty) and a gun control nut (even though I've owned guns my entire life) so you'd probably think I'd be the last person to be getting a concealed weapons permit. But there I was, in a PACKED gun show, doing just that. I still hold out hope that the President WILL do the right thing. I heard him say that 'many banks still have bad assets and will probably fail'. My hope is that he intends to do much of what Karl has proposed but that at this time, it is not feasible due to the engraved-in-stone strangehold lobbyists and WallStreet banksters and corrupt regulators have on Congress and Washington. Until things get bad enough (ie DOW 3000) and people are pitchfork mad will Obama have the clout to make systemic change. The icon of liberalism, John Stewart of the Daily Show, has called for the banks that are insolvent to come clean and go belly up if insolvent calling it "Revolution Insurance". Many people from both the Right and the Left have realized that we have been scammed and that change MUST come. The "sleeping giant" is waking up and when our slide down the wormhole brings actual pain to the majority of citizens will the entrenched middle-roaders accept the enevitability that drastic times call for drastic measures. Hopefully, it won't come too late. ---------- Sweet Poison http://www.youtube.com/watch?v=dBnniua6-....
2009-02-04 10:21:15
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Sacxtra-tv Posts: 10 Incept: 2008-12-17
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(deleted)
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2009-02-09 21:01:40 by sacxtra-tv
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Nobody Posts: 1057 Incept: 2007-11-26
Nowhere
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Quote:Becuase time and again history tells us that people with wealth and power will do anything - and I do mean anything - to keep it. And you don't think that this includes throwing their buddies under the bus when the choice arrives between letting banks go and destroying the system? That is the choice that is on deck shortly.
2009-02-04 10:29:41
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Davedude Posts: 53 Incept: 2009-01-12 Texas
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What ODD said. my .02? I am of the opinion Obama is not above "breaking a few eggs" to see capitalism swept under the his socialist rug...."crisis" is just a tool he can use, as per Rahm Emanual.
2009-02-04 10:39:54
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Aletheia Posts: 24 Incept: 2008-10-01
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I'm in the Sealey Club as well. I've been willing to continue keeping some cash in a small, local bank that's been operating since 1869 and which appears to be well capitalized and not overly leveraged. But I still feel uneasy about it, and so must everyone else in town because every month they put messages like "Don't Worry, Your Money is Safe With Us!" on their marquee. The rest I keep at home. I still remember how surreal it felt to withdraw that money...like something out of It's a Wonderful Life. The bank didn't want to give it to me either. I had to meet personally with the Bank's VP to hear all her CNBC talking points, but each of these were easily refuted by quoting back counter KD talking points to her. She finally surrendered, but what a hassle. I asked her if there were other customers doing the same thing , and she admitted that there was. I understand that it's irrational (stupid even) to take money from a sound bank (thereby making it that much less sound), but at a certain point none of that matters. At a certain point you just sense that your neighbors are feeling a bit skittish about the banks too, and then it's what THEY intend to do about it that becomes the only thing that counts.
2009-02-04 10:40:04
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Genesis Posts: 71435 Incept: 2007-06-26
KD^2
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Right. Reality is that all banking systems are always technically insolvent. What you're seeing now is a SYSTEMIC run. That's EXTREMELY dangerous and right now people are doing it QUIETLY, hoping to be the ones to get out the door before people notice the curtains are on fire. ---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2009-02-04 10:48:38
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Shrpblnd Posts: 1169 Incept: 2007-08-06
Los Angeles, CA
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Prior to January, the only protection I had in my bedroom was made of latex. Now I also have some steel. I think the Bank of Sealy is also due for another deposit.
2009-02-04 10:49:46
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