Saturday, March 26, 2011

The world will soon wake up to the reality that everyone is broke.. *


" * ...and can collect nothing from the bankrupt, who are owed unlimited amounts by the insolvent, who are attempting to make late payments on a bank holiday in the wrong country, with an unacceptable currency, against defaulted collateral, of which nobody is sure who holds title."

Sunday, March 13, 2011

Hedge - & Pension Funds in Joint Suicide Pact

The Alchemist Believe They Have It All Sorted Out.........

Smart people have been buying precious metals for 3000 years to protect themselves against the follies of politicians and bankers. They know, precious metals are a great store of value. 

There is however one "but": you have to buy the real thing, the actual metal and take possession of it. Our banker friends know this and are coming up with all kind of ways to sell "paper gold", claiming it is "as good as gold". 

A precious metal investor can put money in the financial system such as banks and financial institutions and buy exchange traded funds (ETF's) of which 99% of the funds does not have exposure to the real metal at all. Also, it is claimed that the financial industry sold approximately 100 times more paper claims of precious metals than that there is physical precious metal available. Of course, this is an accident waiting to happen. It is all about "trust" and hope the financial system is not a Ponzi scheme. 

What is worse is that when an exchange traded fund (or paper gold fund) blows up for whatever reason (could be our financial system is a Ponzi scheme), the precious metal investor will be a normal creditor and stand in line with other creditors for a partial pay-out in a worthless currecny of his/her choice. Forget you will get the real stuff. Firstly the metals are not there, secondly the metals are not on your name (segregated) so they will be sold in case of a bankruptcy and the investor will hold the bag.

Paper gold such as ETF's are a scam, price trackers only. The banks dupe the investor into thinking they have the real stuff, but they don't. Financial advisors are complicit is this fraud and playing the shell game of "trust", the criminal racket to convince people to buy a piece of paper which is "as good as gold".

One would think that some, perhaps 2-3 hedge - or pension funds would be aware of the dangers, but apparently not. They only know "financial instruments": paper promises based on the good name of governments and financial institution and approved by the Alchemists, the Central Banks and big banks of this world. I spoke recently to a hedge fund manager about the value of possession of physical gold and she only shouted: "where is the liquidity?" completely unaware of the fundamentals of precious metals and proof that hedge - and pension funds are walking around in their own tunnel.

Granted, many funds just are not allowed ("not mandated", as it is called) to invest in physical precious metals, but only in "financial instruments" or...paper promises. The Alchemists in the banking industry restricted these pension and hegde funds to buy anything real, something you can touch, with the result that only investments from the financial industry can profit..

Linked to the above is that hedge & pension funds are not allowed to put investments, which they made outside the financial industry like an investment in physical precious metals, on their balance sheet.

The implication of the above is that pension and hedge funds are in a joint suicide pact. The thinking is that if the shit hits the fan we go together. Note also that the precious metal investor, who believes he has the real stuff, will be worst off. In case of a financial meltdown an ETF is junk paper and people will try to claim the real stuff. Forget it. It is not there and financial ruin is next.

Part of the criminal financial game is also that the Alchemists have been suppressing actively the price of gold for the last 20 years. The reason for this scheme is to maintain the strong US$ policy. Trust in the US$ is of major importance so a high gold price is out of the question. Also the silver price is being manipulated downwards.

The Alchemist Believe They Have It All Sorted Out........they closed the circle.....nothing can happen....but...oops.... they forgot something....silver....:


Dont thread on me

I have a little theory that I’ve been kicking around for a couple of years.  The theory is that there will come a time that you will not be able to buy silver at any price. It will not be because there is not any silver around to be purchased or that silver will not have any value.  I think that we won’t be able to buy silver at any price because there will be a very sudden and a very dramatic shift in the perception of silver’s value. A time will come when the value of silver is so strong and the value of the dollar so weak, that only a fool would ever trade silver for the dollar.
I have stated in many previous articles that silver is the Achilles Heal of the Global Power structure. This honest money will not only bring down the fraudulent banking system, but it will bring down all of the forces that are a scourge to humanity. You see, without a corrupt monetary system, trillions of dollars will not be available to fight needless wars, fund Wall St schemes and a myriad of other horrible events.

