The US banking system’s desire for big profits leads it inexorably into usury. It is sensible to charge interest on loans since there is a default rate that has to be capitalized by borrowers. But piling on penalties and overdraft fees on accidental borrowing is a whole different kettle of cooked fish! Banking profits are now mainly based on tricking customers to run overdrafts. Gold, by the way, is now truly a bull market again with incremental gains surging it higher and higher. This is based on a real sense of panic due to historic low interest rates coupled with political and economic instability.
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The Raw Story | Explosion of bank overdraft fees in US: study
US banks billed their customers 24 billion dollars in penalty fees for overdrawing their accounts last year, a 35 percent increase over the previous year, a study has found. . Rather than deny payment, most banks in the United States routinely approve transactions not covered by funds but charge customers an average fee of 34 dollars each time….Some 51 million account holders have been billed for overdrafts at least once a year, and 27 million of them have been hit with the fees at least five times in a year, the study. . In 2009, experts expect fees to grow to 27 billion dollars. Lawmakers have introduced a bill in Congress that would require banks to change their policies to allow consumers to decide whether or not to enroll in overdraft protection programs.
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Bank deregulation has been a total disaster. All it did was expand opportunities for exploitation. Throughout history, usury has been a big killer of economies. The entire topic of interest rates is very fascinating. People have historical reactions to this aspect of banking. We see today that major economies can run down to destruction when they have a simultaneous ZIRP lending system for governments and corporations coupled with a rampant usury system for the masses. The US has been a pioneer in this type of system when the credit card craze was launched.
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Most US credit card corporations are located in states that allowed usury. For example, none of the credit card companies wanted to be headquartered in New York state due to stringent usury laws forbidding high interest rates. After certain reforms in the banking laws pushed through Congress broke down the state banking regulation systems that prevented usury, credit card companies have had a field day luring people deep into debt and then hammering them with lifetime usury rates the borrowers can’t pay off except via home equity loans or other schemes.
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When home equity loans are unavailable due to collapsing real estate values, this leaves the mass of debtors out in the cold, they can’t escape credit card usury except via bankruptcy. Now, the bankers see people too deep in debt to run up more credit deals so they figured out this new scam: debit cards used to have an iron-clad policy that if you used up your reserves, the card would not give you more money. Now, people discover they can ignore their accounts and merrily use the card well past what they have in deposits.
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This is a trap deliberately set by the bankers to give them bigger profits. There is NO WARNING when you overspend on a debit card. None what so ever! A person can innocently go over the limit by one dollar and get hammered by a $35 penalty fee! This is absurd. People who use this sort of card usually do so because they think it will not allow them to go over their financial limits. But the bankers destroyed this deliberately and maliciously. This is why the big banking consortiums all pay Congress heaps of ‘donations’ so Congress will allow this sort of criminal activity.
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Sucking down all the wealth of the lower classes leads to revolutions and riots. But this won’t stop desperate bankers wanting to justify multi-million dollar bonuses. They need this money so they can have fun with beautiful spouses. Thanks to the nearly total collapse of financial systems, gold has been soaring ever since the Asian Currency Crisis in 1999.
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Gold Rise to Record Shows Investors Split With Banks (Update1) – Bloomberg.com
Gold’s rally to a record shows commodity investors remain concerned that the U.S. economic recovery will spur inflation even as Wall Street forecasts and government bonds suggest stable prices. ..
Bullion has jumped 19 percent this year, heading for a ninth annual gain, after futures touched a record $1,045 an ounce yesterday and extended gains today amid rising demand for a hedge against inflation and a weaker dollar. Economists surveyed in the past month expect U.S. consumer prices to fall 0.5 percent this year, the first drop in five decades. ..
Demand for gold is increasing as U.S. government debt reaches record levels and the Federal Reserve keeps interest rates near zero percent. Inflation surged to a 14.8 percent annual rate in March 1980 after a four-year gain in gold that included a then-record $873 in January 1980.
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Asia has been on a gold rush for a decade. Faith in any currency is very low due to the terrors of the Asian Currency Crisis. Gold values fell last fall when all the commodity markets fell in tandem with the collapse of the oil futures bubble. But it rapidly recovered and regained all its losses and is now reaching new highs. As I said last year, the hedge funds and certain governments such as China, have been major gold buyers or speculators and they enter and exit this market very suddenly. But in general, due to rumblings from China and the oil pumping nations who all love gold, the fear that gold will resume as the major basis for international settlements is a big, big driver for gold prices.
