Author: gork

Thank You Jamie Dimon for Illegally Smashing the Gold Price Again   [Copy link] 中文

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Post time 2017-5-14 15:28:55 |Display all floors
Quackonomist Doesn't Know The Difference Between Credit & Money
- talks complete krap

As J.P. Morgan correctly stated a century ago, in answer to the question whether credit was money: "Money is gold and nothing else." This was in the context of silver having just been demonetised.

When you've been paid in cold, hard cash such as gold or silver, you consider yourself paid. By contrast, the Bank of Poodleville's bank notes promise to "pay the bearer on demand". In other words, it's just a credit note, a receipt.

Computerised funny money lent into existence is also credit and not money.

But here's quackonomist Steve Keen talking out of his poo hole yet again: He explains how it is that banks create money in the form of debt and how this leads to financial instability. In the book, he quotes the Bank of England’s own economists:

“In the modern economy, most money takes the form of bank deposits. But how those bank deposits are created is often misunderstood: The principal way is through commercial banks making loans. Whenever a bank makes a loan, it simultaneously creates a matching deposit in the borrower’s bank account, thereby creating new money.”

- Steve Keen: ‘Can We Avoid Another Financial Crisis?’

Also: Related Coverage
Steve Keen: China’s Stock Market Is an ‘Unbelievable Bubble’


Yeah, it's unbelievable all right! The Shanghai Composite is offering a dividend yield which is half again that of the Great Satan's S&P500, which is about 1.8%. Apple with huge cash (offshore) is paying out just under that. So, if China's shares market is in a bubble, what is the Great Satan market; a hyper-bubble?

Neither does he know the difference between price and value: Asset values backing the loans are also rising in value, encouraging recklessness.

And he's clearly trying to take attention away from history's worst ever debtor, the gangster-run, thieved prison-state of Amerika, by accusing history's greatest ever creditor: China is undoubtedly the biggest country facing the debt junkie’s dilemma now.

China's household, public sector and national debt are all extremely healthy. The only high levels of debt are in the corporate sector and that too can be justified by the high rate of growth. Just look at Alibaba's HUGE double-digit percentage growth! Borrowing to invest is OK. Borrowing to consume such as the Great Satan's stewdent, car loan and goon & thug sectors is a disaster. Whilst China's banks are, BY FAR, the World's most profitable, Great Satan Stewdent defaults are in double digit percentages as are car and krudmobile loans, where the lenders are having engine cut-out devices fitted and terms are going out to seven years or more. Amerikans, on average, now have $37,000 in credit card debt!

China is dumping "worthless paper" USD in exchange for anything she can get. Yet the anglo/zionist propaganda rags are calling the HUGE doggie death-spiral firesale of assets, "foreign direct investment". The poodle state is so bankrupt, insolvent and desperate, it is dependent on China for investment in its infrastructure such as HS2, the Northern Powerhouse, Hinckley Point C etc. This is why Keen peddles a debt jubilee so much: There could also be a more official debt jubilee where debt is simply forgiven.

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Post time 2017-5-15 15:46:02 |Display all floors
Buttcoins Store Nothing

If those digital tokens can be anchored to tangible gold and silver bars, they could be more compelling as a store of value.
- Is Blockchain A Gold & Silver Launchpad?

In fact, max. Kiester offered a krapto-currency of his own which was backed by silver. Presumably, it wasn't successful as he now claims buttcoins are as good a store of value as gold, despite buttcoins having no physical presence in the real world and therefore having a TOTALLY notional value. But then, Kiester contradicts himself as much as war criminal, The Donald, does.

Despite the above article title suggesting krapto-currencies associated with "cold, hard cash", it offers nothing new, just substituting kraptocurrency as a promise to link to gold just as paper funny-money used to be right up until they defaulted but without any legal guarantee. It looks like a very feeble attempt to divert investment away from gold and towards krapto-currencies.

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Post time 2017-5-16 16:53:58 |Display all floors
Tories Become Deranged

JP Morgan is the latest bankster to prepare to leave Cesspit London the money-laundering capital of the World. The ongoing "monumental self-harm" has JPM buying a $137m building in Dublin.

Like the Monty Python black knight, the zionist Daily Telegraphic Nonsense continues to deny there's any negative effects from Brexit.

William Ury specialises in hostile and emotional conflicts
. . .
"It's astonishing," said the source, "that before the negotiations have even started the Government have pressed the nuclear button by bringing in a war negotiator."

