A Rabbinical Discussion Of Modern Banking Politics

Violent thunderstormEndless storms rage here. Our streams that normally run at a trickle in July are running as if this were May.  The storms that have ravaged world finances and trade also continue.  Even though we hope they have abated, the underlying data is quite clear, we are no way out of this mess.  Even though it is a weekend, there has been a number of stories left over from Friday that are worth discussing including the curious story about the rabbis in New Jersey and Brooklyn as well as the Federal Reserve talking about doubling the holdings of mortgages, etc.

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Violent thunderstorm

There is no shortage of opportunities to photograph storms this summer.  I ran in from grading the roads and moving rocks to snap some stunning photos of a thunderstorm broiling out of the valley to the south of us.  This is a constant reminder that the forces of nature dwarf human agency.

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Al-Raya Chief Who Faced SEC Charges Is Found Dead – WSJ.com

The chief executive of Kuwait’s Al-Raya Investment Co., who was charged late last week by the U.S. Securities and Exchange Commission over suspicious stock trades, was found dead, Al Arabiya Television reported Sunday citing local media. ..

Kuwaiti media reported that security sources confirmed Hazem Khalid Al-Braikan’s death just a day after his company denied making millions of dollars in trading profits following the dissemination of false news about two U.S. companies.

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One thing that all online economic commentators must be most careful about is to not report erroneous information that can cause harm to any listed corporation.  This often means sitting on information that can’t be confirmed, for example.  This may strike some people as boring but then, becoming complicit in some criminal operation set up to defraud other investors is something to worry about.  I know that ‘edgy’ websites that jump into all sorts of things are more fun for readers who want to ‘be in the know’ but we have to realize, there are many players in this game and not all of them are honest.

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These Kuwaitis thought, during a difficult bear market, sowing false information might enrich them.  Some very clever person probably informed the others, this would be a splendid game to play on unsuspecting foreigners.  Maybe, they thought their genus would protect them from the SEC.  Hucksters, frauds, liars and cheats come in all ethnic and religious backgrounds.  This is natural to being human.  Often, if a cheater belongs to some religious/ethnic enclave that has a foreign home base, the temptation to use this home base as an operation platform for fraud is very high.  I am including the probable suicide of the Muslim upper class Kuwaiti as a hinge for another story that is big in the news:

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THE TALMUDIC TRAITOR RABBIS – New York Post

The religious talk by a crew of allegedly crooked rabbis was anything but kosher. ..

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The rabbis and other prominent Jews captured in this week’s FBI sting operation referred to money laundering as Talmudic study sessions while hiding their illicit transactions in a web of religious charities, according to the federal criminal indictments that have rocked the Jewish communities of New Jersey and Brooklyn. ..

Evidence collected against the rabbis show they allegedly used the code word “gemora,” the Hebrew word for the Jewish holy books of the Talmud, when referring to cash.

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First of all, I have pointed out in the past that a huge number of charities are mostly front organizations for funneling bribes to politicians, for example.  A lot of these charities funnel a big hunk of the loot to the top executives running these tax-free scams.  The number of charities has proliferated immensely during the last 20 years and the corruption of politicians has followed suit, very closely tracking the rise in the number of charities.

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For example, the Clintons have an immense and utterly useless array of charities that all spend immense sums on ‘speeches’ given by old Bill.  Bush Sr and now, Bush Jr. restlessly rove the planet, seeking these speaking fee operations.  Al Gore does this all the time, too.  The list of terminally boring speakers who get paid to give yap to charities is very long and I suspect, most of these charities are basically fronts for bribes.

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The oil barons of Arabia do this.  The wealthy Jews do this.  Top bankers and industrialists do this.  Anyone who has any major business with any major governments, even minor governments, is very active in running these goofy and nearly useless charities.  The rise in executive incomes and bonuses closely track the rise in charities handing out immense speaking fees to defunct or present politicians.

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The rabbis in Brooklyn and New Jersey could plainly see, the best way to do business is to bribe politicians.  I can’t blame them for figuring this out.  Everyone figures this out in short order.  The arrests of the politicians has been revealing: as usual, the Italians and Jewish ‘Mafias’ cooperate and coexist.  This has been true since Prohibition.  Often times, the two communities are physically right next to each other.  Each has their own particular ethos and they find common cause and pursue this.

