Greece defies Europe, Abu Dhabi may demand more power

Stacy Summary:  In Dublin.  Wow.  Things are pretty bleak here.  Protests against wage cuts.  Our taxi driver told us he is lucky to get two fares per day.

185 comments on “Greece defies Europe, Abu Dhabi may demand more power
  1. ronron says:

    @mikeliverpool. are you the gold hater. gold tanking guy. gold was at 999.00 about 7 weeks ago. who the fuck made 30 points in 50 days.

  2. Phil /Germany says:

    Wells Fargo Opening Delayed On NYSE, Traders Scramble

    http://online.wsj.com/article/BT-CO-20091215-712945.html

    I guess they know why they were nervous !
    ( posted weeks ago on this )

  3. Phil /Germany says:

    @Mike/Liverpool … Jim Wille is pure “X-FILES”. Don’t mention him again. Mike

    LOL
    I hate X-files, but JW is great !
    ;-)

  4. ronron says:

    do you guys have arithmetic in liverpool.

  5. Phil /Germany says:

    @Mike .. try this one :

    Just in :

    Good Debt vs. Bad Debt

    http://www.caseyresearch.com/displayCdd.php?id=300

  6. Mother Earth says:

    Binbo Suacy emails me that they found the reason why coconuts seemed to randomly disappear trom the exchange recently. Apparently the octopus brothers where stealing them… http://tinyurl.com/ydcf3eo

  7. Phil /Germany says:

    Jesse’s Cafe: Is the Price of World Silver the Result of Legitimate Market Discovery?

    http://jessescrossroadscafe.blogspot.com/2009/12/is-price-of-world-silver-result-of.html

  8. warburg sidney says:

    tofu, I do take this Tavistock Institute very seriously! I did read the Coleman book about it and I found sometimes hard to digest! I can tell you about Adorno that his wife wrote his texts since he could not write very well! His relation with Tavistock is proven! The Beatles story is weird, but on the other hand the song texts etc. are to deep and sophisticated for some simple common boys from Liverpool (sorry mike)…. I invite you to read the stuff of coleman as well, it is worth it.

  9. Mep says:

    Congressmen to call for break-up of banks, resurrection of Glass-Steagall:

    http://www.huffingtonpost.com/2009/12/07/congressmen-to-call-for-b_n_383128.html

  10. Phil /Germany says:

    Ratigan: House bill reform? You’re lying!

    http://www.youtube.com/watch?v=OPV3h_dpBwQ&feature=sub

    In case I haven’t posted it already.

  11. ronron says:

    @Phil/Germany. thanks for that. i hold a lot of silver. was looking for new stuff. do you see stellaconcepts vidios on utube. silver nut like i.

  12. ronron says:

    another cool aussie silver guy was theomegaman but he disappeared. africa i think. i miss his take.

  13. Mother Earth says:

    @Phil

    Hellooo…Have you never observed the suspiciously synchonicity of price movements of gold and silver?

  14. Phil /Germany says:

    @ronron .. Stellconcepts

    Yes, nice guy, but he gets it wrong sometimes… and admits it . OTOH, I enjoy his videos simply to have a listen on Silver+Gold.

    The Jessie JPM article could have been written 30 years ago .. things never change it seems.

    I mean, this is the whole problem .. that those FED member banks can basically effectively print their own money.
    The Hunt Bros. thingy was also a case of suddenly (te FED) changing the rules which meant Hunt had to liquidate his margin. One can debate which of the Hunts or JPM were the bad guys, but in my book, the FED member banks play using their own rules and change them whenever it suits them.
    i.e. they can easily continue to short AU and AG as long as they want .. printed-paper dollars cost nothing.
    Of course, this doesn’t just apply to AU/AG.

  15. ronron says:

    another cool aussie was avagoyoumug but he went missing. i think the new filters are already in over there.

  16. Phil /Germany says:

    @Mother … synchonicity of price movements of gold and silver?

    Of course !
    What do you want to say in particular?

  17. ronron says:

    the aussie gov does not care what’s going in, its whats going out they would like to hear.

  18. Phil /Germany says:

    Daily Bell :
    Tony Blair Tricked UK into War


    The members of the Chilcot Inquiry have a choice: they can be loyal to the Establishment or they can expose the subterfuge … The degree of deceit involved in our decision to go to war on Iraq becomes steadily clearer. This was a foreign policy disgrace of epic proportions and playing footsie on Sunday morning television does nothing to repair the damage. It is now very difficult to avoid the conclusion that …

    http://www.thedailybell.com/662/Tony-Blair-Tricked-UK-into-War.html

  19. ronron says:

    @Phil/Germany. you assuming that there is not a huge demand for physical silver. there is.

