Financial Crisis

[flying]

Man these folks have it bad...1 for 100

NKoreans burn bills in anger over currency reform

By KWANG-TAE KIM (AP) – 6 days ago

SEOUL, South Korea — North Koreans set piles of old bills alight in anger over their government's surprise move to redenominate the national currency, a report said, a sign of growing frustration among citizens left with hoards of worthless bills.

On Monday, the communist government informed citizens and foreign embassies that it would redenominate the national currency, the won. But it limited the maximum amount of old bills that could be converted into new ones, telling residents to deposit the rest in government-run banks, according to media reports and diplomats.

There are widespread doubts among North Koreans whether they would be able to get their money back, they said.

Angry citizens burned piles of old bills at two separate locations in the eastern coastal city of Hamhung on Monday, the Daily NK, a Seoul-based online news outlet that focuses on North Korean affairs, reported late Thursday, citing an unidentified North Korean resident.

It quoted the resident as saying he saw graffiti and leaflets criticizing North Korean leader Kim Jong Il in and around a college in Hamhung — a rare move in a country where the totalitarian government keeps tight control over its 24 million people.

North Korea announced that the exchange rate would be set at 100 old won to 1 new won. Initially, residents were only allowed to exchange 100,000 won per household for the new currency. But the government later increased the amount, allowing each family member to trade an additional 50,000 old won for new ones.

The overhaul of the won — the most drastic in 50 years — appears aimed at curbing runaway inflation and clamping down on street markets that have sprung up. The government is also retaking control of the economy from the hands of merchants, analysts say.

Unable to feed its people, the government began allowing some markets in 2002, including farmers' markets.

The markets have encouraged trade but have also sold banned goods such as movies and soap operas from rival South Korea, posing a threat to Kim's totalitarian rule, analysts say. The country's largest wholesale market in Pyongyang was reportedly shut down in mid-June.

The sudden redenomination sparked panic and despair among North Koreans, leading to the death of a man in a dispute over whether he should repay his debt in old bills or new ones. A merchant couple in their 60s also killed themselves in North Hamgyong Province after hearing of the currency revaluation, according to the Daily NK.

South Korean online media outlets specializing in North Korean affairs have reported the currency reform by citing North Korean residents.

Despite crackdowns, some North Koreans are able to use cell phones through Chinese communication networks to communicate with the outside world, mostly with South Koreans and Chinese, according to North Korean defectors who have resettled in South Korea.

Copyright © 2009 The Associated Press. All rights reserved.

Edited December 11, 2009 by flying

[hhgz]

"You need to do a lil better than calling it."

There are too many characters on the license plate. You can also check the NY DMV website, and check for yourself. It took all of a minute on the website to find out that the plate was phony, and that was a minute longer than you took to verify the photo.

Edited December 11, 2009 by hhgz

[Naam]

"You need to do a lil better than calling it."

There are too many characters on the license plate.

why spoil a shitty story which the boys like with facts?

[12DrinkMore]

Here is a massive blow for the would be house-owner in the UK.

http://www.independent.co.uk/news/uk/polit...er-1838189.html

The UK to become a nation of renters? Hmmm, I'm not so sure, far more likely is a fall in the house prices down to the long term average. But for the Housing Minister to come out and say it? It is something that strikes into the heart of all UK citizens. But socialism is socialism, and the aim of that is to bring everybody down to the lowest common denominator.

And Brown is still spending tax payers' money.

http://www.independent.co.uk/environment/c...nd-1838482.html

1.5 Billion Quid, which will surely be squandered on more quangos. The whole climate warming is still under debate, but, IMO, we should just carry on as before; squandering and wasting the earths resources. Sooner or later the fossil fuels will run out, the emissions will then decline and good ol' mother earth will sort itself out. In the billion year history of the earth a mere 200 years of human carelessness plus maybe a maximum of another 100 before we are totally in the shit. sooner or later the human race is destined to be eradicated, maybe the universe would be a far better place without it anyway?

Neel "Build a Shed" Kashkari shows the way...

[midas]

"You need to do a lil better than calling it."

There are too many characters on the license plate. You can also check the NY DMV website, and check for yourself. It took all of a minute on the website to find out that the plate was phony, and that was a minute longer than you took to verify the photo.

But since when have banksters allowed " rules and regulations " to stand in their way about ANYTHING ?

