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IT'S ABOUT TIME; A probable future for the United States
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Topic Started: Aug 4 2008, 07:08 PM (7,176 Views)
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bachophile
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Aug 5 2008, 09:59 AM
Post #76
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and i would like to say that i read the whole thing again this evening, slowly, savoring all the pearls...and i defend his right to spew forth this vomitus.
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With the Barge gone –as many of them will be dead and their vast stolen wealth confiscated- there will be far fewer wars, the need for a military machine on the scale we have now will be unsustainable, and of course there will be many more institutional changes.
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Certain cliques of snobbish professional people who have always had the effrontery to consider themselves higher and mightier while regarding the rest of us as “the masses,” “human cattle,” etc. will have their own **** rubbed in their faces and probably half of them will starve to death because they can’t or wont adjust to new realities.
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I wonder what will happen when the world finally wakes up?
Will we string up most of the fat cats on Wall Street?
Will we hunt down and kill most of the chiseling, swindling lawyers and corrupt magistrates who have sucked on the rest of us like parasites for far too long?
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But I do know this, when economic difficulties suddenly result in pulling the hopes and dreams out from under millions of people, when they have worked most of their lives for them, there will be hell to pay.
i try to imagine a hand that can pen these words and it fails me.
truly a cursed soul.
God have mercy on you.
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"I don't know much about classical music. For years I thought the Goldberg Variations were something Mr. and Mrs. Goldberg did on their wedding night." Woody Allen
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Frank_W
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Aug 5 2008, 10:01 AM
Post #77
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Everyone, just R E L A X . . .
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Anatomy Prof: "The human body has about 20 sq. meters of skin." Me: "Man, that's a lot of lampshades!"
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bachophile
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Aug 5 2008, 10:03 AM
Post #78
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im easy
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"I don't know much about classical music. For years I thought the Goldberg Variations were something Mr. and Mrs. Goldberg did on their wedding night." Woody Allen
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kenny
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Aug 5 2008, 10:07 AM
Post #79
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It never ceases to astonish me the wide range of people who are positive they are right.
How is it possible that people can get THIS different?
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Aqua Letifer
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Aug 5 2008, 10:08 AM
Post #80
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- kenny
- Aug 5 2008, 10:07 AM
How is it possible that people can get THIS different?
Varying temperaments, life experiences and drugs of choice I suppose.
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I cite irreconcilable differences.
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RosemaryTwo
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Aug 5 2008, 10:41 AM
Post #81
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Bach, I bet you're hot when you're angry.
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"Perhaps the thing to do is just to let stupid run its course." Aqua
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bachophile
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Aug 5 2008, 10:47 AM
Post #82
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"I don't know much about classical music. For years I thought the Goldberg Variations were something Mr. and Mrs. Goldberg did on their wedding night." Woody Allen
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RosemaryThree
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Aug 5 2008, 10:57 AM
Post #83
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Yeah, baby. Better than vodka on the rocks.
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Yeah, whatever.
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Mikhailoh
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Aug 5 2008, 11:11 AM
Post #84
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If you want trouble, find yourself a redhead
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- RosemaryTwo
- Aug 5 2008, 02:41 PM
Bach, I bet you're hot when you're angry.
I am sooo bummed. She never called ME hot, and I live a short drive away.
Hmm... maybe that's why?
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Once in his life, every man is entitled to fall madly in love with a gorgeous redhead - Lucille Ball
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bachophile
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Aug 5 2008, 11:27 AM
Post #85
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stick with me...chicks galore.
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"I don't know much about classical music. For years I thought the Goldberg Variations were something Mr. and Mrs. Goldberg did on their wedding night." Woody Allen
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Piano*Dad
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Aug 5 2008, 11:28 AM
Post #86
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- jon-nyc
- Aug 5 2008, 11:13 AM
- lb1
- Aug 5 2008, 07:33 AM
- jon-nyc
- Aug 5 2008, 12:08 AM
It must be so hard to be you.
He who laughs last laughs best. Jon, you close your mind at the first sentence if it conflicts with you fantacy. lb
What fantasy? You mean the one where I pretend the world isn't run by some all-powerful, sinister cabal?
Jon,
Aren't you a card carrying member of the tri-lateral commission? :lol:
Four pages of discussion on an inane rant. Sheesh.