  20. frances snoot says:

    The elite might be operating with awesome power, but the odds in their favor make the contest a crap shoot: really, hard to respect the winning team at all. Here’s Monty Python with a realistic look at the elite playing field:

    http://www.youtube.com/watch?v=TSqkdcT25ss

  21. ronron says:

    DELIVAMISILVA

  22. Will says:

    @Mother Earth – gold & silver price action.

    One thing that has been weird over the past few weeks is how far behind silver lags when gold makes a move. Usually they track very closely, but lately it seems like silver has to play catch-up, whether the direction is up or down. Watch the G:S ratio (posted on Kitco). Some traders try to arbitrage this with spreads, but it doesn’t seem to be working as well lately.

    Another factor to watch (also on Kitco) are the PM lease rates. Both have declined over the past year; in the case of gold, the one-yr lease rate has dropped from ~1.4% a year ago to about .4% now, while the one-yr rate for silver has dropped from about 2% to about .4% today.

    If you want to look at these charts, go to the two Kitco sites (www.kitco.com and http://www.kitcosilver.com) and look over at the right sidebar. The longer term gold graphs are well labeled, but to get the silver graphs you have to click on the silver lease rate graph itself, which makes another window pop up.

  23. Phil /Germany says:

    @ronron … you assuming that there is not a huge demand for physical silver. there is.

    Actually, I know there is a big demand, and haven’t really factored it into my belief of where the silver price should be .. which is at least 70$ .. just being conservative.

    I know there was a drop in demand after the Digicams took away the film-industry’s use of silver.. just need to look at Eastamn-Kodak (EK) to see what happened to their film demand.

    @DELIVAMISILVA

    LOL .. too right !

  24. Mother Earth says:

    @Phil

    Well, is the availability of gold and silver also changing in perfect synchonicity? So then what meaningfull price discovery are we to expect. Price discovery is not meant to be simply looking at the pricetag I assume ;-)

  25. ronron says:

    in a cold sweat. dadadadundadadadundada. ohya?

  26. Phil /Germany says:

    @Mother

    Gold mine production has been going down since over 10 years.
    IMO, for 4 main reasons :

    a) the price of Gold is too low , thus making investment unattractive
    b) the price of Gold is too low , thus making most mining operations big loss makers
    c) the big guys are buying up all those little weak guys .. which is part of their plan IMO
    d) the real cost of gold mining .. to the environment , means that the gold price would have to be hiked enormously in order to execute “clean and safe” mining

  27. ronron says:

    @Phil/Germany. thats the achilles heal. cost 3000 to get it out of the ground. you know the deep storage.

  28. ronron says:

    woops the cost just went up 1200 in the last three hours all tv and internet is suspended for 24 hours.

  29. SG says:

    @harry w
    Yeah… The Lionel Hampton swings… like a pendulum!!!

    Nina Simone – Eretz Zavat R’á’lav U’dvash
    http://www.youtube.com/watch?v=VGuXEWuZLlw
    not to be confused with milk and alcohol.

  30. Mep says:

    Firedoglake on health care: Kill the Senate bill.

  31. Mike/Liverpool says:

    All i see is a recovering £ & $…….Euro/Gold getting killed!

    Mike

  32. dan valley says:

    @All..this email was from a friend in the industry………..

    EPA’s Endangerment Finding on Greenhouse Gas Emissions
    A 90-Minute TeleBriefing
    December 16, 2009
    10:00 AM PST, 11:00 AM MST, 12:00 PM CST, 1:00 PM EST

    View the program agenda here.

    Mr………..:

    There is still time to register for tomorrow’s 90-minute expert analysis by phone to discuss EPA’s much-anticipated “Endangerment Finding.” Issued on December 7, 2009, the finding formalizes EPA’s conclusion that greenhouse gases pose a threat to human health and empowers the agency to regulate the emission of these gases under the Clean Air Act.

    Register now and call in from anywhere to join this discussion on the impacts of the Endangerment Finding, including its relation to the greenhouse gas tailoring rule and PSD permitting requirements. Take advantage of a unique opportunity to hear from and ask questions of our distinguished faculty, which includes Dina Kruger, Director of the Climate Change Division at the U.S. EPA.