Right now, we have two separate forces fighting over a precious, limited and diminishing resource called silver. In one corner, we have the Elite that know that they have Quadrillions in paper assets riding on the perceived value of the dollar.  They use that wealth to control politicians, armies, natural resources, medias, corporations, capital markets and ultimately you.  They can sustain unlimited paper losses to keep the game going.  The problem for them is that their infinite money is running into a very finite world, especially in silver.
In the other corner is an increasingly Aware group of people, that know that the end game is near for the dollar. Fathers are worrying about how to secure their family’s future and mothers are concerned about rising food and fuel costs. Business owners are starting to see that they need to protect their assets. Investors are worried about rigged markets and inflation destroying their returns.  Corporations are becoming increasingly aware that their market capitalization might be at risk if they do not have the materials to make their products.  Even nations like China are seeing the value of this strategic resource.  This Aware group sees that owning tangible assets is the best strategy to not only defeat this enslaving system, but also to protect their wealth.  No other tangible asset in the world is as attractive as real, physical silver.  (Read the Silver Bullet and the Silver Shield.)
The Elite use a multiple pronged attack on silver to hold it down. All of their weapons are paper tigers. The Aware have found that by taking physical delivery of silver, the Elite’s powerful weapons are rendered useless. Actually even worse than useless, these paper weapons actually help the Aware to buy more physical silver at discounted and subsidized prices, hastening the Elite’s ultimate demise. Keep those shorts coming and we will keep stacking!
As a result of this battle, the CRIMEX now has less than half of what it had in registered inventory than it did at the bottom of the Bear Trap of 2008. In July of 2008 there were 87 million ounces in the registered CRIMEX vaults. Today, there is just over 40 million ounces left. The trend line is pretty dramatically down even as the price of silver spikes up. Less than $1.5 billion would empty the CRIMEX of the last bit of silver at current prices. With no silver to deliver, the jig is up for the Elite.

The Silver Door is closing on this game and I feel it could happen by the end of this month. I made the prediction that silver would be $50 by the end of March but I also said that it might not be available at any price. Both of these predictions center around a physical silver default at the CRIMEX. This would be the equivalent to a bank run where people turn in their receipts/contracts to get their money/silver only to find out that there are much more receipts/contracts than money/silver. We all know that banks run on a fractional reserve banking system. According to whistle blower Andrew Maguire, the CRIMEX/LBMA are trading 45 to 1 paper versus real metal. Got physical?

The first part of my prediction may have already come true with $50 silver according to this article. It was reported that Blythe Masters offered a deal that no trader could refuse. She offered an 80% premium NOT to take physical delivery of silver in March. The trader was told that JP Morgan could not deliver 20 million ounces (4,000 contracts) and that if the trader did not take this pay off, they would be left holding the bag as an unsecured creditor. Vito Corleone would have been proud of Blythe.
Another interesting twist in this silver saga is noted in this article form Along the Watchtower. There are claims that JP Morgue, through silver derivative bets, could have exponential loses when silver goes above $36. They estimate that if silver goes to $50 they might be out $40 billion. And that is IF they don’t cover their shorts! The article claims JPM has a $170 billion market cap with $40 billion in cash. That means if silver goes to $50, JPM will be insolvent. (That is IF the Fed doesn’t give them their own QE3 or if JP Morgue does not set up Enron like banks to dump these bad positions into in the Caribbean.)
We can see the inventory of silver they are able to deliver is depleting, which is one side of the closing door. The other side of the closing door is as the price rises, the more silver is in Aware hands. The further the price raises, the larger the floor is for the silver market. Buying silver is not like buying a stock, bond or any other asset. It almost has a cult like following that is growing stronger every day. Some buy for the financial opportunities. Some buy as a way to “stick it to the man.” Some buy for the honesty of the money. For me, it is a shot in the next American Revolution for freedom. There are hundreds of reasons to buy silver but very few reasons to ever sell for dirty green pieces of paper with “all seeing eyes.”

