I have a bridge I'd like to sell them....I hear it's resale value will double in a year!

Plus there's no Greek people anywhere near it!

GaryPDX: Now everyone watch as Socialism fails, once again. Like it always does. They have run out of other people's money.

I know this is the like the 15th time someone has told you this, but the current European Financial crisis is not due to socialism. It is due to unregulated capitalist banking practices, coupled with each countries inability to devalue their own currency because they use the euro.

You keep screaming socialism and no one is going to believe you when it's actually socialism.

Would you say it's time to crack open our neighbor's skulls and feast on the goo inside?

Hmmm. Gold flooding the market...... I wonder what bubble that might effect.

I've recently converted a lot of my liquid assets into bottlecaps. I wasn't able to find caps that weren't attached to beer bottles so I may experience a liquidity crisis if I drink too many at one time.

GaryPDX: Now everyone watch as Socialism fails, once again. Like it always does. They have run out of other people's money.

Done

playblu: WTF Indeed: GaryPDX: Now everyone watch as Socialism fails, once again. Like it always does. They have run out of other people's money.

I know this is the like the 15th time someone has told you this, but the current European Financial crisis is not due to socialism. It is due to unregulated capitalist banking practices, coupled with each countries inability to devalue their own currency because they use the euro.

You keep screaming socialism and no one is going to believe you when it's actually socialism.

You might want to do a little research into where all the money's going.

Hint: it's not going to "bankers".

So you're saying that socialism is the cause of unregulated easy credit that flooded the market? If this was the case, then why aren't the Norwegian, Finland economies on the verge of collapse? It's called greed.

Blaming socialism in this case would be akin to blaming gold chains and spinning rims as the cause of drug dealing.

Sim Tree: If this is occurring globally, why doesn't the central bank simply lower the reserve requirement? Say, from 10% to 5%, to increase the resulting money multiplier?

How can it be that no one has any money? The government doesn't have money, the banks don't have money, AND the people don't have money? What happened to all the money?

The Joker burned it. But only his half. He's a man of his word.

Sim Tree: If this is occurring globally, why doesn't the central bank simply lower the reserve requirement? Say, from 10% to 5%, to increase the resulting money multiplier?

How can it be that no one has any money? The government doesn't have money, the banks don't have money, AND the people don't have money? What happened to all the money?

you ever wonder where all this money comes from?

Sim Tree: Say, from 10% to 5%, to increase the resulting money multiplier?

For a lot of things it's already at 0 or 2%.

Seriously (new window)

Europe would be in a "ammo and canned good" buying frenzy like we have every election cycle, but they don't have any guns and they ran out of money for steel cans and now everyone is salting pork in their bathtubs. The whole continent is starting to reek of people who haven't showered in weeks, not just France.

Well if enough of banks get in on the act, gold prices might drop enough that evil criminal masterminds will be able to kill their former mistresses by painting them with liquid gold again. Times were so rough for a while there that they had to make do with Krylon shake-n-paint from Wal-Mart. Try ending a failed relationship with that stuff, and all you end up with is 5'2" of shiny pissed off ex-girlfriend. Awkwarrrd.

GaryPDX: Now everyone watch as Socialism fails, once again. Like it always does. They have run out of other people's money.

LOL, stupid socialist Europeans. That could never happen here in good ol' capitalist America! Our financial institutions are rock-solid.

playblu: WTF Indeed: GaryPDX: Now everyone watch as Socialism fails, once again. Like it always does. They have run out of other people's money.

I know this is the like the 15th time someone has told you this, but the current European Financial crisis is not due to socialism. It is due to unregulated capitalist banking practices, coupled with each countries inability to devalue their own currency because they use the euro.

You keep screaming socialism and no one is going to believe you when it's actually socialism.

You might want to do a little research into where all the money's going.

Hint: it's not going to "bankers".

FTA:
Bank deposits with the ECB now stand at their highest level since June 2010 at €905bn (£772bn) as lenders withdraw deposits held with their peers and put them into the central bank.

/ Actually he is laughing at you rubes

tillerman35: Well if enough of banks get in on the act, gold prices might drop enough that evil criminal masterminds will be able to kill their former mistresses by painting them with liquid gold again. Times were so rough for a while there that they had to make do with Krylon shake-n-paint from Wal-Mart. Try ending a failed relationship with that stuff, and all you end up with is 5'2" of shiny pissed off ex-girlfriend. Awkwarrrd.

Oh sure you say that now, but you don't have a laser aimed at your junk,now do you?

GaryPDX: Now everyone watch as Socialism fails, once again. Like it always does. They have run out of other people's money.

All of Europe is capitalist, btw.

Socialism is not the problem there. Their problems are the same as ours: fractional reserve lending, usury and the 1% enslaving everyone (including gov'ts) with debt.

