Tuesday, October 07, 2008

It's a Bear Market in Iceland




hmmm, multipolartastic



New Cuba


/ big Ice Station Zebra fan
.

63 comments:

The Underdoug said...

You have to admit, for turboprop aircraft, the Bears are remarkably elegant.

They'll soon be taking over ex-US airbases in Norfolk too (you like my gas, eh? Let me guard your North Sea pipelines for you).

Stef said...

for some reason I don't find the prospect as sinister as I know I should

lwtc247 said...

Remember one of the first Max 'the King uh-huh' Keiser reports I brought to the attention of loons here? Yip... Max sussed out the Iceland scam.

Max's chickens are coming home to roost.

People & Power - Money Geyser- 05 Aug 07 - Part 1
http://www.youtube.com/watch?v=JjglR2KYz5o

People & Power - Money Geyser- 05 Aug 07 - Part 2
http://www.youtube.com/watch?v=MPRoQ7OxZAQ


Another quality Max report...
Max in Germany. Dec '07...

People & Power - Focus on Locusts - 07Dec07-Pt 1
http://www.youtube.com/watch?v=ExXny1IiVTQ

People & Power - Focus on Locusts - 07Dec07-Pt 2
http://www.youtube.com/watch?v=h0-ugj9yxLM

P.S. Max is right about oil and the dollar, it's just that all the stops are being pulled out to stop the crisis from avalanching more quickly than it already is.

- Focus on Locusts - LOL!

Stef said...

Max called Iceland well. From a personal point of view I'd like it if someone had done a piece on the carry trade in New Zealand as well as Iceland - but Iceland really was the zit that was going to burst first and largest

Max has not called oil well and was trumpeting the recent rise to $150 as being the result of Peak Oil and nothing to do with speculation

Oil is currently kicking around the $90 mark and I would suggest that a $60 fall in a couple of months has fuck all to do with Peak Oil and lots to do with spec trading

The numbers for liquid fuel production don't look good for 2009-13. Even if there is enough in the ground, which I personally think is the case, there certainly isn't enough serviceable infrastructure to drill, refine and distribute wit. Realisation of the impending fuck up has yet to properly filter through to the markets. So Keiser will be right on that one but not yet

Ditto for gold which took a dive last month and hasn't pulled back yet

not anonymous said...

I see the Royal Bank of Scotland has bit the big one,,,almost.90 pence it´s worth.

I should have posted the last Antarctic dog video here,,Iceland etc.

Stef said...

and it only seems fair that, given NATO had apparently decided that the North Atlantic stretches out the Caucasus and Afghanistan, the Russians extend their own sphere of, um, friendly cooperation out Westwards a little bit

not anonymous said...

yep max got gold and oil wrong,,,but hey things can and probably will change fast.
Peak Oil???who knows R Heinberg is always on about it,,having read his book the Party is Over,,makes you wonder.could all be disinfo.fuck knows.

not anonymous said...

now for something completely different.

I make a brief appearance in this video.



the Last Antarctic dog team.

Stef said...

the Magic Pixie strikes again

Stef said...

yep max got gold and oil wrong,,,but hey things can and probably will change fast.
Peak Oil???who knows R Heinberg is always on about it,,having read his book the Party is Over,,makes you wonder.could all be disinfo.fuck knows.


what impresses me is how folk like Keiser and other envirofundamentalists manage to get sweaty about Peak Oil AND AGW

IMHO there still are enough exploitable liquid hydrocarbons and liquid hydrocarbon substitutes in the ground but there's going to be a bad bottleneck real soon now as the result of the ageing/ inadequate infrastructure and the efforts of the AGW lobby to impede new projects

There's a lag of 5-7 years in bringing new supply/ infrastructure on line so if a crunch comes it will be a period of sustained difficulty

And the spotless Sun is a worry

Stef said...

Max K has also been saying that the dollar will implode imminently and the Euro will replace it as the world's #1 reserve currency of choice

Hopefully, none of Max's fans took out highly leveraged, margined positions based on that prediction - otherwise they'd have been busted before it comes true

Anonymous said...

Russian strategic bombers could do heavy damage if properly escorted...

paul said...

There is so little oil we had to take Iraq out of production for the best part of 15 years.
Maybe there is actually too much of a good thing, though I am no particular fan of the toxic, hydrocarbonic society.

Chip Shop Suey said...

http://4.bp.blogspot.com/_5vkPiCEjjdg/SOd_GwtziWI/AAAAAAAABTw/2vEIDY6Hlqc/s400/2.jpg

Chip Shop Sue said...

^ Whoops:

http://tinyurl.com/4btmq9

not anonymous said...