The total amount of silver production sold short between the 8 largest banks equals 150 days of world silver production. If silver starts marching up and these banks are forced to not only cover their paper shorts, but also deliver the real physical silver, this will cause the largest short squeeze the world has ever seen. This will cause severe dislocations in the world’s economy to say the least. I believe will coincide with a crash in the world’s fiat currencies. The Silver Door will then be closed.
Sooner or later the silver door will be shut, as all of the physical silver sits in the hands of the Aware. The Aware will not sell until a new paradigm comes into existence. They will not care about a world wide military empire. They will not care about public pensions. They will not care about vampire squid banks on Wall St. They will not care about sock puppet politicians and their budgets. They will not care about propaganda from controlled media. They will hold, because they will then have the power.
“He who has the silver, makes the rules.” -Chris Duane
When the Silver Door is closed, you will hear a deafening quite around the world. When there is a silver default on the CRIMEX and the Elite will be forced to admit that they have been playing a huge game of illusion. Everyone will then know the world has changed, forever. Those who do have silver will be awe struck at your new found wealth they now have. They will have hit the lottery because the real purchasing power of their silver will rise astronomically. They might be able to trade 1 ounce of silver for 1 ounce of gold. They might be able to pay off their mortgage with a few ounces of silver. They may be able to buy the entire Dow Jones share for a handful of silver.
“It is better to be 6 years too early than 1 day too late on this silver rocket.” -Chris Duane
I believe that we are in the beginning of a Mania Phase in this silver bull market in my article the Silver Rocket. If we are in the Mania Phase, the game has changed already. Things that worked in the past will no longer work in the future. Traders that don’t see the sea change will either be left off of the rocket or burned. Those that short silver with leverage in the Mania Phase will be wiped out as the market stays irrational longer than they can stay solvent. Ultimately these silver shorts are the ones that will send silver to the moon because they HAVE to buy or risk bankruptcy.
Silver traders may sell silver at a “top” and when they see silver keep going higher. They will eventually get back into the market buying less silver for more money. They will learn this hard lesson once. They will get back into the silver market and stay in.

I have had my run ins with more than one trader who has said that it is frothy and it time to short silver. The very well respected David Morgan thinks we are going to have a pull back in silver. Even one of my favorite analysts of the silver market, Adam Hamilton of Zealllc., is saying we are in unprecedented territory as silver is 50% over its 200dma.  The very fact that I am spending so much time talking about silver this delivery month of March, would seem very bubble like. For the reasons stated above and many more, I think we could be seeing the Silver Door closing. If that is the case, then these traders could be in a very dangerous space.
I would caution traders that silver has or will decouple from the control of the Elite into the hands of the Aware. If you are taking “FRN profits” that is one thing. If you are shorting silver, like some guys I know, be prepared to be swept up in the largest short squeeze of all time.  (Remember, you don’t have the luxury of the Fed’s printing press to back you up.) If we are truly in the Mania Phase of the Silver Rocket there might not be a way back into the market, IF you think like a trader.
I would also caution silver buyers, do not ever use leverage in this most volatile of commodities. Stick to physical silver in your possession only. I watched my holdings take a 60% hit in 2008. Thankfully I was in physical and knew enough to buy more when silver was on sale. If I were buying today and did not have a single ounce, I would be buying a good first shot right now to have something. I recommend averaging in on a weekly or monthly basis. Think of just trading your fake digital and paper money for the real stuff and it becomes less scary. Find your own comfort level and do your own due diligence. And for Pete’s sake, don’t panic if a hit does come. (It looks like they tried last Thursday and Friday. All of that work shorting silver got reversed in a few hours to finish 1.7% higher.)

If silver does what it did in 2008 and dumped 60%, would you have enough confidence in buying more or would you be selling into that trap? If you said you would be selling then don’t buy now or ever, because you are weak handed. You will have your money taken from you and be left with no metal. How sad.

If that if that happened again would you actually be a little excited to buy more at a discounted price?  Then get going and buy now. Be sure leave some powder dry for the smack downs. 10 am EST seems to be a good time to buy just about everyday thanks to Blythe

I will sleep soundly regardless if silver dumps or moon shots in the near term. I have seen this movie before and I know the ending. All of the dramatic plot twists mean nothing to me. In the end, the good guys ride off into the sunset with their girls, guns, and sacks of silver.

Wake Some People Up!

Saturday, March 12, 2011


0-50 rads - No obvious short-term effects

80-120 rads - You have a 10% chance of vomiting and experiencing nausia for a few days

130 -170 rads - You have a 25% chance of vomiting and contracting other symptoms

180-220 rads - You have a 50% chance of vomiting and having other severe physical effects

270-330 rads - 20% chance of death in 6 weeks, or you will recover in a few months.

400-500 rads - 50% chance of death

550-750 rads - Nausia within a few hours ; no survivors

> 1000 rads - immediate incapacitation and death within a week or less.
Not sure if I believe this one, looks like a hoax:

UPDATE: Fake map and numbers!

Thursday, March 10, 2011

All About Sir Fred Goodwin, former RBS chief or Fred "The Shred".

Q: Now spot the difference between the guy on the left and the guy on the right?

You see! Not difference. They could even be family!


Q: And what is the difference between the guy on the left and the guy on the right?

