The Crusade to Destroy the Dollar Explained

Abstract: A new and phonier plot to attack and attach our wealth is being hatched and abetted by simple little minds like our tax cheat Little Timmy Geithner and his little liberal chum chuckers. The plan is supported by China, Russia and India and the IMF would probably run this circus. This is the fastest way to destroy our financial society thus it becomes the L'esprit de l'infective bave des Marxistes d'idiot. [1] The world’s biggest losers need our money and here is a dandy plan to give it to them. Dummier ideas are cooking in the infected neuronal sets of the left.

 There are numerous problems that seem to spring forth when humans (in numbers greater than one) interact. It is nearly impossible to get a firm commitment to any agreement without coercion or war. Politics is the process of decision making in groups[2] and even the abbreviated histories of such interactions begin and end with power struggles, war and failure.  The obvious imbalance in geographical assets and the wide ranging effects of cognitive skill levels among m0st societies always leads to a harangue over ‘sharing the wealth’ or other fantasies. Then, there is the joke about ‘land reform.’

The obvious lack of any notion of equality among peoples or clusters of peoples, known as nations who have a few in a ‘leadership’ position, produces the always urgent quest for some body else’s money. For the mentally ill egalitarian types, we always hear about some form of ‘justice’ whereby the wealth should be ‘spread around’ This crusade is driven by leftists who will open their giant maws and glom onto whatever they can get from anybody to ‘redistribute the wealth’ or “spread something around” as Obama preaches like we” spread around” AIDS and infective lunacy in San Francisco and other social trash bins. As Rush notes this is trickle up poverty.[3] It is interesting that many of higher echelon leftist leaders are also tax cheats and make hundreds of millions of dollars off politics like the Clinton Crooks or are unrepentant criminal families such as the Kennedy Klan. [4]

Taxation or Grunt and Grab

Generally, taxation, as opposed to war or revolution, is considered a more suitable mechanism for stealing the wealth of others and, of course, it is difficult for one nation to tax the citizens of another so the solution to that problem must be some form of global tax. The phony Global Warming Follies are one way for crass, lying parasites to grab wealth as this effort of the EcoNazis[5] is based on absolutely no data.  On Global Warming…now climate change… we need to get the US and Europe to put up trillions of our dollars  for carbon taxes while the PRC, India, most of Asia and Russia put up nothing. This is fair. Of course, the fact that al gore’s ‘climate change’ is a sickening tax whoring political stunt propelled by  counterfeit science[6] is not affecting the soggy drool that oozes from the cretin who stooge for the United Nations. The quest for OPM[7] is driven by His Excellency Mr. Ban Ki-moon’s[8]  diminutive mind to the roaring applause of third world.  Could we please hear all about ‘justice’ in North Korea, the USSR, PRC, Africa and Cuba? It is difficult to find somebody who is more ignorant of politics than this guy. The UN is a far leftist parasitic organization that acts like some form of virulent leprosy on the world and is additionally biased by Islamo-Fascism, but they sure like our money.[9]

So, the newest carnival trick would be what? Why, a world currency of course! With a world currency, that might be called the Bunko, we could have spending programs created in the UN and ‘voted’ upon by our wonderful third world friends. I just spent 2 weeks in the Caribbean Islands and saw much of their society and government in action. Some places I visited have accomplished nothing since Columbus came along.  These are the kind of peoples who would like to have our money for nothing.

 Some comments by the Brits on this nonsense. Recall that they are not in the Euro currency combine.

 “This is how matters quickly escalate in geo-finance. China's suggestion – backed by Russia, Brazil, and India, and clearly aimed at breaking US dollar hegemony – is making its way onto the agenda of the G20 Summit next week. 'Dollar-dämmerung' no longer looks so far-fetched.

China's paper, by Governor Zhou Xiaochuan, is couched in understated language – more a 'thought experiment' than a declaration of monetary war. His ideas could be mistaken for the musings of an academic theorist. Nobody should be fooled by decorum.”[10]-- A world currency moves nearer after Tim Geithner's slip. By Ambrose Evans-Pritchard
Last Updated: 8:58AM GMT 27 Mar 2009

Here is the best chance for the US to destroy its society and economy at the upcoming G20 conference. What would be a better way to achieve justice? Well, we could surrender to Iran and pay reparations to Islamo-Fascism until we reach the sublime attainment of abject poverty. The left-liberals must be slobbering all over their shirts at the very prospect.

The IMF would be involved in this wreckage and probably in firm  control. The IMF does not have a good record of dealing with third world societies. [11] But zero-growth advocates like Kenneth Rogoff would love to have a try at this. Rogoff is probably more famous for providing the theorectical economic basis for ruining the financial underpinning of certain poor  coutries than solving problmes. He aparently now looks at the US as the next to fall. He is the one who recommends recession  for our problems.[12] He says we cannot grow out of this.[13] Growth, of course, is the enemy of the far left as growth allows entrepeneurs to spring up and create new jobs and gadgets. This process interfers with socialism. He should have remained as a chess wood-pusher [14]as he was more accomplished at this than either thinking or economics. I don’t see a win for him in the economic game as yet.

And the Chinese are all for it. Their problem is that their latent stooges (the ones who cannot seem to make Marxism work any better than the Russians or Cubans) in the US want to play with our money with massive spending and the Chinese have forecasted massive inflation and the high interest rates in the US, which would be necessary to fight this disease. Their holdins of about 1.5 trillion along with Japan would be in jeopardy but they are in a quandary as they have few options. What can they buy except US bonds? Gold? Swiss Francs? Pesos? They are stuck with us for the time being. This shift to a world-based currency would give them protection against loses and infaltion they seem to think. Such a thought from the ignoranti!

Some wise advise and hsitory from Ambrose Evans-Pritchard  from the article cited above:

 “It would be an error dismiss this idea as a pipe-dream. Cynics once ridiculed Maastricht plans to launch the euro. John Major famously said chatter about a European currency had "all the quaintness of a rain-dance and about the same potency". Yet once officialdom began assembling the machinery for monetary union, EMU acquired a life of its own”[15]-- By Ambrose Evans-Pritchard Last Updated: 8:58AM GMT 27 Mar 2009

Frequently, ideas like this are like just a tiny teeny little bit of syphilis. Things tend to progress to the tertiary stage and then it is too late.