I loved the Huskies.I nearly came a cropper down their one day.I got caught in bad weather too far from the station and couldn´t see the flag line.If I had not been tied to the dog who thankfully was not as disorientated as I was then I may not have been here today!
They had to leave because the Antarctic treaty stated that non indigenous species should not be there(barring man of course)the dogs had been bred there since the early 60s I believe.

paul said...

So we can safely say the max is sometimes right and sometimes wrong. Rare quality, that.
Though it is strange no one else thought there was something rum about a boom that size on a windswept rock with 330,000 people on it.
I just looked at housebuilding completions in the Celtic T(ax Haven)iger for the last 9 years:
650,000 for a population of 4.3 million.
If you're going to go nuts,at least tulips are easier to dispose of than luxury flats.

lwtc247 said...

"Hopefully, none of Max's fans took out highly leveraged, margined positions based on that prediction - otherwise they'd have been busted before it comes true
"
- LOL. I was getting a bit suspicious of Max incessantly hammering the dollar. I did suspect he had/has a few 'shorts' in the bag, and I’m not talking about P.E.

I still think he's right, although this mad dash attempt by the bush brigade has yet to shake out. If gold prices are artificially low, bet your life oil is.

paul said...

I see max as something of a niche pundit, one for outsiders who want to feel smart.

I doubt Soros and Buffett are giving much thought to the tumbrils just cause maxx's revelations.

I think most people who are serious about money would give a big 'so what' to his insights.

They built it after all.

not anonymous said...

for level headed financial analysis.This blog is pretty good.

http://bonddad.blogspot.com/

not as entertaining as Mx Keiser but good nonetheless.

Stef said...

Russian strategic bombers could do heavy damage if properly escorted...

yes, or the Russians could just dump a few bonds, sell a little currency, turn off a few taps and sit back and watch our own governments turn 'our' own guns on ourselves

as it happens, I believe the Russians to have a less aggressive culture than ours and more than enough territory to keep themselves occupied indefinitely - which is just as well given what 'we' did to them 10-15 years ago

Stef said...

don't you love 'Us' and 'Them' games - especially when you've got more in common with 'Their' ordinary people than 'Your' leadership

Not in my name indeed

Anonymous said...

Cheers, mate.
Please don´t forget to warn me if you see my bank is going under!
Having to trouble to follow home financial news from the depth of Costa Rica...

Anonymous said...

Anybody else around here got any gold money?

Stef said...

Cheers, mate.
Please don´t forget to warn me if you see my bank is going under!
Having to trouble to follow home financial news from the depth of Costa Rica...


Your bank is not looking well at all

On the bright side the Euro price of that 20 acre walled compound in Reykjavik you've been promising yourself is looking a lot more affordable than this time last week

Stef said...

Anybody else around here got any gold money?

I freely admit that I could be missing something here but doesn't buying gold vouchers negate one of the big reasons for buying gold in the first place?

And isn't that how the whole fiat system got going to start with?

anon 22:41 said...

Gold, like oil, is a commodity. And as such its market can, and will be, rigged. Too many commentators and pundits are pushing investors towards gold. I smell a rat.

Having gold coins in your socks won't help either, as possession of gold can be outlawed.

As to returning to the gold standard, I don't think so. The US abolished it because they ran out of gold and couldn't print any more dollars. Revaluating currencies against gold would totally bankrupt everyone. However currencies can be pegged on anything, silver, oil, coffee.

paul said...

Having gold coins in your socks won't help either, as possession of gold can be outlawed.

But you can hit your neighbour over the head with it and steal his or her vegetables

Viva Collapse!

Anonymous said...

A friend who grew up in 50s USA was given a coat sewn full of gold coins so that when the Red/Yellow Peril descended, as it "surely would", she could bribe her way to Montana or some such place. I don't know if that's really such a great solution though.

paul said...

....and it retains its sock filled value for your next takeover!

y said...

I sometimes delve into these 'financial' discussion blogs

http://prudentinvestor.blogspot.com/
http://economicrot.blogspot.com/

& have done since the first mention of the Iranian Oil Bourse (remember that?) & the imbalance that it would've puportedly caused to the hegemonic banking system...

Just as well that Iranian thingummy didn't get in else the banking system would surely be in a right mess...

not anonymous said...

50 billion bail out!!we are all saved.The government wants every man woman and child to give approx 800 quid to the banks,,throw more water into the sinking financial ship,,great fuckin plan eh!

Anonymous said...

Learn judo with Vladimir!

not anonymous said...

sorry its 500 billion.

or 8000 quid per person.

