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rpietila
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November 18, 2013, 07:06:52 AM |
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What is nonsense regarding backwardation? (My guess - markets are so rigged that nothing just matters)
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HIM TVA Dragon, AOK-GM, Emperor of the Earth, Creator of the World, King of Crypto Kingdom, Lord of Malla, AOD-GEN, SA-GEN5, Ministry of Plenty (Join NOW!), Professor of Economics and Theology, Ph.D, AM, Chairman, Treasurer, Founder, CEO, 3*MG-2, 82*OHK, NKP, WTF, FFF, etc(x3)
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joae1975 (OP)
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November 18, 2013, 09:18:18 AM |
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I figured as much. So what's the difference between new and old school Austrian economists? Is new school just a term for Keynsians posing as Austrians? |
1PewuG8KZJUPK3CtvAkAs1Uw42rQgUv5Jk
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AnonyMint
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November 18, 2013, 05:59:19 PM
Last edit: November 18, 2013, 09:01:56 PM by AnonyMint |
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What is nonsense regarding backwardation? (My guess - markets are so rigged that nothing just matters)
Armstrong explained it: http://armstrongeconomics.com/2013/03/06/gold-backwardation-the-real-story/The Gold backwardation has been distorted as all sorts of reasons for everything. Normally, this is the market condition wherein the price of a forward or futures contract is trading below the expected spot price at contract maturity. Consequently, the resulting futures or forward curve is “inverted” whereby it is negative because gold is trading at even lower prices. This is simply driven by interest rates. Backwardation in this case is not indicative of any shortage whatsoever or a collapse in “trust” of the dollar. The dollar has been rising! Just look at German interest rates on short-term paper went negative by 0.6%. This has NOTHING to do with fiat and people losing faith in paper money –yada, yada, yada. If that were true, interest rates would not COLLAPSE, they would SOAR because people would not trust government bonds and they would have to pay up. Backwardation in gold is a money issue and it is simply the yield curve – nothing more. It has gone negative just as US government T-Bills went negative. The carrying cost of gold in a future's contract is related to the cost of short-term borrowing. Armstrong claims that he showed the Islamists how to earn "interest rates" by selling gold forward in futures, since they could not religiously earn interest in normal ways. This is (at least one reason) why the $quadrillion derivatives credit-swaps are holding up the financial system. This is how the Arabs get the oil money into the gold futures markets and keep the western central banks ZIRP policy going. You've just read something that nobody else ever published (as far as I know).  Now you know why I know there is a global implosion coming. It is not wise to ignore me. I figured as much. So what's the difference between new and old school Austrian economists? Is new school just a term for Keynsians posing as Austrians?
I don't know anything about that. Fekete is a well intentioned person and also very smart. He just doesn't have the big picture that Armstrong can see, because Armstrong is actually in all the markets. He had a $3 trillion hedge fund, the largest ever before they shut him down and threw him in maximum security prison for 7 years for contempt of court. Experience trumps and refines theory. Armstrong has experience trading in all markets on a global scale, including gold. |
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MoonShadow
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November 18, 2013, 07:35:31 PM |
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I figured as much. So what's the difference between new and old school Austrian economists? Is new school just a term for Keynsians posing as Austrians? Oh, definately not. Peter is no keynsian, although me might be a bit of a moneterist. |
"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."
- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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tvbcof
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November 19, 2013, 05:52:58 PM |
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Crypto-currencies could be used to give gold some of the modern day transmission advantages without even going through a medium with counter-party risk such as an ETF or whatever.
To bad that Peter is to much of a simp to grasp such a thing.
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sig spam anywhere and self-moderated threads on the pol&soc board are for losers.
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joae1975 (OP)
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November 19, 2013, 06:41:01 PM |
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LOL! He's so funny when he's honest which is why I like him. Well that was last Feb. I would assume he's learned more sense then. Thanks! |
1PewuG8KZJUPK3CtvAkAs1Uw42rQgUv5Jk
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tvbcof
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November 19, 2013, 07:23:52 PM |
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LOL! He's so funny when he's honest which is why I like him. Well that was last Feb. I would assume he's learned more sense then. Thanks! He's probably doubling down on a losing bet and hoping for something to bail him out. The funny thing is that he seems quite unable to comprehend what the various things which could save him might be. Or maybe he does but does not want to pick one. To bad the people he influences might end up co-lateral damage, but I guess that is what happens when one bets on the wrong horse. I never considered him 'funny'. He's had the same spiel ever since I've heard of him and I used to listen to his views regularly many years ago. Pre-2008 IIRC. He's one of those 'every squirrel finds a nut sometimes' sorts of guys in my opinion and his only real source of success is a shrill tone which appeals to a certain class of listeners. |
sig spam anywhere and self-moderated threads on the pol&soc board are for losers.
