Whatever

234
Fri, Apr 19, 2013 - 10:24am

I'm just generally tired, so I'm taking the day off. Here's an "open" thread.

If you haven't seen it yet, below is the CBC documentary, graciously supplied by "forwhomthetollbuilds". Very kind of him to take the time to record and upload. All three parts are below. Part III is the only one of real interest.

Obviously, the producers chose to exclude the information which I was hoping would finally begin to see the light of day. Thus the title of this post. I'll try to pick up my armor and rejoin the fight next week but, for now, I can't help but feel a bit dispirited.

Have a good day and try to remember to play nice, keeping in mind, of course, The Golden Rule.

TF

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StrongsidejediStrongsidejedi
Apr 20, 2013 - 12:27am

Speaking of Harvard screw ups

No offense to the Harvard alums, but the posting from BBC is hilarious reading.

I stand by my comments... an Ivy League tenure does not preclude error in judgment.

Kudos to the University of Mass Amherst econ department and Thomas Herndon!

"Ash and his colleague Prof Robert Pollin encouraged Herndon to continue the project and to write to the Harvard professors. After some correspondence, Reinhart and Rogoff provided Thomas with the actual working spreadsheet they'd used to obtain their results."

"Everyone says seeing is believing, but I almost didn't believe my eyes," he says.

"Thomas called his girlfriend over to check his eyes weren't deceiving him.

"But no, he was correct - he'd spotted a basic error in the spreadsheet. The Harvard professors had accidentally only included 15 of the 20 countries under analysis in their key calculation (of average GDP growth in countries with high public debt).

"Australia, Austria, Belgium, Canada and Denmark were missing."

"Oops."

"Herndon and his professors found other issues with Growth in a Time of Debt, which had an even bigger impact on the famous result. The first was the fact that for some countries, some data was missing altogether."

philipat
Apr 20, 2013 - 12:24am

@Fred Hayek

I don't think they give a shit what the "Ordinary people" think. They are either above the law (The Fed) or very confident that a captive Congress and Regulators will never hold them accountable.

Hammer
Apr 20, 2013 - 12:18am

This week, economists have

This week, economists have been astonished to find that a famous academic paper often used to make the case for austerity cuts contains major errors. Another surprise is that the mistakes, by two eminent Harvard professors, were spotted by a student.

Farcical if it wasn't so serious.

https://www.bbc.co.uk/news/magazine-22223190

Strongsidejedicliff 567
Apr 20, 2013 - 12:17am

hell hath no fury

Hmmm... the lady residents might smack me one, but hell hath no fury like a woman who has been ripped off...

And, let's face it gentlemen, those ladies often have more tact and elegance in demanding compliance from the bank than we do.

:)

At least they can say it while smiling.

Plus, let's face it... the Bernank is from an academic background. They can sometimes get too academic and miss the common sense.

Bugzy
Apr 20, 2013 - 12:12am

I believe the knock down was a sign of desperation too

They were actually doing the best thing they could to keep the cat in the bag...slow sideways grind forever.

Thing is, they were still running out of Gold and Silver. What to do with a Giffen good....hmmmm when the price goes UP folk pile in....so.... let's.....

Someone decided to scare the sheeple by snipping the red wire. The clock that was counting slowly down to zero , rather than stopping, just got a whole lot faster.

Judging by premiums, futures will end up standing for delivery. Next few weeks could see the clock at zero.

In my opinion.

cliff 567Fred Hayek
Apr 20, 2013 - 12:05am

I am from my mom who sounds like your mom

Bernanke and Dimon et al getting their asses kicked and thrown into the dustbin of history by a bunch of lower middle class moms. Did they really think they had so completely put it over on us?

Moms are quite brite when they care about the future of their family.

Fred Hayek
Apr 19, 2013 - 11:51pm

Are they really that oblivious to how others think?

Sometimes I find psychology to be a fascinating subject. The article by Antal Fekete that AncientMoney excerpts above talks about what a tremendous miscalculation Bernanke et al have made in thinking that they would cool the ardor for gold and silver by knocking down the price.

I wonder. Do he and the other jackasses calling the shots really so misunderstand everyone else? Did they really think that if they knocked down the price of gold and silver we would all react like it was Pets.com or Enron stock that had just taken a beating? Really?

One of the ironies of the gold and silver markets is that the equity market whores love to sneer that gold doesn't do anything. It doesn't have any intrinsic value. But gold and silver transcend time. Stocks, whether they're Pets.com or Apple will all eventually go to zero. There may be a dividend but though the process is attenuated for many stocks, it's still really a game of finding the bigger fool. Because it's going to zero. Whatever it is, it's going to zero. Gold and silver aren't.

Try to imagine a stock getting crapped on by all the powers of multiple great nation states for decades and still having value. Would GE or IBM be able to endure, to abide that treatment? Ha!

And whatever psychological conditioning Bernanke et al think they have accomplished in the U.S., did they think they'd done ANYthing in asia?

As a little kid, I would get dragged with my sister and my younger brother along with my mother on Saturdays as she went shopping. We were lower middle to middle class. We didn't have a lot of money. As agonizing as I found being forced to go along, I had to admit that Mom was a zen master of finding bargains. Mom could smell a sale 20 miles away. What's more, she could smell that this or that discount wasn't quiiiiiiiiiite the *real* sale, the best bargain price that was going to be offered.

And this is what oblivious, ivory tower, rich pampered assholes like Bernanke et al don't seem to have realized. Despite their efforts, entire cultures overseas and pockets of free thinking here realized that the official spot price was a ridiculous sale price these past couple months. But everyone has still been waiting for the *real* sale, and now it's come along and we're all jumping. I scrounged up some more dry powder to buy a little more. Mom would be proud if she really understood the whole context. I like to think of Bernanke and Dimon et al getting their asses kicked and thrown into the dustbin of history by a bunch of lower middle class moms. Did they really think they had so completely put it over on us?

StrongsidejediNana
Apr 19, 2013 - 8:04pm

Wholesaler premiums on silver skyrocket!

The wholesaler premiums on some of the Canadian mint's one ounce silver coins has skyrocketed to over $10 - $30 per coin!

These must be collectible and more limited production runs!

ASEs are completely out of the supply chain.

I was in the LCS as she took phone calls. The staff person is hoarse in their voice from talking so much.

Someone walked in and released 10 ounces of gold. As I standing there, half of the gold disappeared (about 1 hour of casual mall traffic).

Wow.

No silver... they were expecting a silver seller, but he didn't show up.

The buy is $1.25 over spot. The sell is $4.50 over spot!

I offered to sell at $2 over spot, but the LCS declined.

The other seller never showed.

He probably found a place at his price.

It's a sellers market now!

Strongsidejedibillhilly
Apr 19, 2013 - 7:58pm

@billhilly - if you are right...

@billhilly - if you are correct, the price action would stay surpressed over the next 10 days until end of the month for delivery.

If the Comex and LBMA vaults are getting tight on silver, then the silver price action would be down over the next ten days (so that the paper hanging liars can justify buying from the refiners at extremely low rates, and then they would fill the physical demands). Then, after May 1, the price action moves up maybe 10-15% as they start to chase the calls and stop them out of the market.

The Watchman
Apr 19, 2013 - 7:55pm

GLD Continues to be DRAINED-Another 9.93 Tonnes GONE

Total gold in trust

Tonnes1,123.06

Ounces36,107,452.35

Value US$50,731,338,293.05gl

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