September 17, 2015

Corbyn and Trump are different reactions to the rich getting richer

Posted in Irish Independent · 115 comments ·
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Mick Jagger and Pete Townshend have their gaffs here. Looking out over the Thames from Richmond Hill – the only view which is protected by a 1902 Act of Parliament – it is hardly surprising that ageing millionaire rockers want to hang here.

 

Richmond is true-blue Tory, the gateway to the stockbroker belt and Surrey. The designer furniture shops and swanky art galleries evidence of the ongoing property boom in London and the associated concentration of wealth in the south east of England.

 

Places like Richmond are threatened by the emergence of Jeremy Corbyn, the new leader of the British Labour Party. Central to his platform will be moves to wrestle wealth from the very rich to give to the average man. Corbyn – incidentally younger than both Jagger and Townshend – is the most radical politician to hold a senior position in the UK for 50 years.

 

His manifesto reads like a wish list from ‘Citizen Smith’, the very amusing sitcom that reflected British societal politics in the 1970s and gave way to ‘Only Fools and Horses’ (both written by John Sullivan), which perfectly encapsulated Britain in the 1980s.

 

Corbyn wants to re-nationalise industry, tax the wealthy, force the Bank of England to execute a “helicopter money drop” into people’s accounts (ie, printing money and giving directly to the public) and roll out a massive public infrastructure programme.

 

His election tells us a couple of very interesting things about politics today. The first is the disconnect between the parliamentary machine and rank- and-file party members. Corbyn was rejected by 90pc of Labour MPs yet embraced by 60pc of the party faithful, underscoring just how far Labour’s parliamentarians are from their grassroots. (Could we see something similar here?)

 

A second interesting aspect is that Corbyn is not alone internationally: we are seeing similar developments in many countries. The mainstream political parties and institutions do not chime with the electorate any more. In fact, Corbyn is a left-wing version of Donald Trump. This might sound odd when one represents greed and self-interest and the other frugality and self-sacrifice. Bear with me.

 

Both men are a threat to mainstream parties: Corbyn to New Labour and Trump to Republicans. Both appeal over the traditional party machine to the electorate directly and both are unafraid to lay out exactly what they want to do. Both have been vilified by the respectable media: Corbyn by the left-wing ‘Guardian’ and Trump by the right-wing ‘Wall Street Journal’.

 

Yet both have trounced and continue to trounce consensus, middle-of-the-road candidates on the left in the UK and on the right in the US. Why is this?

 

One reason may be that both individuals are appealing to the forgotten guy who is unrepresented by the political machine, who feels left behind and locked out of the political process. Nobody really speaks for them. These guys are the outsiders and they can be left-leaning or right-leaning. The church-going, conservative small business person in Idaho can feel as much of an outsider as the atheist, tattooed barista in Soho.

 

Possibly the common denominator – to return to Richmond – is the concentration of wealth in the hands of a few people, and the impression that the very wealthy have hijacked and lobbied the mainstream parties on the left and right and excluded the people in the middle.

 

The reason Trump and Corbyn are different reactions to the same concentration of wealth is because of the way Europeans and Americans think about wealth and riches.

 

In America, the little guy, when he sees a rich guy, says to himself, “One day I want to be him,” which explains Trump’s bizarre attraction to the middle ground. In contrast, when a European little guy sees the rich guy, he says, “One day I want to get him”.

 

And Corbyn has said, ‘I’m going to get him for you’. Maybe, just maybe, the reason why the centre ground in politics is atrophying is because the centre ground has done a deal (implicitly) with the wealthy, allowing the rich in the last five to 10 years to garner enormous amounts of the world’s resources. In Ireland, for example, the top 100 individuals in the ‘Sunday Independent’ 2014 rich list saw their wealth increase by €12bn in one year.

 

This was twice as much as the increase in the entire Irish GDP in the same period, implying that 100 people did considerably better than the other 4.8 million of us. We are not talking about “the 1pc”; we are talking about only 0.02pc of the population.

 

These levels of wealth inequality are incompatible with democracy and maybe – although it is not really articulated and we can’t feel it yet – it is wealth inequality which is driving people to the margins of the political process.

 

As I stroll down Richmond Hill, surrounded by possibly the most expensive property in the world, the developments in British and American politics and the link to the unfair divvying up of the world’s spoils strikes me as a link that has been highlighted again and again by maverick politicians of every hue.

 

Watch this space.


  1. Patrick

    Great comparison

    • Mike Lucey

      I think the most interesting ‘space’ to watch shortly might be our own political arena. It now looks that SF has nearly all its ducks lined up ahead of other parties ready for an early election. It seems they feel we will see a general election before the end of the year. This would not surprise me as Labour backbenchers must be very worried and could pull the plug in the hope of holding on to a couple of seats.

      SF have currently surpassed the 30% female candidate requirement with four more names to be put forward. It looks that they may field close to 40% female candidates and it would not surprise me to see Gerry step down in favour of Mary Lou shortly, maybe not this time around but possibly in 2020/21 or even sooner depending on what kind of mix we have in the next Government which by any reckoning is going to be one heck of a dog’s dinner. Still, self preservation is a very strong instinct that makes for strange bed fellows.

      Gerry’s side step could be a clever move that might finally help distance the party from past actions that many of the electorate find unpalatable. The PIRA was after all a predominantly male dominated organisation. At least we would not have to listen to RTE interviewers trot out the old line, “Mr Adam’s, where you The Chief of Staff of the IRA?”, followed on by, “Where you a member of the IRA?”, as was the case a few nights ago with Claire Byrne interviewing Gerry Adams.

      She also produced the results of a survey she had lined up which asked the question, ‘Do you believe Gerry Adams when he says he was never a member of the IRA?. The results were, Yes 4%, No 89% and Don’t Knows 7%.

      For a start I think the wrong question was asked as Adam’s is too young to have been a member of the IRA. Whether or not he was a member of the PIRA is another matter which I feel is becoming more irrelevant by the day.

      • DB4545

        Mike Lucey

        An IRA volunteer Patrick O’Neill made an appearance on mastermind.

        “Mr. O’Neill I understand your speciality subject is modern Irish history.

        1. Can you tell me the dates that the Irish volunteers occupied the GPO?
        Pass
        2. Perhaps you can tell me the number of volunteers who were in Boland’s Mill?
        Pass
        3. Who was the commanding Officer in charge of the Marrowbowlane Distillery?
        Pass

        A voice from the back shouts up ” You’re doin great Paddy tell the bastards nothing”.

        The man who told me that one is now retired but was involved with the security “services” in the North during the “situation” as he liked to call it. He first heard it in a drama class while he was staying in one of the HMP chain of hotels that had been thoughtfully provided for exuberant drama students like himself. Draw your own conclusions.

  2. JapanZone

    Surprised you neglected to mention the rise of Bernie Sanders in the U.S. He’s now outpolling Hilary Clinton, despite being the target of mass media coverage similar to that endured by Corbyn. And the real test – whether someone so feared by the establishment can actually be elected to the highest office – is just a year away for Sanders, versus five years for Corbyn. If Sanders is elected, there is a chance that all of this momentum will actually lead to significant change.

    • Irish PI

      What does an 80 year old dinosaur who has spent most of his life in Congress getting everything for free and pots of dollars including proably his ass wiped for him know about the problems of the worker?? he is just another deluded leftist socialist eho has never actually even left the USA prattling on about an utopian ideal that has been discredited globally.

    • Absolutely right! Bernie was in our presidential race before Corbyn surfaced as a major figure. They’re much alike in their views and even more alike in how well they’ve stuck by them for decades.

      These guys are the real deal and frankly shouldn’t be mentioned in the same breath with a blowhard parvenu like Trumpolini (who has no plan at all, except to call yet more attention to himself).

      This to the fellow here who made the abusive, lying remarks about Bernie: Go learn something.

    • Sanders won’t get elected.

    • Bamboo

      JapanZone, absolutely agree.

    • Deco

      Sanders is still in the realm of being officially ignored.

  3. michaelcoughlan

    Thank God you are back and sent your shadow writer packing.

  4. StephenKenny

    I was walking through Notting Hill in London, a short while ago, with a senior executive from one of the big London upmarket estate agents. He was pointing out the changing demography and valuations. I was showing incredulity, and asked him how all this happened. He smiled, shrugged, and said ‘bailouts and zero rates’.

    It’s one of the components of the standard ‘depression’ models, that more politically extreme parties arise, and if the current policies aren’t checked, win power. The problem is that we all get desensitised to what ‘extreme’ means. I compare Corbyn’s proposed policies with those of the current UK government, and Corbyn simply seems far more pragmatic and likely to succeed in what I understand to be the general goals of a country’s government (the best for the most), than the ‘terror, stock market, and house prices’ policies of the of the current UK government.

    Just as the ‘depression modellers’ warned, there is no middle ground left in the politics of these countries because the economic and social situations are completely broken. The voters simply have to choose between Crazy 1 and Crazy 2. The choice is, I guess, which is slightly less crazy.

