“Government has coddled, accepted, and ignored white collar crime for too long. It is time the nation woke up and realized that it’s not the armed robbers or drug dealers who cause the most economic harm, it’s the white collar criminals living in the most expensive homes who have the most impressive resumes who harm us the most. They steal our pensions, bankrupt our companies, and destroy thousands of jobs, ruining countless lives.” – Harry Markopolos, Madoff Whistleblower
The tenth anniversary of the Wall Street created financial catastrophe brought back some bittersweet memories this week. I wrote my first articles during the summer/fall of 2008 for Seeking Alpha. They included: Is The U.S Banking System Safe? (Aug 2008), The Great Consumer Crash of 2009 (Aug 2008), Looming Financial Catastrophe: A Real Inconvenient Truth (Aug 2008), Is Wachovia the Worst Run Bank in America (Sept 2008), The U.S. on the Precipice (Sept 2008), On Board the U.S.S. Titanic (Sept 2008), Our Coming Depression (Oct 2008), among others. I was pumping out 5,000 word articles every 2 or 3 days.
I was full of piss and vinegar. I was outraged by the actions taken by Paulson, Bernanke and Bush in bailing out criminal bankers with our money. This ensemble of accurate and acerbic articles led to requests for appearances on Glenn Beck’s CNN show, Neil Cavuto’s show, and several others. My need for my day job led me to turning down the invitations. I did several radio interviews, but kept a relatively low profile.
Ten years later, I’m running low on piss and vinegar. Irrationality reigns. Abnormal is the new normal. Delusions and new paradigms rule the day. During manias it is virtually useless to try and use facts and rational arguments against propaganda, misinformation and hype. The delusional will have to be clubbed like a baby seal once again to regain some sense of reality.
During the crisis in 2009, some guy kept badgering me with emails and phone calls to appear in his documentary about the financial crisis. He had been reading all my Seeking Alpha articles and my early Fourth Turning articles tying the financial collapse to the start of our current twenty-year Crisis. His name was Steve Bannon, a former Goldman Sachs banker and obscure documentary filmmaker. My 30 seconds of fame was appearing in his excellent documentary called Generation Zero, weaving the Financial Crisis into the Fourth Turning generational theory. I wonder whatever happened to that guy.
In the midst of the crisis I had the opportunity to attend a lecture/discussion where the Assistant Secretary of the Treasury provided his false narrative about the causes of the crisis and the taxpayer funded bailout of the criminal Wall Street banks. His goal was to convince the audience the government had the best interests of the common people in mind with their $700 billion injection into insolvent Wall Street banks, who took extreme risks and blew up the world. After his initial monologue the plan was to open it up to questions from the audience.
I had told a number of people I was going to ask a question that would make him uncomfortable. After he fielded a bunch of softball questions they handed the microphone to me. I asked him if the Federal government takeover of Fanny and Freddie were nothing more than a $200 billion backdoor bailout of the Wall Street banks, since the taxpayer was forced to backstop two insolvent zombies and not forcing Wall Street bankers to incur mortgage losses.
There was a murmur in the audience as they were shocked I would ask such a direct challenging question. He appeared stunned, paused, took a drink of water, and then proceeded to not answer my question by reciting some talking points and asking for the next question. It felt great making a government big shot uncomfortable and holding his feet to the fire. This was a time when I thought I could help change the world with my articles. My fire and brimstone posture has dimmed considerably in the years that followed, as my point of view has never gained mainstream traction.
It’s now ten years later and the government/Fed/Wall Street/MSM narrative has won the day. The account peddled by the Deep State and their corporate media mouthpieces about Paulson, Bernanke and Geithner saving the world by creating trillions of new debt to supplement the trillions in bad debt is the dominant view among the masses. A nine- year bull market, 0% interest rates, unlimited liquidity pumped into Wall Street banker veins by the heroin dealer Fed, and perpetual propaganda pumped prodigiously at people asking to be lied to, has produced illusions of wealth and delusions of normality. As long as the markets go up, the investing class has no interest in truth or consequences.
“Sometimes people don’t want to hear the truth because they don’t want their illusions destroyed.” – Friedrich Nietzsche
This past week I was able to attend another lecture/discussion recalling the 2008 crisis and assessing our current financial situation. The panel consisted of three hedge fund managers. Two of them are multi-billionaires and the third a multi-millionaire. The multi-millionaire was the president of UBS in 2008 and was in the room on that fateful weekend when Paulson and Bernanke gathered the Wall Street CEOs to try and save Lehman. Self interest and old grudges from the LTCM bailout led to failure and Lehman’s bankruptcy on Monday.
That event triggered the next phase in the meltdown initiated by massive Wall Street fraud. As the panelists agreed, all trust between banks evaporated. No one knew whether their counter-parties would be solvent tomorrow. The lack of trust created a liquidity crisis, and when the Reserve Money Market broke the buck on September 16, all hell broke loose. Every financial crisis is driven by fear and lack of liquidity, resulting in plunging prices and a rapid evaporation of faux wealth.
The two billionaires were running hedge funds in 2008 and experienced significant losses, but they had been building cash over the summer and hedged themselves to avert disaster. They pointed out that debt markets are always the canary in the coalmine. Their hedge funds are concentrated in the debt markets and they saw warning signals well before the Lehman collapse.
Their bankruptcy didn’t cause the crisis. It was just the triggering event to knock over the debt dominoes lined up over the previous six years due to the easy money policies of the Fed, lack of regulation by the Fed, blatant criminality by mortgage issuers, idiocy and cowardice of the rating agencies, and the speculative frenzy embraced by greedy home buyers and self-styled stock market gurus using margin accounts.
These investing titans were clearly scared at the time, but they chose not to pontificate about how Paulson and Bernanke saved their Wall Street asses while throwing Main Street under the bus. Nine million foreclosures later, with virtually no real wage gains in nine years, money market funds paying .15%, a national debt 122% higher (versus 38% increase in GDP), and global government debt $63 trillion higher (triple 2008 levels), we again stand on the precipice of another crisis created by the Fed, Wall Street, and your benevolent government.
I could sense the unease among these hedge fund managers. They know the markets have been rigged higher through unprecedented liquidity injections, negative real interest rates, and a once in a lifetime debt orgy. They clearly revealed a sense of foreboding, disillusionment and worry.
Near the end of the discussion they were asked what keeps them up at night. One of them revealed his political view, while the billionaires kept their views to themselves. He said Trump’s actions are what keeps him up at night. He also defended Dodd Frank and was a key financial advisor and fundraiser for Obama for eight years. I took his standard left- wing viewpoint with a grain of salt.
The other two gentlemen were more thoughtful and provided valuable insight into what is coming our way. According to one of the billionaires (he was looking at bug-out real estate in Queensland in 2009), the first potential trigger is Italy. They are the 3rd largest economy in the EU. The debt market has issued a warning, with yields blowing out. Political chaos, massive debt, weakening economy, and animosity towards Brussels over migrants has created a perfect storm. An Italian debt default would trigger a global contagion.
The worry that got my attention was echoed by the second billionaire. When two billionaires with their own money invested in their own funds have the same major concern, it is time to take note. These guys are active investors. They attempt to add alpha through investment selection. Their biggest worry is the epic shift of investment flows from active management to passive management.