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All ethnic enclaves use their various languages as a means of keeping the authorities at bay.  The rabbis in this case, are no where near the power of Madoff, for example.  Madoff was very much a central power in the financial power structure.  These guys are all outsiders operating on a much lower level.

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By the way, the NYP has an error.  It is not ‘gemora’ but ‘gemara’.  Here is some information about ‘gemara’:

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Talmud/Mishna/Gemara

The Jewish community of Palestine suffered horrendous losses during the Great Revolt and the Bar-Kokhba rebellion. Well over a million Jews were killed in the two ill-fated uprisings, and the leading yeshivot, along with thousands of their rabbinical scholars and students, were devastated.

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Several things here: Rome at that time didn’t have a million people yet.  And Rome was the biggest city in the Empire.  The Nile Delta may have had a million people but that is very rich agricultural lands.  Constantly exaggerating numbers seems epidemic when it comes to retelling tales of woe.  Exaggeration is common in Medieval chronicles, too.  People like to do this because it seems more impressive.  Gaza has a million people now but that is unsustainable numbers unless lots of food is brought in and this is on the shoreline, next to Egypt.

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During the Roman Empire, the excess food production of Egypt flowed to Rome, not Jerusalem.  So I take the ‘million dead’ with a lot of Dead Sea salt.  Of course, if I were writing this in Europe, I would hesitate to point out the obvious due to the possibility of being put in prison for disputing disputable facts.

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We know that Palestine wasn’t totally depopulated after the rebellion.  We do know that the fanatics were killed as well as a number of people in the main cities.  But this has happened to Jerusalem many, many times in history.  No matter who lives there, they eventually are massacred during wars and rebellions.

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This decline in the number of knowledgeable Jews seems to have been a decisive factor in Rabbi Judah the Prince’s decision around the year 200 C.E. to record in writing the Oral Law. For centuries, Judaism’s leading rabbis had resisted writing down the Oral Law. Teaching the law orally, the rabbis knew, compelled students to maintain close relationships with teachers, and they considered teachers, not books, to be the best conveyors of the Jewish tradition. But with the deaths of so many teachers in the failed revolts, Rabbi Judah apparently feared that the Oral Law would be forgotten unless it were written down….

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Many nomadic tribes keep a constant oral tradition.  One of these traditions that all nomadic tribes have is the Trickster.  This takes many forms.  There are quite a few ‘Trickster’ stories in the Old Testament that involve the God taking sides with a dishonest cheater and granting the cheater the inheritance of the leadership of the Tribe.

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The Talmud’s discussions are recorded in a consistent format. A law from the Mishna is cited, which is followed by rabbinic deliberations on its meaning. The Mishna and the rabbinic discussions (known as the Gemara) comprise the Talmud, although in Jewish life the terms Gemara and Talmud usually are used interchangeably.

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A number of people have noted some of the psychological changes that edge into this ‘legalistic’ discussion.  What is most amusing is how the New Testament has Jesus engaging in all these arguments within the ‘gemara’ system only the explanation he gives is often very simplistic.  We know all legalistic systems trend towards increasing complications as exceptions are noted and inserted into the corpus of the laws.

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The rabbis whose views are cited in the Mishna are known as Tanna’im (Aramaic for “teachers”), while the rabbis quoted in the Gemara are known as Amora’im (“explainers” or “interpreters”). Because the Tanna’im lived earlier than the Amora’im, and thus were in closer proximity to Moses and the revelation at Sinai, their teachings are considered more authoritative than those of the Amora’im. For the same reason, Jewish tradition generally regards the teachings of the Amora’im, insofar as they are expounding the Oral Law, as more authoritative than contemporary rabbinic teachings.

