TFMR Podcast #24 - Econ 101 with John Williams

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I asked John Williams to spend a few minutes with us and help us review some of the basics. We cover the BLSBS, the CPI, GDP and the potential for hyperinflation. No one knows more about government statistics (and how they're manipulated) than John and I am very grateful that he took the time to help educate us.

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edwinvan52Bongo Jim
Jul 31, 2012 - 3:46pm

Hat Tip!

Hat Tip! 8 One just killed himself in court, looks like cyanide. Caught for insurance fraud and arson. Not keen on jail then. https://www.nydailynews.com/news/crime/michael-marin-ex-wall-street-banke... Michael Marin, ex-Wall Street banker, may have swallowed poison pill during courtroom conviction for arson Marin, 53, of Phoenix had just been found guilty of arson, a crime that could have put him away for nearly 16 years. Police are investigating whether poison was the cause of death. And one of the comments. Vox 04:25 PM Jun 29, 2012 Cool! A Wall Street Criminal punching his own ticket for the crimes he committed! Can we send a case of these pills to Lloyd Blankfein and Jamie Dimon?
cafetiere nespresso

Fred Hayek
Jul 5, 2012 - 2:22pm

Good stuff, Turd. Williams is a hero.

How many years was Williams out there, nearly alone, exposing what a fraud these official statistics are? He deserves tremendous gratitude from all of us who now start to see how false and corrupt things are. He was fighting a lonely fight for the truth years ago.

Thank you, John.

Galearisrl999
Jul 2, 2012 - 2:41pm

more on 925 sterling buys

Yo, again,

Whether most people know it or not one of the reasons we have the COMEX and LBMA “good delivery bar” refiners list is because some of the bullion bars out there are sterling grade (or worse). I could name names, but I’m not sure our moderator would allow the post…I can personally attest to finding “bad bars” as I “blow-piped” one (a well known American refiner, for that matter) and it tested out copper blue in the flame….This kind of fraud is also present in silver round purchases and I might add all of these items are marked 999 fine silver.

Don’t be surprised if down the road your friendly coin dealer doesn’t start asking a bigger spread on the buy back for these “generic” bars and coins….

There are lots of little oddities going on in this business….Here’s another: many dealers who buy Mexican “sterling” will only give 800 grade silver values on a scrap value basis for because of rampant fraud in wares from that country….Be especially careful with so-called “beach bangles” from Mexico. All I have ever looked at and tested WITHOUT a makers mark – albeit marked “sterling” have shown brass under the knife…Some countries where fraud is rife include India, Pakistan, the Philippines, Arab countries, and areas of N. Africa. Best material is British and European, USA, Canada – most so-called first world nations that have purity standards and use a hallmark system with government institutions ready to charge transgressors.

Try to buy sterling (or gold alloy) wares that include a makers or manufacturers mark…This is somewhat less common in sterling wares,,,but very common in gold alloy articles….

Life is a learning curve; expect to make some mistakes. But the learning is such a trip!

FWIW,

Galearis (aka L.)

Galearisrl999
Jul 2, 2012 - 2:02pm

re investing in sterling; HELL, YES!

Hello rl999,

I’m new to the forum and haven’t posted in any of these venues since old days at the old Kitco forum, USAGOLD forum and Eagle Ranch forum….So consider me a refugee from the scene until now. But I do like Turd’s project and the quality of the minds on this forum and the community spirit.

Hope I can help the cause.

I’ve been a sterling collector for some 15 years – most of which due to scrap interest in the metal…Focusing in on sterling over junk silver (and bullion) does have a few advantages. One actually can scrap the stuff to a refiner without running afoul of currency laws. One can use the objects (so keep an eye open for useful objects) as a dual-purpose investment and some of these objects are highly collectible and valuable as such in their own right….NEVER scrap quality pieces of sterling! Do the research to avoid expensive mistakes you will regret.

The only real problem with sterling objects is bulk for storage, a requirement for owning digital scales (see post above), a basic knowledge of hallmarks -and physical properties of the metal in order to avoid fraud. Basic rule #1: if not marked “925” or “sterling” or “stg” do not buy it. There are other things one can do to test hardness and ductility (shave with knife check for brass underlying), conductivity (hot water test or with lighter – heats up VERY quickly), and of course use a magnet (less useful since they started nickel plating the Italian wares but steel is VERY attracted, nickel weakly so), and just plain experience with the surface look (patina) and wear qualities showing the age and physical properties there of the metal….