Having over 40% of all the money in the market being managed by computers gives a huge boost to returns during a bull market. But when the selling starts, computers don’t think. Their algorithms will automatically sell and flash crashes will abound. Once fear replaces greed, the wave of computer selling will overwhelm those trying to actively manage their portfolios. Then the record level of margin debt will result in margin calls and a further wave of selling. The clueless 401k investor will see their retirement savings sliced by 40% in the blink of an eye.
It’s not a matter of if, but when the tsunami of selling will make the 2008 crisis look like a walk in the park. There are numerous other potential triggers which could cause or exacerbate the next financial crisis. Excess leverage always creates catastrophe. When you have $8 trillion of emerging market debt, a rising dollar, rising interest rates, and record low risk premiums, the fuse on the fireworks has already been lit.
We know the 2008 crisis was primarily driven by the implosion of subprime mortgage debt and derivatives of mass destruction tied to those mortgages. Talking heads on CNBC and spokes-models on Bloomberg are nonchalant about record high home prices because the amount of subprime mortgages is much lower than 2008. What they fail to acknowledge is the immense issuance of subprime auto, credit card, corporate, and student loan debt to borrowers incapable of repaying that debt.
High yield corporate debt has grown from $781 billion in 2010 to $1.3 trillion today. Subprime auto debt has grown from $18 billion in 2010 to $50 billion today. Student loan debt has grown from $800 billion in 2010 to $1.53 trillion today. The complacency at tops is reflected in the miniscule yields on high yield debt. When the selling begins, rates rise and the economy tanks, the default rate on this debt will reach global devastation levels.
Booms built upon a foundation of dodgy debt, easy money, extremely low interest rates, and false narratives peddled by the Deep State propaganda machine, always collapse. There is no avoiding the consequences of the insane “solutions” to the last debt induced crisis. It doesn’t matter what trigger induces the disintegration of these delusions of debt.
The masses are as unprepared for the onslaught of consequences from the unholy trinity of debt, civic decay and global disorder as they are for three category 5 hurricanes bearing down on their homes. Fourth Turnings always intensify and reach a crescendo of pain before a chance at redemption can arise. The inevitable financial collapse will produce a conflagration not anticipated by a population plagued by a terminal case of normalcy bias. This is what keeps me up at night.
“In retrospect, the spark might seem as ominous as a financial crash, as ordinary as a national election, or as trivial as a Tea Party. The catalyst will unfold according to a basic Crisis dynamic that underlies all of these scenarios: An initial spark will trigger a chain reaction of unyielding responses and further emergencies. The core elements of these scenarios (debt, civic decay, global disorder) will matter more than the details, which the catalyst will juxtapose and connect in some unknowable way. If foreign societies are also entering a Fourth Turning, this could accelerate the chain reaction. At home and abroad, these events will reflect the tearing of the civic fabric at points of extreme vulnerability – problem areas where America will have neglected, denied, or delayed needed action.” – The Fourth Turning – Strauss & Howe
If you feel you’ve received some value from this article and this blog dedicated to free speech and truth in the face of lies, corruption and fake news, feel free to make a Donation to keep the lights on at The Burning Platform.
I was looking at that quote this morning, and I’m only too aware of how deep and wide that corruption is. To grow government and healthcare and education and law and finance into the monsters that they have become, on it’s face requires laxity when it comes to law and order, or there’s no way to pay that many people the salaries that they feel their education entitles them to. All insurance costs nowadays having enormous built-ins just to pay the lawyers. That’s why settling is the preferred method of resolution. It’s Mob like in it’s mendacity. Organized crime under the pretense of law. Pay the vig, sucker. I think Jamie Dimon made a tremendous error this week, right along the lines of Obama heckling Trump at the White House Correspondents Dinner some years ago. Trump is a vindictive fucker, and he never forgets anything. I believe Trump second term is going to be mostly about antitrust, and Dimon just put himself right in Trump’s sites. I think he realizes it, he’s been trying to fix it. Probably too late. Going to be an interesting few years. Great article, boss
It is true that PDJT is vindictive. Nevertheless, you need to be in a position of power to hand out vengeance. Flake has declared against Kavinaugh for SCOTUS and every Democrat is voting against confirmation. They do not seem to be worried about repercussions in WV, ND,MT and other supposedly close states.
Can Collins and Murcowski be far behind Jeff? I am afraid that PDJT will not finish his first term let alone win a second. What worked so well against Judge Moore in Alabama seems to be an unfailing strategy for democrats against their opponents. Conversely, when a Democrat such as Keith Ellison is exposed, the charges are like water off a buck’s back.
Trump is God’s prophet. You speak ill at God
It’s their game and their rules. THEY don’t have to sweat the facts. All they need is plausible denial. Any old bullshit story will do. So win all the academic points you can. Then realize that the game you’re playing is rigged. Heads they win, tails you lose. We can’t vote for justice. Voting is their game. We have to work for it.
“Work” for it? Please describe what kind of “work” would effect change against a global quasi-socialist cabal? Nope, if we want our country, our way of life, back, we are going to real, shooting war with these A-holes. If we don’t start killing them by the bushel-full, we are quickly going to be rounded up and disappeared. (See: USSR and Gulag) Winnie’s words of wisdom, read and heed:
“I tell you, it’s no use arguing with a Communist. It’s no good trying to covert a Communist, or persuade him. You can only deal with them on the following basis: by having superior force on your side on the matter in question – and they must also be convinced that you will use – you will not hesitate to use – these forces, if necessary, in the most ruthless manner…that you are not restrained by any moral consideration if the case arose from using that force with complete material ruthlessness. And that is the greatest chance of peace, the surest road to peace.”
– Winston Churchill, March 25, 1949, Ritz-Carlton Hotel, NYC.
I appreciate the passion but violence is what THEY excel at along with theft, 2 natural talents of psychopaths (like winston churchill). I did get a rush from an idea offered by Jim Rickards who wondered the effect on our overlords if a million of us marched on d.c. encircling the capitol building with our rifles slung over our shoulders-a show of force and a threat of armed rebellion. My guess is that you would hear sphincters slamming shut all over town. But in the end I say we all just quit. Just withdraw our support-use our numerical advantage. Make them collapse of their own weight. It’s too long a conversation to have here but that’s what I mean by ‘work’ for it.
Quasisocialist? On what planet are you living? Please re-read the excellent article above.
%3Ffit%3D600%252C710%26ssl%3D1
And that is what’s called HARSH REALITY.
The derivatives are leverage on steroids. Combined with algorithm computer trading are just waiting for a hiccup or a signal from TPTB.
I saw an article recently either on TBP archives or Asia Times about China also being in a Fourth Turning. “If other countries are also entering a fourth turning” the implosion will be extreme.
Even if Trump and his alleged deep state Patriots were for real, they still can’t fix this mess without nuking the world financial system.
It is the only way. Hard currency. Balance of payments deficit settled in Gold. Anything else is a farce for the sole benefit of the International 1/10 of 1%.
America has a $600 billion trade deficit. How could you possibly settle the difference in gold? And for how long?