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London Fix Historical gold – result
Assigning cause and effect is a tricky business. People can add all sorts of events to a graph to explain what is happening. In the case of the gold graphs, I choose my own assignments of events causing effects and stand by these choices because it helps predict the future. Faith in paper money collapsed in Asia long before it will collapse here in the US.
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This is because Asia is basically a creditor nation group while the US is the debtor nation to Asia. That is, we love passing useless, worthless paper dollars to Asia and not ever see these scraps of paper return home. So long as Asia collects our IOUs, we are happy. Asia, on the other hand, knows deep in their hearts that this paper will eventually be repudiated. So they are rapidly converting these IOUs into gold. Spinning paper into gold is magical, of course. Gold is real and solid and pretty eternal, that is, it won’t change its fundamental form no matter how many billions of years pass.
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Paper money, on the other hand, is an accounting device. It has no real value over time and indeed, is made to be easily destroyed by water, fire or tearing. It is vapid, not solid. Its value is uncertain and can drop to zero in a flash. Adding zeros makes it more valuable but only so long as anyone thinks the zeros translate into buying power. We saw this last year how Zimbabwe dollars added 24 zeroes while losing 100% of its value.
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Rumors of replacing US dollars with gold SDR systems was enough to cause a big rally in gold prices on the commodities markets. The FX markets are also basically commodities markets for the US turned currencies into commodities when it turned gold into a commodity. This is a concept I just hatched this minute, thinking about all this stuff.
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That is, when Nixon and Burns cut the gold/dollar connection so suddenly and brutally in 1971, on the weekend, they inadvertently turned ALL monetary/financial systems into commodity markets. This is why the Derivatives Beast was created: for several hundred years, buyers and sellers of wheat or animals or other goods used derivatives to position themselves in very uncertain, chaotic markets. The weather could rapidly change values of various items overnight. Storms or sudden freezes would rock the food production markets. Mining discoveries would change the value of every sort of mineral except gold which was REGULATED.
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By the way, Zerohedge.com ‘discovered’ that the gold markets were manipulated during the first half of the 20th century. DUH! I detailed how this worked using government documents in the past. OF COURSE, the gold markets were regulated: gold was the basis of all US dollar creation, it was a RESTRICTOR so it had to be restricted, itself. International deals concerning gold production in places like South Africa were necessary.
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Energy markets are trailing after the gold markets, that is, they too are now rising rapidly again. This is due to weather conditions, that is, many countries use food production for fueling cars so weather changes will hammer both energy and food markets in tandem. Incidentally, sudden surges in food prices leads directly to revolutions, riots and uprisings. It is VERY politically unstable!
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Sugar the new oil as prices soar | Business | The Guardian
The price of sugar on global commodity markets has doubled since the beginning of the year and is close to a 28-year high as hedge funds and speculators jostle to bet on the possibility of an international shortage of the world’s favourite natural sweetener.
. For financiers seeking adrenaline-driven price lurches, sugar has become the new oil. Historically, raw sugar has traded at between 10 and 12 US cents per pound at the New York Board of Trade. But the price briefly touched 24.85 cents last month, its highest since 1981, and sugar is now hovering around the 23 cent mark. .
The rise has come amid a broader commodity boom. Metals and energy rose sharply today as the dollar weakened and global stockmarkets moved higher. .
There are some solid underlying reasons for the upward lurch in the price of raw sugar. Heavy rain has disrupted milling in the world’s largest producer of sugar, Brazil, where a sizeable portion of sugarcane has been diverted from food use into ethanol fuel. Meanwhile the biggest consumer of sugar, India, has had a dismal monsoon season and has gone from being a net exporter of sugar to an importer.
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Typhoons spawned by the present El Nino are causing many Asian crops to fail. Taiwan was ravaged by one typhoon that dumped record amounts of rain. The Philippines have been repeatedly hammered by typhoons and one is about to pass over Tokyo. Hurricanes were scarce in the Atlantic Ocean this year but persistent storms have hammered the Great Lakes area and floods have hit a number of farming areas like in Georgia, for example.
