This is pretty incredible, especially considering it’s from CBS’s 60 Minutes… Watch the whole thing if you can. Sobering.
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Feel free to pay attention to all the goings on in this weekend’s G-20 Meeting in Seoul, South Korea. It’s said they will “contain” this current race-to-the-bottom devaluing fest we’ve seemed to have ignited in order to keep our mortgage market afloat.
I have other ideas, however.
I will instead sacrifice a small goat in a special backyard Harvest Celebration in hopes the the Great Pumpkin will descend into my wife’s tomato gardens, and fix all of our U.S. currency iniquities without locking us up in a stockade in the Hague or sending us to plantations in Dominican Republic to hack tall cane for short beer.
I really believe this is the wiser strategy, and what’s more, it seems goats are running three for six dollars down at the Kroger this weekend. That leaves two for milking as a bonus.
The dollar markets are already returning to form this evening, and they are down below $77, again, as I type this. Here’s what’s got me scratching my ribcage like I’ve got a needle-sharp case of the Shingles:
The prospects for the plummeting dollar may change by tomorrow morning, but as for now, I’m planning on giving thanks to the Great Pumpkin (a god as powerful, some say, as the Turkey gods themselves!) and putting back on most of my precious risk trades….
And mooooooooaaahh!
And yes, that includes going back to AGQ, and adding to all of my silver hordes, including EXK, PAAS, EXK and maybe even some MVG. I will also be adding IVN as mentioned, and more GSS, and RGLD if I can get it quickly enough.
Watch yourselves this week, folks, and watch that vid to get a taste of where we really are these days. My best to you all, especially my friends in California.
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I’ll be adding back more also. I just get a late start here in Hawaii where your 12:00 is my 6:00 o’clock in the morning.
That must be a bit of a bitch, no?
You should not be day trading! You should be holding for longer periods, like moi.
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No day trading here. I just have to find dollars dips in my time frame, although given what the dollar is doing now I’m sorely tempted to place some pending trades tonight for the open tomorrow.
You guys should watch that 60 Minutes piece above. Talk about “depression.” 99 weeks was a very bad idea.
I gotta watch out for Kelly-phonia, I have two brothers, two sets of uncles and aunts, five cousins and a godson/nephew out there still.
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Jake — I’m sorry but have you and the rest of the US of A been living under a freaking rock since 1985? What the Hell did all the dipshits in the 60 min episode think would happen, that an “office mgr” i.e. sec/receptionist would continue to make 70-100K forever when the intrinsic value of the position was 30K AND SHE GIGGLES WHEN SHE CLAIMS SHE WAS A SHOPAHOLIC!#@%$#^%
Le Fly is right about Baby Boomers being delusional and useless (and I’m one of them).
Something about Aesops fables about the ant and grasshopper is coming to mind.
I’m just glad to see that the mooks on CBS are starting to get the picture.
Did you note how ernest the reporter mook seemed? 😉
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The 60 Minutes Top Gear segment was better…5 minutes of that British bloke Clarkson and you will forget you are unemployed.
Indeud!
Watch it every week …
Ant and grasshopper fable is Lafontaine’s
LaFontaine adapted it (and mushed the message) from Aesop and other ancient fabulists.
He wanted you to feel sorry for the grasshopper….
Thanks for the CA shout-out. It is a mess here, for certain, with the true depth of misery to be revealed only after Nov. 2. Riots up and down the state next year are going to show the French how it’s done. We still know how to do that better than anyone.
I’ve been ready to riot for years!
Me too. Let’s rumble like the good old days.
The sweet smell of tear gas and the great feel of rubber bullets as they bounce off the head.
Need to come up with some good chants like Ho Ho Ho Chi Minh or Hey Hey LBJ How Many Babies Did You Kill Today?
Something like Ho Ho HoBama or NO NO YOU Can’t (opposite of Yes we can).
I will cover the entrance to Disney World.
Don’t get tossed under a monorail, there, Abbie Hoffmann.
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Bye-the-bye, and just for clarity, I am not suggesting that next year’s near inevitable protest marches devolving into vandalism around CA will be a smart course of action. They certainly won’t be effective.