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MoonShadow
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November 19, 2013, 08:21:19 PM |
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Crypto-currencies could be used to give gold some of the modern day transmission advantages without even going through a medium with counter-party risk such as an ETF or whatever.
Care to explain how? |
"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."
- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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Pumpkin
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November 19, 2013, 09:40:23 PM |
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Bitcoin cuts out the middle man.
Peter Schiff wants to create an electronic gold currency backed by physical gold. He wants to be the middle man.
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MoonShadow
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November 19, 2013, 09:56:31 PM |
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It doesn't matter how many times you say it, AnonyMint. Just because you can say it, or even that you have a link to someone else saying it, doesn't make it so. You are welcome to your opinion, but I've read over the theory of that mining cartel attack, and I think it's just FUD. There is more to Bitcoin than either you or him understand. More than I understand, and I'm one of the people who actually understands how it works at the protocol level. |
"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."
- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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AnonyMint
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November 19, 2013, 10:29:33 PM |
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It doesn't matter how many times you say it, AnonyMint. Just because you can say it, or even that you have a link to someone else saying it, doesn't make it so. You are welcome to your opinion, but I've read over the theory of that mining cartel attack, and I think it's just FUD. There is more to Bitcoin than either you or him understand. More than I understand, and I'm one of the people who actually understands how it works at the protocol level. Read the linked thread on the Transactions Withholding Attack. I am the one who discovered the attack, and I have defended against everyone who has tried to refute it. No one can refute it. Read the thread and try to refute it (post over there in the thread). You can't. |
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blablahblah
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November 19, 2013, 11:30:48 PM |
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LOL! He's so funny when he's honest which is why I like him. Well that was last Feb. I would assume he's learned more sense then. Thanks! He's probably doubling down on a losing bet and hoping for something to bail him out. The funny thing is that he seems quite unable to comprehend what the various things which could save him might be. Or maybe he does but does not want to pick one. What's his business, though? If he's just a retail seller and then talking-up gold on the radio, then he doesn't give a shit. I find all this "intrinsic value" crap unconvincing -- anyone who cares enough can do their due diligence and google "value" and find out what the different theories are. Disclaimer: I bought a tiny amount of gold coinz right at the peak of the bubble, after listening to guys like Peter Schiff yelling "zomg dollar collapse imminent! Get ze gold while it's cheap." Now I'm a starving artist, so I'm not making that mistake again. Ohh cheap bitcoins!  |
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Pumpkin
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November 19, 2013, 11:38:02 PM |
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Thank you very much for these clips! Please continue doing them. |
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MoonShadow
Legendary
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Activity: 1708
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November 19, 2013, 11:57:23 PM |
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It doesn't matter how many times you say it, AnonyMint. Just because you can say it, or even that you have a link to someone else saying it, doesn't make it so. You are welcome to your opinion, but I've read over the theory of that mining cartel attack, and I think it's just FUD. There is more to Bitcoin than either you or him understand. More than I understand, and I'm one of the people who actually understands how it works at the protocol level. Read the linked thread on the Transactions Withholding Attack. I am the one who discovered the attack, and I have defended against everyone who has tried to refute it. No one can refute it. Read the thread and try to refute it (post over there in the thread). You can't. I just did. And you're not the first, either. |
"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."
- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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AnonyMint
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November 20, 2013, 12:28:25 AM |
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It doesn't matter how many times you say it, AnonyMint. Just because you can say it, or even that you have a link to someone else saying it, doesn't make it so. You are welcome to your opinion, but I've read over the theory of that mining cartel attack, and I think it's just FUD. There is more to Bitcoin than either you or him understand. More than I understand, and I'm one of the people who actually understands how it works at the protocol level. Read the linked thread on the Transactions Withholding Attack. I am the one who discovered the attack, and I have defended against everyone who has tried to refute it. No one can refute it. Read the thread and try to refute it (post over there in the thread). You can't. I just did. And you're not the first, either. No you didn't. Not even close. Read my rebuttal to what you wrote over there. |
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MoonShadow
Legendary
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Activity: 1708
Merit: 1007
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November 20, 2013, 12:44:29 AM |
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It doesn't matter how many times you say it, AnonyMint. Just because you can say it, or even that you have a link to someone else saying it, doesn't make it so. You are welcome to your opinion, but I've read over the theory of that mining cartel attack, and I think it's just FUD. There is more to Bitcoin than either you or him understand. More than I understand, and I'm one of the people who actually understands how it works at the protocol level. Read the linked thread on the Transactions Withholding Attack. I am the one who discovered the attack, and I have defended against everyone who has tried to refute it. No one can refute it. Read the thread and try to refute it (post over there in the thread). You can't. I just did. And you're not the first, either. No you didn't. Not even close. Read my rebuttal to what you wrote over there. You are a sad, sad man. |
"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."
- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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