How many trillions of U.S. dollars in debt can this country pile up before the currency is devalued. I was listening to local talk radio last evening, and an uneducated guy called in. His grammar was awful, but he said he reads and is learning more every day. He opined that "they" (the "illuminati"?) want to destroy the U.S. dollar so they can establish a North American/Latin American currency similar to the Euro. I'm not so sure that the guy isn't on to something!
From: SliderOnTheBlack 7/15/2008 11:34:42 AM 6 Recommendations Read Replies (2) of 10746
Bunning fires one under Bernanke's Chin....
Wow, did Jim Bunning just give Bernanke some "chin music" or what?
Bunning said: "He would use all powers in his arsenal as a Senator, to stop the expansion of Fed powers."
--- go Bunny, go Bunny!!!
And he didn't stop there, he said that when he woke up and read about the FNM & FRE bailout plans... "he thought he woke up in France."
....then he threw another one behind Bernanke's head, this one about the Fed serving up BSC to JPM, on a silver platter.
Talk about a brushback pitch.... WOW!
It looks like we might see Ron's DOW 10, 800 anytime now..
Ron, that was a text book classic head and shoulder chart, so I don't know how much credit we should give you <vbg>.
Ditto, for the XLF.
What's scary is this...
It might just be getting started.
As we all know, markets tend to "over-swing" in both directions.
At DOW 13,000 this level for the DOW seemed unthinkable.
I don't know why? Because the market has been driven mainly by financial engineering, an explosion in money supply, and easy credit since Greenspan's "Irrational Exhuberhance" utterance in December 1996.
-- During Greenpans reign as Fed Chariman, from 1987 to 2006, he printed more money than all other Fed Chairmen in history combined!
-- Cash out from mortgage refinances soared from $4.4 Trillion in 1999, to $9.3 Trillion in 2006.
-- From 1999 to 2007, US consumer debt exploded during just those 8 years, to levels that exceeded all household debt accumulated by Americans in the prior 220 year history of America!
-- And the savings rate fell from 7.7% of income, to 0, and is now "negative."
There are debt and credit bubbles, and then there are debt and credit origies.
We are delusional in thinking that this market is safe, sound, or secure.
The only way that this market stabilizes, is with yet another massive round of financial engineering, more smoke and mirrors, printing more money, easing rates, and re-inflating yet another bubble... each one being required to be bigger than the prior one that went bust.
We are reaching levels to where the average citizen now realizes that this is sheer economic and fiscal suicide.
The hidden agenda, and an incredibly under reported fact in all this is... the expansion of Fed powers.
The Fed is a PRIVATE BANK!
The were never granted these powers.
We are seeing a PRIVATE BANK that not only has power over the entire US economy via the power of the printing press and interest rates, but that is now seizing power over the entire US banking system, and is literally stealing billions in assets via the engineered take unders of banks like BSC.
I wish Ron Paul would have followed right behind Bunning... Bernanke might not have survived the session.
I want to see Senators leaping over desks... I want to see some fists fly... I want to hear screaming and yelling, and calls for Bernanke's resignation - live on TV.
The damn Japanese know how to hold political hearings.
It's time to take the gloves off.
Bunning almost got there...
Maybe next time?
SOTB
PS:
Did you see Josh Hamilton during the All Star Game's Home Run Derby at Yankee Stadium last night?
....holy #$#%'n cow.
That.... was a baseball moment.
There's some great young talent in Baseball right now. I hope this kid keeps his head on straight. He's got tools like no one since the days of Mantle & Mays.
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