[midas]

Here is a massive blow for the would be house-owner in the UK.

The UK to become a nation of renters? Hmmm, I'm not so sure, far more likely is a fall in the house prices down to the long term average. But for the Housing Minister to come out and say it? It is something that strikes into the heart of all UK citizens. But socialism is socialism, and the aim of that is to bring everybody down to the lowest common denominator.

Dont worry about that 12 ! Many in America for example see the benefits of renting

American Dream 2: Default, Then Rent

But ever since they quit paying their mortgages and walked away from their homes, they've discovered that giving up on the American dream has its benefits.

Both now live on the 3100 block of Club Rancho Drive in Palmdale, where a terrible housing market lets them rent luxurious homes -- one with a pool for the kids, the other with a golf-course view -- for a fraction of their former monthly payments.

"It's just a better life. It really is," says Ms. Richey. Before defaulting on her mortgage, she owed about $230,000 more than the home was worth.

http://online.wsj.com/article/SB126040517376983621.html

[12DrinkMore]

Dont worry about that 12 ! Many in America for example see the benefits of renting

http://online.wsj.com/article/SB126040517376983621.html

Absolutely.

Maybe somebody can correct me, but I believe in the States it is possible just to walk away from a mortgage debt and then carry on without the millstone weighing you down. In the UK this is not so easy, unless you declare bankruptcy you still have to carry the outstanding debt.

Ever since my ex-wife managed to deduct the value of my UK equity in bricks and mortar from my assets with the extremely helpful assistance of the UK legal system, including a couple of female solicitors, an female lawyer and a female judge; a. I have seen it far more prudent to rent property and b. infinitely more prudent not to get legally involved with any female ever again. (Although I am digressing once again from the financial crisis, I am always utterly amazed by the "sell up and a new life in Thailand" crowd, who think that possessing land and a building in Thailand will provide security and happiness ever after.)

But back to the ongoing crisis, and for Europe and the States does not look like anywhere near coming to an end. And so far I have yet to see any evidence against my conviction that the world's future powerful economies lie here in Asia and Australia/New Zealand.

http://www.bloomberg.com/apps/news?pid=206...XNj1E&pos=5

Ireland, Greece May Leave Euro, Standard Bank Says

I wonder how this would take place. There is no mechanism for it, surely the countries could not suddenly designate their national debt in some newly invented local currency and simultaneously convert all bank accounts to the new, local and devaluing currency? This would surely be utterly unacceptable to everybody who held EURs which were suddenly to become worth less than a chocolate chip cookie without the chocolate chips. And thinking about the issue a bit further, I really can't see a way to do it. Joining the Euro required meeting a certain level of fiscal prudence and responsibility, and it was inherently expected that this continue. At least Ireland is trying to sort out the mess.

And if a country did pull out of the Euro, there is no way that any other country, bank, investor would be prepared to invest money denominated in some local bullshit currency, and all external trade would be in EUR or USD. Surely the country that made this step would have a problem far worse than trying to fix the current financial issues?

An maybe we could consider the UK, which somehow thinks that it should be able to determine events within the Euro-region without actually embracing the EUR. The only reason for this is that it enables the UK government to devalue and devalue again. Well, sooner or later the GBP is destined to become utterly devalued and insignificant. The US FED has managed to devalue to the USD continually over the last 100 years, but it has maintained the status of the world's trading currency. The GBP has surely no future after Brown's disastrous policies of, on the one hand spend, spend and spend socialist policies and then on the other hand bail out, bail out and bailout the banks and foreign investors, who will possibly leave the UK shores for good.

Well done Brown!

[flying]

"You need to do a lil better than calling it."

There are too many characters on the license plate. You can also check the NY DMV website, and check for yourself. It took all of a minute on the website to find out that the plate was phony, and that was a minute longer than you took to verify the photo.

Well normally I would not check such silly minutia as I have seen NY plates with 8 characters

But knowing your record for lack of reading comprehension I did go to check just for you.

As suspected your WRONG....again... You were looking at theme plates at the NY DMV which allows 7

characters & a pic.

In your 1 minute in depth investigation you used custom plates instead of NY Empire State Plates

which was showed in the Story

But if you go to Empire State Plates plates on the NY DMV like the one I showed.....you are allowed 8 as I said.

Of course if you enter 2BIG2FAIL it is not available as it is in use....