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This is very similar to the Koranic or Christian systems.  All religions try very hard to be the final word and alterations over time are constantly challenging orthodoxy.  This ‘backwardization’ of religious systems is why they go into severe stress when the basic underpinnings shift to violently.  This is why there have been epic periods of religious ferment such as when Aries shifted to Pisces during the Roman Imperial rule of the Mediterranean basin.  Below is an example of a ‘lesson’:

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As a rule, the Gemara’s text starts with a close reading of the Mishna. For example, Mishna Bava Mezia 7:1 teaches the following: “If a man hired laborers and ordered them to work early in the morning and late at night, he cannot compel them to work early and late if it is not the custom to do so in that place.” On this, the Gemara (Bava Mezia 83a) comments: “Is it not obvious [that an employer cannot demand that they change from the local custom]? The case in question is where the employer gave them a higher wage than was normal. In that case, it might be argued that he could then say to them, ‘The reason I gave you a higher wage than is normal is so that you will work early in the morning and late at night.’ So the law tells us that the laborers can reply: ‘The reason that you gave us a higher wage than is normal is for better work [not longer hours].'”

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The Bible has many economic ‘lessons’ where the rabbis tell a story, fable or describe a situation and then argue about how it is relevant to the Mishna’s teachings.  This is the basis of many of the increasingly acrimonious arguments with that upstart, Jesus.  Many of these lessons are business lessons and there is considerable discussion about lending money, collecting rents, paying labor, building a business, etc.  The draconian rules restricting trade, hiring and lending set up by the Christian barbarians after they destroyed the Roman Empire meant 500+ years of a Dark Age, one of the worst depressions to hit Europe.

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Meanwhile, the legalists within the Judaic community had a rip roaring collective argument about business ideology.  So once they were freed from the ghetto, they had a better basis for restarting trade and banking businesses.  Using the rabbinical robes to hide illicit business is no surprise since the tribal parts of this learning has many facets that justify this sort of business with the outer, non-Jewish community such as the Catholic Italians who lived near this Syrian Jewish enclave.

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Schumer Presses SEC for Ban on ‘Unfair’ High-Frequency Trades – Bloomberg.com

Charles Schumer, the third-ranking Democrat in the U.S. Senate, asked the Securities and Exchange Commission to ban so-called flash orders for stocks, saying they give high-speed traders an unfair advantage.

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Schumer’s letter to SEC Chairman Mary Schapiro yesterday raised the stakes in a debate over the practice offered by Nasdaq OMX Group Inc., Bats Global Markets and Direct Edge Holdings LLC, which handle more than two-thirds of the sharestraded in the U.S. With flash orders, exchanges wait up to half a second before they publish bids and offers on competing platforms, giving their own customers an opportunity to gauge demand before other traders.

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“This kind of unfair access seriously compromises the integrity of our markets and creates a two-tiered system, where a privileged group of insiders receives preferential treatment,” Schumer wrote in the letter.

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Of course, this super-duper-super-secret-super-fast system set up by Goldman Sachs so they can raid the system systematically with robotic automatic computer micro-trading should be made illegal. Just because someone can do something doesn’t make it either moral, right or good.  This is NOT A GOOD THING and should be stopped in its tracks.  Otherwise, we will see the system deteriorate into a dead sea where only GS and JP Morgan trade with each other as everyone else is driven out or goes somewhere else to try to make their investments grow.  So, to save the entire market, GS must stop right now, from doing this stupid stuff.

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.Jamie Dimon – Wikipedia, the free encyclopedia

J. Richard Finlay, founder of the Centre for Corporate & Public Governance, stated: “The New York Fed’s governance brings to mind the crony-stocked, self-serving boardroom of the New York Stock Exchange under Richard Grasso before it was forced to make major changes to ensure higher standards of independence and accountability. It is clearly time to look at to whom and how the New York Federal Reserve is held accountable.” [7] Dimon’s role at the New York Fed “includes approving the Bank’s budget, overseeing operations, and appointing the Bank’s officers.” [8

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As JPMorgan Chase’s Chairman, President & CEO, Dimon oversaw the transfer of $25 billion from the US Treasury Department to JPMorgan Chase on October 28, 2008 via the Troubled Asset Relief Program (TARP).[9] This was the fifth largest amount transferred under Section A of TARP[10] to help troubled assets related to residential mortgages.

