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(Global Geopolitics)   While you were out getting wasted during the entire Memorial Day weekend, the United States banking system almost collapsed under financial armageddon, efectively leaving your account balance at zero... What? Don't look at me like that   (glblgeopolitics.wordpress.com) divider line 56
    More: Scary, Memorial Day, account balances, United States, bankers, Commodity Futures Trading Commission, Bis, Ponzi  
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5096 clicks; posted to Business » on 29 May 2013 at 9:28 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-05-29 08:24:35 AM
Your blog sucks.
 
2013-05-29 08:27:56 AM
farm4.staticflickr.com
 
vpb [TotalFark]
2013-05-29 08:48:43 AM
www.richardprins.com
 
2013-05-29 08:49:41 AM
subby,here is an invoice for the five minutes of my time that I wasted looking at this crap link. Payment is by cash or credit only - NO CHECKS.

s18.postimg.org
 
2013-05-29 09:11:01 AM
I don't understand how a world economy based off of debt where we all owe the top 1% more money than exists on the planet could possibly fail.
 
2013-05-29 09:14:10 AM
I guess it was a good thing I was wasted.
 
2013-05-29 09:34:36 AM

whistleridge: subby,here is an invoice for the five minutes of my time that I wasted looking at this crap link. Payment is by cash or credit only - NO CHECKS.

[s18.postimg.org image 513x651]


You bill in 5 minute increments? Wow.

Most consultants I know bill a minimum of 4 hours and then 1 hour increments after that.
 
2013-05-29 09:36:41 AM

unlikely: You bill in 5 minute increments? Wow.

Most consultants I know bill a minimum of 4 hours and then 1 hour increments after that.


Man, I knew consulting was the biggest bullshiat job there was, but I didn't know they farked you that obviously.   Not even most attorneys are that brazen.
 
2013-05-29 09:38:48 AM

unlikely: whistleridge: subby,here is an invoice for the five minutes of my time that I wasted looking at this crap link. Payment is by cash or credit only - NO CHECKS.

[s18.postimg.org image 513x651]

You bill in 5 minute increments? Wow.

Most consultants I know bill a minimum of 4 hours and then 1 hour increments after that.


How many consultants you know bill $60/hr?  whistleridge is really letting subby off easy.
 
2013-05-29 09:38:56 AM
That's how you snowjob 'em with jargon.  Here's some more thoughts from JIM SINCLAIR!

Why $50,000 Gold?
Posted April 19th, 2013 at 8:06 PM (CST) by & filed under
My Dear Extended Family,
I have a huge number of emails all asking why $50,000 gold. The answer is that the bullion market is in the process of emancipation of the gold price from the fractional paper gold system. The actualization of the real price of gold will be its emancipation from the prison of paper gold. The emancipation will occur because there is no gold whatsoever behind the deluge of paper we have just witnessed.


Sounds like now is the time to buy PHYSICAL GOLD!
 
2013-05-29 09:39:25 AM

lilplatinum: unlikely: You bill in 5 minute increments? Wow.

Most consultants I know bill a minimum of 4 hours and then 1 hour increments after that.

Man, I knew consulting was the biggest bullshiat job there was, but I didn't know they farked you that obviously.   Not even most attorneys are that brazen.


Yeah but where else are you going to get such key technical advice like "Setup an internal Wiki for easy documentation" and "Look for cloud-based alternatives to Microsoft Project".
 
2013-05-29 09:40:26 AM
WTF did I just read.
 
2013-05-29 09:40:46 AM
I wouldn't panic until OTC derivatives outstanding reach a few octillion. Until then, eat bacon and enjoy life.
 
2013-05-29 09:41:50 AM

you have pee hands: unlikely: whistleridge: subby,here is an invoice for the five minutes of my time that I wasted looking at this crap link. Payment is by cash or credit only - NO CHECKS.

[s18.postimg.org image 513x651]

You bill in 5 minute increments? Wow.

Most consultants I know bill a minimum of 4 hours and then 1 hour increments after that.

