So, Is This the 1970's All Over Again?

It is always fun to compare eras.  Let’s go back and look briefly at the 1970's:
 
1970's: the age of growing, vocal discontent with the military industrial complex, their wars, their casualties, their incessant lies about the state of things coupled with the real economic malaise and decline of industrial production of the USA;
 
2013: never-ending, global conflicts engaged in by the behemoth USA military industrial complex [Afghanistan, Iraq, Somalia, Syria, Libya], cognitive dissonance such that former Soviet Russia’s KGB leadership is counseling–and brokering–peace upon the brink of bombing and warmongering by the Nobel Peace Prize winning AMERICAN President, coupled with the real–although heavily MOPED–economic decline if not outright depression of the entire USA;
 
1970's: public disgust at politicians for ineptness and malfeaseance, some public awareness of high level, active corruption by elected officials leading to political upheaval, coupled with large demographic groups which just wanted to party at the discotheque . . .  The Bee Gees, Donna Summers, Saturday Night Fever . . .
 
2013: public contempt at large-scale government intrusion and outright takeover of 1/6 of the economy, some public awareness of high-level government corruption, but largely confined to the tinfoil-wearing conspiracy theorists, coupled with bread and circuses of Dancing with the Stars, American Idol, Justin Bieber, and the ubiquitous Kardashians . . .
 
1970's: inflation becomes part of the public lexicon, as prices for consumables rise leading to public awareness of poor monetary policy, political will is absent leading to drastic Fed Reserve interest rate measures and commodity shortages, gold prices begin their upward move;
 
2013: the USA national debt is part of the public lexicon, prices for consumables rise to the point that packaging ans unit sizes are manipulated and shrunken to hide the actual price increases, political will is absent resulting in coarsening of political dialogue to the point of ad hominem attacks and 30 second sound bites instead of reform or real fixes, commodity prices exhibit schizophrenic, interday price moves while computer algorithms dominate the arena; has gold now begun its upward move despite all the paper gold manipulation?
 
1970's: Dirty Harry reminds us all that criminals are getting away with crimes due to “technicalities,” like the 4th and 5th Amendments;
 
2013: Gun grabbing politicians and their beholden sycophants ignore the 2nd Amendment and launch law after law to reduce the ability of law abiding folks to obtain and possess firearms;
 
So, in the 1970's, the prevailing mood of the citizenry was one of economic malaise, coupled with erosions of freedoms by those in charge under the guise of public safety, who so clearly mucked things up under their watch and then had the audacity to claim entitlement to fix things.  Did I get this right?
 
And now, in the year 2013, the economy is in tatters. We know it is from incessant and asinine central planning and implementation of the flawed, Keynesian economic theory.  Others just feel it and know that their wages and standard of living have decreased.  The richest 1% read the Robb Report and dream of eating a new, exotic sushi creation while drinking some rare vintage intoxicating beverage produced in small batches.  Once again, those in charge have so thoroughly ruined things that only an insane person would think otherwise.  Krugman and Obomber won worldwide acclaim for their, ahem, accomplishments.  Yes, clearly, we are ruled by the insane.
 
When will it end?
 
Next week I will write about a fantastic book, Official Stories, recommended by a fellow Turdite some time ago.  I am about halfway through it, but WOW, it is a great read!  
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125 Comments

Marblesonac's picture

First

First

I can die a happy man now cheeky

waxybilldupp's picture

Really tempting to post "First"

but I'm not going to do it.

wax off

edit: Thanks, Marblesonic.  You saved me.  Now, to go back and read the ever-enlightening Cali-Lawyer post.  Turd, having guest contributors was "genius time" (anyone know where that came from?).  They are all rock stars!

Bollocks's picture

goodnight

sierra skier's picture

4th

Now for the read.

Edit in:

During the seventies I had moved to the mountains from Southern California and was lost in the new found lifestyle of wilderness and skiing so I was unaware of the goings on. We had no TV and local radio was sporadic. I was aware it was getting more expensive to live. My big turnaround occurred in the mid 80s when I started my seasonal business, got married and bought a home all in about 4 months. Our loan was at 12% and we had to work our a$$es off to make ends meet.

All things move in cycles and to this day that proves itself. Could we be in for those interest rates again?  Good post

treefrog's picture

futh

keep stackin'

HappyNow's picture

testing testing

Canada's #1 or #2 cell phone carrier Rogers is down nationwide.  And has been for hours.

http://ca.news.yahoo.com/rogers-reports-wireless-outage-ontario-quebec-company-website-232017847--finance.html

-------------------------------------------

Glad we don't have 1970's interest rates!