 I think we all know how to vote in 2010.

 rycK

 Comments to: ryckki@gmail.com

Black Bribery and the Frantic Quest for Y0ur Tax Money Discussed.

There is apparently no shame or political cost when black politicians take bribes from government entities or from the taxpayers in the form of bailouts to their favorite banks. Obama is here to perform a little reparations trick on the white capitalists who stole their future. They can steal money at will as long as he protects them from investigations and prosecution.

We can structure a list of disgusting parasites who find ways to get money as a result of their power base as ‘elected’ officials. We find the disgusting group contains name like Cold Cash Jefferson[1], the tax cheat Good Time Charlie Rangel[2], Franklin Del Ano Raines[3] and now LA’s Queen of the Slums Maxine Waters , a psychotic racist, who wanted to nationalize [socialize in her words] the oil companies.[4].

“Ms. Waters, who represents inner-city Los Angeles, hasn't made a secret of her family's financial interest in OneUnited. Referring to her family's investment, she said in 2007 during a congressional hearing that for African-Americans, "the test of your commitment to economic expansion and development and support for business is whether or not you put your money where your mouth is."[5]-- Waters Helped Bank Whose Stock She Once Owned

California Democrat Has Championed Minority-Owned OneUnited on Capitol Hill and Criticized Its Government Regulators [Emphasis is mine in all quotes.]

With a sitting ‘black’ president it will be very difficult to investigate these incidents. We can expect more of this crime as we saw in NYC when Ding Dong Dinkins[6] was elected mayor. Next, he will probably pardon Mumia Abu-Jamal and give him the Medal of Freedom.  Our tax money will now foster and promote black-against-white racism in the US.

The corruption in Washington is just beginning. Now, we have to put your OUR  money where your  HER mouth is.

rycK

Comments: ryckki@gmail.com

The Princeling of Wails has Started the Dooms Day Clock: 99 Months to Go to Doom.

We all live in a strange world full of hobgoblins, strange viruses, perverse leaders who would be kings or queens ( in one sense or another) and then there is the Princeling of Wails.[1] Chucky is the end result of 300 years of random inbreeding behind the moldy old castle walls of Merry Olde England. In previous incoherent rants that produced little else than a fleeting  refreshment in the form of spittle droplets for the circulating gnats,  the Princeling of Wails has, again,  insulted his own intelligence with his pronouncement of Doom over not only  deforestation and other follies  but now  he spends  his few lingering neurons to hype and celebrate a more advanced EcoNazism.[2][3] The END is near! When we notice that Sharia Law [4]is rapidly weeding out the unbelievers in England we can wonder if this is not a change for the good until we check our balance of payments and see if Chucky and his Socialist Dolts owe us money. The Romans had no luck with these sodden clowns so why not let the Islamo-Fascisti give it the old try? The Islamo-Fascisti might have a chance with the Princeling.

The latest episode in the Adventures of Prince Charles is to set the Doom Clock, in months mind you, to 99 and then bawl.  Let us sob and wring our hands and grovel in the shadow of his majesty:

“"We are facing a series of challenges so immense that we can, perhaps, be forgiven for feeling they are all too forbidding to confront."”[5]-- Global warming has reached a 'defining moment,' Prince Charles warns. 12 Mar 2009. [Emphasis is mine in all quotes.]

He overcame one hurdle when he dumped Princess Dianna for the frumpy Duchess of Cornwall. That took courage of a sort.

"The best projections tell us that we have less than 100 months to alter our behaviour before we risk catastrophic climate change."-- Prince Charles.

Whose projection is he looking at? The Princess was on record as saying he had little to project. Her Captain of Guards had more.  Of course, we could inquire just what evidence he has to bank the clock with such feverish emotions, but we are left with nothing but the ‘predictions’ of the ‘experts.’ How did he narrow this down to a single month? Did he read Nostradamus? Did he strip and howl at the moon or talk to al gore and his Neo-Marxist droolers.

It seems there are 600 “self-professed climate skeptics,” actually 601 [+21,000 more] counting me[6] in the cue, who are suspicious about this.[7] Is al gore our new Lysenko?[8] Has he been smoking weed again? Is the UN in need of more alms?[9] Some of us have offered solutions to this problem in the past, but we seem to go unnoticed. [10] Did anybody tell Ted Kennedy about this?[11] Can we have a ‘consensus’ with about 25,000 dissenting scientists? Yes, if we count insects, lunatics, welfare recipients and employees of the United Nations on their side.

Apparently, some ‘consensus’ was reached in this matter and the clock is now running. I for one will start driving my SUV day and night and eating a lot of red meat if I have only 99 months left.  Then, we have the matter of who to leave our loot to if the world ends soon. Do I have to pay taxes the last two or three years of this 99 month span? Can the IRS come back from the dead to tax my body?

Lastly, I wonder just what the U.K. can do at this late hour to avert disaster. They might shut down the tubes in London or hoist all the ships upon the land and quench their boilers or stop heating their food. They could recycle food as I recommend for California in the references below. But, what of China and India who, for now, seem to be ignoring this disaster. They represent half the known world and do they have some obligation to grovel before The Clock and shut down their industries? Where is the USSR on all of this? Can Putin stop making caviar and quit pumping oil and mining gold to help save us?

Maybe the best is to shut down the BBC and start drinking more beer as they did during the Blitz in 1940.  The party atmosphere apparently saved them from the Luftwaffe and maybe a little sherry and song can push back the clock a few months until we get the Chinese to buy into this and shut down their nasty coal-fired electric plants.  That would be a 'defining moment.’

Such crap.

rycK

Comments: ryckki@gmail.com

The Depression Worsens: Obama and His Minions get an F grade in Economics. We are in Trouble.