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Hedge funds destabilize all systems. They are like gangs who run from one fracas to another and join in. So if any market is going up suddenly, they all race in and make it balloon upwards very rapidly. This is utterly destabilizing all markets, pick any market and this rush in/rush out syndrome is quite obvious. This is why hedge funds operating out of Queen Elizabeth’s many little islands should be regulated. They are making world finances very unstable and their heavy involvement in all commodity markets is going to lead to global catastrophe if this makes life impossible for people who consume various things like food or energy.
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Like the bankers making money via usury and unfair fees, this is a great way to get rich and a terrible way to run any social systems. Social systems matter! We are NOT individuals, we are a civilization. When the civilization is set up so it games all systems on behalf of only the speculators and those who have power, we get a complete collapse of all systems. So it is very important to prevent this sort of looting.
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FOREX-Dollar under pressure, Aussie up on RBA hike – Forbes.com
* Aussie hits 14-mth high as RBA raises rates to 3.25 percent * Dollar index down 0.3 percent at 76.353 . The Australian dollar rallied to a 14-month high of $0.8876 after the Reserve Bank of Australia raised interest rates by 25 basis points to 3.25 percent, becoming the first Group of 20 central bank to hike as the global financial crisis eases. The New Zealand dollar also hit a 14-month high, rising to $0.7357. “The big story is Australia as other countries will now seek to raise rates, in contrast to the United States where the Fed is expected to raise rates last,” said Lee Hardman, currency analyst at Bank of Tokyo-Mitsubishi UFJ.
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The US and UK have both joined Japan in trying to be a carry trade game player. This is pure insanity. The US, UK and Japan collectively have immense government debts. Yet, all three have imposed a ludicrous ZIRP lending system so they can all run even deeper in debt with no overhead. I decided it was time to visit the IMF to see international FOREX data (China doesn’t share this information with the IMF, typical secretive dragon operation here!):
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International Reserves and Foreign Currency Liquidity –
US
UK
Germany
Both Japan and the UK have less than 30 million fine troy ounces of gold while the US and Germany—and very significantly, China, hold much bigger hoards. France has 76 million fine troy ounces of gold. Switzerland has only 33 million fine troy ounces (ouch!). Japan’s foreign currency holdings is 26 times bigger than the US holdings, for example. This is insanity. The US should not allow this. Of course, these many foreign currency holdings in Japan are US trade dollars we sent there to pay for all our Japanese autos.
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Japan has virtually no gold. But when we look at say, Germany, we see a lot of gold holdings! This is now a little less than half of US gold holdings. But Germany is a smaller country. Per capita, the gold holdings there are the same or higher than the US. Poor Switzerland decimated their own gold holdings right before the Asian Currency Crisis and all of this gold has basically flowed to Asia. Switzerland will never see it again. This was a very big historic mistake by the people who used to be very careful about finances.
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http://www.imf.org/external/pubs/ft/weo/2009/02/pdf/c1.pdf
World trade collapsed by nearly 12% and the US still ran a very significant trade deficit. It used to be, we could get close to a trade balance when there was a major recession. Now, we can’t even do that. Also, despite all these disruptions in trade, inflation never went entirely away. And in developing nations, was still at a dangerous level. The commodity markets going violently up and down don’t help all of this, of course. Thanks to the ZIRP system in the two major economies of Japan and the US, inflation is ready to take off like a rocket. The US still hopes to resume consuming and handing out paper money so the entire world waits for this to happen. Our dire trade rivals who are supposed to be our dear friends are literally demanding we do this.
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Press Release: IMF Signs US$50 Billion Note Purchase Agreement with China
The Managing Director of the International Monetary Fund (IMF), Mr. Dominique Strauss-Kahn, and the Deputy Governor of the People’s Bank of China, Mr. Yi Gang, have signed an agreement under which the People’s Bank of China would purchase up to SDR 32 billion (around US$50 billion) in IMF notes.
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The note purchase agreement is the first in the history of the Fund, and follows the endorsement by the Executive Board on July 1, 2009 of the framework for issuing notes to the official sector. The Chinese authorities had expressed their intention to invest up to US$50 billion in IMF notes in June (see Press Releases No. 09/204 and No. 09/248).
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The agreement offers China a safe investment instrument. It will also boost the Fund’s capacity to help its membership — particularly the developing and emerging market countries — weather the global financial crisis, and facilitate an early recovery of the global economy.
