Wednesday, November 19th, 2008...3:46 am
[997] A 12 step program for Goldman Sachs addicts
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We talk about breaking ourselves from addiction to Goldman Sachs fiat currency and debt machine using the Constitution as our higher power; DEFLATION IS FEUDALISM; Irish banks collapsing; leprechaun collateralized debt obligation; David versus Goliath as Somali pirates taking on the super tankers in response to overfishing; the State Bank of India hiring 25,000 as Citi sacks 50,000; trillions or quadrillions of derivatives; the soon to be poor pension fund being handed the high yielding, high risk bet against Warren Buffett; the political persecution of Mark Cuban; and will global stock markets hit negative $20 trillion in value?
21 Comments
November 19th, 2008 at 7:55 am
Dont write off Ireland yet. We cant blow up as bad as Iceland because:
1) We’re in the eurozone, so we have no currency for the speculators to attack
2) The banks are still solvent, but their share price is under attack because international investors are selling. But they are still solvent and are not owned by Santander.
3) Our workforce is more skilled than the UK, our main competitor. We speak languages, the UK doesnt. We have more and better engineers, whereas the UK just have bankers and brokers.
November 19th, 2008 at 8:16 am
Give The Rt Rev Patrick O’Donoghue a break. “Education” has become an oxymoron. In the world of the blind, that makes a one eyed financial maverick like yourself , king. Instead of chopping O’Donoghue’s legs off, why not give him a hand. Time to rise above the level of the one eyed crowd.
Think Joe Biden before you criticize the bishop.
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Check out this Youtube clip and see how ungrateful ex Catholics are concerning anything they learned.
Bill Maher on The View 9/30 HQ Talking Religion & His New Movie Religulous Bill Maher On The View Part 2 High Quality
http://www.youtube.com/watch?v=RNGUbKPnspM
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2 Timothy 3 (New International Version)
New International Version (NIV)
Copyright © 1973, 1978, 1984 by International Bible Society
[NIV at IBS] [International Bible Society] [NIV at Zondervan] [Zondervan]
2 Timothy 3
Godlessness in the Last Days
1But mark this: There will be terrible times in the last days. 2People will be lovers of themselves, lovers of money, boastful, proud, abusive, disobedient to their parents, ungrateful, unholy, 3without love, unforgiving, slanderous, without self-control, brutal, not lovers of the good, 4treacherous, rash, conceited, lovers of pleasure rather than lovers of God— 5having a form of godliness but denying its power. Have nothing to do with them.
6They are the kind who worm their way into homes and gain control over weak-willed women, who are loaded down with sins and are swayed by all kinds of evil desires, 7always learning but never able to acknowledge the truth. 8Just as Jannes and Jambres opposed Moses, so also these men oppose the truth—men of depraved minds, who, as far as the faith is concerned, are rejected. 9But they will not get very far because, as in the case of those men, their folly will be clear to everyone.
November 19th, 2008 at 8:48 am
Is it safe to rule out Goldman Sachs involvement in this particular episode of Somali piracy?
November 19th, 2008 at 9:06 am
If cash had a lease life with 50 years, wouldn’t a 50 year lease be worth the face value and a 49 year old note be worth a 50th of the face value… that is sort of what we savers have got already…
November 19th, 2008 at 11:49 am
Alex Jones would make a perfect minion for Max Keisers army.
November 19th, 2008 at 1:08 pm
Max honestly but quietly mentioned a scary scenario for the long-gold/short-dollar investor. There are still half a $quadrillion worth of derivatives left to settle. When will they be worked out of the system? When they do settle, Max predicted another big stock market crash. But wouldn’t there also be another big dollar rally, further devaluating gold (in dollars, if not in Euros & pounds) ?
Bernanke is already saying he won’t use the TARP to bailout these toxic assets. Is he now poised to trigger another derivative contraction at the moment the dollar begins to decline?
November 19th, 2008 at 3:30 pm
What was the name of the website that documents bail out fraud?
November 19th, 2008 at 6:45 pm
All the world’s a stage…for network news.
International piracy allows insurance on all shipping along the routes to be hitched up (look to Lloyds of London), it provides a pretext for the US/NATO to expand their operations, and increases the opportunities for their mercenary groups (Sandline et al).
Since the Ethiopian US/NATO proxies kicked out the Islamic Courts Union, Somalia has returned to a state of lawlessness where the most organised activity is crime. Could it be a protection racket?
The Independent:
The Big Question: Why has piracy exploded off the coast of Somalia, and how can it be stopped?
By Archie Bland
Wednesday, 19 November 2008
“…So why has the situation changed?