Abstract: The world economies are tanking and politicians have nothing of substance to say. They create new government jobs while talking about stimulating the economies of the modern world and spend money on social programs instead of attacking the debt that caused this problem. Obama and his leftists are trying to restructure our society from a capitalist base to an anti-white Neo-Marxian society by taxing energy and taxing small businesses into bankruptcy.  The British  and their weak sisters in the European Union have already trashed their economies with their phony ‘green revolution’ and will probably not recover from their recent decision to print money.

What are the politicians  doing?

“No-business meetings, John Kenneth Galbraith called them. They sprout in the wake of a crisis like weeds in scorched earth, nourished by the overwhelming sense that Something Must Be Done. Men gather, they sit in a room, they look pious; they are photographed, they talk to the press, they go home.”[1]--This is how depression looked in the 1930s Recession Britain: Like Herbert Hoover, today's politicians are posing rather than acting, argues Edmund Conway. [Emphasis is mine in all quotes.]

“U.S. President Barack Obama and Treasury Secretary Timothy Geithner received failing grades for their efforts to revive the economy from participants in the latest Wall Street Journal forecasting survey.”-- Economic Forecasting March 12, 2009 Obama, Geithner Get Low Grades from Economists by Phil Izzo.

They are doing things, but the wrong things. Politicians tend to talk and talk in press conferences so as to get more face time and present an image that holds votes and try to consolidate their political power and blame others for any and all problems. Here, in the colonies, there is a chance to expand government and exploit what Axelrod and other Obama stooges call a crisis. The situation in the U.K. and the rest of the EU is similar although they are already mired in socialism. The important thing to a politician, strangely, is political power. Haven’t we learned this lesson yet? No, we have not.

We are mired in a debt-driven deflationary spiral and the banks must be rescued and then the business sectors of the economy must be aided as first measures. The government is not addressing the problems that caused this mess. In our US case, we have some kind of anti-capitalist proto-Marxian mentality that tends to work against small businesses, those who create the new and efficient jobs, and work to maintain the sordid union-infested rust-belt industries [GM, Chrysler, Ford] that resemble the old textile, rail and steel businesses that the union-government coalitions ruined in the last century. We can expect that if they have a plan for producing automobiles, the production product that evolves may become strikingly similar to Amtrak, the shrunken and unprofitable remains of numerous railroad companies that were crushed by government regulations. Instead of helping out business the leftists are consumed with the ‘green’ revolution, actually gangrene in economic terms, and the urgent need to abandon efficient means of energy product with costly and unproven methods. There is a rush toward electric cars although there are no suitable batteries available after research dating back to 1800. [2]

A recent poll of economists by the Wall Street Journal [first quote above] gave out the following grades:

“Obama received a grade of 59 out of 100 with 42% of respondents rated Mr. Obama below 60.

Mr. Geithner received an average grade of 51.

Federal Reserve Chairman Ben Bernanke scored better, with an average 71.”[3]

Selected comments from the WSJ article:

"Secretary Geithner scheduled a big speech and came out with just a vague blueprint. The uncertainty is hanging over everyone's head."-- Stephen Stanley of RBS Greenwich Capital.

Here is the plan to address the massive debt:

Timmy Geithner mumbles about: "… a process of providing a market for the real estate-related assets that are at the center of this crisis. Our objective is to use private capital and private asset managers to help provide a market mechanism for valuing the assets.”[4][5][6]-- Except from Geithner Feb. 10, 2009.

Gee, Timmy, how about some details on this ‘process’ and please tell us why the public, if that is the word you really mean, might want to buy toxic debt. Isn’t it true that if you bundle mortgages into some sticky pile and the mortgage holders do not pay and then are ‘forgiven’ part of their debt by the courts that this bundle is probably worthless? And you want the public to buy this crap?

The general theory that drives us into depression is this:

Theory: The government will tear down any institution or succumb to any financial or social disease to force ‘equality’ upon the citizens. When markets go up then they want high taxes from those who can successfully participate in the system, but when the markets do down this is ‘unfair’ and the government needs to increase taxes so as to pay off the losers for their loses.  Here the Marxian solution was the CRA [Community Reinvestment Act].[7][8] The original purpose of this socialist scheme was to redistribute the wealth without equally distributing the cost. Fact: the low class was given wealth in terms of ‘affordable housing’ with no responsibilities at all to repay its debts and only their vote was desired as payment. The credit defaults come from the low class, mostly Democrats and criminals. Poncho the Parasite made out very well in this scheme with 5 million of his voting community getting subprime loans. They get to vote and not file federal and state income tax returns as a reward.

For this they get a grade of A or A⁺ from the Marxists. They are doing well.

Here is a left-liberal view of how to hold back whites and advance minorities in the future:

“The Stimulus: How to Create Jobs Without Them All Going to Skilled Professionals and White Male Construction Workers…. And if construction jobs go mainly to white males who already dominate the construction trades, many people who need jobs the most — women, minorities, and the poor and long-term unemployed — will be shut out.”[9]—Robert Reich’s own blog Jan 8, 2009.[10]

Gee, no hint of racism or bigotry here? I guess there is no gender bias either? Would it help out politically if the new stimulus jobs went only to Hispanics? Then, they could be made citizens and receive welfare and free medical and would tend to vote for Democrats for decades in appreciation! Now, that is leftist politics in action. California has plans like this.[11] Why don’t we declare open borders and start an affirmative action program for Hispanics? That sounds progressive.

Summary: If you think all this was done in error then you are mistaken. There is no leftist  political reason to help small businesses as new jobs can be created by fiat by the government. The future of the left is in mandated phony ‘green industries’[12] fueled by massive taxes on CO2 and energy. The anti-white male bias fits in well here and the allure of employing minorities in such jobs shifts wealth from white males to minorities who tend to vote for Democrats. Does this make sense to you readers yet? Think about this for a while.

Obama is an ideological racist[13] and this is proof. He intends to tear down capitalism, created by whites of course, and replace it with some third-world Marxist Utopia.

rycK

Comments to: ryckki@gmail.com

The Elitists will Guide Us through the Financial and Economic Whirlpool. Sure.

