Weekly News Wrap-Up 2.28.14
By Greg Hunter’s USAWatchdog.com
All eyes are on Ukraine and its political upheaval. Pro-western protesters have forced the Ukrainian President to flee, and now there is a new president who is partial to the West. The U.S. and the EU have provided billions of dollars to fuel the uprising, and they are looking to offer more financial assistance. Ukraine is about to collapse financially. Isn’t the timing funny here? The Ukraine protests happened during the Winter Olympic Games in Sochi, Russia? Before the games closed, the government was toppled, and now the U.S. is warning Russia not to “muscle in on Ukraine.” My prediction is Russia will do everything in its power both covertly and overtly to keep Ukraine under its influence. This includes outright invasion if necessary. Ukraine has a major Russian seaport. If Syria could start a world war, then Ukraine is Syria on steroids. In Ukraine, the West is playing with nuclear fire. I wonder, is Ukraine payback for blocking the U.S. intervention in Syria? Is this a way to tie up Russia so Syria can be toppled? Who knows, but the global war probabilities are increasing, not decreasing.
China has turned into another global collapse wild card. Finance expert and money manager James Rickards says, “. . . investors are in for a rude awakening when they realize how much of the China story is false and how quickly it may come unraveled.” Rickards goes on to say, “China is on the verge of a financial collapse of unprecedented magnitude.” Rickards predicts this collapse could happen by 2015 and says, “A new more dangerous stage of the depression is possible.” Rickards wrote the best-selling book “Currency Wars,” and his new book “The Death of Money” will be out in April. USAWatchdog.com is going to have Mr. Rickards back as a guest sometime near the end of next month.
Bitcoin got another black eye this week when Japan based so-called “Mt. Gox” Bitcoin exchange went under, taking $400 million worth of Bitcoins with it. I have warned that Bitcoin is risky. Its price has been all over the map in the last year and has had several hundred dollar swings in value both up and down. I do not like Bitcoin for many reasons. One of the things I hate about it is the identity of the programmers who invented it are still anonymous. This is supposed to be cutting edge currency. It’s like Thomas Edison wanting to stay in hiding after inventing the light bulb. Why the secrecy? Is this really a government invention? On one hand, the government says it’s OK, and on the other, they are prosecuting people for money laundering. Is crypto currency coming in some form? Yes. Is Bitcoin it? Not sure. Now there is talk of putting it on a public exchange. So much for the privacy aspect of Bitcoin as that will require some sort of government oversight, you know, like the SEC. If you do make a killing on Bitcoin, you better claim the capital gain on a tax form. I’ve said this before, if you know what you are doing and want to risk some money and trade this—fine. Bitcoin as a store of wealth—no way.
The first good news in weeks hit the financial markets this week. New home sales were up 9.6%. This story appeared after weeks of one negative story about the economy after another was reported. Here’s a bit of bad news that was soft peddled by the mainstream media. Did you know mortgage applications were off 4% last month? Also, according to the Mortgage Bankers Association, mortgage applications were off 15% from this time last year. You wonder why JPMorgan announced it is laying off thousands more people after laying of 15,000 mortgage bankers last year. Other big banks have and probably will do the same thing. How can there be a robust housing recovery with these kinds of layoffs and falling mortgage applications? Short answer: There’s NOT.
Finally, former Fed head Ben Bernanke is writing a book. He’s reportedly being paid $8 million for his memoirs. I’ve got some titles for him. How about “Wrong on Everything” or “Honey, I Shrunk the World Economy” by money printing.”
Join Greg Hunter as he analyzes these stories and more on the Weekly News Wrap-Up.
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Greg Hunter
Greg is the producer and creator of USAWatchdog.com. The site’s slogan is “analyzing the news to give you a clear picture of what’s really going on.” The site will keep an eye on the government, your financial interests and cut through the media spin. USAWatchdog.com is neither Democrat nor Republican, Liberal or Conservative. Before creating and producing the site, Greg spent nearly 9 years as a network and investigative correspondent. He worked for ABC News and Good Morning America for nearly 6 years. Most recently, Greg worked for CNN for shows such as Paula Zahn Now, American Morning and various CNN business shows.
Both the US and Russia want power and influence over the Ukraine/World. All the US has left is military might. U.S. Secretary of State John Kerry decried what he called a “new isolationism” in the United States on Wednesday and suggested that the country was beginning to behave like a poor nation. LOL! Must control world. Rome is burning!
http://www.youtube.com/watch?v=NoBFhdeR9PE And with it will come a new beginning. The final looting of the nations wealth will come first.
You are right again Troy. Talk about waking a sleeping giant. Russia has always wanted this opportunity
.http://www.cnsnews.com/news/article/patrick-goodenough/russia-seeks-access-bases-eight-countries-its-ships-and-bombers
Idolation comes to mind when thinking about your comment about the subtle moves in the USA.
“Rome is burning”…not yet….but give it some more time.
Introspection will become a very familiar term in the near future. Long overdue.
You need to remember the USSR (Not Russia) performed ethnic dilution in Ukraine by moving Russians into the Crimea. Just like we are doing today with illegals.
The dilution of the US with Mexicans is just to help with the eventual transition to a new pan-American nation of Mexico, Canada, and the US – IMHO. I’m guessing that’s what you meant, too.
The Bolsheviks of a certain extraction also culled 10 million Ukrainian Christians by forced starvation known as Holodomor Holocaust. Lazar Kaganovich was the man in charge of it.
But I would say Putin, and generally the Russian govt today, is the ANTITHESIS of the Bolsheviks / Soviet Marxists of yesteryear. 😉
Smell the crispy fascism. Would you like white or red with that? We have an excellent house chianti ;)!
http://www.youtube.com/watch?v=I01-9yujhCA Add all the poly-ticks and other blood suckers.
http://12160.info/group/vote-for-in-2012
Stick a fork in it.
http://12160.info/forum/topics/american-collapse-theory
http://12160.info/group/a-republic-if-you-can-keep-it
I’ve been saying for sometime that China , North Korea , Russia and Iran are working in coordination with each other against the West . We’ve been bogged down with two wars , 17 trillion in debt , and a financial crises that has also weakened our ally in Europe . So like a shark that smells blood they are taking action knowing that we will do nothing about it . If we make it out of this decade it will be a miracle .
“Too many Bridges Burnt”
“Too many broken Fences”
Allies of Old …..now plotting the undermining of the once great Nation.
Russia and China are not friends.
Sandman,
I agree, there are signs of a fissure in the BRICS.
CHINA is a mystery and it is the giant that remained healthy and intact through two world wars (sans the Japanese atrocities) , they are saving their strength for the big one!
Hey Greg. Great wrap-up.
I have an idea for a tittle for Ben Bernanke’s book. Just watch the clip you’ll get the idea.
http://youtu.be/Gq_bjaI0NTo
Jerry I wonder why Ben B, and Pierce Morgan are writhing a book ? Will they sell enough to break even? If they break even it just proves there is a fool born every minute.
Ah there’s the book title. A fool born every minute.
Another title for Ben’s book – A Couple Hundred Dollars Born Every Minute.
Or should it be A Couple Thousand Dollars Born Every Minute???? I would do the math, but my calculator doesn’t go up that high…
million per second????
based on a trillion dollars a year it equals 1.9 million dollars per minute created out of thin air, that’s the money we know about.
That’s about 32 thousand dollars per second
According to John Williams, using GAAP, the deficit is 6 trillion last year that’s a little over 11 million minute
🙂 My personal favorite for a book title for Ben Bernanke would be
” Gone with the Wind”. It pretty much sums it up.
– Our economic future is gone.
– Our economy is gone.
– And now he’s gone.
My second choice would be ” Up in Smoke” but then again the people in Colorado might get the wrong idea.
My personal favourite…….
“Take the Money and Run”
http://www.youtube.com/watch?v=-WCFUGCOLLU
Still have to admire ….
“Life’s been Good”
http://www.youtube.com/watch?v=uCy8Xtp2P20
Greg, the Ukraine will be split with the east & Crimea under Russian control & the western part under control of the west. It will work for a while because of the cultural differences split right down the middle; language, etc. I too thought the timing during of the protests during the Olympics was suspect & I think it made Putin steaming mad to use the Olympics that way and I believe a payback is coming.
On China, that bubble is about to find a very sharp pin. When it pops where will China get its money to continue to purchase treasuries and will it need money and have to sell some?
Lastly, Ben book title: Toilet paper.