    • michaelcoughlan

      “The voters simply have to choose between Crazy 1 and Crazy 2″

      Never were truer words spoken. There is no centre which you also accurately point out.

      Michael.

      • EugeneN

        The existing centre has given us

        1) Globalisation – leading to stagnating incomes in the West and a runaway top 0.1%
        2) Wars based on lies in 2003
        3) Unimpeded immigration, no potential upper limit within the EU.
        4) Wars based on stupidity and the deliberate destabilisation of the ME from 2011
        5) Leading to mass migration movements into Europ.

        • michaelcoughlan

          Sorry to point out something unpalatable but you are completely wrong. All of what you have described has happened because he centre HASN’T held.

          The crazies in charge of the world’s financial system are responsible for what you describe. An out of control Keynesian top down centrally planned total fucking cock up.

          Michael.

          • EugeneN

            The fact that the centre views were radical is my point. They were centre ( or normal) views amongst the elites.

            Nothing to do with Keynes, who urged fiscal stabilisers not monetary tools. The fanatical ideology which masqueraded as the centre was monetarist not Keynsian.

          • coldblow

            EugeneN

            Peter Hitchens agrees with you:

            http://hitchensblog.mailonsunday.co.uk/2015/09/jeremy-corbyns-victory.html

            ‘I would say here that I see this moment as a victory of adult, adversarial politics over bland, public relations pseudo-politics and the ghastly, meaningless and close-minded concept of the ‘centre’, a claim by a narrow political viewpoint to be somehow blessed with moderation, modernity and common sense, when its only real strength is to be in fashion with conventional wisdom.’

        • StephenKenny

          In my view this economic downturn started at the end of the 1990s – the dot com crash being the first down leg, 2008/9 the second.
          The centre started dying in the early-mid 1990s.

          As ass exponential curves go, it will accelerate fall off a cliff, hit bottom, and then we’ll start the upswing.

          What’s extraordinary is how difficult it is to see form the inside. Every policy is just a little more extreme than the last. We get used to it, and then there’s another that’s just a little more extreme than the previous.

          • coldblow

            On the last thread you said that the QE is going into assets, forcing their prices sky high, that will have something above zero value when it crashes (or something along those lines). I understand that the price of gold has not gone sky high. Why would that be? Is it because it is difficult in practice to exchange money for actual gold?

          • coldblow

            As for policies getting more extreme by the week I assume you are talking about economic policies. Certainly social policy has been going the same way and the pace is accelerating, so that what would have been rejected as outlandish a mere twenty years ago, or very odd ten, is now not only acceptable but compulsory. Many would surely argue tha this ‘social egalitarianism’ is just a mask for the super-rich to carry on doing their thing. I’d see the two as part of the same move towards extremism and irrationality.

          • coldblow

            Finally, I remember you stating here in the past that you need a working memory to be able to notice this (or something, again, like that), unless my own memory is playing tricks. This at least has long been my own opinion. Few people I speak to seem able to remember beyond last month, or give that impression.

          • @ coldblow

            ” I understand that the price of gold has not gone sky high. Why would that be?”

            All current money besides coin is issued as a debt. Central bankers have the exclusive right to issues national currencies. It is an exclusive preserve that gives then complete dominion of the world economies. The maintenance of the fiat money system relies on trust.

            Currently this is trust that a piece of paper backed by nothing of value will hold its value. Constant expansion of the money supply is a necessary requirement to have enough available to pay the interest on the IOUs we call money.

            These IOU fiat notes are only as good as the peomise to pay inherent in the note and as such are guaranteed by the issuer. Will people , governments, corporations continues to trust the same people who can issue such money at random in any amount. The value of the money is only as good as the counterparty backing it.

            Gold has been money and continues to be money and is a direct competitor to the fiat currency. As a commodity money its value is decided in the market place and if the price rises relative to paper fiat money it shows a preference for gold over the paper money.
            Gold has no counter party risk. you are not dependent on the issuer to make good on its promise to pay. The currency can be voided or debased (devalued) overnight and you wake up in the morning and the ATMs are restocked with a “new” note and your old ones are worthless. (similar to company bonds).

            Gold is the direct challenger to the fiat money system. From the perspective of the central banker it must be discredited and if possible destroyed. This is especially true for the Federal Reserve the producer of the worlds “reserve currency”.

            All resources are brought to bare to discredit gold. (even while central banks have considerable gold holdings as financial assets.)

            Gold and silver is manipulated in the paper futures market. Huge volumes of paper gold and silver are traded as if there was the phyiscal bullion backing the trade. COMEX is recently reported to “sell” in a day 240 times more gold than they have in hand. Silver is even sold on larger leverage.

            This phony paper market is illegally traded but the regulators turn the blind eye and do not prosecute as they are a part of the manipulation process.

            There is a comprehensive body of research available at http://www.gata.org who have documented all that is happening for the last 15 years.

            The physical gold that must be delivered to those who actually take delivery must come from somewhere. Very few ET funds that deal in the precious metals are obligated to actually have any bullion. GLD the largest gold fund expressly says in its prospectus that there is no audit of its custodians and that they can carry paper in lieu od bullion. As such a puchase of shares of GLD do not add to the demand for bullion as there is not any required to be obtained. The investor in GLD thinks they are invested in gold but it is an empty paper promise unconnect from gold. It is a sham. The custodian for GLD is HSBC who incidentally is the largest paper short of the gold market. So the custodian of the fund is working actively against the best interest of its clients. (criminal activity?)

            SLV the largest silver fund is similar and operated by JP Morgan who happens to be bare naked short the silver market.

            The amount of newly mined gold each year is estimated at about 2800 tonnes. The demand from the developing world has been at about 4000 tonnes.This shortfall of 1000 1500 tonnes a year has been steady for the last 15 years with significant demand increases in the last years. This is a conservative 15,000 tonnes has been supplied to the market and largely shipped to China, India other Asian countries and the Middle East.

            Where has this bullion come from? Nobody knows for sure but speculation is fairly accurate. Around 2000 (15 years ago) it was estimated that western central banks held 32,000 tones of gold.

            There is no other place that it could have come from than from surreptitious transfers that have taken place. As the central bankers are the custodians of the Nations wealth we have the fox guarding the hen house. There are no physical audits allowed. Infamously, the FED gold has not been audited since the 1950′s.

            In 2015 China alone appears to be importing the total world mining supply of gold and India another 1000 tonnes. Russian continually adds to its stash. Gordon Brown sold 400 tonnes of UK gold at 248 dollars an ounce at the famous Brown’s bottom in around 1998 (memory fails be for the date)

            Recently Germany tried to repatriate a 1000 of its own gold but has been unable to do so. Is it unavailable?

            This is all coming to an end soon as the ability to supply bullion to the market for those taking delivery will cease at the current prices. Ukraine was relieves of 35 tonnes of gold for “safe keeping” two years ago. Lybia had 132 tonnes removed.

            The short answer to why the gold price has not risen much although it is still one of the best investments of 2015, is that the prices are manipulated illegally by the use of bare naked shorting in the paper markets using HFT algorithms. It is over looked by the regulators as they are part of the suppression scheme.

            The demand for bullion is in the process of overcoming the paper market as there is little bullion left to supply into the physical market.

            Today for example is the third day in a row that bullion prices have increased. an almost unheard of event over the last 5 years. Expect higher prices shortly and do not be surprised if gold and silver suddenly do ballistic as they break the chains of suppression.

            “The times they are a-changing”

          • coldblow

            Thanks Tony. So what is the point of having a price if you can’t actually lay your hands on the stuff?

          • @coldblow

            Of course you can lay your hands on it.

            Look at the http://www.gata.org web site for a list of dealers. Or google to find your local or call Mark O’Byrne at Gold Core in Dublin.

            http://www.goldcore.com/us/gold-blog/author/admin/

          • coldblow

            Tony, I checked and you can buy it though I don’t know if it is good value at about $1,100 an ounce (I think). Stephen made the point earlier that the money is pouring into assets that will hold some value if the money system crashes and I am surprised that demand for gold is not driving the price higher, seeing (as you say) that it is in limited supply. If the dealers have it they will sell to the highest bidder no matter what the fixed international market price is. Not unless the dealers are charging well over that price.

  5. Antaine

    Adam, you must be asleep :-) Subscribe. #feelthebern :-)

  6. Colm MacDonncha

    When we see the ‘socialist’ Deputy Prime Minister of our little banana republic trumpeting the opening of a food bank we realise how huge this disconnect is between the electorate and our representatives. A Food Bank means that there is a massive failure in our society,yet it’s seen as a photo opportunity by the insider elites that ru(i)n the country for now. The delusional insistence that the shambles that is Irish Water must be bulldozed through by Alan Kelly is another glaring example of this pigheadedness…Robert Mugabe for Taoiseach anyone? Or Kim Jun-il?