GaryPDX: Now everyone watch as Socialism fails, once again. Like it always does. They have run out of other people's money.

Exactly, it's just like all those bank failures in Canada.

Weaver95: Sim Tree:

How can it be that no one has any money? The government doesn't have money, the banks don't have money, AND the people don't have money? What happened to all the money?

oh we all know where it went, but if you point it out the Republicans call you socialist and put you on a terrorist watch list.

Also never mind the fact that the Socialist Swiss, Swedes, Finns are having no trouble. Yet the Celtic (Paper) Tiger that did exactly what the banks wanted crumpled.

Hagbardr: I've recently converted a lot of my liquid assets into bottlecaps. I wasn't able to find caps that weren't attached to beer bottles so I may experience a liquidity crisis if I drink too many at one time.

I've converted mine to septims. There's something comforting about having a full coinpurse on your hip. Also, my speech increases with every transaction.

Will this cause the collapse of the Fifth Republic in France? This will have serious consequences.

If Europe falls, Fartbongo will be fired from office from the voters.

stuhayes2010: Hmmm. Gold flooding the market...... I wonder what bubble that might effect.

"There is no gold bubble. Even if there was, it will never pop. Gold never depreciates." -Jeweler trying to sell us an over-priced gold band.

No, the banks aren't selling the gold. They are putting it out on loan, essentially putting it up for collateral so they can get access to much needed cash. Despite having hundreds of tons in reserves and considering the run up in prices in the last decade, the banks are still very reluctant to sell. Banks know that even at $1,700/oz., gold is cheap. They also know that gold is an excellent store of value, and if they were to sell it, they'd be putting their futures in jeopardy. This is yet another bullish sign for gold.

Even if they were to sell, the central banks of China, Russia, India or South Korea would snap it up. Last month, China bought 600% more gold than the same month the year before. The other countries mentioned have also been on a buying spree. The only major holder of gold selling at the moment is Japan. But that country is close to imploding under the weight of their debt, so it's not surprising.

Sometime soon, the gold mania phase will hit and prices will increase parabolicly. Then we'll be in a bubble. We're still not there yet. when gold mania hit back in the late 70s, nearly 10% of net investable assets were invested in gold and gold stocks. Right now, that figure is about 1/3 of 1%. Gold's bull run still has a way to go.

GaryPDX:

Now everyone watch as Socialism fails, once again. Like it always does. They have run out of other people's money.

What planet are you on? Since when did international finance count as socialism?

Put down that Mein Kampf.

1) Gold, like every other material thing you can't eat, fark or keep warm with, only has value because people agree it does. Go with bullets and canned food.

2) So capitalism is destroying itself? Maybe Marx was right after all. I always thought that doctrine was as empty as the Invisible Hand, but I've been wrong before.

3) I'll save your society from total collapse if you give me your daughters for maid service, your boy children for ham and your goats for -- mind your own business. But you'll have to hurry, the offer expires at 6 P.M. Sunday EST.

WTF Indeed: You keep screaming socialism and no one is going to believe you when it's actually socialism.

I for one am okay with that result.

cameroncrazy1984: Yeah, Europe is totally going to be the reason that voters elect Newt Gingrich.

Funny, Newt robo-called me today, claiming that Obama had single-handedly turned this country into a failed European Socialist nation.

Sarah Palin's Conscience: stuhayes2010: Hmmm. Gold flooding the market...... I wonder what bubble that might effect.

"There is no gold bubble. Even if there was, it will never pop. Gold never depreciates." -Jeweler trying to sell us an over-priced gold band.

Every time you hear some variation of "It'll never go down in value!", or "This time it's different!", RUN the fark away from it, whatever it is.

Peter von Nostrand: links136: Sim Tree: If this is occurring globally, why doesn't the central bank simply lower the reserve requirement? Say, from 10% to 5%, to increase the resulting money multiplier?

How can it be that no one has any money? The government doesn't have money, the banks don't have money, AND the people don't have money? What happened to all the money?

you ever wonder where all this money comes from?

The Fed printing facility. It's off 287 & Blue Mound Rd.

which is why banks are required to have reserves, because all money is real.

david1963: 1) Gold, like every other material thing you can't eat, fark or keep warm with, only has value because people agree it does. Go with bullets and canned food.


In a doomsday scenario, canned food, clean water and bullets are king. Perhaps this would apply after a nuclear explosion or a series of unimaginably fierce natural disasters. Unless we as a society get to the point where simple survival is our only objective, there will be a need for some sort of financial instrument as a means of exchange. Bartering is an inefficient method of commerce compared to money. Gold is the ultimate form of money and has been for over 5,000 years. Fiat currencies have come and gone, but gold is still holding it's value. As a safety net, it may be a worthwhile strategy to own gold as well as water, canned food and guns/ammo.

