Credit deflation and the reflation cycle to come (part 3)

[JMD]

3 hours ago, Cattle Prod said:

Whenever you see "The Science" quoted, it tells you it wasn't by a real scientist. There is no such thing; "The" implies definitive, decided. True science is a process of theory, debate, experiment, repeatability, more debate etc. "The Science (tm)" is best described as a religion, as Marc Andreesen pointed out in his recent Joe Rogan podcast.

Other than that, nice boat. If it's fibreglass, you need a lot of heat and chemicals to manufacture it. Why not make it out if wood, unless you're an ignorant hypocrite?

Yep, surprise, surprise it was fibreglass!

At the time of Gretta's transatlantic trip the organisation providing the boat did a Q&A. Question 6 says it was made from 'part' recycled fibreglass but also utilised 'sustainable' processes!... But given this was a racing yacht I dought any of that played any real important part in it's design and manufacture.

https://www.borisherrmannracing.com/news/frequently-asked-questions-on-the-transat-with-greta-thunberg/

[Starsend]

20 hours ago, ThoughtCriminal said:

Here's Luke Gromen to cheer us up. 

 

He's done a new interview if you click the link.

Always interesting to see what Luke has to say, his knowledge / understanding seems a little deeper than many others.

But, I couldn't agree with his suggested solution was - basically a debt jubilee. Massive re-shoring programme, printing trillions and trillions more, yield curve control, saying fuck it to inflation for a few years, after which point he would magically normalise things.

The only difference I see between his suggested solution and what I think they're trying to do is that he would openly tell everybody we're going to print and to hell with inflation whereas they want to pretend to everybody they're not doing that - while they do it. 

The spazzy interviewer didn't call him out at all. Like, what do you think would happen to the bond markets and every other market when these plans are announced. How about the tens of millions of people who are close  to retirement / retired who's saved labour you are going to blatantly steal and gift to the indebted feckless, the millions you will impoverish who have saved and worked all their lives.

Gone down a little in my estimation with such a retarded solution but then maybe he sees no other option but he should make it a little clearer as to the problems doing what he suggests.

As always with these people none of them really talk in any detail as to how to protect yourselves, all vague shit like buy gold etc. I'd like to see somebody do some real analysis into what will happen to my BP shares in the event of hyper-inflation / a new currency. There must be plenty of examples in history but nobody ever talks about the things we all want to know.

[Starsend]

38 minutes ago, sancho panza said:

I can't overstate how good this interview is from Gromen imho.If you have an hour but you need to lsiten to it.

He really runs through the issues but as ever,sets out the context for the them first-Bretton Woods,developement petro dollar system,US stops exporting profduts its manufactured and begins exporting dollars/UST's via twin deficits etc.

Lays out the issues facing the US govt effectiveyl establishing their empire relies on military dominance,tlaks aosme about how Trump had failings but he was at times honest eg with Germans ref US protecting Germany from Russians while Germany bought oil n gas from Russians/if the Chinese want to take Taiwan there isn't a damn thing we can do about it.

But the best bit of wisdom and this really underlies the issues at the heart of the US's looming problems comes at 50 minutes

 

''I see a lot of people signing up to stop it,(Chinese invading Taiwan),but I don't see a lot of people signing their kids up to be in the first wave.

Where are you sourcing the soldiers? The soldiers have got the internet,they can see we spent the last 20 years taking Afghanistan from the Taliban and then giving it back to the Taliban.At a massive cost to US life.

You reach a point where you oversource where you get your military from , and the youth ask 'explain to me why I should die going to bleed in some far way place fighting the Russians/Chinese to defend an economic system that's not in me or my family's interest'.''

 

 

ALso at 55 mins

''The way 2008 crisis was handled will go down as one of the greatest strategic and politcal mistakes in the entirety of US history.Wall St alleges it's capitalist but if it was really cpaitlaits you would have had a capitlaist solution-bankruptcy,equity holders take the pain ,get wiped out,bond holders take over what's left,next time they'll be more careful.

Former IMF Chief Economist Simon Johnson called it 'the quiet coup.' ''

 

 

All good up until his suggested solution where he goes full tard.

[DurhamBorn]

7 minutes ago, sancho panza said:

The worrying thing for the Dems is that he sounds like a working class former Dem voter.

 

Edit to add,my old army mate I saw yesterday was saying more and more people he knows jsut feel totally alienated from the polticial elite in Westminster.Lot of anger ,like th guy in the video.Did the right thing ,got screwed.I thinkw hen the politcal revolution comes in the UK,it will be faster than sya Italy,where the Right has been rising for years.