    Moderated by Bradley M. Marten, founder and Managing Partner of Marten Law, our distinguished panel also includes William Becker, Executive Director of the National Association of Clean Air Agencies (NACAA); Svend Brandt-Erichsen, a partner at Marten Law; Dennis McLerran, Executive Director of the Puget Sound Clean Air Agency; and Thomas R. Wood, a member in the Environmental Law Group at Stoel Rives LLP.

    Copenhagen Report: Find more background on the endangerment finding and daily blogs from Marten Law on the U.N. Climate Change Conference at http://www.copenhagenreport.com

    Registration
    Register here or call us at (800) 854-8009

    Tuition
    Tuition is $125 per caller and $50 each for additional people on the same line who wish to receive continuing education credit

    Intended Audience
    Attorneys, executives, government officials, and industry professionals

    Available Credits:
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    AK | AZ | BC | CA | GA | IL | IN | MO | MS | NC | ND | NM | NV | NY | PA | TX | UT | VA | WA | WV
    Other credits available, please call

    I hope you can join us.

    Kate Johnson
    President

    LSI News, Inc.
    800 Fifth Avenue, Suite 101
    Seattle, WA 98104

    My friends take…..
    they’re serious about this – now they can deny a project in Florida because of the effect to polar bears… its obscene.

  33. ronron says:

    it seems we have the tv’s up and running, so here’s wolf blitzer and anderson cooper with a bunch of bullshit. cool bullshit. later larry king will have dave lettermans monkey’s as guests.

  34. ronron says:

    why are there 33 planes leaving from DC to paragua at 11 et tonight. whats going on.

  35. Will says:

    POG and POS comment~

    When people ask me how they can know if gold and silver are still a buy, I just tell them “They are a buy as long as you can still walk into coin stores and/or banks and obtain them with paper money.” That may sound silly to some, but not to those who understand that gold and silver are not investments but merely stores of value against the decline of paper currencies (i. e. insurance policies against government default). It’s hard for people to get that because everything has been so hunky-dunky for so long (at least in “developed” countries) under the current monetary regime. Eventually, it’s not the price, it comes down to a simple binary proposition: you either have some precious metals that you can lay your hands on or you don’t. So right now, when you have extra cash (whether that’s $20 or $2,000) you simply take delivery of gold or silver coins.

    It’s like the current attitude towards famine. Most people I’ve talked with seem to think that famines are something that used to happen a long time ago, or something that happens “over there” in some “third-world” country. They don’t realize that our own governments, who are waging wars (to try to legitimize their existence and to stay in power) resemble locusts, and will happily absorb everything, even the basic necessities of the people whom it is their sworn duty to protect, in this quest to remain in power. We’re headed for big problems feeding people; the financial crisis has created new problems which will make growing and dstributing food much more problematic in the future, and that’s assuming we don’t get any new problems created by inflation, new wars, etc.

    This is why people in Vietnam are willing to pay upwards of $1,500 per ounce for gold. They haven’t forgotten. That one fact, plus the Indian CB dumping dollars for gold tells me we’ve got a long way to go.

    Meanwhile, as shown on YouTube, people in the US will examine at a 1 oz. Maple Leaf offered to them for $50 with a puzzled look, and wonder “What’s up with that dude?” as they continue to wander around in a reverie.

    There are cures for this lack of comprehension. While at present there is probably still time for learning via reading and study, it’s getting late and most people will probably have to get knowledge in this domain through the hard-knocks experience route.

    Just my 2¢…

  36. ronron says:

    this just in. ounce again les nessman will drop live turkeys from a helicopter on the local kmart lot. was not happy with the earlier outcome.

  37. frances snoot says:

    “There are cures for this lack of comprehension.”

    No there aren’t, because dialogue cannot include the sdr/bond manipulation ongoing at the central banks, sdr/denominated trade and financial instruments, and the G20/IMF hegemony over trade, domestic commerce, and code standards.

    Talking down to readers, as though one is the adult and the readers are children, binds one’s arguments with thick twine.

  38. Tofu Charlie says:

    @ronron — 11 x DC -> Paraguay flights… source? Airlines etc?

    @Sid Warburg — yeah I love flakey stuff like that, looking for connections etc, but mostly the logical connects are so low quality and speculative I end up hating the “researchers”… on one level I think the attention social coincidence/conspiracy stuff gets given is a cover for the more sinister (and tangible) PR psyop outfits, eg (John) Rendon Group…
    http://216.92.66.74/index.php?title=Rendon_Group

  39. ronron says:

    les, now 71 says he still remembers that day and can’t remember what went wrong. he still has a strong commitment to the poor.

