Current Events with Bill Holter


Earlier today, I rang up Bill Holter just to get his thoughts on this turbulent start to 2015. The resulting conversation was wide-ranging and a lot of fun. I'm immediately making this free and public simply because it's a perfect weekend antidote for the Cartel-inspired madness of today's "market" moves.

I think you'll find this to be a good listen and an excellent use of 24 minutes of your time.

Have a great weekend,



Feb 6, 2015 - 2:52pm


Turd and Bill!

Feb 6, 2015 - 3:13pm
Lamenting Laverne
Feb 6, 2015 - 3:22pm

Negative interest on DK mortgages

As far as I have understood the situation is like this:

The mortgages are based on bonds. The seller of the bond is the borrower. The buyer of the bond is currently the bagholder. The mediator is the mortgage institute. The mortgage institute levies a cost/fee percentage on top of the interest rate for their issuance and collection services.

A mortgage institute is not a bank.

The borrower (bond seller) pays interest + principal + fee/cost percentage. The interest has turned negative on some mortgages - but it is not negative enough to cover the fee/cost - so the mortgage institute is still "the recipient" as the negative interest rate eats into the fee payment, but it does not cover it in total. So the borrower is still paying an amount on top of the principal repayment to the mortgage institute. The mortgage institute then take the cost/fee and forward what is left to the bagholder - pardon - the bond holder (aka pension funds, insurance companies etc.)

Lamenting Laverne
Feb 6, 2015 - 3:28pm

Thank you, LL

Mush appreciated and it's nice to see you. I hope you are doing well.

Lamenting Laverne
Feb 6, 2015 - 5:20pm

Mr. T - You're welcome ;-)

And thanks - I am well - so utterly depressed - but well, but hey aren't we all to some degree these days ;-)

The important bit to realize is that a mortgage institute is not a fractional reserve entity. They operate on full funding for the mortgages via bond sales. They can cover only a certain percentage of the entire property value/purchase sum - for private residential properties that percentage is 80%. If I remember correctly, holiday houses have a lesser percentage as well as for farms. Those 80% bonds represent the primary lien - I think it is called - and they will be covered first in case of foreclosure.

For residentials the remaining 20% must be covered by a cash down payment and/or a housing bank loan and/or a seller financed bond. When we see bank housing loans with negative interest rates - hell will freeze over - but since the bank determines the rate that can never happen imho.

Feb 6, 2015 - 6:04pm

TF- re: your 1 metric ton Gold question


1 metric ton, 32,151 oz X $1235.00 = $40,000,000 or thereabouts right?

What about asking some of the former interview guests for their (anonymous if they prefer) guess on how long it would take to get 1 metric ton of gold for the 'market' rate??

and how fast could they get a metric ton if they didn't mind paying up, or does that situation even exist??

i tend to agree with your and Bill's position, but it would be interesting to hear Sprott's finger-in-the-air guess, or the guy from Canada that was on the a2a a few weeks ago or what about Turk? or did he retire? either way, just a thought.

ed. that was an excellent chat between you and Bill. even just the general take on how ridiculous things are getting. thank you sir!!

Feb 6, 2015 - 6:10pm

Great interview

I love Bill's matter of fact, strait forward, Texan style, get it through your head approach!

Feb 6, 2015 - 7:02pm

In summary ...

"He who controls the spice controls the universe."

Frank Herbert, Dune

Stack till it hurts.

wax off

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Mr. Fix
Feb 7, 2015 - 10:27am

Liberals won’t acknowledge that they’ve “been had”

What Steven F. Cohen & Other Liberals Get Wrong About Obama & Ukraine’s War

Posted on February 5, 2015 by Eric Zuesse.

Eric Zuesse

Liberals won’t acknowledge that they’ve “been had” by Barack Obama when they believed his liberal rhetoric; they won’t acknowledge it, even after Obama has proven by his actions that he is actually extremely conservative (a total agent of Wall Street; and, thus, inequality has been rising under his rule); Obama is conservative despite his liberal rhetoric, which is designed to deceive them; and he has — which is the worst thing of all — intentionally caused an extremely bloody ethnic cleansing in Ukraine, a war there against those of Ukraine’s citizens who think that Russia is a better country than the United States: an ethnic cleansing to cement-in, as permanent, a rabidly anti-Russian Government in Ukraine, by getting rid of the people there who had voted for the man Obama overthrew. This is, historically, the first time in history that any American President has sponsored an ethnic cleansing: it’s an attempt to exterminate a civilian population. That’s how bad Obama actually is.

Mr. Fix
Feb 7, 2015 - 11:16am

That's incredible, Fix!

Because Woody is "an agent of Wall St" and "sponsoring ethnic cleansing", this doesn't make him a bad liberal, it makes him a "conservative"!

What kind of fairy tale land do these people live in? Simply impossible to think this country will ever find common ground when the fringes are so incredibly obtuse.

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