The plan will see the Government spend up to £50 billion on buying priority shares in the banks in order to boost their capital.

In addition the Government will make £250 billion available to underwrite the banks' medium-term debts in an attempt to prevent a disastrous funding gap in the next few years.

The Bank of England will inject a further £200 billion into the money markets under its Special Liquidity Scheme - the deal which sees banks swap risky mortgages for Treasury bonds.

The Treasury announced that the following banks had confirmed they would seek Government help under the scheme: "Abbey, Barclays, HBOS, HSBC Bank plc, Lloyds TSB, Nationwide Building Society, Royal Bank of Scotland (RBS) and Standard Chartered."

lwtc247 said...

@ paul
"I see max as something of a niche pundit, one for outsiders who want to feel smart. " - meaning???

How does that square with Max's correct calls/errors? Or can only a certified economist judge?

@all
Gold vouchers = fiat = scam. Simple.
Short rapid intakes out outlets of breath should lessen only once forefinger, middlefinger and thumb are rubbing the real stuff.

@anon 22:41 - Do you have an alternative?
If they outlaw gold you can be sure the 100% paper brigade would comply ;)

not anonymous said...

Iceland forced to seek Russian capital injection

By Tom Braithwaite in Reykjavik and Catherine Belton in Moscow

Published: October 7 2008 10:16 | Last updated: October 7 2008 18:07

Iceland expressed disappointment on Tuesday that western allies had failed to provide support to help ease the country’s financial crisis, forcing it to turn to Russia for a €4bn loan.

“We have not received the kind of support that we were requesting from our friends,” said Geir Haarde, prime minister. “So in a situation like that one has to look for new friends.”


In spite of the new friendship, Mr Haarde said it did not extend to military co-operation, refuting the suggestion that Russia might be given access to an airbase vacated by the US air force in 2006. “We are a founder member of Nato,” noted an official, “categorically denying” any such deal.

There was confusion over the status of the Russian loan, with the central bank first saying it had secured €4bn ($5.4bn, £3bn) on a four-year deal, at between 30 and 50 basis points above the London interbank offered rate, before acknowledging that the pact had yet to be finalised.

paul said...

"I see max as something of a niche pundit, one for outsiders who want to feel smart. " - meaning???

Its just my opinion, lw, but I see him as a sort of plutocratically well connected conspiratainer, giving us little folks a peek up the skirts of high finance. Look how crazy they are! This is going to end in tears!
I think he knows his audience and gives them what they want

But, as you know, I'm all for free speech.

I don't feel this has been a disaster waiting to happen that the players have not foreseen but a fairly well planned event. As all ponzi schemes are.

Here's some maxpredictions:

1) The price of gold and the Dow Jones will reach parity between 4,000 and 5,000 (i.e., gold will trade between $4 - 5,000 as does the Dow Jones Industrial Average).

2) America’s sovereignty, as defined as percentage ownership of American financial assets, principally U.S. government bonds (soon to no longer be rated AAA), will be mostly in the hands of foreigners.

3) China will buy Fannie Mae and Freddie Mac and in so doing become America’s biggest land lord.

4) Very few of the current Bush administration, family, and close associates will be living inside U.S. borders within 6 months after leaving office.

5) The Presidential election in November will be delayed due to a global financial crisis.

6) The U.S. military in Iraq and Afghanistan will start to run out of money and be left to get out on their own resulting in American mercenaries hiring groups like the Taliban to escort them out of the region, with Bin Laden getting a commission on each deal.

7) Russia will emerge as the new power broker in a post-America world restoring financial order between America, the largest debtor in the world and China, the largest creditor in the world.


Which, to an uncharitable person like myself, looks suspiciously like 'the reds are coming'.

anon 22:41 said...

re Max Kaiser

The more I watch him, the more I think he's just another windbag talking head.
What he says has good fun value, but is of very little substance.
His rants are very much like horoscopes, they are so general everyone can hang on to something and understand what they want from them.


re Gold

I suppose gold will always be worth something, so buying gold paper to preserve one's wealth makes sense.
Except that gold paper might vanish with the bank, or end up being worth much less after the big guys made their profit.
Buying physical gold will get you nowhere if some sort of central system is preserved, as you can't make 0.0002 of a gold coin to buy a pint of milk, and it may not be accepted either. And when you resell it, you get taxed.
Gold is just not for the little guy.


re Iceland

Is it me or it looks like a bit of horsetrading between NATO and Russia?
I take Georgia, and you take Iceland.

Anonymous said...