Step 2: Plate Look Up Results

Plate Format Plate Number

Passenger 2BG2FAIL

Sorry, this plate combination is not available.

But just for you........since you cant find it on your own here are the New York Empire Plates...Like I showed

https://harmonia.dmv.state.ny.us/platespers...ChoosePlate.cfm

Step 2: Plate Look Up Results

Plate Type Plate Number

Empire Passenger HHGZFAIL

This plate combination is available to request.

So listen..... I mentioned before the thing about glass houses & throwing stones....without backing it up.

You must have not comprehended that either.

Perhaps in the future you will spend even more than the one minute you spent to mis-verify

Edited December 11, 2009 by flying

[flying]

"You need to do a lil better than calling it."

There are too many characters on the license plate.

why spoil a shitty story which the boys like with facts?

Kor Tort ....2nd time agreeing with him has you wrong

[flying]

But since when have banksters allowed " rules and regulations " to stand in their way about ANYTHING ?

Nah not even that.....Just

Matt Taibbi is pretty reliable...

Edited December 11, 2009 by flying

[AlexLah]

Haaaa haaaaaaaaaaaaaaaa!

I like it!

And even better:

Sorry.....bwaaaaaahaaaaaahaaaaaaaaaaaaaa!

Edited December 11, 2009 by AlexLah

[Naam]

when the prophets of doom and apocalyptic riders have fun one can be sure the financial crisis is over.

[BlackJack]

well things would have gotten very interesting if............................

Nov. 28 (Bloomberg) — Mark Pittman, the award-winning investigative reporter whose fight to open the Federal Reserve to more scrutiny led Bloomberg News to sue the central bank and win, died Nov. 25 in Yonkers, New York. He was 52.

Why is it always heart attack that kills of people who go against the grain?

Pittman suffered from heart-related illnesses. The precise cause of his death wasn’t known, said his friend William Karesh, vice president of the Global Health Program at the Bronx, New York-based Wildlife Conservation Society.

A former police-beat reporter who joined Bloomberg News in 1997, Pittman wrote stories in 2007 predicting the collapse of the banking system. That year, he won the Gerald Loeb Award from the UCLA Anderson School of Management, the highest accolade in financial journalism, for “Wall Street’s Faustian Bargain,” a series of articles on the breakdown of the U.S. mortgage industry.

“He was one of the great financial journalists of our time,” said Joseph Stiglitz, a professor at Columbia University in New York and the winner of the 2001 Nobel Prize for economics. “His death is shocking.” Continued

[midas]

[

But back to the ongoing crisis, and for Europe and the States does not look like anywhere near coming to an end. And so far I have yet to see any evidence against my conviction that the world's future powerful economies lie here in Asia and Australia/New Zealand.

I am more convinced than ever that part of this crisis is that a huge leveling of salaries is occuring

on a global scale which means dramatically lower living standards in the West and

therefore a simple inability to pay the real estate prices of the past.

If people in USA would only take a break for a moment away from the sensational news about

Tiger Woods and pay more attention to what’s happening at the White House they might start

asking more about what are the REAL aims of Andy Stern, the head of SEIU are ?

He is Barack Obama’s most frequent White House guest and during a recent discussion said

about his planned globalization of SEIU.“Because workers of the world unite, it’s not just a slogan anymore.”

What would you bet on ? That an Indian doctors salary currently at an average of $ 6,500 per annum

will come up to the average U.S. doctors salary of $ 150,000 per annum or that

the US doctors living standards will fall dramatically?

Incidentally here in Thailand many doctors working in the public hospitals are working

for no more than 10,000 baht per month.

In the 1990's India, China and the USSR ( two thirds of the global population ) were shut off

from the rest of the world and when they opened their huge economies simultaneously with the advent of the

Internet, i dont think we quite visualised how powerful and far reaching the affect of " globalisation "

would be and its potential to upset the " status quo " . Now the genie is out of the bottle

“ Inflationary expectations ” seems totally unachievable ( for example look at Japan ) and the US Admin fully know that

despite what they get puppet Ben Bernanke to tell the sheeple.

Edited December 12, 2009 by midas

[midas]

Sorry.....bwaaaaaahaaaaaahaaaaaaaaaaaaaa!