I agree, brother. There is absolutely nothing any of them can do to save the financial system. Even if all of that Q stuff was real, even if Trump is the savior so many want him to be, it doesn’t matter. It’s going to implode one way or the other. Did find it interesting that the hedge fund guy said Italy, though. I’ve thought the same thing. Not much attention is paid to the PIGS countries anymore, and I believe that is a mistake.
Jim, this was great. You sounded like your old self, here. I don’t remember exactly when I started reading here, but you sound like your old self. Maybe your 2012 self when Ron Paul was running? This is what that article reminded me of. Even though all your writings haven’t made the difference you hoped way back when you started, there are many of us who appreciate them and enjoy the discussions they foment. Hope you aren’t getting discouraged. Like you, I thought this could be fixed a while back. Even in 2012, I still had a little bit of hope that with the right changes, and the right people in charge, we could make painful choices as a country and avert an outright meltdown. How naive I was. There really isn’t anything any of us can do about it at this point. Its baked into the cake. About all we can do is meet here when some form of what we all expect to happen actually occurs and talk about it. Good post, Jim.
Speaking of Bernie Madoff, do any of you dumbasses care to venture a guess who worked as his lobbyist prior to entering politics and becoming the chair-warming governor of the cesspool known as New Jersey?
I’m out here in the world and it keeps me up thinking about what could happen. I worry about being trapped in one of the big cities when this hits. I have cash and weapons on my truck so I could hold out for a little while.Home is a good neighborhood with like minded people. So my problem would be getting home.
BB..
Me too, so I’m heading to AZ. early before Nov. I think you might have a couple of weeks to get home even if you have to Bobtail. Once the FSA realizes what happened head to the nearest country church and tell them who you are and what happened. They will probably take you in.
Living on the outer reaches of a big city loaded and run by dindos . My small community group of heavily armed gentlemen have the high ground around here . We are watchful and proficient . As for our police protection sadly in broad daylight we lost a female officer to a thug in a stolen vehicle . She assumed with weapon drawn the dindo and homies who were inside a house stealing stuff would back down . She was wrong thug boy already on home detention ran her down and killed her . Yet we all know had anyone of us been close enough to place a high powered round in that niggers skull saving female cop she and her badge wearing minions would be placing us in cuffs and confiscating our weapons .
The financial situation is what brought us the social situations . We as Free Americans are on our own ! None of the systems from judicial ,legislative , law enforcement and education can be trusted or depended upon . The only thing we can be assured of is our governments ability to continue orginized theft from us for their support in their continuous failures !
Call me.
Let’s meet up and reenact Rhodesian army battles.
Always keep track of the Amish and Mennonite communities, bb. They are standoffish, but kind and neighborly, once they trust you.
I was delighted when a new Amish group settled about 20 miles from us, opening a market for their homemade goods. Because my Mennonite log home builders returned to their “home” community in Wisconsin a year ago and I miss them
So, bb. I recommend you find an Amish market and start buying a few things there. They will remember you for the things you buy. Trust me. Minds like elephants.
Then when tshtf, you know where to go and you are not a stranger.
I hear you, there. Im in about as good of a spot as I can realistically get. Obviously middle of nowhere, Montana would be better, but I’ll deal. I do have good neighbors, too. And I’ve met some good people at my shooting matches. Not much else I can do at this point. Just wait and see what happens. I get nervous travelling, though. I’ve gotten to the point that any time I am going out of the area, visit family or whatever, I throw MREs in the truck and I always take a long gun. I kinda tell myself that just because I have these things means Ill never actually need them.
I moved to the Blue ridge mountains of North Carolina six years ago got 10 acres with springs and a creek, it was a risk to do this but it has worked out. I recommend the same.
I’m going to make a prediction.
Housing won’t be hurt this time around. Call me crazy but I did stay at a Holiday Inn last night.
Crazy. Housing is going to get whooped a lot more than the stock market
We have been talking about this shit for a looooong time now. I’m not saying I don’t believe, just sayin.
WIP, the things propping up real estate are a lot weaker in the things propping up the stock market.
Housing will be among the sectors hardest hit. Once the credit market dries up, prices will fall, drastically. Hell, the entire credit market doesn’t even have to dry up to hit hard, just sub prime. Look at the auto industry. Sub prime lenders are slowly but surely closing up shop due to a lack of available funds. The entire auto industry will be taking a hit here soon. Maybe, just maybe, this hurricane season will bail the auto industry out for a second year in a row, but I doubt it.
I can’t imagine a finer assessment in so many words. The hurricane parallel (with photo) at the end was pretty epic; like right-cross left-hook combination followed by a swift kick to the nuts.
I can’t see into the future but there is a major distinction between mortgage debt and credit card, auto loan and student loan debt and its about 10 fold. In 2008 there was $14 trillion in mortgage debt, much of it of recent vintage. While credit card and auto loans, like mortgage debt, have time specific default clauses, student loans do not. They are like owing fines or back taxes. Something you can’t get rid of but do not have to pay by Monday or have your assets seized. Thus student loan debt cannot precipitate a financial crisis. Credit card and auto loans are too small to do so either. Mortgage debt is the big enchilada because an average loan balance is multiples of car or consumer finance lending.
The Euro is an incomplete currency without the backing of a national government and this makes sovereign bond yields or major bank failure an existential crisis. If Italy or Spain has a problem servicing its public debt or if Unicredit, BBVA or Santander get in trouble its a problem for Italy or Spain. Germany and France aren’t on the hook and this is the ‘sovereign bond/bank doom loop’ the weak point in the global economy.
Feas , I’m going to do what ever I can to survive and get home .I have food ,water ,cash and weapons on my truck so I could hold out for a little while. Finding the nearest country church is a good idea.
The thing is does all this debt really exist. It was mostly created out of thin air so it’s really doesn’t exist . It is make believe . We are just told we owe all this money. What if we as a nation decided not to pay this so called debt. What would happen ?
It’s all a damn scam . Create money out of nothing and get the principle and interest paid back through our labor. Damn what a scam.
BB..
We could refuse to pay but it won’t stop assets from vaporizing and the chaos that will follow, whether by design or by random events.
Exactly,refusing to pay and unable to pay have the same results.
You will make it home,because you will recognize it when it starts to unfold. What is that quote? 72 hours before anarchy ……
See my advice on locating Amish and Mennonite communities within a day’s drive. Shop there once in a while and get to know a bit about their philosophy.
Hello, Beebs, long time… You’ve grown greatly in your understanding and I salute you. I followed that “emigrate while you still can” 21 years ago now because I was well-nigh certain the central bankers would keep their stranglehold on the complacent USA and nothing has changed my mind since.
We keep turning “cash” into productive tangibles (machinery, mostly) down here in my 3rd world hidey-hole and it generates income in our failing currency, but enables us to expand for products and services that can be exchanged for others with or without pieces of paper as tokens.
Trust me, BB-Buddy, the 3rd world has its charms if you’re rural and equipped. I wish I could say the same for the beloved country of my birth, but I can’t.
I read this and similar articles on TBP frequently.
I get it, I believe it, I fear it.
What I don’t know is what I should do about it. Where can I move my 401(k)’s to relative safety? I can stand not making gains in my accounts- I want to know how to protect them right now.
