Guest Post: JAWS and Loss Aversion by "Pining4TheFjords"

201
Wed, Jun 26, 2013 - 12:17am

Why the movie Jaws offers significant insight into preparing for the end of the Keynesian experiment. And no, I’m not kidding.

I have to admit the movie JAWS is a weakness of mine. Whenever I am channel surfing, trying to find something not entirely odious to watch and I see those four magic letters I am – pun intended – hooked. It never gets old watching the sleepy New England resort town of Amity be terrorized by a giant predatory shark! I still find the movie as compelling as I did when I saw it for the first time as a nine year old, whose parents accidentally took him to see his first “horror” movie. Turns out, I’m not alone in loving this film. JAWS became the first movie to record 100 million dollars at the box office, the first to take in 100 million in rentals, and was the highest grossing film of all time until it was supplanted by Star Wars. Adjusted for inflation, Jaws has earned almost $2 billion worldwide. All of which is truly incredible, given that the whole story was built around fear of a giant shark, and in this movie the shark itself was a rubbery, mechanical joke that looked entirely fake in almost every scene in which it appears.

So why the popularity? Why has it stood the test of time and is still eminently re-watchable? Why is this unquestionably a great movie? First and foremost, it is just plain good entertainment- Spielberg strikes a perfect story-telling note by crafting moods, developing a plot, and pacing the action masterfully. But films that are truly great do far more than just entertain us; at their very best, they provide genuine insight into the human condition and allow us to glimpse, as if passing a mirror on a city street, a reflection of ourselves. Jaws does this brilliantly.

The three major figures of the movie are well known, and all three roles were beautifully portrayed in the film. The role of “decent man who faces his fears and redeems himself” Chief Brody was played in solid but genuine fashion by Roy Schieder. The audience knows from the start that he is a good man and we believe that the chief will ultimately do the right thing, even when the aquaphobic Brody shrinks from his first encounter with the shark, retreating into the shelter of Quint’s cabin pleading “You’re gonna need a bigger boat”. Brody, however, is pretty standard cinematic fare- Mr. Smith goes sharking.

Richard Dreyfus played Mr. Hooper, a young scientist and shark expert. The Hooper character has been described as emblematic of “modern, technological man” in some reviews of the film, while others claim he is the younger half of a classic odd couple / buddy film relationship with ship captain Quint. Regardless, his character development is also fairly typical, the “plucky youngster who earns the respect of the old veteran” found in everything from sports movies to war films.

Ship Captain and shark-hunter Quint was played in a tour de force performance by veteran actor Robert Shaw. The character was such an overt reference to Melville’s Captain Ahab that Director Steven Spielberg wanted to include a scene of Quint sitting in a theater watching Moby Dick and laughing so raucously and inappropriately that patrons around him got up and left. Unable to secure the rights from Gregory Peck to show even a short cut of Moby Dick, Spielberg was forced to give up on the scene, though the idea persisted and was eventually used in the movie Cape Fear. Despite the power of Shaw’s portrayal and the intensity of the character, Quint is an archetypal figure dating back to the ancient Greeks- the driven hero whose intensity turns to obsession, and ultimately self-destruction. Like Ahab, Quint is dragged beneath the waves by the thing he both hates and loves most.

But of all the outstanding performances, taut suspense and gripping action of Jaws, do you know what haunts me the most about that film? It’s certainly not the rubber Carcharadon Carcharius. It’s not Brody having to shark-hunt from a small boat despite his fear of the water, nor Hooper climbing into an aluminum shark cage with a three ton monster just waiting to rip it to shreds. It’s not even Quint slamming the throttle of his crippled engine full ahead in a maniacal act of self-destruction. No, the most haunting and frankly disturbing aspect of this movie is the pitch-perfect performance of Murray Hamilton as Larry Vaughn, the Mayor of Amity.

Why, yes- the blue “sea anchor” blazer is indeed frightening. Haunting, even. But examine this character more closely, scrutinize his actions and motivations, and you will see something truly worth realizing and internalizing; Mayor Vaughn is a perfect blueprint of how our leaders will act during the End of the Great Keynesian Experiment. He provides us with a veritable roadmap demonstrating exactly what we can expect in the near future, and indeed how some of our leaders are reacting at this very moment, to the great unwinding of the debt-based economy and governmental structure.

