Global Correction

[midas]

Actually I had read/heard it for awhile now. I feel sorry if it happens for the folks with something they earned to lose.

I am not involved since I have been self employed my whole life (except for a year as project management ) So have no 401k/IRA to lose.

I no longer say or think...Oh That could never happen

Oh well..................at least you can still openly voice your objection -

not like the poor buggers in Burma yesterday who each got 65 years in jail just for

being a dissident

[Naam]

Hi Naam.

A few weeks ago I posted that I had heard on the BBC a list of countries who risk defaulting on their debt.

One of those I said was Brazil and you said that was rubbish !

But the article lana posted ( Post #1820 ) says

I have an increasingly uneasy feeling that Iceland is the canary in the coalmine. Hungary is struggling.

So are Pakistan, Ukraine, Belarus, Romania and Argentina. Cristina Ferna'ndez de Kirchner, the P

resident of Argentina, took everyone by surprise last week when she announced that the country's

private pension funds (about $26 billion) would be transferred into the state pension system.

The official line is that she is aiming to protect the country's pension funds from the global turmoil. Who is she kidding?

Now, the Federal Reserve Bank has decided to provide emergency loans to Mexico, Brazil, Singapore and South Korea

No one appears safe...........................

no such thing like the FED "providing loans" to any of the countries you mentioned Midas! i am too tired too explain that your perception is completely wrong as i am busy since three days attending gruelling long meetings and conducting heated discussions with bankers, traders and investor friends from all over the world. just came home for a shower, a dip in the pool and then i have to rush back.

looking forward for 23.00 hours when most of them have their mind set on exploring the "lighter side" of Pattaya

[midas]

Hi Naam.

A few weeks ago I posted that I had heard on the BBC a list of countries who risk defaulting on their debt.

One of those I said was Brazil and you said that was rubbish !

But the article lana posted ( Post #1820 ) says

I have an increasingly uneasy feeling that Iceland is the canary in the coalmine. Hungary is struggling.

So are Pakistan, Ukraine, Belarus, Romania and Argentina. Cristina Ferna'ndez de Kirchner, the P

resident of Argentina, took everyone by surprise last week when she announced that the country's

private pension funds (about $26 billion) would be transferred into the state pension system.

The official line is that she is aiming to protect the country's pension funds from the global turmoil. Who is she kidding?

Now, the Federal Reserve Bank has decided to provide emergency loans to Mexico, Brazil, Singapore and South Korea

No one appears safe...........................

no such thing like the FED "providing loans" to any of the countries you mentioned Midas! i am too tired too explain that your perception is completely wrong as i am busy since three days attending gruelling long meetings and conducting heated discussions with bankers, traders and investor friends from all over the world. just came home for a shower, a dip in the pool and then i have to rush back.

looking forward for 23.00 hours when most of them have their mind set on exploring the "lighter side" of Pattaya

But when you say my perception it's not my perception? I'm only quoting what I heard on the BBC

who can generally be relied upon for accurate journalism and then again in the article which lana

posted. What information do you have which negates these news sources? I'm interested that's all

[pkrv]

Hi Naam.

A few weeks ago I posted that I had heard on the BBC a list of countries who risk defaulting on their debt.

One of those I said was Brazil and you said that was rubbish !

But the article lana posted ( Post #1820 ) says

I have an increasingly uneasy feeling that Iceland is the canary in the coalmine. Hungary is struggling.

So are Pakistan, Ukraine, Belarus, Romania and Argentina. Cristina Ferna'ndez de Kirchner, the P

resident of Argentina, took everyone by surprise last week when she announced that the country's

private pension funds (about $26 billion) would be transferred into the state pension system.

The official line is that she is aiming to protect the country's pension funds from the global turmoil. Who is she kidding?

