Tuesday, June 7, 2011

Waiting For The Bernank

Of course, I have no idea what ole HellyBenny will have to say this afternoon. Because the POSX sits so precariously upon support between 73 and 73.50, I think you have to expect him to try to talk up the dollar. However, as you know, there is reality and there is fantasy. There is fact and there is fiction. There is TRUTH and there is MOPE.

MOPE: 
Management of Perception Economics. A term, coined by Santa himself, to describe the idea that by convincing citizens that all is well, all will actually be well. The Bernank's belief in the "Wealth Effect" is proof of his devotion to MOPE.
http://www.federalreserve.gov/newsevents/other/o_bernanke20101105a.htm

TRUTH:
Fiscal 2011 U.S. Federal Government outlays: $3.6T. Fiscal 2012 U.S. Federal Government revenue: $2.1T. Total Deficit (need to borrow): $1.5T
Fiscal 2012 U.S. Federal Government outlays: $3.75T. Fiscal 2012 U.S. Federal Government revenue:
$2.1T. Total Deficit (need to borrow): $1.65T
http://online.wsj.com/article/SB10001424052748703361904576143253522341850.html

WHAT QE IS "ABOUT":
1) Funding the deficit spending of the U.S. Federal Government
2) Providing free cash for insolvent TBTF/PD banks
3) Funding the deficit spending of the U.S. Federal Government
4) Creating the inflation necessary to service existing debts
5) Funding the deficit spending of the U.S. Federal Government
6) Infusing cash into the Primary Dealers which they, in turn, can use to buy S&P futures and prop up the stock market (see "Wealth Effect" above)
7) Funding the deficit spending of the U.S. Federal Government

Before The Bernank, takes the podium, please take a moment to ponder from where the U.S. government will find its $1,650,000,000,000 needed for next year without continued Quantitative Easing.
1) China? Nope.
2) Japan? Good one.
3) Europe? Mmmm, no.
4) The Middle East? Negative.
5) TBTF banks. Jim Rickards says so. He's fooling himself. $1.65T? From the banks? Hahaha.

Be not afraid, my friends. The Bernank and his willing accomplices/stooges in the media may preen and posture all they want but MOPE cannot win long term. MOPE may get them by for a day or a few weeks but TRUTH shall prevail in the end.






4:25 PM EDT UPDATE:
Never before have I heard The Bernank take so much time discussing individual commodities. He even mentioned wheat and the drought in Western Kansas, for crying out loud! It seems that The Chairman was taking great measures to shift the blame of commodity cost inflation to supply disruptions and global demand and away from Federal Reserve monetary policy.
Why and why now? To me, The Bernank is again trying to buy himself some time. As stated above, money must continue to be created from thin air if the U.S. Federal Government is going to continue to operate. As austerity is not forthcoming, further quantitative easing is the only possible funding solution. By shifting the blame and focus away from the weakening dollar and onto miniscule, specific events, The Bernank can continue to print money while blaming the attendant continuing rise of all dollar-denominated commodities on "transitory" events.
Again, MOPE can buy you time but TRUTH shall prevail. It's unavoidable.

384 comments:

  1. They do always say, don't fight the FED. I lose again.

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  3. Thanks Turd. It'll be interesting to see what that bastard has to say. I think it's awfully coincidental that he speaks 15 mins before market close. Makes me think he knows he's going to move the markets and doesn't want to leave a lot of time for it to occur today. But who knows.

    Regarding that XLF call buying story ZH put out, it could be a cheap hedge against other much larger positions.

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  4. Me, I was more interested in reading what TF had to say.

    I'll settle for. . . Nth! You can never lose at that game!

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  5. This is totally self serving but I'd like one last bargain basement buy of silver and if they mount a smash through 30......I'd buy my last load of physical.......haven't bot any for three months and they just might do it....they are giving me a real blue light special on the miners but my guess is the HUI will hold its previous bottom.......never know for sure though.....hhehehhe

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  7. He would say, "Well, life is transitory, so weak economic data we are seeing these days will pass sooner or later. Fed is ready to do whatever necessary to keep going. So, do not worry, be happy."

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  8. The PA and PL charts don't look to me like they are worried at all about what Ben F*ckface might say. (palladium,platinum)

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  9. If no mention of QE is made I'm guessing silver/gold and stocks sell off as the algos do their thing....

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  10. Will there be a stream somewhere of Bennys Speech?

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  11. I'm guessing Zero Hedge will have a stream....

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  12. I'm guessing Bloomberg will stream it... http://www.bloomberg.com/tv/

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  13. JNG said...

    If no mention of QE is made I'm guessing silver/gold and stocks sell off as the algos do their thing....


    ----------

    And the POS$?

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  14. Bloomberg has a stream but I don't know if they'll be showing BB.

    http://www.bloomberg.com/tv

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  15. he will take the first 15 minutes to shuffle his papers and take photos of the crowd on his iphone. hopefully geithner will be in the audience and he will have a real weiner on his phone.