Not glad we are seeing all the BS shenanigans that keep rates artificially low.

TomMack's picture

de ja vu

all over again

we used to say that if you remember the 70's you probably weren't there

waxybilldupp's picture

In the 70's ...

and I remember them well, I don't recall seeing contrails.  Well, I did see some then, but they were the crystallized H2O variety from a high-flying jet in sub-zero air that dispersed very quickly.  A quick trip to the grocery store a little while ago confirmed that the new style, lasts for hours contrails are still up and running.  Nice to see that those ass-hats aren't out of work due to the .gov shutdown. {sarc off}

wax off

Bugzy's picture

Re testing

Yes my carrier, Fido, was down in Vancouver for a while.

Thing is, you could still see signal strength and the Fido name as the carrier so it all looked good. Yet if you try to make a call it just went immediately to call failed. Their website was down too and I could not get through to any fido numbers via my google dial thang.

Text remained working throughout and I did eventually get a call from a very frustrated mrs Bugzy (fido too) So I assume it is fixed. Update, yes it is.

Thing is, when you expect stuff to work and then it does not. Sort of spooky, wonder if the net had gone down too... No comms....

Edit: Yahoo playing up too. Main page is fine but when a link is clicked it sort of expands times 1000 - very odd. Those Syrian cyber warfare criminals: JOKE JOKE, calm down. OOPS my bad, was advert blocker, Yahoo is working ok.

Dr. Fix's picture

10th

When will it end?

That's an interesting perspective you have there,  am sure there were many that figured out that the United States was already bankrupt in 1971. Who could have imagined that would have lasted this long?

We have come accustomed to the theory that market manipulation is unsustainable in the long term, and I do believe it has reached a point where it cannot continue.

I'm still anticipating quite a showdown on October 17, and although that probably won't be “the end”, it most certainly will be the end of the conclusion that everything is okay, and that life will return to normal.

The fallout from not being able to reach an agreement over the “continuing resolutions”, or raising the “debt ceiling”, will awaken a snoozing populace to the realization of just how screwed we are.

Prepare accordingly.

When I think of the 1970s, I never have to look further than the car that I drive every day, 

at 42 years old, it still looks and runs like new.

People tell me all the time “they don't make them like that anymore”!

No, they don't. smiley

DayStar's picture

Harvey's Up!

  • Harvey: GOFO numbers are in the positive for all months, but gold is again becoming scarce. GLD gold:  898.18 tonnes, no change.  SLV silver: 10,585.19, no change.
  • Mark O’Byrne (GoldCore): Today, Obama will announce his intent to nominate Federal Reserve Vice Chairwoman, Janet Yellen, to be the next head of the U.S. central bank, a White House official said. Yellen is extremely dovish and will continue to debase the dollar which will be very positive for gold.  DS: In spite of this extremely positive news for gold, it was hit with a decline today.
  • GoldCore: Indian silver imports are on pace to hit a record high this year as the wedding and festival season drives up buying of the precious metal instead of traditional gold, made scarcer and dearer by misguided punitive taxes and quasi capital controls aimed at preventing Indian people from buying gold to protect from the devaluation of the rupee. Despite these punitive taxes, India's gold demand could rise as much as 15% this quarter to 300 tonnes as pent-up demand following a good monsoon keeps the country on track for yearly demand estimated at 1,000 tonnes. 
  • Stephen Leeb on Silver: “Silver for photovoltaics is expanding enormously right now.  Demand for silver in this sector has nowhere to go except higher.  This is going to drive the price of silver over $100.  I do expect for silver to be stronger than gold over the next year or two because of this explosive situation.  It wouldn’t surprise me at all to see the price of silver hit $110 in the next 24 months.  The price of silver is going to super-surge.  But the mainstream media will be saying it is because of massive demand for photovoltaics -- they won’t be admitting that it’s also because the financial system going to hell.”
 
All this and more on...
The Harvey Report!
DayStar
Dr Jerome's picture

I was stacking in the 70s but

I was stacking in the 70s but did not realize the true value of metals. I almost started again in the mid 80s, but again was too ignorant to see the big picture. Now, 30 years later I am stacking for keeps. If the metals don't shoot up in price in my lifetime, I'll pass them to my kids. But I will not sell them to buy groceries--that is why I work.

AlienEyes's picture

The insane and the dumb as shit...

Cal.Lawyer : "Yes, clearly, we are ruled by the insane."

