gmane.comp.finance.gold-silver-crypto

[gsc] Bill H

pintle — 2012-05-16T18:42:39

[Sentiment out there towards gold/silver/shares is really awfull. 
Astounding, at this point in the game.]

In the meantime we have Bill H to put this train wreck in perspective…

Preventing the "Ultimate"Bank Run.

To all; I titled this piece "preventing the ultimate bank run" because 
it is exactly what is being done every single day. Taking a step back, 
2007 to present has been all about preventing actual AND virtual bank 
runs. "Actual" being lines of human beings and "virtual" being 
electronic withdrawals. All actions taken in 2007 and since then, 
whatever they were named, were all about sustaining "confidence" in the 
banking system. If you remember, many sovereign governments stepped up 
to the plate in 2008 and '09 and actually "guaranteed" 100% of deposits. 
A "run" had to be avoided at ALL costs.

Oddly enough though, the implementation of ZIRP (zero interest rate 
policy) was short sighted and worked against "preventing a run". 
Depositors have had less and less incentive to leave balances in

[gsc] conversation Friday

Jim Davidson — 2012-05-16T17:16:27

The conversation on agorism and free market money continues
this Friday at 2 p.m. central time (GMT-5).

I'll be off doing work for the university on Thursday.

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[gsc] NY Times, April 1, 2020

pintle — 2012-05-16T17:05:27

http://www.jsmineset.com/wp-content/uploads/2012/05/clip_image0028.jpg

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Re: [gsc] When the Moors (Islam) ruled Europe

Patrick Chkoreff — 2012-05-16T15:43:33

Rayservers Blog Admin wrote, On 05/11/2012 02:38 PM:

Wow that looks good.  We'll have to watch that on the big screen
tonight.  :)


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[gsc] conversation continues

Jim Davidson — 2012-05-15T18:56:46

The conversation on agorism and free market money continues
today at 2 p.m. central time (GMT-5).


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[gsc] From Craig Spencer

Jim Davidson — 2012-05-14T04:55:16

Higgs on how the state leads people to destruction.
http://www.youtube.com/watch?v=g5GfHsQK8p8

And a fine invention for the vending machine set.
http://www.youtube.com/watch?v=twcgDzopc8I

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Re: [gsc] government for dummies

Greg — 2012-05-12T14:58:12

It is really good.
As an aside...
The web service/tool used to create said video cartoon is
XtraNormal.com. It is a text-to-synthetic-speech movie maker (though,
in the case, it sounds like he used real voices). The cost to make a
movie is about $5 -- you pay upon checkout for the stuff us use:
background, characters and title credits. You purchase with "points",
so your first spend into the system is about $20.
Here is another one i really like:
Obama Speaks About Race And
Colorhttp://www.youtube.com/watch?v=5MiaiHffWFA
Greg

On Saturday, May 12, 2012 at 10:04 AM, Ref  wrote:Excellent!

Ref

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Re: [gsc] government for dummies

Ref — 2012-05-12T13:04:06

Excellent!

Ref



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Re: [gsc] Pyramid (upside down) (mark to market accounting)

Rayservers Blog Admin — 2012-05-12T13:46:14

You are being very charitable.

Best,
Ray


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[gsc] government for dummies

Kevin Wilkerson — 2012-05-11T23:26:42

A common man tries explaining government to a space alien:

http://www.youtube.com/watch?feature=player_detailpage&v=6gCFBMoLtkY

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Re: [gsc] Pyramid (upside down) (mark to market accounting)

Patrick Chkoreff — 2012-05-11T21:03:43

Rayservers Blog Admin wrote, On 05/11/2012 04:24 PM:


Which brings up an interesting point -- for proper conservative
accounting I may need to discount the gold value of "bank money-of-account".

For example, if the Kitco "price of gold" is $1600/ounce, and I have
$1600 in the bank, I may need to value those dollars at less than an
ounce of gold.

At the moment I could discount them by about 20% to account for the
probability that a bank failure completely wipes out the value of the
position.  I would probably need to use different discount factors for
different banks.

In reality this discount factor has nothing to do with gold, it is
merely a way of stating the value of a "Deposit Dollar" in terms of a
"Cash Dollar", e.g. One Deposit Dollar = 0.80 Cash Dollar.  Kitco gold
prices are then assumed to be in Cash Dollars.

Re: [gsc] Pyramid (upside down)...> Ron Paul leaves the Global Zoo

Rayservers Blog Admin — 2012-05-11T20:24:36

Exactly!

Best,
Ray

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Re: [gsc] Pyramid (upside down)...> Ron Paul leaves the Global Zoo

Patrick Chkoreff — 2012-05-11T20:18:23

Rayservers Blog Admin wrote, On 05/11/2012 11:41 AM:


I, and some hedge funds, like to measure a portfolio's value in ounces
of gold.  I recently marked down the dollar price of gold, and the gold
value of a portfolio rose.  That was because the portfolio included a
significant US dollar cash position, whose gold value rises when the
dollar price of gold drops.

So, when you measure value in gold, it can pay to hold dollars.

