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It is his organization that determines if the US economy is in a recession or not. It's not a matter of opinion, They are the designated arbiters of what is a recession and what is not..

Actually I believe that would be The Business Cycle Dating Committee of the National Bureau of Economic Research not his company but it was a good interview thanks.

That's the one that does it years later isn't it?

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light the blue touch paper and stand well back for NAAM's reaction :giggle:

Germany will leave the euro, says leading commentator

http://www.citywire.co.uk/global/germany-will-leave-the-euro-says-leading-commentator/a528716?ref=citywire-global-latest-news-list

I think this makes sense ... It has been mentioned pages back ... :rolleyes:

as has this ..

Unless politicians act more boldly, the world economy will keep heading towards a black hole

http://www.economist.com/node/21530986

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It is his organization that determines if the US economy is in a recession or not. It's not a matter of opinion, They are the designated arbiters of what is a recession and what is not..

Actually I believe that would be The Business Cycle Dating Committee of the National Bureau of Economic Research not his company but it was a good interview thanks.

That's the one that does it years later isn't it?

I don't know what the time lag is but AFAIK they are the ones who make the "official" call, FWIW.

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The question I have is with all we see transpiring in Europe and the US in term of financial collapse and exposure to toxic assets, how will this effect Thailand and the banking systems here. The reason I ask is we are now witnessing runs on various banks in Europe and I would expect to see this expand to the US and other countries.

How will this effect Thailand banks and the money we deposited in them, I see that the government backing or guarantees is being reduced over the next few years, eventually to 1 million baht, which is peanuts.

I do not speak Thai well and so lack a source to accurate information in this regard. Any info would be helpful thanks. sk

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light the blue touch paper and stand well back for NAAM's reaction :giggle:

Germany will leave the euro, says leading commentator

who am i to doubt the words of a "leading commentator"? :huh: there is no doubt that this possibility, amongst a dozen others, has been taken into consideration. but fact is that Germany was the country that benefitted most by the creation of the EUR and would (in absolute monetary terms) lose most if it withdraws from the €UR-bloc.

however the link clearly proves that in my [not so] humble view a journàsslist has (as so often) misinterpreted and/or misquoted the "leading commentator".

examples:

-The decision has already been made by the government that leaving the euro is a possibility...

-I think they have already got the printing machines going and are bringing out the old deutschmarks they have left over from when the euro was introduced.

if the "leading commentator" really said that then my comment is... :bah:

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The question I have is with all we see transpiring in Europe and the US in term of financial collapse and exposure to toxic assets, how will this effect Thailand and the banking systems here. The reason I ask is we are now witnessing runs on various banks in Europe and I would expect to see this expand to the US and other countries.

How will this effect Thailand banks and the money we deposited in them, I see that the government backing or guarantees is being reduced over the next few years, eventually to 1 million baht, which is peanuts.

I do not speak Thai well and so lack a source to accurate information in this regard. Any info would be helpful thanks. sk

The reduction in deposit guarantees to one million Baht is true, though I thought it was nearly a fait accompli. How many more years is it that you believe it will be till 1 Million only? Anyhow, the Thais I know who are over those limits put it in to land instead, after they;ve spread it out over numerous banks.

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Unless politicians act more boldly, the world economy will keep heading towards a black hole

http://www.economist.com/node/21530986

As usual, The Economist is right-on:

... more often than not, policymakers seem to be getting it wrong. Their mistakes vary, but two sorts stand out. One is an overwhelming emphasis on short-term fiscal austerity over growth. Fixing that means different things in different places: Germany could loosen fiscal policy, while in Britain the reins should merely be tightened more slowly. But the collective obsession with short-term austerity across the rich world is hurting.

Yep, a little Keynesian stimulus today to escape the doldrums. Then, when you're on the mend, you do the 180 degree turn into austerity -- and debt fighting.

But, let's let Geithner and Wolfgang work out the details.... ;)

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Unless politicians act more boldly, the world economy will keep heading towards a black hole

http://www.economist.com/node/21530986

As usual, The Economist is right-on:

... more often than not, policymakers seem to be getting it wrong. Their mistakes vary, but two sorts stand out. One is an overwhelming emphasis on short-term fiscal austerity over growth. Fixing that means different things in different places: Germany could loosen fiscal policy, while in Britain the reins should merely be tightened more slowly. But the collective obsession with short-term austerity across the rich world is hurting.