“The biggest reason is the collapse of law and order in Somalia. As recently as 2006, the strict rule of the Islamic Courts Union made most people too scared to join pirate gangs. The demise of that government left a vacuum in which the pirates can do more or less as they please, and easily get hold of the guns and rocket-propelled grenades they need to board cargo ships. As poor Somalis have seen, those willing to take to the high seas rake in massive profits from ransoms at little apparent risk. The temptation to join them and escape lives of poverty has increased. What government remains in Somalia is unwilling or unable to take any kind of stand. Indeed, it may even be profiting from the buccaneering enterprise of its citizens. One jailed pirate, Farah Ismail Eid, said recently that up to 30 per cent of most hijackers’ profits went to government officials. “Believe me, a lot of our money has gone straight into their pockets,” he added. ”
http://business.timesonline.co.uk/tol/business/industry_sectors/transport/article589231.ece
From The Times
November 12, 2005
Lloyd’s to overhaul piracy policies
By Christine Seib
Piracy attacks will be classified as a war risk, rather than a marine risk, according to new policy documents circulating in the market. The documents require shipowners to notify their insurer every time they enter dangerous waters, such as those off Indonesia, Borneo, Saudi Arabia and Nigeria.
The move by Lloyd’s comes as machinegun-toting pirates blew a hole in the side of a Bahamas-registered cruise ship 100 miles off the coast of Somalia last Saturday. The Seabourn Spirit, carrying 302 passengers, repelled its attackers with a sonic blast. …
http://www.iht.com/articles/ap/2007/10/17/africa/AF-GEN-Pirate-Attacks.php
Piracy increase off Somalia may be due to collapse of Islamic group
The Associated Press
Published: October 16, 2007
NAIROBI, Kenya: Piracy off Somalia is on the rise because an Islamic group that had cracked down on pirates was ousted, an official who tracks piracy cases off Africa’s side of the Indian Ocean said.
Earlier, an international watchdog reported maritime pirate attacks worldwide had shot up 14 percent in the first nine months of 2007, with Somalia and Nigeria showing the biggest increases.
Attacks rose rapidly in Somalia to 26 reported cases, up from only 8 a year earlier, the International Maritime Bureau said in its report Tuesday …
…During the six months that an Islamic group known as the Council of Islamic Courts ruled most of southern Somalia, where Somali pirates are based, piracy abated, said Andrew Mwangura, the program coordinator of the Seafarers Assistance Program.
A good collection of articles, and infantile analysis:
http://warnewsupdates.blogspot.com/search/label/piracy
November 19th, 2008 at 6:52 pm
chris,
‘Is he now poised to trigger another derivative contraction at the moment the dollar begins to decline?’
Good point. That would lead to crushing stocks and more financial institutions imploding.
Goldman Sachs is getting very low again…
November 19th, 2008 at 10:34 pm
how is that max so coincidentally knows so much about 12-step programs ??? [pogroms]
how much coke did you do max ?
at least marc faber sticks with the pot and mushrooms.
now that we’ve established that……
how do we kick:
religion ?
taxes ? apparently i’m addicted to paying taxes max!
crooked politicians?
just to name a few………..
hey, maybe this theme is good enough for an entire tv series… “m+s 12-step program; kick anything!”
peace out yalls!
i’m back.
-obm
November 19th, 2008 at 11:31 pm
For those who are still wondering how the reserve bank works.
http://www.youtube.com/watch?v=NIfH0vY2ANA
November 20th, 2008 at 12:09 am
Greatly appreciate the education and concern for what can happen in this country.
Key for real change will be the level of starvation we’ll experience. If it all possible, the powers that be will attempt to keep the masses fed, that is of course if it’s possible. As you discussed, a deflationary scenario isn’t out of the question even if they monetized debt upwards of 35 trillion, yet a trillion here and a trillion there adds up especially if produced in chunks such as the recent 4.28 trillion.
Given the size of the problem it might be difficult to limit, however, this would be the most desirable for the bankers as inflated money wouldn’t be paying off their loans in increasingly worthless dollars. Contraction of the supply might be achieved in several ways and our ‘expert’ on the Great Depression of Fed and Friends might be able to duplicate. Would blowing up the Bond Market help?
These are wild times and I was previously sold on the Hyper Inflationary scenario. It’s best to plan for the worst as anything less can be handled somewhat easier.
November 20th, 2008 at 12:27 am
Zyklon B
November 20th, 2008 at 5:28 am
Watching the “big three” begging for bailouts yesterday was priceless. I was literally on the floor laughing. How fucking stupid and arrogant do you have to be to take the company Lear jet to the public soup kitchen? Let’s Obama Bin Biden are thwarted in their efforts to save these clowns.
It’s looking like the Big Downturn is nearly upon us after yesterdays bloodbath - either that or Goldman et al are again shorting target companies in order to rape their assets.
My position remains unchanged: if the depression extends into 2012 we will have global war, with nukes.
November 20th, 2008 at 6:09 am
I think Duncan Idaho is spot on. War is inevitable - not sure if 2012 or nukes are as cut and dried, maybe.
We know Bilderburg wants Earth population reduced to 1/10th its current level, so 9 out of every ten people have got to die one way or another.
