TFMR Podcast #13 - The Straight Skinny from Gonzalo Lira


With everything in Europe seemingly coming to a head very soon, I thought it would be wise to ring up Gonzalo Lira, as he has a much better grasp of the situation than I.

In this podcast, I give Gonzalo free rein to go wherever he wants. Part of that was intentional; Turdites will recall that the Skype connection between Anytown, USA and Santiago, Chile is slow and creates a "delay" in the recording of the call. Part of it was intentional, though, as you all get plenty of my BS on a daily basis. I figured that if Gonzo was willing to give us the time, I might as well let him have the floor.

This call begins with a discussion of the mysterious trillions of bearer bonds rounded up today in Switzerland. From there, we discuss Europe and the eventual default of Greece and then conclude with some thoughts on Iran and the implications of the war that seems to be brewing.

If you enjoy this podcast, I would strongly you to consider becoming a subscriber at Gonzalo's website:

Membership has its benefits. Not only do you receive timely analysis but Gonzalo also he hosts instructive webinars for his clients about once per month.

The podcast runs a bit longer than usual at 50 minutes or so but, if you have the time over this 3-day weekend, I encourage you to listen to the entire thing.



Feb 19, 2012 - 7:43pm

Yeah, the ECB rewriting bond terms for everyone is sorta like

Someone stealing the ball in the middle of a ball game.

Neg's Urban Sports - Neg's My Ball - Balls Of Steel
Feb 19, 2012 - 7:37pm

What would make you guys turn

What would make you guys turn bearish on gold and silver, what would the indicators be? Thanks, I appreciate it.

Signs (not just assholes on TV telling you) that the price is getting nutty (bubble territory). I think the Shadowstats' quote of ~$9000 in current dollars for the top of the 1980 gold bull, that's probably a good place to start getting skeptical of gold prices. I think it will surpass the old 1980 high. Bull markets always go further then you ever expect (Dow 10000), but they do eventually run into exhaustion and some prices are truly nutty (Dow 36000).

For me personally, it'll be when "ordinary" people start talking about gold, where to buy it, how much it's worth today, etc. Right now, almost nobody cares about it. We're a small minority of the public at the moment. When you see lines forming at the local coin shop. Lines that go out the door. When you see bid/ask spreads at the coin dealer widen (that happened in 1980, the bid/ask spreads were WIDE). I'm not talking about paper-physical spreads here, this is just market-making spreads at the coin shop. When you see MSM coverage of gold in any meaningful sense.

If assholes like Cramer are touting it. Cramer is duty bound to tout things that are going to NOT make you money. I got a front row seat at the .com bubble, I know what a bubble looks like, smells like, talks like, acts like. We're not there yet.

Feb 19, 2012 - 4:58pm

The Ludwig von Mises Institute.

I have been a member of the Mises Institute for years, and proud to be a loyal 'Turdite', following the 'Turd' since the early days of ZH.

The Mises Institute has been sounding the warning for years. Please consider the following link to a forty minute documentary produced by the Institute in 1996.

It may be a bit of the old "preaching to the converted" but a great asset for those trying to convince family and friends of the coming catastrophe and those responsible for it. Also please check out the Mises Institute and consider taking out a free membership. Great info.

Turd, thank you for all you do. Enjoyed the Gonzalo interview. Keep stacking.

Feb 19, 2012 - 4:42pm

Just bought a dog. I've named him...Richard

Hopefully this works.

[Admin Note: it's not possible to copy contents from an email into a post and expect the image to be displayed. The original source of the image needs to be found and added to the post.]

Feb 19, 2012 - 4:11pm


(a) I cant see the picture you posted on the bottom of page 2 for some reason.

(b) Having looked closely at the school riot picture above and Luke's youtube video it probably is the the same dog. To one who didnt know better you would think he was working for the cops.

More Luke:

Feb 19, 2012 - 4:03pm

Palpable Fear of a Rise In

Palpable Fear of a Rise In Gold

The fear in the money masters is palpable. Silence, darkness, and the fog of confusion are their most reliable allies.

The schemes of the monied interests depend on the mispricing of risk, and the public remaining asleep while their wealth is quietly transferred, until one day they wake up and find that their accounts have been looted.

And surprise, the money has simply vaporized.

Fill out these claims and stand over there. We'll give you something, whatever scraps are left over after the oligarchs, bankers, and their politicians have taken their fill.

I saw it happen in Russia, as their empire crumbled. And I am seeing it happening now.