Abstract: Those who presume to ‘lead’ us in government, banking and society have no clue what they are doing and cannot find a path forward. The facts conveniently [but unfortunately] demonstrate this theorem. We have to manage our own accounts because we can neither trust nor believe in what the several thousand ‘governments,’ mostly failures, have told us since 1900. We see places like California crashing in a blizzard of drugs, sodomy and debt with dreams of higher and higher taxes derived from the sale of marijuana and carbon cap taxes and all this is being celebrated in Washington as ‘progressive.’ We learn daily of new taxes and rules and regulations that are designed to attack business and redistribute our wealth. These high taxes and massive spending will swamp our economy and we may not recover for decades. The left looks upon this disaster as an ‘opportunity of crisis’ and will grab anything they can get from those who have some wealth left. It is time to retrench and avoid as much of this as we can. The left will bury our society if they can.

Any time the plans of some government (or, in this case, a cluster of peoples controlled by various incompetents with reams of paper to prove their authority) escapades runs sour there is a little dance they all must do in public. Firstly, they need to identify the guilty, noisily expound on philosophies of ignorance, corporate greed and societal treachery then, secondly, propose the ‘solutions to the problem and raise taxes. Our Fed Chairman, Ben Bernanke has now given us about 1000 years worth of ‘fixings’ and rules and regulations that can prevent this mess from happening again. Sure. Isn’t it strange that we seem to do this monthly? What have these people learned in the last year? We still stare at massive debt.

From a previous blog: Little Timmy Geithner mumbles[1] about: "… a process of providing a market for the real estate-related assets that are at the center of this crisis. Our objective is to use private capital and private asset managers to help provide a market mechanism for valuing the assets.”[2][3]-- Except from Geithner [Emphasis is mine in all quotes.]

Who will buy this crap? The assets are dead if mortgages cannot be foreclosed upon.  What is the scam here? To sell tax liabilities to the public?

To translate:

Bennie told us that there were ‘imbalances’ in trade in the world and that led to some states saving and others spending. This is a profound statement, but one that is obvious to all and we need not seek an expert to tell us that this present financial maelstrom is driven by debt.  There are always imbalances. Not only are there imbalances in accounts but they have identified ‘toxic debt’ as the culprit but cannot seem to identify which passel of worms might be the worst or the least deadly in this paper swamp. To demonstrate how sadly our financial markets are working Citi Bank has now promised some kind of ‘profit’ after being bailed out a mere three times with billions of our tax dollars.[4] This is like General Motors telling us that they will sell some cars next month. Analysts think this is a cheap parlor trick.[5] So do I.

Although we have identified the problems as ‘imbalances’ and related to savings and debt we cannot find a way to modulate these imbalances or, it seems, manage banks. The Fed is fast to the festival with hundreds of thousands of new rules and regulations and, of course, taxes that resemble patching up a rusting 1930s airplane with duct tape and glue and pronouncing it airworthy again. The drug cartels who are ruing Mexico and the Somali pirates have keener business acumen than some of the CEOs of our big banks and certainly know how to handle money better than the Fed.

Our worthless government is spending much more than we can afford[6] and has staked its psychotic numerology[7] on a 2010 growth level of +3.2% according to the White House. It seems that others see us in a steep deflationary decline with some of our trading partners, like the UK, contracting at 1.8% in February alone.[8] The growth rate of the US is open to wild speculation and is mostly driven by politics.[9] We are losing 600,000 jobs a month and we will have growth after a few more months of this? Growth depends, 2/3 or more on consumer spending and the future job bank depends on investment and small businesses. Where are these metrics now? Are we growing government and smashing small businesses? Yes. At this rate we will have depression levels of unemployment by August.

Rubber numbers with political uplifts and honking kazoos:

“The White House projects 3.2 percent economic growth in 2010, compared with 1.5 percent from the CBO and 2.1 percent from the Blue Chip. 

The White House also projects the economy will shrink by 1.2 percent in 2009, compared with 2.2 percent from the CBO and 1.9 percent from the Blue Chip.[10]-- White House Budget Plan Leaves Little Room for Error, Economists Warn. President Obama may have a tough time keeping to his tandem goals of cutting the deficit and sheltering middle-class families from tax increases, critics say.

I predict a 5% decrease in growth in 2010.

This, despite the fact that the stimulus has not worked, the government is expanding, which leads to gross inefficiency and more taxes that kill off business, and the debt has become unmanageable. Notice that the WH numbers are all rosier than the others. Bias? We are drowning in debt and the Democrat solution, of course, is more debt. [11]  The Fed has been printing money and will continue to do so to fight ‘debt?’ Where is the inflation prediction when we print 2 trillion dollars of fresh money and scatter it about? Oh! NO inflation? Sure.

Our trading partner, the Brits, seem to have had a slight uplift in their sorry markets lately even though they had very very bad economic news on the day the Citi Celebration took place:

“Still more remarkable was the fact that share prices climbed in spite of a barrage of yet more dismal economic news.”[12]-- We're not yet at the moment of maximum pessimism in this economic crisis – Telegraph, London. [Emphasis is mine in all quotes.]

The facts are a bit more brutal:

[1] There is no way to modulate the imbalances among 190 countries in the world because some will rise and most will fail. The EU, a cluster of weak socialist sisters is crumbling as several of their 27 members face bankruptcy. The euro will collapse.  A world wide drop in real estate prices means lost wealth everywhere. There is no way to recover that loss until prices go back up.

[2] There is some strange notion that government can fix social problems with tax monies and that if markets gyrate, such as real estate, that government can level the playing field by wealth transfers.  Wealth lost in real estate gyrations, across the world, can be restored with tax policies. Sure. In good times we tax the successful and give phony mortgage loans to the poor for ‘affordable housing’ and in bad times we tax the successful and pay off the bad mortgages and they get to keep their houses? That is a plan?

[3] There is the persistent feverish nostrum that we can achieve ‘equality’ in the world on in certain spots thereon by government interaction limited to taxing the ‘rich’ and spreading it around. This has never worked before [Africa, E. Europe, most of South America, most of Asia, etc.] The UN now wants 0.7% of the world’s GDP to pay off their friends with  money and gifts like that sorry little criminal Kofi Annan and his rancid brat did with the oil money from Iraq.