Our electoral system allows the Tories and Lab to kid themselves into thinking 70% of the electorate vote for them because they like them rather than voting to keep the other tribe out.

 

My last job 85% were in UNITE,nearly all of them voted Tory,I enjoyed telling the shop steward.It wasnt that they were Tory,its just they want welfare sorting,immigration down to a few thousand a year,knife carrying Africans whipped then salted in the public square then dropped off on the Libyan coast.Labour has very little support here.The Tories took the local council estate even and its a rough one.The problem is it takes too long.Even winning a few seats then more could take decades.

[DurhamBorn]

10 minutes ago, Starsend said:

Always interesting to see what Luke has to say, his knowledge / understanding seems a little deeper than many others.

But, I couldn't agree with his suggested solution was - basically a debt jubilee. Massive re-shoring programme, printing trillions and trillions more, yield curve control, saying fuck it to inflation for a few years, after which point he would magically normalise things.

The only difference I see between his suggested solution and what I think they're trying to do is that he would openly tell everybody we're going to print and to hell with inflation whereas they want to pretend to everybody they're not doing that - while they do it. 

The spazzy interviewer didn't call him out at all. Like, what do you think would happen to the bond markets and every other market when these plans are announced. How about the tens of millions of people who are close  to retirement / retired who's saved labour you are going to blatantly steal and gift to the indebted feckless, the millions you will impoverish who have saved and worked all their lives.

Gone down a little in my estimation with such a retarded solution but then maybe he sees no other option but he should make it a little clearer as to the problems doing what he suggests.

As always with these people none of them really talk in any detail as to how to protect yourselves, all vague shit like buy gold etc. I'd like to see somebody do some real analysis into what will happen to my BP shares in the event of hyper-inflation / a new currency. There must be plenty of examples in history but nobody ever talks about the things we all want to know.

One share buys 4.5 loaves of Lidl seeded bread.One would buy 4.5 loaves of Lidl seeded bread.Assets have little to fear from a new currency apart from the demand destruction as cash savings are destroyed.You can have a new currency though without changing it.We are getting one now in the UK its called sterling its worth half as much as the last one that was called sterling.The value of it is two sides.How many there are,how many does someone want to sell you an asset,service,goods or commodity.

[RJT1979]

33 minutes ago, Starsend said:

Crikey, I didn't realise there were so many peasants in this country, £20,000 a year wtf! All they'd get out of me for that would be a loud fart on my office chair then I'd announce I'm done for the day. 

I would shit my pants and expect a nappy change 😆 

[Stuey]

38 minutes ago, Loki said:

I was earning high £19000 when I first started work in a piss easy public sector job getting on for 20 years ago

I think you may have dropped a zero

[M S E Refugee]

10 minutes ago, DurhamBorn said:

One share buys 4.5 loaves of Lidl seeded bread.One would buy 4.5 loaves of Lidl seeded bread.Assets have little to fear from a new currency apart from the demand destruction as cash savings are destroyed.You can have a new currency though without changing it.We are getting one now in the UK its called sterling its worth half as much as the last one that was called sterling.The value of it is two sides.How many there are,how many does someone want to sell you an asset,service,goods or commodity.

10 Pre 1920 Florins = £1 are worth £51

10 Pre 1948 Florins =£1 are worth £27.

The current £1 is worth more or less fuck all!

[JMD]

1 hour ago, RJT1979 said:

These parties will eventually seamlessly merge into the new nazi party when they have had enough of immigration. 80pc of Germans are deeply racist beneath the surface and have focused their fascist tendencies in other directions since WW2.

I said to a German last week "typical German arsehole" to her face and she took it on the chin. 

Harry Enfield created a comedy character that I confess I didn't fully understand at the time... But I now realise Enfield is a very subversive comedian, no wonder the left dislike him!   (note: Jurgen began as a understated humble character, but became more kinda 'strident')                                      https://m.youtube.com/watch?v=LWEzT9p5SCM

 

 

              

[Don Coglione]

6 minutes ago, Stuey said:

I think you may have dropped a zero

He's not that fucking old!

[Loki]

6 minutes ago, Stuey said:

I think you may have dropped a zero

It might have been 16000 actually  it was a long time ago

[wherebee]

45 minutes ago, Starsend said:

Crikey, I didn't realise there were so many peasants in this country, £20,000 a year wtf! All they'd get out of me for that would be a loud fart on my office chair then I'd announce I'm done for the day. 

don't forget, that is declared earnings.

