iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
20,053 Blog Posts

Gold Hit $1,000

Developing…

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29 comments

  1. kd

    still 50% below all time high. Inflation adjusted. Shit is gonna get ugly ohhhh man.

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  2. BIg Mike

    Fly,

    You jumping back on the SKF wagon? You think 10 pts handle, before Tuesday?

    You know CPI is tomorrow, and that shit is going to suck, big time.

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  3. kd

    fly,
    any signs of bottom in sight? anyone? anyone? buler… buler…

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  4. mrkcbill

    When will the “The Beard” appear? Hows about 100 today?

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  5. steveplace

    fuck bottoms

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  6. JakeGint

    Got Silver, fuckers?

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  7. JakeGint

    Boom Reposted from prior thread re: Yen Carry —

    ___________________________

    Boom — what WOW said is mostly correct. The only thing he left out is the reason the trade is unwinding, which is that the arb only makes sense if the currency ratio between the buck and the yen remain stable, or if the buck is increasing (that’s a two-fer for yen carry traders).

    Reason being, if I borrow in less expensive yen at 1%, and invest in dollars at 4%, but have to pay back in more expensive yen later, the “spread” (formerly 3%) goes to nothing, or goes negative.

    Right now it’s going considerably negative. That means fuckers have to get out of dollar denominated assets to buy yen back (increasing the problem for others still holding the trade). If you are holding dollar denominated ass-hats, which are you going to liquidate first? Stock Asshats, or Full Faith and Credit US Gummint Asshats?

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  8. jeff

    tesla blog has been behind gold – prepare for bondage fuckers – gold to 1500

    Down with Rothschilds

    http://teslawasright.blogspot.com/search?q=gold

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  9. wow

    Thanks Jake for filling in the gaps, I ain’t claim to be no financial expert!

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  10. JakeGint

    No prob, Wow. You had it right.

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  11. JakeGint

    Wow, that was a nice buying opp on FXP two days back, wasn’t it?

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  12. Juice

    Love your tesla blog, Jeff.

    Conspiracy Central. Good stuff.

    Keep up the good work.

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  13. TraderCaddy

    Interesting day(s) shaping up. I read somewhere (Bloomberg?) yesterday that based on sentiment (bulls v. bears) that this is the second most bullish time in the last ten years. That being said I think I would wait for a VIX towards 40 with cascading waterfall type declines before looking for a more sustainable bounce. This could happen by Monday. In the meantime I continue to scalp inter-day. As Muhammad Ali said- Float like a butterfly and sting like a bee.

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  14. JakeGint

    Skiffles, too.

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  15. JakeGint

    Yes, Bruce, Jeff makes you seem quite sane. You should be sending him a check.

    ____________

    TeeCee, you’d be much better off selling stocks and buying gold/silver.

    Easier on the arthur-ritis.

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  16. The Beard

    I’m under my desk, cyanide tablet in hand.
    Ops manual says, push the two red buttons under here simultaneously, then bite the tablet.
    Nice knowing you guys, swell bunch really.
    My only regret is not getting in Maria’s pants, when I had the chance.

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  17. TraderCaddy

    I take asprin when I feel Ole’ Arthur comin’ to town.

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  18. The Gansta Beard
    The Gansta Beard

    Yo you know I’m a balla and you all my biatches. but since I’m straight dope, I’m gonna flex some shiat on ya’lls…
    some asshat wrote the following letter to me

    Dear Ben: Here’s How To Save
    the U.S. Economy…
    by Keith Fitz-Gerald
    Investment Director, The Money Map Report

    Dear Dr. Bernanke,

    I’m sorry to hear that you don’t know what to do about the credit crisis. That must be terrifying to you. I can tell you, it is certainly frightening to the hundreds of millions of Americans who have seen their homes plunge in value and who now are watching their investment portfolios get vaporized.

    Ben, you’re fighting the wrong battle and you have been since Day One, when you took over from your predecessor, Alan Greenspan.

    You’ve been printing money on the assumption that this action will stimulate demand. That’s great in theory, but it’s clearly not working.

    Here’s why.

    Every dollar you print devalues every other dollar in circulation. What’s more, each new dollar you print also stokes inflation, which is why Americans are feeling pinched right now.

    Forget the housing crisis or the consumer confidence statistics that you and elected leaders seem to be so focused on: These are the byproducts of the monetary problems I’m referring to – and aren’t the root cause.