  7. Corbyn has not been vilified by the Guardian David, I think their coverage of his rise has been fairly balanced overall. The Sun is probably having a field day though, I would imagine.

  8. Spent a weekend in Richmond in May, nice spot. If you can’t beat them, join them.

  9. Reality Check

    Ireland needs a Political movement against Political correctness and mass immigration.
    Ireland needs a Trump.
    Ireland needs a Viktor Orban.
    All we have is pussies.

  10. Reality Check

    -edit “all we have ARE pussies”

    • coldblow

      Not if you are gender fluid but also yes, I suppose, if you are of the other, well, what is it if it isn’t gender? So it must depend on some quality of gender fluidity that is independent of gender, or of anything else except what you want it to be.

  11. Reality Check

    It’s simple really Trump will be elected because he doesn’t apologize for his existence as a WHITE MAN to anyone.
    He’s not a “cuckservative” pussy.
    In Ireland we have EU lackeys and PC pussies.

    • DB4545

      Reality Check

      A bit strong reality check. You might like this one.

      An Irishman living in London phones his mother.

      “Mam I’m getting married.”
      “That’s great news son who’s the lucky girl?”
      “She’s a beautiful English girl.”
      “That’s grand son but what’s her background?”
      “She’s a consultant heart surgeon at Hammersmith Hospital.”
      “A doctor in the family wait’ll I tell the neighbours. What about her parents?”
      “Her mother is a nurse and her father is a Methodist minister”.
      “But son you can’t be marrying a heathen Protestant”
      “Why not”
      “You’ll have an argument one day there’ll be drink involved and she’ll start insulting your background”.
      “That’s ok Mam we sorted all that out last saturday night.”
      “How son?”
      “She agreed to stop calling me a drunken paddy bastard and I agreed to stop calling her a jumped up black bitch.”

      Now before the world jumps down my throat that was told to me by my English cousin who’d regard himself as a Londoner. It was told to him by his half brother(also my English cousin) who is black. The world is complicated Reality Check. I just like it to be orderly and peaceful.

  12. coldblow

    This article chimes with this one by Hitchens:

    http://hitchensblog.mailonsunday.co.uk/2015/09/the-peoples-pmqs-the-national-anthem-and-the-continuing-corbasm.html

    ‘Those on the right who are joining in with the general mockery and dismissal of Mr Corbyn might trouble to wonder how the media powers of the Left, including the BBC, might treat (indeed have treated, in the case of Nigel Farage) a person who stepped outside the very narrow bounds of liberal approval. It seems to me that in both cases the same establishment, that has largely failed in office over the past 20 years, is seeking to defend itself from debate and criticism from any direction. If, in some fantasy world, I unexpectedly found myself at the head of some morally and conservative liberation movement, I can just imagine the BBC, the Guardian and The Times (always the servant of the establishment, wherever it is) going through my books, which they had until then ignored, obscure radio appearances and blogs looking for supposed ‘gaffes’. If I have time, I might write down and place in a sealed envelope my guesses about what they might come up with and how they would portray it.’

  13. DB4545

    The problem is that they’re both dinosaurs David and electing either one of them puts them (and the people who lobby them successfully )in control of enormous resources.

    Mr. Corbyn seems like a decent nice man who would probably make a nice family doctor but I couldn’t trust him with the National Security of 60 million people and somehow I don’t think the UK electorate will either. The policies he’s advocating would bring the UK back to the era of Michael Foot and Neil Kinnock and have been rejected by the UK electorate. I don’t think people want to revisit the 1970s/1980s.

    Mr. Trump filed for chapter 11 corporate bankruptcy four times. The strength of the US is that it allows risk taking and failing cheaply. Mr. Trump failed expensively four times with other peoples money but held on to his own. Great for business and people who are prepared to take that risk and it really is the reason for US business prowess. But lethal for someone in charge of US National Security (and ours by default). There’s no chapter 11 for nuclear weapons because you only get to fail once. On a trivial note he reminds me of another dinosaur from the past Arthur Scargill who also liked to start his comb over from the hair in his ears. Can you trust any man with that level of personal vanity?

    I’m in favour of wealth creation. People are motivated best by self interest and some have been greedy since the dawn of time. It’s part of our nature and used correctly it’s productive. The last time we messed with it we got communism. I don’t think anyone in their right mind wants to go back to that madness. We need a mechanism to contain the excesses of that greed.The Global agenda however has skewed markets and multinationals to such a degree that corporations have the dynamics of drug cartels and western economies have extremes of wealth that now mirror the third world. The speed of money has accelerated so much that corporations can’t get rid of it fast enough. The centre can’t hold under those pressures. Some lunatic will offer another panacea that can’t work like communism or fascism and the desperate will grab it.

    I had a discussion with a guy today who I know is capable of being persuaded to join an army in a time of crisis. He’s in the demographic of most Countries that will sign up and can be persuaded to kill people after 12 weeks basic training. That’s most of us by the way. We were looking at the pictures from Hungary. “If you were conscripted to fight would you fight to to defend the borders of Europe” I asked. “Fuck Europe” he said “I’ll fight to defend Ireland Europe can go fuck itself”. The Hungarian Government have effectively reached a parallel conclusion. In a crisis we’ve just shown we’re Nation States and no EU Institution will breech that loyalty. Border defences are back in place. I’m comforted by that for some reason.

    We need to take the our foot off the accelerator and compartmentalize our economies before it spirals out of control. That means dismantling globalisation in some form before the whole f**king system blows up and return to economic and political decentralisation. The rich must realise that building bunkers or trust funds won’t protect them from the consequences of their actions. If they continue in this way then like Hitler and Saddam and Gaddafi and the ancient Egyptians they’re just building designer tombs.

  14. Bamboo

    David, can’t believe you you mention Trump.
    Anyone who takes Donald Trump in anyway serious as a state leader is imho somewhat childish and innocent.
    The only ones that should take him serious are mainstream media and the standup comedians. It is a feast of laughable arrogance and ignorance and a great and easy source of garbage journalism. The high poll ratings of Trump are fabricated by the MSM. Just look at the previous American presidential race with Obama vs Romny , the Scottish referendum and our very own latest referendum. It was suppose to be all a very close race and only to find it is anything but a close race. All fabricated by the media.
    In fact the comedians will have a hard time making this Trump guy look like an idiot or a joke like the way they’ve done with Bush. Trump is the extreme comic character that the world media wants to see to get the viewers ratings. Globally journalism is made easy when Trump is around.
    Someone this morning on the radio described Trump as the extreme bad talents on the X-Factor. Those people made the best TV and great resource for hours of TV.

    JapanZone,absoletely agree.
    Bernie Sanders is not mentioned as he is still a dull and dry subject for the moment but he is indeed someone the world and humanity can look forward to.

  15. cooldude

    Going back to economics for a second I notice the FED weren’t even able to raise their extremely low interest rates by a measly .25%. Hardly the sign of a booming economy and more like one that is addicted to cheap money and low interest rates. This will benefit the top 1% as usual although there is plenty of evidence that the smart money has and is exiting the stock markets.

    There has been no economic recovery anywhere just papering over the cracks with cheap money and low rates. Stock market are facing severe falls and QE4 cometh this way soon.

    As for Trump I agree he is a clown put there to give the illusion of choice to the voters.

    Corbyn on the other hand seems to be a man of principle. He is staunchly anti war which is very welcome with all the never ending western led wars going on. He supports QE for the benefit of the people and not just to bail out insolvent gambling institutions otherwise known as banks. This is also an interesting stance. He is also a staunch anti royalist which is a breath of fresh air. Why should a democratically elected politician have to kneel before an unelected benefit scrounger who has never done a days work in her life is beyond me.
    All in all a man with a bit of back bone who will hopefully stand up to all the institutionalized bullshit we take as “normality” and change peoples mindsets a bit.

    • Spot on as usual cooldude.

      With your permission I’m going to use your quote on Social Media:

      “Why should a democratically elected politician have to kneel before an unelected benefit scrounger who has never done a days work in her life?”

      • cooldude

        You’re more than welcome Adam.

        Here is an in depth look at this “family” and all they get up to. Not the kind of people that you should have to kneel in front of.

        http://chrisspivey.org/monsters-inc-the-satanic-british-royal-family/

        • DB4545

          Cooldude

          When that nice old lady came over for a visit she spent hours having to listen to our waster politicians talking drivel. No wonder she was smiling when she was talking to that fishmonger in cork at least he works for a living. I believe in a republic but you might ask yourself how much it costs for pensions for 4 or 5 ex presidents? Might be useful to have a minimum age for candidates of 70? Looks like the americans have a minimum age of 80 for president this time. That’ll save a few bucks on the pension. Them yanks are no gobshites.

          • Over the last several years I have read a lot of accounts of pedophile rings operating in the UK. Most were documented and lots of evidence.

