Gobble Up Some Jackass

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It's a market holiday weekend so you know what that means....fresh Jackass for your listening pleasure!

In this wide-ranging conversation, The Jackass and I discuss:

  • the U.S. election results
  • the roiling global markets post-election
  • what the turmoil in the currency markets may suggest
  • how changes in global interest rates will impact the global economy and markets
  • the impact higher rates are having on hyper-levered balance sheets
  • AND MUCH, MUCH MORE.

Enjoy and Happy Thanksgiving to all!

TF


136 Comments

ancientone's picture

Numero uno

Happy Thanksgiving!

SquibLoad's picture

AG!

Happy Thanksgiving my Turdite brothers and sisters!

waxybilldupp's picture

Free range Jackass ...

Yummm!  Happy thanksgiving!

wax off

Dirt_Reynolds's picture

4th

Srry Marchas, I had to head out to get a freind. Happy Thanks Giving everyone.

#keepstacking

ChaCha Mars's picture

5th - Happy Thanksgiving, y'all!

After listening to Dr. Willie, here's a good follow up read tied directly to the economy: Ron Paul's suggestion about ED-EXITing from the US Dep't of Education.

How does this tie to the economy? With industry sent offshore in the 1960s, in most counties in America, the local school district is the largest employer and the largest budget. Anybody notice the preponderance of Taj Mahals? All those contractors unable to build factories, etc. needed jobs so of course where did they turn?

Consider this: While many conservatives have been trained by conservative think tanks to push for school "choice" -- the resulting charter schools are run by un-elected boards (therefore not accountable to taxpayers) spending public tax dollars. What clearer definition of socialism can there be? We can talk about Common Core another time.  Same for the Gulenist schools being the largest charter operator in the US.  (Anybody noticing the Chinese are following the Turks?)

Here's Dr. Paul's suggestion: "Parents and other concerned citizens should pressure Congress to finally shut down the Department of Education and return the money to American families. They also must pressure state governments and local school boards to reject federal mandates, even if it means forgoing federal funding." More here http://ronpaulinstitute.org/archives/featured-articles/2016/november/21/education-system-broken-let-s-try-ed-exit/

God bless all of you, and God bless our great constitutional republic --

Danforth Coxwell's picture

Now to listen to….

the "Jackass".

Many thanks Craig!

As a parting thought....No matter how bad things are going for you,  you are certainly doing better than the guest of honour for tonights supper! smiley

DOOGIE's picture

The. Mick

#7

Dr Jerome's picture

Been waiting for this one

Can't think of anything better to do while the turkey is cooking.

Also, I reposted pics on yesterday's article, hosted on Pintrest rather than Google. Hopefully, they display for everyone now.

NW VIEW's picture

Repost of Dr. P for Thanksgiving

Ah, I see

Submitted by Dr. P. Metals on November 24, 2016 - 10:16am.

Hat Tip!

7

More occult/illuminati/pagan/Masonic human hogwash, fabricated no doubt during an earthquake under a full blood moon right after an eclipse while standing on the 66th meridian facing east worshiping the sun as it rises making hand signs and gestures chanting koom-bay-ah.

I prefer the white of the spotless Lamb, who washes away the scarlet red sin of the world, for all who believe.

Use this fine Thanksgiving day instead to look up at the stars of heaven and give thanks to the Lord who created heaven and earth!

Use your brain man (and woman)!! Think about the so called educated ridiculous intellectual nonsense you have been taught about things like evolution. That there is no Lord and Creator. as if we somehow evolved from primordial goo or something by some stroke of luck. It runs completely at odds with ALL laws of entropy, thermodynamics and physics. Order is NOT created out of chaos, except by an outside Creator imparting design and energy into that thing.

I ask you, does your own house ever "clean itself up" if left all by Itself? No, it simply gets worse: messier, dirtier, more disorganized! You, as intelligence, outside of that house, must impart intelligence, design and energy to change it! But hey, maybe if you wait long enough, by luck, it will simply clean itself up one instant and get "orderly".

Take back your intellect this very day from the ridiculous brainwashing you have been given and the occult superstitions myths and utter rubbish that is so widespread.

Claim your victory today in Christ, the spotless lamb! Choose white.