To understand Vaughn, and the politicians who are going to be making the decisions that will affect our wealth, safety, and freedom through possibly the biggest unwinding of bad debt and mal-investment in the history of economics, the crucial ideas to understand are the psychological principles of “Prospect Theory” and its constituent part, “Loss Aversion”. Prospect theory is a behavioral economic theory that describes the way people choose between alternatives that involve risk. The theory states that people make decisions based on the potential value of losses and gains rather than the probability of final outcome, and that people evaluate these losses and gains using certain heuristics. Loss Aversion is the finding that people tend to be risk-averse for gains but simultaneously to be risk-acceptant for losses. To put it simply, gaining ten dollars gratifies us far less than losing ten dollars will upset us. Additionally, people will risk far more in order not to lose ten dollars than we would to possibly gain ten dollars. Rationally, it seems nuts, right? But it is thoroughly well research and has been proven true in experiment after experiment.

What this means is that, when it comes to assessing risk in relation to potential gains, people tend to be fairly conservative and will generally take on only those risks that are commensurate, and make sense in light of, the potential gains. But what is strange, and in the context of this discussion is actually quite frightening, is that people will engage in FAR riskier behavior in service of the goal of avoiding losses, often to a degree that seems to make no rational sense.

Let’s talk about some examples. It is a well-known that the final race at any race track will be see the heaviest betting of the entire day. This is not because people suddenly have an insight into the field, it is because by that point most people betting at the track that day have incurred substantial losses, and rather than simply accept their losses and go home, they are willing to bet an inordinately heavy amount on the final race in hopes of avoiding the finality of having to book their losses by going home. They are willing to wager (risk) more than they normally would to avoid losses, even if this rationally makes no sense at all! Traders, at least beginning traders, often make the exact same mistake in the markets- rather than book losses and get out of a losing trade, they irrationally hold a deteriorating position (because if you don’t sell, the losses aren’t made “real”) or they even double down on what has been a poorly performing investment, making a riskier bet in the hopes of a big comeback to avoid their losses.

This is classic Loss-Aversion, and it is deeply hardwired into the human psyche. Studies have shown that when people are presented with two versions of the exact same problem, they are willing to take far greater risks when the problem is phrased as “avoiding losses” than when it is phrased in terms of” potential gains”. Keep this principle in mind, and let’s take a good, hard look at Mayor Larry Vaughn and see what we can learn.

For those who haven’t seen the movie but have somehow managed to crawl out from beneath their rock long enough to locate a computer and read this blog (a rather unlikely prospect, I’ll grant you) here’s the gist: a pretty young lass is skinny-dipping at night near the resort town of Amity, Mass. and gets torn to shreds by a huge shark. A few bits and pieces wash up on shore and the horrifying prospect of this happening to someone else prompts the local Sheriff (Brody) to have a talk with the mayor about closing the beaches until something can be done, which seems a very reasonable course of action under the circumstances. The mayor, however, steadfastly refuses and in doing so gives us our first key insight: Leaders benefit most from the status quo, and will perceive that its preservation is of enormous importance, all out of proportion to its true value. They therefore cannot rationally assess the real cost of maintaining the status quo.

What could possibly be worse than a young girl being mutilated and dying a horrible death? Well mayor Vaughn seems to think that closing the beaches and losing tourist dollars would be worse. Is he a monster? Absolutely not- in fact, he sees himself as behaving in a manner entirely consistent with his duty as he sees it; protecting and defending the prosperity of Amity. “I'm only trying to say that Amity is a summer town. We need summer dollars. Now, if the people can't swim here, they'll be glad to swim at the beaches of Cape Cod, the Hamptons, Long Island...”. It’s not that the mayor wants anyone to be killed, it’s just that that threat doesn’t seem as ‘real’ to him as the economic costs (losses) of closing the beaches. Loss aversion.