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As it is, Goldman Sachs or JP Morgan take turns, running the New York Federal Reserve Bank which is by far and away, the most powerful of the Fed banks.  Since they openly control the levers of power this means they have immense advantages over everyone else on earth.  They can suddenly decide to fund themselves when they goof and screw up the global financial systems, for example.  While hammering rivals like Lehman Brothers.  They should be forbidden to run our central bank.  Of course, this means ending the Federal Reserve as a private bank consortium owned by these same clowns.

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Tightening Credit Becomes Bernanke Bind in Bond Purchase Unwind – Bloomberg.com

Bullard, among the minority worrying more about inflation, says the real risk is simmering on the central bank’s balance sheet. By making loans and buying securities to unfreeze the credit markets, the Fed has doubled its balance sheet assets to $2 trillion in the past year.

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About half of that expansion came through short-term lending to financial institutions. The Fed is scaling back those facilities. It’s the rest of the balance sheet growth that concerns Bullard — especially $661 billion of MBSs acquired to push down rates on home loans. The Fed has said it may buy as much as $589 billion more.

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Namely, lending to JP Morgan and Goldman Sachs!  Note that the Fed is planning to double the real estate holdings, much of which is of very dubious quality.  Note that the guys running the Fed are the same gnomes who are unloading this junk so they can give themselves more record bonuses this year.

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“I call those the politically toxic assets,” says Benn Steil, a senior fellow at the Council on Foreign Relations in New York. Selling those bonds would boost home buyers’ borrowing costs and stall the recovery of the housing market.

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The housing market will not recover until prices fall so they are in concert with wages.  And since wages are falling, this cycle is not done and can’t be stopped simply by dropping interest rates to very low levels.  The key is to get wages going up again and this is impossible so long as free trade is our mantra and outsourcing of our jobs is the result.

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Below are some more Fred graphs:

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St. Louis Fed: FRED Graph

FRED Graph

OK: the Fed is doubling its holdings of mortgages to over $1.1 trillion dollars!  Right now it is only around $600 billion.  Well…note how it was about zero dollars in just last January!!!  Is it slowing down or still rising?  Obviously: it is going up and up and up and if it doubles, it will become a ‘hockey stick graph’ and all ‘hockey stick graphs’ are deadly.

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FRB: H.4.1 Release–Factors Affecting Reserve Balances–July 23, 2009

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In 2002, the Reserve balance was $9 billion.  It bounced between that $7 billion and $20 billion until August, 2007 when it broke through the ceiling and briefly hit  $23 billion.  Suddenly, in September 2008, it shot upwards to over $100 billion very suddenly when Lehman Brothers went under and AIG ran screaming for help.  In two months, it shot even higher to over $850 billion.  Since then, it has bounced between $500 billion and nearly a trillion dollars, the highest point being May 20, 2009.  This week, it is at $752,228,000,000.

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Reserve bank credit in 2002:  692,724 million,  tripled to $2,020,659 million in 2009.  Currency outstanding in 2002 was $34 billion and was on $42 billion in 2009.  The value of the gold holdings is artificially set at a very low rate so it is always valued the same (!!!) at $11 billion.  So if we compare the gold ratio to the reserve fund’s total, in 2002, the holdings were 67 times bigger than the gold portion while in 2009, the reserves ware now 187 bigger than the gold holdings portion.  Only gold went up tremendously from 2002-2009.

FRED Graph

St. Louis Fed: Series: BOGAMBNS, Board of Governors Monetary Base, Adjusted for Changes in Reserve Requirements

St. Louis Fed: FRED Graph

FRED Graph

Hell’s bells!  The surges and peaks that once looked so huge before 2008 have been flattened, due to the immense scale of this bail out/collapse!  It never peaked past $50 billion and in just eight months, has shot up to nearly a trillion and is probably going to go well past that, if the stories about doubling the holdings of nearly all US real estate mortgages is true.

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St. Louis Fed: FRED Graph

FRED Graph

How bizarre is this graph?  It had a steady climb until the collapse of the housing bubble and then is sagged down to 2000 levels and then shot upwards like a rocket!  Gah!  This is NOT a good graph, the instability here is incredible.  We went from holding only $225 billion to nearly $1.4 trillion, and the rise from the bottom of that valley is a trillion dollar jump.