I agree with Mr. Barnes’ assessment, as there is precedent for this solution, the partitioning of Germany after WWII, and the temporary surrender of Eastern Europe to the Soviet bloc as a means of avoiding “hot” war as opposed to “cold”, which we knew from the get-go we could win. Such a solution will at least buy time. Best always to my friends and partners on the USA Watchdog forum.
Greg,
I want to talk about China
If you can have a chance to interview V the guerrilla economist http://roguemoney.net/ or Dan Collins http://www.thechinamoneyreport.com/ (He has been living and doing business there for more than 16 year and was on Max keiser and wallstformainst) Because both two of them have very different view point comparing to other pundits. Even Dr. Paul Craig Robert on Kingworldnews said the economic bad news in China are exaggerated by the medias recently.
According to the V the guerrilla economist (he predicted a currency reset) China’s biggest business sector is banking and have the most liquidity and hard asserts in the world. Regarding the shadow banking, it is almost impossible to get the accurate data in China that’s why he has doubt the reports from Zerohedge and other sources. Even it is accurate China has enough liquidity to absorb it and thanks for the deregulated policy.
In this interview he talked about China Japan and the US, the host mentioned you and Jim Willie as well.
Starting at 35:00
http://www.youtube.com/watch?v=cyD-2iPgiFE
Here is an article talking about Housing in China
Four reasons why a collapse in China’s home prices won’t spell global disaster.
(CNN Money) February 3, 2014
By Shang-Jin Wei
Shang-Jin Wei is the director of Columbia Business School’s Jerome A. Chazen Institute of International Business and the NT Wang Professor of Chinese Business and Economy.
FORTUNE — As China’s home prices soar to record highs and well beyond the reach of ordinary citizens, the world watches closely as many wonder if the housing market might eventually crash. The global economy is still recovering from the financial crisis triggered largely by the collapse of America’s housing market, and it’s easy to see why investors and economists would worry that a similar boom-and-bust scenario in China could deepen the lingering slump.
Such concerns, though, are premature at best. Is there a bubble in China’s housing market? It’s possible, especially in major cities, such as Shanghai, Beijing, Shenzhen, and several provincial capitals. But China’s economy is far different from America’s; should a real estate bubble in China suddenly burst, the following differences could temper the risks of another global disaster:
China’s saving propensity might save the day
Declining home prices erode what’s called the “wealth effect.” If home prices drop, theoretically homeowners feel less wealthy so they consume less, which in turn, leads to an economic slowdown. The U.S housing crash in 2007 damaged the wealth of countless Americans, but such spillovers likely won’t be as deep in China because the country saves far more than most other countries.
MORE: Fear be damned: This is the best time to invest in emerging markets
Most Chinese don’t enjoy the kind of retirement plans and other social safety nets that most Americans do. So they tend to rely on savings and their children for financial security. In addition, they also save to help their children in their competition for marriage partners. As the ratio of males and females in the youth cohort rises due to gender-selective abortions, the competition for brides is getting fiercer for families with a son, and the competitive savings have risen in importance relative to the precautionary savings. Because of these factors, Chinese households save a greater fraction of their incremental wealth than most other countries.
As home prices rise, incremental consumption as a share of incremental wealth in China is smaller than in the U.S. For the same reasons, if home prices were to fall, the decline in consumption as a share of a decline in housing wealth may also be smaller than in the U.S.
An affordable housing program can partially offset a slump
A housing bust could also disrupt input-output linkages — when home prices collapse, the ramifications could ripple across the construction industry, leading to reduced demand for steel, cement, and appliances. China isn’t immune, but the government’s ambitious affordable housing program could cushion the blow to the wider construction industry. This program is meant to help address income inequality. To build these houses, you need cement, steel, and eventually furniture. To the extent that a price correction occurs in the normal housing market, the construction of low-income housing will at least partially offset any potential negative effect.
China’s banks can manage bad home loans
As we saw in the U.S., a collapse in home prices nearly destroyed the nation’s financial system as loans to real estate developers and homeowners turned sour.
In China, loans to real estate developers and mortgage loans to homeowners altogether account for about 20% of all bank loans. Suppose 20% of these loans go bad, which is an aggressive assumption given that subprime loans in the U.S. accounted for less than 20% of all banks’ loans during the subprime crisis of 2007-2008 (and not all subprime loans went bad); this will produce 4% of bad loans.
While this is not negligible, China’s banking sector should be able to work itself out, perhaps with the government’s help. The fact that China’s government debt burden is much lower than the U.S., Europe, or Japan is important here. After all, the Chinese banking sector got itself out of a far more serious bad loan problem a decade ago.
MORE: Why Greeks are overworked while Germans go home early
Policymakers don’t sit idle
Chinese government policies are not fixed either. In the last few months, the country’s central bank has tightened its expansionary monetary policies used to counter the global economic slowdown. It did so because it made a judgment that risk in the housing market was not very big. If it sees signs of a housing price correction and a potential negative effect on the overall economy, it can reverse course.
Bubbles are an inevitable byproduct of a market economy, especially when the underlying asset is hard to sell short (such as housing in China). However, even if a housing price correction comes, it won’t have the same impact on the overall economy that we experienced when the U.S. and European markets collapsed.
By Shang-Jin Wei
Shang-Jin Wei is the director of Columbia Business School’s Jerome A. Chazen Institute of International Business and the NT Wang Professor of Chinese Business and Economy.
FORTUNE — As China’s home prices soar to record highs and well beyond the reach of ordinary citizens, the world watches closely as many wonder if the housing market might eventually crash. The global economy is still recovering from the financial crisis triggered largely by the collapse of America’s housing market, and it’s easy to see why investors and economists would worry that a similar boom-and-bust scenario in China could deepen the lingering slump.
Such concerns, though, are premature at best. Is there a bubble in China’s housing market? It’s possible, especially in major cities, such as Shanghai, Beijing, Shenzhen, and several provincial capitals. But China’s economy is far different from America’s; should a real estate bubble in China suddenly burst, the following differences could temper the risks of another global disaster:
China’s saving propensity might save the day
Declining home prices erode what’s called the “wealth effect.” If home prices drop, theoretically homeowners feel less wealthy so they consume less, which in turn, leads to an economic slowdown. The U.S housing crash in 2007 damaged the wealth of countless Americans, but such spillovers likely won’t be as deep in China because the country saves far more than most other countries.
MORE: Fear be damned: This is the best time to invest in emerging markets
Most Chinese don’t enjoy the kind of retirement plans and other social safety nets that most Americans do. So they tend to rely on savings and their children for financial security. In addition, they also save to help their children in their competition for marriage partners. As the ratio of males and females in the youth cohort rises due to gender-selective abortions, the competition for brides is getting fiercer for families with a son, and the competitive savings have risen in importance relative to the precautionary savings. Because of these factors, Chinese households save a greater fraction of their incremental wealth than most other countries.
As home prices rise, incremental consumption as a share of incremental wealth in China is smaller than in the U.S. For the same reasons, if home prices were to fall, the decline in consumption as a share of a decline in housing wealth may also be smaller than in the U.S.
An affordable housing program can partially offset a slump
A housing bust could also disrupt input-output linkages — when home prices collapse, the ramifications could ripple across the construction industry, leading to reduced demand for steel, cement, and appliances. China isn’t immune, but the government’s ambitious affordable housing program could cushion the blow to the wider construction industry. This program is meant to help address income inequality. To build these houses, you need cement, steel, and eventually furniture. To the extent that a price correction occurs in the normal housing market, the construction of low-income housing will at least partially offset any potential negative effect.
China’s banks can manage bad home loans
As we saw in the U.S., a collapse in home prices nearly destroyed the nation’s financial system as loans to real estate developers and homeowners turned sour.
In China, loans to real estate developers and mortgage loans to homeowners altogether account for about 20% of all bank loans. Suppose 20% of these loans go bad, which is an aggressive assumption given that subprime loans in the U.S. accounted for less than 20% of all banks’ loans during the subprime crisis of 2007-2008 (and not all subprime loans went bad); this will produce 4% of bad loans.
While this is not negligible, China’s banking sector should be able to work itself out, perhaps with the government’s help. The fact that China’s government debt burden is much lower than the U.S., Europe, or Japan is important here. After all, the Chinese banking sector got itself out of a far more serious bad loan problem a decade ago.
MORE: Why Greeks are overworked while Germans go home early
Policymakers don’t sit idle
Chinese government policies are not fixed either. In the last few months, the country’s central bank has tightened its expansionary monetary policies used to counter the global economic slowdown. It did so because it made a judgment that risk in the housing market was not very big. If it sees signs of a housing price correction and a potential negative effect on the overall economy, it can reverse course.