            Many have disappeared!!!.
            Chris Spivey does not use presentable language on occasion which I do not like, but this information is out there.

            As an aside I was sent to an English Public School for a couple of years. It was a smaller school that catered to those not aspiring to Eaton or Harrow or the rest of the “top Six”.

            I was fortunate to be older than average when I went which was just turned 15. I was just in the middle of my teenager growth spurt and at 5’10 and 160 lb I was able to hold my own in the bully camp at which I had arrived.

            The senior boys had huge privileges and had huge power over new arrivals who were usually in the 12-14 age level.

            New arrivals had to be servient to prefects of the common room who also had their own study. This was a period of 4 terms when certain duties had to be performed on a scheduled basis. A week of cleaning the study of a prefect and a week of having to make and clean up the bed and bedding of such senior boy. I was not immune to this. At most public schools it is referred to as fagging, and the “servent” was known as a fag. : At my school we were called a Knave.

            Corporal punishment was meted out freely and was administered on the unprotected (maybe pajamas or under pants were worn) rear end using the heal of a solid leather soled slipper. This was used a minimum of three strokes and often six. Viciousness was in evidence and it was a prime bullying tool.

            I was in receipt of this 14 times in my first 11 week term.

            Shortly after my arrival I heard of a rumour strange and foreign to my ears. So and so had a crush on another boy. Always it was a senior “”on” a newcomer, a fag.

            I was a wholesome young lad with no experience of any of these going ons, so I was puzzled and unsettled. It turned out that there was a lot of this hankypanky going on.

            There were 3 boarding school “”houses” and two day boy houses for the local students who attended.

            It seems a young day boy complained to his parents about something. Parents went to the Headmaster where the boy was persuaded to spill the beans and name another. That other was called in and persuaded to go Queens evidence, so to speak and names a couple of others. This set off a chain of enquiry which to my knowledge involved 50% of all the boarding boys.

            That is correct, Half the boarders were involved in homosexual activity. This experience allows me to conclude that a lot of homosexual activity and deprivation is or can be induced by the environment.

            It also transpired that the biggest perpetrators of this were the Past Head boy and several prefects who had already graduated on gone on to bigger things.

            My younger brother arrived a year after me and fortunately I was able to protect him from unwelcome advances.

            That this happens in a respectable boarding school leads me to see without a shadow of doubt that that a remand home for boys would be the perfect breeding ground for such perverted activity. Grown men with total control over young lads leads to criminal activity.

            I have no doubt that the comments submitted by Cooldude will be easily proven to have taken place.

          • coldblow

            Tony

            I did a minimal bit of research on this in public schools in England over the weekend (one document) and it seems that such things were not uncommon.

            However this is nothing like organized paedophile rings holding orgies with innocent young boys involving the Rich and the Powerful (many of them Household Names!!) and covered up by the Establishment and Elizabeth Reg.

            Moreover the 50% figure for those involved strikes me as unbelievable. Either the rumours got it all wrong again or there was a wave of paranoic denunciations as happened in Stalin’s USSR and in the Communist Party during the Spanish Civil War.

            By giving any credence to Cooldude’s outlandish claims cannot but discredit the rest of what you write.

          • Coldblow

            You were not at the school so you have no information. Many a child with a tail to tell was reprimanded by a parent or authority figure for inventing things. They were told they had too much imagination. What the child had to say was “”unbelievable”".
            You sound like such a parent.

            Most of what I write is reported by others and supported by graphed physical evidence.
            Quite believable, but still denied by those wearing blinkers.

          • coldblow

            Tony

            What all of these paedophile ring stories have in common is the absence of credible evidence from credible *named* witnesses. It is all based on rumour and fantasy. Have you never come across a real liar in your life? You know, the kind where half of what they say is true and other half fantasy, and you don’t know which is which? I have met and known well several. I read Carlos Cruz’s book (Inocente Para Alem de Cualqer Duvida) which showed that the investigation and trials in the Casa Pia case in Portugal were notorious for the unscrupulousness and incompetence of the police (cf the Madeleine McCann case) and the epic deceit of the ‘victims’ as well as criminal gullibility and partiality on the part of experts and press. For example, half way through the case against Cruz they dropped most of the charges because there was no evidence to support them and plenty contradicting them, and merely substituted a load of new ones, without giving his defence any time to prepare. His mobile phone and credit card could prove he was nowhere near these ‘orgies’, witnesses supported him and were not called. You see, like yourself and cooldude, they already had their evidence.

            Spivey is a clown. Even Essex has its village idiot. He would find a conspiracy inside an empty crisp bag. These scoundrels rob innocent people of their liberty and their good name and face no consequences. It has gone beyond a joke. If you refuse to look at this fairly and objectively you share in the culpability. Take a look at Richard Webster’s site, Sceptical Essays for starters, and then apply an open mind to what you read.

            (Tip: the ones who have all the answers and put it all down to lurid conspiracies are the ones to be treated with the most scepticism, for the simple reason that their evidence, powers of rational thought and soundness of character are all on the same level. Swallowing their drivel is not evidence of an open mind but of a absence of any kind of critical faculty. ‘Links’ to such idiocy are not gateways to knowledge or wisdom.)

          • “(Tip: the ones who have all the answers and put it all down to lurid conspiracies are the ones to be treated with the most scepticism, for the simple reason that their evidence, powers of rational thought and soundness of character are all on the same level. Swallowing their drivel is not evidence of an open mind but of a absence of any kind of critical faculty. ‘Links’ to such idiocy are not gateways to knowledge or wisdom.)”

            Oh the irony of it all!

          • McCorber

            OK, one quick google and here is a respectable opinion piece.

            http://time.com/2974381/england-land-of-royals-tea-and-horrific-pedophilia-coverups/

            Please explain to me how you pass this one off the above.

            There is just a news report about Afghan boys being abused. US troops ordered to show a blind eye.

            General activity seems to be high all over the world

            http://www.nbcnews.com/id/42108748/ns/us_news-crime_and_courts/t/massive-online-pedophile-ring-busted-cops/#.VgD4Y9LBzGc

          • coldblow

            Tony

            You really don’t get it do you? The Hickman article doesn’t add anything new or provide any evidence. It just seems to be a summary for a US audience of allegations. As I have explained on dozens of occasions these paedophile ring stories are no more than modern witch hunts. Have you looked at Richard Webster’s site yet? This is not evidence, there are no credible named witnesses, only reports of hearsay. That the police, press and some politicians take them seriously, indeed want to believe them, does not alter the fact. See what the Portuguese press said about Carlos Cruz. Or the deputy leader of the Portguese Socialist Party who spent months in gaol before he was cleared, on the strength of fantastic allegations. You are wasting your time and mine with this stuff.

            The Esther Baker case is interesting. Here we finally have a identified witness stepping forward. On the basis of what I know about these things I am sticking my neck out here and now and forecasting that these claims (including a ‘lord’ and a ‘judge’) will be proved false. I predict they will be thrown out of court, if they ever get there. However, sometimes these things don’t get discredited but build into another wave of hysteria, such as Casa Pia or Bryn Estyn. See Richard Webster for a fuller list. See my links above (which I doubt you have looked at although I waste my time with some of your nonsense) for more.

            Adam

            ‘Oh the irony of it all!’

            I see you are reduced to arch sniping. This is childish. Please give me the benefit of your supposed open mind about this.

          • Coldblow, there are a lot of things I do not get. Still, I do not dismiss information received but, if there is doubt, I file it away for future reference to be proven of not.

            I was shocked when I read about the Catholic church members who violated the children in their trust. This happened in Canada as well as elsewhere. This is not disputed.

            Nothing is beyond the realm of possibility. There were well known judiciary known as hanging judges despite contrary evidence.

            Crooked information, lost affidavits, missing witnesses, people dieing of strange heart attacks, car accidents etc etc. are all part of the menu. Evil walks the neighbourhood and evil reigns in the realm.

          • coldblow

            Tony

            Ditch Chris Spivey and his ravings and look at some decent research.

            http://www.richardwebster.net/

            On the left you’ll see a couple of links to the Jersey case mentioned by Spivey. Read them, and then look at some of the others, including Bryn Estyn and Casa Pia.

    • coldblow

      Sometimes you start to make a little bit of sense, cooldude, and then you spoil it all by linking to Chris Spivey. In only the second sentence he tells us about how someone I’ve never heard of ‘committed treason’ under Nelson’s Column when he denounced the late Queen Mother as a paedophile. His ‘research’ then leads him through the usual paranoid fantasies, not forgetting to take in the Vatican and the Freemasons on the way.

      But I envy the Queen the way she can lounge about all day, conspiring to cover up for her wicked family and meeting interesting such people as the President of the National Packagers Federation.

      • cooldude

        I reread the article and found loads of links to mainstream books and newspapers for all of the points made. Very little in the way of paranoid fantasies but plenty of evidence that this family is full of sleazebags and can stop the press whenever they deem something is too sensitive .