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  16. Gold/XAU at 7.74. PM stocks have already sold off. This looks a lot like 2008 for the miners. This ratio is becoming effectively useless as a gauge, IMO.

    Any whiff of QE and gold sets new highs tomorrow. If not, it might be time to head off to the bunker.

    Bay of Pigs

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  17. CNBS are showing Benny's speech. Not sure if you can stream the BS they produce though

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  18. @bay
    re: whiff
    You got that right, gold would definitely take off to make new highs. That's why it's unlikely he will, but we're all contrarians here so maybe there's hope?

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  19. everyone shhhh.... the show is starting. :)

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  20. PSLV enjoying some premium compression today vs. SLV.
    And life goes on...

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  21. xlf call is meaningless. financials have been hammered the most and the call is just a bet back up to the 50 day i believe.
    could be countered by a put somewhere else, probably in silver.

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  22. Here's a nice headline for you:

    HSBC says gold may rise to USD 1650 per ounce this year Tue, 20:51 07-06-2011

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  23. Hi Turds,

    I am such a little troll and don't know anything about economics. I just turned 12 and I am so gay I wear woman's lingerie and draw on my eyebrows. So don't take me serious! Alan Grayson doesn't. That is probably due to my lying skills:

    http://www.youtube.com/watch?v=GRlYx48PDRU

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  24. TF - what reasons do you have to use various charts like 2 hour, 4 hour, 6 hour, etc... at various times?

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  25. >>Before The Bernank, takes the podium, please take a moment to ponder from where the U.S. government will find its $1,650,000,000,000 needed for next year without continued Quantitative Easing.

    Fed will do a "swap" or deal with GB who wii buy treasuries, same with offshore entities in Caymens and other CB's invested in current "system".

    JMHO

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  26. @Ben Bernanke

    We knew you were a Pork Puffer, so this is not News.

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  27. CNBS just flashed a headline that paper stocks are higher.

    Is this a QE3 hint?

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  28. sold some paper gold at 1546 to take some profits and ready powder in case Bernankenstein gives me an opportunity--probably good indicator of gold going up while I'm holding my own.

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  29. New word:

    Pontifidigitation:

    Defined: belief that one's mere thinking about future events will magically make them happen, and that people will be fooled by such nonsense and not know any better.

    Mike Tyson would be so proud. . .

    Anyhow, Ben Bernanke will be pontifidigitating in a bit.

    My prediction:

    Announces "success" of past QE rounds, but not quite enough "success" such that additional QE measures cannot be ruled out, and that the Fed will reserve the right to do future QE as conditions warrant.

    word verif: messe

    As in: Bernank will have quite a messe in his pants after his speech.

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  30. Thanks for that tidbit, TF. Sounds like HSBC expects more doveishness from the Bernak. Maybe with all the manufacturing news rolling in and the recent market weakness he already enough excuse to stay loose?

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  31. 4 mins to speech and still no sign of a live link

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  32. @bay,

    I'm with you. The continued weakness in the miners I track smells of capitulation selling.

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  33. @Kurt -- AFAIK, TF has generally said that the time scales of the charts are selected so that the period he wants to show/analyze fits into the window. So, if he wants to show today, he might use a 5 or 15 min chart, 5 days -- 2 hr, etc.

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  34. Live Stream

    http://www.live-news-stream.com/cnbc/

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  35. A big war is coming. THAT is their only/last way out.

    Austerity for the citizens...for the war effort...a reset of all the loans between us and the enemy.

    It's perfect...and it's coming. Probably the ME over oil...come on, we ALL know $100 a BBL is way too much...it stifles growth...and growth is what's needed right now. Growth is what the Corporate/Government complex needs to survive.

    It's their ONLY way out...

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  36. These clowns on the Blowhorn (CNBC) are really something else. They appear to have no idea (at least in public) what's going on. Shit, they don't even understand simple economics, so how can they comprehend and discuss the larger macro issues?

    Listen to them. A "soft patch", "austerity" and "transitory"?

    Can they really be this stupid? Seriously...

    Bay of Pigs

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  37. Thanks CD - I guess I am also wondering what he finds valuable to see patterns with.

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  38. waiting for the Bernank dip :) (hopefully)

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  39. @bay

    some genius CNBC contributor said people who have jobs are doing OK as they are earning money but people without jobs are facing difficulties.

    REALLY? Have an honorary economics doctorate buddy.

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  40. I just liquidated a truckload of slv calls, which probably means he's about to take his shirt off and reveal the word QE3 written in glitter from nipple to nipple.

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  41. He's sweating! Hey, demand-pull inflation should prove transitory after we fucking destroy the labor market by raising the costs of hiring anybody.

    Go obama! Nobel prize for economics? Didn't think so...

