Posts Tagged ‘economy’
Max Keiser gives his recommendations about the housing market and how to avoid getting suckered by the scammers looking for chump money
recorded on January 16th 2009
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Duration : 0:8:54
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Well folks this week was pretty good for the bears. We did have some buying come back in the markets starting Wensday morning session that has put us in a minor correction since. I do believe that we will start selling more coming into next week, for we did have a nice reversal take place this week. We had break down just like I was expecting and we had the dollar gap up earlier in the week, just to pullback and possibly set up for another run starting early next week. For those that believe inflation is in the system I want you guys to go back and review my dollar video which is posted below. Now for some odd reason the whole media is worried that inflation may not be in the system like expected, and I just sit back and say what a surprise. I just wanted to point out to you guys that this is the time to sell your longs on the run up, and go short at resistance. Take profit whenever you see it like always and have tight stops for the market is still chopping around on this light summer volume. The Nasdaq showed some strength today, but I do believe that it was a possible blow off for the candle stick was an indecision one( doji ). The oil markets broke down just like expected and we should see that continue into next week with the other commodities following as well. I will try to post a video going over some stock plays if I get around to it. Also I am going to try to start sometime next week posting my live plays on twitter. Just to give you a heads up, I have been smacking around SRS for profit all day this week on the short and long side. She has come to be one of my favorite vehicles in day trading thus far aside from the index ETF’s.
Replay Link for Dollar Video
http://www.youtube.com/watch?v=oGDhT-3nhqM
Duration : 0:10:48
www.wwgfa.net
Ron Paul, Before the U.S. House of Representatives, April 25, 2006
The financial press, and even the network news shows, have begun reporting the price of gold regularly. For twenty years, between 1980 and 2000, the price of gold was rarely mentioned. There was little interest, and the price was either falling or remaining steady.
Since 2001 however, interest in gold has soared along with its price. With the price now over $600 an ounce, a lot more people are becoming interested in gold as an investment and an economic indicator. Much can be learned by understanding what the rising dollar price of gold means.
The rise in gold prices from $250 per ounce in 2001 to over $600 today has drawn investors and speculators into the precious metals market. Though many already have made handsome profits, buying gold per se should not be touted as a good investment. After all, gold earns no interest and its quality never changes. It’s static, and does not grow as sound investments should.
It’s more accurate to say that one might invest in a gold or silver mining company, where management, labor costs, and the nature of new discoveries all play a vital role in determining the quality of the investment and the profits made.
Buying gold and holding it is somewhat analogous to converting one’s savings into one hundred dollar bills and hiding them under the mattress — yet not exactly the same. Both gold and dollars are considered money, and holding money does not qualify as an investment. There’s a big difference between the two however, since by holding paper money one loses purchasing power. The purchasing power of commodity money, e.g., gold, however, goes up if the government devalues the circulating fiat currency.
Holding gold is protection or insurance against government’s proclivity to debase its currency. The purchasing power of gold goes up not because it’s a so-called good investment; it goes up in value only because the paper currency goes down in value. In our current situation, that means the dollar.
One of the characteristics of commodity money — one that originated naturally in the marketplace — is that it must serve as a store of value. Gold and silver meet that test — paper does not. Because of this profound difference, the incentive and wisdom of holding emergency funds in the form of gold becomes attractive when the official currency is being devalued. It’s more attractive than trying to save wealth in the form of a fiat currency, even when earning some nominal interest. The lack of earned interest on gold is not a problem once people realize the purchasing power of their currency is declining faster than the interest rates they might earn. The purchasing power of gold can rise even faster than increases in the cost of living.
The point is that most who buy gold do so to protect against a depreciating currency rather than as an investment in the classical sense. Americans understand this less than citizens of other countries; some nations have suffered from severe monetary inflation that literally led to the destruction of their national currency. Though our inflation — i.e., the depreciation of the U.S. dollar — has been insidious, average Americans are unaware of how this occurs. For instance, few Americans know nor seem concerned that the 1913 pre-Federal Reserve dollar is now worth only four cents. Officially, our central bankers and our politicians express no fear that the course on which we are set is fraught with great danger to our economy and our political system. The belief that money created out of thin air can work economic miracles, if only properly “managed,” is pervasive in D.C.
In many ways we shouldn’t be surprised about this trust in such an unsound system. For at least four generations our government-run universities have systematically preached a monetary doctrine justifying the so-called wisdom of paper money over the “foolishness” of sound money. Not only that, paper money has worked surprisingly well in the past 35 years — the years the world has accepted pure paper money as currency. Alan Greenspan bragged that central bankers in these several decades have gained the knowledge necessary to make paper money respond as if it were gold. This removes the problem of obtaining gold to back currency, and hence frees politicians from the rigid discipline a gold standard imposes.
Duration : 0:6:24
Sep 15, 2008.
The venerable Lehman Brothers investment bank said early Monday that it will file for bankruptcy, while Bank of America unveiled plans to buy Merrill Lynch — two pieces of news that profoundly alter the American financial landscape.
The fast-paced changes capped a roller-coaster Wall Street weekend and threatened to stir up U.S. financial markets already reeling from woes at other major financial firms and mortgage financing titans Fannie Mae and Freddie Mac.
“This crisis is clearly deeper than anybody had imagined only a short time ago,” Peter Stein, an associate editor at The Wall Street Journal in Asia, told CNN.
Lehman Brothers said in a statement early Monday that it plans to file for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code. The 158-year-old investment bank had been undermined by bad bets on real estate — the value of its shares declined 94 percent this year.
The fall of Lehman followed a wild, three-day scramble by top Wall Street executives and federal regulators, who worked around the clock to come up with a solution to a still-unfolding financial crisis.