  40. SG says:

    @maxkeiser.com
    Yes Max honey… I know the hotel serves a full english breakfast…. no, no Max sit down… please leave the lady alone… MAX… please sit down HONEY… no!.. no!… don’t throw bananas… please sit down honey… please MAX… SIT DOWN HONEY!!!

  41. stacyherbert says:

    @SG – are you eavesdropping?

  42. ronron says:

    @Tofu. links?

  43. SG says:

    @s.herbert
    No!… are You???… Have FUNN!!!

  44. Tofu Charlie says:

    @ronron — links for what? I thought you were gonna post a link to those flight departures?

  45. ronron says:

    @StaceyHerbert. tell the people. what’s up

  46. Will says:

    @Frances – IMO the IMF and SDRs are completely irrelevant in the long run. So they have nothing to do with what I am saying, as they are merely another facet of the failing system, a band-aid being applied to a ruptured artery.

    I don’t mean to talk down to anyone! I am trying to emphasize this, or say it in a way that perhaps will shock some people into action. This is a serious situation and will continue to affect millions of people. Again, I recognize that you and I don’t agree on this subject at all. So what? You buy SDRs or some other paper instrument that you have confidence in, and I’ll buy gold and silver. The other readers can read what we and others write, and then make their own decisions.

  47. ronron says:

    @Tofu. can’t you hear sarcasm in my voice.

  48. Tofu Charlie says:

    @ronron — oops, I see you said “33 planes”… obviously not public flights out of Dulles… maybe I didn’t catch your sarcasm, sorry…

  49. Tofu Charlie says:

    …thats what emoticons are for :-(

  50. ronron says:

    @Tofu. i gotta laugh or i would cry.

  51. Tofu Charlie says:

    @Stacy — when are you and Max going to Sth America for that shoot? Are you only going to Paraguay?

  52. Mother Earth says:

    @Phil

    There may be a strategy in suppressing the gold price to be able to scoop up gold mines. Most mining is incredibly energy intensive and I always wonder how these mines pay for what they do. Perhaps with futures contracts, just like the treasury that keeps going by selling bonds..

    But back on the topic of pice discovery: The comex is an un colateralized paper market where varying supply/demand does not require them to buy or sell physical metals, hence there is no price discovery. It is one of the questions I have asked Max on this blog..

    @Dan

    Its irrelevant, the details of emissions reduction strategies. I don’t believe the issue will be resolved peacfully. I think the US will soon discover it can not get any oil anymore. Not even to drive the coal mine machines.

  53. ronron says:

    now the PM’S are gonna demand a lot of respect. and they’ll get it alright. oh ya they’ll get it.

  54. Jo says:

    @ronron: why are there 33 planes leaving from DC to paragua at 11 et tonight. whats going on.

    Where did you get this data? This would be an unfortunate coincidence with a rumoured bank holiday.

  55. Tofu Charlie says:

    @Stacy (cont’d)… theres a guy called Uki Goñi in Buenos Aires (American-Argentinian) who has done a lot of research on the Nazi escape routes etc… he could take you to Eichmann’s house in BsAs for some historical context.. and I’m sure he’ll have something to say about the “second wave” of norte-americanos…

  56. ronron says:

    c’mon guys its a joke. orson wells i’m not

  57. frances snoot says:

    “You buy SDRs or some other paper instrument that you have confidence in, and I’ll buy gold and silver.”

    Okay, Will. Just as soon as I get the opportunity to ‘buy’ sdrs, I most definately Will. But, right now (looks set to continue) the opportunity is only availed to the selective elite operators who own the currency racket or sovereigns, sovereign wealth fund functionaries, and insiders. It’s a gentlemen’s club, and I’m afraid they think I’m riffraff.

    I’m glad you don’t, talk down to me the humble, Will! But I do agree we disagree: shocking, isn’t it! I guess you agree with Phil, Will. I’m wondering why the BIS/IMF unit of account is the sdr if it is so not important, but there you go.

    I won’t talk to Will/Phil about those dratted sdrs in future. Maybe they’ll just go away! Unfortunately, like loud women or tight-waisted boot-legged motorcycle cops, they seem the variant to a function within the global power constructs we are being slapped with by our betters.

  58. Will says:

    @Frances – Maybe they[SDRs]‘ll just go away!