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  42. Bloomberg just talked about BB. They say BB says: "C.Banks should maintain it's record monetary stimulus to boost an uneven and frustratingly slow economy"

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  43. nice $0.10 spike right at 15:45 EDT in silver... let's see where this takes us. So far, 'Ole Ben is quite doomy and gloomy about the state of economy.

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  44. Bernanke does not explicitly mention QE3, but does say current policy should continue...We interpret that to mean that QE2 should end on schedule and that other accommodation should be maintained, which is pretty much steady-as-she-goes policy. Those looking for some hint of QE3 may be disappointed, but so far no major reaction, but stocks are back to flat on the downbeat economic assessment and lack of additional support measures.

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  45. Its deeply ironic that such an obvious dweeb should still hold sway over every breath of the finanicial world. Its fitting actually. If civil order ever did breakdown, just as there were Nazi hunters I'm sure that there would be banker-hunters. These little academic nerds are complete imposters wearing no clothing and walking around with fat hairy asses and grotesque pot bellies. The real joke is on the general public that still beleives all this crap.

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  46. lol, "housing is quite affordable by historical standards"

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  47. Money moving into Swiss Francs

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  48. bernank is on fox biz net...

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  49. Benny recommends: kick the shite out of that can. Get a real good head of steam and really get a leg on it.

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  50. IT's like the dance of seven veils.

    He's showing his belly, but it will take several months to expose the flesh of QE3

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  51. commodities and inflation:

    % increase blah blah, inflation not broad based or ingrained, increase in gasoline responsible for increases in CPI, blah blah, commodity markets developments responsible for inflation

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  52. Yaaay, there is no inflation in our economy, only high gas prices.

    Word verif: twiti (Bernanke is one)

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  53. @tread_w_care - ROTFL

    BTW, the comment stream on the CNBS live feed is pretty funny. It sounds like only ZH readers are commenting...

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  54. USD / JPN below 80....Atlee said this was significant yesterday

    silverenomics...you made me laugh alot haha

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  55. Outlook for inflation....we didn't want to acknowledge it exists....so far it doesn't seem that its ingrained in our economy. Of course, Ben doesn't actually go shopping or see that product sizes are shrinking. It's all good....nothing to see here....commodity prices are moderating.....good stuff...lol

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  56. "transitory inflation" signals more QE, imo... As does passing the buck for a long-term solution off to congress...

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  57. ...the Fed "will take whatever actions are necessary to keep inflation controlled". There you have it.

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  58. sockeye1 said...

    "So in 1913 the gov put in the Federal Reserve so the gov could be the lender of last resort when the banks got into trouble."

    The Fed is not part of the Federal government. It is a private corporation that OWNS the government. The Fed is owned by other private banks like JP Morgan and Goldman Sachs. The major stockholders of banks like JP Morgan are owned by extremely wealthy and powerful families like the Rothschilds, Rockerfellers, and the Royal families of Europe such as the House of Windsor. This is what we call the EE.

    The Federal government and the Fed are corporations. The Federal government is merely a subsidiary of the Fed, the private bank that loans the Federal government all of its debt money. Therefore, when government and corporations merge, we call this fascism. Thus, we are in fact a corporate fascist state owned lock, stock, and barrel by the worlds wealthy elites who have more wealth that we can imagine.

    All of our politicians work for the system and are socialist fascist, except for one or two of them. There are not two political parties. Only one with two heads, Democrat on the left, Republican on the right.

    So, the purpose of the Federal Reserve is to buy up the world for the worlds wealthy elites thereby consolidating the worlds wealth and power into their hands.

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  59. listen to his voice trebling.....

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  60. Labor market will look better...manana!

    Transitory price increases will be lower...manana!

    Deficit will be handled...manana!

    Fed will do whatever necessary to keep inflation under control...manana!

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  61. They will take whatever action necessary to keep inflation under control....hmmmm.... I thought they wanted inflation.

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  62. Interesting that silver did not budge. Yet.

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  63. blah blah blah. Why couldn't this d-bag have spoken earlier in the day?

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  64. I need to organize a drinking game for the next one of these...

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  65. Thank you Turd, for making it clear to me why QE3 has to happen and QE will not cease until the system fails. Of course it has to happen, it's providing 40% of the government funding. Dooooh.

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  66. Waiting for him to talk up benefits of Greeks using less oil

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  67. @beprepared,

    he eats iPads. Wish he'd try eating his wife's pads. Shut him up for a while.

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  68. Uh yeah, increase in the price of oil is a supply/demand issue only, NOT a result of a weak USD$. Sheesh.

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  69. When will he bring up the strip club tipping index as a positive sign of future growth?

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  70. DE

    The Ireland was using 200,000 barrels per day and is now only using 160,000 barrels per day = -20%.... it's a positive sign for their economy...really....austerity is the way and the path to prosperity.

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  71. Full text posted at ZH.