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St. Louis Fed: FRED Graph

FRED Graph

ARGH….this one is at zero, yes, zero until September, 2008.  Then, the rescues simple shot straight up AND STILL ARE.  This is a hockey stick graph from hell.  Straight up!  Sheesh.

St. Louis Fed: FRED Graph

FRED Graph

This graph shows a sharp decline since Goldman Sachs and JP Morgan are dumping the money they needed to save themselves.  They are recapitalized via AIG and government deals concerning the sales of trillions in US debt so the system can be capitalized.

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St. Louis Fed: FRED Graph

FRED Graph

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33 Comments

Filed under .money matters

33 responses to “A Rabbinical Discussion Of Modern Banking Politics

  1. Timothy

    I’m kind of topic here Elaine, but my Chinese contacts have told me during this book exhibition season, a certain publication over there has caused quite a stir. I think the title’s translated into Chinese as “the 21st century has been written” by Richard Friedman, who is in charge of some sort of computer simulation at an org along the lines of DARPA. In the book he advances the “China disintegration theory”, in which he claims that the country of China is a recent, unnatural phenomenon, and that it will cease to be a nation. What I surmise from reading that section is that (in 100 years) the cities will be reduced to being hosts of Japanese multinational conglomerates, while the countryside will break away to form several Muslim caliphates. The fact that this book has been printed in Chinese for book fairs in China is attracting attention. Is this Friedman guy a voice in the wilderness or just an asshole?

  2. emsnews

    The Chinese are always paranoid about the Japanese. This goes way, way back.

    No, history is flowing in China’s direction, not away from China. China is stronger, not weaker, each generation. The US hit its apex and is now on the downslope. Japan has decided to commit social hari kari.

  3. isha

    Elaine:

    What do you think about this guy? He, to me, is of the empire builder school…

    http://fora.tv/2008/10/21/Geopolitical_Consequences_of_the_Credit_Crunch#fullprogram

  4. isha

    China’s presence in the Middle East gave these neocon’s some bad taste in the mouth, no wonder they are wishing bad luck for China. BTW, the original copyright for “breaking up China into 7 pieces” belongs to Japan’s 1920s’ scholarships
    ——————————————

    The Saudi Press Agency is announcing that a Chinese construction firm has been selected to build 200 schools in the Kingdom. The project, worth over $53 million, is being undertaken to provide for the needs of 1,700,000 primary and high school students.
    Chinese firm gets SR2 billion deal to build schools in KSA
    RIYADH – The Saudi Ministry of Education has signed a 2-billion-riyal contract with the China Railway Construction Corporation (CRCC) to build 200 schools in different cities and provinces in the Kingdom.
    Prince Faisal Bin Abdullah Bin Muhammad, Minister of Education, signed the contract for the constructing work which has to be completed in 14 months.
    CRCC was selected from among several companies that had bid for the work, he said.

    Arab News’s report is more comprehensive and point out that this project is only part of the massive King Abdullah Project for the Development of General Education.
    China will build 200 schools in Kingdom
    Mohammed Rasooldeen | Arab News
    RIYADH: Education Minister Prince Faisal bin Abdullah has signed a SR2 billion contract with China Railway-15 Bureau Group for the construction of 200 school buildings in various cities of the Kingdom. The Chinese company won the contract in competition with several global construction companies, the Saudi Press Agency reported Saturday.
    “The new school buildings with a total capacity of 150,000 will be operational months after the date of the signing of the contract,” Deputy Minister of Education Faisal bin Muammar said Saturday after a meeting with the officials of the Chinese company in his office. The contract period has been fixed at 14 months.
    Muammar said the contract represented 6 percent of 3,500 projects currently being implemented by the Ministry of Education at a total cost of SR20 billion. When completed, the schools will have a capacity of 1,700,000 students of both sexes. He said his ministry takes over an average of 80 new schools a month.

    Meanwhile, China is pushing its own public diplomacy through a new Arabic-language TV channel:
    Beijing courts Middle East with Arabic TV channel
    Mohammed Rasooldeen | Arab News
    RIYADH: China Central Television (CCTV) launched an Arabic-language channel for the Middle East and Africa on Saturday as part of the government’s efforts to expand its relations with the Arab and Muslim world, the Chinese Embassy announced here.
    The 24-hour channel will air in 22 Arabic-speaking countries, reaching a total population of nearly 300 million people, CCTV said in a statement at the launch of the new service. The new channel is available through Nilesat and Arabsat services for viewers in the Middle East.