    The credit crisis began because there was too much money available. Not having enough money has never been an issue.

    What is at issue – and what’s causing such pain in global markets at the moment – is that banks and other financial institutions will no longer lend to each other.

    Americans – and, indeed, consumers worldwide – are caught in the middle. That’s why they’re unhappy. Of course consumer confidence is at all time lows, housing is melting down and wages are stagnating. But, again, those are byproducts, and not causal factors.

    Here’s a five-step plan that I believe will help sort this out. It’s simple, but it’s decisive, and that’s what’s needed right now.

    Step 1: Stop printing so much money. Take steps to restrict the monetary supply, including limiting how much “fantasy” currency the credit card companies can create. This is money that’s not backed by anything except the companies that created it. I’m sure you see the irony here, since it’s the companies that created the collateralized debt, the special-investment vehicles (SIVs) and other derivatives that caused the trillion-dollar problem roiling the markets right now.

    Step 2: Create incentives for institutions to lend to each other, a strategy that includes raising interest rates. You could argue, as will many who read this, that this will stifle demand. I’ll concede that this might happen in the short run. But in the long term, this will provide a natural hedge that will selectively weed out those companies that shouldn’t have been in the game in the first place.

    Think of it as a form of “financial Darwinism” and, by all means, talk to Paul Volcker to get his perspective. Many people thought he would kill the economy in the early 1980s when he raised interest rates to the sky to kill inflation, but that didn’t happen. In fact, you could argue that he set the stage for one of the greatest bull markets in history.

    Step 3: Stop socializing debt. The public treasury is not a proxy for handouts, so stop treating it as such. We do not need the current credit crisis fiasco turned into social debt that will burden our country and every American for countless generations in the future.

    The latest surveys reveal that up to 80% of Americans think the financial institutions that got us into this mess should be allowed to fail. So why are you pandering to the politicians who insist on bailing them out? Nobody will bail me out if I fail to make my debt payments anymore than they will assume your personal debts, either.

    The fruit picker in Southern California making $17,500 a year who reportedly “qualified” for a $700,000 adjustable-rate mortgage (ARM) should receive a “stupidity premium” on his next tax return and the mortgage representatives who handled and processed the paperwork should be prosecuted in criminal court for predatory lending – if not for “credit-rating homicide.”

    Step 4: Let the free markets work freely. Contrary to the “Chicago school of economics” free-market strategies that you and your entourage profess to employ, the markets really do want you to take active steps to fix this mess.

    Providing more money to stimulate demand presumes that the financial institutions handling it will be healthy enough to do so [or wise enough to deploy it properly – an assumption I find hard to agree with, at this point]. Since I can argue that these financial firms are neither healthy nor wise enough to do so, it’s probably a mistake for you to assume that the new money will rescue weak institutions that shouldn’t be in business in the first place.

    If a person is addicted to drugs, and then runs out of the cash they need to finance their habit, they go into withdrawal. You don’t solve that problem by giving them more cash, or more drugs. You do an intervention and send the poor person to rehab.

    Similarly, with an economy that has abused credit the way the United States has, you don’t address withdrawal [the U.S. credit crisis] by firing up the financial printing presses – which is tantamount to a federally sanctioned credit-line extension. Again, it’s time for an intervention that stops consumers from abusing credit.

    Step 5: Tell the American people the truth. The Federal Reserve Act of 1913 requires the Fed to promote stable prices. You’ve got a once-in-a-generation opportunity to do so… and to make a difference.

    Let those idiots on Capitol Hill know that their actions are interfering with your ability to do your job. Point out to them what “Everyday Joes” already know, and what you know – that “the emperor has no clothes.”

    This is not a political issue for either party and you need to make that clear when you draw your line in the sand.

    This is a generational crisis. Every single one of us is responsible for the path ahead – but precious few folks besides you are in a position where they can truly make a difference.

    President John F. Kennedy once said that “the hottest places in Hell are reserved for those who, in a period of moral crisis, maintain their neutrality.”

    In other words, sir, don’t damn yourself.

    In closing, people do not write books about Captains of Industry who don’t know how to take charge any more than they will write about Fed chairmen who have no clue about how to fix things.

    But history does look back favorably on decisive leaders who act with conviction. You have the chance to play that role right now – regardless of who’s in the White House. And I urge you to grab that chance.