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Many of the top nations gave the IMF some loans. China is now vying with the US as the #1 giver. And frankly, the money the US gives the IMF is really Chinese loans processed via Washington and this is put on our bills we must pay in the future and China is lending us this money fairly cheaply thanks to our wonderful ZIRP system. But the PRINCIPAL of these loans are still very much outstanding and the total is climbing. This is suicidal. But of course, the US doesn’t seem to care. So the dollar continues to die and gold continues to climb if we value it in dollars.
One last thing: in Britain, the Conservative government is now talking about raising taxes and fees and cutting many social services due to the high debt ratios in government spending. Like I said before, this is a good way to end up with lots of social disruptions that can be most dangerous. But then, Britain is very overdue for a revolution.
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George Osborne lifts veil on his age of austerity | Politics | The Guardian
The Conservatives today took their biggest political gamble in a generation when the shadow chancellor, George Osborne, urged the nation to respect his honesty by setting out a painful, if carefully pitched, package of spending cuts. .
Osborne finally showed his hand after months of criticism that the Tories are short on policy detail as he unveiled plans including a one-year pay freeze for 5 million public sector workers, deferral of the state pension by a year, and slashing back tax credits for the middle class. .
In a speech that may come to decide the outcome of the election, he repeatedly deployed David Cameron’s leadership election slogan – “we are all in this together” – to ask the nation to make a collective sacrifice in which everyone but the poorest would have to contribute to reduce “the largest deficit in our modern history”.
Culture of Life News 
Elaine, just a point of clarification. The Conservatives are in opposition in the UK. The Labour party actually holds government. The policies above are proposed policies although I suspect whoever wins the next election will have to pull the horns in considerably and most will be implemented.
l was in a hurry. Yes, the article makes it clear the Conservatives don’t run things right now. I hope most people figure out Labour runs the country.
On the other hand, Labour is going down in flames. The British people are between a Labour rock and a Tory hard place.
Wow, so much timely information, where do I start…
First, I’d like to challenge the amount of U.S. gold assumed in the article:
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Elaine wrote:
“Japan has virtually no gold. But when we look at say, Germany, we see a lot of gold holdings! This is now a little less than half of US gold holdings. But Germany is a smaller country. Per capita, the gold holdings there are the same or higher than the US.”
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I calculate that at MOST, the U.S. may have around 100 million troy ounces of gold (3,100 metric tonnes). This is less than half the amount that the U.S. reports to the World Gold Council.
I base this info from a United States Geological Survey [USGS] report. Here is a link that has more complete information:
http://www.chrismartenson.com/forum/us-gold-going-or-completely-gone/19889
Elaine makes an excellent point that gold was converted from a currency to a commodity which helps explain it’s apparent disconnect.
I might have made a mistake as I sold some gold close to the current high yesterday…now Elane sees a bull market that makes me think it could continue higher without a downward correction.
One thing that makes me angry is that in the past I was able to sell from a Zurich vault into the currency of my choice. Now, if you are from the U.S., this option is no longer available – I have to sell in dollars.
The U.S. wants to take any opportunity for little investors to be creative if there is any chance it could hurt the dollar – no matter how seemingly insignificant.
At the same time, the big players like hedge funds use the queen’s pirate coves to make raids on any bubble opportunity while side stepping taxes and full disclosure.
“Zerohedge.com ‘discovered’ that the gold markets were manipulated during the first half of the 20th century. DUH! I detailed how this worked using government documents in the past”
You certainly did!!! You had this nailed a year or so ago with the Mcchesney Martin old document. I remember you had correspondence with James Turk over the document you uncovered. GATA has long publicly stated that the rigging of the Gold price by Central Banks would cause massive economic dislocations and crisis. Your research on Federal Reserve price fixing is top notch. Congrats!!!
Is this gold run up more a sub-plot to the main event of the dollar manipulation. If you look at gold pricing in Euro, it has actually dropped in price.
While I believe gold is in a bull market, this run-up is most intense in dollars.
CNBC is working this general gold bull story to pump commodities rather than call attention to the fact that the dollar is getting crushed on a relative basis by all other major currencies. The herds are stampeding into gold now.
Meanwhile, anything priced and sold on the global market is going up in devalued dollars (psst including our equities markets)
The contrarian in me smells a set-up here. Since when has CNBC advised the retail investor to act prudently and in his best interests?
“The gold markets were manipulated during the first half of the 20th century.”
And after that they stopped manipulating it? So the floating currency standard would not profit from a low price in gold?