    They will. We are in a transitional stage right now. BIS/IMF & SDRs are very important to those who believe in the system and expect it will continue. I’m not in that group of believers.

    I don’t know when the system will collapse, rendering those gentlepeople and their system obsolete; I just think there’s no way it can be salvaged. But it has a lot of momentum and can’t be easily done away with, so it will take a while for it to crash.

    Thanks for being so understanding, Frances…Cheers!

  59. harry_w says:

    SDRs are limited to central banks. That’s not really an inner circle, it’s just the rules.

    They’re used as units of account in by the IMF and BIS because they deal with central banks and any single currency would render complete control of the global monetary system to a single state’s central bank.

    Their expansion in the recent crisis was to provide liquidity to central banks to cope with the global nature of the crisis, to stave off a wave of sovereign defaults, and to offer central banks in creditor nations some hedge against the devaluing dollar.

    [I've seen one observer note that the basket of $, €, Y & £ is a devaluing basket anyway, whilst BRIC currencies are likely to be stronger, based on their economies being unencumbered by massive sovereign debt...so the IMF is selling that basket for a slightly nicer basket of national currencies.]

    As has been pointed out here, the composition of the basket is due for review in 2010; the last review also confirmed the rules for IMF rates on SDR loans (a weighted average of 3 mth rates in the basket currencies).

    The rules of the IMF are set by the members, first and foremost the US, then the Japanese, and Europeans… The BIS rules (like Basel II) are agreed by the member central banks, and have to be legislated for by those states. The IMF and BIS are not sovereign entities, nor independent of their member states.

    There really isn’t that much mystery to it, anything anyone can tell you is ultimately based on what these organisations have published themselves.

    The IMF is a far more political entity than the BIS, because it does the emergency lending, almost invariably on the condition of financial restructuring — which is usually done in the interests of its leading states, the US, Japan, Europeans…

    The BIS is more a supervisory body and a clearing house between central banks.

  60. frances snoot says:

    NEWS FLASH
    *beep beep*

    We interrupt your regularly scheduled reading to make this poignant announcement:

    Frances is understanding.

    I know it is reading like wtf-who-wrote-that-bullsh*t but You read it Here, folks.

    No more denying it! Own it!

  61. frances snoot says:

    The BIS is more a supervisory body and a clearing house between central banks…

    …the cow jumped over the moon. The little dog laughed to see such sport, and the dish ran away with the Spoon, spoon, SPOON, the dish ran away with the spoon.

    In that scenerio the cow is the IMF. The little dog is the elite observer, and the dish is the BIS regulatory hegemony. The spoon would be the assets, paper and otherwise, like silver.

    Because sdr are NOT only limited to central banks. Look into it.

  62. harry_w says:

    frances,

    Never mind the cow and the moon, SDRs are limited to members of the IMF, that it states, via their central banks:

    “The SDR is neither a currency, nor a claim on the IMF. Rather, it is a potential claim on the freely usable currencies of IMF members. Holders of SDRs can obtain these currencies in exchange for their SDRs in two ways: first, through the arrangement of voluntary exchanges between members; and second, by the IMF designating members with strong external positions to purchase SDRs from members with weak external positions. In addition to its role as a supplementary reserve asset, the SDR, serves as the unit of account of the IMF and some other international organizations.”

    https://www.imf.org/external/np/exr/facts/sdr.htm

    They are used as units of account by some other international organisations, but that’s not currency:

    “SDRs are used as a unit of account by the IMF and several other international organizations. A few countries peg their currencies against SDRs, and it is also used to denominate some private international financial instruments. For example, the Warsaw convention, which regulates liability for international carriage of persons, luggage or goods by air, uses SDRs to value the maximum liability of the carrier.

    … SDRs are the basis for the international fees of the Universal Postal Union, responsible for the worldwide postal system.”

    http://en.wikipedia.org/wiki/Special_Drawing_Rights

  63. frances snoot says:

    ‘and that western Europe’s should drop from the current 30 percent to something like what the United States currently has, which is 17 percent.”

    http://blogs.cgdev.org/non-commission/2009/04/06/imf-governance-reform-committee-report-leaves-much-to-the-imagination/

    Currently EU has more representation at the IMF governing board that the US, but the reform being batted about would make an independent council the new managing body:

    “The G30, which consists of senior representatives from the public and private financial sectors and academia, said the Fund should conduct an open, merit based and transparent process in the selection of the Managing Director and this position should not be determined on the basis of nationality. The final decision should be taken by a newly constituted IMF Council, which is a governing body originally proposed by the Fund’s architects.”