Of course, this assumes that you can actually buy and receive that
amount of gold for those dollars, which are held as bank
money-of-account.  In reality this may not be possible:  that is, an
ounce of gold may drop to $700, but $700 in the bank will not get you an
ounce of gold.  You may have to walk into the coin shop with seven C-notes.

Re: [gsc] When the Moors (Islam) ruled Europe

Rayservers Blog Admin — 2012-05-11T18:38:23

http://video.google.com/videoplay?docid=-768956312207897325


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[gsc] US military teaching 'total war' on Islam

Rayservers Blog Admin — 2012-05-11T18:16:03

http://www.bbc.co.uk/news/world-us-canada-18030105

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Re: [gsc] Pyramid (upside down)...> Ron Paul leaves the Global Zoo

Rayservers Blog Admin — 2012-05-11T15:41:19

Those are just bets using the above set, completely within the dollar pyramid.
People use the word "derivative" as if it is booga-booga black magic.

FRN = token created against US T Bill earned and thus owned by the Fed.

bank money-of-account = token, created when a US-Citizen deposits a promissory
note (s/he calls/thinks this a "loan") to pay FRN in the future, but sleight of
hand to pay with bank-money-of-account allowed.

govt bond = promise to pay FRN in the future, sold for bank-money-of-account. No
one bothers demanding FRN, everyone happy with bank money-of-account for payments.

Example of derivative
1. FDIC insurance (bet that people are not fool enough to demand cash)
2. Credit Default insurance (bet that mortgage/card/govt-bond will default)

Derivative creates bank-money-of-account flow to insurer, who has no intention
of honouring the bet because it is, by definition, laid off on the people stupid
enough to sign a promissory note thinking it is a loan.


There ALWAYS are... just 'priced' in p

[gsc] David Stockman

Patrick Chkoreff — 2012-05-11T14:14:17

David Stockman discusses the end game of the current bubble:

http://lewrockwell.com/stockman/stockman11.1.html

Excerpts:











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[gsc] Willie, May 10th

pintle — 2012-05-11T08:17:18

Willie's latest:

http://usawatchdog.com/the-last-innings-of-a-very-bad-ball-game/#more-7933

Gold Cover Clause Guidance

...
The upcoming Eastern SWIFT bank transaction system is almost ready for 
prime time, its development in progress. The Chinese will take the lead 
position, taking the flack, pushing the process, which will not resemble 
the current SWIFT system in the flow vehicle. The transition of 
political power in Beijing makes the timing perfect. The Iran sanctions 
served to galvanize the anti-USDollar movement. One source involved in 
the barter system design, at the fringe of the new SWIFT system, 
reported that the Iran sanctions did them a great favor, by bringing 
several newer nations to the planning room for integration in the new 
global trade transaction system. DO NOT BE SURPRISED TO HEAR IT HAS A 
GOLD FEATURE TO HANDLE THE TRADE. Rumors to the effect that the Chinese 
want to implement a gold backed trade settlement system outside the 
USDollar, have been confirmed by my great reliab

[gsc] #OpBLACKHEATH - NWO NUKED :) HOORAY!

Passive PROFITS — 2012-05-10T18:26:43

http://www.occupythebanks.com 


Especially:

http://www.occupythebanks.com/2012/05/opblackheath-iran-presstv-does-bbc-job.html

 
Best,


PP


"The man who owns a slave, or lives by exploiting others, whether slave or not, is not himself a free man. He is a man who must look over his shoulder all the time, in fear. True freedom lies in a deep concern for the freedom of others, and if this is accepted it should make every man, out of pure selfishness, the ardent devotee of the freedom of his neighbor." -Leonard Wibberly, 1776 - And All That (1975), p. 72.

Re: [gsc] Pyramid (upside down)

pintle — 2012-05-10T17:29:23

Yes, but, they should have said derivatives of or financial instruments 
representing these things.

There are going to be "Non-monetary commodities" that will be working as 
money, will turn monetary, and will be final settlement, at least for a 
while. I can see instances, rarely, of a business or real estate acting 
as final settlement. I don't think it was a well thought out pyramid. 
"Unfunded government liabilities" are really just wild assed promises, 
mostly nontradable.


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Re: [gsc] Pyramid (upside down)

Rayservers Blog Admin — 2012-05-10T13:25:21

No...

If you are going to draw a money+currency pyramid, the
interesting-pyramid-building-things are [gold], gold-contracts, paper currency,
govt bonds, bank money-of-account.

Contracts to deliver commodities (and thus the underlying substance, real estate
included) have a fatal problem, they are valued in notional dollars.

Compounding the difficultly is the confusion in the minds of the average pundit
regarding the thing, a contract to deliver the thing, an IOU expressed by a
corporate entity for the thing, an IOU expressed by a corporate entity
if-some-other-event happens etc.

It gets even more confusing when you add in law, government, instrumentality etc.

If you go back to the interesting-pyramid-building-things, you will find that
they are a disjoint set. This means that there are multiple pyramids:

Gold and gold-contract-of-various-forms have their own pyramid, and besides it
there is the dollar [and euro etc] pyramids.

Gold is quoted in 'dollars', which usually means bank-money-of-account doll