A: the guy on the left has a friend.



Sir Fred Goodwin, former RBS chief, obtains super-injunction


Sir Fred Goodwin, the former chief executive of the Royal Bank of Scotland, has obtained a super-injunction banning the publication of information about him, it has been disclosed on the floor of the House of Commons.

The existence of the draconian injunction - so strict it prevents Sir Fred being identified as a banker - was disclosed by John Hemming, a back-bench Liberal Democrat MP, in a question during a business debate at the House on Thursday morning. His comments are protected by parliamentary privilege.
He said: "In a secret hearing this week Fred Goodwin has obtained a super-injunction preventing him being identified as a banker.
"Will the government have a debate or a statement on freedom of speech and whether there's one rule for the rich like Fred Goodwin and one rule for the poor?"
Leader of the House Sir George Young said a forthcoming Westminster Hall debate would explore freedom of speech, adding: "I will raise with the appropriate minister the issue he has just raised."
The terms of the injunction are so strict that the Daily Telegraph cannot reveal the nature of the information that Sir Fred Goodwin is attempting to protect.
Sir Fred, nicknamed Fred "the shred" for his management style, presided over the near collapse of the Royal Bank of Scotland, which had to be bailed out by the taxpayer.
He left with a pension of £700,000 a year and a lump sum of nearly nearly £3 million. Following a public outcry he later agreed to reduce his payout by £200,000 a year.
Super-injunctions - under which even reporting the existence of the injunction is banned - are increasingly being used by powerful corporations and wealthy individuals to stop the media from publishing information.
Last month a sportsman known to have cheated on his partner with two women won an appeal to remain anonymous. The judge said his identity had to be protected because the fact he had conducted a previous affair would make it easier for people to work out the nature of the allegations.
Three days later Mr Justice Eady granted anonymity to a married TV personality identified only by the random initials OPQ. The judge asked the media to leave the court, saying that "to proceed in public would defeat the object of the application".

Monday, March 7, 2011

The Government's lies; grassroot protest in the UK

The Government's Line lies

“The cuts are necessary, there is no alternative.”

We are told that it is vital to reduce the deficit, and that the only way of doing this is to cut public spending. This is certainly not the case. There are alternatives, but the government chooses to ignore them, highlighting the fact that the cuts are based on ideology, not necessity.
The tax avoided and evaded in a single year could pay for the £81bn, four-year cuts programme.

“The cuts are fair, we are all in this together.”

Since the banking crisis:
David Cameron himself has said that the cuts will change Britain's "whole way of life". Every aspect of what was fought for by generations seems under threat – from selling off the forests, privatising health provision, closing the libraries and swimming pools, to scrapping rural bus routes. What Cameron doesn't say is that the cuts will also disproportionately hit the poor and vulnerable, with cuts to housing benefit, disability living allowance, the childcare element of working tax credits, EMA, the Every Child a Reader programme, Sure Start and the Future Jobs Fund to name a few. The facts speak for themselves; we are not all in this together, we are paying for the folly of reckless bankers whilst the rich profit.

The government are forced to claim that the cuts are necessary as they know that people would never accept them otherwise. By repeating the same lies over and over again, they hope to brainwash people into inaction.
There are alternatives to the cuts, and we are not all in this together. But unless we take action, and take the facts to our friends, our families and those around us, they will get away with it.

About UKUncut

On October 27th 2010, just one week after George Osborne announced the deepest cuts to public services since the 1920s, around 70 people ran along Oxford Street, entered Vodafone’s flagship store and sat down. We had shut down tax-dodging Vodafone’s flagship store.