What kind of account is legal to move to that won’t evaporate when TSHTF?
Thanks in advance for any and all serious suggestions. I really mean it.
Paul..
Find out if you can move it sideways into PM’s of the hand variety without too much of a hit on fees and taxes.
If not you might want to talk it over with the wife about taking the hit anyway. Buy gold and silver bars and coins and keep them at home or in a local storage or safe deposit box that you are sure won’t be seized overnight.
Before we were married I begged my late wife to get out of her 401. She took a 50 percent hit right away when the dot com imploded and her nice young broker cannibalized another 20 percent by moving her in and out of losers.
Something to consider.
Definitely PM’s. Stocks in solid companies will be volatile but will survive if most of us do too. The only PM funds that will deliver metal to you if you have the threshold amount (400 oz gold) is Sprott. PSLV and PHYS. The rest are just paper and will pay you off in worthless fiat. The big ones run by the big banks like SLV and GLD are set up mostly for the benefit of the banks and billionaires screwing all the small holders. You have to be what is called a basket holder to be able to get real metal. Something like 10,000 ounces of gold per basket. It is set up as a trust and for some reason if you are a basket holder you are allowed to move in and out between gold and GLD shares with no tax liability unlike los peones pegged 25% tax on appreciation of shares or gold. They treat share profit as gold for tax purposes, that is as a collectible @ 25%.
Never forget the words of wisdom from our crazy girlfriend Ann Barnhardt regarding precious metals: “If you can’t stand in front of it with an assault rifle, it isn’t yours.” NEVER EVER put gold in an off site storage and especially never put it in a safety deposit box. All that stuff can be bailed in just like Cyprus thanks to the smirking fuque GW who signed a bail in reg in ’05 or ’06.
Remember too you do not want to use a brokerage that is a bank or has its own trading accounts. MF Global went through its clients portfolios and took their GLD and other gold etf shares.
It may sound extreme but you can buy a jewelry grade safe for about $6,000. They weigh about 5,000 pounds. If someone wants to steal it they will need a pro moving crew with heavy equipment and a two and a half ton truck minimum.
http://www.coloradogold.com
Trusted, family business, professional, long track record.
Or a pistol. Open the safe motherfuker
Battery backed panic alarm direct to the police on and in the safe. You can also set it up to set off outside the house with flashing lights and sirens. Nothing is fool proof. Recent history does tell us your gold etc. is safer in a high end safe in your basement than with an MF Global or any European bank. It won’t be probated from your basement either. Nothing like your heirs being identified in public records as having received a large amount in precious metals.
Assault rifles and giant dogs that bark at anything moving.
Paul,
Flea has sound advice.
I cashed out a 4o1k years ago (99) and went into PMs (still up 315%). Took two more maxed out loans from a new Self Directed IRA and from my wife’s 401k . Went into a small farm, more PMs, other hard assets and prep, prep, prep.
Most 401ks allow up to a 50k loan to yourself, over 5 years at 4% interest. I had the cash flow to more then handle the payments to become my own bank. The loan/payments has to work within your budget.
Some people take the loan(s) out, use half of it to get ready…keep half of it in cash to feed back into payments, if the budget is tight for the first couple of years. It depends on when you believe the SHTF is coming and many other personal factors. Sense of urgency, debt, etc.
I had to carefully lay it out to my wife as she didn’t understand it as most don’t.
I never, ever thought what Admin wrote about (in a kick ass clarion call article by the way) would last this long. I’m grateful for every month and keep striving towards all the facets of facing what you said:
“I get it, I believe it, I fear it.”
When my husband and I decided to “really do this” thing, I cashed out my 401K, took a tax hit but then had the rest in hand. After working more than 20+ years after a ten year military stint, I’d been able to put away a LOT of my salary into the 401K, maximizing company contributions and really putting their expert advisors to work for me. However, when it was time to pull it, it was time to pull it.
My husband “borrowed” the money to purchase our log home kit, meaning we were paying no interest to the log home company (Gastineau) for a three-year-same as cash purchase, but we were paying my husband’s 401K a few percent interest to buy it, which was kind of interesting since we were doing exactly what the Federal Reserve does to the American people. Paying ourselves to loan money to ourselves.
Anyway, come time to pay it all off, we just pulled the cash from the box and paid it off.
It is all about self-control and self-discipline. And, a little bit of luck helps.
The last sentence hit’s the nail right on the head. I have always used 5 tools to prepare. Spiritual Strength, Mental Strength,Physical Strength Financial Strength, and having Beans,bullets, band aids, ect.
Having a toolbox and a plan makes all the difference in the world.
Personally, I feel I am still ahead in spite of that big tax hit in 2011.
Myself as well from out tax hit in 99…it was painful but we completely missed the Dot Com bubble. We were also safe from the 2008/9 debacle (went back in stocks in 2004 back out in late 2006 early 2007).
The only major macro timing move I missed was selling a house in 2006 at a ridicules inflated price we were offered by a flipper…couldn’t talk my wife into it. We sold it in 2012 way under the 2006 offer. Right after Obama won re-election I put the Prepper pedal to the metal.
After that she knew my long term macro calls have been close enough for horseshoes, frag throwing contests and building our self-sufficiency and independence.
I am willing to bet you are sitting in a good place now.
Were just a couple of Boomers who lived modestly, saved and payed ourselves first every single paycheck, didn’t throw a lot of money into the car hole, paid a 30 year mortgage off in 13 years with extra principle payments, avoided major crashes (got out early but never late) and went wide and deep into self sufficiency and prepping.
People laughed at me for going long on PMs in the late 90’s…they were up 600% before the Banksters started driving them down in 2011. Shoot, I’m still stacking.
The last major move is to build a 2nd home deep into the woods on our farm and the older modest home on the front can become a cash flow rental until the SHTF, then I see it as refuge for family in the impending 4th Turning storm. Its going to be built with the solar Minimum in mind.
We planned well and retired in style. The Good Lord did the rest and settled us in amongst good people.
Is funny how that worked.
We paid off our mortgage at 15 years, which really allowed us to start sandbagging for the Fourth Turning. Sounds like you did the same.
Yea, once you get the mortgage out of the way and stop feeding the Bankster interest Tape Worm monster you can start building a real debt free life and homestead.
Is the only path to freedom now. Investing in the “market” is a fools game.
The “market” is rigged.
Mark..
You and Agnes should try to put all that into a short story and post it for all the people like my late wife who allowed fear of taking the tax hit to control her actions.
Is Mark willing to co-write?
Is Mark willing to co-write? What about Bilco?
Sure…it a simple story.
Let’s exchange info via email then… first contact my gmail then I’ll send the real addy.
I hope you see my contact information and we proceed with this. It could help a lot of folks navigate the scary waters of really getting ready.
In 2011, when Ann Barnhardt was closing down her cattle trading business because of MF Global stealing customer/client accounts that were simply sitting idle, I pulled my 401K in cash and we paid the penalty.
So, was it foolish in hindsight? Well, I could have all that money sitting there now and supposedly it would have ridden the roller coaster up up up to the current top. Right?
Or, alternately, we took the cash, bought land and a plan to live the rest of our lives in seclusion and privacy.
I guess I should have left the money there. I could have been a fucking millionaire. Sigh.