Bubbles are an inevitable byproduct of a market economy, especially when the underlying asset is hard to sell short (such as housing in China). However, even if a housing price correction comes, it won’t have the same impact on the overall economy that we experienced when the U.S. and European markets collapsed.
My problem with China and it’s undeniable is that they pumped 4-5 times the cheap money The Fed did between 2009-13. That comes from many financial experts. Those same experts have issued major concerns regarding China’s secret shadow banking system aka “loan shark business”.
Before we cheer the arrival of the Chinese Yuan as the heir apparent world reserve currency. China has been more reckless as the US with regards to how they handle and approach their economy.
My question to you and all the other Yuan cheerleaders is this. What trust has China given you “THAT THEY WILL NOT DO THE SAME WITH THEIR RESERVE CURRENCY THE US DID WHEN NIXON TOOK US OFF THE GOLD STANDARD”? Because they sure as hell are showing me that they are not serious about holding the world’s reserve currency, at least not by their actions.
And you don’t think for a minute the IMF and BIS isn’t looking at this and not worried what the Chinese are doing? 😉
It would be interesting to compare the USD money supply (globally issued currency) VS Chinese Yuan (globally issued),
For a currency to have demand it requires abundance, availability, market acceptance and penetration.
What did the USA do when it created all those $$$$ over the last 40 years?
Now consider what the Chinese are doing !
You bring up some good points but it just goes to show whoever has the world’s reserve currency they will do the samething as the previous holder which is to debase the currency. Nixon took us off the Gold Standard for two primary reasons, to fund the Vietnam War and to pay for Lyndon Johnson’s “Great Society”. You can’t pay for massive debt tied to the gold standard.
As Ron Paul said many times. The gold standard requires a government to live within it’s means. As long as a government pursues central planning they will always be indebted to their central banks because that is the means to achieve central planning and to pay for it. Ergo print more money and debase the currency.
That’s why I have little faith that if the Yuan was backed by China’s gold and became the world’s reserve currency. They would do the same as the US and just destroy their currency in the process over time. No nation has learned from past mistakes so they continue to do the same as their predecessors.
It’s just different actors, staring in the same bad movie. 😉
Some good points but a little long…maybe paste a link
As I mentioned to Greg in his last piece. You better pray Karen Hudes was wrong about us being thrown back into the Dark Ages. We may want to brush up on our skills on how to start a fire with two sticks. 🙂
The cooling in Ukraine (at least for now) makes me pray that Karen Hudes is correct on the account of refusing WWIII by the major 3 armies in the world, however Israel is going to kick the chess board at a certain point and will set it off.
I hope am wrong!
Something will set it off because eventually the world see the entire global financial system is a joke. People will see what the Central Planners and Banksters did to get us into this snowball heading straight towards financial Armageddon. War will distract the world from this Ponzi scheme.
Temporarily…that is !!
Those dark creatures that are the INTERNATIONAL BANKERS never seem to go away.
They continue to make deals with the anti-Christ to ensure slavery and control remain within their domain.
However, at some time in the near future they will be stricken with fear and destitute for their mother will be non-existent.
I second your voice!!
“Israel is going to kick over the chessboard”???
Do you object to the Jews not allowing their enemies to destroy them? Perhaps like some, you believe that the Iranians are pursuing atomic energy for peaceful purposes. If find this position untenable and dishonest intellectually, but then, some people believe in the Easter Bunny.
Zionism is an atheist political movement, jews are god fearing people!
Please get the definitions straight.
Forgive me but I see semantics used to justify an untenable position so you come up with a word, Zionism, for the “bad” Jews and if there were no Zionist, the world would be safe. But then, its likely all the Jews they all look like Zionist. Zionism was a movement to re-establish and recover the Holy land and homeland of the Jews. Its not a clandestine movement to rule the world. Just my thoughts
Sandman,
I would like to add, just because a country has bad leadership doesn’t mean it doesn’t have the right to exist. That goes for Syria, the U.S., Ukraine, Iran and Israel. Thank you for letting me chime in.
Greg
Sandman,
I do not know how many times i have to repeat this but never mind i will do one more time:
ISRAEL AS A STATE IS AGAINST THE TURAT OF GOD FEARING JEWS. And that is according to their scholars NOT ME, so if you have an issue with the concept GO AND ARGUE IT WITH THEM BEFORE YOU MAKE ACCUSATIONS, I will make it easier for you to understand and post the links one more time:
http://www.youtube.com/watch?v=8QF0aqIKHbk
Hundreds of thousands of them demonstrated yesterday against being in the army, the Zionists are highjacking jews for their political agendas. like any other religion highjacked by extremists for political agenda.
http://www.reuters.com/article/2014/03/02/us-israel-conscription-idUSBREA210I820140302
my last comment on this issue in this thread.
COMPRENDE?
Doc,
I have heard those explanation before but I am not buying it. I have seen neonazis that Jewish. You give great credence to a Rabbi speaking out against Zionism. The bulk of the Jews don’t hold that view just like 99.999% aren’t neonazis. Just going to put that in the do not agree category.
I know that Jews dealing with the Palestinians is like Neville Chamberlain dealing with Hitler. You can want peace badly but if the other party wants you dead, you are wasting your time.
A worthy listen Egon von Greyerz audio interview on KWN. While much of the interview centers around Gold he mentions that the world could very well be looking at a hyper-inflationary depression with worldwide chaos and FAMINE.
He also mentions that the coming global reset maybe so SEVERE that no reserve currency might replace the $USD because the world WON’T be able to AGREE on a SOLUTION. Which falls in line with Brandon Smith’s theory of a Global SDR.
Here’s the interview: http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2014/3/2_Egon_von_Greyerz.html
Greg,
Seems that Ukraine is retaking the airport from the Russians and THAT CNNOT HAPPEN WITHOUT THE APPROVAL OF PUTIN! we need to keep it in mind, did the crises got defused? Too early to tell. But as I said in a previous post that If Russia go overt in Ukraine they risk losing Syria because you can bet on US going overt in that case scenario in Syria.
Is there a secret deal struck between US and Russia to soften the latter’s position on Syria? I doubt!
Lets put things in perspective, despite the excellent foreign policy US is playing and despite the tough position Russia is put in I can say this:
Ukraine=Syria=Moscow
Russia will fight all the way to make sure she does not lose any of those, there will be a next chess move by the Russians, may be in Latin America or in Africa or god nows where to relief pressure from Ukraine …. This is far far from over!
http://news.yahoo.com/ukraine-minister-accuses-russia-armed-invasion-crimea-080530071.html
“Simferopol (Ukraine) (AFP) – Ukrainian authorities said Friday they had regained control of two Crimean airports seized during an “armed invasion” by Russian forces that prompted the country’s new pro-EU leaders to appeal for protection from the West.”
“The head of Ukraine’s security and defence council said Russian soldiers and local pro-Kremlin militia were responsible for the dawn raids on Crimea’s main airport and another base on the southwest of the peninsula where pro-Moscow sentiment runs high.”
Mohammad,
Thank you for adding your analysis and perspective. This is very dicey and you are correct. This is far from over.
Greg
Greg,
This move by the Russians needs to be in focus, I just mentioned that in my post and to my surprise I find it today on yahoo news:
http://news.yahoo.com/russia-warship-docks-havana-harbor-171336044.html
“Russia warship docks in Havana harbor”
“HAVANA (AP) — A Russian warship was docked in the Havana harbor on Thursday, a day after the country’s defense minister announced plans to expand Russia’s worldwide military presence.
The Viktor Leonov CCB-175 — one of the fleet’s Vishnya-class ships, which are generally used for intelligence gathering — drew looks from curious residents as it sat tied up at the cruise terminal in Old Havana. Both Russian and Cuban flags fluttered from its guy wires.”
Mohammad they are sending ships all over central and south america.
You have to wonder what they got from Snowden, IMHO I would imagine it will become a tremendous advantage to the Russian’s position….
He did a big damage to US security, I bet you he regrets that now (too late) and he wishes he kept his mouth shut!
History will prove Snowden to be a hero – why should he have regrets?
A hero in the lap of Putin with all the secrets of US?
That is not my kind of hero!
I guess time will tell what Putin got besides embarrassing Obama. I am thankful he blew the whistle on Obama and his Orwellian NSA.
TGIF! Greg, your Friday wrap-up is the absolute high point of my news-week. Your guests are wonderful but no match for you! The dopes at CNN should never have let you go.