        Also of interest is how they have hugely increased their “press office” to make sure no adverse facts are reported about them.

        There are none so blind as those who refuse to see. The Queen doesn’t bother conspiring to protect her image she pays people with tax payers money to make sure none of these facts are reported.

        Maybe you just can’t handle the truth about this family who are parasites and live totally on the backs of tax payers.

        • coldblow

          cooldude

          Spivey’s article is nonsense from start to finish. Links to newspapers mean nothing but that is irrelevant anyway as his interpretation of his material (which is dodgy in the first place, to say the very least) is almost a random association of ideas leading to conspiracies each one more insane than the previous one. Is he just pulling your leg?

          He mentions Jersey’s Haute Garonne early on (I couldn’t bring myself to read on). Here’s one article by Richard Webster about the Jersey ‘paedophile ring’:

          ‘The only reasonable conclusion one can draw is that the major factor which was in play throughout the saga was a deep psychological need for a narrative of evil – a need which journalists seem to feel they have a professional obligation to satisfy.’

          http://richardwebster-net.blogspot.ie/2008/11/journalism-jersey-and-idea-of-evil.html

          We get them regularly here in Ireland, for example mass graves of infants or the demonizing as ‘pure evil’ insensitive care assistants in the west of Ireland. There always has to be a witch hunt and most people simply don’t want to or cannot question what is going on. You get the demonization, almost, of professional footballers in Britain, as another example. Look into the case of Chad Evans, who was prosecuted by North Wales Police, who were also responsible for the Bryn Estyn fiasco. See Webster again for the latter, see Chad Evans’s own site for his own fascinating, if crazily unjust, case.

          But how on earth can anyone take Chris Spivey seriously?

  16. Mike Lucey

    The only positive thing I can see with Trump is that he does not have to rely on corporate donations to fund his campaign.

    If you delve into his (advisors) policies they are not quite as blunt as Trump announces. It seems the immigration control policy has structures built in that would allow for the possibility of productive illegal immigrants to remain in-situ.

    If Trump can start thinking twice before saying once he might surprise us. When it comes down to it how many past US presidents where successful managers prior to entering the Oval Office. What do we know about Obama, very little except that he seems to have made some choices with his administration people that one would not have expected after ‘buying’ into his catch phrase, ‘Yes We Can’. It looks that its now more a case of ‘Yes We Can but We Won’t’.

    Personally I would like to see a run off between the likes of Rand Paul (R) and Elizabeth Warren (D) but I doubt they will be able to raise the seemingly necessary millions in corporate donations.

  17. McCawber

    The world has many problems and I doubt either of the above candidates knows what to do about them. Unfortunately they are not alone.
    The solution is not simple but the implementation could be almost impossible.
    So let’s break it down.
    Define the problem, expand the issues of concern to all parties.
    Define the solution.
    Only then can implementation be considered.
    One problem at a time.
    In less than 50 years time there will be no employment.
    This process is already happening but nobody has picked up on it, maybe because they are afraid to.
    A lot of the technologies that will bring this about already exist but haven’t yet been developed fully. Broadband comms, Robotics, 3D printers to name just two.
    The one limitation could be energy but it’s likely even that will not be an issue.
    So problem no. 1 – How are we going to deal with a 100% unemployment.
    One issue will be wealth transfer from the rich to the poor.
    Maybe Corbyn should be thinking about nationalising all Robots – It’s obviously too early to do this but whoever owns (and controls) the robots will own and control the world.
    do you the want the Central Banks of the world to be the owners and controllers of the Robots?
    So the another issue is who should be the owners of the Robots.
    So while Corbyn might be accidentally stumbling towards the right approach, he doesn’t know what he’s talking about – it’s just ideology.
    Trump – don’t know anything about the man but maybe it’s time to pay some attention to him.
    One thing the masses could be doing in 50 years is watch (what will probably be the annual) Rugby World Cup, maybe Mars and the Moon might have teams entered, who knows.
    A teaser, if there is no employment what will people be doing with their time. Research perhaps but not 10bn of them surely.

  18. SLICKMICK

    Gerry Adams has as much chance as being PM as Corbyn. Tried and failed policies from the 1970′s. Only 1 good idea from Corbyn- land value tax . Zero chance of implementing it.

  19. StephenKenny

    Here’s an outline of the current Corbyn economic policies for the UK:

    “let me make it absolutely clear that Labour under Jeremy Corbyn is committed to eliminating the deficit and creating an economy in which we live within our means…. We accept that cuts in public spending will help eliminate the deficit, but our cuts won’t be to the middle-and low-income earners and certainly not to the poor….alongside deficit elimination, the Corbyn campaign is advocating a fundamental reform of our economic system. This will include the introduction of an effective regulatory regime for our banks and financial sector; a full-blown Glass-Steagall system to separate day-to-day and investment banking; legislation to replace short-term shareholder value with long-term sustainable economic and social responsibilities as the prime objective of companies; radical reform of the failed auditing regime; the extension of a wider range of forms of company and enterprise ownership and control including public, co-operative and stakeholder ownership; and the introduction of a financial transactions tax to fund the rebalancing of our economy towards production and manufacturing.”

    Without a shadow of a doubt, this would transform the lives of the 99% for the better. So, as ever with politicians and the public sector, how much of it would they implement, if they gained power? What else would they do?
    This is not the 1980s, we don’t have generally well managed and functioning economies. The 1% are far too strong for the good of the many and economies are in the hands of speculators.

    This is all we have, so all we can do is keep an eye open, and an open mind.

    • Mike Lucey

      Does not Corbyn’s win not prove that the ordinary man on the street in the UK has finally grasped what is actually happening in the economy? Could not the same thing be said to some extent with regard to Trump’s popularity?

      Maybe the masses are beginning to see what is actually ‘behind the curtain’ and realising that its not an all powerful wizard just an old man pulling levers!

      I think the Net has played a huge part in this ‘curtain pulling’ movement and made it possible for ordinary people to learn and understand what is actually going on. Prior to the Net most folks had no idea about the mechanics of the economy but today is different and they want a say in matters.

      The only solution that I can see working is some form of Direct Democracy that utilises the Net for important public decision making. We could then expect upwards of 90%+ correct decisions on an ongoing basis that benefit the general population not just the 0.02pc.

      • The average American I meet now and then knows something is very wrong but has not figured out the cause. Almost nobody knows anything about the money system and the debt trap that it is.

        It is not surprising as most commentators and economists do not know either. Even when presented with the facts they refuse to contemplate it could be true and laugh with derision.

        It is true that the information is on the net waiting to be discovered. But even here on an educated forum operated by a self proclaimed best selling author, writer, economist we cannot get a debate/discussion of these self evident facts.
        Bizarre.

        There is a Direct Democracy Party in Ireland waiting for you to join and input your suggestions.

      • DB4545

        Mike Lucey

        I think the ordinary man on the street grasped that point long ago Mike. If the Advertising industry can sell high welfare organic grass fed probiotic dog food to people they’ll try to sell anything including the belief that elections by themselves change anything. The problem isn’t who gets elected it’s limiting their habitat and the monopoly of the people who successfully lobby them. This limits their power and the potential damage they can cause because absolute financial and/or political power corrupts absolutely.

        Let’s move away from theory because as they say in theory there’s no difference between theory and practice. In practice there is. Let’s also move away from politics because it must be applicable to other habitats and not be domain specific.

        Pluck two people from thin air and let’s make them brothers. We’ll call one Rene Blatter and the other Sepp Blatter.They’re both from a well respected family and both are keen to get on in the world.

        Rene works his way up and manages to earn a decent living running a car dealership. The community value his services and he in turn provides a valuable service to the community. There’s mutual trust as both parties are in constant close contact and competition, word of mouth and proximity helps maintain transparency and keep things honest. All is at peace with the world.

        Sepp works his way up and manages to earn quite a substantial living running a soccer dealership. The community value his services(because the PR company he employs convinces them). But we have to question if he continues to provide a valuable service to the community. There’s no mutual trust because lack of close contact,competition and word of mouth and proximity have destroyed transparency. Years pass by and the Sunday Times publish the results of their investigation and the rest is history.

        How did this happen you might ask? One brother operated in a restricted habitat where there was constant feedback between him and the community. If he gets greedy and his prices are too high or his service shoddy both he and the community become aware of it very quickly. He in turn can respond to this because if he didn’t his competitors would. The other brother secured a monopoly position because he had the unrestricted ability to operate across habitats without community oversight and therefore transparency was destroyed. The question is how many of us would behave any differently if that opportunity presented itself? Mark Twain said we all have the desire to kill and few of us would escape the hangman if the desire and opportunity come together.

        We need to limit the habitat of politics and business. This in turn limits the damage that can be caused. We’ll never stop greed it’s part of our nature but we can try to stop the greedy operating and then taking control of our habitats.

  20. StephenKenny

    “Bank Of England Economist Calls For Cash Ban, Urges Negative Rates”.
    So the UK economy is growing strongly, is it?