You sound like an intelligent lady who whether she knows it or not is a Taoist or Zen Buddhist. I’m one/both of those and did what you did 15 years ago now. Have my son, his wife and grandchildren on the same property, a couple (soon few, hopefully) businesses based right here, have few if any fears going forward, come what may. Don’t waste your breath on the sigh: ¡keep on truckin’!
I won’t waste much more breath sighing. I’ll be truckin’ on down the road with BB.
My 2¢ worth: 1)Get out of the dollar, as fast as you can. PMs have, and will preserve purchasing power through time. The dollar will follow all other fiat currencies issued by tyrannical governments to their intrinsic value: zero. 2) Move out of the USSA. Do your research, quickly, then move. The objective is to start the clock running on becoming a legal resident/citizen of said county. Secondly, by moving out, you get you and your loved ones out of the path of total destruction bearing down on said USSA. Stand and fight is not a realistic option. Just ask any resident of Ancient Rome when the barbarians came swarming over the hills. 3) The stock market, the banks, the insurance zombies are not your friend, and a true profit will not be made through their hands. Running your own business, owning income generating real-estate in the foreign country you picked (if possible) are the tried and true path to prosperity. Working for somebody else only earns you barely enough to stay alive.
As for legality, that’s why you move out of the USSA. There is NO rule of law in the USSA, only rule of Kings. In such a system, you either are an ally of the King and can do no wrong, or you are an enemy of the King and can do no right. Currently, if you consider yourself a Deplorable, you are an enemy of the King. There are other countries where rule of law is on the upswing, get in front of that parade and profit.
Will the 4th turning be triggered by a grand solar minimum ? It is something I think about. Admin, that you haven’t reached the masses should be a comfort.
I’m sending this article to everyone I care about with a suggestion they pass it on.
I don’t recall the Story of the Wizard of Oz sequentially but I recall somebody mentioned Baum’s story had to do with the question of keeping to a gold backed dollar or using silver. In the book, Dorothy acquires silver slippers which the bad witch wishes to enrich herself with. She favors silver because it is cheap and allows the expansion of the currency. The good witch advises following the gold road to the city of greenbacks, the travelers are told to follow the gold paved road to Oz. There is a character in the movie who lacks the courage to act, another lacks the brains to act and another needs oil more than he needs a heart to act. In the end, the witch that kept everybody in fear and enslavement is liquidated and Dorothy is free to return to her normal home.
I mention oil because I followed Starfuck’s link to an article that explained the role oil had in accelerating economic activity and mobility since circa 1900. We see this in the movie as it begins on a farm where a tornado, the implementation of oil consuming machinery, takes Dorothy to a futuristic place far from the Kansas she had always known.
I shall leave the development of the entire argument and its meaning to my buddy Uncola.
I know that the Cowardly Lion is William Jennings Bryan. The Scarecrow is the farmer and the Tin Man is the industrial worker. I imagine the yellow bricks are the gold standard. The silver slippers are the free minting of silver which was a campaign theme in the late 1800’s. At one time I was told you could bring in a load of silver and the mint would process it and return silver dollars to you from your bullion.
The three men, with avuncular affection for Dorothy, and in spite of their particular foibles, started blogs to disseminate truth and secure the future prospects for her generation.
At the same time, the Wizard, using his smoke and mirrors machine, resurrected the the Wicked Witch of the East who, once again, raised the dark curtain over the land.
The inhabitants of Oz fumbled around in the dark for a while before things finally settled back to the way they always were.
The End.
Yet, tadpole, does it ever really end in that succinct manner?
Of course, not. The very declaration of The End suggests Mission Accomplished in a way, doesn’t it?
And that just begs the response.
Stimulus-Response. The carrot before the donkey’s nose. The Angel speaking to Balaam through his donkey. Always in threes, tadpole. What is the third?
How about “Dorothy looking down and discovering she had the slippers on her feet after all?”
Does she click her heels and go home to Kansas? If so, what happens to OZ?
Does it just sit there waiting for someone else to venture onto the yellow brick road?
Bill Still analyzed The Wizard of OZ in his 2009 documentary The Secret of OZ
I think I remember that.
Am listening to this now.
Well worth the time, I agree.
Dude, they were “RUBY SLIPPERS”! Baum did write a series of books about Oz published in the early 1900s, and they were very entertaining, but he was a progressive at heart and would have been pushing social utopia via climate change (tornadoes) if there were any deeper meaning to them! Thanks to R. Harrington for some great advice on transitioning out of fiat currencies!
In the book they were silver. Like a lot of fairy tales it was a social commentary reflecting the political questions of the day. This was the era of the Americans being “crucified on a cross of gold” and the “free minting of silver.” I remember William Jennings Bryan in school history class being known for his “Cross of Gold” speech. He ran for President several times back then.
Admin, there is something else that is keeping them up at night and it is the knowledge getting out of the theft of at least
$21 Trillion. I have said that the Dems are massively upset about losing the stealing rights, for the chump change of Obama’s Hundreds of Billions to Iran, the $100 Billion to the Paris climate scam, Clinton Foundation hundreds of Billions, etc.
Little did anyone know about the really big big theft of Tens of Trillions over the years. Banksters in collusion with the government obviously, and the graft / skim, is along the way to the pockets of all the defense contractors, CIA, and overseas war efforts.
Documentation of the years and amounts are on this web site. https://missingmoney.solari.com/
Catherine Austin Fitts – We’ve Reached “Never Never Land” Accounting
https://www.youtube.com/watch?v=8-rwzItf9-o
I watched her video last night. A very smart woman who really knew her facts and wasn’t afraid to let you know how the cow eats the cabbage. John
I follow her as well.
I state in no uncertain terms this writer knows of what he speaks. He spent ten years showing the government and investment firms indisputable evidence that Madoff was a Ponzi and was laughed at or ignored. He was basically mocked by Senator Schumer at a hearing. He was 100% right yet few beyond places like TBP or the occasional studious fiduciary knows his name . Read his book. “No One Would Listen.” Harry Markopolis
They are not criminals. They have purchased the legality of their activities from Congress.
“The Fourth Turning” or . . . BURNING? Especially for the Coasters/CitYens – UN-gathered/gunned/gardened on a portion of UN-encumbered/addressed, inland, rural, arable county “allodium”.
The thing that drew me to TBP was that Admin had an uncanny knack for not only being able to see the world as it was, but to be able to write about it truthfully and without fear of reprisal. That’s a rare combination and it’s always illuminating to have someone simply lay out the observable facts of some random phenomenon without caving to a political or social imprimatur that prohibits honesty.
We went through the same awakening at the same time and our response was to try and find higher ground to prepare for the coming storm. I am amazed that they were able to pull off the recovery- and while it may not have been real, it had all the appearances of something authentic, and curious skill of humans to overcome physical limitations through the force of collective delusion-but as with all falsehoods, it cannot be maintained indefinitely and the reckoning is almost upon us. I may have missed the boat, but we have found our higher ground and in some storms that is preferable.