Remember that sterling fraud hubbub some years ago? That was I who started that pseudo scandal when I found a slightly magnetic bracelet one day…FWIW.

For the past 15 years I have accumulated this metal thru buying at flea markets, yard sales, collectibles shops, other dealers, collectibles shows and even bullion shops. Try to buy the objects for 20% under spot. This is generally fair to all sides.

I have not sold a gram during this whole period and neither should you. Treat it like bullion and the money it is and stack it.

From the great White North,

Galearis (aka L.)

Galearisrl999
Jul 2, 2012 - 1:22pm

About sterling,..

Hello rl999,

I’m new to the forum and haven’t posted in any of these venues since old days at the old Kitco forum, USAGOLD forum and Eagle Ranch forum….So consider me a refugee from the scene until now. But I do like Turd’s project and the quality of the minds on this forum and the community spirit.

Hope I can help the cause.

I’ve been a sterling collector for some 15 years – most of which due to scrap interest in the metal…Focusing in on sterling over junk silver (and bullion) does have a few advantages. One actually can scrap the stuff to a refiner without running afoul of currency laws. One can use the objects (so keep an eye open for useful objects) as a dual-purpose investment and some of these objects are highly collectible and valuable as such in their own right….NEVER scrap quality pieces of sterling!

The only real problem with sterling objects is bulk for storage, a requirement for owning digital scales (see post above), a basic knowledge of hallmarks -and physical properties of the metal in order to avoid fraud. Basic rule #1: if not marked “925” or “sterling” or “stg” do not buy it. There are other things one can do to test hardness and ductility (shave with knife check for brass underlying), conductivity (hot water test or with lighter – heats up VERY quickly), and of course use a magnet (less useful since they started nickel plating the Italian wares but steel is VERY attracted, nickel weakly so), and just plain experience with the surface look (patina) and wear qualities showing the age and physical properties there of the metal….

Remember that sterling fraud hubbub some years ago? That was I who started that pseudo scandal when I found a slightly magnetic bracelet one day…FWIW.

For the past 15 years I have accumulated this metal thru buying at flea markets, yard sales, collectibles shops, other dealers, collectibles shows and even bullion shops. Try to buy the objects for 20% under spot. This is generally fair to all sides.

I have not sold a gram during this whole period and neither should you. Treat it like bullion and the money it is and stack it.

From the great White North,

Galearis (aka L.)

lakedweller2Hammer
Jul 2, 2012 - 11:52am

Corruption and Power

Bernie Sanders has identified the problem for years. So have central bankers. It has taken them since 1913 to destroy most of the world and transfer wealth while Nero plays the fiddle louder every day.

RaRaRasputinNumber 47
Jul 2, 2012 - 5:11am

@No47

Posted a link to a Govt e-petition here

https://www.tfmetalsreport.com/comment/107326#comment-107326

RaRa

Hammer
Jul 2, 2012 - 5:01am

I think this may be one of

I think this may be one of the finest speeches I have heard from an American politician in my lifetime (I am not American). I would urge everyone to give up 25 minutes of your time to watch this and this is why I am reposting it from earlier in the thread.

The American People Are Angry

Visit the FAQ page to learn how to track your last read comment, add images, embed videos, tweets, and animated gifs, and more.

WhyMeLord
Jul 1, 2012 - 11:18pm

the Ode to Debt and Death

Link

Video unavailable
murphy
Jul 1, 2012 - 9:07pm

Just a Regular Guy

Thanks for the vid. Here's one for you I'm sure you're familiar with from down under

Video unavailable

Stop by in the Speakeasy anytime for entertainment, conversation and virtual drinks. Glad you are out posting.

Peace back.