Now, here’s an unconventional suggestion: it’s time to mine your constituency. I think you need to consider one of (y)our stalwart contributors, MOHAMMAD, as a guest and TURN HIM LOOSE. Hey, Doc, what about it?
Thank you Paul for the kind words and suggestion. Yes Mohammad is very smart as well as many others. I think USAW has some of the smartest folks commenting on the Internet.
Greg
Thank you Paul and Greg,
There are many wise people on the blog here that i learn a lot from, My suggestion will be to get Dr. Joseph P. Farrell in, i listen a lot to him and sometimes i summarize in my posts what i think i understood from him. He has been on many occasions on the same page as Catherine Austin Fitts and they had many video interviews with each other, so if she is good and credible to be a guest on USAWATCHDOG.COM then it will be the case for Dr Farrell.
What say you Greg?
Mohammad,
Good idea but right now my guest list is backed up. Thank you foor all your analysis and great comments.
Greg
Wait until the UN get involved.
Then we will see what the motives are of the so called controllers.
Keep in mind the UN was created from the conflict that was WW II.
It was also the UN that approved the creation of the state of ISRAEL.
The rest was and still remains to be, History.
Greg, Thanks for another great weekly wrap-up. ‘Another important detail to note: US Spent $5 Billion to Destabilize Ukraine
http://www.paulcraigroberts.org/2014/02/12/washington-orchestrated-protests-destabilizing-ukraine/
http://www.informationclearinghouse.info/article37599.htm
http://www.corbettreport.com/interview-830-william-engdahl-exposes-the-western-agenda-in-ukraine/
Greg,
Another week closer to the economic apocalypse. Great wrap up. China v. Japan, Ukraine v. Ukraine, Syria v. Al Qaeda…so many possibilities for disaster. Under you top news stories, I read about the FT article on GOLD manipulation that disappeared. Another story on ZeroHedge: http://www.zerohedge.com/contributed/2014-02-28/legends-are-abandoning-markets. It ties in with Gregory M.’s advice to short the markets. The only problems I see with this is the impact of counterparty risk on your broker. I can see someone being on the winning side of the coming DOW drop only to find out that their broker is on the losing side and is insolvent. MF Global showed us how this is going to play out for the segregated accounts of people uninvolved in the losing bets. Why is Jon Corzine not in jail? He stole billions! Emperor Obama and his minion AG Holder have suspended the rule of law.
Keep up the good work
Foreign entanglements. America is bleeding out. Our Founders predicted the Fall of the Republic if we abandoned their Constitution. And we did…
“The great rule of conduct for us in regard to foreign nations is in extending our commercial relations, to have with them as little political connection as possible…. It is our true policy to steer clear of permanent alliances with any portion of the foreign world.” — George Washington, Farewell Address, 1796
Self inflicted abrogation.
We did not do this….however we are to blame. Collective denial and ignorance are the weakest links in the armour.
Greg,
Seems like the Gold fixing story may be reaching critical mass and be hitting the mainstream.
http://www.bloomberg.com/news/2014-02-28/gold-fix-study-shows-signs-of-decade-of-bank-manipulation.html
Finally, when truth hurts…it must really bite.
They (MSM) can’t be left behind/out of the biggest scandal since Watergate.
Only this one has ramifications that can destroy all the Banking Mafia and perhaps blow up the financial system. People are going to Prison ( if they make it that far).
” I have warned that Bitcoin is risky.”
Gold was the original “hard” currency until the banksters of that day discovered they could issue paper receipts for actual physical Gold deposits and get people to trade with those receipts while pretending that they were real Gold. Prior to that they discovered that they could dilute the Gold with base metals in order to increase the supposed amount of coinage in circulation but the people quickly got wise to that maneuver…
We haven’t had a Gold backed currency since “tricky” Dick took the US off of the Gold standard in 1971. So now, besides all of the computerese & geektalk, what is the difference between BC and those original Gold receipts? The only difference that I can see is that there is nothing of any value to back the BC but people’s belief that it is actually worth something in the fiat of the moment. The question then becomes whether or not the fiat of the moment is actually worth anything… you might try to claim that Gold is fiat but that is a stretch.
Now if they were to value BC in physical Gold then they might really have something going there. But the question then falls back to that of human integrity and trust in the people who are actually running the system and doing the exchanges. That integrity, as witnessed in the Mt. Gox fiasco, is what computers cannot and never will replace.
And there is nothing backing the US Dollar except for the debt slavery of the middle class which is failing as in all parasitic relationships. The host dies.
Greg,
Enjoy your site. You need to educate yourself a little more about Bitcoin. MtGox was the first bitcoin exchange. There are several other better exchanges out there ….
Check out Stefan Molyneux and Andreas Antonopoulos discuss the fall of Mt. Gox — Bitcoin vs. the Federal Reserve. http://www.youtube.com/watch?v=wzwWIDIVSTo&list=UUC3L8QaxqEGUiBC252GHy3w&feature=c4-overview
Thanks again for great content.
M.E.
Mike E.
I have some big reservations about Bitcoin. 1. It’s volatile. 2. it’s backed by an idea that a complicated computer program is money. 3. The biggest problem I have is why do the programmers who invented this want to remain anonymous. Why the secrecy? This is supposed to be a revolution in currency. Why don’t the inventors take credit? That is one very big point to gloss over and pro Bitcoin folks are happy to side step the question. That makes me very nervous, but what do I know. Thank you for the comment and the link. By the way, the interview didn’t make me feel any better about it.
Greg
It’s a constant mantra about bitcoin- “you don’t understand” .
If you have to study something to find value or be convinced of its value, it probably has none.
Smaugld,
complicated computer program that produces nothing is worth nothing. Labor and the production of goods and services create wealth. That’s all you need to understand. Even the name is designed to make you think it is something Bit “coin” when it really should be called “Bit Programmed Currency.” Nothing from nothing is nothing.
Greg
Agree “programmed currency”! I am going to use that (with attribution)
In this post I compare silver mining and oil drilling with bitcoin mining:The computer mining of Bitcoins, the trading component of the Bitcoin system, is an artificial construct. Mining for real commodities like silver or drilling for oil has real costs and real returns. Silver is needed to power the electronics (without silver Bitcoin doesn’t work!) and solar industries and oil is needed, among many things, to heat millions of homes, for gasoline to power millions of cars and to create countless plastic products. Thus, the costs of mining for silver and oil are justified in that they lead to the extraction of silver and oil and the prices of these commodities can be valued based on their need and demand. In contrast, the mining costs of Bitcoins can only be justified if demand can be created for the Bitcoins themselves.
The underlying value of the Bitcoin itself is based on a Bitcoin computer mining game that wastes electricity to solve math problems that don’t need to be solved, and therefore is not a meaningful measure of value. Bitcoin mining is in effect, the solving of riddles for riddles’ sake. ”
http://smaulgld.com/bitcoin-a-mining-disaster-waiting-to-happen/
Greg,
The network produces a transaction with no cost (though this is debatable), compared to a credit card at 2 or 3%.
In 2013, it also produced $320 million to miners whom validated each transaction. Not sure what their net profit is.
Here are a couple of excellent links highlighting both of these items.
http://www.slideshare.net/CoinDesk/coindesk-state-of-bitcoin-2014
http://www.bloombergview.com/articles/2014-01-02/bitcoin-is-an-expensive-way-to-pay-for-stuff
BTW, I have zero bitcoins.
Thank you for the comment and links Red.
Greg
Greg,
Point 1: Volatility is relative. Can’t argue that.
Volatility is not a factor for Merchants who automatically exchange BTC to their local currency.
Point 2: Bitcoin is a software driven protocol. The programs are relatively simple. It is a misconception that it is complex is due to the proof of work(lottery) horsepower that is necessary to win the next block of coins. This lottery/reward is necessary to keep the network active and growing. Every 10 minutes a new block is added with all the latest transactions and new block of coins.
The value of Bitcoin comes from its utility. Universal timely transactions without borders, fees, or capital controls.
Try to transfer $10,001 US to the Ukraine.
What is the value of a $100 Federal Reserve Note or all of the ones and zeros on JP Morgans books?
Point 3: Who is Satoshi Nakamoto? Don’t know… Probably a an Introvert with much better foresight that Edward Snowden… who would rather spend his/her doing Sudoku then dodging bullets from Federal (IMF) Agents, MtGox’rs, and the MSM.
Not selling any of my gold, silver, or BTC…
If you want, I ll help you setup a BTC address, just contact me by email.
Hope this helps,
M.E.
Mike E.