Edit: I'd like to add. You all are on this forum because you clearly see the deception thats been done on the masses financially. Yet it amazes me, most here fail to see that  the VERY SAME people have ALSO deceived you in matters of education, science, and so-called "religion" to also pursue THEIR own agenda. Please wake up from your sleep. You can do so, you've proven it, by being here and awaking from the financial sleep and deception already! Now do the same to their other brainwashing.

cashonly's picture

Thanks for the TG Jackass!!!

after consuming the jackass here's a little dessert reading:

Understanding Elections, Gold & The US Dollar Via Market Manipulation

http://averybgoodman.com/myblog/2016/11/22/making-sense-of-elections-the-future-of-gold-us-dollar-through-manipulation-theory/

infometron's picture

Mmmm, fresh jackass!

Anyone else also feeling like a little Charlie Brown?

A very happy thanksgiving to one and all!

billhilly's picture

You know....

...if I am ever having a bad day all I have to do to break a smile is look at this picture !

s1lverbullet's picture

Comes Gold OI

Down 21k on Tuesday and another 34k yesterday!!

canary's picture

Not Happy Thanksgiving to

CFTC, SEC, PPT, JPM, BIS and Benoit (they care less), FED, ECB, BOJ, Goldman, HSBC, Scotia and other bullion banks, LBMA, Comex, Wall Street, Current U.S. president for ignoring this crime, and the to the future president for most likely ignoring it as well. 

Happy Thanksgiving to my wee doggies instead.   It's snowing. Let's go for a walk.

chocolatechiphorses's picture

Mike Maloney

5 minute video

s1lverbullet's picture

Yen

pushing 113.33. Wow!!

Turd Ferguson's picture

Yes, and if this continues...

MODERATOR

This will surely lead to even more pain during the short Comex session tomorrow. Be warned!

Response to: Yen
tvend's picture

SGE gold price

I found this page, thought it was interesting. Physical premiums up, but even CNY price down. 

http://goldprice.org/shanghai-gold-exchange-gold-price

Asian prices coming down to meet US prices, which is what happened last time there was a discrep.  Now using a US holiday to accomplish this.

http://didthesystemcollapse.com/

Is this forced dollar strength happening to PREVENT a Fed rate hike?

Markedtofuture's picture

India just made a big mistake with its currency ban

By Lawrence H. Summers and Natasha Sarin November 22

India's Prime Minister Narendra Modi announced on Nov. 8 that 500 and 1,000 rupee ($7.50, $15) bills — 85 percent of the cash in circulation — would cease to be legal tender in a crackdown on fraud and tax evasion. (Agence France-Presse via Getty Images)

One of us (Larry) has long advocated the abolition of the $100 note in the U.S. context and the 500 euro note (a.k.a. the bin Laden) in the European context. We assumed the next step after the European Central Bank’s announcement that the 500 euro note would be phased out would be discussion of the $100 bill and of the particularly pernicious 1,000 Swiss franc note.

Like everyone else, we were surprised by the dramatic action taken by Indian Prime Minister Narendra Modi to demonetize the existing 500 and 1,000 rupee notes. This is by far the most sweeping change in currency policy that has occurred anywhere in the world in decades.

First, it affects notes that are in widespread use, being valued at $7.34 and $14.68, respectively. While it might be argued that because India is much poorer than the United States, $15 in India is equivalent to $100 in the United States, the reality is that most Americans in the top 1 percent of the income distribution do not handle $100 bills on even a weekly basis, whereas 500 rupee notes are very widely used in India.

Second, and more fundamental, actions like those taken by the ECB or those proposed for the United States end the creation of new high-denomination notes. They do not contemplate declaring what has been legal tender to no longer be legal tender essentially overnight. It is the imminent prospect of notes currently held becoming worthless that has created such alarm and disruption in India. Small and medium-size merchants have seen their shops (which transact mostly in cash) deserted, and ordinary Indian citizens have spent the past week in line outside banks hoping to be able to exchange their cash holdings for legal tender.