  21. “Corbyn and Trump are different reactions to the rich getting richer”

    The comparison between a socialist and a so called entrepreneur is a typical divide to get the population fighting amoungst itself to its own detriment.

    Socialism in my observation is the policy and politics of envy. Envy is a sin in my book. Absolute envy is described as green with envy. Jealousy rules.

    Capitalism, while not being allowed to function properly because of the application of unhealthy doses of regulation, and cronyism leading to de-facto fascism, is blamed for the rich getting richer syndrome.

    In other endeavors excellence is sort after, admired and applauded. Take the Olympic model as an example. Faster Higher Stronger is the slogan.

    https://www.google.ca/url?sa=t&rct=j&q=&esrc=s&source=web&cd=2&cad=rja&uact=8&ved=0CCYQFjABahUKEwiKztH8koHIAhUFB5IKHf_9D4c&url=https%3A%2F%2Fen.wikipedia.org%2Fwiki%2FOlympic_symbols&usg=AFQjCNGkt5fIlR3Uo0ddv0sf1wItZvRQyw&sig2=-t3ELrAFG9ZBY7sNPN5KUw&bvm=bv.103073922,d.aWw

    However drugs are not allowed. Trying to achieve excellence is applauded and rewarded but not cheating.

    So if the name of the game is Faster, higher, Stronger, what is the problem with individuals and businesses aspiring to the same ends. Our problem is that cheating in finance and business is allowed. In fact it is rampant.

    It is the cheating and corruption it brings that must be weeded out and eliminated. The regulators must be as zealous in the business arena as they are in the sports.

    There is no real analysis in these pages or comments that look to the basic problems. All debates are around superficialities.

    A critical analysis of the rich getting richer will conclude the deck is stacked in favour of the money meisters. The 1 millionth of one percent of the population plus the monetary sycophants.

    I’ll keep repeating this until it gets a debate and proper examination or I get thrown off the blog.

    It starts with the money system. Those who control the money supply fix the deck and control all else. Why is it so hard for this to be seen and understood as the primary problem from which all else flows.

    The regulators can be equated to the same function in the sports world. In the sports world they perform, in the business world they do not. They are paid off and bought by those with unlimited funds. like wise the politicians are bought and paid for. Occasionally we get the mavericks who buck the system and they get their five minutes in the sun but unless the peoples understand the problems and demand a resolution no politician will survive the moneyed interests.

    Ron Paul is one such example.

    So David, it is time to explain how the money system actually works to enrich the elite and pauperize the masses. Then you will not have to explain the Corbyns and Trumps of the world.

    The Central Bank paper Ponzi scheme must be eliminated or all else is futile and we descend to a state of rebellion, anarchy and Martial Law. Will you let this happen unaccounted for?

  22. Coldblow

    Do you mean dollars (US) or euros.

    The difference in the paper price (World declared spot price) and the bullion dealer price is usually the markup from the dealer , typically at 3-4%. Anything over that is a premium which reflects a shortage of bullion in the physical market.
    Phone and talk to a dealer representative. Gold Core is reputable. You will get the straight goods from them. Do not worry about a swing of 2-5% more as it is just the cost of having it in hand. You are better off than me as I paid 200 more for it than the current price for a lot of what I have, and 3 more for silver coin too. I do not worry about the timing as I do not know when I will get up one morning and find $10 added to silver and $500 added to gold. I am protected from a collapse in the paper currency market that is inevitable with QE to infinity, which in practice means to the point of a currency crash and loss of confidence in the current system.

  23. Coldblow

    This should interest you and any others following the thread. Eric Sprott has an axe to grind but he is highly reputable in his business and as an individual.

    http://kingworldnews.com/billionaire-eric-sprott-we-have-just-seen-a-shocking-event-that-only-happens-once-in-333-million-lifetimes/

    The stock markets are THAT HIGH.
    “The market is overdue for a top. Some of the great work that’s been done is showing that this rise in stocks is something like a seven-standard deviation event. Seven standard deviations is something that happens one in 333 million lifetimes.” –Sprott

  24. Ireland:

    “Noonan wants review of first-time mortgage cap: The Irish Times cited comments by Ireland’s finance minister Noonan who said he wants the central bank to review the impact its new mortgage limits are having on the supply of houses for first-time buyers. The article notes that Ireland’s central bank offered relief to first-time house buyers when it finalised new regulations earlier this year that introduced curbs on mortgage lending aimed at avoiding a repeat of the 2008 property crash. While the rules have helped ease a recovery in house prices which had rebounded particularly strongly in Dublin amid a lack of supply, Noonan said builders believe the regulations are too restrictive and contributing towards the shortage of homes. ”

    Posted at lemetropolecafe.com

  25. coldblow.

    http://2.bp.blogspot.com/-aY3BUxUcj9A/Vft6dyShkZI/AAAAAAABDbQ/Uuc2Ke4NFSQ/s1600/SilkRoadDemand.php.png

    Graph showing accumulated gold purchases by China, India, Russia and Turkey total is 17500 tonnes 2008-todate. That is close to the total mined production of the world in the time period leaving little for anyone else.

    (Total since 2000 is in reality north of 20,000 tonnes.)

  26. michaelcoughlan

    “After six years of zero interest rates, the US authorities are about to declare victory. The day rates are raised in the US will be a valedictory moment. It will mean that the Feds policy has worked”

    Hi David,

    I feel I must apologise to you in advance because I am going to have a cut off you. I will state that I am not a trained economist so it’s in that context I humbly post the following. The above quote was from one of your articles back a few. I simply can’t believe that a commentator of substance would commit it down in writing and I feel in light of the FED not increasing interest rates suggest that the total contribution of the board is far more predictive than any single contributor.

    I feel gold bugs for the foreseeable future will be on a losing slide and the following is a rehash of my post I did previously on one of your articles also. Let me explain the context re gold bugs and what comes out of my analysis. Read it all the way to the bottom Tony before responding as I find your posts very important.

    I had the biggest learning experience I had on this board (for the few years I have been on it) in recent weeks when a view I held was exposed to be completely inaccurate.

    David wrote an article a few weeks ago about his theoretical idea that the Greek government should implement the Chinese currency as a solution to its problems. I responded with a tongue in cheek post about the irony of a Keynesian economist arguing for a country to adopt a currency whose government was hoarding all its domestically produced gold AND importing the stuff hand over fist.

    A couple of weeks later I had my nemesis. The Chinese bubble blew apart. The Chinese government then did something very telling which it hadn’t done for years; It revealed its “Official” gold holding quantities. Around 1600 tones I think. The world was expecting around 10000 tonnes. It is a straight forward lie. The gold bugs reckon of the estimated 10000 tones in the country the Chinese Govt. is holding about 2200 to 2500 (still a low figure) with the other 7500 plus tonnes held off balance sheet in private hands.

    So why the timing of the release of the figure and why so low an official tally? Ans; the VERY LAST thing the Chinese Govt. needed the world to believe was it’s currency was way stronger than it is and then wham; the devaluations all in the hope of preserving exports.

    This is why I feel that gold bugs are in for a rough time for the foreseeable future. No Government in its right mind will back it’s currency with gold. Germany also has a weak currency in the Euro rather than their own strong currency (the Deutschmark) for the same reason which is why Greece was destroyed to protect the Euro/German exports.

    The world is is being run financial madmen who are far more insane than any bonbon (remember them). One of the craziest and most insane things on all of this I have ever heard was an interview I saw on you tube with Bernanke when he was quizzed about inflation and deflation. The smug arrogant unconscionable scumbag that he is responded by saying that if the average American was buying goods and services made in America it made no difference to them internally as they would only experience the extra cost as they went abroad or purchased imports. In other words he doesn’t give a fuck about the budget or current account deficit.

    To understand the reason he is so smug in my view can be described by the following; Let’s just say your mortgage is 1000 per month and you find yourself in a zero hour Min wage 15hr per week contract say 130 Euros per week or Max 600 per month. Because you are “working” the bank will allow you to release equity on the unleavened part of the value of your house and you use this to pay the mortgage. You are using capital and NOT income to pay your expenses and more importantly repayments on your borrowings.

    The day will come when you can release no more equity however you have a machine gun. You go across the street and shoot your Muslim neighbour dead, take his house off him claiming the house as your own. You then ring the bank and say look my property holding has increased and so has my balance sheet so please please release more equity and walla! MORE moola released for you to spend but no extra income.

    In the real world Bernanke’s mates send the US armed farces to confiscate the assets of other countries around the world and this allows the US Government to do the same thing (increase it’s balance sheet and release equity for spending) keeping the whole unnatural situation of record level increased borrowings in the face of deficits going.

    Gold is still vital for the ordinary person though not in the way most people think. To preserve your wealth you will have to have a dual play in gold. You will have to Short the metal using a derivative or spread betting account but go long an ETF in gold which is selling options against gold providing you with an income stream .

