Cara's Commentary & Community Chat, Mon., Feb. 9, 2009

[6:00am ET] Who would have taken the International Monetary Fund for being an early adopter of the ‘D’ word? Following a speech in Kuala Lumpur, Malaysia, IMF CEO Dominique Strauss-Kahn is reported in the Wall St. Journal as telling reporters that the US, Western Europe and Japan are “already in depression,” and that the IMF could slash its global growth forecasts further. The “worst cannot be ruled out,” he said. These comments were far more pessimistic than forecasts released by the IMF as recently Jan. 28, said the WSJ.

http://en.wikipedia.org/wiki/IMF
http://en.wikipedia.org/wiki/Dominique_Strauss-Kahn

Is the economics professor talking up the IMF gold position or simply getting the world to see that the central banker’s banker is going to issue its own debt, in which case all double-entry bookkeeping comes to an end as liabilities become endless, fiat money worthless, and the only countervailing asset is gold. Yes, gold @$2500, here we come. It’s just a matter of time.


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QT
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QT

t

teamonfuego
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teamonfuego

looks like an excellent short.

Terry Verduin
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Terry Verduin

Government takes care of its “friends”, at taxpayers’ expense. Medicaid is a classic example: attorneys put millionaires on the public dole daily for all of their nursing home and medical needs. Any money that stands in the way of Medicaid eligibility is transferred quietly to the spouses and children of the “manufactured” Medicaid recipient, an early “inheritance”. The government turns a blind eye and makes every effort to approve cases brought through attorney “friends”. Lobbyists keep the wheels greased; it’s “only taxpayer money”. In the meantime, the truly needy often go without. There are no remaining funds for such “unentitled”… Read more »

Terry Verduin
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Terry Verduin

Government takes care of its “friends”, at taxpayers’ expense. Medicaid is a classic example: attorneys put millionaires on the public dole daily for all of their nursing home and medical needs. Any money that stands in the way of Medicaid eligibility is transferred quietly to the spouses and children of the “manufactured” Medicaid recipient, an early “inheritance”. The government turns a blind eye and makes every effort to approve cases brought through attorney “friends”. Lobbyists keep the wheels greased; it’s “only taxpayer money”. In the meantime, the truly needy often go without. There are no remaining funds for such “unentitled”… Read more »

TraderGirl
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TraderGirl

Your comments always get me thinking. You were missed. Glad you’re back.

kaimu
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kaimu

ALOHA !! One of the first line items under “Withdrawals” at the DAILY TREASURY STATEMENT is something entitled “Commodity Credit Corporation” or CCC … ANyone here know what that is? Has it ever even been mentioned on national TV yet? On 60 Minutes? I mean so far we have spent $16.3bil USD($3.6bil per month)on it. Just on Feb 6th, last Friday, we US Taxpayers spent $55mil on it in one day! More than double food stamps and temporary services for needy families combined! Here it is over at the USDA and FSA(Farm Service Agency)… Commodity Credit Corporation Programs Program Summary… Read more »

kaimu
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kaimu

ALOHA!! REALITY CHECK!! Well, the US Payroll Taxes have broken down substantially year over year now. Based on charts going back to 2000 this is significant. The only thing holding the USDX value is that Russia and the EU look worse purely from a “free floating currency” weighting, which is all fiat is! Government promises backed by their credit! DEBT-R-US!! The US fiscal year for 2009 began in October 2008. That is four and a half months ago and so far based on the “DAILY TREASURY STATEMENT”-Cash And Debt Operations Of The US Treasury, for Feb 6th, last Friday, the… Read more »

vinod
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vinod

Chickenpookie

Toxic assess is better than no assess.

NYUGrad
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NYUGrad

http://tinyurl.com/bshwcg

i also see conflicting job cut #. One above said 15k. the one below said ubs would cut about 1,600 more jobs at its investment bank soon. so not sure which is right or if both are right. as in 1600 now and 15k by end of yr?
http://tinyurl.com/cdyruy

Illini
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Illini

My impression of today’s press conference is that we may have a Pres who is much more intelligent and engaged than any predecessor in recent memory. Attributes much needed. Gives me hope.

bobbyo
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bobbyo

Maybe it could be bundled into a new kind of T-bill. Get your Toxic Bill now!

Chickenpookie
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Chickenpookie

“Feb. 9 (Bloomberg) — Treasury Secretary Timothy Geithner is seeking to draw investors into the U.S. financial-rescue program, aiming to add private funding as a new component of proposals to address the toxic debt clogging banks’ balance sheets.”

Oh boy, I just can’t wait to get my hands on bundles of this toxic debt.

NYUGrad
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NYUGrad

http://tinyurl.com/clqheq

it sounds like progress to me. A compromise but a step fwd.

Edit: just for the record i dont like any bailouts. and i hate that this is more debt. but i am not the president. i keep telling myself “it could be worse”

yvrapx
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yvrapx

Craig, I hope you are holding up given the state of your mother’s health. I wish you well and my support is firmly with you and your family in this trying time. Just read Maudlin’s most recent piece by Louis Gave and thought of you, I know you will relate. 🙂
http://tinyurl.com/by5mpk

vinod
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vinod

Friend send me this Email DNDN -before April trial results are in. Gamble pure speculation high risk reward. Provenge is expected to have yearly sales of $1 BIL. If it’s approved, you can expect DNDN to trade in the $30s within 6 months. The company will not be DNDN for long after that, it will be bought out . In a meeting with the FDA on May 29, 2007, Dendreon received confirmation that the FDA will accept either positive interim or final analysis of survival from ongoing Phase 3 D9902B IMPACT study to support licensure of Provenge. The primary endpoint… Read more »

r. saunders
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r. saunders

Kirk’s Report had this Washington Post link that details what $800Bil+ is supposed to buy.

http://www.washingtonpost.com/wp-dyn/content/graph

Apologies if someone has already posted it as I see in the source that the graphic shows a Feb. 1 date.

bobbyo
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bobbyo

Nice simple chart. I like it. The thing that jumps out to me is how well RSI buy signals indicated a great entry for gold.
Bob

jock
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jock

footnote: Obama is the best leader we could hope for at this juncture; but it’s unlikely a depression can be avoided. Trade gold stocks, and don’t take it out on Barack …

Chickenpookie
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Chickenpookie

I can’t help liking Obama, he has that kind of personality that grows on me.

Mark Barry
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Mark Barry

He couldn’t possibly be different!…..Could he?