The true state of the state’s finances will mean massive layoffs of public workers. As always happens in these cases, it won’t be the people who are best at their jobs who will keep them, either. Pensions for state and local government workers will have to be cut, too. The state has the ultimate “negotiating” leverage: We’re the fuck out of money. This time for real, as there really isn’t anyone stupid enough to even float us a loan by buying our bonds anymore.
Coupled with the end of unemployment benefits and cuts to state and local welfare programs, you have the potential for crazy, desperate action in LA, Oakland and many of the little, broke suburban municipalities which have already slashed luxuries like police and fire protection. You’ll have people marching with righteous indignation over losing benefits they thought they had earned or at least negotiated for, however stupid the benefit package. And with them will trail the ever-jobless fucktards who use such occasions to smash and grab their way to a better wardrobe of fleece warm-up suits and stylish gym shoes. But unlike the quaint protests of yesteryear, these will be harder to quell with a few politicians stepping down.
‘Cause we’s broke, y’all.
Yikes, I’d better tell my Marin cop brother to be prepared for more than the usual sit-ins.
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No, no. Marin’s immune simply because there are so few places to gather an angry mob. And it’s hard to stay angry in that weather.
What about the local coffee shoppe/brew pub?
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Nobody in Marin is gonna harsh the vibe in those venues, dude.
Not unless somebody fails to froth the anarchist’s soy latte.
We could stir up the youth at the College of Marin.
Yep Shout out to us…..Ben B and other Feds speak tomorrow.
Jake, any thoughts on GLTR?
“All the GLTRs is not gold.”
Seriously, I’d give it some time… who wants a basket of four? I’d buy em separate, m’self. Four is not enough diversification, but enough to drag down your upside on any increase, I’m thinking.
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Jake, with the market so toppy and sentiment for precious metals to at least level off short term, what guides your aggressive move into the miners today? Yes, I noticed the dollar… But politics being what it is, the $ is ripe for a bounce. Imho.
They are going to run the dollar right into the election, and moooah!
Truly it was the G-20 meeting that gave me the signal… actually it was the G-20’s lack of signal that gave me the signal.
If ya know wh’ahm sayin’?
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Exactly. The news in regard to G20 currency war talks is there was no news. And that is very telling…
total annihilation of the middle class worker.and watching the 60 minutes show last night only confirmed things that have been spoken of for yrs,only to see this come to fruition in the past 3 yrs,at an alarming rate i might add.funny how they used to blame”illegal aliens” for “stealing” jobs,while it was much easier to just send them to asia. i think the real unemployment rate is above 20% and the dep/recession hasnt gone away……something has to bust loose,i just dont think it’s sunny in philly anymore.
That was me 18 months ago. Degrees in geology and engineering, working for a super-major O&G firm, about to transfer to Scotland for a year, then boom. Layoffs. 600 in Calgary for my company, thousands from other companies at the same time. The situation was exacerbated by the government changing their royalty scheme up here, which just drove investment to other parts of the world instead of increasing gov’t take. They’ve since changed back. I was home with my wife, and my kid for 10 months, while my savings quickly eroded via $3200/month mortgage, plus whatever other bills. Brought in a bunch of roommates to help offset the costs (wasn’t all bad. They were all young ladies, plus I won a hot tub by keeping my hand on it for 6 days straight). I got a lot better at the guitar, and had a chance to try the stay at home dad role for a few months of it. But financially it was bad for me. I’ve got a great job now, but it demands 60+ hours/week, and “feels tenuous”. A lot of those thousands of people layed off still don’t have work in Calgary.