- Britain calls in war broker as battle with Brussels over Brexit gets nasty

Appropriately, the Tories appear to think mental health legislation is the most important issue to the sheeple: The Tories promised to reform the 1983 Mental Health Act to cut the number of people being detained in police cells as a result of the legislation, and pledged to train and hire 10,000 more mental health workers.
- Labour Pledges Tax Hike for Richest as U.K. Campaign Resumes

But what do you expect, one of the goons & thugs even shouted out “Suicide!” when the vote was cast, whilst one propaganda rag equated it with the notorious charge of the Light Brigade and another terming it “monumental self-harm”.

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Post time 2017-5-17 17:10:24 |Display all floors
Shyster of Omaha Produces Losses

The Shyster of Omaha has underperformed the index funds he, himself, recommends. His performance, in the first nine years of a ten year bet he has, has only been 6.2%: "Warren Buffett’s (often ignored) advice to mega-rich investors"

Yet some estimate the true rate of price inflation to be higher than that: Follows the most important chart: the estimation of real annual inflation: according to Devonshire, that number is roughly 8%, nearly three times higher than the "accepted" rate of 3%.
- Devonshire: True Inflation Is Three Times Higher Than Officially Reported

So over the nine years, the Shyster of Omaha has turned $1 into 84.5c in real-terms.

Furthermore, that's only consumer goods. A lot of the printing of paper funny-money has found its way into higher financial asset prices such as shares, bonds and real-estate.

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Post time 2017-5-18 16:06:01 |Display all floors
Obvious Fraud

Buttcoins are so unsafe some corporations that accept them make sure they sweep them every day for "worthless paper" funny-money instead.

But not only is the price completely arbitrary, hackers have free reign over buttcoins. One consortium in Poodleville admitted they had enough combined processing power to hijack the blockchain AND it wouldn't even be illegal! At least with paper funny-money banks keep backup ledgers and legal tender laws force retailers to accept them. The claim that Japan has made buttcoins legal tender is clearly BS! There's no way anyone will be forced to accept such dodgy krap.

Buttcoins are obviously a distraction, most probably from gold, or just a means of fleecing the sheeple. There's NO WAY they're a sensible investment option. How can such a nothingness have any value at all?

Remember, the Great Satan is currently extorting cash out of anyone it can, including fining Navinder Sarao $38.4m for doing what isn't even illegal in Poodleville. It only fined Gangster Motors $12m for killing buyers of its krudmobiles for over a decade with the known fault of the ignition switch, which also turned off features such as airbags.

Bitcoin hit an all-time high of $1,760 on May 9, with hardly a down-day since the March 24 low of $891.

What is driving the rally? After the Securities and Exchange Commission (SEC) rejected the application to launch a bitcoin exchange-traded fund (ETF), many thought the 2017 bull market was over.

- Bitcoin Climbs a Wall of Worry

More like a wall of BS!

After the rejection of an ETF, the price of buttcoins dipped but failed to fall back to where it started. So the volatility is only in one direction: up! Clear indication of manipulation.

This is similar to how the Great Satan and its poodle failed to not illegally invade Iraq after Hans Blix didn't find any WMD: But unlike 2014, when bitcoin lost 90 percent of its value and languished for more than a year, it shrugged off the SEC decision as well as regulation from Chinese authorities and just continued going up.

So China, the largest market for buttcoins, blocks banks from interacting with buttcoin exchanges and you're supposed to believe buyers of buttcoins completely ignored it!!!!

And when a sharia gold standard opened up gold to over a billion new investors, it failed to respond.

Yet, just the possibility of the same for buttcoins, having already rejected it once and you're supposed to believe the masses, in a free market, are happily buying up buttcoins despite them having all the physical presence of a unicorn: A bitcoin ETF would open the opaque and volatile asset to trillions of dollars of institutional money, from pension funds, insurance companies, and more.

Strangely, Epoch Times, peddles this bogus free market: The decentralized market that logs transactions on the so-called blockchain reaches decisions via consensus and therefore cannot be manipulated by a single private player or government.

Except that a consortium in Poodleville has already admitted they had enough processing power to take over the blockchain if they wanted to AND it would be legal to do so.

But there's an even easier way to manipulate the price, which is to simply pay ridiculous prices for it. After all, if no actor can influence the price it would never change. So the above claim that it can't be manipulated is astounding!

Given that some of the retailers that do accept buttcoins are so wary of them that they sweep them every day in exchange for paper funny-money, you have to wonder who would do such a thing, other than someone who has complete disregard for losses.

Nevertheless the propaganda continues to deny manipulation, when even convicted war criminal, Tony Blair, admits there were no WMD in Iraq and convicted war criminal, Shrub, has admitted it was for the purpose of an illegal "regime change": So in a sense, the cryptocurrencies like bitcoin and others are the most free-market asset class out there, which is appealing for investors frustrated by market manipulation.

