Post From Wealthwatch.world Chat Room 10-27-15
Wealthwatch Special OOTW & Butifldrm Chat 10-27-15 Part 2 of 3
OOTW: I AGREE WITH YOU BUTI..DEFINITELY THEY ARE AT A TURNING POINT
Butifldrm: Seriously every country in the middle east except for Kuwait and Qatar are suffering from a sovereign debt crisis including Saudi
BOBBY: Chattels...... when. lol
OOTW: BTW BUTI I'M NOT SURPRISED BY ANYTHING THAT DOES OR DOESN'T HAPPEN UNDER O'S WATCH
Butifldrm: from the decrease in the price of oil
chattels: ‹@Butifldrm› I can relate in my " individual debt crisis "
chattels: equitable insolvency .....................
Butifldrm: ‹@chattels› the us economy is better than the middle east, yet still not great
chattels: the inability to pay one's debts as they come due and payable
Butifldrm: I realize that
Butifldrm: that's why I keep my eye's on the big picture
Butifldrm: i was talking to OOTW tonight and telling her of the tribulations of the Christians and Yezidi's in Iraq and what we suffer so not compares
BOBBY: Butifldrm..... did you see the CNN article on the oil prices
Butifldrm: no Bobby i would love to
BOBBY: can post the link
Butifldrm: what I am reading.....it is going to satay at this rate for at least 2 years
Butifldrm: I'd love that
chattels: many of us are " overdue " in relearning the " costs " of freedom
Butifldrm: ‹@chattels› yes that is so true
Butifldrm: ‹@chattels› have you heard of Irwin Schiff
BOBBY: The article states Saudi will be almost in the same place as Iraq in 5 years with the low oil prices
Butifldrm: ‹@BOBBY› oh yes I read that article it was from reiters
BOBBY: interesting read of things
chattels: I wonder how the break even price on oil is calculated for each nation ?
chattels: the guru legend was that it cost Iraq " pennies " for every barrel of oil as I recall
chattels: $ 81 / barrel is not " pennies "
BOBBY: Butifldrm. ....wasnt he a tax protester?
chattels: " Irwin Allen Schiff was an American tax protester. Schiff was known for writing and promoting literature in which he claimed the Income tax in the United States is applied incorrectly. "
Butifldrm: ‹@chattels› I believe that is what we were told, but since the last cost of oil decrease, we know that Saudi Arabi said they could get a barrel of oil out of the ground was 17 dollars a barrel and they could sustain for 2 years
Butifldrm: ‹@BOBBY› yes but a true patriot
Butifldrm: ‹@chattels› but now we are seeing article that the IMF predicts Saudi will be bankrupt withing 5 years at these oil prices
Butifldrm: ‹@chattels› Schiff and many discovered it's illegal to pay tax
Butifldrm: I pay Butifldrm: just like his son does
Butifldrm: but the truth is there is no federal law that mandated it
chattels: Good / interesting theory or argument, but I believe that our Supreme Court ruled on the constitutionality of the income tax law in 1914.
Butifldrm: the only government entity the can legislate taxation is the House of Representatives and that was not done
Butifldrm: chattels check this out Butifldrm: www.youtube.com/watch
Irwin Schiff (Feb. 23 1928 - Oct. 16 2015) at the Libertarian Convention 1996
BOBBY: any idea what the latest perdictions for oil per barrel is?
Butifldrm: That was even the argument for Obama care
] chattels: this is a fairly detailed discussion of various arguments all of which have been rejected by our Judiciary : en.wikipedia.org/wiki/Tax...
Butifldrm: ‹@BOBBY› I remember in 2012 when the price of oil shot up to $150 a barrel over Iran threatening to shut off oil supply through the straits of Hormuz and today we have much greater threats and oil is at $44 dollars a barrel
Butifldrm: oops Butifldrm: www.nytimes.com/2012/01/0...