At that point, UK Uncut only existed as #ukuncut, a hashtag someone had dreamed up the night before the protest. As we sat in the doorway, chanting and handing leaflets to passersby, the hashtag began to trend around the UK and people began to talk about replicating our action. The idea was going viral. The seething anger about the cuts had found an outlet. Just three days later and close to thirty Vodafone stores had been closed around the country.
We start with some simple points of agreement. The brutal cuts to services about to be inflicted by the current Government are unnecessary, unfair and ideologically motivated. The coalition are particularly fond of two obscene catchphrases: ‘There is no alternative’ and ‘We’re all in this together.’ Both slogans are empty and untrue. The cuts will dismantle the welfare state, send inequality sky-rocketing and hit the poorest and most vulnerable hardest. A cabinet of millionaires have decided that libraries, healthcare, education funding, voluntary services, sports, the environment, the disabled, the poor and the elderly must pay the price for the recklessness of the rich.
Austerity-economics is the policy of the powerful. It cannot be stopped by asking nicely. We cannot wait until the next election. If we want to win the fight against these cuts (and we can win) then we must make it impossible to ignore our arguments and impossible to resist our demands. This means building a powerful grassroots mass movement, able to resist the Government cuts at every turn.
UK Uncut hopes to play a small part in this movement. In only a few months, from a single action in London, UK Uncut has spread to up to fifty-five towns and cities. Everyone from pensioners to teenagers, veterans to newbies have already joined our actions in towns from Aberdeen to Aberystwyth. We have proved that there is anger at these cuts, that the idea of mass apathy is a myth and that people are willing to do more than just join a Facebook group to stand up and defend what they believe in.
Even if you have never been on a protest before, please join us. UK Uncut makes it easy to either join or organise an inspiring, effective protest wherever you are. Vodafone’s own slogan is ‘Power to You.’ It couldn’t be more appropriate.
Now is the time to get angry, to get organised and to build a resistance to austerity.
See you on the high streets.

Sunday, March 6, 2011

How To Prepare The Dutch Population For Austerity & Serfdom 101

Profits privatised; gambling debts of the banks socialised. That's bad news for any bankrupt country! But how do you package the news that the ones who have to pay for these debt is the guy in the street? Which institutions do you use to break the news? How do you write the message? 

How To prepare the Dutch Population For Austerity & Serfdom 101:

Lesson 1: Use an "independent" trustworthy institution as the source to break the bad news. Smart, intelligent people thought about this problem, so that's cool.

Lesson 2:  The message must be:
"Despite some minor bad news, it is all under control, there are no problems. In fact, it is only good news. Trust us!"
Lesson 3:  Throw figures and economic slogans around. (Not too important, this part will only be read by a minority of the readers)

Lesson 4: Use a Financial Newspaper and their brain dead journalists to make the story public. They are paid for in any case.

Lesson 5: Warn the reader that cutting red tape would be the worst idea. So...job saved of the bureaucrat...that's out of the way! Forget about this, the rest is only good news!

Lesson 6 : Remind the reader of the gas reserves in the Dutch town of Slochteren. That's still a nice honey pot for a rainy day, so what's the problem? Nobody knows in any case that "Slochteren" has been used and calculated many times over by politicians to spend money and keep the voters happy. They call it gas, I call it "Hopium".

Read the good news Dutch austerity plan, calculated by politicans, aided by an " independent " institutions (CBP) and made public in a paid-for newspaper (Financieel Dagblad) here (Google translated).

By the way, the magic word the writer forgot is the word "temporary".

Wednesday, March 2, 2011

Got Stocks, Pension or Another Paper Claim? You're A Goner As You Listened To The Wrong People.

Finally, columnists are getting angy. From the article:

 "Time for action. Time for revolution on Wall Street"

Four time bombs that will blow up Wall Street

Commentary: Too late to jail bank CEOs; only revolution will succeed

SAN LUIS OBISPO, Calif. (MarketWatch) — Put Goldman Sachs CEO Lloyd Blankfein in jail for six months, and all this will stop, all over Wall Street and America, a former congressional aide tells Matt Taibbi in his latest Rolling Stone attack, “Why Isn’t Wall Street in Jail? Financial crooks brought down the world’s economy — but the feds are doing are doing more to protect them than to prosecute them.”
Taibbi’s right, everyone knows Wall Street’s run by a bunch of dictators who are doing more damage to democracy and capitalism than North Africa’s dictators. But jail the CEOs of Goldman, Citi, B. of A. or my old firm Morgan Stanley? Too late.

Berkshire contemplates acquisitions

Jamie Heller and Erik Holm discuss the implications of the newly released letter to Berkshire Hathaway shareholders from billionaire investor Warren Buffett.
Only a revolution will stop Wall Street’s self-destructive capitalism. And watching the people revolt against dictators like Mubarak and Gadhafi reminds us of the spirit that sparked America’s revolution in 1776. But today we need a 1930s-style revolution.

During the S&L crisis two decades ago America had a backbone, indicted 3,800 executives and bankers. Today’s leaders have no backbone. Besides jail time won’t reform the darkness consuming Wall Street’s soul. We’re all asleep, in denial about the moral crisis facing America. Yes, we need a new revolution.