By the end of the weekend, the Federal Reserve had stepped in to try to calm the markets by announcing plans to loosen its lending restrictions on the banking industry.
A consortium of 10 leading domestic and foreign banks agreed to create a $70 billion fund for loans to troubled financial firms.
Source:
http://edition.cnn.com/2008/US/09/15/banks.bigchanges/index.html
_______________________________________
Sep. 15, 2008.
Global markets were reeling Monday after a convulsive day on Wall Street that saw a leading U.S. investment bank file for bankruptcy and other institutes scramble to merge as the credit crunch claimed one of its biggest victims yet.
Stock prices plunged in Asia and Europe in the wake of investment bank Lehman brothers announcing its collapse and Bank of America’s $50 billion buyout of ailing brokerage Merrill Lynch.
This crisis is clearly deeper than anybody had imagined only a short time ago,” Peter Stein, an associate editor at the Wall Street Journal in Asia, told CNN.
The Dow Jones Industrial Average fell 330 points or 2.9 percent to around 11091 in early trading. In Europe, FTSE index in London declined 3.37 percent while the Paris CAC 40 was down 4.47 percent.
Major Asian indexes were closed but India’s Sensex fell 5.4 percent, Taiwan’s benchmark dropped 4.1, Australia’s key index dropped 2 percent and Singapore fell 2.9.
The turmoil followed a roller-coaster weekend for a Wall Street already concussed by woes at other major financial firms and mortgage-financing titans Fannie Mae and Freddie Mac.
At one point the U.S. Federal Reserve was forced to step in, announcing plans to loosen lending restrictions to the banking industry in an effort to calm markets, while a consortium of 10 leading domestic and foreign banks agreed a $70 billion fund to lend to troubled financial firms.
In an effort to calm market jitters, the European Central Bank on Monday said it has pumped $42.6 billion into money markets. The Bank of England in London also took steps, offering nearly $9 billion in a three-day auction.
Source:
http://edition.cnn.com/2008/BUSINESS/09/15/lehman.merrill.stocks.turmoil/index.html#cnnSTCText
Duration : 0:2:25
During his questioning of Federal Reserve Chairman Ben Shalom Bernanke before the House Financial Services Committee, U.S. congressman Alan Grayson (D), representing Florida’s 8th congressional district (Orlando, Ocala, Eustis), burst out laughing at Bernanke’s hubris.
(21 July 2009)
Grayson’s questioning focused on the Fed’s handouts to FOREIGN central banks in Europe and other countries. These “Central Bank Liquidity Swaps” rose from a total of $24 billion at the end of 2007, to over $553 billion by the end of 2008.
Grayson: “So who got the money?”
Bernanke: “Financial institutions in Europe and other counries.”
Grayson: “Which ones?”
Bernanke: “I don’t know.”
Gryson: “Half a trillion dollars and you don’t know who got the money?”
It gets even better.
3:02 -
Grayson: “Well, look at the next page [in Bernanke's written report], the very next page has the U.S. dollar nominal exchange rate, which shows a 20 percent increase in the U.S. dollar nominal exchange rate at exactly the same time that you were handing out half a trillion dollars. You think that’s a coincidence?”
Bernanke: “Yes.”
Grayson: “hah-hah-hah-hah!”
And really, can Ben Bernanke possibly be so ignorant of the history of the institution that he heads not to know what year the Federal Reserve Act was passed (under very shady circumstances) by the U.S. congress?
Anyone who is interested in the nefarious origins of the Federal Reserve must read the great book by G. Edward Griffin, “The Creature from Jeckyll Island.”
You can watch the entire hearing on the C-SPAN web site:
http://c-span.org/Watch/Media/2009/07/25/HP/R/21294/Monetary+Report+TARP+Funds+Regulatory+Overhaul.aspx
You can contact Rep. Grayson and tell him “thanks” at http://www.youtube.com/user/RepAlanGrayson
Duration : 0:5:10
[Money As Debt] : Cartels Are Licensed Public Robbers (1 of 5 )
“Corrupt Banking System”
This highly informative and easy to understand film covers just about everything that isn’t taught in school regarding the corrupt banking system. It explains how these institutions get away with robbing the unsuspecting public by creating monetary policies designed to enslave society, while keeping the system in a perpetual state of rising debt.
Duration : 0:10:57
Jeff & Mike speak to Thomas J. DiLorenzo, an American economics professor at Loyola College in Maryland and an adherent of the Austrian School of Economics, about his book Hamiltons Curse and the corrupt origins of the US central banking system.
Duration : 0:6:1
[Money As Debt]:The Monetary Reform (4 of 5)
“Corrupt Banking System”
This highly informative and easy to understand film covers just about everything that isn’t taught in school regarding the corrupt banking system. It explains how these institutions get away with robbing the unsuspecting public by creating monetary policies designed to enslave society, while keeping the system in a perpetual state of rising debt.
Duration : 0:11:0
Feb. 15 (Bloomberg) — Branko Windoe, the head of treasury at PT Bank Central Asia, talks with Bloomberg’s Susan Li from Jakarta about the outlook for the Indonesian rupiah, and investing in the nation’s stocks and bonds. (This is an excerpt from the full interview. Source: Bloomberg)
Duration : 0:4:8
[Money As Debt]:Money As Debt/Slavery? (3 of 5)
“Corrupt Banking System”
This highly informative and easy to understand film covers just about everything that isn’t taught in school regarding the corrupt banking system. It explains how these institutions get away with robbing the unsuspecting public by creating monetary policies designed to enslave society, while keeping the system in a perpetual state of rising debt.
Duration : 0:10:59