Those with solid track records of predicting our economic path forward [and downward] such as Ambrose Evans-Prichard and Nouriel Roubini are ignored. Indeed, an inspection of the California Cataclysm is instructive in that this ‘progressive’ state is terminal in terms of finances and economies. Who can predict a positive future for the Marijuana State? They have a 40% deficit [this time—50% next year] and want to raise taxes to make up for this?

Roubini:

“"We are in the 15th month of a recession," said Nouriel Roubini, a professor at New York University's Stern School of Business, told CNBC in a live interview." Growth is going to be close to zero and unemployment rate well above 10 percent into next year."[13]-- US Recession Could Last Up to 36 Months. -- Roubini

Evans-Prichard:

“The US is losing 500,000 jobs a month. Brazil lost 650,000 in December. Beijing says 10m Chinese have lost their jobs since the crunch began. Japan's exports fell 35pc last month, year-on-year. The central bank is printing money furiously, buying bonds to prevent a relapse into deflation.

US-China currency war eclipses Davos [the phony European economic summit at  ski resort--ed] , and threatens the world. So yes, it is like early 1931. Citigroup and Bank of America have more or less disintegrated. JP Morgan's health is failing fast. General Motors and Chrysler survive only on life-support from the US taxpayer.”[14]--Bad news: we're back to 1931. Good news: it's not 1933 yet. Barack Obama inherits an economy already contracting at an annual rate of 6pc, much like the mid-Depression year of 1931 (-6.4pc), writes Ambrose Evans-Pritchard

And to all this we are to hike taxes to ‘save the planet[15]’ from Carbon Dioxide, the Destroyer. Hopefully Sweden and England will collapse from the EcoNazi taxes and give us some warning.  There is no such thing as  this phony Global Warming …Climate Change[16] or Climate Change as these are political—not scientific-adventures. They can’t even get their computer models to agree on the direction that the yearly temperature variations will seek. Up is the same as down?! California has already collapsed, but the euphoria of drug addiction, sloth, sodomy and now the exciting advent of getting fat taxes off from the sale of legalized marijuana has intoxicated the politicians there. Mexico is collapsing in a drug civil war with the dopers winning and soon California will enjoy the prosperity of drug use at a mighty scale. Why don’t we smoke more dope until the economy improves?

Bernake sums up with this:

“"Unlike in the Asian crisis, investors have not fled U.S. markets. They have, however, fled from many private credit markets," Bernanke said in a footnote to his prepared remarks. In the current episode, investors seeking a safe haven from market turmoil have rushed into U.S. government bonds, giving a big lift to the dollar.”

Idiot. The flight to T-bills and notes is frantic and, of course, includes the US equities markets. The AAA AAA US Treasury bond is the last stand on this planet. Gold is second. Of course, we are not buying English Bonds or Irish obligations or buying stock in German cars or Chinese toy manufacturers. Do all of us have to be stupid like liberals? The dollars is the last stable paper currency standing and this is a matter only of default. What should we be hoarding? Sterling? Pesos? Euros??

US and foreign investors have fled U.S. markets. Where does Bernanke think the proceeds from the sale of equities went? And, then there is the interest in gold. Can we wonder what that signals??

O’Bozo and his cretinic familiar Little Timmy Geithner just held a press conference an hour ago where we are told that we need a world cooperative effort in the G20 and other members and we need cooperation. Translated, that means more of our tax money will flow like syrup to the barbarians in parts of Europe, anywhere in Africa, Sweden and parts of South America and Mexico. What else would an ideological racist[17] want to do with our wealth? Make the US economy successful?

Let us tax ourselves into prosperity!

rycK

Comments to: ryckki@gmail.com

California Gets a Temporary Reprieve from the Financial Abyss: The Leftists will NOT Stop Spending. 

Abstract: California is finished as a society. First they ‘solved’ their budget problems with a ‘compromise’ then they succeeded in mooching federal stimulus money from the taxpayers of other states so they can spend another year in their practices of sloth, sodomy and drug addiction. This was a great achievement for the Golden State. They bawled and the money flowed. They will resume begging next year when they waste this 2009 ‘stimulus’ money. Maybe we should have another and bigger ‘stimulus’ plan next year and give Californians more money so they don’t have to cut spending. This is socialist economic logic in action. They world needs to watch this closely. Many lessons can be learned from their impending decent into the financial maelstrom.

Preamble from a previ9ous blog: “California is a critical test case for the world to watch[1][2] and test the theorem:  if a place that large can crash fast enough in a suicidal financial maelstrom then observers might learn something useful from the process. It is clear that the cretinic subculture that produced the idiot socialists and Marxian droolers and elected them and endowed them with political power so they could strut and squeak and hop and clap in Sacramento has succeeded in producing a nest of monsters. The usual words required to describe the leftists in California [like pervert, loser, druggie and imbecile] no longer suffice to offer an adequate description of these beings. We probably need to barrow some new words from the rodent or insect worlds to study and discuss their antics. Simply stated, they will not accept any financial responsibility for their wild social spending. They intend to tax and spend until oblivion comes and then beg money from Washington. I saw behavior like this in the 60s when many ‘students’ could lay around for years, smoke dope and copulate with any creature in sight because they had a ‘sugar daddy’ who would pay the bills. They wanted to change the system then. They have succeeded.”[3]

Here is their problem:

They have a 104 bln dollar budget and a looming 42 bln dollar deficit. The state laws state that they need a 2/3 majority to pass spending and taxation laws and the Republicans were holding out. They finally settled on some ‘compromise’ and  agreed to make some cuts and were to borrow  about 11 bln to balance the budget. Now California gets 51.7 bln in bailout monies from Washington.[4] This gift includes 18 bln in general revenue walking around money. This should fix things? Yes? NO!!!!!!!!!

But, they still have a problem:

It seems that borrowing money means that it must be paid back in the future some time.  This notion is sociologically unsound, but a current fact in our temporary financing system. This must be some form of esoteric racism or seditious capitalism or both. Why borrow when some Sugar Daddy will give you money for fun and drugs?