And I've never seen any retailer on the street advertise that they accept buttcoins. Yet this propaganda article peddles "spatial BS": . According to the theory of liquidity, bitcoin is a very efficient medium of exchange because it offers cheap and fast transactions, recognizability, and divisibility—the three of which combine to form the concept known as spatial liquidity, a key property of effective currencies.

Despite an infinite number of possible krapto-currencies, the propaganda peddles buttcoins as being limited in supply: It also cannot be recreated at will (the total number of bitcoin is limited), which should preserve its value over time, another important characteristic of an efficient currency.

Firstly, when it hits its limit, who will be doing the mining, spending HUGE sums to solve the cryptogram but for free?

Secondly, the rate of inflation of buttcoins, last I looked, was over 12% and is a factor of the rate of usage. So the rate of inflation is potentially huge and it CAN be created at will until it hits the limit, whereupon no one would bother mining them!!!!!!

The only way there could be a shortage of buttcoins would be if it took too much processing power to calculate the blockchain. In other words, someone trying to spend one of these notional coins would be standing there waiting for the transaction to go through.

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Post time 2017-5-19 15:36:45 |Display all floors
Another Anglo Quackonomist Defends Parasiting
- Barry Eichengreen advertises his quackiness

Quackonomist Steve Keen, as a naturalised "whingeing pomme" has whinged that all nations can't run a trade surplus at the same time.

But no one has ever suggested such a thing. Obviously and as any four year old could tell you, you should run a balanced trade position over the medium to long term.

But as the Great Satan empire goes the way of the poodle empire and the petrodollar is already over, here's another quackonomist denying the freakin' obvious:For Donald Trump, the measure of a country’s economic strength is its current-account balance – its exports of goods and services minus its imports. This idea is of course the worst kind of economic nonsense. It underpins the doctrine known as mercantilism, which comprises a hoary set of beliefs discredited more than two centuries ago.
- The German economy is unbalanced – but Trump has the wrong answer

But rather than admit that Germany, unlike gangster-run Anglo-thieved prison-states, isn't a nation of bone-idle, slug-brained clowns Eichengreen offers more BS: Back in the real world, the explanation for Germany’s external surplus is not that it manipulates its currency or discriminates against imports, but that it saves more than it invests.

If you save more than you invest, then the surplus must be consumption, which creates a deficit. The savings themselves come from a trade surplus, so Eichengreen is claiming blood causes cuts and abrasions. What a freakin' shyster!

Starting with this foundation of BS, Eichengreen then builds on it: Changing the exchange rate would not diminish the incentive for Germans to save.

Eichengreen then goes on to talk more complete claptrap, suggesting that either lowering taxes or increasing public spending in Germany would address the problem, when neither would, though higher taxes might make Germany less competitive.

This is essentially what Eichengreen suggests, sabotaging Germany's export sector: But if the government, in a fully employed economy, redirects resources toward the production of non-traded goods, households and firms will have to find other ways of satisfying their demand for tradables. The only sure way of doing that is by purchasing additional imports, spending on which will inevitably increase.

This is as pathetic as Toyota's Chairman announcing that japanese car companies had to give the amerikan krudmobile industry a break! What Japan has in common with Germany is they were part of the Axis Powers of WW2, highlighting that the anglo/zionist gangsters were trying to impose the system of parasiting on honest hard-working people.

Already, the Great Satan is extorting cash out of everyone and has just blocked middle-eastern airlines with the laptop ban, following the failure of the muslim ban to get past the Great Satan judiciary. They also cheat at the Olympics, parasite with the "worthless paper" USD and impose a white-supremacist, apartheid edukashun system. What we have here is a species which is clearly not viable.

Very obviously, Germany invests far more than the bankrupt, insolvent and desperate gangster-run, Anglo-thieved prison-states too. But having peddled the BS of Germany saving more than it invests, Eichengreen is forced to deny this: Most of all, more investment in infrastructure, health, and education would be good for Germany itself. Well-targeted public investment can raise productivity and boost living standards, ameliorate concerns about inequality, and address Germany’s economic weaknesses.

Freakin' hilarious! Germany needs to RAISE productivity and address economic WEAKNESS!! What a freakin' clown!!! He even admits it would be of no benefit to Germany.

And building on the total crock o' s*** that  anglo/amerikan yooniversities are the World's most "prestigious": For example, there are exactly zero German universities in the top 50 globally. More public funds would make a difference.