So what have we learned in the past ten years? That nothing is more important than our connections to others; family, friends, community, like-minded associates no matter where they may live. These people provide both the motivation to live an authentic life based on solid principles that benefit everyone and the kind of support systems that help people to endure whatever hardships or calamities life inevitably delivers to our doorstep. After our human connections, skill sets provide us with the opportunity to improve our physical world, reduce our dependency on specialists, broaden our horizons as to what we can accomplish, and allow us the potential to weather any storm economically. To become as healthy as we can by eating nutritious sustenance, using our physical bodies to their limits, focusing on positive ideas and thoughts, and giving freely whatever surpluses, talents and gifts we have to those who need them in free exchanges of simple kindness. We should never forget to remain vigilant of our surroundings and conditions, be they physical, atmospheric or social and to always be prepared to take action to protect ourselves and our loved ones in the event of danger or threat. We should be flexible in all things, from our beliefs and positions- for these things always change over time- but to hold fast to our core principles so that we do not drift away from our true self.
Watching this larger world unfold, as unbelievable as it has been, is illustrative of how we should witness the passing of our own lives. While we remain the pilot of our soul through the movement of our physical body as it passes through both time and space, we are a living paradox, both Godlike and imperceptible, choosing our destiny even as we are blown about like motes of dust in a limitless Universe. We can change the world or disappear without a trace. We can make things immeasurably unpleasant or exceedingly beautiful through the simple act of choosing wisely, moment by moment in everything we say and do.
When I read the first essay by our gracious and stalwart host I sensed not only the firm grasp of fine mind trying to make an account of one of the great heresies of our time, but more than that. There was something else, something clear and bright that shone like the peal of a church bell or a candle burning in a darkened room, giving in neither to the silence nor the darkness but showing itself so that it could not be missed for those with ears to hear and eyes to see.
As many of us have come to understand lately, the time for words is coming to an end, but let us never forget how much change they have brought about, how much comfort they have given and how well they have described the time in which we lived as we have all made this epochal journey together through the ethernet.
That was beautiful prose. I’m proud to know you. It’s the great people I’ve met virtually through TBP that keeps me going. Otherwise, I would have thrown in the towel years ago. I hope to see you all at the TBP FEMA camp in the future. I prefer a top bunk.
I wonder if they’ll have archery at camp? I always loved archery.
Some of us have prepared a more sustainable way of life and hope to avoid any more bunks or cots at all.
I call bottom bunk. While wearing shackles, it will be easier to get up at night for electronic shock therapy. I wonder what songs they’ll want us to sing around the book burnings?
Shackles and bottom bunk?
A preview of what is shaping up to be my next piece:
I see what you did there
A couple nights ago we watched Christopher Bollyn’s most recent presentation on 9/11, and it’s become painfully clear that our government and financial system (really there’s no difference) are fully controlled by a criminal mafia. Sorry to be the bearer of blackpills, but voting isn’t going to change this.
https://www.youtube.com/watch?v=wVkCxsQWaDo
“These investing titans were clearly scared at the time, but they chose not to pontificate about how Paulson and Bernanke saved their Wall Street asses while throwing Main Street under the bus. Nine million foreclosures later, with virtually no real wage gains in nine years, money market funds paying .15%, a national debt 122% higher (versus 38% increase in GDP), and global government debt $63 trillion higher (triple 2008 levels), we again stand on the precipice of another crisis created by the Fed, Wall Street, and your benevolent government.”
NEVER FORGET!!!!
In 2008, I joined the group once known as the Tea Party and discovered the huge vat of corruption that is full of Congresscritters glomming onto lobbyists glomming onto military industrial complex leaches. It does exhaust a mind.
By 2009, the GOP had co-opted the conservative ideals of the Tea Party and a fight sprung up between the Glenn Beck wing and the libertarian minded wing and the Tea Party became just another worthy of note in the history of American Politics. However, my husband and I decided to take matters into our own hands.
We bought a small acreage in the boonies and turned that acreage into a sustainable farm. Along the way, we bonded with neighbors and community leaders and are now part of a small community determined to maintain and preserve our way of life.
And I read a LOT of Jim Quinn’s articles here on The Burning Platform and learned a lot about his tribe of monkeys. I wish I’d had the intestinal fortitude Admin has to continually believe that by pointing out to his avid fans that the bastards stole our money right in front of us! again, this time they will rise up together and insist upon punishment for those powerful people who eat caviar filtered through our forefather’s bones.
But, I don’t. I saw right away once I transitioned from military into the military industrial complex what happens to souls. It sickened me to the point of perhaps causing massive surgical fixes. I really have just returned from an overnight at the St. Louis hospital where it was determined the wound vac would remain OFF unless the wound stops healing.
What is really funny? Last Friday, when the wound vac failed for the umpteenth time, my husband stayed on the phone with the wound vac company for almost an hour explaining that the Veterans Administration was supplying the wound vac supplies and we have plenty. What we need, he told them, is a FUNCTIONING WOUND VAC.
Got home on Saturday to discover a delivery from the Wound Vac company. I now have TWO Wound Vacs, both of which will be charged to the VA via a tricky method of unfunded liability payments that will continue to pay for the things until the cows come home and demand to be fed.
So, thanks for that gift you cornshucking taxpayers.
Oh, Agnes? I didn’t know you changed your name. I hope all is well soon.
It is well. All is well indeed, WIP. I managed to get that stupid wound vac removed at the same time I got another one shipped to me. Crazy how the supply lines always fuck things up? So, I’m still sucking down my share of medical care at taxpayer expense. Because I’m Entitled. The biggest word in the English Language: ENTITLED.
I love the way my little experiment has played out here. Don’t forget about my big box of botz trackers my son brought me from the government research labs in Mordor.
Haha, suck on that teet madame. Glad to hear all is well.
That’s why in the fall of 2008 our local library pulled the previous six months of periodicals and threw them out. That’s only the ones that gave any real insight into the mortgage meltdown, which wasn’t really about the mortgages but about the interbank lending rates which was ruining the overnight markets. Goods were not getting ordered or shipped and everybody was passing the buck. It’s not that a group of guys in a cigar smoke filled room will say NOW, it’s more like rotting garbage. Eventually the stink and maggots are too much and the money leaves the room. My loads are mirroring the summer of 2008, we are going to see over $5 a gallon for diesel, work that doesn’t pay very good, and I know you haven’t read your newest credit and bank card contracts but YOU are on the hook for even fraud on your account “if they so choose”.
When the time comes we are all going to be going, wait what just happened?
Not all of us, but yes, most of us will be shell shocked zombies.
“The Ponzi Factor” by Liu Tan
Boom Boom Boom !
I’m lovin the Boom Boom Boom.
The smell of martial law is in the air. It’s coming. That’s my prediction for 2018/19.
Marshal. (Hi Fleabaggs!)?
Mary C..
Hi.
Am back in da Goolag. Bustin out Tonite. Low battery and hard to type without fingernails.
Canada?
Francis, you’re likely right about martial law, but the timing is anyone’s guess.
In a similar vein, Kavanaugh’s SCOTUS confirmation hearing is the first time I’ve heard questions about martial law and military justice so something is brewing. Rumor has it that Guantanamo Bay detention camp has been expanded and upgraded. As well, treason can be tried in a military trial as of January 1, 2019, but I cannot find any confirmation of either among the whispers of sealed indictments.