Now, the Federal Reserve Bank has decided to provide emergency loans to Mexico, Brazil, Singapore and South Korea

No one appears safe...........................

no such thing like the FED "providing loans" to any of the countries you mentioned Midas! i am too tired too explain that your perception is completely wrong as i am busy since three days attending gruelling long meetings and conducting heated discussions with bankers, traders and investor friends from all over the world. just came home for a shower, a dip in the pool and then i have to rush back.

looking forward for 23.00 hours when most of them have their mind set on exploring the "lighter side" of Pattaya

Naam are you saying the old war horses are being called up? honest question.

[lannarebirth]

Hi Naam.

A few weeks ago I posted that I had heard on the BBC a list of countries who risk defaulting on their debt.

One of those I said was Brazil and you said that was rubbish !

But the article lana posted ( Post #1820 ) says

I have an increasingly uneasy feeling that Iceland is the canary in the coalmine. Hungary is struggling.

So are Pakistan, Ukraine, Belarus, Romania and Argentina. Cristina Ferna'ndez de Kirchner, the P

resident of Argentina, took everyone by surprise last week when she announced that the country's

private pension funds (about $26 billion) would be transferred into the state pension system.

The official line is that she is aiming to protect the country's pension funds from the global turmoil. Who is she kidding?

Now, the Federal Reserve Bank has decided to provide emergency loans to Mexico, Brazil, Singapore and South Korea

No one appears safe...........................

no such thing like the FED "providing loans" to any of the countries you mentioned Midas! i am too tired too explain that your perception is completely wrong as i am busy since three days attending gruelling long meetings and conducting heated discussions with bankers, traders and investor friends from all over the world. just came home for a shower, a dip in the pool and then i have to rush back.

looking forward for 23.00 hours when most of them have their mind set on exploring the "lighter side" of Pattaya

Naam are you saying the old war horses are being called up? honest question.

It does make me wonder where A_Traveller has disappeared to. He was always more than just a little well informed on these matters.

[flying]

Actually I had read/heard it for awhile now. I feel sorry if it happens for the folks with something they earned to lose.

I am not involved since I have been self employed my whole life (except for a year as project management ) So have no 401k/IRA to lose.

I no longer say or think...Oh That could never happen

Oh well..................at least you can still openly voice your objection -

not like the poor buggers in Burma yesterday who each got 65 years in jail just for

being a dissident

Well I know this will probably ruffle a few feathers but hey.....

[siamamerican]

If some of you expats are living in TL based on 401k's & IRA's maybe another method may be best???

http://www.abovetopsecret.com/forum/thread409464/pg1

Flying it shouldn't surprise you because the President elect made it clear throughout his campaign that he " plans to redistribute the wealth."

And as there isn't much of that around in your country at the moment they cannot redistribute that which isn't theirs

then it seems they see all wealth as being the property of the new government. You'll be allowed to keep only

as much as the new government say you can have. Changing times

America has much wealth to distribute. Per capita net worth is only surpassed by Japan. I excluded countries with populations under 30 mil.

I have no idea where you get your info. Wouldn’t this forum benefit if semi-accurate data was posted.

Japan 180,837

USA 143,727

UK 126,832

Italy 98,317

Cyprus 90,277

Germany 86,369

France 85,794

Source: http://en.wikipedia.org/wiki/World_distribution_of_wealth

More recent source:

http://www.finlandforthought.net/2006/12/0...old-eu-by-alot/

Edited November 12, 2008 by siamamerican

[LaoPo]

America has much wealth to distribute. Per capita net worth is only surpassed by Japan. I excluded countries with populations under 30 mil.

And......what's happening with America's debts ?

LaoPo

[Naam]

Hi Naam.

A few weeks ago I posted that I had heard on the BBC a list of countries who risk defaulting on their debt.

One of those I said was Brazil and you said that was rubbish !

But the article lana posted ( Post #1820 ) says

I have an increasingly uneasy feeling that Iceland is the canary in the coalmine. Hungary is struggling.

So are Pakistan, Ukraine, Belarus, Romania and Argentina. Cristina Ferna'ndez de Kirchner, the P

resident of Argentina, took everyone by surprise last week when she announced that the country's

private pension funds (about $26 billion) would be transferred into the state pension system.