    Remember: Volcker is an active member and former chair of the G30.

    http://www.group30.org/members.htm

  64. frances snoot says:

    @HarryW:
    I’m not about to relink all the ponderous links I left in trails to this moment, Harry. If you choose to research this phenomena, okay. I’m not your granny-tutor on this one. And the link I left Mother concerning the African Development bank indicates that the unit of account for European colonialization in the 21 century will be pegged to sdr.

    Read Zhou if you doubt my veracity:

    http://www.bis.org/review/r090402c.pdf

    The reforms he indicated are absolutely happening. Sovereign wealth funds are being offered sdr-denominated financial instruments. The 4th amendment was passed, with the 250B allotment to members. Allianz Group subsidiary offered sdr-denominated corporate bonds for oil shares in Kazakhistan. I have been linking on this issue for at least three months: if you choose to ignore my posts then don’t rattle your two links at me! That utterly ridiculous!

  65. dan valley says:

    @Mother….my grandfather was a russian immigrant who worked in the coal mines all his life….even lived to see them get closed…..his words on that event was that they will be reopened in 20 yrs or so but this time they will be mined by hand….haunting.

  66. harry_w says:

    frances,

    You know perfectly well that the EU is not represented on the board of the IMF, because we discussed this before.

    Perhaps in the it future they will, if the EU ever gets it’s act together post Lisbon Treaty and doesn’t break up in the meantime. The IMF are talking about reducing and pooling the western European representation in the context of the EU aiming to become a fully sovereign entity.

    Western Europe down from 30% to 17%, might offer an EU a veto, if the EU or a European pool replaces the various states, that would be the same veto power the US currently holds. That’s why it’s correct to say the US remains the leading member of the IMF; nothing can be done without US agreement.

    What a ‘G30′ bunch of bigwigs propose and what happens when the sovereign states come to thrash out a deal are two different things, and both in the future and unknown to anyone, … unless they’re a prophet or actually running the IMF themselves.

    Yes, I’ve heard of Paul Volker. I think it would be difficult to disagree with much of what he’s said about the mistakes made in dealing with the present crisis. He’s certainly taken Bernanke and little Timmy to task a few times, and the privateers of investment banking. But it appears he’s merely around the Obama administration for decorative purposes, sadly Larry Summers seems to carry the real influence.

  67. frances snoot says:

    Good Lordy!

    What, Stella? Cat got your tongue?

    No,m. It’s them Eur-O-Pee-uns. They’s gone and twisted my words all up like a pretzel! I ain’t a gonna bother trying to talk hoity-toity, cuz it stands, what I done said, on its own two feet. Seems like it could even get up and tap em on the shoulder like and say, “howdy”. Peskier than coons, if ya ask me, them that thinks they can press them dirty knickers of them criminal bankers at the IMF without washin’ em first.

    Steller! What ya going on about? Ya lookin at men’s knickers? Ya get more like Aunt Beatrice airy day, I declare. It’s done been Christmasy for dayz and all ya doin’ is gettin redder bout the face and tawlkin loonie-tick tawlk.

    Ya, Sweet Pea. Ya listen to yur Ma. We’z gonna trust in Ron Paul and get’z us a new com-pe-tiv-like dollars. They gonna buyz us more’n gold than ya can count to Tuesday. We’z be rich and Palin will lead the USA back to Glory! Why ya’z wurried bout men bankers fur? That IMF bank been round fur longer than ya haz been pullin on yur Mammie’s tits.

    That’z purely, so, Stella. Now ya go hang up this mistley-toe. Then maybe ya’ll have somepeabody other’n Buster to kiss!

    I ain’t a gonna hang none of that pesky mistley-toe and I ain’t a stayin in here a’listenen to yur Sam-fool-fur-nothin ideedees! They ain’t a-yurs but that Paul person who ain’t lookin you full-on in the face seein’ he’z hidin the real criminals behind some story bout George and Martha Wash-ee-ton. And I ain’t a’tawlkin period. I’m goin to ride Buster to the creek and drink me some cool Dandeelion wine and put my ears to ignore.

  68. harry_w says:

    frances,

    You’ve asked me to ignore your posts before, but I haven’t. I’ve read and responded to what you link. It doesn’t back up what you say.

    The Chinese interest is in diversifying out of dollars, and avoiding their own Renimbi becoming the global reserve currency — with the problems that entails: they have to supply the world and remain productive enough to do so, or else they’d go the way of the USA.