Yeah, i don’t get it!
I agree with charlottemom.
CNCB and all the others have never given sound advice regarding anything, so this is probably more misinformation to deceive people into doing something whereby they lose money and the rich (who own the media) make more money.
I too am suspicious.
Also, if a person has gold, the fact that the price is going up does not mean anything at all, as it is going up in freshly minted dollars. Is that what they want for their gold? If so, then Helicopter Ben will oblige them by printing even more dollars to satisfy the gold bugs and their cravings for “profits”.
The only way you can profit from selling gold is to immediately use the freshly printed money to pay off debts or buy something that will not lose value — like gold.
Oh my. I just read a section of Jim Kunstler’s website called:
“Zesty Antisemetic Hatemail I have Received”
Wow. I thought it would be a load of neo-nazi trash, but it was just the opposite. He posted emails sent to him pointing out his blindness regarding Israel and its many war crimes and our imperial wars and so forth as if this were “antisemetic hate mail”!
Of course. No self-respecting Nazi would read his site anyway. Most of it came from shocked and disillusioned readers who were dismayed by his comments about Israel’s “rights” and what not. How embarassing to print that as “hate mail”, and some of it contained his own responses, which were often more hateful than what was sent to him.
This man is truly blind, and I still believe he should be studied by psychiatrists to find out the basis of his monumental mental disconnect.
Now I only have this site to read and perhaps some articles from the Silver Bear. Everything else is how to make a profit off of the coming disaster.
The American public are currently SELLING their Gold in nationwide “CASH FOR GOLD” swindles. Gold is an anti-bubble. The price has been brutally suppressed for many many years. CNBC shills are telling people NOT to invest in Gold. They tell folks GOLD IS A BUBBLE. These shills couldnt spot the Tech bubble, housing bubble, or US treasury bubble. Do you really think they are spotting the Gold bubble??? Trust me. BUY GOLD. BUY SILVER. Keep it safe, and dont tell anyone you have it. In two to three years you’ll be a happy camper.
I’ve disagreed when Elaine dissed gold. I bought silver in 2004. Both still a buy, imo.
Me too Kevin…..
Gold will be recognized as a currency and not a commodity in the near future.
The FED knows this and will try everything in their power to dissuade their citizens from realizing the ageless value of gold and silver, even as they and the other Central Bankers continue trying to devalue their currencies for trade advantages.
The major players, China, Russia, Japan, the Gulf States, and Brazil all are busy working on a substitute for the US dollar and only the US public is being lulled by the media into thinking that it couldn’t happen until years from today. It’s going to be an uncomfortable day for American dreamers when that day arrives unexpectedly.
The question of how the Ponzi Power Perverts will attempt to continue the fraud until then will be exciting to say the least.
charlottemom wrote:
Is this gold run up more a sub-plot to the main event of the dollar manipulation. If you look at gold pricing in Euro, it has actually dropped in price.
While I believe gold is in a bull market, this run-up is most intense in dollars…
The contrarian in me smells a set-up here. Since when has CNBC advised the retail investor to act prudently and in his best interests?
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DeVaul wrote:
“CNCB and all the others have never given sound advice regarding anything, so this is probably more misinformation to deceive people into doing something whereby they lose money and the rich (who own the media) make more money.
I too am suspicious.”
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Good comments…I don’t trust them either. First of all, France is controlled by the same central bank owners as the Fed. Their participation in any anti dollar agreement must be viewed with skepticism.
No doubt, the dollar is sinking, no surprise there. Maybe the current price of gold, silver and PMs are market driven and evidence that the west is losing it’s grip on manipulating the pricing.
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ralph wrote:
“The American public are currently SELLING their Gold in nationwide “CASH FOR GOLD” swindles.”
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Ralph, I’ve read that almost 30% of the annual gold supply is through recycling jewelry and such.
Locally, it’s amazing how many jewelry shops have signs in their windows and on the sidewalks about buying gold for “top dollar.”
I have to suspect the U.S. scrap market is up…do you have any numbers to back up this claim? Do you think Americans are buying gold as fast as they sell?
‘Sucking down all the wealth of the lower classes leads to revolutions and riots. ‘
Wrong.
‘ Gold is real and solid and pretty eternal, that is, it won’t change its fundamental form no matter how many billions of years pass.’
Wrong there also. Don’t know much about physics is a book for you. Check out entropy.