    If the banking madmen drive down the gold price or the Govt sets it very low your 50% short will rise in value. If the gold bugs are right your 50% long position in the ETF will rise in value. You will preserve your capital AND have an income stream.

    Michael.

    • Hi Michael
      Thanks for inviting me to read the whole before responding!! Mostly I read three or four times before a response as I try to understand what has actually been said. At this point it is only twice now but I will have to read again and again as I develop a response to parts of your presentation.

      I do this not as a criticism but as a learning method. We all learn from each other. I too am not an economist but I find that as an advantage as I have received little indoctrination to mold my views. Mostly a wander in a daze trying to figure out what is implied or meant but punctuated with Eureka moments as I suddenly get it. These revelations of the true picture are seldom shaken or changed by future reading or information as there is seldom a cogent argument offered as a sound rebuttal to my new found insight.(did you follow the convoluted sentence there , Michael :) )

      ” whose government(The Chinese) was hoarding all its domestically produced gold AND importing the stuff hand over fist.

      A couple of weeks later I had my nemesis. The Chinese bubble blew apart. ”

      Are you implying a connection between the Chinese accumulating gold and the crash of their stock market? I see no direct connection.

      “Around 1600 tones I think. The world was expecting around 10000 tonnes. It is a straight forward lie. The gold bugs reckon of the estimated 10000 tones in the country the Chinese Govt. is holding about 2200 to 2500 (still a low figure) with the other 7500 plus tonnes held off balance sheet in private hands.”

      China applied to the IMF to have the Yuan added as a component of the Special Drawing Rights, SDR, basket of currencies. This was refused and the Chinese lost face internationally. There official gold holdings were stationary for years at 1000 tonnes. They decided to show more strength in the currency by announcing a rise to 1600 tonnes.

      The world was not expecting anything Michael as they are largely unconcerned. Only those tracking such information know that China has been importing a minimum of 600 tonnes a year upward to 2500 per annum recently. It is speculated that a lot of gold is stored with government agencies other than the central bank and so are not officially required to be reported.

      After being refused membership in the nations contributing to SDR China fired the shot across the bow of the state ship US. A series of 1-2% reductions in the value of the remninbi caused more than a ripple in the financial markets. They also sold 160 billion US securities. If China dumped the trillion dollars they have they would destroy the world financial markets.

      Another reason only 1600 tonnes was reported is that a much higher figure would have affected the gold price in dramatic fashion and this is currently not in the interest of China to have happen. They are furiously buying gold in the physical market and likely heavily involved in the paper futures market shorting gold in order to drive the price down to be bought by them at the lowest price possible.

      The US is also keeping a lid on the gold price by suppression and manipulation to protect the value of the world reserve currency, the King US dollar.

      He who controls the world reserve currency lives the life of Riley at the expense of the rest of the world. This is a battle for supremacy, world dominion. The US will not give up without a fight (literally ) whereas the Chinese have their famous inscrutable smile and play their cards close their chest!!When the time comes to make the disclosure to the world, the Chinese will be found to have depleted Western stocks of gold and have as much or more than anyone else.

      The US has gone to War in many countries already to protect the US dollar. The only countries to maintain a trading regime outside the US dollar sphere are the Chinese with many countries and notably Russia who is also under attack from the US.

      The rest of the world are in a war of currency devaluations in a race to the bottom. China knows that gold will be the last man standing. Gold is the metal of rulers and he who has the gold rules. The IMF and the BIS have gold too and there will try to control the world with an international currency based on SDR but this will be dominated by the same operators that handle the national central banks and will be a debt based currency at interest to bind and enslave the world.

      Your analogy of the person with monthly payments of 1000 and income of 600 does not hold up if the reference is to the US. The US has a “printing Press” that the home owner does not. The US can produce form thin air any amount of money it wishes to meet their obligations and that is what they have done. The US has run a deficit for 40 years and issued more and more currency to to cover it. Most of this extra money has stayed abroad and the inflation affected other countries rather than the US.


      In the real world Bernanke’s mates send the US armed farces to confiscate the assets of other countries ”
      The only assets confiscated are the gold holdings. 132 tonnes from Libya, 35 tonnes from Ukraine. The rest of the invasions are about maintaining the power of the US via the reserve currency. Saddam proposed to trade oil for Euros, Qaddafi a Pan African coin, the Islamic Gold Dinar.etc.etc.
      It is all about maintaining the world power.

      “Short the metal using a derivative or spread betting account but go long an ETF in gold which is selling options against gold providing you with an income stream .
      If the banking madmen drive down the gold price or the Govt sets it very low your 50% short will rise in value. If the gold bugs are right your 50% long position in the ETF will rise in value. You will preserve your capital AND have an income stream.”

      Do this if you wish but it is all a gambling game with paper assets. All involve counterparty risk of default.

      Gold is insurance against a world in financial collapse. The only assurance that you are protected is to have the bullion in hand where you can see it, feel it and admire its intrinsic properties.

      Paper promises to pay are simply promises and if the currencies collapse you run the risk of not being paid at all as bankruptcies proliferate. Ask the people who trusted Enron. It was given a triple A rating just 5 days before it collapsed. Even Gerald Celente got caught.

      Take care Michael. Together we learn from each other.

      • michaelcoughlan

        “Are you implying a connection between the Chinese accumulating gold and the crash of their stock market? I see no direct connection”

        I just was demonstrating that my understanding was wrong.

        “The world was not expecting anything Michael as they are largely unconcerned”

        I am not exactly sure here but it was expected that the offical figure would be higher.

        “They also sold 160 billion US securities”

        That’s what yellen is afraid of and why rates werent touched and in my view proves Max Keiser right and our host at least a rethink.

        “The US can produce form thin air any amount of money it wishes to meet their obligations and that is what they have done”

        There is a difference between money and currency. Money (value) increases through commerce. Currency can be produced at will be devalues as more is introduced so in an economy not increasing value confiscation of other people or countries assets is the only way to stop hyperinflation.

        “Do this if you wish but it is all a gambling game with paper assets. All involve counterparty risk of default.”

        You might be right.

        “Gold is insurance against a world in financial collapse”

        I meant to say a triple play in gold. I am doing the double play but also buying gold and silver coins for me.

        Michael.

  27. Not even Donald will be able to Trump the greatest recession unfolding as we watch. All US economic metrics are turning negative. It will be more like Donald should Duck this go around.

    http://davidstockmanscontracorner.com/riding-the-zero-bound-into-the-doom-loop-monetary-central-plannings-dead-end/

  28. http://www.gold-eagle.com/article/if-really-recovery-why-aren%E2%80%99t-we-using-more-electrical-power

    Mark Lundeen demonstates in unarguable fashion how the real economy is is sputtering in a declining fashion even while monetary based calculations show modest recovery.

    Graphically demonstrated is the fact that expansion of the money supply equally expands the debt. Servicing the debt in turn stifles economic activity. In my opinion this is why we see the economy now declining the more more money is issued into existence.

    If this continues they will be a massive adjustment as all the counter-parties fail and massive bankruptcies world wide.

    The only way out is to implement a monetary system that gets rid of a debt based, credit, money system. The central banks must be dismantled and a new money system based on sound money principles put instead.

    Come on David, this is now staring you in the face or even waving a red flag at you. The shortfall and total deceit of the present system is obvious. It is in the opinion of some commentators the biggest hoax ever perpetrated upon mankind.
    It is a criminal Ponzi scheme operated by bankster elites considered too powerful to be brought to justice. Those seeking justice cannot morally continue to ignore this situation. If one is not part of the solution one is a part of the problem.

    It is long past time to bring this to the public.

    • michaelcoughlan

      From the Link;

      “The most likely answer to that question is that “growth” in the post-credit crisis era is largely an inflationary illusion. The “policy makers” know this perfectly well.

      Come the next crisis in the financial markets, the cause will be the same as the last crisis in the financial markets – counterparty failure in the derivatives market. And just like the last crisis, it will be the same Wall Street banks and politically connected financial institutions who will be unable to perform on hundreds of trillions in interest rate swaps sold to money managers to “hedge interest rate risk.”

      Wall Street’s problem is simple to understand; for decades they’ve sold hedges (interest rate swaps) to insure money managers’ risks against rising bond yields / declining bond prices. Knowing that global central banks would prevent bond yields from rising for the foreseeable future, the big banks sold these interest rate swaps to their clients knowing that there was zero likelihood of these derivatives ever coming into the money. All the major brokerages also knew that if bond yields did increase they would be instantly bankrupted, but not before this year’s Christmas bonus checks of seven or eight digits were pass out. Considering everything, they saw no practical need to maintain reserves in case interest rates and bond yields should increase.