Absolutely true and I wish it was that simple, but it's not. It's much worse.

Since the seventies, our incompetent politicians have encouraged an unrelenting flood of immigration. Their motivation was clearly "stacking the deck". Put another way, "If the existing voters hate your guts, import lots of new voters....at the expense of the ones that hate your guts." Brilliant!

Then, offer lots of "free shit" to the idiots and damn fools that don't know there is no such thing as "free shit".

Swell the welfare rolls to the point that ending the "free shit" will directly lead to riots and then another civil war. Make a few speeches about how opposed you are to ending the free shit and bingo, get re-elected until after you die of old age. In this scenario, "insane" is exactly equal to "as stupid as shit".

Where will many of the imported voters find work? The TSA, Homeland (In)Security and in what is left of our armed forces. Think it couldn't happen? I got news for you. It already did. We are outnumbered by slack-jawed idiots, Pollyanna chuckle heads, crooks, banksters, gangsters, A-holes and politicians. Where I live, it is common knowledge that the only thing lower than a politician is a child molester.

BagOfGold's picture

Bollocks...today is your lucky day!...

It's nice to have such a good friend like Mr. Fix...who would risk his life to save his little friend from the jaws of death!...Bollocks...when Mr. Fix saw the predicament you were in...he jumped out of his car...& onto the sushi bar & grabbed you from the perils of the Evil Empire Pacu!...What will become of Mr. Fix's beloved cadillac?...What will happen next?...I will be away for a few days...perhaps until next week...& I am counting on you clever folks to write the script for the next picture I post...after I come back!...Please post your script on my Art In Motion thread...& I will use the best one one for the next picture...& possibly use the rest in following pictures!...This is going to be a lot of fun!...I will see you all when I get back!!...

vrfBZ66.jpg

Bag Of Gold

Dr. Fix's picture

A slightly different perspective from then to now: *

Our Country 35 Years to the Present

Oct 8, 2013

35 years ago I wrote a letter to the editor of the Orange County Register, located in Santa Ana, CA. It was a letter of letting the readers know how blessed we were to be Americans and to be proud of that fact. Our world 35 years ago was a completely different place. People were Americans in the true sense of the word. We celebrated the 4th of July with patriotism, pride and enthusiasm. We proudly displayed our beautiful flag to see the majesty of it flowing powerfully in the breeze. We would proudly stand up at public events when our National Anthem would be played or sung. We taught our children that our country was founded on the greatest foundation, God, and that our Founding Fathers designed it after His Word and in that way we would be a nation of respect, wealth and sovereignty, freedom and rights to enjoy our property and true ownership of it. We had a Constitution that gave us these rights and a Supremacy Law to uphold them under this Constitution if they were ever to be challenged by some tyrannical government entity that may be accidentally, or falsely, be voted in as President. Even worse, a leader who would want to throw the Constitution out and make up laws to fit their agendas. There was no country like it in the world. Everyone that wanted to escape tyranny came here. Everyone who wanted to escape hunger came here. Everyone that wanted to escape any type of abusive government came here. This was the BEST place on the planet. Our healthcare was superior to that of any of around the world, oh yah, did I not mention, people from other countries who needed immediate treatment for whatever ailed them, came here so they could receive the best medical treatment in the world.