  5. isha

    Elaine:

    There control of Usury is a true test of the duration of any civilization.

    Apart from national disaster, one of the main reason for the social unrest and the change of dyanstries is the high concentration of land holding vie the using of usery from the aristoracy or the merchant class. Chinese dynastries tried ( always fail eventually ) to control this tendency of destruction vie the civil servants class.

    It is interesting to notice that Old Testament is strongly aganist Usury.

    http://en.wikipedia.org/wiki/Usury#The_Old_Testement

    How did the western bankers justified this transformation? Maybe jewish bankers could bribe the rabbis to change the laws in their favor?

    Ezra Pound’s canto on Usury did sound very emotional to me, I don’t believe he is insane …

  6. emsnews

    Yes, if all the wealth is concentrated in a few hands, this always is very bad. In the US, most of the wealth is concentrated in a few hands thanks to Reaganism.

  7. isha

    EZRA Pound did understand human nature. Here is his translation of Li Bai (http://en.wikipedia.org/wiki/Li_Bai)’s poem. I can’t imagine anybody could do it better than Ezra Pound.

  8. criticalcontrarian

    isha: “China’s presence in the Middle East gave these neocon’s some bad taste in the mouth, no wonder they are wishing bad luck for China.”

    Perhaps the Saudi’s are hedging? They hope to negotiate their oil sales in future with the Chinese in “valuable” yuan rather than “worthless” dollars? 😉

    And surely this relationship prospering will give them a bad taste the Chinese are more oriented towards their proles than the rich. In fact, if you read the following article you will find that these communists know how to take care of the trash…

    “Chinese steelworkers clashed with police in a protest over plans to merge their mill with another company, and they beat the company’s general manager to death… Tonghua employees attacked Jianlong’s general manager, Chen Guojun, during the protest and beat him to death… Chen was paid about 3 million yuan ($538,500) last year, while some retirees received as little as 200 yuan a month…” http://tinyurl.com/ms949t

    You won’t see that happen in Wall Street. What you will see is a governor get hung out to dry for paying call girl $4,200 a night with his own money, while the Fed “Spendthrift Ben” gives trillions of dollars to taxpayers money to BFF bankers. What a joke!

  9. PLovering

    Ezra Pound was brilliant writer and poet and teacher. Ezra generously advanced the careers of many famous authors from Hemingway to T.S. Eliot.

    Ezra’s last living protege is Eustance Mullins, author of “The Secrets of the Federal Reserve” and “Murder By Injection” and other books.

    You can view Eustace below in the first of 10 interviews about the NWO. He talks about Ezra Pounds at 3 minutes into this video.

  10. seraphim

    Jewish charities again? For moneylaundering? Curious story, isn’t it? I am glad that the story of “one million Jews” was not lost upon you. Hopefully the multiplication by six won’t be either.

  11. criticalcontrarian

    Correction: “while the Fed “Spendthrift Ben” gives trillions of dollar OF taxpayers money to BFF bankers.”

  12. criticalcontrarian

    @PLovering: have you accessed this link? http://www.apfn.org/apfn/reserve.htm

  13. PLovering

    @criticalcontrarian

    No, I have not visited this link, which will be rectified forthwith.

  14. Z

    Great photo.