We have already seen numerous examples of this type of ‘Mayor Vaughn’ behavior in the maintenance of the public and private debt Ponzi. One could cite George W. Bush reacting to the financial crisis of 2008 by approving massive government bailouts of the banking sector, and defending what can only be described as the ushering in of a truly Fascist/Socialist monetary regime by saying “I had to abandon free-market principles in order to save the free-market”. One could argue that the entire TARP bailout, followed by QE1, QE2, QE lite, QE3, ZIRP, and QE infinity have all been examples of risky strategy and “doubling down” to preserve the status quo- i.e., to prevent incurring losses just as Prospect Theory predicts. Regardless, the bottom line is that the more an individual owes their status/position/wealth to the current system, the more irrational they will be about trying to save it, regardless of the costs involved. Think about who is and will be deciding what to do, what strategies to pursue, and what actions to take as the great debt Ponzi unwinds. Do you think they will be rational about costs/benefits of saving the current system? Think again.

Additionally, back in 1975 Mayor Vaughn foreshadowed modern MOPE- Management Of Perception Economics. To Vaughn, and countless politicians like him, public perception is reality. Vaughn is an exemplar nonpareil of the ability to dissemble, to rationalize his actions, and to put an almost pathologically positive public spin on the situation. Notice, for example, that when Chief Brody wants to shut down the beaches and prevent anyone else from becoming shark food, Vaughn manages to portray his own position (exposing the public to great danger) of keeping the beaches open as the rational, responsible thing to do. He says “Martin, it's all psychological. You yell “Barracuda!” everybody says, "Huh? What?" But you yell “Shark!”… and we've got a panic on our hands on the Fourth of July!” It is easy to hear shades of Mayor Vaughn in the public pronouncements of numerous Fed lackeys post-2008 about the importance of “calming investors” (we wouldn’t want a panic on our hands) and “backstopping” the markets, “supporting asset prices”, the Bernanke Put guaranteeing stocks will never go down, etc. Never mind that people might be entirely rational to avoid or want to wind-down risky investments. Never mind that by managing perception you are both distorting the clearest signal of risk – the cost of borrowing – that exists, but you are also deliberately tricking people into risky behavior by encouraging them to deploy their hard-eared capital in ways they might not otherwise do if they understood the true dangers… but apparently the IMPORTANT thing is to reassure the public that everything is fine. Isn’t it? Thus, lesson number two: Count on being given distorted, incomplete, or deliberately misleading information at every turn, and when it comes to the true dangers and actual risks to you, count on being lied to.

In the movie, the shark kills a second victim whose mother then offers a bounty to anyone that can kill the shark. This sets off a wild amateur fishing spree culminating in a shark (that is obviously not the killer) being caught. Mayor Vaughn, of course, pounces on this opportunity (and again is the pitch-perfect model for our current leaders) mixing truths, half-truths, and outright lies into the most comforting story he could possibly tell to the public:

[to reporter] I'm pleased and happy to repeat the news that we have, in fact, caught and killed a large predator that supposedly injured some bathers. But, as you see, it's a beautiful day, the beaches are open and people are having a wonderful time. Amity, as you know, means "friendship". Sounds strangely like a Janet Yellen interview on CNBC, doesn’t it? Liquidity, as you know Maria, means prosperity.

And the parallels just keep coming! How does the mayor deal with the multiple deaths and mounting evidence that he has a catastrophe on his hands? This is lesson number 3: As the crisis deepens, leaders will engage in ever riskier behaviors including the aggressive denial of the obvious danger of the situation, and will attack those pointing out the danger, accusing them of acting in bad faith.

Hooper: Mr. Vaughn, what we are dealing with here is a perfect engine, an eating machine. It's really a miracle of evolution. All this machine does is swim and eat and make little sharks, and that's all. Now, why don't you take a long, close look at this sign [refers to the graffitied billboard] Those proportions are correct.
Mayor Vaughn: Love to prove that, wouldn't ya? Get your name into the National Geographic?

For good measure, Vaughn steadfastly refuses to own the consequences of his choice to desperately clinging to the status quo, shifting the responsibility for making good on his dangerous gamble to others, declaring “You boys do what you need to do to keep people safe, but these beaches will remain open… it’s gonna be our best 4th of July ever!” Sounds just like the glorious ‘Summer of Recovery’ of 2010!