My thought here is people think this cannot be tracked and they are dreaming. Do you really think the NSA cannot track of hack this? The programmers wish to remain anonymous. I have a big problem with this. Who invented this? Is there no one out there who thinks this could have been invented by a spy agency of a central bank? Yes, it may be a transaction currency but it is not wealth generation. It is simply being used as money and I do not think it is money, at least not just yet. I don’t want anything to do with Bit “computer program.” I simply do not trust it and it is waaaaay too volatile. The next thing I know the feds will be at my door claiming I am laundering money. I’ll stick to USD for transactions for not and I will claim everything on my tax form. Thank you for your comment on Bit “computer program” coin.
Greg
Mike,
just a thought for fun only:
If someone wants to install a virus that spies on your financial accounts and your financial counterparts that you deal with or have transactions with including all the small boring details of your and their accounts in regular banks or shadow banks, WHAT BETTER THAN A VIRUS THAT DOES NOT SCREAM VIRUS (TRIPPING YOUR ANTIVIRUS SOFTWARE) and you will very happily install it by yourself driven by your own greed on all your computers, called BITCOIN?
My take away from the MtGox failure was that MtGox failed because of their mismanagement of Bitcoins not because of Bitcoin (and just MtGox failed)–
Wouldn’t it be a better world if the big Banks and the Bad Actors failed because their mismanagement of fiat money … instead the FED (owned by the big Banks) inflates the money supply through QE and other games which devalues all our fiat money?
Unlike our contemporary Central Bank based system, Bitcoin has a fixed growth rate, all transaction journals are 100% public viewable (yet you can maintain anonymity), and the whole network is peer to peer.
I agreed Bitcoin is like a loaded gun and most of the the people “playing” with it will end up shooting themselves (hopefully not the head).
FYI, I am heavy physical gold, silver, and lead.
I have some Bitcoins and mine some Bitcoins, but I invested in Bitcoin fully prepared to lose the whole investment.
The investment paid for itself when Cyprus happened, and I think right now Bitcoin is a better investment than federal reserve notes or Argentine pesos.
If not for the down pressure of the MtGOX failure, Bitcoin would be taking off right now because of the “running money” from the Ukraine where IMF led coupe has just placed one of their Banker stooges as custodian of their newest acquisition.
I think you would agreed that cryptocurrencies are here to stay, unless something REALLY bad happens hence my holdings of gold, silver, lead.
Right now, Bitcoin is the Gold Standard of the hundreds (maybe thousands) of cryptocurrencies out there.
As I write this BTC is steady at $555, so don’t believe the mainstream hype.
Thank you again for all you do,
M.E.
Greg, I would like too ask whos watching the Ukraine Nucler Power plants ?
Good question
There are treaties in place to secure those types of facilities.
Great wrap up-You may be right re Russia–this part of the world to Russia is like Russia in Cuba was to us. Syria may be strategic to Russia but the Ukraine is much more important and closer to home.
Thanks for the update on Bitcoin. Mt. Gox lost ALL the bitcoins that were deposited with them!! ‘Poof’ as you say .
There are some smart people behind bitcoin like Jeff Berwick (guest on USA Watchdog)https://usawatchdog.com/were-in-the-very-end-stages-of-this-system-jeff-berwick/ but I give it little chance for many reasons. Just one is the artificial scarcity . Bitcoiners like to point to that there will be just 21 million will ever be mined! Limiting NOTHING doesn’t make it something. I’ve added a Bitcoin section to Smaulgld.com to cover the Bitcoin insanity while it lasts.
We know China has indicated that they will stop buying treasuries and Brandon https://usawatchdog.com/debt-default-will-kill-the-dollar-brandon-smith/ mentioned on USA Watchdog earlier this week the new buyer may be the EU. I guess when the Fed stops buying 70-90% of the newly issued treasuries Euro can start their own QE programs where part of the euros they print go to buy US treasuries. BUT as you point out what happens if China starts SELLING interest rates will skyrocket. At that point the Fed either has to turn back on QE, Obama’s myRA has to become mandatory and retirement plans converted to T-Bonds and/or Euro/Japan will be “told” by the US to step up their buying.
As the economy continues to show no good signs (all blamed on the weather) something is going to break soon.
Smaugld,
Brilliant line sir: “Limiting NOTHING doesn’t make it something.” I am going to borrow it sometime in the future.
Greg
Thank you Greg.
Please do so liberally!- its from this blog post :
“Bitcoiners also like to point to the limited amount of Bitcoin that will ever be mined as a feature that will make it impervious to price declines as demand increases. Putting a fixed limit on something invented out of thin air doesn’t make it worth something. Nothing doesn’t become something because there is less of it. That’s math. Countless other digital currencies can also be invented out of thin air with artificial scarcity built in.”
http://smaulgld.com/will-greater-adoption-mean-higher-bitcoin-prices/
Greg, in your opinion; do you think Snowden delivered something to the Russians that will give them a lot of leverage?
There must be a lot of information, secrets, plans on those laptops for not only the US but for the EU and world as well?
What do you think? Thanks!!
WD Deni,
I do not. I think Snowden gave Russia a way to make the U.S. look bad as they were protecting our whistleblower.
Greg
INTEL = PROTECTION…quid pro quo !
He isn’t there for the sightseeing.
Like all good whistle blowers…they become imprisoned in a much smaller world. The world however has not become a safer place owing to the confessions of one Edward Snowden. Some could argue that perhaps it has inflamed tensions and destroyed alliances. Some justice may come from this, but not without suffering.
Hello Greg, the Globalist bankers are desperately pushing their agenda to central bank the entire world so that they can take over all the strategic resources of the world. They are using the US and their other minions to try and keep Russia off balance so that they can get back on schedule in subjugating Syria as the stepping stone to Iran then Saudi Arabia. They are underestimating Russia and China yet once again. It appears as if China is intentionally waiting in the wings hoping that the US and Russia will destroy and weaken each other so that they by default with little effort come out on top. Conspiracy? That ship has sailed.
When it comes to housing, stocks, bonds or any cabal economic investment activity it is all an illusion. One giant ponzi scheme after another. The suckers at the bottom of the pyramid are waking up and walking away. Just like the house of cards that it is, the collapse is imminent.
“Gold and Silver is money. Everything else is credit.” J.P. Morgan
At a deeper level, the Charles Darwin myth (“On the Origin of Species”) that we came from primordial ooze and evolution is survival of the fittest and the John Wesley Powell doctrine where there are races of inferior sub human savages perpetuates the might is right Military Industrial Complex philosophy. The marrying of these two philosophies has been used to “justify” mass genocide. We have been indoctrinated that this is the way humanity works rather than understanding this is the way society has been directed and brainwashed. Thus was born the Hegelian dialectic, Problem – Reaction – Solution which has been used in every False Flag from the Kennedy Assassination to 911. Fear is pumped into the American psyche 24/7 and therefore we allow our military to spend more than all the world’s militaries combined. The police state is spawned and we accept the Patriot Act, PRISM, the Foreign Investigation Surveillance Act (FISA), the National Defense Authorization Act (NDAA) and the National Defense Resources Preparedness (NDRP) Act.
We aren’t supposed to fear our government, our government is supposed to fear us! Problem is we don’t have a government for the people, we have the UNITED STATES OF AMERICA CORP.
Time to wake up folks!
Peaceful noncompliance with these psychopaths!
KA,
“Why is it all planned”…seems you may have the answer now !!
I don’t doubt your research capabilities and understanding.
For Ben’s book; how about “A Few (Trillion) Dollars More”?
You ever get the feeling the State department has a different plan then Obama and Pentagon folks.
Some folks say Obama is firing the brass at the Pentagon because of this reason are that reason. I say whoever let 9-11 happpen is getting walking papers.
Once the Pentagon is clean of neocons ,we take away the war power of agents who have used the American tax payers for world control.
The State Department needs a good house’s cleaning ,maybe they will be next.
9-11 was some kind of inside job the people who matter in the Pentagon knows this better then anybody.
Pentagon also understands Russia can help keep the neocons in check.
The 9-11 lies have run out of believer’s.
So you think 911 was an inside job…how quaint. And laughable pathetic.
500,
Really? “laughable” I guess these 100 professors that questioned the 9/11 report are stupid too? 9/11 Commission Report
Questioned by Over 100 Professors http://www.wanttoknow.info/070618professorsquestion911 How can anyone explain how Building 7 went into free-fall hours after the planes his the World Trade Center Towers 1500 engineers and architects says is was a controlled demolition. They say the official story there is “laughable.” I guess they are all “pathetic” too. Here’s the video: http://rememberbuilding7.org/ I don’t know what happened, even though I lived in NYC at the time, but I sure as hell do not believe the official government story.