How many consultants you know bill $60/hr?  whistleridge is really letting subby off easy.


On Fark, I bill in one-month increments of TotalFark :p
 
2013-05-29 10:00:15 AM

Darke: WTF did I just read.


That site is TimeCube level. I had to check to see if it was hosted at The Onion.
 
2013-05-29 10:00:34 AM
Man, I wish my accounts totaled zero.
 
2013-05-29 10:10:28 AM
This guy must have a shoebox full of gold doubloons.

Money's true value is what you can do with it. If everything goes to shiat gold is worthless, but I'd bet my library full of books would be worth something.
 
2013-05-29 10:11:14 AM
WTF is this...and why was it greenlit?

Whomever wrote this article (and, subsequently submitted it) should feel bad.

/sponsored?
 
2013-05-29 10:19:48 AM

wildcardjack: This guy must have a shoebox full of gold doubloons.

Money's true value is what you can do with it. If everything goes to shiat gold is worthless, but I'd bet my library full of books would be worth something.


I dated a guy in the 90s who took half of every pay check and converted it into gold bars.  Today he could easily retire and live the rest of his life in relative luxury.  But the same paranoia that drove him to buy a bunch of yellow metal drives him to never sell it.  Thus he still lives in the same one bedroom apartment, eats ramen noodles, and does software development gigs for startups.
 
2013-05-29 10:21:37 AM

jayhawk88: Yeah but where else are you going to get such key technical advice like "Setup an internal Wiki for easy documentation" and "Look for cloud-based alternatives to Microsoft Project".


You are just going to throw those gems out there for free?
 
2013-05-29 10:25:01 AM
Subby and author are both on the right

languagelog.ldc.upenn.edu
 
2013-05-29 10:25:18 AM

lilplatinum: jayhawk88: Yeah but where else are you going to get such key technical advice like "Setup an internal Wiki for easy documentation" and "Look for cloud-based alternatives to Microsoft Project".

You are just going to throw those gems out there for free?


Hey, I'm not hear to milk you all dry, that's not what I'm about. I like to think long term, like to build relationships, and make a name for myself that people will trust. I succeed when you succeed.
 
2013-05-29 10:26:51 AM
Not saying I'm all that but readers of zerohedge.com can sort of filter thru this.

"Bail-in" means the government/banking cartel that runs the world takes some of your deposited money to recapitalize the bank. Like just happened in Cyprus.

Strict US financial regulations would indeed put many big banks out of business, because their assets are overly inflated on the books. But the US government isn't ever going to issue regulations that cause the kind of ruckus mentioned in the article. The banks are too much in control to let that happen. Many people mistakenly believe that the government creates regulations and laws in some kind of purified vacuum, based on goodness and light. In reality, major industries like banking actually write the first draft of legislation and regulations, then sell it to the whores in Congress, who tweak it a little so as not to make citizens into chattle slaves.
 
2013-05-29 10:34:57 AM
Well, that's certainly formatting that a sane person would use.
 
2013-05-29 10:51:46 AM
Big, scary, notional value numbers!!! OMG, quadrillions of your money will be stolen!!
 
2013-05-29 11:28:29 AM
Whew!  That was close!
 
2013-05-29 11:29:59 AM
I'm not sure what I just read, but all those sentences in red sure have me scared. I'm heading straight to the bank to withdraw all of my money, and bury it in my back yard. Wish me luck.
 
2013-05-29 11:38:14 AM

MayoSlather: I don't understand how a world economy based off of debt where we all owe the top 1% more money than exists on the planet could possibly fail.


Assets.


Seriously.People aren't that dumb, are they?US GDP is 15 trillion a year.The assets underpinning that economy are 100+ times that.


I know big numbers are scary and hard, but sheesh people.
 
2013-05-29 11:48:13 AM
Okay, so I clearly don't understand financial markets, but I'm baffled by how this bullshiat works. This guys is claiming the OTC derivatives market has an actual value approximately double of what it's commonly understood to have, which is approximately 400 times the GDP of America, or at least twice the GDP of the entire farking world.