In the film, the danger from the killer shark that Mayor Vaughn worked so assiduously to ignore finally hits home, of course. Both Vaughn’s and Brody’s sons are in a small sailboat when the shark kills an adult boater within feet of them. This, you expect, is the moment when Vaughn finally comes to terms with the true enormity of his misguided actions; the moment when he realizes that he has been risking people’s lives for a few extra tourist dollars and it nearly cost him his own son. Yet even when the disaster and danger is obvious and touches his family directly, even when he is a shaken, mumbling idiot whose son was almost killed… he must be almost manhandled by Brody into signing the hunting order to close the beaches and kill the shark.

This is the final, and most important thing we can learn from the good mayor: The defenders of the status quo are psychologically incapable of changing their mindset even when the dangers of their course are undeniable- they will engage in riskier and riskier behavior regardess of the costs, until disaster leaves them no other choice.

* * *

We live in a world where misguided economists, venal politicians, and a culpable, grasping public have all conspired to construct an economy and indeed a society predicated on the status quo of unlimited debt creation. The creation of value (goods, services, technologies) has been superseded and largely replaced by the creation of currency. It is a simple fact of mathematics that this status quo cannot endure permanently, and prudent individuals are planning today for the inevitable changes that are coming tomorrow. In formulating a strategy for surviving and possibly even thriving in such a situation, it will be crucial to understand exactly how our leaders will react during the inevitable crisis. Prospect Theory and Loss Aversion give us well-researched signposts and predictions, but on a more human level I think Mayor Vaughn shows us exactly how we can expect our leaders to react to the great unwinding of the public and private debt Ponzi- i.e., the status quo. It isn’t a pretty picture:

1. Leaders benefit most from the status quo, and will perceive that its preservation is of enormous importance, all out of proportion to its true value. They therefore cannot rationally assess the real cost of maintaining the status quo.

2. Count on being given distorted, incomplete, or deliberately misleading information at every turn, and when it comes to the true dangers and actual risks to you, count on being lied to.

3. As the crisis deepens, leaders will engage in ever riskier behaviors including aggressive denial of the obvious danger of the situation, and will attack those pointing out the danger, accusing them of acting in bad faith.

4. Leaders will shift the responsibility for making good on their dangerous gamble to others

5. The defenders of the status quo are psychologically incapable of changing their mindset even when the dangers of their course are undeniable- they will engage in riskier and riskier behavior regardless of the costs, until disaster leaves them no other choice.

As the man said: PREPARE ACCORDINGLY.

About the Author

  201 Comments


Jun 26, 2013 - 5:51pm

Of course we can win

just a question of what game you are playing.

Against who's wall is your ladder leaning? is always a key question.

murphy
Jun 26, 2013 - 5:52pm

Another good one from Grant Williams

Pardon if it's been posted prior but no time to catch up. Rather than watch the daily carnage I decided to do something positive and work on my golf game. There's an old saying I like,

When the going gets tough, the tough go on vacation.

In this article he touches on a couple of things both Laverne and Bollocks as well as others have mentioned recently

@Laverne- you mentioned lighting the fuse. He uses a definition for

Taper: ta■per:

v. a) to gradually decrease, as in action or force

b) to grow gradually lean

Taper: ta■per:

n. a long, waxed wick used especially for lighting fires

@ Bollocks- I can't recall who your conversation was with regarding the Kings English. I enjoyed it. Grant included this quote.

"If it were done when 'tis done, then 'twere well

It were done quickly."

– William Shakespeare, Macbeth: Act I, Scene VII

Contents

THINGS THAT MAKE YOU GO HMMM...

WORDS THAT MAKE YOU GO HMMM...

AND FINALLY

Things That Make You Go Hmmm...

(Wikipedia): Call My Bluff was a long-running British game show between two teams of three celebrity contestants. The point of the game is for the teams to take it in turn to provide three definitions of an obscure word, only one of which is correct. The other team then has to guess which is the correct definition, the other two being "bluffs".

Among the first things we learn in school are the rules of grammar — the building blocks of proper communication which underpin the English language.

Among the first things we forget when we leave school are the rules of grammar — the infuriating and extremely irritating rules rendered completely unnecessary in a world in which texting seems to be the most popular form of communication and where most sentiments can be adequately conveyed by acronyms, abbreviations, and the ubiquitous emoticon.