‘By the way, Zerohedge.com ‘discovered’ that the gold markets were manipulated during the first half of the 20th century. DUH! I detailed how this worked using government documents in the past.’
‘Incidentally, sudden surges in food prices leads directly to revolutions, riots and uprisings. It is VERY politically unstable!’
Sorry, wrong again. Google Ireland and famine.
Wrongful boast. While you did dredge up some arcane utterances by McChesney, they do not pertain here in the least. ZH put online declassified CIA documents where gold price control is a stated objective.
Bilderberg Plan in Action?
In May, the information that leaked from the meetings regarded the main topic of conversation being, unsurprisingly, the economic crisis. The big question was to undertake “Either a prolonged, agonizing depression that dooms the world to decades of stagnation, decline and poverty … or an intense-but-shorter depression that paves the way for a new sustainable economic world order, with less sovereignty but more efficiency.”
Important to note, was that one major point on the agenda was to “continue to deceive millions of savers and investors who believe the hype about the supposed up-turn in the economy. They are about to be set up for massive losses and searing financial pain in the months ahead.”
http://tinyurl.com/y88kcdz
gold is definitely on a hoot… the fundamentals of the market scream divergent resurgence while the fed plays hardball…
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so thats it… crazy schemes and business as usual… however i think the nature of business is leaning ever more into modern government
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the day we all wake up and realize we were sold a bag of 2 party goods the better… I have yet to witness REAL regulatory authority… that must mean the corporations insist noone pull back the curtain of ‘certain dooom’, not even the state
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http://video.google.com/videoplay?docid=-181259944046452879&q=iluminati&total=111&start=0&num=10&so=0&type=search&plindex=4
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some days are just better than others
DeVaul,
I’ve noticed that Kunstler’s usually witty writing has begun to unravel and deconstruct in his last couple of articles. Maybe it’s all beginning to dawn on him. Took me a war and then being approached several times. . .
Anyway, he runs the risk of going down in history like a broken alarm clock: too early, too gloomy, and right-on only by coincidence.
Gold is a very ancient store of economic value which could be carried easily unlike, say, a sack of grain or a cow. It is small, it doesn’t die or rot and it isn’t bulky.
The US imposed a stunning fiat paper monetary system which is now collapsing. So it is natural for gold to rise up again in contrast. This seems pretty inevitable to me.
This doesn’t mean anyone will get rich with gold holdings! For one thing, any government that is desperate to get at gold held by its own populace, it will succeed. This is very simple: the gold holders tend to not be the bankers OR the masses.
So both can unite to go after savers who converted currency into gold, for example.
This is why it is not a good sign to see gold’s present trajectory in the long run. That is, the one thing we need is to regain our industrial base. This is what empowers us.
OT
In Afghanistan US troop morale low.
Ron Paul wants Senate to postpone Bernanke confirmation until the Fed
opens its books. Yeehaaa
http://www.huffingtonpost.com/2009/10/07/ron-paul-alan-grayson-ask_n_313055.html
@Gus, “In Afghanistan US troop morale low.”
Low morale could easily turn to mutiny under forced vaccinations.
Little wonder the Shite House stopped McChrystal’s Senate testimony.
“I am convinced that the gold market is rigged (as well as the silver market) and Bill Murphy and GATA have done a great job in trying break the gold cartel. My view is that very soon paper gold manipulation will be ineffective and only physical gold will count.”
http://www.futurefastforward.com/component/content/article/2636
Supply and demand is so 1850.
Gore Vidal on the End
of Empire:
http://www.independent.co.uk/news/world/americas/gore-vidals-united-states-of-fury-1798601.html
“There is NO WARNING when you overspend on a debit card. None what so ever! ”
No shit.
If you’re going to run your account so close to the red line that a quarter pounder is going to overdraft it, doesn’t it behoove you to keep pretty close track of your spending?
“A person can innocently go over the limit by one dollar and get hammered by a $35 penalty fee! This is absurd.”
Why absurd? The penalty is a gentle reminder not to spend more cashish than you have. Pretty simple, I’d say.”
“People who use this sort of card usually do so because they think it will not allow them to go over their financial limits.”
I use it because that little plastic card is easier to carry and use than a checkbook. Again: why is it off on the bank to impose personal fiscal discipline? I guess some people are so poor they can’t even pay attention.