Unfortunately, all of the above has been dashed in almost a 6 year period of time by the current administration and the henchmen it employs. I say employs, because only a crime boss who hires undesirable people such as murderers, thieves, and liars who are so skillfully good at these horrible attributes can achieve the disgusting crimes against the people of this country as they have and are about ready to do, you haven’t seen anything yet. The coming economic collapse will chaotically spread throughout the nation like a swarm of locusts. No one will even be remotely prepared for the Carthage like destruction it is going to facilitate. The mental distress not to mention the physical challenges that each of us will have to labor through to defend ourselves against the most evil technologies to kill human beings ever innovated. So, in essence, preparing with food, shelter, and the everyday necessities is not going to be even close to being enough. We must prepare mentally, like combatants do. This IS a psyche lesson in the making. Instead of teaching your children to be a person of faith and to love their country and respect it and just plain respect as far as politeness goes, now you must teach them how to defend themselves with weapons and with a mindset of survival in the worst of situations. How far have we come from 1978? I can’t even recognize my country. Back then I would never have imagined that it would even comes close to the wreck it has become. My dear God, it is 1917 Russia here in Amerika! This is a scene from the 1980’s movie with Chris Kristofferson, AMERIKA! One everyone should watch, Déjà vu people.
The other reason that America was a whole different place back then was the Great Generation od World War II were still alive and would NEVER have put up with the communist push and corruption that we are going through today. My parents were of that generation; these are the same people who are being bullied out of the monument that was built in their HONOR. Those brave men and women laid down their lives for this nation and unselfishly dies to do their best to keep us free. Do you all see the draconian act of disrespect? The ones that the irresponsible people voted in to lead us. Instead, they are leading us to a grave and I mean this literally. Just ask Marion Carey who was boldly shot to death just this last week in front of us all via television and the internet. Get used to it, if you don’t want to stand up for your God given rights. What we have spawned in this nation, a people of jellyfish? This has only been within the last 20 years and has incrementally gotten worse. Kids have replaced their imaginations with stupid computer games, stupid television shows, all contaminated with violence, immoral behavior, acts of ritual witchcraft, alien attacks, homosexuality and low self esteem. Do you see God in any of this? Our kids know right now out of the gate that they best lick the boots of their moms because they could have been aborted and never have been, because the laws say that a baby is a choice. They have been dumbed down by the social elitist’s
educational systems. They are taught that they originally came from green scum, or a monkey. They are not told that they are the amazing creation that was ever made, out of God’s image, for that matter they don’t even know who God is. They need to be told they can, rather than they never will. They need to made to use their imaginations in creative respects, rather than counter productive. They need to be encouraged to do the right thing instead of utilizing criminal behavior to get ahead. They need to be inventive and go through experiments to innovate new miracles of the mind God gave them. This is where it starts, with our children. What kind of world do they have to look forward to? On every level. Remember the words, Roll Model? The leaders that were foolishly voted in are just that. Look at what the careless voters did. Domino effect.

With this said, a new foundation of sand that has, or, is being established will never stand. It will only crumble economically, socially, mentally, physically, morally and most important, spiritually. Only the individual can believe if it is too late or not. TAKE ACTION!

SC

* Swiped from the alerts section on Steve  Quayle's site.

Spartacus Rex's picture

@ Alien Eyes - Correction

The only thing on this planet lower than a politician is...

Whale shit!

atarangi's picture

politicians

Q. How many politicians does it take to screw in a light bulb?

A. Just one, but it really gets screwed.

AlienEyes's picture

@ Spartacus Rex

I stand corrected.

Gramp's picture

New $100's...

Forgive me if this has been discussed, I have been out of town and not near info stream... Was it Oct 8th for the release of the New $100's?  Did that happen? or no because of the Gov shitdown? 

Thanks.

  Visited the LCS today... slow and steady.

atarangi's picture

catfish

Q: What's the difference between a politician and a catfish?
A: One is a scum sucking bottom-feeder and the other is a fish.

boomer sooner's picture

No new $100 's here.

Today in the bank and asked.  Estimated date of arrival- mid November.

The Doc's picture

Kyle Bass on US Default Risk:

Kyle Bass on US Default Risk: “There Is No Way To Protect Yourself If US Treasuries Default!”

Hedge fund titan Kyle Bass was on CNBC Wednesday discussing the potential of a US treasury default.  When asked by CNBC about the US default risk, and how traders might hedge for such an occurrence, Bass responded:
If the US politicians were really to lead us into a ‘prioritization of payments’ that Treasury Secretary Lew is discussing or an actual payment default, look, there is nothing you can do to hedge yourself from that!

http://www.silverdoctors.com/kyle-bass-on-us-default-risk-there-is-no-way-to-protect-yourself-if-us-treasuries-default/

judejin's picture

my take on deflation vs inflation

martin armstrong and prof. fekete are saying QE is deflationary and QE won't lead to hyper-inflation.

i think they're judging an elephant by one part of its body too.

here's my take:

there are deflationary and inflationary forces at work at any minute.

major inflationary forces are

1. QE by all central banks(more money definitely lifts some boats if not all boats)

2. loss of confidence in fiat money in some countries(india etc); this mostly lift all boats in said countries. 

3. rising labor(china etc) and other inputs in many countries for the above reasons

major deflationary forces:

1. middle classes got squeezed in advanced nations because jobs are being shipped to china etc.