What are in these things that could cause them to have such value? I don't understand how that valuation could be remotely accurate or even possible. I just don't understand how this shiat got so complicated and unregulated that now its apparently just bankers making up money and selling it to each other without any remote connection to reality.
 
2013-05-29 11:54:10 AM

OutsmartBullet: Man, I wish my accounts totaled zero.


This. Zero would be a huge improvement for many people.
 
2013-05-29 12:22:26 PM

TyrantII: MayoSlather: I don't understand how a world economy based off of debt where we all owe the top 1% more money than exists on the planet could possibly fail.

Assets.


Seriously.People aren't that dumb, are they?US GDP is 15 trillion a year.The assets underpinning that economy are 100+ times that.


I know big numbers are scary and hard, but sheesh people.


So your point is that debt isn't real because there is equity? This is flawed thinking. It's impossible for equity to be worth more than the currency in an economy. Even if an appraised value may be more, the realized value falls significantly when liquidated and supply increases...it falls in fact to no more than the exact amount of currency available. Point being if you sold all the assets in the world you could not pay off the debt owed.
 
2013-05-29 12:23:45 PM

MusicMakeMyHeadPound: OutsmartBullet: Man, I wish my accounts totaled zero.

This. Zero would be a huge improvement for many people.


Currently -$42,000 here!
 
2013-05-29 12:28:05 PM
Did anyone else read that and think that it seemed like, if it were being said in a commercial, it'd be by some loud, obnoxious guy screaming it at you, like a bad infomercial?
 
2013-05-29 01:15:32 PM

jayhawk88: lilplatinum: jayhawk88: I succeed when you succeed.


Great. A patent troll.
 
2013-05-29 01:25:28 PM
If the only place you have to expose the terrible secrets you've come across is a Wordpress blog, chances are you have no terrible secrets to expose.
 
2013-05-29 01:27:12 PM

gingerjet: wildcardjack: This guy must have a shoebox full of gold doubloons.

Money's true value is what you can do with it. If everything goes to shiat gold is worthless, but I'd bet my library full of books would be worth something.

I dated a guy in the 90s who took half of every pay check and converted it into gold bars.  Today he could easily retire and live the rest of his life in relative luxury.  But the same paranoia that drove him to buy a bunch of yellow metal drives him to never sell it.  Thus he still lives in the same one bedroom apartment, eats ramen noodles, and does software development gigs for startups.


So...  Where does he live and does he own any weapons? Just askin' out of curiosity.
 
2013-05-29 01:30:42 PM

doyner: Your blog sucks.


This, obviously. "Had this unlikely thing taken place, then, yes, our Chicken Little-esque headline may have occurred. Of course, the unlikely thing didn't take place, but you should be scared anyway."

Minerva8918: Did anyone else read that and think that it seemed like, if it were being said in a commercial, it'd be by some loud, obnoxious guy screaming it at you, like a bad infomercial?


Yes, particularly due to the somber coloring and bright red "YOU SHOULD BE AFRAID" text. Kept seeing the Financial Slap-Chop.
 
2013-05-29 01:34:42 PM

phyrkrakr: What are in these things that could cause them to have such value? I don't understand how that valuation could be remotely accurate or even possible. I just don't understand how this shiat got so complicated and unregulated that now its apparently just bankers making up money and selling it to each other without any remote connection to reality.


http://www.slate.com/articles/news_and_politics/explainer/2008/10/59 6_ trillion.html

Lots and lots of double counting.
 
2013-05-29 01:57:57 PM

ScaryBottles: MusicMakeMyHeadPound: OutsmartBullet: Man, I wish my accounts totaled zero.

This. Zero would be a huge improvement for many people.

Currently -$42,000 here!


Apparently my net assets are: -$43,718.92.

/ Please not I had my GNUCash File still open after updating it.
// Damn student loans.
 
2013-05-29 02:02:04 PM
Or even "note."
 