Yep, a little Keynesian stimulus today to escape the doldrums. Then, when you're on the mend, you do the 180 degree turn into austerity -- and debt fighting.

But, let's let Geithner and Wolfgang work out the details.... ;)

and if it doesn't mend and the debt it is even larger what happens then? :ermm: Will the " entitlement crew "

all agree to forfeit all subsequent payments for the good of their country? ( Like the Highly Revered Monk Luangta Maha Bua

in Udon Thani who after the Asian financial crisis handed up some 967 gold bars weighing 79.8 kilograms plus $10.2 million in cash to the Thai government? ) Is the " entitlement crew " ultimately ready to make

those kind of sacrifices if you get your stimulus but then " The Economist " is shown to be wrong again ? :unsure:

Edited by midas
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Getting too Big Too Ignore?

Flying, I am interested to hear your perspective regarding the perception of “ Occupy Wall Street “ by ordinary Americans such as those say living in the Midwest far away from the Big Apple as you are “ on the ground “ so to speak in USA.

I am noticing continued attempts to label these people as being “ anarchists “ having no real purpose

( as Craig has tried to suggest more than once in this thread ) whereas that is completely inaccurate because they have now finalised their list of demands ( http://www.reddit.com/r/politics/comments/kwk2d/first_official_release_from_occupy_wall_street/ ) which incidentally are very much related to Wall Street fraud and therefore the very heart of the financial crisis itself!

We are now at week two so how do you think “ Occupy Wall Street “ will end up being perceived by ordinary Mum and Dad Americans as time goes on? what do the people you speak to in your daily life say about these people ? As time goes by do you think if “ Occupy Wall Street “ persist with what they are doing and if police continue to arrest them that they will earn more sympathy from ordinary Americans or would it be otherwise?

I am also trying to extrapolate in my mind how this could develop and bearing in mind some of the demands on their list that I would say would horrify some of the banksters whether all this could eventually transform into the civil unrest which Gerald Celente so brilliantly predicted ( back in 2008 ) would happen in 2012?

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did you hear that New York police are adding this logo to their vehicles?

I hope your kidding about that logo...If not I do not know what to say...Sponsorship allowed of

tax paid servants?

Thanks for the link I enjoyed the comments

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I just got turned on to this series from a ZH post. Don't know if it's already been linked on this thread but it's awesome IMO. I don't know what kind of crap they might be spewing on their Arabic language network but IMO Al Jazeera is the best English language MSM. It's a must watch!

http://english.aljazeera.net/programmes/meltdown/2011/09/2011914105518615434.html

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Flying, I am interested to hear your perspective regarding the perception of “ Occupy Wall Street “ by ordinary Americans such as those say living in the Midwest far away from the Big Apple as you are “ on the ground “ so to speak in USA.

We are now at week two so how do you think “ Occupy Wall Street “ will end up being perceived by ordinary Mum and Dad Americans as time goes on? what do the people you speak to in your daily life say about these people ?

Well I think as I said before it is a start.

Baby steps but at least some first steps.

As for the folks I talk to who have no knowledge of it until I point it out.....

They have 100% said it is about f*cking time.

Folks are angry, disillusioned & feel betrayed by bankers, politicians, & overall the government in general.

They see who has been helped/bailed & they hear the hollow promises that in their hearts they know are never going to be

fulfilled.

Basically the ones I speak with agree the system is beautifully broken. They do not see it as a repairable system.

Yet the majority also are stumped as to where to from here?

I say as I have said from years ago.....It has always been said no taxation without representation.

It is obvious we are no longer represented only used here & now & for future generations to come.

They continue to saddle us with a debt whose payment is based on the promise of the taxation of our labors both now & for

generations to come.

I tell folks to secede. Which is not the same as giving up on our Constitution. In fact quite the opposite.

I would say the same to the folks involved with Occupy Wall Street

They can end what they see as the problem. Without them the problem has no power.

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Don't know if it's already been linked on this thread but it's awesome IMO. I don't know what kind of crap they might be spewing on their Arabic language network but IMO Al Jazeera is the best English language MSM. It's a must watch!

I agree & am sorry that I do not have it here in the USA on TV

I watch their channel in Thailand & always thought as you just said.

Thanks for the link

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did you hear that New York police are adding this logo to their vehicles?

