The following is separated from Don's introduction, contextually it bears nothing with the predominant portion of the agenda assembled by Don -- Don to explain reason for inclusion to evening's program.
Proteinogenic Amino Acids
Link to Google Sites ["client-asc-04-13"]
Preamble on amino acids
Link to alternative site for immediate play
http://www.spreaker.com/user/5121380/intro_don_et_al_04_13_trimsect_wav
Page link:
proteinogenic amino acids
The agenda presented by the club secretary Mr. D. Brooke
Subjects presented in order
1. Recorded Introduction:
Link to Google Sites ["client-asc-04-13"]
ASC Secretary's Intro. 04/13
Link to alternative site for immediate play
http://www.spreaker.com/user/5121380/edited_tape_intro_don_et_al_wav
Introduction
Seven economic presents comprising various formats -- all audio-visual. Maybe Don's intention was to make-up for last months time reduction give over to the club's normal allocation.
1. Cyprus banks ... People are supposed to have confidence in a government guaranted system, though limitation usually apply to size of deposits. Deposits can be protected by selling treasury bonds (US) and printing more money. In the case of Cyprus attracting foreign deposits as an off-set to indebtedness. Interestingly the US has insurance F.D.I.C. to underwrite deposit loss. The artificiality of what the Fed is doing to enhance GDP is (and was) according to what ASC members heard a failed policy, e.g. " the housing bubble" a forerunner of failed policy. Buyers and sellers of gold are considered, there is a product that can be dismembered should money lose its standing as means of exchange. A conclusion drawn of an eventual crises with then gold coming again significant.
FORMAT: Person to person interview.
2. The present Title: arrogant and inconsistent with with the mentalities of interviewers. Starts with discussion about Cyprus' banks then to America's banks. A guest to the program argues lower interest rates though producing good profits, because of Fed intervention is unsustainable. Because "stress testing" of a collapse in the bond market -- unlike stocks and real estate -- was not done, and a rise in interest rates can cause bank failure. There seemed to be a general agreement that should "failure" occur the underlying debt remains, then from a panelist "Spain had to refinance 20% of its GDP in new debt issue this year" [Ed. What does this mean and how did it come about?]. What followed as if to answer the Spanish predicament was insurance (cf. F.D.I.C.) or external funds or print more cash?!?! Then the pros and cons of deposit insurance when interest rates eventually rise, will they "spike", if so will there be borrower capacity. Then we're told of gov. and banks require correction i.e., austerity and write-offs. Told "something happened today (Ed.On that particular day), it can be concluded reference to Cyprus -- No insurance, depositors and unsecured creditors put at risk.
FORMAT: Panel interview
3. The present Title: disrespectful as before. Lessons in economics Don brought to our Thursday meetings both last month and now, with QE, QE2, ... QE Infinity, "twist" and now "operation screw" boggles the mind. Sure with erosion of currency, value of gold empirically has risen, but not so in the US with "... bond prices having collapsed, interest rates going up (not down), energy costs have gone up, the dollar has really broken down look at that chart ... people are not worrying about the Euro falling apart they are worrying about the dollar collapsing". Though we were told countries are "easing up" (Ed. pointing to inflation) the US more so, and with current Fed initiatives (above) and foreign funds the problem remains unresolved.
FORMAT: Panel interview
4. Again introducing two commentators Don has previously sourced. Guess it can be said that the Internet has given both an international reputation as economic-political opponents of the official line ...
- Questioned ["Q." hereafter] on "exit strategy" Ans. Feds have none.
- Q. Japan's central bank takes an more debt, lower value of currency and lower interest rates. Will there be a crash? Ans. Sacrifice the "bubble" economy but save the currency.
- Q. "Law logic" when it comes to inflation and deflation? Ans. There are historically in order the gold based standard and fiat money. The former deflationary, however even with a fiat economy trending deflation is present (latent) since consumers want lower prices. But in competition with Central Bank-Fed -- then(sic) present eco. scene -- moderate inflation officially desirable.
- Q. Presently is there "bubble" markets both in US and GB?
Ans. Yes, "... the F.R.I.B. prints money to buy treasuries then the gov. spends the money (example cited). The money spent on foreign goods and is returned to US as treasury purchases." Effect is to increase bond prices, cause inflation in countries of foreign bond holders till bonds are liquidated and inflation results onshore (US).
- Q. Bond market at an all time high, will there be a crash? Ans. With Feds buying bonds currency becomes devalued, but said the interviewed readjustment necessary, austerity and a rise in interest rates, less gov. expenditure AND definitely no gov. assistance to bankers and depositors.
- Q. 2013 and paper money its acceptance as a means of exchange? Ans. The future cannot be seen, but delay to correct a considered detriment (above) things made worse.
