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Sat, Jul 4, 2015 - 9:44am
Hammer
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Hahahahahahahah....ahahaha

Hahahahahahahah....ahahaha

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"I found a flaw in the model that I perceived is the critical functioning structure that defines how the world works." - Alan Greenspan, October 2008 WTF ! Now you tell us !!!
Sat, Jul 4, 2015 - 10:19am
Hammer
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Happy July 4th you crazy

Happy July 4th you crazy bastards !

3 reasons the American Revolution was a mistake

https://www.vox.com/2015/7/2/8884885/american-revolution-mistake

"I found a flaw in the model that I perceived is the critical functioning structure that defines how the world works." - Alan Greenspan, October 2008 WTF ! Now you tell us !!!
Sat, Jul 4, 2015 - 10:26am
Hammer
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Pa I blow my nose at you. I

Pa I blow my nose at you. I fart in your general direction

China brokerages pledge to buy $19.3 billion in shares to steady plunging market

https://ca.finance.yahoo.com/news/china-brokerages-pledge-buy-least-0751...

Monty python holy grail french son of a silly person blow my nose at you
"I found a flaw in the model that I perceived is the critical functioning structure that defines how the world works." - Alan Greenspan, October 2008 WTF ! Now you tell us !!!
Sat, Jul 4, 2015 - 10:43am
Hammer
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Follow through Danny Cox,

Follow through

Danny Cox, chartered financial planner at Hargreaves Lansdown, the wealth manager, criticised the move for punishing savers.

‘This is absolutely bonkers. Savers are already suffering rock-bottom interest rates, and now to add insult to injury the safety of that cash is being undermined,’ he said.

‘The popularity of both pensioner bonds and premium bonds demonstrates savers care as much about safety as they do about rates. Savers need to have the comfort of knowing they are protected in the event of a bank or building society collapse and a weakening of the statutory protections is unhelpful to say the least.’

https://citywire.co.uk/money/bonkers-bank-deposit-protection-cut-in-euro...

"I found a flaw in the model that I perceived is the critical functioning structure that defines how the world works." - Alan Greenspan, October 2008 WTF ! Now you tell us !!!
Sat, Jul 4, 2015 - 10:52am
DeaconBenjamin
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Interesting corroboration of Jim Willie

"In February 1941, the Morgan office in Rome was closed. Two weeks later, the irrepressible [Giovanni] Fummi ["the Morgan agent in Rome," p. 454] popped up in London to supervise a secret transfer of Vatican gold bullion stored in a basement room at Morgan Grenfell. Throughout the 1930s, the Vatican had bought the gold at the fixed price of $35 an ounce, never selling any. Fummi would discreetly refer to it as the 'special commodity.' For security reasons, the Vatican now decided to ship the gold to New York. The wartime transfer was carried out under the offical aegis of Lord Halifax, until recently Britain's foreign secretary. The gold ended up at the Federal Reserve Bank of New York. There it would dizzily appreciate in the postwar years."

The House of Morgan, Ron Chernow, p. 458.

Sat, Jul 4, 2015 - 11:33am
Hammer
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Why ?

do Yanks get so defensive when challenged ? Never used to be that way. Hmmmmmmmmm.....

"I found a flaw in the model that I perceived is the critical functioning structure that defines how the world works." - Alan Greenspan, October 2008 WTF ! Now you tell us !!!
Sun, Jul 5, 2015 - 12:18am
Hammer
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As Armstrong pointed out

As Armstrong pointed out recently, Greece is just like Scotland. the divide is between the older generation who will vote a resounding "yes" in order to save their pensions (at the expense of future generations (and the current youth), whilst the youth will vote "no" as they have been thrown under the bus for a few decades.

Take a look at the demographics of Greece to find your answer.

20% (one fifth) of the population are already over 65 years old.

66% are between 14 and 65 (in 2011). For the sake of argument, let's say anyone over 50 will vote yes to save their pension and let's say that represents another 25-30% of the population....It does look like the voting age youth might find themselves outnumbered by the end of the counting, just like The Scots youth were......by the Scots pension paying generations.....although my paper napkin maths and logic could be completely wrong.

https://countrymeters.info/en/Greece

"I found a flaw in the model that I perceived is the critical functioning structure that defines how the world works." - Alan Greenspan, October 2008 WTF ! Now you tell us !!!
Sun, Jul 5, 2015 - 12:50am (Reply to #4129)
Spartacus Rex
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@ Hammer - You didn't even wait for the Punch Line...