    Conclusion:
    "Although it is moving in the right direction, the economy is still producing at levels well below its potential; consequently, accommodative monetary policies are still needed. Until we see a sustained period of stronger job creation, we cannot consider the recovery to be truly established. At the same time, the longer-run health of the economy requires that the Federal Reserve be vigilant in preserving its hard-won credibility for maintaining price stability. As I have explained, most FOMC participants currently see the recent increase in inflation as transitory and expect inflation to remain subdued in the medium term. Should that forecast prove wrong, however, and particularly if signs were to emerge that inflation was becoming more broadly based or that longer-term inflation expectations were becoming less well anchored, the Committee would respond as necessary. Under all circumstances, our policy actions will be guided by the objectives of supporting the recovery in output and employment while helping ensure that inflation, over time, is at levels consistent with the Federal Reserve's mandate."

    Yup, BB can stop inflation in its tracks in 15 minutes. But right now he does not see it as a problem.

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  72. Loooooooooooooooooooong term plan needed. LOL.

    Come on Ben...the markets don't like your quivering lip and downbeat attitude.

    Bad weather? "Give us QE III" the Blowhorn screams!

    Bay of Pigs

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  73. Ben says we'll see further commodity increases..... there ya go....

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  74. Clearly high commodity prices are "transitory" due to weather which of course won't happen again next year.

    Am I getting this right, the Chairman of the Fed is sharing his expertise on agriculture and weather as they relate to high commodity prices?

    Does this mean that we aren't blaming speculators anyore and just weather phenomenon?

    Also, in the time it took me to type this, his voice really started to crack.

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  75. ---A big war is coming. THAT is their only/last way out.---

    A war between whom exactly? I don't agree. We are all in the same boat - bad currency. Switch back to the Gold Standard, or a version of it, and things will restore themselves.

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  76. Lazy L

    He has a servant feed him the ipad...because he can't be bothered to feed himself. Unfortunately, since he is a vampire, he mostly like would enjoying eating her pad...

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  77. Let'em eat rice! This is great! Blame the weather, and eat what's cheap!

    Buying back my gold; stink bids on silver.

    I am NOT being instilled with confidence in our civilian leadership...

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  78. CD, thanks. "accommodative monetary policies are still needed" = QE3 and 4 and 5 and on and on.

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  79. Ben is just taking off one to three veils today. He is protecting his modesty until after the summer slump.

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  80. Sure took the starch out of the stock market.

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  81. "Accommodative monetary policies are still needed"....

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  82. Do your patriotic duty...sell your PMs...convert to FRNs...spend them immediately!

    word ver: "gusollf" - the future direction of the USD.

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  83. Gimme a Q

    Gimme an E

    Gimme a 3

    whadda ya got?!!

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  84. "The cold winter has apparently not affected the orange crop harvest"

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  85. Job ad for Fed Chairman:
    Qualifications: ability to talk out of four sides of your mouth.

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  86. R man J - people can only sell their PMs if the weathers' good...

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  87. BB is so confident in his position...it looks like he's ready to jump out of his skin. FOMC will complete its QE2 at the end of June.....and they will keep ZIRP...We, the Fed, have saved the world...at no net cost to the Taxpayer....can we kick his ass.

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  88. I can't believe this bullshit hasn't caused gold to lift off.

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  89. Beprepared:

    I agree with you, but the cost of austerity will be depression and displacement of the "elite" -- hence the catch-22 for them and the choice of depreciating the value of currency in which debts will be repaid.

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  90. This is the most boring "holding pattern" statement in history.

    Ben is pushing tin. "QE3, please circle the airport for another few months before beginning descent".

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  91. lol on the comments on the CNBS stream :

    VOICE-STRESS-ANALIZER-RESULTS: He's LYING

    LMFAO

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  92. I have a lot of time for Jim Rickards. He
    explains complex financials in a digestible manner and is incredibly well informed. I was
    also puzzled about his idea about the banks
    securing the bond market single-handedly.
    Meanwhile, will Benny stop the slide in stocks ?
    I think yes, probably, but perhaps, not.
    Hope so. I'm only holding Yukon juniors now. They've held on gamely but will need support if the market doesnt improve soon. Might put some
    protective shorts on tomorrow. Coffee, Copper,
    and Dax all come easily to mind. No fundamentals
    at all - they just look like short algo fodder from where I'm sitting.