The fact there there might be little bits in there that one could could agree with, or that the writing is superficially rational makes no real difference. That is a collection of outlandish assertions.
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Frank_W
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Aug 5 2008, 11:28 AM
Post #87
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Damn... When I grow up, I wanna' be Bachophile.
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Anatomy Prof: "The human body has about 20 sq. meters of skin." Me: "Man, that's a lot of lampshades!"
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RosemaryThree
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Aug 5 2008, 11:42 AM
Post #88
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Not much imagination needed to know that Bach is hot. Don't let the avatar fool you. He is much less uptight than all that.
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Yeah, whatever.
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David Burton
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Aug 5 2008, 11:57 AM
Post #89
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GFG
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Axtremus
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Aug 5 2008, 12:02 PM
Post #90
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- Piano*Dad
- Aug 5 2008, 03:28 PM
Four pages of discussion on an inane rant. Sheesh.
I feel compelled to note that I was the first to reply in this thread.
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Luke's Dad
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Aug 5 2008, 12:12 PM
Post #91
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- Mikhailoh
- Aug 5 2008, 03:11 PM
- RosemaryTwo
- Aug 5 2008, 02:41 PM
Bach, I bet you're hot when you're angry.
I am sooo bummed. She never called ME hot, and I live a short drive away. Hmm... maybe that's why?
Nah Mik, R2 and R3 are diehard Steeler fans. They'd never find a Bengal fan hot. It's encoded in the DNA.
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The problem with having an open mind is that people keep trying to put things in it.
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John D'Oh
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Aug 5 2008, 12:21 PM
Post #92
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Hitler was a Steelers fan.
It's true. I have it on good authority. Supporters of the New England Patriots would never lie to me.
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What do you mean "we", have you got a mouse in your pocket?
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OperaTenor
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Aug 5 2008, 12:30 PM
Post #93
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Hm? Somebody say somethin'?
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John D'Oh
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Aug 5 2008, 12:31 PM
Post #94
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- OperaTenor
- Aug 5 2008, 04:30 PM
Hm? Somebody say somethin'?
He liked Wagner too, opera-boy.
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What do you mean "we", have you got a mouse in your pocket?
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OperaTenor
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Aug 5 2008, 12:32 PM
Post #95
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I'm just getting Mike's way, aren't I?
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Mark
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Aug 5 2008, 12:38 PM
Post #96
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- David Burton
- Aug 5 2008, 01:57 PM
Bill Bonner’s Daily Reckoning has been a staple of my reading for years. From the beginning of my acquaintance with it around 2002, and all along he has always pretty much been dire in his predictions because his views align closely with the Austrian school and gold bugs, I have nevertheless relied on his opinions to help me understand what’s going on in the financial markets.
The analysis of our current situation, while not as dire as views from elsewhere indicates where we have gone wrong in the past and where we may go equally wrong in the future to try and correct things.
Subscriptions to The Daily Reckoning are free and sent via e-mail but I’m not giving the link as that would be peddling a product, which is not my intention. Just Google it if interested.
Bonner’s piece from yesterday follows:
Decoupling in the Land of the Dead Ouzilly, France Monday, August 4, 2008
*** Financing the “golden years” with base metal...when automakers get hauled to the junkyards and sold for scrap... *** Bobbing on a frothy sea of ‘money’...the influential fat paws of market manipulation... *** Domesticating the jungle of capitalism...a ‘smoking gun’ that saves the yankees’ case...and more!
Writing to you from the Land of the Dead...
We step back in order to have a look at the Big Picture.
Hmmm...still, not very clear. So, we step back again...and again. Soon, we are so far away that we can’t see a thing!
Still, looking through the binoculars, this is what we think we see.
First, the U.S. economy is in decline. The latest figures show it growing more slowly than the population – which means, the average citizen is getting poorer.
Of course, dear readers know the figures are not very helpful anyway. In a consumer economy, GDP growth rates tend to measure the rate at which people consume wealth rather than the rate at which they create it.
But let us put that quibble aside, at least for this morning.
The weekend news brought more evidence that the U.S. economy has peaked out. Recent graduates are having a hard time finding work, says the Washington Post . Joblessness is supposed to rise to 6% next year, adds the Financial Times .