"The more I watch him, the more I think he's just another windbag talking head.
What he says has good fun value, but is of very little substance.
His rants are very much like horoscopes, they are so general everyone can hang on to something and understand what they want from them."

disagree with that
---------------------------------

Buying physical gold will get you nowhere if some sort of central system is preserved, as you can't make 0.0002 of a gold coin to buy a pint of milk, and it may not be accepted either. And when you resell it, you get taxed.
Gold is just not for the little guy.



your average guy in the street could not afford a gold bar.
Gold is I agree for people with big accounts.Gold is safe haven in troubled times

"as you can't make 0.0002 of a gold coin to buy a pint of milk, and it may not be accepted either"

your kidding me!!!

"Is it me or it looks like a bit of horsetrading between NATO and Russia?
I take Georgia, and you take Iceland."

doubt it.you think the Russians will let Nato have Georgia?

Stef said...

sorry its 500 billion.

or 8000 quid per person.


or, more to the point, 8000 @5% = £400 per person per annum ... for ever

Stef said...

“We have not received the kind of support that we were requesting from our friends,” said Geir Haarde, prime minister. “So in a situation like that one has to look for new friends.”

Comedy Gold!!

not anonymous said...

It´s funny.Listening to BBC4 news on the radio,the interviewer asked some government fuck wit where the 500 big B´s were coming from!!the reply was we will have to borrow it!!!!borrow from fuckin who???the banks are the ones receiving the cash(supposedly) so who is lending the 500 Billion???the banks aint got cash or am I missing something??
help me out someone!!wher is the 500 Billion going to magically appear from???I think I know the answer.The government have created 500 billion debt that the good ol UK taxpayers will have to cough up through their lifes blood time and energy.
I´m tell you the whole thing is a contrived fuckin big joke being played upon the masses.To what end I do not know.Control??

paul said...

Comedy Gold!!

How do I purchase this unique material?

paul said...

...or do the powers that be have amonopoly?

Stef said...

I don't feel this has been a disaster waiting to happen that the players have not foreseen but a fairly well planned event. As all ponzi schemes are.

Quite

You could argue over the specific level of planning that went into engineering the crash till the cows came home. What isn't debatable is that the crash was 100% foreseeable.

If all your money is created out of debt and needs repaying with interest, the failure of the system is, to rip a line from Titanic, a mathematical certainty

If you're going to amplify the risk of an already flawed system many hundreds of times with the aid of margin, leverage and derivatives, that systemic failure has the potential to become catastrophic

There's no fucking way the engineers of this flawed by design Ponzi scheme didn't see it coming and a whole bunch of apparently unconnected events are going to become connected in a way that only we unhappy band of Loons, and the fuckers behind those events, have been capable of imagining

not anonymous said...

yes when people start to riot we can Taser the fuck out of them!!
http://blogtown.portlandmercury.com/archives/2008/10/07/taser_creates_new_crowd_contro

Stef said...

...Meanwhile, Emma Bradford, a sales manager from Bath, said: "Why doesn't the government just give my money to me so I can buy stuff from businesses who will then make a profit and put it in a bank?"

But Mr Darling insisted: "Shut up."

not anonymous said...

spot the similarities!

http://www.youtube.com/watch?v=_dmPchuXIXQ&feature=related

"Zeitgeist - The Movie" is a three part film. The film, unedited, is two hours long. The video you are currently watching is part three of three of the film; "The Federal Reserve"

Stef said...

@ y/ sundry anons

cheers for the links, am working through them now(ish)

Stef said...

I loved the Huskies.I nearly came a cropper down their one day.I got caught in bad weather too far from the station and couldn´t see the flag line.If I had not been tied to the dog who thankfully was not as disorientated as I was then I may not have been here today!
They had to leave because the Antarctic treaty stated that non indigenous species should not be there(barring man of course)the dogs had been bred there since the early 60s I believe.


I'm actually quite jealous of your experience

Not the almost dying bit, the other stuff

not anonymous said...

stef,

sometimes life presents you with a choice or a chance that determines the course for the rest of your life.
In my early 20s sitting in the back of my works van munching my lunch break in a dingy backstreet of Glasgow,I was depressed,,I was thinking "is this fuckin it, burstin my ass for a shit wage surrounded by drunks and head cases? then looking forward to the weekend to get totally shit faced and then repeat the cycle over and over.",,as fate would have it an opportunity came to leave the UK,I took it and never went back.

I often reflect that if I did not make that decision in the back of the van to get the fuck away there would have been a good chance of ending up in an early grave or like the character in

Don Birnam.The Lost Weekend

not anonymous said...

Max Keiser goes nuts

good stuff.

not anonymous said...

the whole thing is a big fuckin joke.

US debt clock runs out of digits

paul said...