2. asset(debt) bubbles are deflating naturally(without QE propping it up)

so deflationary and inflationary forces are combating each other in all areas and in all countries.

those pundits who are saying QE is deflationary is looking at gold/silver prices and middle class wages ONLY? come on! you can do better than this, prof.!

austrian economics looks at the money phenomenon as a non-linear process as the money flows gradually and unevenly throughout the economy.

so far to the rich ppl, QEs worked, assets reflated!

to the poor ppl, QEs didn't work! wages barely rose, but costs of living rose!

how come none of the above is deflationary to me??

ok, prices of gold/silver didnt rise since 2011, so what?  gold/silver is 1% of global financial assets!

even if qe hasn't been able to prop up asset prices and input costs, that only means qe's inflationary force is still overwhelmed by deflationary forces!

qe is definitely inflationary. continued QE will lead to loss of confidence in the fiat currency eventually! more money means inflation by definition!

those pundits who said QE is deflationary knows that their audience is mostly gold/silver bugs, who are wondering why gold/silver hasn't gone up! so these pundits spew out deflation for you to chew on!

i'm really disgusted by these pundits and professors!

bail-in is deflation because bail-in cancels debt and cancels money. less money is deflation by definition!

atarangi's picture

Inflation and deflation

Deflation is never going to get past theory.  Inflation is the reality.                  The people who believe deflation is about to happen also believe in man made global warming, the tooth fairy and wanking makes you go blind.

Hammer's picture

I can't help but smile when

I can't help but smile when modern day Americans (or anyone for that matter) decry how immigrants come over and steal, get free shit murder etc etc. Talk about hypocrisy...........

mac's picture

End It

The Greatest Generation (the WW II people), praised as strong and moral etc. What a crock!

They were stooges, muppets for the military, canon fodder. Now we know Japan's oil had been cut off many months before Pearl Harbour. Then the Gulf of Tonkin BS, and on and on with more psy ops and false flags and perpetual, expensive wars. The people lied to, used to murder in war and be maimed, killed themselves. For nothing!

What exists today is a kind of sadistic cynical corruption, that is able to operate in the light of day. There is little or no law behind you.

That is cuz TV and Hollywood  have brainwashed the people. The Gen Xers do some good things, but are feminized and can't rationally understand the world. Their men are taught to become very 'nice girls'. I mean generally they are clueless re politics and economics, but good at nurturing babies, dealing with feelings, cooking, house cleaning. They are anti-intellectual mainly, having been subjected to Gender Feminism all their lives. One reasons why  America  is so lost....

Hammer's picture

Ah, good old fashioned

Ah, good old fashioned in-fighting.

Yep ! Feels like the 70s to me CL.

This time though, I aint letting go of the fact that there is an absolutely necessity this time to drive the economy over he edge to obliteration to be able to start again with a new currency.

This time, it is different. I just hope the whingers and whiners direct their moans in the right direction and not at each other this time.

Keep focussed and don't believe anything you read in the papers (online etc)

Listen to the lyrics VERY carefully

atarangi's picture

good point Mac

The people who carry out the will of evil are no better than the evil ones who exploit them.  In fact they are precisely 50% TO BLAME.

leeson_was_framed's picture

@Bollocks

The cartoon you posted actually touches on an important idea that few ever consider. It is the idea of aligning money with life. In the modern word we consider the acquisition of wealth as being associated with greed and the misery or others.

This does not have to be the case. In fact, if the economy were structured in a more equitable way this would not be the case. This idea appears frequently in the work of Catherine Austin Fitts. It can be illustrated with a simple example.

A bank lends you money to start a business. The bank creates the credit for this out of thin air and makes money by charging you interest. The longer it takes you to pay off the loan, the more money the bank makes. But the longer your business takes to pay off the loan, the more it costs your business.

This is a misalignment of money. It is a win-lose transaction since for the bank to win, you must lose, or vice-versa. We see this kind of relationship every day where banks like the world bank and the IMF give bad advice to nations in debt, so that they continue to make repayments, but never clear the debt.

Student debt, and the people who have fallen for the government help to buy scheme are other examples.

If the bank takes a stake in the business the situation is very different. The bank will now profit if the business makes money. This is the same situation for the business owner. This situation is win-win. Now the bank is incentivised to only provide good advice, since it is the only way to make money.

This illustrates a general idea about how credit should be employed. It should be employed by buying an equity stake in the enterprise.

Examples:

Student loan.

The student is given money on the understanding that is will only be returned if the student is successful in their career.

Business Loan

The bank buys a stake in the business and receives a share of the profits rather than interest.

You get the picture. In such a scenario there is no incentive to make bad investments. If the student or business does not seem serious, the bank will not make the investment.

The key is alignment. All stakeholders should make money on the same outcome so there are no conflicts of interest.

Hammer's picture

Give that man a scooby snack

Give that man a scooby snack :)

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