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  93. from Bennnnnie

    While supply and demand fundamentals surely account for most of the recent movements in commodity prices, some observers have attributed a significant portion of the run-up in prices to Federal Reserve policies, over and above the effects of those policies on U.S. economic growth. For example, some have argued that accommodative U.S. monetary policy has driven down the foreign exchange value of the dollar, thereby boosting the dollar price of commodities. Indeed, since February 2009, the trade-weighted dollar has fallen by about 15 percent. However, since February 2009, oil prices have risen 160 percent and nonfuel commodity prices are up by about 80 percent, implying that the dollar’s decline can explain, at most, only a small part of the rise in oil and other commodity prices; indeed, commodity prices have risen dramatically when measured in terms of any of the world’s major currencies, not just the dollar. But even this calculation overstates the role of monetary policy, as many factors other than monetary policy affect the value of the dollar. For example, the decline in the dollar since February 2009 that I just noted followed a comparable increase in the dollar, which largely reflected flight-to-safety flows triggered by the financial crisis in the latter half of 2008; the dollar’s decline since then in substantial part reflects the reversal of those flows as the crisis eased. Slow growth in the United States and a persistent trade deficit are additional, more fundamental sources of recent declines in the dollar’s value; in particular, as the United States is a major oil importer, any geopolitical or other shock that increases the global price of oil will worsen our trade balance and economic outlook, which tends to depress the dollar. In this case, the direction of causality runs from commodity prices to the dollar rather than the other way around. The best way for the Federal Reserve to support the fundamental value of the dollar in the medium term is to pursue our dual mandate of maximum employment and price stability, and we will certainly do that.

    Another argument that has been made is that low interest rates have pushed up commodity prices by reducing the cost of holding inventories, thus boosting commodity demand, or by encouraging speculators to push commodity futures prices above their fundamental levels. In either case, if such forces were driving commodity prices materially and persistently higher, we should see corresponding increases in commodity inventories, as higher prices curtailed consumption and boosted production relative to their fundamental levels. In fact, inventories of most commodities have not shown sizable increases over the past year as prices rose; indeed, increases in prices have often been associated with lower rather than higher levels of inventories, likely reflecting strong demand or weak supply that tends to put pressure on available stocks.

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  94. stevy,

    I think the newest turdism should be "the Queen," for QE.

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  95. I've only got the audio on right now, sounds like his gf is breaking up with him and he's about to cry. Not a good presenter.

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  96. I just took a look at my "Big" miner watchlist. About 50 on it.

    Looks like the mean is about 30% off 52 week highs. The Pct off 52 w/h column looks like a bloodbath. Because it is one.

    Never seen anything like it. And not so much as a peep from the industry itself.

    A world turned upside down. Another clear sign: consider the fact that the fool who's now speaking on your telly can get a job anywhere, never mind as fedhead. Right?

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  97. Can't believe BB said North Dakota is an example of low employment.

    North Dakota!!

    Population: 672,591 rank 48th

    Economy: Agriculture and Energy

    No wonder their unemployment is low

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  98. Working from memory, from the weekend interview, I think Rickards was saying that not only the banks but also most of the largest pension funds could all be pressured to buy treasuries. That's a lot of buying power.

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  99. Geeeeeeeeeeeeze ... this guy asking a question now....

    "Steve blah... errrrrrrrrrrr..........US banker............errrrrrrrrrrrrrrrrrr"

    The guy sounds like forest gump... no wonder the banks are screwing everything up.. they've got vegetables on the desks....

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  100. . No pop for the PMs despite the junk that he is spewing. Amazing really.

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  101. Blah...Blah...Blah...healthy U.S. economy....$16 trillion in debt coming to theater near you. Our fiscal deficit this year....is only due to weak economy...could it be all of the wars and all the entitlements...Yes!

    I am Ben and I will stick to my story even if its a lie because you can't make me change it. Ben needs a timeout in the corner until he's willing to actually speak the truth.

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  102. North Dakota needs people to dry out the cornfields, maybe by holding blowdryers?

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  103. please check the post-bernank update

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  104. D E said...
    North Dakota needs people to dry out the cornfields, maybe by holding blowdryers?

    ==========================

    ........Which in turn would use energy which in turn would increase commodity prices....

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  105. @sockeye1 and @ben.roberts13

    http://www.silverstealers.net/ Great read on the Pilgrim Society

    http://www.globalresearch.ca/index.php?context=va&aid=25080 The Federal Reserve Cartel: The Eight Families

    They are moving all the wealth to them........

    June 7, 2011 4:26 PM

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  106. the fuck head forgot to talk about the shortage in gold and silver ....I guess its just not that important.

    Hold on there was was some veiled bullshit.......

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  107. "We have different bankruptcy laws..."

    Yes, as in, "We ignore our bankruptcy laws if one is TBTF or has a buzzillion union members."

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  108. Wow. Just wow... How long till the fireworks start?

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  109. What I have learned today is that there's very little inflation out there, and what inflation there is is mainly caused by the wheat-gobbling weevil of western Wichita

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  110. Stocks crump, metals stay pretty solid. Pretty good result. Miners crumped because they are stocks.

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  111. Maybe the Asians will watch this back and just buy....

    Or at least trash the POS

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  112. ""At the same time, the longer-run health of the economy requires that the Federal Reserve be vigilant in preserving its hard-won credibility for maintaining price stability."

    I'm funny how, I mean funny like I'm a clown, I amuse you? I make you laugh, I'm here to fuckin' amuse you? What do you mean funny, funny how? How am I funny?

    The only problem is, banksters really are, ultimately, a lot like Tommy DeVito.

    http://www.youtube.com/watch?v=o_ff46b58Hk

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  113. Yes, Turd. You nailed it.