I hope your kidding about that logo...If not I do not know what to say...Sponsorship allowed of

tax paid servants?

Thanks for the link I enjoyed the comments

yeah.......BUT Mathew Good Band wrote a song about it you know :lol:

"Advertising On Police Cars"

Hey Mr. Chips

how's the wife?

And are the kids still poison?

Do you still eat them?

Been under the gun,

running the guns

say how'd this world get so f*_cking fun

all of a sudden?

Here's a quarter for the phone

why don't you call someone and find out

how it is we can all belong

to something that no one

wants any part of

one day you'lll wake up and they'll be

advertising on police cars

and your death will sell you out

as someone smart,

somewhat smart

Baby don't get out out of bed,

just lay back down your pretty head

and they're advertising on police cars

Hey Mr. Chips,

had me a notion

like a burning sky dropped to the ocean

a bitter pill, is it better still

to lay undone your guts for show?

To reconstruct some of your bones?

To turn it up?

When it calls to you will you wake up?

They're advertising on police cars

your death will sell you out as someone smart,

somewhat smart

baby don't get out of bed,

just lay back down your pretty head

they're advertising on police cars

Edited by midas
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I just got turned on to this series from a ZH post. Don't know if it's already been linked on this thread but it's awesome IMO. I don't know what kind of crap they might be spewing on their Arabic language network but IMO Al Jazeera is the best English language MSM. It's a must watch!

i'm watching daily the news in arabic of al-Jazeera. "crap" is the lie (spread by parties with a specific agenda) that the broadcast is "crap". besides their international news a part of the news is focussing locally on the Middle East (mainly the Gulf states). these news are normally not of interest to the international viewer.

addendum: and i agree it's the best news channel around!

Edited by Naam
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Getting too Big Too Ignore?

Flying, I am interested to hear your perspective regarding the perception of " Occupy Wall Street " by ordinary Americans such as those say living in the Midwest far away from the Big Apple as you are " on the ground " so to speak in USA.

I am noticing continued attempts to label these people as being " anarchists " having no real purpose

( as Craig has tried to suggest more than once in this thread ) whereas that is completely inaccurate because they have now finalised their list of demands ( http://www.reddit.co...py_wall_street/ ) which incidentally are very much related to Wall Street fraud and therefore the very heart of the financial crisis itself!

We are now at week two so how do you think " Occupy Wall Street " will end up being perceived by ordinary Mum and Dad Americans as time goes on? what do the people you speak to in your daily life say about these people ? As time goes by do you think if " Occupy Wall Street " persist with what they are doing and if police continue to arrest them that they will earn more sympathy from ordinary Americans or would it be otherwise?

I am also trying to extrapolate in my mind how this could develop and bearing in mind some of the demands on their list that I would say would horrify some of the banksters whether all this could eventually transform into the civil unrest which Gerald Celente so brilliantly predicted ( back in 2008 ) would happen in 2012?

According to this video, they have not finalized their list of demands. Good on them for getting something started, but they need to be a bit more focused?

http://video.nytimes.com/video/2011/10/01/nyregion/100000001084915/wall-street-protesters-speak.html?ref=global-asia&nl=todaysheadlines&emc=globasasab1

But they have at least got something going.

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According to this video, they have not finalized their list of demands. Good on them for getting something started, but they need to be a bit more focused?

But they have at least got something going.

I agree on both counts...good to see baby steps & they need to get organized.

While I am not a pro-union type I am glad to see they have pulled in the unions & others.

If anyone knows how to organize it is the unions.

Yesterday 4 unions announced their support for the Occupy Wall Street protests, including the massive 200,000 TWU, The Teamster’s Union, SEIU and the IWW. The a collective group with one million members announced their support. Even media mogul Russell Simmons told MSNBC he would be joining the movement vowing to bring hundreds of thousands of people.

http://blog.alexanderhiggins.com/2011/09/30/huge-crowd-5000-occupywallstreet-protests-wave-union-support-arrives-73461/comment-page-1/#comment-777442

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I just got turned on to this series from a ZH post. Don't know if it's already been linked on this thread but it's awesome IMO. I don't know what kind of crap they might be spewing on their Arabic language network but IMO Al Jazeera is the best English language MSM. It's a must watch!

i'm watching daily the news in arabic of al-Jazeera. "crap" is the lie (spread by parties with a specific agenda) that the broadcast is "crap". besides their international news a part of the news is focussing locally on the Middle East (mainly the Gulf states). these news are normally not of interest to the international viewer.

addendum: and i agree it's the best news channel around!