Nah Alex ......for Naam i think WETDREAM would be more appropriate

[ronz28]

Betty Liu asks Jimmy Rogers about his shorts and he reveals to her that he has no shorts on ...

[flying]

Betty Liu asks Jimmy Rogers about his shorts and he reveals to her that he has no shorts on ...

I've always liked him & his bow tie.

Back when he did his Investment Biker I thought that was cool.

Here is one I saw the other day & thought was good too.

Edited December 13, 2009 by flying

[midas]

US House Prices - Four More Years To Fall

The projections say homeowners have lost only $1 for every $3 they can expect to lose in the end.

A composite of projections derived from four major indexes — Freddie Mac, Case-Shiller, First American, and the Federal Housing Finance Agency – predicts a total fall from peak to trend of 35%. That same average of averages shows values falling nearly 20% further from their current level.

Real estate bears counter the bulls by arguing that record mortgage delinquencies will overpower inventories and that widespread credit-bubble debt will either stunt growth or ruin lenders and homeowners. The federal government is throwing everything including all of its kitchen sinks in to the fight over residential property values.

http://newobservations.net/2009/12/11/four...-years-to-fall/

[teletiger]

Cool little story about Neel Kashkari

Paulsons Bailout guy in charge of the 700 billion.

He bugged out & lives in the hills now.

The $700 billion man

Aaannnddd.......that's enough of that. He misses real beaver too much. He's joining PIMCO tomorrow.

http://www.zerohedge.com/article/now-kashk...s-perfect-sense

As for Jim Rogers, I'm with jazzbo on that. Whenever you see him on T.V. he's talking to the dumb money.

Regards.

Edit: added link.

Edited December 13, 2009 by teletiger

[flying]

Wondered what had happened to this...............

Democrats to lift debt ceiling by $1.8 trillion, fear 2010 backlash

In a bold but risky year-end strategy, Democrats are preparing to raise the federal debt ceiling by as much as $1.8 trillion before New Year’s rather than have to face the issue again prior to the 2010 elections.

“We’ve incurred this debt. We have to pay our bills,” House Majority Leader Steny Hoyer told POLITICO Wednesday. And the Maryland Democrat confirmed that the anticipated increase could be as high as $1.8 trillion — nearly twice what had been assumed in last spring’s budget resolution for the 2010 fiscal year.

Full article at link above

[sokal]

Betty Liu asks Jimmy Rogers about his shorts and he reveals to her that he has no shorts on ...

Betty Lui is the hottest finance anchor out there in my opinion.

[sokal]

I just came across some interesting facts today about the inflation deflation and basically <deleted>-is-going-to-happen debate. Some people are going to say that this belongs in the gold thread but remember, gold is the only constant in any equation at this point.

-Gold was up 1700% during the deflation of the 30s

-Gold was up 1500% during the inflation of the 70s

Most economists believe that as soon as the fed starts to raise interest rates that the price of gold will plummet but look what happened to the price of gold when the fed raised interest rates from 2004 to 2006.

[flying]

Quiet start masks Hong Kong shift to yuan offshore market

HONG KONG/SHANGHAI (Reuters) - If a currency represents a country's standing on the global stage, then China has been poorly represented until now.

Full article at link above

[midas]

I would like to suggest that with increasing shortages of water in some parts of the world

that food will be a more attractive proposition to some than gold.

-Gold was up 1700% during the deflation of the 30s At that time the world population was only about 2,070,000,000

-Gold was up 1500% during the inflation of the 70s At that time the world population was only about 3,685,777,000

Today world population is about 6,908,688,000

many hungry mouths to feed and a diminishing supply of productive land

Edited December 14, 2009 by midas

[Abrak]

“ Inflationary expectations ” seems totally unachievable ( for example look at Japan ) and the US Admin fully know that

despite what they get puppet Ben Bernanke to tell the sheeple.

Well there has always been much debate about how effective monetary policy can be at zero percent interest rates.

Inflation expectations (UST v. TIPs) have picked up over the last year. This time a year ago real 10 year rates were 2.0% and nominal 2.1% implying no inflation at all. Now they are 1.41% and 3.55% implying 2.1% inflation expectations per annum over 10 years. His game is to lower rates through inflation and I doubt 10 year real rates have been lower in the past 40 years.

Even inflation is picking up - consensus for November CPI is 0.3% to O.4% for the month.