    Z

  15. ralph

    “Otherwise, we will see the system deteriorate into a dead sea where only GS and JP Morgan trade with each other as everyone else is driven out” Hello!!! Watch CNBC, look at the floor of the NYSE behind Bob Pisani, and Maria Bartiromo. The brokers are all gone, the clerks are all gone, the specialists are all gone. The NYSE is a stage prop for FED financial propoganda. The NYSE floor is COMPLETELY run by algorythyms coming out of GS and JPM. All trades come and go through the DOT (direct order transfer) system. John Thain and GS pushed out Dick Grasso, and all the humans that worked on the floor, and implemented their algo platform known as ARCA-EX, NYSE euro-nex. Than, John Thain went to work for his masters merging MER with BAC. GS and JPM have run the show down there for as long as I can remember, and I was a member of the NYSE from 1978-2002. GS used to use sole-proprietor floor brokers to front run their institutional desk orders all the time. Than once they figured out they could do it all electronically and not have to pay commissions to independent floor brokers, they chased them out. They “bearded” themselves all the time, using different “give ups” and clearing firms to front run. Plus, the institutional desk would call their hedge fund pals, give them a heads up about a huge block order to buy or sell a given name, the hedge fund would buy or sell that given name in SIZE using the DOT or other 3rd party broker, than give the opposite side of the trade to execute for them on a “clean up” and the hedge would pay a huge commission so it all looked kosher. Its called “shopping order flow”. Wall St. is a horrible casino, run by 2-3 firms. Its a sham.

    ΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩΩ
    ELAINE: Thanks, Ralph! I have mentioned all of this in the past but it pays to mention this information over and over again! My previous husband used to work the floor of the exchange many years ago, this is how l learned how Wall Street worked, from the inside gossip. You are so right about all this.

  16. nah

    dun care bout’ rome or judea or any other mothballed quasi economic tear jerker… we got plenty of economic REAL history to play with and im sure ignorant charity DEPENDANTS would love to shift into a parable or 2 on the Bar-Kokhba viewpoint of quant theory….
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    story should read, this has for the most part happend before, we were told to be careful with banking leverage, we were protected somewhat by fairly classic laws… but we didnt care and did it anyways, and our solution to the same old problem of inequality and snake oil is GS gets a huge bonus ‘again’ while we cross our fingers… the real story is about corruption of policy and ideas in the name of money… a innovative market should find a place for real deals and real finance ‘as in not public’… and if they cant do that IM TOTALLY IN FAVOR OF USING A LIL’ SOCIALISM TO BREAK THESE GUYS POWER STRUCTURES UP
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    achievement means someone went and did it, not just got paid

  17. w c

    Modern Banksterism

    The Final Definition of Inflation According To the Law of Relativity
    Posted: Jul 26 2009 By: Jim Sinclair July 26, 2009 at 9:13 pm

    Filed under: General Editorial

    Inflation equals money squared.

    Eventually no speed of creation of money can maintain the economic stabilizing graviton and according to the law of physics we all fall into the Weimar black hyperinflation hole.

    The wormhole at the “process event horizon” (the fall of Lehman Brother and the pending fall of CIT) is from commodity money to commodity money.

    The wormhole travels through economic pain and suffering.

    YOUR SAFE SHIP IS GOLD BULLION for the transitional trip from commodity money through Weimar hyperinflation and back to commodity money.

    As sure as E=MC squared rules in physics, hyperinflation, the black hole of the Bernanke electric money printing press, is here and now accelerating to the speed of light that even at that speed must fall into the black hole in the distorted (by Bernanke) of the financial space – time continuum.

    There is no escape from the hyperinflationary result of the infinite quantity of money being created to fill the void of value in the now more than one quadrillion dollars worth of value-less OTC derivatives created from 1991 to 2009.

  18. emsnews

    The Derivatives Beast is extremely dangerous and even though it didn’t grow tremendously this last year, it didn’t vanish, not at all. We are now very much attached to it since the Fed bailed out the top 5 operators who created and own this Beast!

    We now have to pray GS and JPM and the others survive and thrive or this thing will smash everything to pieces. And this is utterly disgusting.

  19. PLovering

    “Is this Friedman guy a voice in the wilderness or just an asshole?”

    @Timothy,

    It’s not Richard Friedman, but George Friedman who wrote “The Next 100 Years: A Forecast for the 21st Century.”

    Friedman is both a voice in the wilderness and an asshole. George established and edits Stratfor, an online newsletter dealing with Middle East affairs from a lizard prospective.

    The mighty computer simulator (you referenced) orchestrating our NWO is, no doubt, the Blue Monster at the CFR. David Rockefeller was the first lizard to appreciate the possibilities of computer simulation with simplex math. And over the decades, Rocky has financed and developed this Blue Menace with glorifying results. Rocky can “stress test” the world.