And debit cards have nothing to do with it: in the dark days before debit cards were invented, people used to bounce checks.
On other topics you generally come down on the side of personal responsibility – so why the crocodile tears on behalf of the overdrawn?
It’s my view that some people shouldn’t have bank accounts or credit cards. They should keep their cash in a coffee can, and when it’s gone it’s gone. You can’t overdraft the National Bank of Maxwell House.
“Gold is a very ancient store of economic value which could be carried easily…”
In small quantities. In larger quantities it tends to ruin the drape of your suit.
California Dreaming
mamas & the papas
http://www.guardian.co.uk/world/2009/oct/04/california-failing-state-debt
Cali Dreamin 1960’s
“…we need is to regain our industrial base…”
American’s dreams of gold as security in the future is not as secure and reassuring, as Elaine suggests.
Future security in the US depends on cooperation, creativity and producing. That is true social security.
Nevertheless, converting dollars into gold, today, is a sensible method to store one’s hard earned wealth in light of this country’s deteriorating financial infrastructure.
Elaine, a must read for you , Oct.14 new yorker article on Martin Armstrong. Straight goods at last.
If there is definite proof that gold markets and pricing were rigged in the past, why would anyone believe that they are NOT now. What has changed? Nothing.
This is another $ manipulation to bring in bagholders. These gold/dollar up moves are more about the dollar than about gold. That is less about gold as an absolute value and more about dollar’s relative value.
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If I had an ounce of gold, I would be more concerned about what it would be worth in say, bushels of corn or pork bellies or maybe sacks of soybeans than dollars at the rate Ben is rolling the presses.
Read the article about Gore Vidal. Quite an interesting man. No wonder I have never heard of him. His type tend to fall on a list of “unmentionable names” that is passed out at every news station and university.
Geithner Frequently Talks To Select Group Of Bankers
Feds Spent $1.2 Trillion to Keep Fannie, Freddie, Others Afloat in FY 2009
more on the FDIC
Jim Willie, with prescient expertise:
http://www.financialsense.com/fsu/editorials/willie/2009/1008.html
I haven’t published today due to work, work, work and then my kids had a problem that took the rest of the day.
Winter is coming! I have a zillion things to do which were put off all summer due to rain, rain, rain! And it is raining nearly every day, too! Even now.
fall is happenin’…. lovely sunny cold days… what a beautiful summer/fall…
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credit card companies sux… so i bot a new house… and like i guess i missed my first payment to chase after they bot out my old bank or whatever after 3 yrs of an acct… so they cease all transactions on my chase credit account and charge me 30bucks…. so i call all hella pissed and say what so you charge 30 Bucks for what service, ive had this acct for 3+yrs and ALWAYS PAY THE BALLANCE so if your going to charge me 30 bucks and hold all transactions on the account tell me what the service is that costs me this amount… i got hung up on once and ignored the second time, i told those sons of bitches that without a service its just theft… what else could a 30 dollar charge to fuck me be
.
and news is like the bomb
i was using the credit card for a moving van… if you know how that works yall’
late by like 5 days or something ridiculously stupid… i think they adjusted my due date or something… its been less than i year and ive had it in with them like 3 times already ‘bad billing information if you can believe that’… say my ballance is x… but it turns out to be Y??? and charge me to finance the ballance for a month
chase owns the note on my house tho… i hope they sell it to someone with real balls
my old bank and me were always just bills and finance… no drama ever… 2+yrs
Blues: “So I get a paper balance report before every withdrawal.”
There you go. You can also get a little notebook and a dimestore calculator and keep a running balance on your own – I did that in college when my account had a lot less in it than it does now. It’s not that hard – you just have to do it.
“Dumb people make more mistakes, so why should they be taxed more by banks? Isn’t it hard enough for them already?”
No. Stupidity isn’t taxed enough. That’s why there so much of it around.
Nah: “and like i guess i missed my first payment to chase … late by like 5 days or something ridiculously stupid…”
Like I just said…
@Elaine: Winter is coming! I have a zillion things to do which were put off all summer due to rain, rain, rain! And it is raining nearly every day, too! Even now.
And full-blown winter has already pushed its way into the Great Plains and the upper Midwest (Minn). Sucks to have a cold, rainy summer and a short, rainy autumn. Meanwhile we in the Gulf Coast continue to have unseasonably warm weather. It actually took a cold front today to make it seasonable!