Greg
Greg. I think the biggest conspiracy theory in my life time is the official government report on 911. Anyone that studies the official report will find holes all in it. Impossibilities unlimited. Lie to get out of another lie.
911 is the best evidence of a oligarchy controlling the American government
Building 7 did not blow itself down.
Cant fit a 70 ft wide plane in a 20 ft opening at the pentagon. The list is overwhelming.
500,
Your sheeple is showing – open your eyes!
Galaxy 500. Move on troll, this site is based on truth, logic, ethics and intellect. Your instigations and deception don’t work here!
Ken. I don’t see Galaxy 500 as a troll minded instigator. No he is a truth watchdog. Right or wrong he is always vocal. A well needed item. Many times I did not post what I felt like posting only to see Galaxy 500 did. Galaxy 500 is no doubt wrong about 911, but when he sees it for himself he is man enough to admit it. Just my thoughts. not intended to offend.
500 is not a troll. I know this person and he’s a good man. “Good men can disagree.”
Greg
Galaxy,
Another point we agree on!
I do not think it is an inside job, rather it is a move by the Nazi to hold US hostage for what they want (take control), they started with operation paper clip, followed through with the coupe de tat on JFK, and the subsequent bail outs support the theory, those Nazis managed to survive the war and they got the technology that Dr Judy Wood talked about and i linked to before, and if you include the relations between the Nazis and the Islamic extremists then the Saudi’s piece of 911 jigsaw puzzle falls right in place.
No i do not think for a second that it is an inside job!
I do believe there are lots of good people in the high positions as i do believe there are rotten ones too.
Greg,
It does not look good by any way you look at it.
http://www.ynetnews.com/articles/0,7340,L-4493653,00.html
“Israel is treating Hezbollah’s threat to retaliate to an alleged Israeli airstrike from last Monday seriously.”
In 2006 things broke loose in southern Lebanon without warning, I think it can break loose any time now!
It very well could be Southern Lebanon/Northern Israel is the Russian’s answer to Ukraine?
Gregg,
I just finished reading Gregg Mannarino’s book “The Politics of Money”, very easy reading and spot on his assements of our time. I was troubled though by his section on a little secret on how to get out of debt. Un-secured debt to be specific. He promotes paying $5 a month on those credit card bills until they get so fed up with you they will settle out 40 cents on the dollor. He even bragged about settling a $16,000 credit card bill for $6,000. Is this the kind of person you would like to do business with? Is this kind of behaviour condoned by USAWatchdog?
farmboy71,
If I waited for the perfect person to interview, you would be looking at a blank screen.
Greg
I look at it this way… We live under a lawless system that is designed to screw us from cradle to grave and that tries makes one feel guilty if they break their imposed “laws”. If we can screw the system by whatever means is at our disposal then have at it. When the world returns to a lawful and just system then I will consider your argument.
http://thereisnodebt.wordpress.com/2013/12/13/quick-link-guide-for-rapid-understanding-of-liberty/
Another banker led conflict in the Ukraine where they finance both sides and if anyone thinks all the gold sent to China is not still in elite hands think again. All the news on these subjects are second guessing the possible outcomes as they laugh at us not knowing their real game plan. All we have left is logic that say’s these systems are bound to fail and hurt us, not those at the top. So that leaves only the religious aspect and will God play his part
in this coming tragedy ?
Greg,
USD is buckling and seems they are selling gold to prop it up.
Broke the 80 psychological line down.
http://www.jsmineset.com/2014/02/28/jims-mailbox-1463/
The USD has had a long time at 80-82 even with the printing dollars. Right now at 78.5. If it slips to 76-78 for awhile, it could mean the days of The End. Glad I bought some silver. Now better get more rice….
Mohammad.
The reset is coming. The dollar won’t be part of it . You will see it continue to slide in the coming weeks if not totally collapse. The Chinese have been buying tons of Gold in preparation while the U.S. has printed money in hope other nations will buy our debt. Its not going to happen. The Saudis Gold is gone (IE Jim Willie)
Jerry,
The missing Gold is a deep concern.
BUT, wait until the Saudi’s find out that all that 30 yr. debt that they bought from US Treasury, will not be repaid. Its been syphoned off into bankrupt intermediaries who have no connection to the Banks that bought and sold it. This has ramifications of making a Sovereign Nation like Saudi Arabia…BANKRUPT. Who would have thought ?
Greg,
Another failure of the Obama administration. 1.2 million students have stopped buying the mandated healthy lunch imposed by Queen Michelle. Some of these students only get one decent meal a day and Michelle got here husband to make them inedible. Great plan, make the food “health.” You can serve healthy Brussels sprouts and tofu to kids all you want but until you put a gun to their heads, they go hungry before they eat it. Its another example of the Obamas’ (King & Queen) social engineering that crashes and burns leaving them with the deer in the head lights look. They are shocked. A billion dollars cooked, put on plates and promptly thrown in the trash can. Well at least the land fills had a “healthy” meal. Why is no one against these people seizing control of things beyond their understanding? (which is everything but community organizing and what a healthy meal looks like for children)
One last thing, Sen. John McIdiot (Reprehensible, AZ) says its time for the US to flex its muscles talking about Russia and the Ukraine. Cannot you people in AZ vote this idiot out of office. He is more in line with the Democrats on most issues except sending our children to die in a foreign land which he is gangbusters on. McIdiot is asking Obama to get tough with the Russians. Boy I bet Putin is quaking in his boots ! More like ROTFLAO.
I believe in fighting when necessary but what is the point to go to war and surrender? The USA hasn’t won a war since Grenada and that was only because we were fighting kindergarteners. And NO, I am not disparaging our troops. We have the best on the planet. Its the leadership, with rules of engagement where when you receive fire from an Iraqi home, and the terrorist walkout without weapons you can’t shoot them. I wouldn’t do well under these circumstances and to me its a miracle that any of our troops return sane. How did we win WWII? We took the war to our enemies. War is ugly, people die. The object is kill ALL the enemies that don’t surrender and destroy the enemies ability to wage war. Until someone builds a terminator robot, the poor schmuck on the ground is the tip of the spear. As much as the Air Force likes to think it can win wars, the truth is its “boots on the ground.” And its a sad day when some impotent little popping jay gets to tell the real men when to shoot and when not to from the safety of there office or cube farm in Washington.
And don’t tell me we won as we have left these areas worse than we found them, we squandered blood and treasure, and told the enemies the day we would surrender.
If home sales are up, its probably the result of all cash purchases by speculators benefiting from fed money printing. If true, Im ready for battle.
How can we expose these crooks?
What would that look like? Wouldn’t it be better to battle on the shear lawlessness of the Obama administration
Greg I ran across this little cartoon that was made 50 years ago, that pretty much explains where we are now. Its to bad the American people didn’t learn anything.
My favorite part was ” everything is Ok, everything is OK. kind of like the media does now. Enjoy.
http://youtu.be/_se8c-wN35M
Wow Jerry!!! Fantastic link. Thank. I laughed… then I realized most have already signed the contract
greg,
OBAMA WARNS RUSSIA NOT TO INTERVENE IN CRIMEA!!!
http://www.nytimes.com/2014/03/01/world/europe/ukraine.html?_r=0
My translation:
You go in there we go in Syria?!
Putin invades Ukraine…and Obama threatens not to attend G8 meeting. Boy I bet Putin is terrified
500,
Good one man!!!
Greg
His agenda (or that of his masters) is to increasingly make the USA more isolated.
To what end ?
Greg,
You need to have a contest on: name the Ben Bernanke Book. What a hoot! Best laugh I’ve had all week. Thanks to all. Best reading on the Net.
Charles H.
I would be much funnier if all the book titles were not so true. Thanks man, I did mean it to be funny.
Greg
Hey Greg,
I don’t think you grasp the Bitcoin Technology. It did not go poof. It is finite and it is software…..It is not going anywhere. It can be used as a cryptocurrency. Bitcoin itself is an open-source technology platform. It’s not owned by anyone, and its success doesn’t depend on the success of any specific bitcoin-based company.
The Mt.Gox situation was another meltdown waiting to occur in Japan because of abject mismanagement + known for a substantial period of time by those in the Bitcoin community .