Where can I buy some of this Eurobank gold? I'm willing to go as high as USD20.00 per ozt. for .9999

LOL. I can't even read these comments without chuckling as the world falls apart! ARGHHHHH!

Trolljegeren: Where can I buy some of this Eurobank gold? I'm willing to go as high as USD20.00 per ozt. for .9999

1 PERCENT FOR THE 1 PERCENT!

stuhayes2010: Hmmm. Gold flooding the market...... I wonder what bubble that might effect.

But I was told Gold has an intrinsic value and isn't affected by world markets, despite being traded on them.

Damnit Fark.

WTF Indeed: GaryPDX: Now everyone watch as Socialism fails, once again. Like it always does. They have run out of other people's money.

I know this is the like the 15th time someone has told you this, but the current European Financial crisis is not due to socialism. It is due to unregulated capitalist banking practices, coupled with each countries inability to devalue their own currency because they use the euro.

You keep screaming socialism and no one is going to believe you when it's actually socialism.

Oh hey wait two people being insanely glib?

OK...the EU financial crisis has been manufactured by socialist governments. This is true, but let us look at how they did it. The people screamed for more entitlements...politicians...being the cowardly douchenozzles they are in order to get elected bargained in bad faith with their constituents claiming they could pay all these things.

turns out...infinite debt generation doesn't work when there aren't enough assets to back it up. Also poor tax collection/enforcement doesn't help GREECE. So now they have to cut stuff. But because they have restructured the debt so much...it will NEVER get paid off (they have like 5 mortgages) and can barely make the interest payments to the IMF/Federal Reserve/EU Central bank/EVERY OTHER CREDITOR THAT OWNS GOVT BONDS.

This is how MF Global lost their shiat. They bet on those bonds being good. They were wrong. There is plenty of regulation...but in general there is no way to stop bad things from happening pre-emptively if there are shaky ethics among those in charge.

The governments spent too much in an attempt to give more "bread and games" to their citizens and are now reaping the whirlwind. They were wrong to do so. They simply issued debt to buy time...but kept kicking the can down the road because consequences are ugly...also they bankrupted their own pension systems and stole that money to pay for other things. This is how govts play shell games.

meanwhile the US Federal Reserve is currently underwriting (re: guaranteeing) many of these loans that were recently issued...meaning US taxpayers are now directly exposed to horrid bonds from the EU. But the scheme is meant to prop up the system and keep interest payment flowing. That is the idea. Lenders of last resort are there to prevent bankruptcies/defaults and to prop up a failing system until it collapses completely and then it all falls on the average citizen to pick up the pieces...rather than a proper bankruptcy court process where assets can be revalued and sold off to pay creditors.

Lunchlady: stuhayes2010: Hmmm. Gold flooding the market...... I wonder what bubble that might effect.

But I was told Gold has an intrinsic value and isn't affected by world markets, despite being traded on them.

Damnit Fark.

You're an idiot. Gold HAS intrinsic value yes...but it is traded not just on supply and demand. The markets are inherently emotional and speculative. Gold will always be worth SOMETHING...just like land and other tangibles, but the value can change relative the currency strength and other factors like inflation, exploration and world wide demand fluctuated seasonally due to holidays and manufacturer needs for electronics and other such things. Of course it is affected by world markets. The difference is that unlike fiat currencies (paper money) gold has value without governments saying it has value. We as human beings and consumers prize it for many qualities ranging from decorative to functional.

The Herp Derp Educational Hour is now OVER.

Lt. Cheese Weasel: tillerman35: Well if enough of banks get in on the act, gold prices might drop enough that evil criminal masterminds will be able to kill their former mistresses by painting them with liquid gold again. Times were so rough for a while there that they had to make do with Krylon shake-n-paint from Wal-Mart. Try ending a failed relationship with that stuff, and all you end up with is 5'2" of shiny pissed off ex-girlfriend. Awkwarrrd.

Oh sure you say that now, but you don't have a laser aimed at your junk,now do you?

To be fair, they can only afford laser pens now.

Sim Tree: If this is occurring globally, why doesn't the central bank simply lower the reserve requirement? Say, from 10% to 5%, to increase the resulting money multiplier?

How can it be that no one has any money? The government doesn't have money, the banks don't have money, AND the people don't have money? What happened to all the money?

for those who think that Europe is socialist, I ask: Have you ever delt with a European bank?

They treat their depositors worse than American banks. They create arcane rules that contradict each other, and deploy those rules as they see fit in finding new ways to screw you over.

Its pretty amazing what they are allowed to get away with.

same for telecoms

its also very disconcerting to see the extent of which European firms will happily do business with amazingly corrupt/brutal regimes that American firms would not touch with a ten foot pole.