Bernanke's argument could perhaps be summed up 'of course I can create inflation expectations, dont look at Japan, look at Zimbabwe...'.

[sokal]

I would like to suggest that with increasing shortages of water in some parts of the world

that food will be a more attractive proposition to some than gold.

-Gold was up 1700% during the deflation of the 30s At that time the world population was only about 2,070,000,000

-Gold was up 1500% during the inflation of the 70s At that time the world population was only about 3,685,777,000

Today world population is about 6,908,688,000

many hungry mouths to feed and a diminishing supply of productive land

Food is a commodity play, Its an alright investment idea now but the problem is that farmers in general expand any time they make money so eventually they will flood the market, they do every time. That is why farming has been a bad business for so many years.

I am not sure if your taking the " you cant eat gold " stance but you cant eat bonds or cash or stocks either.

[12DrinkMore]

On the subject of feeding all those hungry mouths and possible food price inflation in the pipeline.

http://www.bloomberg.com/apps/news?pid=206...fXZs&pos=14

Ah well, maybe those grotesquely overweight Farangs will slim down and allow the rest of the world a bowl of rice in the morning?

And here's a pessimistic view of joblessness.

http://www.bloomberg.com/apps/news?pid=206...lqbs&pos=10

Looks like the fortunate employees are OK and those companies that can slim down and maintain profit margins will be successful. This does, however, leave an increasing number of unemployed/underemployed, living off the state with either no job opportunities or no incentive, as they are provided for by the state. Maybe it is time to make the very unpopular political decision to reduce benefits over time to encourage the idle jobless to get off their bums and find something to do.

[pkrv]

On the subject of feeding all those hungry mouths and possible food price inflation in the pipeline.

http://www.bloomberg.com/apps/news?pid=206...fXZs&pos=14

Ah well, maybe those grotesquely overweight Farangs will slim down and allow the rest of the world a bowl of rice in the morning?

And here's a pessimistic view of joblessness.

http://www.bloomberg.com/apps/news?pid=206...lqbs&pos=10

Looks like the fortunate employees are OK and those companies that can slim down and maintain profit margins will be successful. This does, however, leave an increasing number of unemployed/underemployed, living off the state with either no job opportunities or no incentive, as they are provided for by the state. Maybe it is time to make the very unpopular political decision to reduce benefits over time to encourage the idle jobless to get off their bums and find something to do.

Interesting My Analysis on the UK

Grants were offered for University education - now you take on debt.

There was a national health service for dental care - now all private.

There was a national health service - old people now go private and pay for health care otherwise they would die before they were seen to.

There are no benefits for the unemployed - these have been reduced to virtually zero. Even with class one NI contributions you get 60 quid per week for six months. I asked at a one of those things that used to be called a job center.

Taxes inexorably increase, for less to no services.

A prediction, UK state pensions are not going to work.

Where exactly is the money going - oh silly question MPs and MP's expenses an unsupervised bunch of hyenas (the house of lords does not count, that contains the pack leaders, containing quite a few bishops) and UK royalty and aspirations of empire – war.

Edited December 14, 2009 by pkrv

[midas]

Food is a commodity play, Its an alright investment idea now but the problem is that farmers in general expand any time they make money so eventually they will flood the market, they do every time. That is why farming has been a bad business for so many years.

I am not sure if your taking the " you cant eat gold " stance but you cant eat bonds or cash or stocks either.

" I am not sure if your taking the " you cant eat gold " stance ' I am not doing that at all.

I do prefer food commodities above cash or stocks.

i do think whoever paid £29 million at Christie's in London last week

for a drawing by Raphael is taking a few things for granted

[pkrv]

Food is a commodity play, Its an alright investment idea now but the problem is that farmers in general expand any time they make money so eventually they will flood the market, they do every time. That is why farming has been a bad business for so many years.

I am not sure if your taking the " you cant eat gold " stance but you cant eat bonds or cash or stocks either.

" I am not sure if your taking the " you cant eat gold " stance ' I am not doing that at all.

I do prefer food commodities above cash or stocks.

i do think whoever paid £29 million at Christie's in London last week

for a drawing by Raphael is taking a few things for granted

Apparently during the great depression in the US, of the few who had wealth - no one dared to flaunt it - Presumably today the names are now known and times have now changed.

As an olive branch perhaps they can now put back in what they have taken out?