Even ‘the rich are beginning to feel the pain,’ opines a piece from the Associated Press .
And millions of Americans are facing “retirement poverty,” continued the salmon-colored paper. Why? They haven’t saved enough...and their houses – on which they had counted to finance their golden years – suddenly seem to be made of base metal.
Fannie Mae faces a “glut of unsold homes,” reports the Chicago Tribune . (What the paper means is that it faces a glut of houses, not homes. A home is what people make of a house. But if it is unsold, it is a house, not a home. And many of the houses built in America in the last 10 years will probably never be homes. They are too expensive. Too far out. And too many.)
“Ghost towns across America,” is how the Wall Street Journal describes them.
Another small bank failed in Florida, while in Detroit, the auto industry is a wreck. Vehicle sales are down 13.2%, for obvious reasons...and the automakers are running low on cash, says the New York Times .
Between 1950 and 2000, the USA transformed itself from a country that made things to a country that financed things. Mothers stopped wanting their babies to grow up and become captains of industry; instead, they wanted them to go to Wall Street. That’s where the money was – in finance, not in manufacture. Gradually, the engineers and machinists who used to run the automakers were replaced by financiers. And gradually, the business model changed, from making money by selling cars to making money by financing cars. And if you’re going to finance cars, why not finance some houses too?
But now the finance industry seems to have peaked out. And what’s left of the automakers? We don’t know...but we’re going to find out soon – as they get hauled to the junkyards, stripped, dismantled and sold for scrap.
“Only luck can save America’s troubled economy,” concludes the FT .
From a distance, we can see the United States – and England – sinking. But it looked for a long time as though the rise of other economies – China, India, Russia, Brazil...just to name a few – might be enough to balance it out. This was the theory of ‘decoupling,’ the idea that the U.S. could sneeze all it wanted; the rest of the world would still remain in rude good health.
Here at The Daily Reckoning, we were always skeptical of the ‘decoupling’ concept. Coupling has been going on for a long time; it didn’t seem likely to us that it should suddenly go out of style.
On the other hand, never before in the history of the world has so much economic growth been going on. And most of it is going on outside the United States...and Europe.
“It’s amazing...I just can’t believe it,” said a young man we met over the weekend. “I work in aluminum. I’m a buyer for a big French company that makes products out of aluminum. So, I travel regularly to China...to Beijing and Shanghai, mostly. I go at least every six months. And when I go I stay in the same hotels. And I get there and I look out the window, and every time there is another big skyscraper right next door. ‘Where did that come from?’ I wonder. Because they hadn’t even begun to work on it when I was there the last time. But those people work day and night. And the city of Shanghai is growing by about 30,000 new people every week...something like that. It’s unbelievable...
“And then when I get back to France...it is like going into a museum...where nothing ever changes. In some ways, it is a comfort, because life here is nice...predictable...and comfortable. But it is like the land of the dead.”
And now, the big news: manufacturing contracted in China for the first time since ’05. Decoupling? Maybe...but China is slowing down too. And if America, Britain, Europe and Asia are all slowing down, what does it mean for oil and commodities? It means they must go down!
Yes, that is the third big thing we see...as we look through our binoculars. After hitting a high of $147, oil is slipping and sliding. It ended last week at $125 – a loss of 15% from its high.
The industrial commodities are all falling – copper, aluminum, steel. Gold at $917 an ounce also seems to have lost its way. And many people think we’ve seen the last of the bull market in the whole commodity/oil/gold complex. It may be another 20 years, some believe, before we have another big run-up in the commodity sector. So far, no major magazine has announced the “Death of Commodities,” but surely some are thinking about.
But we’re even more skeptical about the ‘death of commodities’ than we are of ‘decoupling.’ Because, commodities cycles tend to be much longer than other cycles...and prices do not react only to the economic cycles; they also react to the monetary cycles. Copper, oil, lead, wheat – all represent more or less finite resources. And all require real resources – time, money, equipment, investment, and know-how – to bring forth. You can’t blame the people who produce them for wanting more than worthless pieces of paper in exchange for them. Typically, the more pieces of paper there are in circulation – pretending to be ‘money’ – the more pieces of paper producers want in exchange for their oil, gold, silver, lead, etc. And typically, they look ahead to try to figure out what those pieces of paper will be worth in the future before they agree to trade valuable resources for them.