TDBoedy: WTF Indeed: GaryPDX: Now everyone watch as Socialism fails, once again. Like it always does. They have run out of other people's money.

I know this is the like the 15th time someone has told you this, but the current European Financial crisis is not due to socialism. It is due to unregulated capitalist banking practices, coupled with each countries inability to devalue their own currency because they use the euro.

You keep screaming socialism and no one is going to believe you when it's actually socialism.

Oh hey wait two people being insanely glib?

OK...the EU financial crisis has been manufactured by socialist governments. This is true, but let us look at how they did it. The people screamed for more entitlements...politicians...being the cowardly douchenozzles they are in order to get elected bargained in bad faith with their constituents claiming they could pay all these things.

turns out...infinite debt generation doesn't work when there aren't enough assets to back it up. Also poor tax collection/enforcement doesn't help GREECE. So now they have to cut stuff. But because they have restructured the debt so much...it will NEVER get paid off (they have like 5 mortgages) and can barely make the interest payments to the IMF/Federal Reserve/EU Central bank/EVERY OTHER CREDITOR THAT OWNS GOVT BONDS.

This is how MF Global lost their shiat. They bet on those bonds being good. They were wrong. There is plenty of regulation...but in general there is no way to stop bad things from happening pre-emptively if there are shaky ethics among those in charge.

The governments spent too much in an attempt to give more "bread and games" to their citizens and are now reaping the whirlwind. They were wrong to do so. They simply issued debt to buy time...but kept kicking the can down the road because consequences are ugly...also they bankrupted their own pension systems and stole that money to pay for other things. This is how govts play shell games.

meanwhile the US Federal Reserve is currently underwriting (re: guaranteeing) many of these loans that were recently issued...meaning US taxpayers are now directly exposed to horrid bonds from the EU. But the scheme is meant to prop up the system and keep interest payment flowing. That is the idea. Lenders of last resort are there to prevent bankruptcies/defaults and to prop up a failing system until it collapses completely and then it all falls on the average citizen to pick up the pieces...rather than a proper bankruptcy court process where assets can be revalued and sold off to pay creditors.

Lunchlady: stuhayes2010: Hmmm. Gold flooding the market...... I wonder what bubble that might effect.

But I was told Gold has an intrinsic value and isn't affected by world markets, despite being traded on them.

Damnit Fark.

You're an idiot. Gold HAS intrinsic value yes...but it is traded not just on supply and demand. The markets are inherently emotional and speculative. Gold will always be worth SOMETHING...just like land and other tangibles, but the value can change relative the currency strength and other factors like inflation, exploration and world wide demand fluctuated seasonally due to holidays and manufacturer needs for electronics and other such things. Of course it is affected by world markets. The difference is that unlike fiat currencies (paper money) gold has value without governments saying it has value. We as human beings and consumers prize it for many qualities ranging from decorative to functional.

The Herp Derp Educational Hour is now OVER.

Huh?

Most of those countries didn't even have a deficit problem until the recession came along. It wasn't that they were overspending but rather that their income disappeared while their banks started to fail, like what happened in the U.S., especially at the state level, the amount of services or demands didn't didn't decrease but our ability to fund them did.

Gold's value is always associated with the market just like every other asset in the history of mankind. We are paying 6x for gold than what it should be based on supply and demand. If governments started to collapse then the gold that is in everybody's basement won't be worth a damn. Not because it's lost its value but rather because who is going to want it? The market for the gold has shrank from worldwide demand to whomever have the biggest gun in the neighborhood. What are the people who have it going to do with it? Build jewelry to trade? Probably beyond the skills of almost everybody out there. It's a made up emotional currency, it's the oldest fiat currency out therer.

This is scaring the crap out of me because about 20% of all trade in this country is with Europe and it's going to disappear very soon.

As for the lost money, what happened was that people put too much money into the market for things that weren't really worth it. Suddenly houses that were $750,000 became $200,000 that nobody wanted. So if you are a bank and you own that asset, you just lost all of that money. If you have loans made then you are screwed because the collateral for those loans is now gone.

/I find it very scary that the Bankers want the banks nationalized while the public does not which is the exact opposite of what is historically has been.

dumbobruni: for those who think that Europe is socialist, I ask: Have you ever delt with a European bank?

They treat their depositors worse than American banks. They create arcane rules that contradict each other, and deploy those rules as they see fit in finding new ways to screw you over.

Its pretty amazing what they are allowed to get away with.

same for telecoms

its also very disconcerting to see the extent of which European firms will happily do business with amazingly corrupt/brutal regimes that American firms would not touch with a ten foot pole.

Corporatism is the other side of the coin of socialism. But don't let basic facts get in the way of your dream to make everyone pay for kids you can't afford, a retirement for a third of your life that you don't want to bother to save for, doing work that no one considers valuable enough to freely pay you their own money for.