    "Hey, look over here!" yells Ben. (don't watch what I'm during behind that curtain over there).

    QE is a DONE deal now.

    Bay of Pigs

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  114. Can't take the presser stream any longer. My reality is wholly diverged from that of teh Bernank and the hellycopter boys.

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  115. Don't trust your eyes; they can deceive you. Trust Ben instead.

    I want to set up a poll - Which of the following did Ben's speech make you want to do most?

    (a) cry
    (b) scream
    (c) puke
    (d) sleep
    (e) [fill in your own]

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  116. I just love how the bernank has that shaky voice LOL! Nervous, anyone?

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  117. We are much more committed to systemic stability...thinking collectively and cooperatively.... what the hell does that mean? Yes, we are the world and we are all in collusion.

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  118. how the heck do you translate this jibberish into chinese?

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  119. when'd he say that, beprepared? didn't register...

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  120. Greenspan is sitting in his rocking chair, smiling wryly at Ben's doublespeak and thinking: "That's my boy!"

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  121. We was answering a question about shadow banking, but it was interesting the choice of his words....I was typing it as he was talking.

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  122. Jamie Dimon just asked his servant Ben a question.

    Strange

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  123. I like Sevin's answer. It's almost 5:00 here.

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  124. Love Ben smiling as JPM asks a question. Also love that the banker from JPM considers all of the trash to have been cleaned out of the market already.

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  125. jamie dimon "most of the bad actors are gone."
    then why are you still there?
    more transparancy? tougher regulators?
    the core of the problem was mortgage underwriting? sure...

    ReplyDelete
  126. *Looks out his window* The wheat doesn't look THAT bad...

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  127. I told you so, you guys are gonna like this one!

    Hi ho silver!

    Now listen to my best buddy jamie dimon.

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  128. Yo Ben.... Yo Jamie.... All the bad actors are gone.... Jamie you're the biggest bad actor alive. I want to scream listening to Jamie...the pissant...dimon.

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  129. caught it on the bloomberg ticker. sounds to me like he's looking at regulating derivitaves. more addressing symptoms and ignoring the root cause. typical.

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  130. I wonder whether the recent strength we've seen in PMs, silver primarily, was short covering done to give enough room to short after the speech.

    Cover shorts ahead of dovish speech when there's little momentum and then short to contain price rise after speech to kill momentum.

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  131. e) put the kids down early, crack a nice gin or three and watch the Furthur webcast here:
    http://www.tristudios.com/

    ReplyDelete
  132. @silvernomics

    E - Fill your own and F- Masturbate ....... arent they the same?! lol

    ReplyDelete
  133. @Cookie

    translation to english first:

    Blah blah blah something something blah blah lie lie lie big finish...

    ReplyDelete
  134. Jamie...I'm doing an advertisement about how great I am...telling the public how great we are about faking reforming all the crappy products we helped create. I love how he distances himself from any culpability. Ergg!

    ReplyDelete
  135. Next week:

    "Greenspan's sleeping with my sister"

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  136. The whole thing takes me beyond anger. The ultimate insult now will be an overnight raid.

    I would like to laugh but think I will go throw a few dozen rounds down range.

    ReplyDelete
  137. Liesman is EXTREMELY excited about Dimon's "confrontation" of Bernank.

    ReplyDelete
  138. Translate to Chinese:

    The bad news is the dollar will not be worth the paper it's printed on...

    The good news is that you need more toilet paper...

    Knee-Hi !

    ReplyDelete
  139. @ben.roberts13 re: sockeye1 said...

    Agree 100% thanks for reposting above!

    ReplyDelete
  140. I would like to see Jerry Springer compere Bernanke and Dimon's next faceoff to offset the soporific stench.

    ReplyDelete
  141. Just trying out a new avatar. It's 5 o'clock somewhere....

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  142. Jamie and Ben were kissing...what are you talking about....Liesman doesn't know what he's saying...please. They had already talked on the phone earlier about how to make themselves look good.

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  143. LIESman is a douche bag shill - whatever he says - believe the opposite

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  144. Eric #1

    If you were here, I'd pour us both one. Good choice.

    ReplyDelete
  145. well that was fun. profit on tna and then tza. yawn. can't wait to see what the chinese make of all this Orwellian nonsense...aren't they supposed to be the ones w/ the propaganda?

    ReplyDelete
  146. Here's the translation:
    美元是馬糞

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  147. The biggest MSM takeaway from this is that BB sees growth and jobs picking up in 2nd half. That is a no need for QE3 spin, I guess. I can't wait for Asia on this one.

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  148. E) Beat him til he can't crawl or whimper!

    W/V:pecoater (he's pissing on us alright)

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  149. Nobody liked my made up word? Pontifidigitation.