The official line is that she is aiming to protect the country's pension funds from the global turmoil. Who is she kidding?

Now, the Federal Reserve Bank has decided to provide emergency loans to Mexico, Brazil, Singapore and South Korea

No one appears safe...........................

no such thing like the FED "providing loans" to any of the countries you mentioned Midas! i am too tired too explain that your perception is completely wrong as i am busy since three days attending gruelling long meetings and conducting heated discussions with bankers, traders and investor friends from all over the world. just came home for a shower, a dip in the pool and then i have to rush back.

looking forward for 23.00 hours when most of them have their mind set on exploring the "lighter side" of Pattaya

But when you say my perception it's not my perception? I'm only quoting what I heard on the BBC

who can generally be relied upon for accurate journalism and then again in the article which lana

posted. What information do you have which negates these news sources? I'm interested that's all

you used the word "loan" Midas and that is what i meant with "wrong perception". i still have no time to explain (it is rather difficult) what the chaps from BBC meant. that the countries mentioned in LRB's post #1820 are at risk to default is of course correct but the list does not include Brazil.

[Naam]

Hi Naam.

A few weeks ago I posted that I had heard on the BBC a list of countries who risk defaulting on their debt.

One of those I said was Brazil and you said that was rubbish !

But the article lana posted ( Post #1820 ) says

I have an increasingly uneasy feeling that Iceland is the canary in the coalmine. Hungary is struggling.

So are Pakistan, Ukraine, Belarus, Romania and Argentina. Cristina Ferna'ndez de Kirchner, the P

resident of Argentina, took everyone by surprise last week when she announced that the country's

private pension funds (about $26 billion) would be transferred into the state pension system.

The official line is that she is aiming to protect the country's pension funds from the global turmoil. Who is she kidding?

Now, the Federal Reserve Bank has decided to provide emergency loans to Mexico, Brazil, Singapore and South Korea

No one appears safe...........................

no such thing like the FED "providing loans" to any of the countries you mentioned Midas! i am too tired too explain that your perception is completely wrong as i am busy since three days attending gruelling long meetings and conducting heated discussions with bankers, traders and investor friends from all over the world. just came home for a shower, a dip in the pool and then i have to rush back.

looking forward for 23.00 hours when most of them have their mind set on exploring the "lighter side" of Pattaya

Naam are you saying the old war horses are being called up? honest question.

i have a feeling (not sure though) that the opposite applies and those who are called up are young fillies

[midas]

If some of you expats are living in TL based on 401k's & IRA's maybe another method may be best???

http://www.abovetopsecret.com/forum/thread409464/pg1

Flying it shouldn't surprise you because the President elect made it clear throughout his campaign that he " plans to redistribute the wealth."

And as there isn't much of that around in your country at the moment they cannot redistribute that which isn't theirs

then it seems they see all wealth as being the property of the new government. You'll be allowed to keep only

as much as the new government say you can have. Changing times

America has much wealth to distribute. Per capita net worth is only surpassed by Japan. I excluded countries with populations under 30 mil.

I have no idea where you get your info. Wouldn’t this forum benefit if semi-accurate data was posted.

Japan 180,837

USA 143,727

UK 126,832

Italy 98,317

Cyprus 90,277

Germany 86,369

France 85,794

Source: http://en.wikipedia.org/wiki/World_distribution_of_wealth

More recent source:

http://www.finlandforthought.net/2006/12/0...old-eu-by-alot/

I was referring to this kind of thing- i think it gives a more meaningful picture.................. :-

Our Financial Failings

Family Savings Look Scary Across the Board

By Neil Irwin

Washington Post Staff Writer

Meet the typical American family.

It has about $3,800 in the bank. No one has a retirement account, and the neighbors who do only have about $35,000 in theirs. Mutual funds? Stocks? Bonds? Nope. The house is worth $160,000, but the family owes $95,000 on it to the bank. The breadwinners make more than $43,000 a year but can't manage to pay off a $2,200 credit card balance.