Jail time? We’ve heard that many times before. Journalists have been beating that dead horse for three years. Jailing CEOs made sense in early 2009. But our naïve president missed that opportunity, instead surrounded himself with Wall Street insiders as Bush did with Blankfein’s predecessor. Trojan Horses manipulating a Congress filled with clueless Dems mismanaging tired Keynesian theories.

Taibbi got it right: Washington’s error was in protecting Wall Street’s billion-dollar crooks when they should have been prosecuting CEOs for criminal behavior in getting us into the 2008 mess. So today, the political statute-of-limitations has run. Jail solution is wishful thinking, like praying to the tooth fairy for a miracle. Time for action. Time for a revolution on Wall Street.

Jail Wall Street? Old news. They got away with it. We chickened out

“Jail Bank CEOs” makes a great sound bite in the cable pundits’ echo chamber. Remember Taibbi’s earlier indictment of Goldman Sachs: the “world’s most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money.”

But so what? Just three years after Wall Street’s crooks “brought down the world’s economy” Goldman’s Blankfein and his buddies are paying record bonuses, and laughing at us.

Seriously, think about it folks: Since the 2008 meltdown magazines and newspapers have analyzed the 2008 crash to death. It really is old news, history. Journalists churned out book after book: “Greenspan’s Bubbles,” “House of Cards,” “Trillion Dollar Meltdown,” “13 Bankers,” “Dumb Money,” “Bailout Nation,” “All the Devils Are Here,” “The Big Short,” “Too Big to Fail,” “The Failure of Capitalism,” “This Time is Different,” “And Then the Roof Caved In,” on and on, ad nauseum. All talk, no action, and no effect.

Get it? With every book, every editorial, every expose the past three years, Wall Street bankers actually grew stronger, got richer, more arrogant, bolder on bonuses, impervious to attacks, even taunting us, like the dictators Mubarak, Ben Ali and Gadhafi, confident they could do no wrong, confident no one would rebel. Jail? Our moment to act is long past. We blinked. 

Yes folks, Wall Street is the “Comeback Kid” story of the 21st century. Like a terrorist in a horror film, Wall Street thrives on threats. Three short years ago, Wall Street was virtually bankrupt, a ward of the state. We could have jailed “just one” of them back then, when they were down for the count. Instead, we bailed them out! Made them richer. Gave them $13.7 trillion, loans, credits, cash, asset buyouts. Gave them keys to the Treasury. They didn’t just recover, they “ran the tables,” to use a blackjack/pool metaphor. Now Wall Street dictators have absolute power, ruling Washington, America, you and me.

Yes, America’s bankrupt, but the rich just do not care

Admit it, we lost the opportunity. Jail a bank CEO and Wall Street will miraculously reform? You’re joking, right? Wall Street got away with a “legal” bank heist. Today the should-be/would-be inmates are running the prison.
Wall Street’s corrupt banks have lost their moral compass … their insatiable greed has become a deadly virus destroying its host nation … their campaign billions buy senate votes, stop regulators’ actions, manipulate presidential decisions. Wall Street money controls voters, runs America, both parties. Yes, Wall Street is bankrupting America.

Wake up America, listen:
  • “Our country is bankrupt. It’s not bankrupt in 30 years or five years,” warns economist Larry Kotlikoff, “it’s bankrupt today"
  • Economist Peter Morici: “Capitalism is broken, America’s government is two bankrupt political parties bankrupting the country.” 
  •  David Stockman, Reagan’s budget director: “If there were such a thing as Chapter 11 for politicians” the “tax cuts would amount to a bankruptcy filing.”
  • BusinessWeek recently asked analyst Mary Meeker to run the numbers. How bad is it? America really is bankrupt, with a “net worth of a negative $44 trillion.” Bankrupt.
    And it will get worse. Unfortunately, nothing can stop America’s self-destructive Wall Street bankers. 
    They simply do not care that their “doomsday capitalism” is destroying themselves from within, and is bankrupting America too. One mega-millionaire sent me an email after reading my Jan. 4 column, “America’s worst 10 years start now.” “Paul, you may well be right about the coming decade, but the rich exist in a different world from the one you write about. They live privileged lives in gated communities. Meet for holidays at the world’s elite resorts. The richest just aren’t worried about today’s economy like your readers. Their issues revolve around who’s the best masseuse, best Pilates teacher, best concierge medical doctor, which private school to choose, what investments they are making at this time, etc. Folks at the top are not concerned with the underlying deterioration of America, except in the abstract, because they aren’t directly affected. That’s why no amount of information from you will ever change things. To them, it’s irrelevant. Best wishes, always enjoy your stuff.”