    Pontificate = to speak or behave in a pompous or dogmatic manner;

    Prestidigitation = the art of legerdemain; sleight of hand. — prestidigitator, n. — prestidigitatorial, prestidigitatory, adj.
    See also: Magic

    I am trying real hard here.

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  150. "Bernanke is dovish on inflation".

    Steve LIESman

    Hahaha....the Blowhorn's "expert" speaks.

    Bay of Pigs

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  151. @atlee
    No better stress-reliever!(Sex excepted.)

    ReplyDelete
  152. actually I thought pontifidigitation was clever

    ReplyDelete
  153. hmm, anyone else's oanda wigging out right now?

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  154. @CalLaw
    I'd like to hear Mike Tyson say that. Personally, it's a little long for me. Prefer the shorter variety.....like "Turd".

    W/V:widos (exactly what the perps of the EE need)

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  155. Strikes me that Jamie Demons 'opposition to Fed policy' is due to his MASSIVE concentrated short position in the Silver futures?

    Don't think the FED would act against the interest of its owners?

    Maybe the other interests/owners in the FED aren't necessarily concerned about the outcome JPMs stake - like they might benefit if JPM eats it?

    Just an errant thought

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  156. The Bernank doth protest too much.

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  157. This is another outstanding post Turd, you flay away the lies and spin of our overlords to deftly reveal the true state of affairs. How much longer can this circus continue? Headed to the coin shop after work today, hope they left me some bullion.

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  158. Got my gold back, but no one hit my 36.90 bid on silver. Diddled around positions today, but still headed home long Aug Gold, July Silver, July Corn and July WTI.

    Only certainty seems to be some public official, somewhere, is going to be outed schtupping someone he shouldn't be, while the public continues to get fucked.

    GLTA!

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  159. Jim Rickards might have a point which you do nothing to refute; he certainly has better insight into the banking sector than you do. Perhaps you should at least attempt to dissect the problem with his statement rather than attempting to laugh it off; after all, Jim Rickards helped saved the entire financial system from collapse. When was the last time you did that? :)

    You can start with the "this is my blog" bs but maybe it would do more service to your readers if you actually discussed the issue rather than foolishly brushing it off. Of course you won't but I thought I'd share some contrarian thinking to the "we're right they're wrong" parade on this board.

    ReplyDelete
  160. TA is that chinese for bullshit?
    the only chinese i know comes from serenity episodes.

    ReplyDelete
  161. MARAdona, when you come onto someone's blog and badmouth them, it's like you've walked into their home and started dissing them. You should expect to be summarily kicked out.

    If you can't make your point in a civil way, don't make it at all.

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  162. Europe has Geithner and Bernanke-class losers too. But we don't have someone like Nigel Farage. Kucinich is scared. Wellstone is dead. Why do you think Kucinich is scared?

    Farage survived the unscheduled meeting with Terra firma that his own plane made. Can you imagine the cursing and gnashing of teeth in Brussels that day?

    Get a load of Nigel Farage skewering the NWO stooge Barroso of the EU a few days back:

    Nigel Farage lambasts Barroso's 'State of the Union' charade
    http://www.youtube.com/watch?v=7HB_L1cnCqs

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  163. Im a HUGE fan of the real Nigel.....

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  164. Almost no immediate market reaction. Strange. I didn't expect almost nothing.

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  165. I attended the Cheviot Sound Money conference in London a few months ago, which featured James Turk, Hugo Salinas-Price, David Morgan, Keiser and some others. Nigel Farage was listed as an attendee. Nice to know one British politician can define fiat money.

    ReplyDelete
  166. One bright piece of news today was gold setting an all time high London AM fix @ $1548.40 Yesterday saw a record on the PM fix @ 1549.

    This seems to bolster the QE III scenario, whatever form it takes.

    Bay of Pigs

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  167. So the question remains, why IS Kucinich scared ?

    ReplyDelete
  168. Batten down the hatches - this is BAD BAD news

    http://www.space.com/11891-huge-sun-eruption-june-7-2011.html

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  169. A few people have mentioned a disparity in outlook or disagreement between Santa and Martin Armstrong but I can't find anything like that. Everything I see says Santa's a big fan, quotes like this;

    "Armstrong is the only true genius in finance. No one can qualify to tie his shoes."
    --Jim Sinclair

    Can anyone direct me to the source of this disagreement? All the references have been vauge.

    An article I'd like to share comparing entities trying to get bailed out to alcoholically that seems relevant today written by Armstrong and republished on Sinclair's site:

    http://www.jsmineset.com/wp-content/uploads/2009/02/martin-armstrong.pdf

    ReplyDelete
  170. @cookie monster
    = the US dollar is horse doo doo.

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  171. Market goes kaboom, dollar rises bonds rise.

    Dollar goes Kaboom, market rises Bonds continue Gold and silver go ballistic.

    Whats a poor Keynesian too do.

    ReplyDelete
  172. Hey Bernanke you forgot to mention the part of your plan where you BLOW UP THE SUN

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  173. Dude that sun explosion is serious shit, some would equate that with a very large earth quake on earth very soon. That was incredible.