It doesnt appear very wealthy to me...........?

[flying]

America has much wealth to distribute. Per capita net worth is only surpassed by Japan. I excluded countries with populations under 30 mil.

And......what's happening with America's debts ?

LaoPo

So sad & Sooooo True

[siamamerican]

If some of you expats are living in TL based on 401k's & IRA's maybe another method may be best???

http://www.abovetopsecret.com/forum/thread409464/pg1

Flying it shouldn't surprise you because the President elect made it clear throughout his campaign that he " plans to redistribute the wealth."

And as there isn't much of that around in your country at the moment they cannot redistribute that which isn't theirs

then it seems they see all wealth as being the property of the new government. You'll be allowed to keep only

as much as the new government say you can have. Changing times

America has much wealth to distribute. Per capita net worth is only surpassed by Japan. I excluded countries with populations under 30 mil.

I have no idea where you get your info. Wouldn’t this forum benefit if semi-accurate data was posted.

Japan 180,837

USA 143,727

UK 126,832

Italy 98,317

Cyprus 90,277

Germany 86,369

France 85,794

Source: http://en.wikipedia.org/wiki/World_distribution_of_wealth

More recent source:

http://www.finlandforthought.net/2006/12/0...old-eu-by-alot/

I was referring to this kind of thing- i think it gives a more meaningful picture.................. :-

Our Financial Failings

Family Savings Look Scary Across the Board

By Neil Irwin

Washington Post Staff Writer

Meet the typical American family.

It has about $3,800 in the bank. No one has a retirement account, and the neighbors who do only have about $35,000 in theirs. Mutual funds? Stocks? Bonds? Nope. The house is worth $160,000, but the family owes $95,000 on it to the bank. The breadwinners make more than $43,000 a year but can't manage to pay off a $2,200 credit card balance.

It doesnt appear very wealthy to me...........?

How about some real data showing US household have less savings than other nations. You can't because it isn't true. The above article is just the type of crap that people like yourself buy into.

The average American household has a net worth of $468,000.

Source: http://www.fivecentnickel.com/2008/02/05/a...t-worth-values/

Good luck finding another economic power that has these net worth values. Sure we borrow too much and need to curtail this behavior, but we are the richest nation on the planet. Economics is a little more complicated than looking at debt. Hmmm, do you think, just maybe, some of that debt is used to purchase tangible assets and run businesses.

It is hard to have a meaningful debate if you are going to post crap and claim it is factual. How about doing some research and you might come to the truth. You also might find that the mysterious country you were born in isn't too much different than the US. Only a few degrees of separation when comparing the US and Europe economically.

[siamamerican]

America has much wealth to distribute. Per capita net worth is only surpassed by Japan. I excluded countries with populations under 30 mil.

And......what's happening with America's debts ?

LaoPo

Sorry, a little over my head. You mean?

Also, waiting for the data confirming most of Europe's real estate isn't over valued. Not being confrontational, just want to take a look at the data.

[BEENTHEREDONETHAT]

Depends on whos counting.

Liability $516,348 per U.S. household

By Dennis Cauchon

USA TODAY

Bottom line: Taxpayers are now on the hook for a record $59.1 trillion in liabilities, a 2.3% increase from 2006. That amount is equal to $516,348 for every U.S. household. By comparison, U.S. households owe an average of $112,043 for mortgages, car loans, credit cards and all other debt combined

http://www.usatoday.com/printedition/news/..._lede29.art.htm

[Pakboong]

If some of you expats are living in TL based on 401k's & IRA's maybe another method may be best???

http://www.abovetopsecret.com/forum/thread409464/pg1

Flying it shouldn't surprise you because the President elect made it clear throughout his campaign that he " plans to redistribute the wealth."