Millions rush to cash in large notes at Indian banks Embed Share Play Video1:40

As banks reopen across India, millions rush to cash in their 500 and 1000 rupee notes, which were unexpectedly withdrawn on Thursday in a clampdown on tax evasion and funding militants. (Reuters)

We recognize that many of those who hold large quantities of cash in India have come by their wealth in corrupt or illegal ways. So, the temptation to expropriate is understandable. After all, as the argument goes, anyone who came by their wealth legally has nothing to fear from coming forward and exchanging old notes for new ones.

Most free societies would rather let several criminals go free than convict an innocent man. In the same way, for the government to expropriate from even a few innocent victims who, for one reason or another, do not manage to convert their money is highly problematic. Moreover, the definition of what is illegal or corrupt is open to debate given commercial practices that have prevailed in India for a long time.

There are also questions of equity and efficacy. We strongly suspect that those with the largest amount of ill- gotten gain do not hold their wealth in cash but instead have long since converted it into foreign exchange, gold, bitcoin or some other store of value. So it is petty fortunes, not the hugest and most problematic ones, that are being targeted.

Without new measures to combat corruption, we doubt that this currency reform will have lasting benefits. Corruption will continue albeit with slightly different arrangements.

What do millennials really care about?

A revealing survey of the generation that could swing the vote in this election.

On balance, nothing in the Indian experience gives us pause in recommending that no more large notes be created in the United States, Europe, and around the world. We were not enthusiastic previously about the idea of withdrawing existing notes from circulation because we judged the costs to exceed the benefits. The ongoing chaos in India and the resulting loss of trust in government fortify us in this judgment.

https://www.washingtonpost.com/news/wonk/wp/2016/11/22/india-just-made-a-big-mistake-with-its-currency-ban/

Marchas45's picture

Well I've Been Outside

Working My Wee Tush Off preparing For Winter. Now To Sit Down with A Nice Cuppa And A Freshly Made Mince Pie And Listen To The Loud One. Keep Stacking

O! and Happy Thanksgiving

Boing_Snap's picture

SGE gold price

Been doing some research on the SGE, this monthly report page has trading volume reports, last was for Oct. The SGE trading volume is about 20% of the Comex, when they expand delivery points my guess would be that volumes will increase, and the arbs will be able to make their trades.

http://www.en.sge.com.cn/datas/data-hilights---monthly-report/

October report

http://www.en.sge.com.cn/upload/resources/file/2016/11/11/33618.pdf

Cheers,

Now set, 49, blue, 50,,,,,hike!!!

Dr. P. Metals's picture

Miners

follow-up to yesterday. holter seems to think that miners will switch to only sell at SGE prices after the arbitrage reaches a certain (unspecified) point. I suppose that's a theory. Doesn't prevent huge miner share pain until that happens though.

Marchas45's picture

After 30 Or So Minutes

I gave up listening, sorry I thought it was the worst ever. Keep Stacking

ratioarbitrage's picture

@ boing snap

Koos Jansen seems to have spent half his life looking at SGE and related issues. This might be a starting point:

https://www.bullionstar.com/blogs/koos-jansen/comex-deliveries-vs-sge-withdrawals/

Short answer: the obvious comparisons are worthless: apples vs oranges. You can't just trade paper on the SGE as you do on the Comex so you can't compare trading volumes; SGE withdrawals are rare so you can't compare them to Comex deliveries which are obstructed (!) and the jurisdiction is completely different (just for starters, no gold leaves China).

His piece on ZH posted today compares the relative pricing of (India + China) vs (UK + USA) and concludes that (UK + USA) still has approximately twice the pricing power.

None of that stops an actionable arb from moving metal. The tiniest exchange in the world offering 10% over spot for gold would attract metal until the arb was gone.

Dr. P. Metals's picture

@radio

how is it explained how the SGE seems to follow pretty closely the paper price takedowns from the west? Or is that impression false, but I seem to recall many many instances of that happening?

BillD's picture

Trump at 306 electorial votes now

NUGTCALL's picture

Yen

And what would stop it, it is going to 120, hell Kyle Bass thinks its going to >200 when all said and done. These cats Drunkenmiller and Bass are some smart cats.

pbfurn's picture

Denver Dave Kranzler's latest....

C1's picture

Jackass

Charlie:

You should go back and listen to the last 20 minutes or so. Sometimes the treasures are buried deep.

Best wishes to you.

C1

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