Hammer wrote:

Hahahahahahahah....ahahaha

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AC 130 gunship shooting footage

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Sun, Jul 5, 2015 - 1:00am (Reply to #4130)
Spartacus Rex
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@Hammer - LOL! King George III Reincarnated?

Hammer wrote:

Why do Yanks get so defensive when challenged ? Never used to be that way. Hmmmmmmmmm.....

That might be correct if your are speaking of 2 ½ Centuries ago!

Otherwise that is either a trick question, or simply the saki talking, since the operative words being:

Challenged” (ie: Accused; Reproached)

Defensive”(ie: Serving to defend or protect; devoted to resisting or preventing aggression or attack)

Thank you for confirming that it is not merely the public primary schools in America which have been busy dumbing down their students for the last half century.

Those who are unwilling to defend their position, liberty or rights do not deserve to possess same, because in a Constitutional Republic even the POTUS is my Public SERVANT!

Thus explaining the critical difference between an actual Citizen of a Republic, versus a mere 'Subject'.

“Democracy” ie: Two wolves and a lamb voting on 'What's for dinner”

“A Republic, if you can keep it.” Benjamin Franklin

Cheers,

S. Rex

Sun, Jul 5, 2015 - 2:39am
Hammer
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Confused by the ballot paper

Confused by the ballot paper ? You will be.......

The Greek referendum question makes (almost) no sense

https://www.bbc.com/news/world-europe-33311422

"I found a flaw in the model that I perceived is the critical functioning structure that defines how the world works." - Alan Greenspan, October 2008 WTF ! Now you tell us !!!
Sun, Jul 5, 2015 - 9:57am
Hammer
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http://www.lbma.org.uk/assets

"I found a flaw in the model that I perceived is the critical functioning structure that defines how the world works." - Alan Greenspan, October 2008 WTF ! Now you tell us !!!
Sun, Jul 5, 2015 - 6:19pm
Hammer
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So the latest bailout is

So the latest bailout is rejected. I wonder what the next move will be from those running the game.

https://www.bbc.com/news/world-europe-33403665

"I found a flaw in the model that I perceived is the critical functioning structure that defines how the world works." - Alan Greenspan, October 2008 WTF ! Now you tell us !!!
Mon, Jul 6, 2015 - 8:40am
Hammer
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lol. Technically speaking,

lol. Technically speaking, there hasn't been a default(bilateral non public debt does not count-IMF non payment). Those pesky samurai bonds due in a week are more important from "default" perspective

https://asia.nikkei.com/Politics-Economy/Economy/Default-fears-grow-as-Greek-samurai-bonds-come-due

The total valuation of the bonds is not particularly high, but credit rating agencies could see nonpayment as a failure by Greece to honor its debt obligations. Missed bond payments could push agencies to declare Greece in default, which would send all Greek bonds tumbling further. In that case, "investors may become concerned about nonpayment on Spanish, Portuguese and other southern European bonds, creating turbulence in financial markets," warned Osamu Tanaka, a chief economist at Dai-ichi Life Research Institute.

"I found a flaw in the model that I perceived is the critical functioning structure that defines how the world works." - Alan Greenspan, October 2008 WTF ! Now you tell us !!!
Mon, Jul 6, 2015 - 8:52am
DeaconBenjamin
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“The odyssey is far from over”

Ilias Makris

The clear victory of the “no” ("OXI" in greek) vote in Sunday’s referendum unambiguously shows that Greek voters want an end to the austerity measures pushed for by Greece’s international creditors and eurozone partners. While largely welcoming this expression of democracy, the European press stresses that an agreement on a new aid plan is indispensable.

“The odyssey is far from over” headlines The Guardian, which economics editor Larry Elliott gives a warning to eurozone leaders determined to impose austerity on Greece despite Sunday’s no vote. “Put simply,” Elliott argues, “they should try a bit less stick and a bit more carrot” through debt relief. Even if leaders come to a deal, the crisis has unsettling long-term implications —

Greece has highlighted the structural weaknesses of the euro, a one-size-fits-all approach that doesn’t suit such a diverse set of countries. One solution would be to create a fiscal union to run alongside monetary union [...]. This, though, requires the sort of solidarity notable by its absence in recent weeks. The European project has stalled.