I don't feel this has been a disaster waiting to happen that the players have not foreseen but a fairly well planned event. As all ponzi schemes are.

Something along those lines here

Anonymous said...

so it seems that councils up and down the country have been investing council tax money etc to invest in overseas banks.Rather than use the money to improve services etc etc they have been sticking it in banks in Iceland!caught out now though.

not anonymous said...

The plans to implement martial law in America have been taking shape for decades, hidden behind "Continuity of Government" contingency planning. Now, with public outcry over the banker bailout bill at fever pitch, all of the pieces are in place for the U.S. Army to start policing American citizens.

listen to what rep Brad Sherman syas 22 secs into the video.

http://www.youtube.com/watch?v=UgMx2F41XD0&eurl=http://whatreallyhappened.com/

ok now we see can maybe get a glimpse of the end game that sept11 was a catalyst for.

ziz said...

The Sage of Omaha said to Charlie Ross on PBS Wednesday 1st October 2008 that the Wall Street crisis was a US "economic Pearl Harbor.

Whilst he sheltered in Nebraska on 9/11a previous "Pearl harbour" (See PNAC about the "need" for one...
perhaps the plotting of this one was just getting underway.

not anonymous said...

oh how the mighty fall.

oh how the mighty fall.

Stef said...

The Sage of Omaha said to Charlie Ross on PBS Wednesday 1st October 2008 that the Wall Street crisis was a US "economic Pearl Harbor.

yes, I also thought that was an interesting analogy

It's a shame Warren didn't get round to explaining who played the part of the Japanese this time around

not anonymous said...

there is an impending sense of doom over the pond.I thought I´d look at a random message on the GM message board.
http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_G/threadview?m=tm&bn=7869&tid=554658&mid=554658&tof=12&frt=2
here it is
US GOVT IMPOSES MARSHALL LAW 11 minutes ago
DUE TO THE DECAPITATION OF INVESTORS WEALTH, MASSIVE RIOTS HAVE BROKEN OUT THROUGH OUT THE US. THE FEDERAL GOVT HAS IMPOSTED MARSHALL LAW. ALL US CITIZENS MUST REPORT NO LATER THAN JAN 1,2009 TO ID CENTERS TO RECIEVE THEIR RFID CHIP- IT MUST BE IMPLANTED AND SCANNED FOR TRACKING OF ALL US CITIZENS...

NEW WORLD ORDER IS COMING......
Re: US GOVT IMPOSES MARSHALL LAW

3 minutes ago
I am afraid! However it is kinda like a train wreck happening in slow motion and I can't look away. Buy food, guns (unregistered) and, learn to plant a garden..Good luck.

anon 22:41 said...

9/11 was deep politics, and what's happening now is deep politics surfing on deep money.

Max Kaiser is right in talking about a new 9/11, but he's pointing his finger at the wrong guys.

The ones made their own Pearl Harbor happen, the others saw their Pearl Harbor coming and let it happen.

9/11 was about scaring us into the neo-conservative revolution, the current crisis is about making us wish for the return of the old regime. The new world order will wait, Jimmy Carter is back.

Anonymous said...

"Banking Crisis, State Aids and What is to Come"

Which says, "Ms. Kroes, the member of the Commission responsible for State aid control and antitrust recently addressed the Economic and Monetary Affairs Committee of the European Parliament.

Her speech, which gives some indication of the calamitous state of the banking sector in Europe, outlines what has been done so far to shore up all those bankrupt banks. In essence, it seems that the Commission is rubber stamping the aid given by member States to their banking and credit institutions.

The speech seems to imply that far worse is to come.

In expectation of the coming catastrophe, the Commission will issue new guidance for bank recapitalization and guarantee schemes.
" Links in original.

not anonymous said...

Bush plea for unity amid crisis
Breaking News

US President George W Bush has urged other nations not to take any unilateral action in the current global economic crisis.

Speaking at the White House, he said countries must take co-ordinated action to tackle the market meltdown.

"We must ensure the actions of one country do not contradict or undermine the actions of another," he said.

He spoke as the Group of Seven and the International Monetary Fund held crisis talks in the US capital.

"We still together and address this threat to our prosperity," Mr Bush said.


translation

"don´t do anything we don´t agree with,,,we need to plunder your monetary systems as well to support our fucked up economy,,,we suggest that Hank Paulson should set up a unified world banking plan or the H.P.W.B.P that way we get to stelal Europeans money as well!"

I say fuck the the Dollar,Wall street etc etc,,Keiser is right,,stay the fuck away from the dollar and the wankers on wallstreet.Toxic currency toxic nation.