And as there isn't much of that around in your country at the moment they cannot redistribute that which isn't theirs

then it seems they see all wealth as being the property of the new government. You'll be allowed to keep only

as much as the new government say you can have. Changing times

America has much wealth to distribute. Per capita net worth is only surpassed by Japan. I excluded countries with populations under 30 mil.

I have no idea where you get your info. Wouldn’t this forum benefit if semi-accurate data was posted.

Japan 180,837

USA 143,727

UK 126,832

Italy 98,317

Cyprus 90,277

Germany 86,369

France 85,794

Source: http://en.wikipedia.org/wiki/World_distribution_of_wealth

More recent source:

http://www.finlandforthought.net/2006/12/0...old-eu-by-alot/

I was referring to this kind of thing- i think it gives a more meaningful picture.................. :-

Our Financial Failings

Family Savings Look Scary Across the Board

By Neil Irwin

Washington Post Staff Writer

Meet the typical American family.

It has about $3,800 in the bank. No one has a retirement account, and the neighbors who do only have about $35,000 in theirs. Mutual funds? Stocks? Bonds? Nope. The house is worth $160,000, but the family owes $95,000 on it to the bank. The breadwinners make more than $43,000 a year but can't manage to pay off a $2,200 credit card balance.

It doesnt appear very wealthy to me...........?

Paulson seems to think that more lending is the answer not more saving. We would generally assume that to be business lending but he is including individual credit cards and other consumer credit.

http://meltdown101.livejournal.com/16402.html

There is also consideration to make saving mandatory as a tax at around 5% per month. Along with this forced saving, it is planned to confiscate IRA and 401k accounts and pull them under Social Security Administration control.

http://www.prisonplanet.com/government-to-...avings-tax.html

[midas]

If some of you expats are living in TL based on 401k's & IRA's maybe another method may be best???

http://www.abovetopsecret.com/forum/thread409464/pg1

Flying it shouldn't surprise you because the President elect made it clear throughout his campaign that he " plans to redistribute the wealth."

And as there isn't much of that around in your country at the moment they cannot redistribute that which isn't theirs

then it seems they see all wealth as being the property of the new government. You'll be allowed to keep only

as much as the new government say you can have. Changing times

America has much wealth to distribute. Per capita net worth is only surpassed by Japan. I excluded countries with populations under 30 mil.

I have no idea where you get your info. Wouldn’t this forum benefit if semi-accurate data was posted.

Japan 180,837

USA 143,727

UK 126,832

Italy 98,317

Cyprus 90,277

Germany 86,369

France 85,794

Source: http://en.wikipedia.org/wiki/World_distribution_of_wealth

More recent source:

http://www.finlandforthought.net/2006/12/0...old-eu-by-alot/

I was referring to this kind of thing- i think it gives a more meaningful picture.................. :-

Our Financial Failings

Family Savings Look Scary Across the Board

By Neil Irwin

Washington Post Staff Writer

Meet the typical American family.

It has about $3,800 in the bank. No one has a retirement account, and the neighbors who do only have about $35,000 in theirs. Mutual funds? Stocks? Bonds? Nope. The house is worth $160,000, but the family owes $95,000 on it to the bank. The breadwinners make more than $43,000 a year but can't manage to pay off a $2,200 credit card balance.

It doesnt appear very wealthy to me...........?

How about some real data showing US household have less savings than other nations. You can't because it isn't true. The above article is just the type of crap that people like yourself buy into.

The average American household has a net worth of $468,000.

Source: http://www.fivecentnickel.com/2008/02/05/a...t-worth-values/

Good luck finding another economic power that has these net worth values. Sure we borrow too much and need to curtail this behavior, but we are the richest nation on the planet. Economics is a little more complicated than looking at debt. Hmmm, do you think, just maybe, some of that debt is used to purchase tangible assets and run businesses.