Yes, dear reader, that is what we see through our binoculars too. A world in motion. Nothing stands still. Instead, no matter where we look – at houses, oil, stocks, you name it – it bobs on a frothy sea of ‘money.’ And while we have to look to see if the United States and China are declining...or if the financial boom has topped out...or the commodity cycle has peaked...we also have to keep our eye on tides of money too. About which...more to come this week...
*** “Wave goodbye to the invisible hand,” says a Washington Post article by Steven Pearlstein. The poor man thinks it is the ‘invisible hand’ of the market that has messed things up, rather than the fat paws of the market manipulators in Washington.
“Trade...[has]...failed to deliver the economic and social outcomes that Americans consider acceptable,” he writes.
He has a point – trade has failed to give the yahoos what they wanted, something for nothing. They thought they could use their houses like an infinite line of credit. Didn’t turn out that way.
But nobody really appreciates laissez-faire capitalism, least of all the capitalists. They all want to control the future, not let it happen. And everybody wants to gain some edge...some little favor or advantage – a monopoly, a subsidy, a fat contract with the government, a handout, free food, free medicine, crop supports, student loans, a guaranteed pension, a bailout, a tax credit...some kind of greasy giveaway; the last thing they want is a free market, where the chips fall where they may.
And now that the illusions of the Reagan Era are being destroyed, out come the regulators, controllers and meddlers with illusions of their own. Now, they claim they can make a better world – better than people could make on their own. They’ll make sure that capitalism is put in chains...defanged, de-clawed...trained and harnessed. They’ll turn the jungle of capitalism into the zoo of a rational, state-managed mixed economy.
The Wall Street Journal reports that New York has gone into court with a complaint about Citigroup. “Hey, we didn’t know you could lose money on those freak investments you sold us,” say the New Yorkers.
They are all searching the email records for the ‘smoking gun,’ a single email by someone with a brain pointing out the obvious – that those complicated collateralized securities might really be the investments of “mass capital destruction” that Warren Buffett said they were.
And hallelujah, they’ve got one: “We should not be rating it,” said an email from an operative from Standard & Poor’s, stating what many others must have thought but few dared to say.
As you recall from last week, the sovereign state of Connecticut has attacked the rating agencies, charging that they knew or should have known what they were doing. Now, with that email, it looks like the yankees have a case.
Until tomorrow,
Bill Bonner The Daily Reckoning

http://www.mises.org/store/Road-to-Serfdom-The-P252.aspx
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___.___ (_]===* o 0 When I see an adult on a bicycle, I do not despair for the future of the human race. H.G. Wells
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MIke Godwin
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Aug 5 2008, 12:38 PM
Post #97
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- OperaTenor
- Aug 5 2008, 12:32 PM
I'm just getting Mike's way, aren't I?
I was going to say something when D'Oh piped in, but OT is over the top.
Thread closed.
Or not.... :lol:
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Now behave, it's the law, you know.
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Mark
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Aug 5 2008, 12:42 PM
Post #98
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Fcuk you Godwin!
Idiot.
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___.___ (_]===* o 0 When I see an adult on a bicycle, I do not despair for the future of the human race. H.G. Wells
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Frank_W
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Aug 5 2008, 12:44 PM
Post #99
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We now interrupt the tensions of this thread for a commercial break:

Okay... DING DING!!!
(proceed)
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Anatomy Prof: "The human body has about 20 sq. meters of skin." Me: "Man, that's a lot of lampshades!"
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Mikhailoh
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Aug 5 2008, 12:44 PM
Post #100
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If you want trouble, find yourself a redhead
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- Luke's Dad
- Aug 5 2008, 04:12 PM
- Mikhailoh
- Aug 5 2008, 03:11 PM
- RosemaryTwo
- Aug 5 2008, 02:41 PM
Bach, I bet you're hot when you're angry.
I am sooo bummed. She never called ME hot, and I live a short drive away. Hmm... maybe that's why?
Nah Mik, R2 and R3 are diehard Steeler fans. They'd never find a Bengal fan hot. It's encoded in the DNA.
I heard a similar story, but it revolved around stunted emotional growth.
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Once in his life, every man is entitled to fall madly in love with a gorgeous redhead - Lucille Ball
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