Hilarious! They have to impose a white-supremacist, apartheid edukashun systems and you're supposed to believe the Anglo lecturers aren't too stoooopid for you to bother talking to, as I found out!

Eichengreen isn't an economist or a quackonomist. He's a freakin' comedian!!! He competes with Keen as the dumbest person in the room.

So too is Wilbur Ross, who takes a different tack on why the Great Satan can't sell it's krapware. But all the claims are stale and hackneyed. None would stand up in a court of law unless it was the gangster-run, Anglo-thieved prison-states that were being accused. So this is nothing more than corny grandstanding for the amerikan sheeple: "I eat quite a bit of beef, and as far as I know I don't have mad cow disease," Ross joked.
- The sneaky ways countries cheat the U.S. on trade

Rather than gangster-run, Anglo-thieved prison-states running a surplus for the first time in their history, Eichengreen wants the era of the "worthless paper" USD to continue, much as Nobbled prize in quackonomics winner, Paul Krugman, does.

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Post time 2017-5-20 16:40:34 |Display all floors
Gold Manipulation Coming To An End
- he who laughs last, laughs longest

Whilst buttcoins have soared past $1,950 (I've had to change this number four times), despite having no presence in the physical world, gold has been restrained for the last five years, having peaked when Venezuela demanded her gold back in 2011.

This is no surprise as a graph of the bullion banks' position against the gold price shows a stark correlation. This is the net position of the bullion banks, aggregating their short position on the CRIMEX with their gold stocks at CRIMEX vaults vs the gold price:

Image2.png

Here's another graph showing the gold stocks and CRIMEX position separately:

Image1.png

Unfortunately, the delay between the gold price and the position of the bullion banks shows no discernable delay, so you can't see whether the gold price leads their position (which would make the most sense) or if it's the other way around.

Yet, the manipulation of the gold price appears to be coming to an end. They've only managed to suppress the gold price with India's assistance, raiding ETF for physical gold as well as PFG Best and MF Global and committing other such crimes. Clearly such stress in the gold market is unsustainable.

Already, the Shanghai gold exchange requires physical backing of every contract and trading is as small as a gram of gold.

Singapore has a similar gold exchange.

Now India is setting up a gold exchange: "India's Working With World Gold Council to Create a Spot Exchange".

Myanmar too, is setting up an exchange: "Hong Kong to help Myanmar set up a gold exchange".

And the LME in Cesspit London is offering a futures contract with physical delivery: "Is China Intentionally Making It Harder To Manipulate Gold?".

Obviously, having dumped over 1,000 tonnes of gold in 1999, Switzerland isn't buying much gold. Instead, the SNB has been buying shares in amerikan corporations.

So, as well as the Sharia Gold Standard creating a billion more potential gold buyers, these new gold exchanges will tend to increase demand too. War criminal, Bobby Zoellick, once suggested gold be used as a reference. It could be that the plan is for gold to find its free-market price, with the CRIMEX and LBMA continuing to illegally manipulate prices for as long as they can and which means the Great Satan and its poodle will continue to haemorrhage gold with India's assistance. Given that buyers in India and China have to pay a premium for gold, that free-market price is clearly higher than the supposed official price which has nothing to do with delivering physical metal.

The latest Commitment of Trader report and Gold Stocks report shows the bullion banks have reduced their net short to the lowest level since January. Back then, they even went net long and a big rise in the gold price ensued. The cost was a relatively small reduction of physical gold in their holdings at the CRIMEX vaults.

Meanwhile, the question to ask about buttcoins is why didn't they soar to over $1,950 as soon as they announced they would take another look at allowing a buttcoin ETF. There's certainly been no other news on buttcoins since. So, just as gold has been heavily managed and only moves slowly, buttcoins are being manipulated upwards to draw in the suckers. The longer it goes on, the more foolish those who haven't been fooled appear. Sir Isaac Newton realised the South Sea Bubble was a bubble and sold. But as they say in the markets, bubbles can go on for much longer than you think is possible and then double again. Newton bought back in and lost the lot, lamenting that he could predict the path of the planets but not the madness of men.

To all krapto-currency "investors" I've a bridge I can sell you, a whole herd of unicorns and Krypton, the home planet of Superman. Furthermore, I'm not charging the $1.20 that some buttcoin transactions are AND without the 20min delay that buttcoins are taking to transact with the debate on how to speed it up stuck in two opposing camps. I have this book, you see, I call it the "blockchain" and I simply write your name down and list which asset belongs to you, the unicorns, Krypton or the bridge (any bridge). It takes just seconds. I also have a dog-turd shaped like Elvis and it's the only one in the World so it should be worth much more than a buttcoin.

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