“"We don't want the governor and the Legislature to think their work is complete for the upcoming fiscal year," Chiang said. "We have a huge question mark in the month of July."

The reliance of last month's budget deal on $11.4 billion in borrowed funds creates the possibility for a crisis "on much more of a grand scale than the one we just endured,"[5]--State tax refunds on way, but new crisis looms by Wyatt Buchanan, John Wildermuth, Chronicle Staff Writers Saturday, March 7, 2009. [Emphasis is mine in all quotes.]

“"We will still have troubles ahead," he said. "But it's good to be making these delayed payments and to have this issue in our rearview mirror."-- John Chiang.

Now, we stand aghast as we read all this. The elected officials  had a wonderful time in Sacramento in a locked-down session with Arnold ticking off the days in front of the TV camera and then came up with a ‘compromise’ that included some cuts, higher taxes and loans and now they will get 51 bln in my tax monies and we are still in trouble??

But, why can’t  they just use the new free 18 bln to trade off the spending, have 4 bln for new spending and the budget will be balanced until July 2009 when the haggling starts all over again? What? Obama is not going to have another ‘stimulus’ program in 2010? They may offer 60 bln this time!! Why not just borrow on the 2010 stimulus gift now and spend it on more social programs and then bawl for 100 bln in 2010? The Fed can just print more m0ney any old time.

Get out of California as soon as you can. This place is insane. They deserve to be a central part of the European Union. Is it too late to sell California to France  for Russian or some neat place?

rycK [a 5^th generation Californian in exile]

Comments to: ryckki@gmail.com

Hokum, Blow and the Electric Car Follies Exposed

The left-loonies have floated on iridescent gossamer threads across the skies spreading the good news that we can save our planet by using electric cars and other zero-growth nostrums. Our vaulted and intellectually gifted vice president, Joe Biden,[1][2] is now in charge of new ‘technologies’ for the green future. We are so lucky to have such a wonderful future in mind. We are offered the opportunity to quit drilling for all that nasty oil and not buying oil from those Islamo-Fascisti from the Middle East and other garden spots like Venezuela. We are on a mission to save the world by becoming EcoNazis. Let us take a close look at the current electric car technology and find out where we are in the magnificent quest for alternative energy options for our automobiles.

So, to begin with, what are the details of this brilliant shift from nasty old smelly gas guzzlers into the pristine world of obedient electrons and emissions-free transportation?? The facts, as currently evaluated, seem to give a somewhat less rosy view of what is possible with plug-in electric cars when we listen to politicians who know nothing of science or technology like Al Gore[3][4]. He has closed the scientific matter. It is done.

Firstly, we need to get some definitions out for analysis to begin discussions and then bring in some technical factors about battery sizes and driving distances. I am a retired Senior Research Scientist in chemistry from a major chemical company with a solid background in electronics, inorganic chemistry, and product development and have 6 patents.[5] I will address this matter not from the perch of politics, passion, frustration or expediency, but from a scientific and cost basis. This specific battery technology is outside my specific interests but close enough to my scientific training for me to wonder why these cars have not been produced for decades if they can do what they claim. It is also interesting that Europe is not wildly manufacturing such cars even thought they have been paying from $6 to $12 dollars per gallon for years to date. I intend to find out the answers to these questions.

We must begin by stating up front the metrics for the energy content of batteries and how that translates into a driving range along with costs. We can go to Wikipedia for a good explanation of batteries and the concept of the EVB or electric vehicle battery.[6] The first definition[7] is that of the Kw-hr or kW·h  or convenient unit of energy content[8] of the battery and is expressed in ampere-hours. The energy is the same for a given amount but the a-h changes with battery voltage, something we can ignore in these proceedings.  I cited  the tacky technical details for batteries in the reference below and have abstracted the pertinent data. The important numbers for car batteries are the Kw-hr per battery and the cost and the weight. Obviously, the car must haul around the battery.  What we need is a light weight battery with a heavy charge that can deliver about 100 kW·h to compete with the fuel-based cars.  The numbers vary by efficiency factors and car weights and battery efficiencies but here are several critical pieces of information:

Here is what we get after looking at the final product: a battery driven car:

[1] The Toyota Prius [9] when outfitted with a 10 kW·h  battery energy provides a driving range of about 20 miles.

[2] The Chevrolet Volt  has a range of 50 miles with a fully- charged 12 kW·h battery.

[3] The cost of a 10 kW·h  battery is currently about $6000. The Chinese claim they can make such a battery for $2000 in the future.

[4] The batteries are augmented with fuel engines such as we see in the various cars from a 2007 article about the Frankfurt motor show,[10] The charge time varies from about 45 min to 3 hours. 

This is why Europe is not making these cars. I cite numerous articles, talks and a book and a series of articles by P. Werbos, Econometric Techniques: Theory Versus Practice, Energy: The International Journal, 15 (3/4), 1990, p. 213-236. I add a rather piquant comment by Al Sobey [retired from GM and in the middle of the decision making process on electric cars].  Sobey was asked the following question: Who killed the electric car?  He replied: “It was me.”[11]

Costs and details of the latest technology:

California electric-car manufacturer Tesla Motors Inc. will sell [as of Mar 3, 2009] its Tesla Roadster to Canadian customers for $120,000, half down paid up front. [12] This car has no fuel-based engine on board and has no tail pipe.[13] Its range is ‘about’ 220 miles with a 100,000 mile battery lifetime with lithium ion battery technology without a recharge which takes 3.5 hours.[14] I couldn’t find the replacement cost for the battery.

The bottom line:

Some of the reviews are not good.[15]

[a] GM’s GEM car[16] will be low cost at $7,000 to $13,000, but will only have a 40 mile range with a 6-8 hour charge time. It looks like a pregnant VW.

[b] The Canadian Dynasty iT Sedan[17] with a cost ranging between $14,000 to $25,000 requires a charge time of6 hours and a range 30 miles with a top speed of 25 mph.

[c] The ZENN[18] costs $16,000 with a charge time of 6-8 hours, a 30-50 mile range and a top speed of 25 mph.