November 20th, 2008 at 10:05 am
As a 12 step acolyte I must interject. A sponsor is someone, like a mentor that has been through the program and in the spirit of altruism walks the newbie through the program of recovery. I’d choose Ron Paul or Lew Rockwell to be mine.
November 20th, 2008 at 12:24 pm
I don’t know about fairies hiding in rocks around our way it tends to be fairies hiding in the lavatories.
Oh and by the way I am your top fan so much so in fact that should either one of you ever need an organ (liver, kidney, etc) or bone marrow don’t fret I’d quite happily give ye one my kids, FREE, I’ve got 3, plenty of bits for everyone.
In respect of Dublin Brian’s assertion that Ireland is well poised to deal with the economic collapse, is he referring to the alternative dimension Dublin, the Dublin (Ireland) I inhabit has a banking system leveraged to approx 40 times its capital (that capital is well suspect), all those highly skilled engineers are building houses (1yr housing stock backlog and there still building) rather than power stations (we import all our energy), railways, etc, etc.
Building directly accounts for 20% of employment, I’m not sure of the figures for the banks but I’d hazard a guess its somewhere similar.
As for our education system it may have been something to have been proud about in the 70’s (especially as we have an inbuilt post-colonial bias), but today its a shambles and having worked in the British education system and have had my children in both I can safely say theres fuck all difference. In the space of less than 10yrs we’ve spunked up the wealth of a nation for plasma screens and 4×4’s. What faces Ireland is the biggest tradegy since the famine. When I left Ireland in 1990 the unemployment rate was 20%, (the country is pissing jobs away at a rate of over 500 a week), thats were its going to return to (and brace yourself for the coming Exodus), I fear my friend your suffering from a bad case of Celticus Ostrichus, best treated by ignoring RTE, every fucking Irish paper, every fucking politician, and buying gold and silver.
Envy the most deadliest of sins
http://www.artnet.com/Magazine/reviews/drohojowska-philp/Images/drohojowska-philp3-24-3.jpg
And finally exquisite belching at the end of the show, one of those rare easter eggs of yours I take it.
November 20th, 2008 at 3:00 pm
We are not doing too bad up here in the north of Ireland too.
In fact they can lower away at the BoE rate all they want. I specifically bet against the banks with my mortgage and have a 0.2% Tracker with no floor (and no other debt). Ive already ramped my monthlies up and intend to burn principle burn. Plus I have have 16 months to go too.
If the entire system heads towards hades, so what? We’ll not be alone. And Ireland can sustain its entire population on organic agriculture.
Keep up the work Stax and Max. We got rid of our TV some time ago and you are top spot on our evening entertainment. Its like Roosevelts fireside chats.
November 21st, 2008 at 4:38 am
GOLDMAN SACHS ANONYMOUS
12 STEP PROGRAM FOR GOLDMAN SACHS ADDICTS
1. We admitted we were powerless over GOLDMAN SACHS and that our lives had become unmanageable.
2. Came to believe that a Power greater than ourselves, the U.S. Constitution, could restore us to sanity.
3. Made a decision to turn our will and our lives over to the care of Gold & Silver backed Currency.
4. Made a searching and fearless moral inventory of all fiat currency and fractional reserve banking systems.
5. Admitted to God, to ourselves, and to another human being the exact nature of our monetary system.
6. Were entirely ready to have Gold remove all these defects of fiat currency and fractional reserve banking.
7. Humbly asked God to remove fiat currency and fractional reserve banking shortcomings.
8. Made a list of all persons we had harmed with fraudulent fiat currency and became willing to make amends to them all.
9. Made direct amends to such people with gold or silver backed currency wherever possible, except when to do so would injure them or others.
10. Continued to take personal inventory and when we were wrong by taking Goldman Sachs products we promptly admitted it.
11. Sought through prayer and meditation to improve our conscious contact with God as we understood Him, praying only for knowledge of His Will for us and the power to carry a gold & silver backed currency, 100% reserve banking system into existence.
12. Having had a spiritual awakening as the result of these steps, we tried to carry this message to Goldmach sachsalcoholics, and to practice these principles in all our affairs.
November 23rd, 2008 at 4:50 pm
Good to hear community currencies finally mentioned, and the idea of refusing the debt. There’s an interesting one called the Toronto Dollar (www.torontodollar.com) - and there are a lot of groups in the States, etc trying different systems of counting work and trading stuff. And there are any number of (US) groups talking about taking down the Fed these days.
About refusing the debt: Did you all see this a few months ago? http://www.nytimes.com/2008/07/27/business/economy/27gret.html?_r=1&em&ex=1217390400&en=ff50d914c74df36c&ei=5087%0A
Great 12-steps, Mark, where can I attend a meeting?
Looking forward to hearing you on BBC World - !
Cheers, B
December 28th, 2008 at 5:11 am
Dear Stacy and Max (ladies first),
I have listened to six of your podcasts so far, and whoa! Excellent! I’m going further back in time now by listening to your older and older podcasts, so you see that time travel is possible.
All the best from the Netherlands,
Wolf
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