2013-05-29 02:27:46 PM
As some who works directly with the management of OTC Derivatives, their valuation and collateralization, I'm getting a kick, etc.

And yeah, as many others have said


www.casualpixels.com
 
2013-05-29 02:40:11 PM
Dude needs to lay off the coke.

He *may* be right over tijme.

But one reg change ain't gonna do it.
 
2013-05-29 02:52:05 PM
tl;dr
 
2013-05-29 02:54:16 PM
So I decided to educate myself a bit about this.  Now that I've dug through 3 very large banks reporting on operations, and specifically looked at how they were reporting the derivatives, I can say with certainty:

To the author: Your blog sucks and you don't know what the hell you are talking about.
To Subby: What is this shiat!?!

Not a single bank carried the Notional value of a derivative as their "asset base".  Maybe one or two bad players does this, but the US banking system would have gone "Yeah, so?  We already do this.  Ok, we'll keep doing what we're doing".  Not a single bank I looked at would go "OMG all the m0neyz are g0n3".
 
2013-05-29 05:32:07 PM

TheSwissNavy: Not saying I'm all that but readers of zerohedge.com can sort of filter thru this.

"Bail-in" means the government/banking cartel that runs the world takes some of your deposited money to recapitalize the bank. Like just happened in Cyprus.

Strict US financial regulations would indeed put many big banks out of business, because their assets are overly inflated on the books. But the US government isn't ever going to issue regulations that cause the kind of ruckus mentioned in the article. The banks are too much in control to let that happen. Many people mistakenly believe that the government creates regulations and laws in some kind of purified vacuum, based on goodness and light. In reality, major industries like banking actually write the first draft of legislation and regulations, then sell it to the whores in Congress, who tweak it a little so as not to make citizens into chattle slaves.


That you, Jim? Keep buying that gold, buddy!
 
2013-05-29 07:13:31 PM
So buy gold, right?
 
2013-05-29 07:16:48 PM

TyrantII: MayoSlather: I don't understand how a world economy based off of debt where we all owe the top 1% more money than exists on the planet could possibly fail.

Assets.


Seriously.People aren't that dumb, are they?US GDP is 15 trillion a year.The assets underpinning that economy are 100+ times that.


I know big numbers are scary and hard, but sheesh people.


Most people I know are quite dumb. Even those with degrees.

I know someone who has a degree in computer science and is a former cobol programmer who doesn't know how to use Google.
 
2013-05-29 08:42:49 PM
FTA: "...the FASB, the Guardians of Auditing, allowing banks to value OTC derivative paper at whatever the bank wishes."

Our entire economy is built on debt and accounting fraud. And every time the bubble starts to burst, they just pile on more debt and more fraud. And Americans cheer as the stock market goes back up.
 
2013-05-29 08:59:20 PM

phyrkrakr: Okay, so I clearly don't understand financial markets, but I'm baffled by how this bullshiat works. This guys is claiming the OTC derivatives market has an actual value approximately double of what it's commonly understood to have, which is approximately 400 times the GDP of America, or at least twice the GDP of the entire farking world.

What are in these things that could cause them to have such value? I don't understand how that valuation could be remotely accurate or even possible. I just don't understand how this shiat got so complicated and unregulated...


PBS Frontline: The Warning. "In the midst of the 1990s bull market, one lone regulator warned about derivatives' dangers -- and overnight became the enemy of some of the most powerful people in Washington."

Spoiler alert: some of those people are Bill 'it's the economy, stupid' Clinton, Alan Greenspan, Larry Summers and Robert Rubin... you know, the people who gave us that awesome Clinton economy. The scary part is that they or their protégés are STILL running the government's economic policy. The only problem with the documentary is that it often confuses fraud and theft with capitalism, when, in reality, capitalism requires a strong court system to punish fraud and enforce contracts.
 
2013-05-29 09:08:35 PM

EbolaNYC: So buy gold, right?


No way! Gold has declined over 15% in value so far this year. Why would you buy something that doesn't cost as much as it usually does? That's just cray-cray.
 
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