[d] The 3 wheeled Zap Xebra @$11,700 with a charge time of 6 hours and range of 25 miles is the fastest at 40 mph, although this appears to be a motor cycle.[19]

Conclusion:

The electric car is very far away in terms of a viable substitute for our automobiles and the urgent and frantic media blitz is political in nature.  Nobody, like Europe, mass produces these inefficient things because it makes no economic or financial sense. The batteries are now only 10% of what they should be in terms of weight and energy storage. The quest for a quantum leap in battery technology must be weighted in terms of the solemn fact that we have been studying and making batteries since 1800.[20] To think that we can throw taxpayer’s money at car batteries in order to find some magical substitute for oil only makes political sense and has little to do with the truth. This effort is a political freak show at best.  Al Sobey was correct when he killed the electric car at GM. It is a joke without a decent battery.

The only people who will benefit from a state-mandated supply of electric cars are the Marxists and zero-growth socialists who can get political power for this folly. The American people must realize that this is a cheap Ponzi-like scheme to tax energy in all forms so that the left can redistribute wealth. That is all there is to this. Hopefully places like California[21] and Sweden will ban all combustion-type engines and allow only electric cars so we can study and publish the results. That will be amusing.  

Don’t buy anything ‘green.’ These are political products and are more like gangrene.

Down we go……….. rycK

Comments: ryckki@gmail.com

Don’t Buy This EcoNazi Stock: US Geothermal. It is Crap.

 The hustle: U.S. Geothermal Inc. (TSX:GTH)(AMEX:HTM) ("U.S. Geothermal")

The left is out to sell you some phony crap in the green future since they need funding. A green weenie advocate site, This guy shows an amazing increase in stock prices from 2006 to 2008 but does not tell you it has now tanked and busted from a high of about 80 in 1997. Details of this wreckage are below. This company crashed a decade ago and now shows a tiny increase in price although its PE is zip.

The hustle: U.S. Geothermal Inc. (TSX:GTH)(AMEX:HTM) ("U.S. Geothermal")

From the Desk of: Jeff Siegel, Chief Research Analyst
Subject: Tiny $0.80 Geothermal Company Is Now Generating Revenue: BUY! 

http://www.angelnexus.com/o/web/11125

 Morningstar Alert:

 HTM

03-02-2009 04:41 a

HTM has fallen more than 10%

The price of this stock moved down -12.489% from $0.8800 to $0.7701. For details, go to

http://quote.morningstar.com/switch.html?hsection=Quicktakes&ticker=HTM&memail=alert5

Check out this chart:

 http://www.investorguide.com/stock-charts.cgi?osymb=HTM&siteid=8BD6B6FD-860E-46B8-9949-D17C8BCB359F&sid=1626665&symb=HTM&time=10yr&go=Draw+Chart&uf=0&compidx=aaaaa~0&ma=0&maval=

 This stuff is crap.  Don’t buy and tell your friends not to do so.

 rycK ryckki@gmail.com

The Idiot Brits Will Now ‘Officially’ Print Money: Inflation is their Solution to Debt. Is it Ours Too??

Abstract: Debt is crushing the world economies and the frantic quest for unburdened capital has suddenly become frantic. The solution to a debt-driven deflationary spiral is, interestingly enough, more debt in most governments current view. That, deciphered, is a firm decision to allow inflation to roar so the debt will be paid back by those who still have some untarnished assets. Britain has reached the point of potential default and will start running the printing presses. It appears that the United States started this ugly process sometime back in September 2008. We face massive inflation.

So, this is how the Obama Administration can afford to pay for several trillion dollars of socialist programs: they will inflate away the debt.  Massive inflation will raise all taxpayers up to the very top income tax brackets and that will fuel the socialism they so desperately seek.

The European Common Market will collapse as several of their 27 members will default on their obligations and the system will collapse.

The British situation:

England has now announced, officially, that they are on the very edge of the Financial Snake Pit and the Demon is looking them right left in the eye. They will print money. All this was very predictable and I made such predictions in 2002.[1] It is interesting that although they swim in the swamp known as the European Common Market, they have a separate currency, like the Swiss, and can make some independent maneuvers to ease their debt while Spain and Germany and others are locked into to iron grip of the euro.  Janet Daley of the Telegraph cautions:

“This is now an epic battle between Big Government and Big Business. The mud wrestling over who was responsible for the public relations catastrophe of one man's pension arrangements is not just a sideshow: it is a significant metaphor for the ideological struggle which will determine how the history of this economic cataclysm is written. And whichever side succeeds in composing the history will also win the right to run the world.”[2].-- Is a form of state capitalism really what Gordon Brown wants? When the Prime Minister spoke of 'creating an economy' he was talking nonsense, says Janet Daley. [Emphasis is mine in all quotes.]

Now, that is cheery. Do we find the same thinking in the US? Governments are usually composed of political parasites with skills in slick oratory not business acumens of various sorts. The British are being led down the economic rut by such characters as their monarch the comical Princeling of Wails[3] and other losers. They want to add massive taxes for CO2.

“The danger is that he [Brown] will be trapped by his own rhetoric and be forced to embrace a form of state capitalism (which is the technical definition of "fascism"). Those who worry about the loss of our traditional rights and freedoms might want to give that prospect a thought.”-- Janet Daley

The US situation:

I suspected the US has been doing this all along as there is no way to account for the 4.29 trillion spent on bailouts of various forms. An article by CNBC[4] seems to show monies that we cannot account for. We are probably printing money as well.

From 17 Nov 2008  

Note: Figures as of Nov. 13, 2008

I wonder what a swap line is. Between a swap line and the Money Market Investor Funding Facility we see nearly a trillion dollars floating somewhere.  Maybe this is a misprint and they really mean a swamp line. The (TARP) Treasury Asset Relief Program looks puny when compared to the sum here. Is TARP a distraction?

Here are some financial hocus-pocus items featuring some technical language. Some of this money appears to be in terms of guarantees, whatever that means.

[I converted millions to billions on this chart.]

This means that we have ½ of our entire GDP of 14 bln in play in some financial way with the government fingers on the buttons.