    They want SWF allowed to use them (not just as a unit of account in private contracts) and in . Russia wants more gold involved. Brazil is interested too. None of them want to be suckers holding dollars while the USA (and UK, who knows maybe the EU too) go bust, nor do they want their own currencies driven up by becoming the staple of global reserves.

    Yes, a ‘unit of account’ for an international agency…rather than a single currency, it’s a basket of reserve currencies (well, the £ is in there too. :P)

    Show me the bonds, if it’s a private contract, it has to be a unit of account only, a pricing mechanism based on the weighted average of the basket of currencies in the SDR.

  69. frances snoot says:

    @HarryW:
    I ain’t nairy ignored yur post afore this, that’z a mistelling. And I linked the bond Allianz sales early on: ain’t a’lookin now. And Zhou was a’tellin a story bout the sdr as reserve: it ain’t a’gonna be used fur transaction: more like diversification outta dollar and savin’ the financial port-folios of them banker buddies what’z playin’ golf and such. And I guess Tiger Woods done be mollified as well as the US, sure nuff.

    So, I’m a’wishin ya a merry twelve-day’z as Ma done called it. Here’s to
    hopin’ ya is right-there-to-the-money. Cuz if’n I’m a’seein thangs correct-dee like we’z all in fur some devilment fur sure.

    (It’z fur bonds and trade vehicles: hitch yurself up to some’a my previous posts cause it sure nuff ain’t easy findin information bout them sdrs).

  70. frances snoot says:

    PS. HarryW:
    Ma said I should see to paw-low-gize seein’ as I done called ya a name far back to Sunday. Done got me mouth washer-outzy with the sudzy when she a’read it, I mean. I ‘preciate yur takin’ the time to answer my questions-like so careful and patient-like ya got cold-sweet-tea fur blood! I getz ta riled up like’n I got some cooters in my ovee’alls bout them supra-sovereign coots a’sayin what’z best fur us is nothin. So, ya’s a gracious gently-eeman fur sure.

    Bount-ee-ful sayz “howdy” sure nuff. She’z a’sportin a new hat I done woven fur her, fitz to nicety aside her long ears. She’z a smilin at yur right now!

  71. frances snoot says:

    At Harry:

    Here’s Bounty last Christmasy eatin’ her supper:

    http://www.newsoftheworld.co.uk/multimedia/archive/00020/0_donkey280b_280x342_20534a.jpg

  72. deng feng says:

    The euro is only going to get stronger. It is perhaps the greatest concept of the last 100 years. This helps uifies the mosy dynamic, talented, cultured peoples on the planet. However the US will do everything to destabilize this event (start war in ukraine, encourage Greece to default and allow massive US war machine into their country,etc.). This is a buying opportunity for the EU. Greece is stabbing germany in the back.

  73. Hullaballoo says:

    I remember when they were all getting us to swallow the maastricht pill. I feel bad for the Germans. As much as I love Greece, and distrust our politicians with the printing press, I hate the fascist EU and the banking cartel even more. Bring back the drachma!!

  74. deng feng says:

    So typical of the Greeks. Take all the benefits of the EU and Germany. Then not pay their bill. Should have known better. SHould let Greece leave the EU. They will become Albania within 24 months anyway.

  75. harry_w says:

    frances,

    “I linked the bond Allianz sales early on: ain’t a’lookin now.”

    Just back up your assertion.

  76. harry_w says:

    frances,

    It’s more ludicrous than I expected: Alliance Oil were offering “…US$ 125 million in newly issued common shares in the form of Swedish depository receipts (“SDRs”)…”

    not Special Drawing Rights from the IMF.

    You don’t appear to read the links you google up.

    The second one simply re-iterates what I’ve said already:

    SWF may invest in SDR-denominated bonds
    Global Pensions | 20 Aug 2009 | 15:05
    Raquel Pichardo-Allison
    “GLOBAL – Sovereign wealth funds (SWF) may decide to purchase special drawing rights (SDR)-denominated bonds, creating a wider market for the instrument some have touted as the alternative to the US dollar as the reserve currency.

    SWFs could purchase SDR-denominated instruments to diversify their currency risk and create more efficient portfolios, said State Street global investment strategist George Hoguet at a press briefing in London this week. …

    “It is possible that the private use of the SDR could promote the public use of the SDR,” said Hoguet.