It is hard to have a meaningful debate if you are going to post crap and claim it is factual. How about doing some research and you might come to the truth. You also might find that the mysterious country you were born in isn't too much different than the US. Only a few degrees of separation when comparing the US and Europe economically.

siamamerican yes I am interested in having a meaningful debate with you about this matter without it degenerating into you

accusing me of being an anti American basher which I am not and before you criticise me again for reading too many books

about the changing face of the USA.Let's try to be more mature about this ?

I tried to open the link Source: http://www.fivecentnickel.com/2008/02/05/a...t-worth-values/

but it only results in a message saying " Sorry, dude...For whatever reason, what you're looking isn't here "?

One could have a really long debate about how to measure the overall wealth of the USA but that may not be relevant to the problem of so many

Americans that are now experiencing such financial hardship? I wasn't really talking about the wealth of the country,

I was talking about the wealth of the average American today as it affects his or her daily life in terms of paying bills

and getting by. Let us remember that my posting was in response to the post

from flying when he posted the article about the US government debating the possible confiscation of pension schemes.

You discounted that possibility also. Why do you think that is so far-fetched and why do you think it couldn't possibly happen?

[Wrong Turn]

http://www.prisonplanet.com/government-to-...avings-tax.html[/url]

What do you think the chances of this actually passing?

With so much government incompetence, I cannot trust a GRA, SSA, or any government organization to handle my money.

[Pakboong]

http://www.prisonplanet.com/government-to-...avings-tax.html[/url]

What do you think the chances of this actually passing?

With so much government incompetence, I cannot trust a GRA, SSA, or any government organization to handle my money.

Hard to say. But, desperate folks always seem to take desperate steps when problem solving. I have seen 5 articles in alternative news sites over the last couple of days on this particular topic.

[flying]

http://www.prisonplanet.com/government-to-...avings-tax.html[/url]

What do you think the chances of this actually passing?

With so much government incompetence, I cannot trust a GRA, SSA, or any government organization to handle my money.

Hard to say. But, desperate folks always seem to take desperate steps when problem solving. I have seen 5 articles in alternative news sites over the last couple of days on this particular topic.

Me too...But when I mention it many think huh no way....

But really how hard would it be for tghe govt to do this?

Not hard at all as they already know where it all is & it is earmakred already.

None are pulling it because they fear the early withdrawal tax.

If it were mine I would probably pull it & find as many ways to off set that tax as possible.

But as I said before I am self employed & have no such 401k or IRA's

BTW.....The US taxes the $hit out of folks like me...They dont like us middle of the road self earning types & tax us accordingly.

[midas]

Me too...But when I mention it many think huh no way....

But really how hard would it be for tghe govt to do this?

Not hard at all as they already know where it all is & it is earmakred already.

None are pulling it because they fear the early withdrawal tax.

If it were mine I would probably pull it & find as many ways to off set that tax as possible.

But as I said before I am self employed & have no such 401k or IRA's

BTW.....The US taxes the $hit out of folks like me...They dont like us middle of the road self earning types & tax us accordingly.

I would bet all the money I have that sooner or later it would happen.

Money sitting there is too irresistible to cash-strapped governments and they

are only concerned about meeting their urgent requirements during their term in office.

[flying]

Me too...But when I mention it many think huh no way....

But really how hard would it be for tghe govt to do this?

Not hard at all as they already know where it all is & it is earmakred already.

None are pulling it because they fear the early withdrawal tax.

If it were mine I would probably pull it & find as many ways to off set that tax as possible.

But as I said before I am self employed & have no such 401k or IRA's

BTW.....The US taxes the $hit out of folks like me...They dont like us middle of the road self earning types & tax us accordingly.

I would bet all the money I have that sooner or later it would happen.

Money sitting there is too irresistible to cash-strapped governments and they

are only concerned about meeting their urgent requirements during their term in office.

You know some act like it is sooooo far fetched yet what do they think happens now?

They take a nice chunk from anything we earn already & call it Social Security.

We ( the baby boomers ) always knew we were paying for the older folks & when we were ready to retire there would probably be none as there are way less being born than when we were.