Now, we learn that AIG has experienced the biggest loss [62 bln] of any corporation in one quarter ever.[5] And the government will come to their rescue again.

This means that if we add our 12.7 trillion National Debt to this 7.36 trillion and then add Obama’s 5-10 trillion dollar spending dreams over the next 4-8 years we can see the sum growing to around 25 trillion, TWICE our GDP.  If we look at the bank money multiplier[6][7] of about 10 this could balloon our money supply M2 from 8 trillion to 258 trillion. That is 3225.00%. We are all going to be rich like Zimbabwe.  At a mere 3% interest rate, what is the debt service on 25 trillion??  Why, that is 750 bln.  At 10%, not enough to fight massive inflation, the debt service soars to 2.5 trillion! At an interest rate of 20%, which might not be enough we arrive at the nifty sum of 5 trillion dollars every year, nearly double the 2008 federal budget. What is left?

This does not look like a good plan to me. Any comments or corrections to this? I think we are heading into the tank. Our currency could collapse. Are we heading for “state capitalism?’

Down we go……….. rycK

Comments: ryckki@gmail.com

The Socialist Parasites Now Begin to Beg for Money:  The Collapse of the World Economies is at Hand.

In that last century, early on, we became ensnarled with the European system of government and were asked to participate in two world wars where we had no interest or involvement. In the Great Depression the English Commonwealth circled their wagons and Europe did not experience as much of a compression of their economies as we did, down nearly 30%. England, France and Germany were all down less than 15%.

Like malaria, the now mostly socialist nations in the European Community are again collapsing from massive debt derived from massive spending and now require some more loans from us as they did in WW1, 2 and later.  We should expect a different outcome if their superior socialist systems worked better than our capitalist democracy and that, according to socialist theories, we should be the ones in trouble and they should show sympathy by bailing us out. This didn’t happen according to theory.

So, now the one-eyed Scotsman at No. 10 Downing Street, Mr. Gordon Brown,   has bent down on both knees to beg for alms in what he tells us is a quest for a global New Deal:

“"That is why President Obama and I will discuss this week a global new deal, whose impact can stretch from the villages of Africa to reforming the financial institutions of London and New York - and giving security to the hard-working families in every country."[1]-- Gordon Brown aims for 'global new deal' with Barack Obama. Gordon Brown has pledged to forge a "global new deal" with Barack Obama when he meets the new US President for talks in Washington.  Mar 1, 2009. [Emphasis is mine in all quotes.]

Now, this sounds wonderful. But, to ask a pertinent, but in what may be construed as an impertinent manner, just who is going to pay for this? Or, are we just mumbling here and sending up a trail balloon?

Where are the details??

On a tangential thought, we might see if the French are ready to play the New Deal Game with a reflection on what their President just said about their auto industry:

The French View:

“The summit followed the French president's pledge to help his nation's car industry if jobs were safeguarded in France.

President Nicolas Sarkozy's move raised fears that national protectionism could scupper hopes of recovery within the EU. The Czech Republic, current holder of the EU presidency, condemned his comments.

UK Prime Minister Gordon Brown said "today was the start of a European consensus on all these major issues that are facing the world community", including "no to protectionism".[2]—BBC: EU 'consensus' to tackle crisis 1 Mar 2009.

Several countries are collapsing:

“Hungary's Prime Minister Ferenc Gyurcsany warned earlier against allowing a "new Iron Curtain" to divide the continent.

Many of the newer EU members in Central and Eastern Europe have seen their financial institutions and economies battered by the downturn. They are faced with plunging currencies, factory closures and in some cases social unrest.

Hungary and Latvia especially are facing serious liquidity problems. They are already receiving billions of euros from an EU emergency fund.”-- BBC

Is their talk of an Iron Curtain across the Atlantic Ocean that would divide [or save us] from another European mess? What do they want us to do??

“Writing in The Sunday Times today, Brown calls for “universal action to prevent the crisis spreading, to stimulate the global economy and to help reduce the severity and length of the global recession.”[3]--From The Sunday Times March 1, 2009 Brown woos Obama on global deal

Words, just words……….

Now, just what can we mean by the words “universal action?” We know we are deflating from a world-wide debt monster and wealth is being lost from falling real estate prices and spiraling down into a depression. We know that many countries, soon the US too, will have a debt higher than our GDPs. We are being told that we must spend and raise the deficit to really ugly heights and be prepared to spend a lot of money on social programs, the kind that have trashed Europe. Can we offer California as a model of how to handle debt by spending and barrowing?[4] Can anyone criticize California for their spending?

Brown mumbled about ‘tax cuts,’ a theme that has been ripped out of the leftist lexicon and is not a possibly for the US. Tax cuts do not enhance growth as the left tells us.  We know that spending by Obama will surely save us from a depression and that we can spend ourselves into prosperity like California did—so what is Brown’s problem?

England should just start up the printing presses and create prosperity for all with their sterling. The EU should just start printing euros and spreading them around so everybody will be happy.

But Brown, even with one eye, can see this. Brown really wants US taxpayer dollars or US capital to be spread around Europe and Africa so as to bring peace and justice and prosperity to all.

We have a lot of wealth in the US, some 57 trillion—buried in our homes and IRAs and other assets and equities. Is this what Brown wants?

What we need is a fat, juicy wealth tax where we can give [read  universal action  here for ‘give’] part of our savings and retirement to the EC so they can enjoy a global new deal in the true FDR sense. If we cough up a lot of money then there will be no Iron Curtain and we will all be True Believers in socialism. How about a mere 10% per year tax on our IRAs and 401(k)s!!  That is nearly 6 trillion for Europe from us!! Why, we could do that again the year after and really make Europe look like the very fount of splendor.

That sounds great to me.  That is just wonderful.  Oh, there is just one conflicting thought here and a suggestion: Why don’t the Europeans just print and spend more? They could have prosperity like Obama promised us! The whole world will become rich! The EU can be a success like California! Let us wait just a bit until they triple their money supply and see how things work out.

Let us spend ourselves into prosperity and be like California!

rycK

Comments: ryckki@gmail.com