    “This could in turn facilitate…the development of an IMF-sponsored ‘substitution account’ in which official holders of dollars could exchange their surplus reserves for SDRs at the IMF. The IMF would manage the reserves,” wrote Hoguet in a vision paper outlining the state of sovereign wealth funds.

    This view was supported by China’s central banker Zhou Xiaochuan in March when he called for the creation of an international reserve currency and expanding the use of SDRs. …”

    It’s a proposal from the Chinese, discussed in a ‘vision paper’ written by an investment management firm, in terms of what SWF may do … could do… if it the Chinese proposal were accepted by the IMF. I already described that:

    “The Chinese interest is in diversifying out of dollars, and avoiding their own Renimbi becoming the global reserve currency — with the problems that entails … They want SWF allowed to use them (not just as a unit of account in private contracts)… “

    See: Sovereign Wealth Funds – Emerging from the Financial Crisis, in Vision Vol IV, Issue 1, by State Street.

    Note, sovereign Wealth Funds are also, by definition, tied to sovereign states — it’s a proposed extension of their current use by central banks.

  77. harry_w says:

    Try it with a link fixed ….

    frances,

    It’s more ludicrous than I expected: Alliance Oil were offering “…US$ 125 million in newly issued common shares in the form of Swedish depository receipts (“SDRs”)…”

    not Special Drawing Rights from the IMF.

    You don’t appear to read the links you google up. :D

    The second one simply re-iterates what I’ve said already:

    SWF may invest in SDR-denominated bonds
    Global Pensions | 20 Aug 2009 | 15:05
    Raquel Pichardo-Allison
    “GLOBAL – Sovereign wealth funds (SWF) may decide to purchase special drawing rights (SDR)-denominated bonds, creating a wider market for the instrument some have touted as the alternative to the US dollar as the reserve currency.

    SWFs could purchase SDR-denominated instruments to diversify their currency risk and create more efficient portfolios, said State Street global investment strategist George Hoguet at a press briefing in London this week. …

    “It is possible that the private use of the SDR could promote the public use of the SDR,” said Hoguet.

    “This could in turn facilitate…the development of an IMF-sponsored ‘substitution account’ in which official holders of dollars could exchange their surplus reserves for SDRs at the IMF. The IMF would manage the reserves,” wrote Hoguet in a vision paper outlining the state of sovereign wealth funds.

    This view was supported by China’s central banker Zhou Xiaochuan in March when he called for the creation of an international reserve currency and expanding the use of SDRs. …”

    It’s a proposal from the Chinese, discussed in a ‘vision paper’ written by an investment management firm, in terms of what SWF may do … could do… if it the Chinese proposal were accepted by the IMF. I already described that:

    “The Chinese interest is in diversifying out of dollars, and avoiding their own Renimbi becoming the global reserve currency — with the problems that entails … They want SWF allowed to use them (not just as a unit of account in private contracts)… “

    See: Sovereign Wealth Funds – Emerging from the Financial Crisis, in Vision Vol IV, Issue 1, by State Street.

    Note, Sovereign Wealth Funds are also, by definition, tied to sovereign states — it’s a proposed extension of their current use by central banks.

  78. frances snoot says:

    @HarryW:
    I really don’t care to post here anymore. It’s a waste of my time, your time, and everybody’s time.

    Think what you like.

  79. harry_w says:

    frances,

    I wouldn’t have spent the time if I thought it was a waste — for me it’s about arguing the politics and economics, more often by contest than persuasion.

    I know I’m dogged, and sometimes blitz the opposition to bring an argument to a head. Given the internet, sometimes I do get too involved, when taking a break can help sort out priorities and perspective. Don’t write off your contribution as a waste, the issues you raise are more important than most and I wouldn’t have learned as much about the international monetary system without your links to actual source documents.

    Take a break if you like, then come back and argue again.

    Nollaig Shona Dhuit.

  80. frances snoot says:

    @HarryW:
    I am an economic neophyte. I bluster to get answers. I never claimed absolute truth as my stilts.

    My stilts are my legs of wood: I’m a puppet too. The construsts I bring to my font of understanding were forcefed me from infancy.

    I appreciate your post: I would answer but I feel inadequate and underfunded.

    I’m sure it’s fair that Frances met her match in good aggressive rhetoric.

    I will research and post my findings later. Thank you for your reply.

    snoot

  81. frances snoot says:

    Soro’s latest scam: (oxfam blog)
    http://www.oxfamblogs.org/fp2p/

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