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  174. Turd and Turdites

    What is the consensus of the effects of serious consumer inflation?

    I myself wonder if Benny and the Jet's is playing a waiting game on inflation and it's taking longer than he expected to come fully ashore.

    Here is what I do know...All my goods landing from China in about 60 days are up about 15%-20% in price...and that is fact..not fiction. My bookings for spring 2012 are up an AVERAGE of 25%. I am talking a broad basket of retail goods from Christmas tree's to Lawn Sprinklers.

    Thoughts?

    ReplyDelete
  175. @MARAdona

    Ignoring your provocative attitude, let's just concentrate on your point, which seems to be that Jim Rickards deserves to be taken seriously. Okay. I have not read his take on this, but based on what I have read second hand, it seems he is saying the FED does not have to be the main buyer for US debt, that the banks can do that and that pension funds can be pressured to do that. Okay. What difference does that make? The government is still operating on borrowed money no matter where it comes from and it cannot stop.

    And if the banks can buy all the debt the FED is currently buying, why haven't they? And if they start doing that, where will the money come from? (Maybe from the FED?) So, other than picking a fight, I don't really see the point of your post.

    ReplyDelete
  176. Oh, BTW, the United Nations says all you commodity speculators are causing "bubbles" and are in need of more oversight.

    http://www.bloomberg.com/news/2011-06-05/commodity-bubbles-caused-by-speculators-need-intervention-un-agency-says.html

    ReplyDelete
  177. would tonight be a good time for a major raid? they could easily blame the lack of QE3 confirmation for causing the sell-off

    ReplyDelete
  178. @e736....
    The short charts are already a little toppy for RSI, so not too much cover needed for a raid. We didn't give overnight much to work with, yet again. We'll probably wake up to 36.50 again in the morning courtesy of London.

    ReplyDelete
  179. @ Ginger

    Hi, Maudore just released some wonderful results in case you were following.

    http://www.maudore.com/

    Blessings
    Jeffrey

    ReplyDelete
  180. @OldNavy, pardon my "provocative attitude" but Turd's post laughs off the ideas of a guy had a major part in saving the entire financial system and acts as if Rickard is some shill; if anything, the opposite is true. Saying that a guy who most likely has some of the best insight into the Fed's stance and banks' abilities is "fooling himself" is a lot more provocative than what I did; did anyone question Turd on that? No...but of course I'm the odd one out for not bowing down to a guy who hasn't been accurate much lately. :)

    Regarding the 2nd part of your post: The question at the top(although it doesn't end with a question mark) is "where the U.S. government will find its $1,650,000,000,000 needed for next year without continued Quantitative Easing." which only asks regarding the next 12 months. Without having bothered to read Rickard's comments on the matter, or listen to them as many probably have on KWN, I'm not sure why you're bothering to comment.

    I'm not meaning to offend you but it seems as silly that you comment on something you don't know anything about, rather than looking into it first, as it does that Turd scoffs at a guy of Rickards' position in the financial system. At the very least you should read Mr. Rickards bio and realize that it's foolish, at the very best, to discredit what Rickards is saying without having a clue as to who he is and what he is likely to know instead of a guy who uses pseudonym and conspiracy theories to ring up donation money on his blog.

    http://www.omnisinc.com/directors.php

    ReplyDelete
  181. Let them raid. Merely a form of price controls which will not work. Silver has taken a beating since MayDay, but look at gold: creeping higher as Euroland realizes that devalued currency is the only way for PIIGS to pay the piper. Bernankenstein knows that the only way for mortgages to be paid here is with devalued dollar, otherwise the foreclosure rate goes through the roof (pun intended) and an unacceptable number of people are rendered homeless, and, thus, dangerous. China realizes this, as inflation is unbearable for staples and higher wage is unbearable for competitiveness; if they slow down through higher interest rates, their overcapacity leads to unemployment and unrest.

    These are amazing times, and like 1914-1945, all of the old order will not survive and everyone will be changed.

    ReplyDelete
  182. Edit: At the very least you should read Mr. Rickards bio and realize that it's foolish to discredit what Rickards is saying without having a clue as to who he is and what he is likely to know instead of a guy who uses pseudonym and conspiracy theories to ring up donation money on his blog.

    ReplyDelete
  183. I listen carefully to Rickards. His only explanation was that the banks "owe the US Treasury after being bailed out" so their arms will be twisted and they will buy. He just thought that this would kick the can down the road past the 2012 election, but the collapse hits about 2013.

    He is always positing different ways to avoid QE3. Last month he said the Fed would just reivest the coupon in Treasuries to the tune of $115 billion/mo.

    ReplyDelete
  184. 1. short the shit out of the s&p in increments up to 1320 (if it gets there).
    2. spend proceeds on gold.
    3. stretch arm out window.
    4. raise middle finger.

    ReplyDelete