Net-Net Nothing

I feel like I listened (twice) to a different video than everyone else.  Unger said we "need to insist on a higher level of taxation", that "can later be made more progressive."  He also said "President Obama failed to advance the Progressive cause."  Clearly he's miffed with Obama because he hasn't turned the U.S. into the socialist wonderland they dreamed of at Harvard when Zero was an underling at Unger's feet.   The words "struggle" and "workers" are dead giveaways.  Unger isn't supporting Obama's defeat, he's promoting the rise of the workers.  Listen to guys like that often enough and we'll all be living like Zhivago pretty soon. 

>Unger said we "need to insist on a higher level of taxation", that "can later be made more progressive." 

Yah, that particular line gave me pause.   And thinking about it, the idea is unworkable in practice anyway.  When was the last time a government willing gave back a nice new revenue stream?   Tax now, ask questions later.    No thanks.

I want to post two powerful charts sourced from Jim Willie's new, June newsletter.  I had not seen these charts of "Managed Money PM short positions" - which are clearly held by the Cartel, given their uncanny penchant for ALWAYS being short during a 12-year bull market.  As you can see, the ONLY time such gold shorts spiked this high was at the BOTTOM in late 2008 - at $670/oz...

...and in silver's case, at the same time - at $9/ounce!

​http://archive.constantcontact.com/fs003/1101357242253/archive/1110288109799.html

When I hear the  otc derivative market is going to be wound down from, a quadrillion notional to non existent, and bankers are no longer allowed to bet in that unregulated casino, then I'll know I'm listening to somebody who can do something to right the ship!

The derivative market contributes not dollar one into the economy, it facilitates negative real interest rates and fills banker's pockets via huge bonuses.  

It has allowed debt money to grow to dizzying amounts, and risk capital supporting this is leveraged, 300 times in JPMs 73 trillion chunk and upwards of 2300 times in Goldmans 44 trillion chunk!

World GDP is about 76 trillion if memory serves, We're talkin serious money here.

Shadow banking indeed! Glass Steagle Act, deregulation, self regulation by these megabanks is like handing the keys to the 800 horsepower Ferrari to the fourteen year old neighbors kid.

Subordination of depositors to derivatives in BAC, of 53 trillion wtf?

Hows that going to end?

OutLookingin see why I can't get too worked up over Your man R.M.U.

Best regards;

foggy

Porky thanks! An eloquent spot on derivatives discussion!

One on One with Paul Craig Roberts

There has been plenty of calamitous news surrounding the European debt crisis.  Greece is insolvent.  Spain just got a big bank bailout, and Ireland wants a new bailout deal.  No matter how bad it looks in the EU, Paul Craig Roberts says the problems in Europe are“nowhere near as big as the ones here.”  The U.S. is printing massive amounts of money to paper over the mess, but it won’t work.  Roberts says a collapse of the U.S. dollar could happen at any moment.   It could be triggered by any number of things such as war or a derivatives meltdown.  When a former Assistant Treasury Secretary (under the Reagan Administration) and a PhD in economics sounds the alarm bell, people should take cover.  Dr. Roberts says, “The cliff dive we are experiencing in housing isn’t over,” and precious metals prices are “being suppressed.”  Roberts says, “Gold prices should be rising.  Why? Because the debt is rising.”   What is the reason why Dr. Roberts thinks the suppression game has gotten so intense?  Dr.  Roberts says, “The fact that they are driving the price down suggests to me the situation is getting more desperate.”  Greg Hunter interviews Paul Craig Roberts one on one about these subjects and more.

these douche bags actually believe their own shit......mix that with their belief that they are truly more intelligent than the rest of us......and what do you get? Not just the neighbor's 14 yr old kid with they keys to the Ferrari......but you and me strapped in the passenger seat with no airbag or seatbelt!    (i thought i was gonna die laughing with the "yoyo smuggling" comment.....        

priceless ;0)

Ohio! you just may be onto something. I'm lucky enough to live in the mother lode and my son and i are just barley starting to pan and nugget shoot. last weekend A local guy came in to old town where i pick up some silver rounds and coins on occasion. he was wearing a 4 oz nugget around his neck. he said he found a bunch more with a metal detector down in so. California. he was hitting tailings from an old mine. 

Progressive change in government circa 2012 (beyond its 19th century roots) means to protect the working class from the abuse of the corporate state and it's puppet government.   Unger is saying to tear down the parties in order to rebuild from the ashes.  Good luck.  The reaction against terms like workers and struggle is a sign of outdated thinking concerning the difference between democrats and republicans. 

Arguments against taxes is self defeating.  We are taxed most by the failed financial system, allowing both parties to subsidize and bailout their friends.  Progressive would mean to tax GE's billion dollar profits as to not burden the working poor and middle class.  It's time to unite friends.

@historiography - Yes, Unger wants to tear down to build from the ashes - A Better Form of Central Control.

You poor sap, can't you hear it? He's saying the Obama didn't do progressivism correctly, so we "real progressives" have to start beating the masses into our image again. A better collective for all brought to you by the "right" people running the big state. Whenever the big collective state (like the USSR) failed, it was always because "they weren't as smart as we are".

Unite with that? Not on your life.

Here's a thought. Let a productive company (GE, even) keep its profits to hire more of the poor and middle class. Or even better - a government that actually is limited so they won't have to tax every last dollar. Crazy, I know. It's just the old "less taxes, smaller gov't" plea. A mere academic debate at this point that we won't see again perhaps.

mike doughty is cool 

...i was busted cruft

Dr Jerome    dont wait, stake your claim before someone else claims it first.  Here in the Sierra Nevada Mountains, you would be shocked at how much of the land is already staked out. In my search for a claim I found families that have thousands of acres in their names, and have had it since the 1890's!   Many of the names/people that I researched have been dead for decades, but the fees are still being paid. the BLM and Forest Service dont care. All they care about is that the fees are coming in every year. It blew me away. So anyway, good luck!

the corporate state in our free market doing the right thing.  History is proof enough of how that ends up. 

GE's jobs are now overseas and pays nothing to pay for the war that it profits from as it is mainly a maker of bombs and engines.  Fairness and justice do not always have to equate to being Maoist.

the govt and the big corps are united ......against the subjects. Think of them as one.....it would do you well

I've driven down dog bar to the bear river campground off placer hills road. Lots of gold flakes because Hansen Bros. gravel pit is upstream. Hansen Bros. even sets up sluice boxes down stream from their operation. For nuggets you really need to go to the Yuba River. Especially by Allegany. I got gold fever while walking a dog along Deer Creek in Nevada City. A hippie kid was gold panning and showed me a nugget he just found the size of his small fingernail.