Source: Explosm.net

It's amusing therefore to watch as "the market" (a collective expression of the grammatical competence of billions around the world) tries to dissect every utterance made by the likes of the Federal Open Market Committee, which itself spends an inordinate amount of time structuring its prose so as to convey, via the most intricate inflection imaginable, exactly what it intends to do.

https://www.mauldineconomics.com/ttmygh/call-my-bluff

DeaconBenjamin ag1969
Jun 26, 2013 - 6:14pm

Wife's support

After we got through the 90's, when any purchases seemed to be throwing good money after bad, we haven't had any problems over putting savings in PMs.

DeaconBenjamin
Jun 26, 2013 - 6:17pm

Update on Silver Numismatic Product Pricing

Posted by Mint News Blog | Filed Under: US Mint

As a follow up to yesterday’s post, the United States Mint has provided a statement regarding the pricing for silver numismatic products. The statement also specifically addresses the delay in releasing the 2012-P Great Basin National Park Five Ounce Silver Uncirculated Coin, which was previously scheduled for release this week.

While a pricing change for silver products is not confirmed, the US Mint indicates that one is being considered. The determining factor will likely be whether there is any significant movement in the market price of silver in the next week or two that it will take to publish notice of a pricing change. In the past, there have been some situations where product sales were suspended pending a pricing change, but resumed without a change after metals prices moved in the opposite direction.

The full statement from the US Mint is as follows:

Due to the recent decrease in the price of silver, the United States Mint is considering lowering prices on several silver coin products. As a result, we have postponed the launch of the 2013 America the Beautiful Five Ounce Silver Uncirculated Coin for Great Basin National Park that was scheduled to go on sale June 27. The new prices will go into effect after being published in the Federal Register and after a new on-sale date has been determined.

https://mintnewsblog.com/2013/06/update-on-silver-numismatic-product-pri...

foggyroad
Jun 26, 2013 - 6:19pm

Strange how I was reading DirkDicklers Post..

_______________________________________________________________________________

A classic example

Submitted by DirkDirkler on June 26, 2013 - 2:46pm. "Blah Blah" etc. __________________________________________________________________________________________ ..and while reading Mr. NaNa da Boo Boo's I told ya so's, latest monumental effort, I thought to myself what a dipshit, and inadvertently clicked the hat tip button at same time. Believe me, it was an involuntary muscle spasm, and I hereby revoke it. 3-1 =2
jmcadg Lamenting Laverne
Jun 26, 2013 - 6:26pm

$9.43 silver TODAY

@Lamenting_Laver:

Here you go brother. Love to know your's or anyone else's thoughts.

Can't believe no one saw this!

foggyroad
Jun 26, 2013 - 6:32pm

Most importantly..

I wanted to post Kudos to P4, "Jaws", there is a Blast from the past.

P4 = Talent.

Genius, Genius I say!

[ "we're lazy, no we're resting"]

Hmm.. very parrot like..

Thank You.

https://www.youtube.com/watch?v=Zvl9N9GdraQ&feature=player_embedded#at=12

RaRaRasputin
Jun 26, 2013 - 6:37pm

Pining

To add to the accolades let me say that that was a gift to Turdtown as your post weaved a great film story through our current dilemma and masterfully so!

Reminds me of an old beer strapline here in the UK for Carlsberg 'probably the best lager in the world'

You sir are 'probably the best dead parrot in the world' ;)

Hammer
Jun 26, 2013 - 6:38pm

Background material Three

Background material

Three years of „Greek bail-out“: 77% went into the financial sector

https://www.attac.at/uploads/media/backgroundmaterial_bailout_english.pdf

Bollocks
Jun 26, 2013 - 6:41pm

Snowden

Greenwald: Snowden’s Files Are Out There if ‘Anything Happens’ to Him' by Eli Lake Jun 25, 2013 1:36 PM EDT

Snowden has shared encoded copies of all the documents he took so that they won’t disappear if he does, Glenn Greenwald tells Eli Lake.

As the U.S. government presses Moscow to extradite former National Security Agency contractor Edward Snowden, America’s most wanted leaker has a plan B. The former NSA systems administrator has already given encoded files containing an archive of the secrets he lifted from his old employer to several people. If anything happens to Snowden, the files will be unlocked.