The message of the Greeks is clear, writes Bart Sturtewagen, editor-in-chief of De Standaard. After a week of (almost entirely) closed banks and the considerable damage this caused to daily life business and the economy, “an unexpectedly large majority anyway chose to take the risk to say no to the bailout of the European Union and the IMF.” Although the price to pay will be incredibly high and the results will be a dramatic blow to the eurozone and the European Union as a whole, Sturtewagen says —

The inclination to no longer support the Greeks is an understandable reaction. But this is pre-eminently the moment to keep our heads cool. It is the dialectic of crime and punishment that has brought us in this misery. This approach has proven its uselessness over and over again. The question of a debt rearrangement can no longer be avoided. Even the IMF knows that. If Tsipras really wants to do something with his victory, he needs to prove his country doesn’t only want to receive money, but also wants to change himself and his government. Voting no was provocative, but unfortunately also the easy part.

Athens is on the brink of Grexit following a referendum in which Greek voters rejected the terms of the bailout, but “there is still flickering hope” that there will be no return to the drachma, writes Tomasz Bielecki in Gazeta Wyborcza. The Warsaw daily stresses that it is now up to Paris and Berlin to decide what comes next —

New aid for Greece has to be accepted by 18 eurozone members and Germany is not the most hawkish of them. However, if chancellor Angela Merkel were to yield to the Greeks, she would have to allay the anger of the Dutch, Spanish and Lithuanians who are tired with the Greeks’ stubbornness. It is not certain whether she would succeed as emotions fly high on both sides and the situation could easily spin out of control.

“The EU must minimize the debris caused by the Tsipras government,” writes Stefan Ulrich in the Süddeutsche Zeitung. The EU should, he argues, grant emergency aid to Greece; for any new big aid programme, Greece will have to make proposals for reforms or “the Euro could very well live without them.” He calls the result of the referendum a “no to compromise” —

The Greeks are not the only people in Euro-Europe. They can decide their own destiny. But they cannot dictate anything to other people and their governments. And they especially cannot dictate terms to other eurozone members which would see Greece receive billions of euros from them with no conditions.

Given the referendum’s outcome, SME’s Peter Schutz is sceptical about any deal on the Greek crisis and predicts a rather unpleasant future for the country. July 5 will enter the history books in a similar way to 9/11 or the Lehman Brothers, as the Greeks’ refusal of the creditors’ programme will start writing a new chapter in the history of Greece, the eurozone and even the EU, the liberal daily’s editorialist Peter Schutz suggests. In his opinion, Greece could eventually leave the euro and the abyss formed between Greece, France and Germany will prevent any possibility of future cohabitation —

The Greeks will taste armageddon, or something very similar, as the financial system could collapse today, while imports of basic commodities like hospital supplies could be halted tomorrow [...]. Furthermore, they can expect a wave of bankruptcies accompanied with layoffs.

For the Spanish daily, the victory of the “no” vote in Greece yesterday represents “a serious challenge to the European project” and the moment requires “a response that is both tactical and firm” —

Europe is faced with a decisive moment. Every step it now takes is risky and delicate. But it is important not to leave the future in the hands of a group of demagogues in Athens and those in many other European countries who would like to join them over the coming days. The result of the referendum requires skilful handling, wisdom and competence from everyone, from Alexis Tsipras’ government to the eurozone, to move beyond politics as usual and avoid the sudden collapse of the Greek economy. [...] The democratic and economic tangle is immense. We must combine the desires of the Greek people with those of other European citizens who have the disadvantage of not having held a referendum, but who are represented by equally legitimate governments.