    Best regards,

    Keith Fitz-Gerald

    my response? Fuck that… I ain’t about to take some advice from nobody. People try to smash me, I’m going to make sure to smash them.
    So I’m going to flood the fucking streets with ‘straight cash homey’. Not only that, but I’m going to add a bunch of zeros to all digitally stored money. The banks made bad loans? Fuck that, who cares, they sold their soul to me to pump up the “liquidity”, and when satan comes crawlin, I’m gonna make sure he takes their soul instead!

    I hope you guys like eating government made soup at the corner, this shit going to inflate like crazy, before I hike rates like crazy and that shit all comes down.

    fuckers

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  19. Juice

    Jake: Even you, knows that not everything is as its portrayed to us by MSM. If there is such a thing as unbiased reporting, on both sides, its a rare thing.

    We are bombarded with only the side of the story that won’t panic the public & cause an uncomfortable upheaval of the status quo. That is the nature of the status quo. Thats how its always been when people have something to gain & something to lose.

    Sites like Jeff’s, provide a good alternative to the wonder bread version, we are often presented with.

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  20. The Gansta Beard
    The Gansta Beard

    p.s. I’m cutting the rates 5 points… that shit’s going negative… I’m going to pay banks just to take some money off my hands. This shit’s going to be spinkled all over your neighborhood until a cup of coffee costs $100 Billion dollars. Shit look at zimbabway… you think they got inflation… fuck that, I’m printing money like I’m the monopoly banker

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  21. The Gansta Beard
    The Gansta Beard

    oh did I say 5 points? my bad, I meant 500 bitch!

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  22. BOOMER

    Thanks for the yen tutoring.

    I have to admit that I am too inexperienced a trader to make sense of the complexities in this environment. I am sitting out.

    Pay my frickin taxes and sitting out for a while.

    PS did gold really hit 1k? i saw 998.6 i think…

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  23. Juice

    Covering slowly & going long slowly. Fuckers.

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  24. jeff

    The dollar isn’t going up folks.

    http://teslawasright.blogspot.com/search?q=amero

    Welcome the amero – currency consolidation to 3 world currencies.

    Only countries in axis of evil are the ones with no central bank.

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  25. JakeGint

    Sites like Jeff’s provide succor to tetched paranoids, Bruce.

    Surely you do not subscribe to the “Rothschilds rule the world” bullshit. I mean, if you took two seconds to study Lizard Bros, you’d throw that one out the window.

    And the WTC was an “inside job?”

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  26. JJ2000426

    The best precious metal to hold is not gold, not silver, not even platinum and palladium. I hold tellurium.

    Almost tripled after holding three months!!!
    http://www.asianmetal.com/Metal_News/index_product106.asp

    Told you so!

    http://seekingalpha.com/article/63529-investing-in-a-resource-constrained-world-part-ii

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  27. Juice

    Was on the road … back now.

    Jake, I don’t subscribe to all of it, such as the illuminati/Rothschild shit. There is something to that, but it is way the fuck overblown. IMO, WTC was not an inside job, but I do think the CIA knew about it & either didn’t take it seriously because they were complacent or they let it happen after a while because it would help them accomplish a few things like gaining more power & giving it the cover for a ‘global’ war on terror, Iraq invasion, etc.

    I do think the CIA had Kennedy offed, and that was an inside job.

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  28. Mad World

    lol don’t give me that “boxcutter conspiracy bullshit”…
    “I have boxcutters so now entire plane is held captive…
    OH NOOO BOXCUTTERS!!
    lol boxcutters, that shit don’t even hurt. and we’re supposed to believe the passports on a domestic flight (you don’t even NEED passports on a domestic flight) were carried on what they knew would be the “last mission”, and somehow passports survived and the indestructible blackbox didn’t?

    All I know is something is screwy, and it’s way too much like WWII’s entrance (hitler radio tower proclaiming “we must protect the homeland from terrorism”) now it’s “we must protect the homeland from terrorism”
    “holy shiit, them sunni bitches are going down”
    Then we’re supposed to believe that Sadaam harbored osama when they’re both enemies with each other. Meanwhile Bush and Binladin’s brother are doing shit, and cheny’s ordering a stand down… HALIBURTON 600,000% GAIN WHOOO!

    fuck

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  29. Mad World

    Alqueda? Or Al CIA… DUH

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