Feb 19, 2012 - 3:53pm
Feb 19, 2012 - 3:36pm

Luke the Greek Riot Dog

In Clinks riot picture posted above there is a dog and it looks like Luke. Luke has been in the demonstration game for quite some time fighting "The Man" and putting himself on the front lines. Ballsy canine.

Check him out in action on youtube @:

Eric Original
Feb 19, 2012 - 3:26pm

ClinkinKY re:Baconpocolypse

I always knew there was something I liked about Iowa. I just hadn't been able to articulate it until now....

Feb 19, 2012 - 2:51pm

For Eric O and other "Bacon Zombies"-From the WSJ no less...

Vegetarian Doctors Go Whole Hog to Burn Bacon in Iowa

Festival to Serve Up 3 Tons of Fatty Strips; 'Baconpocolypse NoW'


On Saturday, pork aficionados will meet up in Des Moines, Iowa, for the fifth annual Blue Ribbon Bacon Festival, billed as America's "premier" bacon celebration.

The event, which sold out all 4,000 tickets in 25 minutes, offers something to make every swine lover swoon: unlimited bacon samples, a bacon-eating contest, educational lectures, a bacon-themed songwriting contest and crowning of a new bacon queen. Organizers plan to serve up about three tons of the fatty strips.

They're also prepared for a bit of oinking from outsiders.

A group of vegetarian doctors has been skewering Iowans over the event for months. Neal Barnard, president of the Physicians Committee for Responsible Medicine, says he wants to publicize the flip side of bacon.

He says the PCRM plans to hand out fliers with warnings about how bacon "rotting in your mouth" potentially has various health risks, including cancer and diabetes.

"With so much attention focused on this most unhealthful food, we want to make sure our message is there," says Dr. Barnard.

The group had already sizzled up trouble in advance of the event, starting with a billboard that made graphic reference—with skull and crossbones—to the potential health risks of eating bacon.

PCRM doesn't limit itself to bacon-bashing: It also has taunted cheeseheads with a billboard near the Green Bay Packers' football stadium and hot-dog lovers at a Nascar race in Indianapolis.

Still, the anti-bacon campaign is proving to be an uphill battle. After canvassing the state, the doctors' group has so far enlisted only six volunteers, and has been locked out of the event's official schedule.

As the festival loomed, organizers tried to serve up a sort of detente. They invited the doctors' group to participate in a lecture series where festival attendees would have the chance to heighten "their bacon knowledge and beliefs."

Susan Levin, the PCRM's nutrition-education director, says the offer came with impossible strings attached: She had to agree to discuss how bacon fits into a healthy diet.

"Of course, I said no," she says.

Pro-bacon lecturers at the festival will speak about "Zombies, Bacon and Survival" and "How Bacon Is Changing My Life."

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Key Economic Events Week of 10/19

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10/20 1:00 pm ET Goon Evans
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10/22 8:30 ET Initial Jobless Claims
10/23 9:45 ET Markit Oct flash PMIs

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10/13 8:30 ET CPI and Core CPI
10/14 8:30 ET PPI
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Key Economic Events Week of 10/5

10/5 9:45 ET Markit Svc PMI
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10/5 10:45 ET Goon Evans
10/6 8:30 ET Trade Deficit
10/6 10:00 ET JOLTS job openings
10/6 10:45 ET Chief Goon Powell
10/7 2:00 ET Sept FOMC minutes
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Key Economic Events Week of 9/28

9/29 8:30 ET Advance trade in goods
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9/29 10:00 ET Consumer Confidence
9/30 8:15 ET ADP employment report
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10/1 8:30 ET Personal Income and Spending
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10/2 8:30 ET BLSBS
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Key Economic Events Week of 9/21

9/21 8:00 ET Goon Kaplan
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9/21 Noon ET Goon Brainard
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9/22 10:30 ET Chief Goon Powell on Capitol Hill
9/22 Noon ET Goon Barkin
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9/23 9:00 ET Goon Mester
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Key Economic Events Week of 9/14

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Key Economic Events Week of 9/7

9/9 10:00 ET JOLTS job openings
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9/10 8:30 ET PPI
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9/11 8:30 ET CPI
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Key Economic Events Week of 8/31

9/1 9:45 ET Markit Manu Index
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9/1 10:00 ET Construction Spending
9/2 8:15 ET ADP employment
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8/17 8:30 ET Empire State Manu Idx
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8/18 8:30 ET Housing Starts
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