I will include two links that should get you up to speed. This first ,this man is Bitcoin + you should have him on your show! Andreas M. Antonopoulos, Copy + paste http://antonopoulos.com/2014/02/25/statement-on-mt-gox/ 2nd The Washington Post…. http://www.washingtonpost.com/blogs/the-switch/wp/2014/02/15/bitcoins-largest-exchange-is-dying-heres-why-thats-not-a-problem-for-bitcoin/. Copy + paste
Roj,
I understand it well enough. Bitcoin is misnamed. It should be called bit “computer program,” but if you called it what it really was you’d have a harder time passing it off as money. Thus, the coin part was added when there are no coins and not mining or any good or service produced. Bit “computer program” is not money, just like tulips were not money. At least they were real and looked nice, but still not money. The stories you sent say Mt. Gox is not a problem. Really? It would be a problem to me if I was one of the people who lost part of more than $400 million. Let me tell what I am “up to speed on.” True wealth creation. Wealth is created by the production of goods and services. This site provides a service. The oil industry produces barrels of oil. Farmers produce food. What does bit “computer program” produce? Nothing. In my world 0 + 0 still = 0. It may end up being some sort of transaction currency, and it may not, but it is definitely not a store of wealth. Do you really think a Bit “computer program” is anonymous? Do you really think it cannot be tracked or hacked by the NSA? As you said it’s “an open-source technology platform.” If this is so cutting edge, then why do the programmers who invented it want to remain anonymous? Oh, they are afraid they are going to be killed, at least that’s the story. Really? There is not a chance this was invented by one of our spy agencies or by the central bankers? The bit “computer program” community doesn’t even want to know who the brilliant people are who invented this fantastic technology? Please don’t tell me I am not up to speed on bit “computer program” when you are really saying that you disagree with me. We will simply have to agree to disagree on this one and as I always say “Good men can disagree.” If you or any of your friends hit it big on bit “computer program,” please claim the capital gain on a tax form. It is not worth going to jaim over a computer program that does nothing. Thank you for your comment.
Greg
Greg. I buried my bit computer program in the back yard to protect it from gamma ray burst, and the potential EMP bombs. If the computers system fails I will be rich.
You should burry some Au and Ag too as a hedge.
Greg
Greg,
The legal green light is given to Putin to interfere militarily to “protect” the Russian minority in Crimea.
“Russian parliament approves use of military against Ukraine- live updates”
http://www.theguardian.com/world/2014/mar/01/crimea-crisis-deepens-as-russia-and-ukraine-ready-forces-live-updates
In few hours there will be a meeting in security council and the POKER game is at its best.
Putin is a BLUFF.
He has a poker face.
He wants Syria bad and lost footage in Libya and does not want to repeat it in Syria, all the ME sentiment is against Russia now which is a strategic loss to the Russians, once Hizbullah was seen in 2006 as a hero in ME, now that status is gone and it is another strategic loss to the east.
I think US will do push for a deal : Ukraine for Syria wether it materializes or not is yet to be seen.
Remember here that GERMANY IS GETTING A TWISTED ARM in the middle of all this and seems that US is twisting Germany’s arm with the Ukraine’s gas supply to EU that may be interrupted if things get Ugly there, SO they will keep Germany outside the Russian orbit.
P.S.
Russian occupation of Crimea is factored in my post
Ethereum! Seems like the latest greatest crypto project.
Max Keiser had a interview on Friday, though it’s not that informative.
Basic idea is a platform to allow buildout of applications for any kind of transaction. ANY!
They received overwhelming initial response, and so are delaying their initial IPO.
I’ve read enough to believe they are worth watching, bwtfdik.
Here’s an interesting roundtable on where this may be heading.
http://www.youtube.com/watch?v=w-9miCOsg4g
WOW! You guys are hot this weekend! Sandman is so right about winning wars. I will just say that my father told me this 40 years ago. He knew what he was talking about after survuving his senior trip to Europe with Pattons’ 95th mechanized infantry division. HE and the cook survuved his 120 man unit from D + 3 to the bitter end and that is because his wounds did not kill him twice and he would not leave the battlefield’s new greenhorns being sent up for fodder. “You don’t win without foot soldiers” . My restatement of his second rule is: when war starts you have to satisfy the death angel’s appetite before the enemy wants to quit. Witness every police action where WE have bled into the dirt since the new war theory of limited killing. After we left the real reaping began and finished when the Death Angle was happy. An easy prediction after the Iraq Army gave up so easily then not enough dead so it came back with a vengence and still burns for morte death. Don’t go to war with a bunch of gutless wimps in charge. Tha is why Putin is so dangerous and we are seen as weak. We have John Coward Kerry and Michelle Btussel Sprouts in charge.
Greg
I enjoyed the refreshing opinions of Brandon Smith. I think he right aobut the slow death rattle of our financial system. That is the Fed’s goal since they know they cannot stop it. Very similar to the Great Depression. On Bitcoin , as long as the FBI owns so much after stealing it from the pirates, they will jerk people around and destroy as much value as they can for the banksters. On the Russian ships in Cuba and other South America ports , that is a distraction, yes they might cause some trouble but it is still a ploy. Last week it came out the the new lady chief in Kiev was talking to Dick Durbin. She will sacrificed at a moments noticc by the likes of that Senatorial scum, she better watch her back.
Greg,
Sorry for multiple posts but things are so darn fast:
Here is what i can read (I could be wrong) as laying the framework to break the stalemate in Syria, please underscore the “VIOLATED INTERNATIONAL LAW”
http://news.yahoo.com/obama-putin-spoke-phone-ukraine-us-official-220748021.html
“Obama told Putin he has violated international law: White House”
That is like Mr Ponzi telling Magdoff that he is a scammer….
What an arrogant SOB.
“Violation of International Law”…..where the hell does he get off.
He and his predecessors committed how many violations ? Syria was a close call for the USA – stepping over the line. Perhaps he’s got a conscience now ?
Then again….its just more manipulation of the psychology. US President says, demands, warns, threatens…….all talk …little action.
Here’s a bit of advice… stay the hell out of East and West Europe and the Middle East.
And you will find them on your shores!!!!
“take advantage of their isolated position in the world, and avoid attachments and entanglements in foreign affairs, especially those of Europe, which he argues have little or nothing to do with the interests of America. He argues that it makes no sense for the American people to wage war on European soil when their isolated position and unity will allow them to remain neutral and focus on their own affairs” – George Washington.
In chess if you retreat you lose!
Best defense is offense.
Chess is proven to be the best strategic game ever played by humans!
Wars are unfortunately lethal games.
Sad but true!
Are you arguing with George Washington ?
Not sure what your point is.
To finish the “Game” by attacking…..rather than retreating ….? Sure if you want to start WWIII.
Nothing but stupidity & arrogance personified.
OR….would it be wiser to stay the hell out of their business. The Anglo-American alliance has pushed this world to the brink and yet you still believe that Obama is playing a wonderful chess game.
Strategic Games…..ahhhhhh…..reminds me of the Cold War…..which is rearing its ugly face again. Only this time the complexity and multiplicity of permutations has grown exponentially. Just ask Jim Rickards…..he would take a month of Sunday’s to explain the games to you…..if he had the clearance that is.
Just the other day…he said ” America is on the Brink of Global Financial WAR”. This from the man that advises the CIA and the Pentagon.
If Obama persists he will send 310MLN Americans back to the Dark Ages. Yes its a wonderful game ….but only if you are playing without cost.
Stupidity and arrogance …… hmmmmm
unless you want to start WWIII ….. hmmmmm
What can I say?
If you are not seeing that WWIII had started already since 911 then no point of discussing any thing with you.
Thanks for the insults.
Mohammad,
I am sorry folks resort to name calling. I would like it if people simply disagreed and let it go with that.
Greg
Gregory,
How can so many people be so fooled?
This entire distraction is just a ruse to keep people from focusing on what is really the more important of America’s concerns. The planned crash to cause the martial law nazi-gestapo DHS/IMF/UN takeover is what is happening right in front of everyones faces. All the bankster distractions and warmongering is just more propagada to profit from. The real agenda is to kill America.
What people should be concerned about is the well planned crash/revaluation/sell off of the dying dollar. It will be the greatest theft of private assets in the world’s history. The preparations of the babylonian govt to declare war on the American People are synchronous with the planned crash, and martial law. Awareness of who is behind this warmongering evil, and creates these wars to profit from should be the focus. The US lackeys and minions of the money-god that are causeing all the hate and war, are the real ememies of the world that EVERYBODY should go to war against.
Those foreign troops in the heartland of the usa are russian and chinese and are already here preparing to go house to house to take your guns and women. How can they possibly think a war could start in the Ukraine, when so many of the foreign troops are here already under the UN/IMF globalist bankster command all prepared to go to war against the American People?