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Key Economic Events Week of 9/21

9/21 8:00 ET Goon Kaplan
9/21 10:00 ET Goon Evans
9/21 Noon ET Goon Brainard
9/21 6:00 pm ET Goon Williams & Goon Bostic
9/22 10:30 ET Chief Goon Powell on Capitol Hill
9/22 Noon ET Goon Barkin
9/22 3:00 pm ET Goon Bostic again
9/23 9:00 ET Goon Mester
9/23 9:45 ET Markit flash PMIs for September
9/23 10:00 ET Chief Goon Powell on Capitol Hill
9/23 11:00 ET Goon Evans again
9/23 Noon ET Goon Rosengren
9/24 1:00 pm ET Goon Bostic #3
9/24 2:00 pm ET Goon Quarles
9/24 10:00 ET Chief Goon Powell on Capitol Hill
9/24 Noon ET Goon Bullard
9/24 1:00 pm ET Goon Barkin again & Goon Evans #3
9/24 2:00 pm ET Goon Bostic #4
9/25 8:30 ET Durable Goods
9/25 11:00 ET Goon Evans #4
9/25 3:00 pm ET Goon Williams again

Key Economic Events Week of 9/14

9/15 8:30 ET Empire State and Import Price Idx
9/15 9:15 ET Cap Ute and Ind Prod
9/16 8:30 ET Retail Sales
9/16 10:00 ET Business Inventories
9/16 2:00 ET FOMC Fedlines
9/16 2:30 ET Powell Presser
9/17 8:30 ET Philly Fed
9/18 8:30 ET Current Acct Deficit

Key Economic Events Week of 9/7

9/9 10:00 ET JOLTS job openings
9/10 8:30 ET Initial jobless claims
9/10 8:30 ET PPI
9/10 10:00 ET Wholesale Inventories
9/11 8:30 ET CPI
9/11 9:45 ET Core CPI

Key Economic Events Week of 8/31

9/1 9:45 ET Markit Manu Index
9/1 10:00 ET ISM Manu Index
9/1 10:00 ET Construction Spending
9/2 8:15 ET ADP employment
9/2 10:00 ET Goon Williams
9/2 10:00 ET Factory Orders
9/3 8:30 ET Initial jobless claims
9/3 8:30 ET Trade Deficit
9/3 12:30 ET Goon Evans
9/4 8:30 ET BLSBS

Key Economic Events Week of 8/24

8/24 8:30 ET Chicago Fed Idx
8/25 10:00 ET Consumer Confidence
8/26 8:30 ET Durable Goods
8/27 8:30 ET Q2 GDP 2nd guess
8/27 9:10 ET Chief Goon Powell Jackson Hole
8/28 8:30 ET Pers Inc and Consumer Spend
8/28 8:30 ET Core Inflation
8/28 9:45 ET Chicago PMI

Key Economic Events Week of 8/17

8/17 8:30 ET Empire State Manu Idx
8/17 Noon ET Goon Bostic
8/18 8:30 ET Housing Starts
8/19 2:00 pm ET July FOMC minutes
8/20 8:30 ET Jobless claims
8/20 8:30 ET Philly Fed
8/20 10:00 ET LEIII
8/21 9:45 ET Markit flash PMIs July

Key Economic Events Week of 8/10

8/10 10:00 ET Job openings
8/11 8:30 ET Producer Price Idx
8/12 8:30 ET Consumer Price Idx
8/13 8:30 ET Initial jobless claims
8/13 8:30 ET Import Price Idx
8/14 8:30 ET Retail Sales
8/14 8:30 ET Productivity & Unit Labor Costs
8/14 8:30 ET Cap Ute and Ind Prod
8/14 10:00 ET Business Inventories

Key Economic Events Week of 8/3

8/3 9:45 ET Markit Manu PMI July
8/3 10:00 ET ISM Manu PMI July
8/3 10:00 ET Construction Spending
8/4 10:00 ET Factory Orders
8/5 8:15 ET ADP employment July
8/5 9:45 ET Markit Service PMI
8/5 10:00 ET ISM Service PMI
8/6 8:30 ET Initial jobless claims
8/7 8:30 ET BLSBS for July
8/7 10:00 ET Wholesale Inventories

Key Economic Events Week of 7/27

7/27 8:30 ET Durable Goods
7/28 9:00 ET Case-Shiller home prices
7/29 8:30 ET Advance trade in goods
7/29 2:00 ET FOMC Fedlines
7/29 2:30 ET CGP presser
7/30 8:30 ET Q2 GDP first guess
7/31 8:30 ET Personal Income and Spending
7/31 8:30 ET Core inflation
7/31 9:45 ET Chicago PMI

Key Economic Events Week of 7/20

7/21 8:30 ET Chicago Fed
7/21 2:00 ET Senate vote on Judy Shelton
7/22 10:00 ET Existing home sales
7/23 8:30 ET Jobless claims
7/23 10:00 ET Leading Economic Indicators
7/24 9:45 ET Markit flash PMIs for July

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