Sooooooo many made 401k's & IRA's

I think 401k was just a way for companies to shirk any feeling of needing to provide a pension like our parents had in their day.

Anyway all I want to say is WAKE UP FOLKS take care of yourself because that is probably the only true help you can count on. Dont depend on a govt that cannot count its own beans to count yours.

Dont depend on them & you will not be disappointed or worse ( pissed off )

[whiterussian]

Whoops! here cometh the back test!!!! only 397.9 points to go before round two meltdown.. just in time for xmas bonuses!

[teatree]

Me too...But when I mention it many think huh no way....

But really how hard would it be for tghe govt to do this?

Not hard at all as they already know where it all is & it is earmakred already.

None are pulling it because they fear the early withdrawal tax.

If it were mine I would probably pull it & find as many ways to off set that tax as possible.

But as I said before I am self employed & have no such 401k or IRA's

BTW.....The US taxes the $hit out of folks like me...They dont like us middle of the road self earning types & tax us accordingly.

I would bet all the money I have that sooner or later it would happen.

Money sitting there is too irresistible to cash-strapped governments and they

are only concerned about meeting their urgent requirements during their term in office.

You know some act like it is sooooo far fetched yet what do they think happens now?

They take a nice chunk from anything we earn already & call it Social Security.

We ( the baby boomers ) always knew we were paying for the older folks & when we were ready to retire there would probably be none as there are way less being born than when we were.

Sooooooo many made 401k's & IRA's

I think 401k was just a way for companies to shirk any feeling of needing to provide a pension like our parents had in their day.

Anyway all I want to say is WAKE UP FOLKS take care of yourself because that is probably the only true help you can count on. Dont depend on a govt that cannot count its own beans to count yours.

Dont depend on them & you will not be disappointed or worse ( pissed off )

This thread has degenerated and now we have to watch a couple fools talk crazy theories. They back their theories up with INTERNET articles and think that because many write about it is factual. These same people never take the time to search for the truth and to be honest, they are quite pathetic. They talk economics, yet know nothing about economies. They throw crazy illogical crap out there, seemingly to display their intelligence.

When you ask them to support their claims they ramble about sht and never offer any proof. Does anybody else want to call bullsht.

Hey, Flying you have made a friend in Midas. You guys make a cute pair.

And where do you get your information from? CNN? BBC? The International Herald tribune? A fact isn't a fact until it's mentioned in the mainstream, right?

You are staggeringly ignorant to not realise just how controlled the media is. The only place where there is a free flow of information (for the moment at least) is on the web. There may be a lot of crap on the internet, but it is up to you to use your own discernment to sort out the good information.

I don't remember anyone from the mainstream media predicting what is now unfolding in economies across the world, but there are many who did in alternative media.

Edited November 13, 2008 by teatree

[midas]

their urgent requirements during their term in office.

And where do you get your information from? CNN? BBC? The International Herald tribune? A fact isn't a fact until it's mentioned in the mainstream, right?

You are staggeringly ignorant to not realise just how controlled the media is. The only place where there is a free flow of information (for the moment at least) is on the web. There may be a lot of crap on the internet, but it is up to you to use your own discernment to sort out the good information.

I don't remember anyone from the mainstream media predicting what is now unfolding in economies across the world, but there are many who did in alternative media.

teatree problem with siamamerican is that he always throws a tantrum like this when things get too difficult

for him to understand He has been rude to several people in this forum but he never

posts any hard facts to prove his own case. in fact he is just an inconsequential POOR BOY !

Edited November 13, 2008 by midas

[flying]

Is Mr. Five-Cent-Nickel writing the one and only truth about economics ? WHO is he ? Bernanke...Paulson ? well...if so, than it MUST be true..right ?

This is true ......Sometimes I think he assumes because I or someone posts a link they found interesting that we are some how proclaiming it the ultimate truth.

So he tears at that web site as crapola. He alone holds the keys to what is truth & what is not.