How can anyone not see this? Why do you think the traitor usurper president is downsizing the US forces? To go along with the twenty year plan to get rid of, and kill off as much of the American Military as possible before the takeover. The sad thing is, they are stupidly going along with their own demise.
And as for zerohedge, they kicked The Heart off there. Must have been taken over by the babylonians. Too bad. We will never support the new zig-heil-zerohedge again. They have fallen to babylon. ABC owns them, and murdock owns ABC. Go figure!
Meanwhile, how about some stupid stock market distractions for stupid people.
(Stupid here is defined as anyone who thinks the profits of the money-god are more important than the future of the earth, and the survival of the human species)
Acute observations. I am in agreement.
Greg,
It will be interesting to see if Greg mannarino’s call on the market materializes MONDAY when the opening bell dings, I bet you with those news a lot of investors are having tough time sleeping!
I’m sleeping. My pillow case is filled with silver coins….
Greg I’ve noticed something interesting regarding the dollar index the last three months or so. While I do not claim to be a authority on investments, or have a wealth of knowledge about precious metals, derivatives , or stocks , I have friends who are. Basically I have been told that in order to tell what a particular stock will do, you chart it for there months or more and develop a trend pattern. Their theory is that if a particular stock or commodity stays in tight track for a three month period, that the probability is greater that it will track upward in the coming weeks. Conversely if you see a stock or commodity swing wildly up and down over a three month period, the odds are good that it will track lower in the coming weeks. Take a look at the most recent dollar index chart.
http://www.marketwatch.com/investing/index/dxy/charts
What I’m seeing is a wide swing in wave patterns over the past six months. Granted some of that may be market manipulation of Gold, but it I think basic market principles are still in play to some degree. If this is true the 79.78 closed reading on Friday may be the beginning of a downward trend for the dollar. I find it interesting that that reading coincides with the same day that it was reported that the Saudi’s Gold is missing don’t you? The Bankers can only hold their fingers in the Gold dike so long before the dollar springs a leak.
Good work Jerry. Thank you for adding your analysis and link here.
Greg
Jerry,
Thank you for analysis, it is enlightening.
If I may add Mr Sinclair’s perspective:
“Jim Sinclair’s Commentary
Remember as the Yuan declines, China is declaring a super-sale on all things Chinese. It will also kindle Chinese memories of the failure of their currency increasing the purchase of gold by Chinese populous.
Dave Organ from Denver from the website the “GoldenTruth.com,” describes in detail what the Chinese were up to with their devaluing of the yuan:
1. There are 100′s of billions of derivatives out there in which the traders short the dollar/yuan and buy investments with those funds. The reason is obvious: the American bankers never thought that the yuan could go down..They never thought that the Chinese would intervene and lower the CNH.
2. This would no doubt would set off a neutron bomb inside their derivative books and they would have to run for cover.
3. This will explain the huge drop in the USA dollar index today despite the rise in the dollar/yuan.
4. This will increase the value of dollars on the books of the Chinese who will try and purchase as much gold as they can as they get an added benefit of the lower gold price with the lower yuan value.”
http://www.investing.com/analysis/the-yuan%27s-silent-scream-204403
this is the reason of the drop in the index, CURRENCY WAR.
China waged an attack, and it is easy to see the link to what is happening in Ukraine, call it a PUSH BACK if you may!
I’ve a name for Ben’s book
“Inside the life of Robert McCabe, my financial mentor”
Well done Greg – I agree with everything said (which is a worry!)
Russia knows that if it gave up the Ukraine, it would have US nuclear missiles on its boarder in a heart-beat. So it’s not going to happen (without a huge fight). But I do wonder how far the US will go and what they will try next. The neo-cons that have hijacked your constitution and country are indeed a crazy and scary bunch!
Also watch platinum, I have been urging all sides in South Africa to take back control of the pricing mechanism from Nymex, (which JPMorgan continues to short below South Africa’s cost of production). A default there could easily spread to gold and silver.
Also, as you remember, in “Currency Wars”, Jim Rickards says that he “played China and won” – by dumping bonds and buying gold – which is happening as we speak.
I note also that China and Russia are very good friends – so your idiot neo-cons are really playing with fire here!
Obama verses Putin. Is anyone really betting on Obama?
As far as BitCoins go:
http://online.wsj.com/news/articles/SB10001424052702303801304579410010379087576?mod=WSJ_hp_LEFTWhatsNewsCollection&mg=reno64-wsj&url=http%3A%2F%2Fonline.wsj.com%2Farticle%2FSB10001424052702303801304579410010379087576.html%3Fmod%3DWSJ_hp_LEFTWhatsNewsCollection
It appears there was a vulnerability in the software that allowed BitCoins to be stolen during transactions. Mt. Gox was aware. I guess you could steal from Bank of America or Wells Fargo but I think it would be harder to get half a billion before the warning bells tripped.
Dear Greg:
I just love your weekly wrap-up. You knock every issue out of the park with sincerity, genuine concern and forthrightness.
Dr. Paul Craig Roberts recently gave an interview discussing what’s going on in the Ukraine and I think everyone should listen to it before condemning Russia. It really is a must-listen
http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2014/3/1_Dr._Paul_Craig_Roberts.html
hi greg,love your show.about bitcoin/edison.if you look back in history,tesla(not the car)wanted to supply the world with free/clean electricity.i have experimented with his idea and it works. tptb did not want this,so they shut him up.today,he would have probably been killed.as for bitcoin,tptb would imprison the inventor or kill him,if they new who he was. just a thought.
rick,
Bit “computer program” is basically a way to send money without a routing number and not use SWIFT or the comptroller of the currency. Let’s cut all the mumbo jumbo and just use email and agree some digits I type on my screen are money and press send. I do not buy the fear of death from the programmers. Do you really think the NSA or the government doesn’t know who they are? You think they wrote all this down on napkins and communicated in person? What I would buy is Bit “computer program” is a black op and condoned by the government and the bankers as a test for introducing a digital currency. Is it working? Not yet, but it might when it is put on a public exchange and regulated. Bit “computer program” is gambling and speculation at this point and it is not wealth or a store of wealth. Thank you for your comment.
Greg
hi greg.for the record,i have exactly $0 invested in bc.i agree that the gov.might be behind bc.my point is,i believe that they will do whatever it takes to remain in power.if i invented something like bc i would have written it down on napkins and only talked in person.i am invested in gold,silver,farmland and other real estate. i live on the farm and am self sufficient.i keep just enough currency to pay taxes.i refuse to support a system that i know is corrupt.hey,i’m on your side man.love the show.
Thank you Rick. I get your point and I did not intend to come off mean.
Greg
If there was sound money would bitcoin even have a chance? Bitcoin is unbacked DIY. Most people use it as a political statement- that is a fleeting unquantifiable concept; others use it as a speculative trading too.
Actually the number of users is well under a million
Their delusions have driven up the price
Does anyone wonder why our allies are don’t believe we will adhere to our obligations?
http://www.cbsnews.com/news/us-pushing-israel-to-stop-assassinating-iranian-nuclear-scientists/
So perhaps if you don’t like the way you child turned out your can abort after the fact. After all, it doesn’t really matter when life begins.
http://www.breitbart.com/Big-Government/2014/03/01/Planned-Parenthood-s-Cecile-Richards-I-Don-t-Know-That-It-s-Really-Relevant-When-Life-Begins
Sandman,
Planed Parenthood is simply sinful.
Greg
Yes feel the compassion. Even if there was one chance in a million that an unborn fetus is human, isn’t that enough to keep from committing murder? What kills me, is these same people are against the death penalty for hardened criminals. Go figure? I guess in the world of socialism nothing has to be logical.
Greg,
I guess this is something we are going to have to disagree on. I can find 101 PhDs that have the same view as myself and a few thousands engineers. I talk to D H Griffin (the old man) maybe seven years ago. I sold him a large quantity of wooden storage boxes. He owes on of the largest demolition companies in the USA. His company was one that cleaned up WTC. When I asked him about the conspiracy theories about WTC bldg 7, he laughed. He asked if I knew what it would take to do a controlled demolition on a bldg 7? I advised I didn’t have a clue. He said he did and there would be NO, nada, zero chance that a job that big could be done and people in the building not noticing. So I’ll take his opinion as fact over some liberal PhDs looking to stick it to Bush.
But as I said, two intelligent people can agree to disagree. I ask the conspiracy guys what was the motive and I get all kinds of very complex answers that make no sense. They could all be accomplished by removing the “evidence” or destruction of hard drives. Just my two cents.
And Dan….sorry about showing my sheeple. Could you help me tighten the my tinfoil hat to prevent leakage?