Did you watch this video series? I'm only part way through, but it seems pretty good so far.

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According to this video, they have not finalized their list of demands. Good on them for getting something started, but they need to be a bit more focused?

But they have at least got something going.

maybe that person who make that comment has been sitting in the crowds and not checking the Internet for

many days and is unaware that they have put together a draft document?

LIST OF PROPOSED "DEMANDS FOR CONGRESS"

CONGRESS PASS HR 1489 ("RETURN TO PRUDENT BANKING ACT" http://www.govtrack.us/congress/bill.xpd?bill=h112-1489 ). THIS REINSTATES MANY PROVISIONS OF THE GLASS-STEAGALL ACT. http://en.wikipedia.org/wiki/Glass–Steagall_Act --- Wiki entry summary: The repeal of provisions of the Glass–Steagall Act of 1933 by the Gramm–Leach–Bliley Act in 1999 effectively removed the separation that previously existed between investment banking which issued securities and commercial banks which accepted deposits. The deregulation also removed conflict of interest prohibitions between investment bankers serving as officers of commercial banks. Most economists believe this repeal directly contributed to the severity of the Financial crisis of 2007–2011 by allowing Wall Street investment banking firms to gamble with their depositors' money that was held in commercial banks owned or created by the investment firms. Here's detail on repeal in 1999 and how it happened: http://en.wikipedia.org/wiki/Glass–Steagall_Act#Repeal .

USE CONGRESSIONAL AUTHORITY AND OVERSIGHT TO ENSURE APPROPRIATE FEDERAL AGENCIES FULLY INVESTIGATE AND PROSECUTE THE WALL STREET CRIMINALS who clearly broke the law and helped cause the 2008 financial crisis in the following notable cases: (insert list of the most clear cut criminal actions). There is a pretty broad consensus that there is a clear group of people who got away with millions / billions illegally and haven't been brought to justice. Boy would this be long overdue and cathartic for millions of Americans. It would also be a shot across the bow for the financial industry. If you watch the solidly researched and awared winning documentary film "Inside Job" that was narrated by Matt Damon (pretty brave Matt!) and do other research, it wouldn't take long to develop the list.

CONGRESS ENACT LEGISLATION TO PROTECT OUR DEMOCRACY BY REVERSING THE EFFECTS OF THE CITIZENS UNITED SUPREME COURT DECISION which essentially said corporations can spend as much as they want on elections. The result is that corporations can pretty much buy elections. Corporations should be highly limited in ability to contribute to political campaigns no matter what the election and no matter what the form of media. This legislation should also RE-ESTABLISH THE PUBLIC AIRWAVES IN THE U.S. SO THAT POLITICAL CANDIDATES ARE GIVEN EQUAL TIME FOR FREE AT REASONABLE INTERVALS IN DAILY PROGRAMMING DURING CAMPAIGN SEASON. The same should extend to other media.

CONGRESS PASS THE BUFFETT RULE ON FAIR TAXATION SO THE RICH AND CORPORATIONS PAY THEIR FAIR SHARE & CLOSE CORPORATE TAX LOOP HOLES AND ENACT A PROHIBITION ON HIDING FUNDS OFF SHORE. No more GE paying zero or negative taxes. Pass the Buffet Rule on fair taxation so the rich pay their fair share. (If we have a really had a good negotiating position and have the place surrounded, we could actually dial up taxes on millionaires, billionaires and corporations even higher...back to what they once were in the 50's and 60's.

CONGRESS COMPLETELY REVAMP THE SECURITIES AND EXCHANGE COMMISSION and staff it at all levels with proven professionals who get the job done protecting the integrity of the marketplace so citizens and investors are both protected. This agency needs a large staff and needs to be well-funded. It's currently has a joke of a budget and is run by Wall St. insiders who often leave for high ticket cushy jobs with the corporations they were just regulating. Hmmm.

CONGRESS PASS SPECIFIC AND EFFECTIVE LAWS LIMITING THE INFLUENCE OF LOBBYISTS AND ELIMINATING THE PRACTICE OF LOBBYISTS WRITING LEGISLATION THAT ENDS UP ON THE FLOOR OF CONGRESS.