Wife was pregnant at the time too. I sometimes wonder if the stress of it was a contributing reason for a miscarriage. Not an easy time, but a serious issue. In case you haven’t guessed MukTukChuk, I’m not a baby boomer. But true, it did hit them harder.
go2 — I’m from a different time and place (sometimes I think from a different planet). Grew up poor in the Hat (used to beat up Eresman for his lunch $). 2 degrees – corp world – my own biz since 87. I remember Reaganomics and 20% int rt. Bought my first house for $150k and sold it for $85k 15 months later when transferred at the height of Reagan’s supply side monetary policy. My point = just cuz I made a fair bit of $$$ over the past 20yrs I never forgot the $65k kick in the nuts and knew that it could happen again, so I managed my affairs for it. Mindless spending on real estate that “never goes down”, and thinking “I’ve got a great job for life and it’s a soft touch” are ideas whose time is past. The world’s a small place today and if you aren’t as productive in your job or astute in your $$$ affairs somebody in Guondong or Mumbai will eat your lunch and buy your foreclosed house === because he works 80hrs a week for a shitload less.
The Alberta O&G industry might just be the worst managed shitstorm on the planet => freaking ‘tards from the Rock with 4th grade literacy and all the skills to drive a pickup truck making $130k = brilliant. Want to see money accelerate in an economy = give to a rigpig and watch him burn through it.
The situation was exacerbated by the government changing their royalty scheme up here, which just drove investment to other parts of the world instead of increasing gov’t take.
I remember when the idiots did that… I owned a scheiss load of Canadian royalty stocks at the time. What a kick in the nuts… and of course it did exactly as expected and drove capital OUT of the sector… Fucking government idiots will never learn the PRIME DIRECTIVE:
Capital is MOBILE (morons)!
Very sorry to hear about your miscarriage during “the troubles.” I hope you have made it up with plenty of little hockey players skating about now.
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MukTuk, That’s funny about Eresman. I agree with your post there, and have also learned through a world of hurt regarding real estate. Bought a nice big place in 2006 with 20% down in Calgary. Underwater mortgage today. I’d have sold it and be renting already (I believe housing here will drop further) but the $40k to break my current contract makes me think I’ll wait a little longer until it is up. I’m very skeptical of the real estate market now. But aware that inflation might eventually help the owners on paper. But if it does, interest will eat most of them, bring housing prices further down for everyone anyways.
Jakegint, Things are fine. 2 little boys now, decent job, some growing investments, and SpaceX is doing fine. Alberta seems to have learned its lessons for now regarding the royalty regimes. Province-wide, there were an estimated 150k people without work from that error (a lot has corrected), billions less in revenue for the government (bigger piece of much smaller pie), but it did help bring some of the costs of production down somewhat. Now the grade 4 educated degenerate from Rocky only gets 100k to drive a frac truck around.
What doesn’t kill ya , makes you stronger.
Kind of reminds me of the time (many years ago) when I just moved from Miami and took a job with a law firm in Orlando.
About 6 months into the job I discovered the senior partner was committing trust account violations and I was the only one who noticed it.
I told the other partners as it would be an ethical violation if I knew about it and didn’t report it to the Bar.
I knew it would be the end of the firm and my wife was 8 months pregnant with our first child and we just bought our first home 3 months earlier (14% interest rate).
The firm did break up and I couldn’t find another job.
I borrowed the money, opened my own office with no clients.
Scared to death and ultimately it worked out but it was scary.
Jake,
I noticed you’re adding here and I added some too. I’m a little over 15% of port right now and want to bring it up to approximately 25 t0 30 % for the run into Christmas. Do you think the dollar will jump up so I can add more later or is this the time? I keep watching the dollar and it seems a little schizo.
Caddy sounds like later 70’s. I bought a home than with an interest rate of about 11.5%.
H50 — as you know, I think the dollar is doomed, ovah heah. We could get a bounce, but I’m not too worried about it. I’ve still retained a little dry powder.
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Integrity is its own reward, even if it means rice and beans for a while. I’m glad to know you, Caddy.
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Always knew I liked Caddy.
I also like the phrase “ultimately it worked out”. Doors close, others open. Well, with 20% unemployment, and the economy setting itself up for communism, it might look a little more grim for the unemployed masses in many areas, and structural changes in global economy. But I still like the phrase. Kudos Caddy.
Why XRA you ask? Because it’s up 8.5% since i bought it on friday.
Zing!
Ah, but were you smart enough to pick up some AAU when I told you, Uncle High School Hoop Playah?
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And 8.5% is small meat compared to the monsters I’m holding these days.
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