Emailed to Recaps:
"Tonight's Word: Toothless Crackheads" - Heisenberg - 11.22.16
“Blessed are the meek, for they will inherit the earth” (Matthew 5:5)
And that brings me to tonight's word: TOOTHLESS CRACKHEADS
Welcome to local toothless crackheads lodge 808. Darlene, wonderful possum sliders and Cletus, top shelf crack, you out dun yourself.
We're all here to figure out what just happened with these rates. We hear we will be offered the highest rates out of everyone! For reals yall. Like sky high rates.
And rich folk who own everything everywhere will get way less. Like $60,000 investment got one guy $6,000,000 return. Locked in, safe keeping receipt, money is on his account but not spendable transaction. Done deal, no going back done. Not a bad days work, but hey.
Now I'm just a toothless crackhead but a $20 investment for $100,000,000,000 is better than that right? Thought so but my calculator ran out of space. Nice problem to have.
So why us? Why now? Is it because we will share as no one knows the struggle more than us? Maybe well treat poor and hungry families with dignity and respect? Maybe we won't delete the middle class that could be a threat to our funds?
Maybe we’ll give veterans the life they deserve because many of us toothless crackheads have family and friends that served their country with pride and gave their lives. They didn't ask why, they just served. Maybe we just have a sense of justice and fairness that money can't buy. Is out because we are not power hungry narcissists who give a shit?
John Kennedy died this day 53 years ago. Not a toothless crackhead. But he was one of us in that he could not accept an unfair society. He gave his life in the same war we fight today. The Same enemy. He could have rolled over popped open some champagne and caviar, but he didn't. He fought the good fight for us. He died for us.
John Fitzgerald Kennedy, the 35th President of these United States, we are most proud tonight to name you an honorary toothless crackhead.
And that's the word. Heisenberg
RTG: I was at a large BoA today and noticed it was locked up and no tellers in sight. One person staged at the door so I asked why they were closed and they said their systems were down and they couldn't do any transactions until it came back up, not even cash transactions. Not hanging my hat on it, but I sure was praying it was related to the RV.
JWilker: I can’t stop this feeling…deep inside of me…I believe that I’m about to RV…I’m hooked on a feeling…I’m high on believing that we will RV…BJ Thomas…Hook on a feeling
Captwillie: Remember, Thursday is Thanksgiving so don't forget to set your bathroom scales back 10 pounds tomorrow night before you go to bed.
Paperbag: i've got a talking scale in my bathroom. the last time i got on it the scale said hey! one at a time!!!
NWMontana: India's Currency Debacle: "Consider It A Warning"
by Tyler Durden Nov 22, 2016 7:20 PM
Submitted by Pater Tenebrarum via Acting-Man.com,
A Major Crisis
Last week Jayant Bhandari related the story of the overnight ban of certain banknotes in India under cover of “stamping out corruption” (see Gold Price Skyrockets In India after Currency Ban Part 1 and Part 2 for the details).
The problem is inter alia that the sudden ban of these banknotes has hit the Indian economy quite hard, given that 97% of all transactions in the country are cash-based. Not only that, it has certainly created fresh avenues for corruption – which should have been expected (whether it will succeed in its aim of stamping out other types of corruption remains to be seen – we doubt it).
Moreover, the poorest of the poor are suffering the most on account of the ban, not least because the promised replacement of the banned banknotes is apparently hitting major logistical snags and may take much longer than thought.
Readers interested in this story may want to listen to an interview Jayant has recently given to Maurice Jackson of “Proven and Probable”, which we have embedded below. A quick note on errata: at 1:45 and 1:57, Jayant says “2,000 dollars” – he obviously meant to say “2,000 rupees”.
Consider it a Warning
We would note on this occasion that although what India’s citizens are facing these days may seem a remote danger to most Westerners, it does demonstrate an important point: state-issued paper currency exists only at the sufferance of the State. It can be made worthless by decree.
As we pointed out in “Why Does Fiat Money Seemingly Work?”, the main reason why irredeemable paper money is accepted at all are not only legal tender laws which enforce its use as a means of payment, but primarily the fact that the State insists that its fiat currency be used for the payment of taxes. This is what creates a secondary market demand for fiat money, without which it could probably not exist.
Surprisingly, the concept is not really a modern one – it was tested in Great Britain for a considerable stretch of time with the tally sticks system. Although that particular system ultimately failed (just as every currently extant paper currency eventually will), it did show the way to governments. It was indeed possible to do more than merely usurp the production of gold and silver coins.
So obviously, governments do have considerable influence on what is used as the means of final payment in the economy. What governments have been unable to do though is to effectively “demonetize” the money previously chosen by the market – namely gold. Governments may well be able to make the possession of gold illegal, but they cannot possibly destroy the metal’s monetary qualities by decree.
Gold – the market-chosen money. No agreements, convocations or force were needed – people adopted gold voluntarily as a money commodity all over the world, after a long period of trial and error with a variety of monies.
When Nixon was persuaded to abandon the gold exchange standard in favor of a pure fiat dollar, many monetarists (one of whom was advising him on the move) and other mainstream economists were convinced that gold prices would decline from the $35 fixed exchange rate to something like $6 per ounce, reflecting its value as an industrial commodity.
In other words, they reckoned that the act of officially “demonetizing” gold would erase all monetary demand for it. As is often the case with predictions agreed on by a majority of economists, this turned out to be rather wildly mistaken.
Another prediction by mainstream economists gone rather spectacularly wrong. Monetary demand for gold not only failed to disappear, it actually grew rather significantly – click to enlarge.
What has just happened in India clearly demonstrates that the nature of state-issued fiat money must be taken into account when considering what to do about the rapaciousness of increasingly desperate and technically insolvent governments.
If one wants to safeguard one’s cash holdings against the potential failure of the fractionally reserved banking system or against arbitrary wealth confiscation – such as has inter alia been advocated by the IMF (see “Is a Large wealth Grab in its Way” for the sordid details on this) – one has to keep this important detail in mind.
Withdrawing deposit money in the form of cash currency is only an effective strategy as long as governments don’t do what India’s government has just done. And one should definitely never make the mistake of underestimating the lengths to which governments are prepared to go under the cover of “emergency”.
In the course of the 20th century alone, we have seen such a wide range of government depredations with respect to money, that one has to be extraordinarily naïve to believe repeat performances are no longer possible.
What has happened in India should be seen as a clear warning. State-issued cash currency may not be affected by bank insolvencies and “bail-ins”, but it is by no means safe. By contrast, gold simply cannot be devalued by government decree.
"Hump Day" - GCR/RV Update - Yosef - November 22, 2016
10:56:00 PM Intel, Yosef
Final authorization codes were entered just before @ 3am Tuesday 11/22.
Final global UTC release time has been synchronized to the second.
Some time Wednesday... anytime. Stay ready.
Enjoy your new life CC.
God is Love.