      The problem the 2007-09 credit crisis introduced to this scheme was that no one in a position of authority anticipated how writing quarter-million dollar mortgages to the chronically unemployed would result in waves of defaults in the mortgage market. What they apparently didn’t understand during the housing boom was how counter-party failure on derivatives written by the big banks hedging these risks threatened to take down the entire global financial system. Since 2007-09 nothing has changed:

      The big banks are still fleecing their clients in the derivatives markets, selling fraudulent insurance products they know cannot perform as promised.
      President Obama still refuses to use the Justice Department to prosecute his friends violating well established statutory and case law”

  29. “My colleague who attended the trial, described Hayes as appearing aghast that he should be standing in the dock, proving, as my friend said, how little he really understood of the moral standards which could and should be expected of people who trade in those markets that will have a strong impact on other people’s investments and savings, and described Hayes as possessing no moral or ethical dimension at all.”

    http://sbcb.org.uk/2015/09/13/will-the-uk-ever-have-a-banking-system-it-can-be-proud-of/

    Corruption in the banking system is so endemic that it is unrecognized. It is pathological.

    • “For the first time, I found routine agreement among delegates that the banking industry had become synonymous with organised crime.”

      Re above. The attached link should be read a couple of times and let the implications settle in. Never have we been subjected to such pervasive criminal activity that is mostly prosecuted with a slap on the wrist fine that is treated as simply a cost of continuing the business as usual.

  30. Here is a project we cal all help with. Now, today. Any amount will help. I put in a hundred. Little enough but money I saved from not having to buy groceries as I have grown my own!! What can you spare.

    http://awaken-longford.com/2015/09/20/lloyd-family-home-final-update/

    The eleventh hour is upon is….and upon the Lloyd Family from Kells Co.Meath.

    Kells Eviction 3
    This image is set to become more and more familiar all over Ireland.
    My best efforts and my appeal would seem to have fallen on deaf ears, with the exception of 46 brave souls, most of whom, if I understand their comments properly, have little enough to sustain themselves but because of that, understand better than most exactly the position the Lloyd’s find themselves in, I thank you and salute you one and all.

    To the many entities I appealed to, the Church, the Trade Unions, the Media, the Business Representative Groups, the Social & Community Representative Groups, the Professional sector, the Farming sector, the Ex-Pat Representative Groups overseas, our Public Representatives and many more, I say to you your regrettable ignorance of my contact and refusal to engage on the part of the very few who did respond forms the basis of, the so obvious lack of trust ordinary people have in so many of your organisations.

    Some of you have misconstrued the appeal to be simply one made on monetary support grounds, you have either missed or ignored the element of my appeal which requested that you might share the appeal with your readership, membership or congregation on the basis that they could make up their own minds individually, this assistance was within your remit, with or without a formal endorsement of the Appeal itself, but again this has not happened, to those I spoke to directly and who promised to respond, and have not, well I don’t know what to say to you, other than convey my absolute disappointment, to those who ignored my correspondence entirely, I have nothing to say to you.

    There is one day left, Tuesday 22nd September is the day of reckoning for the Lloyd Family, it does not look like any of the entities I contacted are prepared to formally or anonymously convert words into deeds. It makes the regular commentary, of those contacted, on the subject of Homelessness and Mortgage Distress in Ireland very bittersweet and hollow.

    This Appeal was, and for the next 24 hours, is an achievable task, one that might give some hope to the many tens of thousands of Irish Families who will potentially face the horrendous experience of Eviction over the coming months…is the message we want to send that, we don’t really care about them, that we are prepared to dump them into a Social Housing Safety Net that doesn’t exist, that we care more for music concert tickets worth hundreds of euro that sell out in minutes or All Ireland Football tickets that fetch 10 or 20 times their face value on Ebay, in the same week that an Appeal to secure a Family Home is ignored by those who have within their control, the ability to highlight that same Appeal to a wider audience and choose not to.

    That you choose to take the position that you will leave it to the next person to deal with, because I would like to remind those who said they could not adopt a position that, not adopting a position IS actually adopting a position.

    A very sad state of affairs indeed.

    http://www.gofundme.com/Lloydhome

  31. McCawber

    My background is technical and not financial.
    Money is simply a means to enable the exchange of goods and services.
    There is an annual requirement for gold for industrial purposes (including jewellery etc).
    Once that demand is met any surplus is useless and therefore valueless.
    Sure you need some reserve to smooth out demand/supply mismatch but let’s just keep it simple.
    So China et al can stock all the gold they like it has no practical value.
    Why – It I want to buy a car and you say two ounces of gold I’m not going to buy the car and I’ll leave it to you to work out why.
    Bitcoins are the devil’s pawn. If they are ever allowed to become mainstream currency then money will cease to exist.
    Money(ish) will now be electronic with no visible means of control to the average joe soap, like us.
    We need to stop debating gold as if it’s the only game in town.
    Gold and money and finance and the banks are only part of the picture.
    The financial economy has managed to make itself far more important to the survival of the global economy than it ever should have been allowed. Spread betting, CFDs and all those othe “instruments” should never have been allowed into the financial system.
    There is a real economy out there and that’s what’s worth fighting for.
    The real economy is the one that is going to design, develop and bring to the market those robots I was talking about early.
    And you better believe it and take it seriously.
    The Central Bank battle is lost.
    We need to make sure that the real economy doesn’t go the same way.
    The industrial and intellectual capacity of the planet is fast approaching the point where machines will be able to provide all our essential needs.
    Here’s a scenario. You want something to eat. You select a meal from a electronic menu. The menu sends your request to your 3D printer queue and a few minutes later lunch is served.
    An alternative maybe that your order goes to a “restaurant” where the bacon and eggs robot fills your request and dispatches it via the first available drone.
    You can build your own scenario.
    No matter what goods or services you require machines will be able to provide them (eventually and a lot sooner than you may think).
    Does anyone doubt this? If enough of you do then we are doomed because if you guys can’t see where we are headed, then neither can joe soap and that means just like the financial system has been perverted so will the real economy.
    The 1% will control everything, not just the financial system.
    And remember people they’ve got the money to hire the people to tell them how to do it and to make it happen.
    So Ethan Hawke (aka Tony Brogan) there is your new mission.

    • McCawber

      ie Use that intellect and look elsewhere.

      • “Here’s a scenario. You want something to eat. You select a meal from a electronic menu. The menu sends your request to your 3D printer queue and a few minutes later lunch is served.”

        Of course and the 3D printer queue makes the money with which to pay for the food. Brilliant. All electronic just as you allegedly abhor!!

    • “Once that demand is met any surplus is useless and therefore valueless.”

      By that reckoning one should be able to get all the gold one fancies for zero cost. Just like sand on the beach.

      However there is a demand for it and that creates a value and it can be bought or mined at a price. A price you are not willing to pay, so indeed it is worthless to you. It is your choice entirely.

      As far as machines go , it is also somewhat of a choice. I prefer to hand dig, gently peruse my growing plants and take pleasure in their development, harvest when deliciously ready and eat with pleasure and joy. My mind is exercised solving all the problems of the vagaries of climate, weather and soil. My food is clean and wholesome, full of energy and my body is adequately exercised in the process.

      I suppose one will soon be able to 3D a brand new beautiful wife or husband and 5 -20 bouncing children to be the joy of your life as you sit twiddling your thumbs wondering what your next 3D concoction will be.

      The bankers would like you to think the “battle is Lost” but the real economy may have other ideas as it collapses the system. We will see.
      Your statement may equally well apply to the money system. “Does anyone doubt this? If enough of you do then we are doomed because if you guys can’t see where we are headed,”

      Loosing the central bank battle to be rid of the current currencies will lose you the total war and if this is not understood then indeed we are doomed as the 1/1000th of the 1% will own it all.

      What you fail to understand in my opinion is that giving the central bankers the monopoly to produce all the national currencies is giving away national and individual sovereignty. Allowing the money to be created out of thin air is down right stupid. Allowing interest to be charged on this same ethereal currency is even more stupid, and having interest charged on this mythical money and being indebted and in thrall for the rest of one’s life is only what is deserved for being so obtuse.

      Nobody yet has addressed this problem of how fake money, loaned at interest in ever increasing amounts is healthy for the economy in any fashion at all. It sounds as if you have accepted the status quo.

      “We need to stop debating gold as if it’s the only game in town.” So what is your alternative?

  32. Clare Leonard

    The rich can only get richer when we
    allow them ( the ECB) the monopoly to print so called money.
    We get paid for our work in their printed monopoly ponzi money.
    Our savings and pension plans are nothing more
    than our stored labour. They can (and do) steal the purchasing
    power of our stored labour by mass producing their
    monopoly ponzi money.
    Most pension plans are only for the brain dead.
    Should you wish to stop the robbery of your labour
    then stop being mugged on a daily basis by the banksters.
    Remove their monopoly and
    establish the system they have in Utah.
    Any volunteers??? .
    I bet you just like being mugged.
    Happy elections !!!!! more of the same.

    http://www.zerohedge.com/news/2015-09-20/going-back-what-works-gold-money-again-thanks-utah

  33. donardmorris

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