    I mean this literally. Game theory and computing power is now so advanced that animal behavior may be predicted well before scientists on the ground even know it exists.

    http://phoenix.akasha.de/~aton/swfqw.html

    So, who has the best simulator? Putin, Hu, or Rocky?

  20. emsnews

    Stratfor is very good reading.

  21. criticalcontrarian

    @ralph: I second Elaine’s thanks for the reminder of the NYSE being a stage prop reminder. With all that is going on it is easy to loose sight of specifics. What gets my goat is how this type of criminal behavior is rampantly and consistently being duplicated all over the place. Check out a few for starters:
    1. The Manipulation of gold
    http://tinyurl.com/lxdtas
    2. Oil: the Market is the Manipulation
    http://tinyurl.com/metcuq
    3. Grain Rate Manipulation
    http://tinyurl.com/mnjpue
    4. Commodity markets manipulation
    http://tinyurl.com/m8xw7x
    5. Food Price manipulation
    http://tinyurl.com/mdv3fh

    It seems to me that the “Rule of Law” exists only in the minds of the sleeping proles whose illusory world is shrinking day by day…

  22. emsnews

    All markets are being manipulated by the very same guys who created the Derivatives Beast. The Beast was created to deal with the instabilities of grain, gold, oil, etc markets due to the instability of the dollar after Nixon cut the gold connection.

  23. shockuhzulu

    The clouds and graphs as pictorial representations of chaotic forces being unleashed create a powerful visual correlation. Good job.

    Better get a big umbrella.

  24. emsnews

    More violent thunderstorms tomorrow! 😦

  25. Gus

    Sopranos play in the
    Cave of Wealth and Death

    http://tinyurl.com/no6fb6

  26. Simon

    George Friedman certainly has an interesting view
    Substitute “China” for “India” in his book and I think it’s about right, yuk yuk 🙂

  27. Matt Savinar posted a gem today, copied verbatim from John Michael Greer’s blog http://thearchdruidreport.blogspot.com and what a gem it is! For Mr. Greer has learnt through ecological thinking what Elaine has been telling us for YEARS: the financial universe is a curious place.

    It’s long been popular to compare the tertiary economy to gambling, but the role of positive feedback in the tertiary economy introduces an instructive difference. When four poker players sit down at a table and the cards come out, their game has negative feedback. The limiting factor is the ability of the players to make good on their bets; the amount of wealth in play at the start of the game is exactly equal to the amount at the end, though it’s likely to go through quite a bit of redistribution. For every winner, in other words, there is an equal and opposite loser.

    The tertiary economy does not work this way. When a market is going up, everyone invested in it gains; when it goes down, everyone invested in it loses. Paper wealth appears out of thin air on the way up, and vanishes into thin air on the way down. The difference between this and the supply-limited negative feedback cycles of the environment could not be more marked. In this sense it’s not unreasonable to call the tertiary economy a kind of anti-ecology, a system in which all the laws that govern ecology are stood on their heads – until, that is, the delusional patterns of behavior generated by the tertiary economy collide with the hard limits of ecological reality.

    Also at: http://www.lifeaftertheoilcrash.net/Archives2009/GreerAntiEcology.html

  28. @cc: It seems to me that the “Rule of Law” exists only in the minds of the sleeping proles whose illusory world is shrinking day by day…

    Let the proles wake up and slough off the “Rule of Law,” and guess what: the govamint falls upon him like a sixteen-ton weight!

  29. Correction: falls upon them

  30. British Israel

    Elaine, what do you know about the British-Israel-World Federation?

    http://www.britishisrael.co.uk/showart.php?id=44

    “The potential is that Iceland, like the tribe of Benjamin, could live up to its ancestral role of becoming the ‘lightbearer’ of the covenant nations. They would then show the way towards a complete reforming of the monetary system. This, that the Free World become truly free for the first time since the US Federal Reserve was set up in 1913 – and even since the institution of Britain’s national debt in 1694, with the founding of the Bank of England.”

  31. The approach, however, is sufficiently problematic that it cannot be used to support claims about evolution. ,

  32. Your instincts is merely your passion in another form.
    ” You want to believe, after all we are cultured to trust others. ‘ According to a listing update from the organization on Nov.

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