Glenn Greenwald, the Guardian journalist who Snowden first contacted in February, told The Daily Beast on Tuesday that Snowden “has taken extreme precautions to make sure many different people around the world have these archives to insure the stories will inevitably be published.” Greenwald added that the people in possession of these files “cannot access them yet because they are highly encrypted and they do not have the passwords.” But, Greenwald said, “if anything happens at all to Edward Snowden, he told me he has arranged for them to get access to the full archives.”

The fact that Snowden has made digital copies of the documents he accessed while working at the NSA poses a new challenge to the U.S. intelligence community that has scrambled in recent days to recover them and assess the full damage of the breach. Even if U.S. authorities catch up with Snowden and the four classified laptops the Guardian reported he brought with him to Hong Kong the secrets Snowden hopes to expose will still likely be published.


More: https://www.thedailybeast.com/articles/2013/06/25/greenwald-snowden-s-fi...

Hammer
Jun 26, 2013 - 6:43pm

Who'd be an investor or an

Who'd be an investor or an Indian trying to change money right now. Rupee getting smashed. They are basically just copying Japan.........

Source: Investing.com

Hammer
Jun 26, 2013 - 6:47pm

US Student loan graphics...

Please click the link. Taking too long to adjust picture right now :)

https://s3.amazonaws.com/static.democracyforamerica.com/public/asset/fil...

¤
Jun 26, 2013 - 6:58pm

Classic P4

"...the blue “sea anchor” blazer is indeed frightening."

Captain Quint was my favorite character in that movie by far.

Nicely done article P4, you have a way with words that paints a clear and unique outlook.

Still Life with Parrot

by Pieter de Ring

The various elements of this still life may carry symbolic meanings: the laurel wreath round the glass on the left may imply praise of wine, the lobster and nautilus cup may contrast instability and steadfastness, the partly cut melon may indicate moderation and the parrot the praise of God. The cluttered composition of the painting is typical of De Ring’s work.

The work had entered the Collection by 1871 and was later listed in the 1890 Hertford House inventory under an erroneous attribution to De Heem.

Bollocks
Jun 26, 2013 - 7:04pm

Bollocks is for Sale.

Ok all you Trolls, could you please let whoever's paying you that forthwith I'm offering my services as a Troll.

Note that I'm on the leader-board so this is a MAGNIFICENT opportunity for putting YOUR message across with REAL authority.

My services and charges are as follows (prices are per post):

Anti-silver: $50
Anti-gold: $50
Anti-silver AND gold: $80
Pumping the virtues of Fiat currency: $100
Praising Bernanke and the Fed: $200
Praising the strength of the economy: $300
Government adulation post (any department): $500
Bank or Banker-positive post: $1000
Bank and Banker-positive post: $1500

ALL of the above in a single post: just $2500*

Cash only please. PM me.

*This is the by far the best value. I will include up to five FREE re-posts. This is a LIMITED offer - please apply by Friday 28th.

Thank you.

DeaconBenjamin Hammer
Jun 26, 2013 - 7:07pm

Where can you go with your rupees?

Gold Bars & Coin Sales Suspended by India's Jewelry Sector Tuesday, 6/25/2013 17:26 Struggling jewelry sector agrees to stop selling gold bars and coins until India's trade balance improves... GOLD DEALERS in India – the world's heaviest gold-buying nation – are being asked to suspend sales of gold bars and coins by a major trade association. The All India Gems & Jewellery Trade Federation told journalists Monday that it will ask its 42,000 member companies to stop selling investment gold units until India's trade deficit has stabilized. Private demand for gold bars and coin has grown over the last 5 years from 28% to more than 36% of the country's annual total, according to data from market-development organization the World Gold Council. While still more popular thanks to wedding gifts and festival purchases, gold jewelry typically sells at much higher mark-ups than bar and coin gold investment units. https://goldnews.bullionvault.com/gold-bars-062520132


Jun 26, 2013 - 7:09pm

@Byzantium re: UK balance of trade in silver

Trade balance for silver in troy ounces and GBP, based on monthly average London Fix:

Cumulative deficit (actually, massive SURPLUS) in troy ounces and GBP

April is the most current data I could find on the Office for National Statistics site. Could of course be coincidental, but the report shows silver EXPORTS for April 2013 not seem since Jan 2012 and Oct 2011. Hmmm.... If I had more time, I'd play a bit with the rate of change in exports & silver spot.