There is a massive understatement of earnings (legally and illegally), especially at the higher ends.  Example: I have a mate who gets free food from his job.  Probably an extra 200 quid a week.  Not in his income....

[Don Coglione]

1 minute ago, wherebee said:

don't forget, that is declared earnings.

There is a massive understatement of earnings (legally and illegally), especially at the higher ends.  Example: I have a mate who gets free food from his job.  Probably an extra 200 quid a week.  Not in his income....

He must be a right fat cunt.

[Starsend]

1 minute ago, wherebee said:

don't forget, that is declared earnings.

There is a massive understatement of earnings (legally and illegally), especially at the higher ends.  Example: I have a mate who gets free food from his job.  Probably an extra 200 quid a week.  Not in his income....

He eats £200 of food a week! He must be one fat fucker.

[ThoughtCriminal]

Groundhog Day 

[feed]

https://www.teletrader.com/opec-president-backs-saudi-plan-to-cut-oil-output/news/details/58498887

OPEC president backs Saudi plan to cut oil output

OPEC's Rotating President and Republic of Congo Oil Minister Bruno Jean-Richard Itoua declared to The Wall Street Journal that the Saudi proposal on cutting oil production was in line with his "views and objectives," the newspaper said Thursday.

Earlier this week, it became known that Saudi Arabia and some of its oil-producing allies had suggested cutting crude oil production. This move displeased the US, which saw the Kingdom as a critical ally to cool down the market.

Sanctions on Russian oil imposed due to the invasion of Ukraine have created a supply shortage. However, on the other hand, an agreement between the US and Iran on the reactivation of the nuclear deal could bring Iranian oil back to the market.

[RJT1979]

4 minutes ago, Loki said:

It might have been 16000 actually  it was a long time ago

I got 16200 working for secret branch of govt. Shit money. Was 22 years ago

[Errol]

4 minutes ago, RJT1979 said:

I got 16200 working for secret branch of govt. Shit money. Was 22 years ago

What 00 number were you?

[RJT1979]

1 minute ago, Errol said:

What 00 number were you?

Was just scientific research 

[Yadda yadda yadda]

49 minutes ago, sancho panza said:

The worrying thing for the Dems is that he sounds like a working class former Dem voter.

 

Edit to add,my old army mate I saw yesterday was saying more and more people he knows jsut feel totally alienated from the polticial elite in Westminster.Lot of anger ,like th guy in the video.Did the right thing ,got screwed.I thinkw hen the politcal revolution comes in the UK,it will be faster than sya Italy,where the Right has been rising for years.

Our electoral system allows the Tories and Lab to kid themselves into thinking 70% of the electorate vote for them because they like them rather than voting to keep the other tribe out.

 

The system also relies on 30% never bothering to vote because they think it is pointless. Give them a genuine choice and they will take it.

[Yadda yadda yadda]

1 hour ago, Starsend said:

Crikey, I didn't realise there were so many peasants in this country, £20,000 a year wtf! All they'd get out of me for that would be a loud fart on my office chair then I'd announce I'm done for the day. 

A good chunk of that is part time work. Some of it is job share with two people picking up £25k each for two days per week.

[No One]

8 minutes ago, RJT1979 said:

Was just scientific research 

Double-o zero by the size of his paychque it seems

[honkydonkey]

2 minutes ago, No One said:

Double-o zero by the size of his paychque it seems

He wasn't a number, fools. 

He was a letter.

[HousePriceMania]

1 hour ago, Loki said:

It's not off topic this whole situation as far back as you want to go is basically moral hazard

THE single greatest thread on the internet, bar none.

[Big Boy]

1 hour ago, JMD said:

Yep, surprise, surprise it was fibreglass!

At the time of Gretta's transatlantic trip the organisation providing the boat did a Q&A. Question 6 says it was made from 'part' recycled fibreglass but also utilised 'sustainable' processes!... But given this was a racing yacht I dought any of that played any real important part in it's design and manufacture.

https://www.borisherrmannracing.com/news/frequently-asked-questions-on-the-transat-with-greta-thunberg/

Carbon / Nomex sandwich according to this:

https://en.wikipedia.org/wiki/Gitana_16

I.e. made from oil.

Also:

In August 2019 the Malizia II took Swedish climate activist Greta Thunberg across the North Atlantic Ocean from Plymouth to New York City without producing any carbon dioxide during the voyage, however, France 24 reported that several crew flew to New York to sail the yacht back to Europe.