Little known fact is that in 2002 Ga Democrat Governor Roy Barnes pushed through a legislative bill titled the Georgia Fair Lending Act that would have prevented predatory lenders from preying on ignorant voters. That bill was dismantlement in 2003 by the newly elected Republican Governor Sonny Perdue and thus the mortgage meltdown match was lit in Georgia . The fire soon spread across the country. There was an entire book written on this subject, but I can’t recall the title. Anyways, the gist of this comment is to simply say , when it comes to fiscal responsibility , the GOPe is the enemy of Good Government. Is that an oxymoron?
And Dubya halped. Yes, I know it’s the Young Turks, but the truff is still the truff. BTW,If you voted for this drunken fool, take a bow
flashy, it’s my impression that after Mr. New World Order came to power during Ronnie’s tenure, we have had only hirelings in charge, possibly even now.
If you talking about Creepy Old Bush 41, then you have more research to do. Unlike the rest who are merely tools , the Bush’s are real power brokers. More info here:
Family of Secrets: The Bush Dynasty, America’s Invisible Government, and the Hidden History of the Last Fifty Years
The GOPe (e=establishment) as some call them are the lowest of the low because they believe nothing they say in public to the voters. GW turned student loans into a screw job to benefit private lenders. He signed bail-in regulations. McCain was the guy behind the IRS targeting conservatives because he opposed free speech for organized little folks. Ryan and McConnell have thwarted all populist and conservative legislation and continued to fund everything they run against. Neither will stand up and demand documents be turned over that the Freedom Caucus guys heading investigations need to expose the Deep State machinations. That is why so many, including probably here may vote for people running as Republicans but like Trump are not really Republicans, at least not any more. R is the only port in the storm for now. Maybe not for long?
Remember Bush thought middle income Americans made $250k a year so to him a low income loan would be $125 k . In his vacuum tube world he was clueless or acted like he was that fogging a mirror could get you in a Mc Mansion prior 2007
It is in Prophecy in Rev. and Ezekiel. As things are getting bad Russia leads an invasion with China, Mongolia, Iran, Lybia, Sudan, and other greedy enemies. It is rough, but God fights for us and we win and are prospered beyond belief. It is horrible in the early and middle but is alright in the end. Stay Republican, it will help shorten things…We need to be praying, not insulting God.
Just a simple thank you for your views, and the community that grew around them.
Thanks, Jim, for the concise summary of where we’ve been, where we are, and where we’re going. Some friends will find it in their email boxes. I hope this piece gets lots of links across the net.
Please let me introduce myself: I’m a former “vice-president international accounts” employee of a Wall St. investment bank boutique brokerage. Being bilingual with long-established contacts with Colombian business consortia and their Mexican associates, I was seen as useful, and indeed I was to all parties concerned: the employer, the clients and myself. The money I “earned” was enough to make it possible to buy me out of a shameful situation, do right by my kids and transition into a life of glorious austerity and daily serenity and joy with the wonderful simple things that now fill my days with no trace of worry, save for what is beyond my ability to predict.
The debt-money system (imho) is so thoroughly entrenched that nothing short of a citizen uprising will uproot it. It’s past time for a pacific political solution. In the words of Roosevelt “Booba” Barnes, “How long must this go on?” (https://www.youtube.com/watch?v=zCRU84DQxm8). Answer? Until the citizenry of the USA and all other victims of the central bank scam decide they’ve had enough and DO something about it.
Trust me, peeps, you don’t know 20% of what’s being done to you, never mind half. Good to see the indefatigable Mr. Q ain’t quittin¨! Time to double down in spite of the fact that you well know you’re pissing against the tide. Bravo!
HERES the way it is LIKE IT OR NOT,all americans have become SLAVES to the police gangs,and THEIR to cowardly to stand up against them,the military are going to get the country into a NUCLEAR WAR,and it can’t be stopped,unless Blood is poured out in the streets in every town….other wise get ready to die,NO ONE is going to be reeled in by the hero’s who TOOK AN OATH TO GOD,they all lied and will be sent to hell durning the war,and NO ONE CARES,america is in the last days
What keeps them up at night?
Answer: Underage males or females
I know I’m coming in late. I have to work before I can play here. Was it here that I read the below linked post about the billionaires worrying about how they would keep their security staff in line?
“This single question occupied us for the rest of the hour. They knew armed guards would be required to protect their compounds from the angry mobs. But how would they pay the guards once money was worthless? What would stop the guards from choosing their own leader? The billionaires considered using special combination locks on the food supply that only they knew. Or making guards wear disciplinary collars of some kind in return for their survival”
https://medium.com/s/futurehuman/survival-of-the-richest-9ef6cddd0cc1
We are just meat, cattle, to be herded and processed as needed. TheY are going to need a really good security system because I believe there are enough people who know who is behind all of this and some of them will get through their security guards, IF they can convince them to stay loyal and not leave them open for attack.
I have a question if admin or someone has time to answer it regarding this statement:
“Having over 40% of all the money in the market being managed by computers gives a huge boost to returns during a bull market. But when the selling starts, computers don’t think. Their algorithms will automatically sell and flash crashes will abound. Once fear replaces greed, the wave of computer selling will overwhelm those trying to actively manage their portfolios. Then the record level of margin debt will result in margin calls and a further wave of selling.”
Some years ago Ann Barnhardt made a very long video about this whole situation. It’s gone now. I had it bookmarked but it’s been taken down. So this is from my rather spotty memory. I think she said that when the market actually started to fall for real, not one of the off and on drops but a real out of control drop, that because of the algos, there would be no bids so it would just keep on dropping off of a cliff. Is that what you are saying in that quote?
I’m not sure why, but I just want it to begin, and at the same time I don’t ever want it to begin.
Why does the song “Season of the Witch” keep going through my head today?
Please, Don’t quit writing yet.
Edit: Link is not showing up except in edit. Not sure why, maybe it will later but its Survival of the Richest at Medium by Douglas Rushkoff
That is what I mean. They have put into place automatic stops, so you could never have a one day 20% drop like 1987. The late 2008 and early 2009 days had terrifying falls and then huge rebounds, but the trend was down. It will happen again. But, I don’t know when.
Thanks. So my memory isn’t as spotty as I thought.
So then shit like this starts to happen:
“Stocks and exchange-traded funds were automatically halted more than 1,200 times, according to Nasdaq.”
https://money.cnn.com/2015/08/24/investing/stocks-markets-selloff-circuit-breakers-1200-times/
That time it stopped after a few days, if I remember correctly. But this time, it would probably just keep happening, maybe with a few not so stellar rebounds or maybe no rebounds?
Mary C.
At the time she made that comment the Central Banks hadn’t begun massive direct purchases like they are now so they could easily rig fake upswings to calm jittery suckers who are still in the market(any Paper Market). In a halfway real market she’s right. When they have enough of our money trapped in those markets they may crash it by not buying. The fewer stocks bought or sold on a big market causes drastic up or down moves because the closing price is determined by the final going price, not how many were actually traded. Computer trading would cause the 20% stop but the moment after it reopened it would hit the next 20% down limit. Program futures options trading(derivitives) would go around the globe selling as soon as foreign markets opened. To quote someone else here “Thar She Blows.