Suggestions welcome. The raw data file of all data (not just silver, but all international trade in the UK) since 1998 available at the link here.

Fat Willie
Jun 26, 2013 - 7:10pm

Bollocks

I like your style. Maybe they can pay you in gold/silver instead, since they think it sucks so bad. I am sure a nifty post would be worth LOTS of shiny for you from those slimy MFers.


Jun 26, 2013 - 7:17pm

Bollocks, I have been meaning to say, ever since you

appeared on the leader board, that I have always known you were a woman. Just putting it out there.

ancientmoney Fat Willie
Jun 26, 2013 - 7:21pm

@Bollocks re: Troll fees . . .

I will undercut you by selling a futures contract for the same offerings you gave, but at 1/100th of your fees.

Troll-longs: just don't expect to actually receive any written posts.

Bollocks
Jun 26, 2013 - 7:21pm

Fat Willie

Good point, but no worries - I shall swiftly convert fiat-crap received into gold and silver, thus handing that shit straight back to it's producers.

Muhahahahaaaa!

Bollocks
Jun 26, 2013 - 7:25pm

Xty

I'm a woman? Huh? Where did that come from?

I've just checked inside my pants. No, not a woman.

Although, maybe not man either - what the hell is THAT. Now I'm worried.


Jun 26, 2013 - 7:29pm

Oh sorry

I thought it was some sort of rite of passage when you made it onto the leader board. Once I found myself so honoured an astonishing assortment of suggestions have been made, including that I am a man posing as a woman. It was a bad attempt at humour, not my first, and undoubtedly not my last.

Istack
Jun 26, 2013 - 7:30pm
ancientmoney Bollocks
Jun 26, 2013 - 7:34pm

@Bollocks . . .

"Although, maybe not man either - what the hell is THAT."

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

Equine?

Urban Roman
Jun 26, 2013 - 7:34pm

Bollocks

Are your trolling services subject to the VAT?

The revenoo service might want to know..

Lamenting Laverne
Jun 26, 2013 - 7:38pm

@ jmcadg

Sorry for the delay - I lost the editor for a while.

It is very difficult to see, but that sure looks like 9,449 to me. So now we have had the first flash crash in the PMs it seems. It doesn't feature in my platform. Maybe the same in many other platforms, and hence the reason no one noticed.

Bollocks
Jun 26, 2013 - 7:39pm

Xty

Ah, I see. Ok, I'm a woman. And proud of it .

Mr. Fix
Jun 26, 2013 - 7:41pm

Geewhiz. Should I check my gender too?

Okay, I've been away from my computer for the past couple of days, listening to the radio at work which is nothing but BS. I can't take any more debate on gay marriage, that issue which I am profoundly uninterested in.

I've got some catching up to do, by my count, I've missed about 600 posts, but I have read the articles.

Turd is starting to sound more like me every day. Even the articles he posted, I've already read.

It's always nice to know people who are on the same page.

I've got a few hours of serious reading to do, the end of the great Keynesian experiment seems to be unfolding before our eyes, in an extraordinarily predictable manner.

Glad to be here.

maravich44 Bollocks
Jun 26, 2013 - 7:42pm

i have always considered..

that Bollocks&Xty might be the same entity. "i've changed my hairstyle so many times now; i don't know who i look like". https://www.youtube.com/watch?v=xzORu1dqEE0

benque
Jun 26, 2013 - 7:49pm

To add to Bollock's generous offer

I hereby offer to hat-tip Bollock's troll posts for a mere kilogram of 0.9999 pure silver per hat-tip.

When the walrus speaks, everybody listens. Can you hear the pin drop?

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6/14 10:00 ET Business Inventories

Key Economic Events Week of 6/3

6/4 All day Fed conference in Chicago
6/4 10:00 ET Factory Order
6/5 9:45 ET Markit Services PMI
6/5 10:00 ET ISM Services PMI
6/6 8:30 ET US Trace Deficit
6/7 8:30 ET BLSBS
6/7 10:00 ET Wholesale Inventories