Yet site like US News also have a say about it....

http://www.usnews.com/blogs/capital-commer...in-america.html

...the Global Correction thread is one of the longest running and most interesting threads on the 'Economy' Forum and we discuss things in a civilized manner but we certainly do not have to agree with one another all the time.

But, attacking other members like you do now, it 'not done', sorry to say so.

Yes that is one thing I have enjoyed in TV is the mostly civilized manner in which folks from different backgrounds & parts of the world can speak freely.

There is a very small rude group & usually I can over look it.

You really have to wonder who is the one trying to display their intelligence or lack of it.

If you are planning to come to Thailand (as I read) I strongly advise you to behave a bit more with your discussion style and with Thai people in particular...some may not like your style at all and become angry....Angry Thai are not pleasant to talk with, I assure you...

LaoPo

Yes please heed LaoPo's advice on this one. The last thing we need is another ugly american. You know ???

Edited November 15, 2008 by soundman
Post cleaned up.

[Pakboong]

In recent developments, Bloomberg has sued the Fed for disclosure of to whom the bailout money was loaned and the Republican House Leader has requested for transparency and for the Fed to disclose who got the money via a Freedom of Information Act request.

The Fed is not a US Federal Agency (Lewis vs the US 1982) and is therefore not subject to the Freedom of Information Act. I am disturbed a bit that the House leader does not know that.

The Fed is in a tough spot. They, for obvious reasons, do not want the general public to realize the Fed is not a Federal Agency and are therefore making decisions about tax dollars for their personal profit. It will be interesting to watch this unfold.

http://www.bloomberg.com/apps/news?pid=206...refer=worldwide

Edited November 14, 2008 by Pakboong

[siamamerican]

Depends on whos counting.

Liability $516,348 per U.S. household

By Dennis Cauchon

USA TODAY

Bottom line: Taxpayers are now on the hook for a record $59.1 trillion in liabilities, a 2.3% increase from 2006. That amount is equal to $516,348 for every U.S. household. By comparison, U.S. households owe an average of $112,043 for mortgages, car loans, credit cards and all other debt combined

http://www.usatoday.com/printedition/news/..._lede29.art.htm

516k includes public debt. Public debt pays for things like schools, roads,... These assets have VALUE. Our public debt is much smaller than most nations nations compared to GDP. The problem is people look at the huge debt and forget it is relative to GDP. Japan's public dept is roughly 200% of anual GDP, compared to 61% for America. Germany, France, Canada, Italy all have mre debt compared to thier respective GDPs.

Sorry, the US is wealthier than all the economic powers with the exception of Japan that has a huge amount of debt. We will weather this crisis better than Europe and mostlikely the rest of the world. As much as people wish that the US losing its place at the top, the data tells a different story. I forgot, few in this forum care about data.

[midas]

In recent developments, Bloomberg has sued the Fed for disclosure of to whom the bailout money was loaned and the Republican House Leader has requested for transparency and for the Fed to disclose who got the money via a Freedom of Information Act request.

The Fed is not a US Federal Agency (Lewis vs the US 1982) and is therefore not subject to the Freedom of Information Act. I am disturbed a bit that the House leader does not know that.

The Fed is in a tough spot. They, for obvious reasons, do not want the general public to realize the Fed is not a Federal Agency and are therefore making decisions about tax dollars for their personal profit. It will be interesting to watch this unfold.

http://www.bloomberg.com/apps/news?pid=206...refer=worldwide

Pakboong I only became aware of this astonishing revelation recently myself. Now I know the history of the Fed

I'm still flabbergasted that the circumstances came about. How did a country that was once the world's biggest economy

end up entrusting the function of the Federal Reserve to a group of self-serving private bankers ?

[BEENTHEREDONETHAT]

Midas this quote clears it up somewhat.

"I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the civilized world no longer a Government by free opinion, no longer a Government by conviction and the vote of the majority, but a Government by the opinion and duress of a small group of dominant men." -Woodrow Wilson, after signing the Federal Reserve into existence