Jean-Christophe Ploquin explains that the “no” vote in the referendum does not solve Greece’s problems. Indeed, “after the detour to the urns, the Greeks now urgently need to find a way to avoid the bankruptcy of their banks and the state itself.” In addition —

After seeking the approval of its voters, Greece will once again be confronted by another democratic reality: the legitimacy of the governments of other eighteen eurozone members, where public opinion and parliaments are becoming worried and impatient. [...] All of Europe’s leaders will now distrust a prime minister gifted in the art of sidestepping issues and whose challenge to the liberal system currently in force is an unknown quantity. Does Alexis Tsipras think that Greece can get out of this alone? Is he committed to European cohesion in spite of its ups and downs?

https://www.voxeurop.eu/en/content/press-review/4952317-odyssey-far-over

Mon, Jul 6, 2015 - 8:58am
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Turkey’s gold imports decrease by 95 pct

DHA photo


Turkey’s gold imports decreased by 94.4 percent in June compared to the same month in 2014 and by 18.1 percent from May 2015 to 1.35 tons, as reported by Reuters. 


Turkey imported around 24 tons of gold last June due to a dramatic rise in gold demand during last year’s wedding season. 

The gold imports dropped by 77.1 percent to 11.33 tons in the first six months of the year compared to the same period of the previous year, according to data from the Borsa Istanbul Precious Metals and Precious Stones Markets. 

Gold imports were around 131.3 tons in 2014, with a 57 percent of decrease from 2013, when the country had record high gold imports. 

There has recently been a rise in Turkey’s gold exports. Turkey`s current account deficit has narrowed since January thanks to gold exports, according to the World Bank’s July report on the Turkish economy. However, the gold adjusted deficit, a more accurate measure of external demand, deteriorated due to persistent weaknesses in Turkey’s trading partners, it added. In the last three months, the 3-month rolling gold adjusted current account deficit increased by $2.3 billion to $12.6 billion.

https://www.hurriyetdailynews.com/turkeys-gold-imports-decrease-by-95-pc...

Mon, Jul 6, 2015 - 9:07am
Hammer
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Some

Some more

https://www.ft.com/cms/s/0/ae463092-217c-11e5-aa5a-398b2169cf79.html

European banks are rushing to issue yen-denominated bonds on the back of Japanese investor demand, as the Greek crisis paralyses the continent’s capital markets.

About 7 billion worth by all accounts

https://www.ft.com/intl/markets/capital-markets

(if you google tap in "greek samurai bonds" and hit the ft link that should come up, you get to read the whole article for some reason., even though it should be paywall)

"I found a flaw in the model that I perceived is the critical functioning structure that defines how the world works." - Alan Greenspan, October 2008 WTF ! Now you tell us !!!
Mon, Jul 6, 2015 - 9:21am
Hammer
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Put to good use

Japan's Agricultural Drones | FT Business Notebook
"I found a flaw in the model that I perceived is the critical functioning structure that defines how the world works." - Alan Greenspan, October 2008 WTF ! Now you tell us !!!
Tue, Jul 7, 2015 - 12:00am
Peter Bartoldus
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gold and silver eagle face values

With the success of of silver eagle sales would this make sense? So the US Mint stamps out Silver Eagles and makes two bucks each. It must have crossed their minds that if they could change the face value to $20, they could sell gazillions at face value and (at today’s prices) make four bucks each. Who would NOT empty their bank accounts to buy a zero risk investment with a very interesting potential? The same type of thinking could be used for the gold eagles. Make the 1 ounce $1000 the 1/2 $500 the 1/4 $250 and the 1/10 $100. Okay, so what would be the problems with this?

Tue, Jul 7, 2015 - 1:23am (Reply to #4140)
Spartacus Rex
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@ silverwood

silverwood wrote:

With the success of of silver eagle sales would this make sense? So the US Mint stamps out Silver Eagles and makes two bucks each. It must have crossed their minds that if they could change the face value to $20, they could sell gazillions at face value and (at today’s prices) make four bucks each. Who would NOT empty their bank accounts to buy a zero risk investment with a very interesting potential? The same type of thinking could be used for the gold eagles. Make the 1 ounce $1000 the 1/2 $500 the 1/4 $250 and the 1/10 $100. Okay, so what would be the problems with this?

Short Answer: 

Statutory Law

When that finally and fully dawns on you, you will be home free with your Liberty securely intact

Cheers,

S. Rex

Tue, Jul 7, 2015 - 5:25am
Peter Bartoldus
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Rex

 A statutory law is the written law established by enactments expressing the will of the legislature, 

as distinguished from the unwritten law or common law.

So the legislators could amend the original law designating the one dollar value and change it to $20 or whatever. This would provide we the people with money instead of a souvenir. 

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