My first time at the 100th mark. Not bad for an old lady who could have been Methusaleh’s wetnurse.
I did grab the hundred banger.
It’s PITH and vinegar. Pith is an antiquated word meaning strength, or fortitude.
I read this great well researched article yesterday and must have been one of the first because there was not yet a comment. I couldn’t be the first to comment because I’m not that economically literate but I thought I would stop by and read it again. With that being said, I do know that what goes up must come down and a crash and burn is inevitable.
I have been waiting for the other shoe to drop for the past several years but it keeps on chugging. With the derivative exposure by some estimates to be north of a 1000 trillion ( a quadrillion) and the gooberment losing tract of trillions along with the unfunded liabilities being somewhere in the vicinity of $125 to $240 trillion depending on who you ask, this party balloon can’t get much bigger. When it finally does pop, it is not going to be a fun time for anyone.
This post is reminiscent of some of the writings that first got me to this blog several years ago and keeps me coming back. Admin tells it like it is and doesn’t candy coat anything. Thanks for keeping us informed with the real information.
I’ve followed your blog for years. I agree with you almost 100% of the time. I really liked this.
There was a murmur in the audience as they were shocked I would ask such a direct challenging question. He appeared stunned, paused, took a drink of water, and then proceeded to not answer my question by reciting some talking points and asking for the next question. It felt great making a government big shot uncomfortable and holding his feet to the fire. This was a time when I thought I could help change the world with my articles. My fire and brimstone posture has dimmed considerably in the years that followed, as my point of view has never gained mainstream…
Had I not been a voracious reader, I could not have educated myself on all things FED. Today, if you ask ten people “where does money come from?” they cannot give you the correct answer. They have no clue. I know, I’ve done it.
That is the way it should be. Sometimes it takes a giant herd slaughter to awaken a populace checking out on booze and drugs each night. There will be a reckoning. Let’s hope after the next reckoning- these fkrs wake up and end the FED and return to sound money. What keeps me up at night? Everyone gets cleaned out and doesn’t learn a thing- they showed us this in 08. Let’s hope this time its so painful people starve and can’t get their beer and wine. Then we’ll have us a real awakening.
“This was a time when I thought I could help change the world with my articles. ” —– Admin
Fuck that.
Fuck the world. It probably can’t be saved.
Fuck America. It definitely can’t be saved.
Didn’t you once say you were writing for your children also? You save one here, one there, …. doing God’s work you are. Mission accomplished, fuck the rest of the assholes who choose to remain blind forever. .
Mission Accomplished. we all need to remember exactly what that means.
Mission. Accomplished.
What was the mission?
What is ALWAYS the mission of the elites?
“According to one of the billionaires, …. the first potential trigger is Italy. ”
I mentioned this about 2-3 weeks ago. I got no comments, and no votes.
I only mention this because it is very very rare when it concerns economic stuff that I can say “I TOLD YA SO!”.
At ease, soldier.
My husband’s cousin is a physicist at the University of Bari and he told us a couple of years ago that Italy’s economy is precarious. His daughter, a gorgeous gal who did a couple of internships at the UN, prompting big Italian gatherings in Little Italy Cleveland!, and I stay in contact. She and her brother are to come here to Narnia in the event of a crisis.
We would like to visit Italy again, but we will stay put.
JPMorgan’s head-Quantitative Mathematician disclosed last week that 80% of the issuance of Sub-Prime MBS is carried out via NON-Bank Lender LLCs in the USA since the Lehman Brothers debacle ensued to melt-down Wall Street in 08. Today, the marquee Investment Banks on Wall Street are NOT exposed directly and that’s why they are passing Geithner’s Stress Testing. When the NON-Bank Lender LLC blows Fat Tails again the banks will have to bail out the LLCs along with Berkshire Hathaway & The Ogre of Omaha. Yes, Jabba-the-Hut Buffett has already bailed out Non-Bank Lenders in the past and he will be pressured to do it again states side.
In addition to the sovereign debt-to-GDP at its highest levels in history we see that the marquee banks have shifted the risk off onto the Pension Funds & working poor that have no gains in Discretionary Income or Disposable Income over the last 40 years.
Steve Eisman is shorting Deutsche Bank BIG time and is also recommending that others follow suit. Main street North America is practically boarded up and the high end shopping districts are blowing Fat Tails on Commercial RE even in Manhattan NYC.
GE is running around $10.00 per share and cannot last as the world’s oldest Capitalist company that was once a Blue Chip stock. Transnationals like Google and Amazon are stripmining retail assets faster than Orange Jesus is initiating tarrifs worldwide.
What keeps me awake at night is the debt & risk associated with the debt that is wholeheartedly unmanagemable and unsustainable no matter what Bernanke, Geithner, and Mr. Yellen state in front of a microphone.
Triple deficit USA and nationalized Salley Mae, Freddie Mac, et cetera.
DEBT & DEFICIT & Leverage = defunct USD & EU & Thermonuclear Hot World War Three.
End the FED, Rothschild, or it’s pitchfork time!
MOU
It’s only a matter of time. Clockwork, really.
Can’t wait for your next article….
Enjoying the breadcrumbs more than an 8channer binge researching q drops!
Bend over Admin the high hard one is moving in your holding your ankles direction!
You all need another hobby.
These are the same fears people felt 80 years ago, dressed up differently.
Try relaxing and living life.
Agreed. Nothing will happen and in 2020 we get The ROCK as our next President!
Were the FBI & DOJ attempting to overthrow the government in 1938 also? Who’d a thunk?
What keeps em up at night?I would say it should be the sounds of thousands of blades being sharpened across the country.
The idea that Italy is going to default when the ECB has been printing and spending like drunken sailors seems absurd.
Once countries are hooked on the EU fiat currency, the EU can reel one in slowly then fast (ref Greece). As long as other countries stay hooked on the fiat Euro debt machine, the one being reeled in is doomed. They all need to secretly print a National Currency and then every country send a sample box of their currency to the EU marked “Paid in full & go fuck yourself; we are all Free of your NWO Globalist Central Bank Tyranny Now”.
I always come back to this quote when I read stories like this. Let it burn!
“Liquidate labor, liquidate stocks, liquidate the farmers, liquidate real estate. It will purge the rottenness out of the system. High costs of living and high living will come down. People will work harder, live a more moral life. Values will be adjusted, and enterprising people will pick up from less competent people.” Andrew Mellon
The last part is usually left out by the press.
Debt used to mean, owed someone money. Don’t repay, you get your ass kicked or end up in jail, or both. Now it’s meaningless, because the money is meaningless…pieces of paper…printed and pumped out in industrial scale, like all the other useless shit people seem to find important, Chinese phones and tv’s, sports and entertainment. Once the delusional motherfuckers realize their money ain’t worth shit…all hell’s gonna break loose. Weimar Germany, Venezuela, here we come, only bigger, better.. more violent and profound.
thank you.
as usual jim,a very good article–
you mentioned the dollar being broken on 9/16/08–
i’ve never given much credence to conspiracy theories but at the time this occurred mccain was surging & sarah palin was whipping up a lot of enthusiasm–
in your mind,and any of you other guys,what are the chances that the market was taken down to throw the election to obama?