CONGRESS PASSING "Revolving Door Legislation" LEGISLATION ELIMINATING THE ABILITY OF FORMER GOVERNMENT REGULATORS GOING TO WORK FOR CORPORATIONS THAT THEY ONCE REGULATED. So, you don't get to work at the FDA for five years playing softball with Pfizer and then go to work for Pfizer making $195,000 a year. While they're at it, Congress should pass specific and effective laws to enforce strict judicial standards of conduct in matters concerning conflicts of interest. So long as judges are culled from the ranks of corporate attorneys the 1% will retain control.

ELIMINATE "PERSONHOOD" LEGAL STATUS FOR CORPORATIONS. The film "The Corporation" has a great section on how corporations won "personhood status".

. Fast-forward to 2:20. It'll blow your mind. The 14th amendment was supposed to give equal rights to African Americans. It said you "can't deprive a person of life, liberty or property without due process of law". Corporation lawyers wanted corporations to have more power so they basically said "corporations are people." Amazingly, between 1890 and 1910 there were 307 cases brought before the court under the 14th amendment. 288 of these brought by corporations and only 19 by African Americans. 600,000 people were killed to get rights for people and then judges applied those rights to capital and property while stripping them from people. It's time to set this straight.
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An interesting interview revealing just how bad things are in Europe and at 8.00

minutes they discuss BNP's exposure in Russia which hasn't received a single mention on MSM :unsure:

Edited by midas
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Good list of demands. I hope they succeed.

One thing I've gotten out of that video series, created by CBC Radio Canada, is many people are to blame. From the person who took a mortgage knowing fully well they could not support it, to the mortgage brokers who knew these people were not qualified, to the many governments around the world who wanted a piece of the action. The blame does not rest with just a few. Everybody was greedy.

Can't wait for the next segment to be released.

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An interesting interview revealing just how bad things are in Europe and at 8.00

minutes they discuss BNP's exposure in Russia which hasn't received a single mention on MSM :unsure:

!

Interesting character:

http://www.guardian....s/2004/nov/26/9

Mad Max

Dear, oh dear. What is it about the off-spring of the super rich? Some really

do believe they exist beyond the normal forces and controls of society.

According to reports, a guy called Max Keiser, described as an "anti-capitalist

former stockbroker", has teamed up with Zak Goldsmith, son of Sir James

Goldsmith, to pursue a fantastical scheme for making money by shorting Coca-Cola

stock and distributing the proceeds to "victims of Coke's business model in

places like India and Cambodia".

Seemingly, Zak, who edits the Ecologist magazine, will write beastly things

about Coke, so consumers the world over will then stop buying the drink, and

shares in Coke will subsequently tank.

Meanwhile, Max will have already built up a huge short position (selling

shares he does not own) through a hedge fund, with a view to buying back Coke

stock to fill his trading position once the financial markets have cottoned on

to what a nasty company Coke really is.

We can see why Max is a "former" stockbroker. The financial markets already

know all about the challenges faced by Coke in selling its pop in a world

increasingly obsessed with the issue of obesity. That's why the shares have

fallen by a third since April.

And we can only scoff at the firepower being employed: Max says he has

"several hundred thousand dollars" in his hedge fund, which is going to last all

of five minutes in the market for Coke stock - which runs to $95bn.

We can also see why Max is going to remain a "former" stockbroker, since he

and Zak have come up with a plan that is illegal on both sides of the Atlantic.

It's called market manipulation - and these boys can expect trial without a

jury, no right to silence and an unlimited fine at the end of it.

Still, it was kind of them to tip off the SEC and the FSA in advance.

Financial regulation would be a breeze if all market criminals were so

considerate.

Come the revolution ...

http://en.wikipedia....wiki/Max_Keiser

Timothy Maxwell "Max" Keiser (born January 23, 1960) is an American broadcaster, film-maker, and former equities broker. Keiser is the host of On the Edge, a program of news and analysis hosted by Iran's Press TV.[1] He also hosts Keiser Report, a financial program broadcast on RT - formerly Russia Today

Interesting choice of sponsors.

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Interesting choice of sponsors.

I would still rather believe what he tells me any day over the likes of CNN and CNBC :bah:

and it's interesting that the Guardian article you quoted doesn't even provide a name?

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