The Declaration Of Debt Independence

When in the Course of global economic events, it becomes necessary for a people to dissolve the corrupt chains of financial burden which have shackled them by means of indebtedness to the whims of the global banking elite, and to assume among the monetary powers of the earth, the solvent debt free station to which the Laws of Gravity and of Nature's God entitle them, a healthy disrespect to the opinions of Keynes, Croesus, Bernanke and JP Dimon requires they should declare the causes which impel them to the dissolution....But when a long chain of bankster douche weasel abuses, swineful swindling exploitations, and odious derivative usurpations, pursuing invariable the same Ponzinomic Objectives evinces a design to reduce them under absolute Kleptofraudtocracy, it is their right, it is their duty, to throw off such corrupt feckless Government, and to provide new Guards for the welfare and financial security of the Republic and its future generations.

 

Guest Post: Lives, Fortunes And Honor

Of those 56 who signed the Declaration of Independence, nine died of wounds or hardships during the war. Five were captured and imprisoned, in each case with brutal treatment. Several lost wives, sons or entire families. One lost his 13 children. Two wives were brutally treated. All were at one time or another the victims of manhunts and driven from their homes. Twelve signers had their homes completely burned. Seventeen lost everything they owned. Yet not one defected or went back on his pledged word. Their honor, and the nation they sacrificed so much to create is still intact...The 56 signers of the Declaration Of Independence proved by their every deed that they made no idle boast when they composed the most magnificent curtain line in history. "And for the support of this Declaration with a firm reliance on the protection of divine providence, we mutually pledge to each other our lives, our fortunes, and our sacred honor." 

 

 

 

 

 

Sol Sanders | Follow the Money No. 73 | Obama energy strategy: one part black magic, two parts propaganda

Posted by: rcwhalen

Post date: 07/02/2011 - 08:13

In his June 29th press conference, the President again singled out rebates to push U.S. fossil fuel production in his demand for tax increases for an economy already threatened by double-dip recession. The proposal compounds regulatory mischief: blocking oil and gas in the Gulf of Mexico while Chinese and other foreign companies drill off Cuba almost within sight of Florida beaches, forfeiting 250,000 jobs.

 

 

 

 

Tim Geithner's Cover Letter To Goldman Sachs Leaked

As Zero Hedge readers predicted by a margin of more than nearly three to one, Tim Geithner's next employer of choice, per bnet's Constantine von Hoffman, is none other than the universal viceroy-cum-vampire squid presiding at 200 West according to a just "leaked" letter. And while we all know the key resume highlights (issuing $1.5 trillion in debt a year for the duration of his tenure, mopped up on both sides by Quantitative Easing, bringing America to the verge of insolvency and living on an "auction to auction" basis), here is the summary of Geithner's key qualifications that make him a shoo in for the job. 

 

 

 

 

 

Guest Post: Reaching For Yield And Clubbing Baby Seals

Submitted by Tyler Durden on 07/02/2011 12:26 -0400

In any period of ‘reaching for yield’ the market sees a gradual shift as investors move out the curve, purchase weaker credits, or dabble in structured products. These are not their usual “comfort zone” of investing. Someone used to investing in 3 year risk, is not used to the volatility of investing in 10 year bonds. The investment grade investor may not fully understand the convexity of callable high yield bonds, not the impact of secured loans above you in the capital structure. Worst of all, the straight bond investor who takes a punt on some structured assets may not fully understand the asset and over estimate the liquidity in bad times by orders of magnitude. These shifts are generally very gradual. It takes investors awhile to get comfortable with the increased risk. As the asset class performs, the investor is more confident in their decision making, and likely has even more need to reach for yield, so they add more money to areas outside of their core competency. Then, one day, almost out of nowhere, something sparks a sell-off. It is almost as though one day the asset class is great, the investor is smart, and the next day, the market is selling off and the investor has no idea why. If it was an area they were experts in they might assess the market carefully and decide to retain their position, or even add. But in a market that they don’t have much experience, the declining price creates fear, and ultimately, it is impossible for the investor who reached for a few extra bps to bury the sensation that they could lose far more money than they hoped to make. Those few extra bps, which the investor viewed as so important, just a short while ago, were only available because this investment was MORE risky. That risk now becomes too much and the investor joins the selling parade, creating a sharp sell-off. 

 

 

 

 

 

Federal Reserve Open Board Meeting on Price Controls (Video)

Author: goldnews | Filed under: Central Bank News Yep, this is likely the first of many price controls to come as the Fed looks to distract the public from the real source of burdensome prices, the Fed.
Watch unusual video footage of the Federal Reserve meeting as they discuss legal limits to interchange debit fees and the prohibition standards of routing restrictions and network exclusivity arrangements:
Read the rest of this entry »

Haynes and Norcini review wild week in the precious metals

 

 

Harvard’s Niall Ferguson on Greece: “This thing could still blow up” (video)

Author: goldnews | Filed under: Central Bank News, Economic News, Political News Harvard history Professor Niall Ferguson discusses Greece, Italy, the EU and US debt and banking problems with Bloomberg’s Maryam Nemazee. Read the rest of this entry »

Global 'train wreck' coming

The global economy is facing ''a slow-motion train wreck'' with Greece only the first nation to be hit, Australia's Reserve Bank director Warwick McKibbin says.

Referring to the most recent global economic crisis as a mere ''blip'', he said the coming crisis could undo Australia's mining boom and bring on inflation of the kind not seen since the 1970s.

Professor McKibbin told the Melbourne Institute conference dozens of European countries now had gross government debts on track to exceed 60 per cent of GDP. ''Japan is forecast to be 200 per cent of GDP, the US is forecast to be over 100 per cent of GDP,'' he said.

New Zealand website stuff.co.nz. The link is here.

Great Recession cooks Friedman and Keynes: Two great theories, neither up to today’s task

Truth is, the giants Friedman and Keynes have met their Waterloo in a housing depression that shows few signs of recovery, a financial crisis that has suppressed growth and a looming debt crisis in Europe and the U.S.

We’re witnessing the collision of theory and reality. And when that happens, no matter how elegant or persuasive the theory, reality always wins.

“There’s no free lunch in monetary policy,” said Skousen. Nor is there one in fiscal policy, either. That could mean tough times for a lot of people.

Somewhere some brilliant economist might be figuring out a new way to solve these knotty problems. If he or she succeeds, there’ll be a Nobel Prize with his or her name on it. Only then will we be able to move beyond great 20th Century thinkers like Friedman and Keynes, whose moment has now passed.

 marketwatch.com story...and the link is here.

Sell, sell, sell: everything must go in great fire sale

The Guardian  here.