- Q. Not govs. but bankers criminality -- example cited -- as equally culpable, causing eco. uncertainty? Ans. No was the answer, gov. and Fed responsible for encouraging bias conduct, whereby crooked banks can continue to operate.
FORMAT: Person to person interview
Discussion among members and supporters
712_0033
Link to alternative site for immediate play
http://www.spreaker.com/user/5121380/712_0033_wav
5. From time to time Don records interviews from a spokesperson domiciled to our North. Predictions made by this person covering the current year, put to the him as questions for qualification. Summary "Stocks peak then decline about 20%; bonds rebound, but close the year lower; Japan, Vietnam and China stocks out perform; gold closes the year higher". When not indicated those viewing could only assume referred to America. The person is questioned on the Japanese eco. in relation to interest rates and bonds. [Ed. It was suggested the bond market in one country can affect market in another e.g. Japan viz America]. Further gold, oil and Apple Corp. get appraised. Maybe higher taxes and gov. spending (certainly US) and grim outlook for people in North Africa.
FORMAT: Panel interview
6. After repeatedly viewing (for audio content) this present for the blog, no sense was forthcoming till this article was read: GoTo useconomy.about.com/od/bondsfaq/f/Treasury_bonds.htm Questioning of the same person (5. above) led to comprehending bonds externally or privately held amount to $15 trillion, additional unsecured liabilities maybe $100 trillion of national US debt. Repayment $7 trillion per annum (plus refinance $600 billion -- possibly a one off) but not stated whether interest with principle component. Whilst interest rates on borrowings is kept low and FRB can QE ... everything is hunky dory. Credit creation and leveraging brought about crises (presumed GFC) and in 2013 Feds are doing the same. Also critical of hedge fund activity 2010-11 (NB. post-GFC) -- Wondering why(?)
GoTo useconomy.about.com/od/themarkets/f/hedge_funds.htm A digression on th subject of EEC and ECB and recent rule change: bank transfers between countries pass to central banks within EEC participants before arriving at the destination bank. Effect overall deposit growth, ECB showing "expanded balance sheet" and this the cause of a "weaker" Euro? Yes was the response, the guru from the North compares banking practice of Europe to Asia, a region he admits knowing well.
FORMAT: Panel interview
7. The seventh and last for the night. The same person questioned ["Q." hereafter] as in 5. and 6. above.
- Q. Where are we now? Ans. A recent history of eco. ups 2002-3, downs 2007 and recovery 2009, BUT not to the extent immediately prior 2007.
- Q. Is the recovery since March 2012 solid? Ans. No, around the Globe eco. stabalised but the means to secure this not sustainable.
- Q. How are "Southern" countries positioned? Ans. Good reserves(sic) in many respects and the people as a generalisation not subject to personal debt found in developed countries.
- Q. How far should govs. go to stimulate their eco.? Retrench (employees) and cut taxes.
- Q. What about govs. spending their way out of difficulty? Ans. Forgetting past errors abound to repeat them i.e. unchecked credit growth and leverage.
- Q. Which gov(s) in imminent danger? Ans. Govs. that can monetize are less troubled, but loss of purchasing power presents another problem.
- Q. Then is real estate the way? Ans. Yes especially in emerging economies, India and China mentioned, countries like these offer infrastructure opportunities.
- Q. Asked to comment on Dubai ...? Ans. Mature ecos. worse off than emerging, real estate better than cash deposit as govs. and central banks want people to invest and/or spend.
- Q. Where should we invest? Ans. Emerging economies and in commodities -- qualification given to both in the answer.
_ Q. How do you know all this? Ans. Well traveled and connected businessman with time to read.
- Q. Are you happy with the nickname " ...". Ans. Yes, though an independent financial adviser, will from time to time show traits of professionals who NEVER down play support for their product.
- Q. Asked about the interviewee's newsletter? Ans. Apparently an admission pessimistic forecasts predominate, genuinely concerned about the World and indebtedness being carried by both public and private sectors.
- Q. They cause war and on war literally (prompted by interviewee's preceding comment)? Ans. Herald of a "dirty" war concept, examples mentioned [Ed. maybe implying escalation]. As for "they", hostility to US by (un-stipulated) provication to, or by, people in regions where troops deployed. [Ed. something catholic about non-catholic cultures, in that adoption to "never forget, never forgive till a (or days) of reckoning" is invoked.]
- Q. Finally asked "you are not optimistic"? Ans. Elaborates on oil demand (particularly from M.E.) and a scenario portraying a couple of "heavy" international players.
Discussion amongst members and supporters: CONCLUSION to the evening's convene.
Link to Google Sites
712_0034
Link to alternative site for immediate play
http://www.spreaker.com/user/5121380/712_0034_wav
Link to Google Sites
712_0034
Link to alternative site for immediate play
http://www.spreaker.com/user/5121380/712_0034_wav
No comments:
Post a Comment