chattels: ‹@BOBBY› i have read some projection as low as $ 35 /barrel
Butifldrm: ‹@chattels› God help us all if that happens
Butifldrm: even though the Middle East economies are primarily dependent on oil, so is a huge part of the
Butifldrm: US economy
chattels: ‹@Butifldrm› thanks for the youtube - saved it for later
Butifldrm: ‹@chattels› please do
Butifldrm: this man died in prison as apolitical prisoner of the US
Butifldrm: for telling the truth
chattels: ‹@Butifldrm› a sympathetic and compelling figure, but I intend to render under Caesar that which is Caesar's
chattels: if I / we ever have money then perhaps we can frame a case for appeal on the constitutionality of it all
Butifldrm: Chattels. My argument is only about the law that does not exist
chattels: of course we will need an " appellant " :)
BOBBY: dont you miss the days of contract rates... lol
chattels: I am no constitutional lawyer
Butifldrm: Contract law?‹@BOBBY›
chattels: ‹@BOBBY› :)
chattels: ‹@BOBBY› you can still go to some dinar sites to talk about " contract rates " at exchange, eh ?
Butifldrm: What the heck. Iraq hasn't passed the income tax law. Lol
BOBBY: Lol....... i am tempted to go and start a bank story lol
Butifldrm: How you you pay tax when u have no money
chattels: ‹@Butifldrm› among many others, eh ?
Butifldrm: There is truly a liquidity and sovereign debt crisis in Iraq
chattels: ‹@Butifldrm› Abadi certainly thinks / says just that
Butifldrm: ‹@chattels› yes and to make it real...noone bought their junk bonds
chattels: 51 % of the American people earn less than $ 30,000 per annum according to one source
chattels: ‹@Butifldrm› and few are willing to lend them money either
Butifldrm: but truly in Iraq's defense, ehr=en you have Saudi Arabia seilling bonds to defend their peg to the dollar why would you buy bonds from Iraq?
Butifldrm: this is a really messed up situation
BOBBY: that is an understatement. .....
Butifldrm: ‹@chattels› yes of course but according to the federal reserve our economy is doing great
chattels: ‹@Butifldrm› indeed Iraq could offer a 50 % return, but 50 % of nothing is still nothing by my math
Butifldrm: yes and that is why there are many in Iraq who do not want to sell their future
Butifldrm: and they are offering a ten % return
Butifldrm: sadly, with interest rates in our country at .25 percent and the Fed cannot raise another quarter
Butifldrm: because it would take all of the emerging economies in the world pegged to the dollar into a tail spin
chattels: Baghdad / the Arabs would default in a heartbeat - they have such a sense of entitlement
Butifldrm: yes Butifldrm: As I see it
Butifldrm: most of the World including the US which has the highest debt to GDP under Japan are as good a any banana republic
OOTW: BUTI YOU'RE SO KNOWLEDGEABLE I LEARN SOMETHING NEW EVERY TIME WE TALK/CHAT
Butifldrm: ‹@OOTW› ahhhhh
chattels: we are living in a economic house of cards
Butifldrm: ‹@chattels› think about this
BOBBY: OOTW...... agreed........
Butifldrm: Islamic law
Butifldrm: under such banks are not allowed to charge interst
Butifldrm: Iraq will never be able to amend the Banking Law
Butifldrm: as of now no private banks are allowed to charge interest
Butifldrm: so how the heck do they make money other than selling the dollar or .........MONEY LAUNDERING
OOTW: BUTI I HAVE TO WONDER - SINCE THEY'VE PASSED THE ISLAMIC BANKING ACT NOW, THAT THEY MAY BE USING ASPECTS OF THAT LAW TO BRIDGE SHORTCOMINGS IN THE BANKING LAW
Butifldrm: WELL WE NEED TO SEE THAT
Butifldrm: CHECK THIS OUT
Butifldrm: Private banks invokes the central bank to stop the lawsuits against it are threatened with bankruptcy Butifldrm: wealthwatch.world/showthr...
Butifldrm: THE BANKING LAW HAS TO BE PASSED
chattels: My sense was that the CBI / banks were making some business loans here recently
chattels: somewhere I read it
Butifldrm: ‹@chattels› THE CBI has used the protection of the state owned banks for years now
Butifldrm: the cbi is positioned to put 5 Billion into the private sector
Butifldrm: but the money has not been released
chattels: pardon the diversion, but there is one " heckuva " baseball game in progress
BOBBY: is it even considered safe to release it under the present climate?
Butifldrm: what's crazy is that when Maliki wanted money out of the CBI for military reasons they said heck no...now we see the IMF giving the CBI permission to release loans to the private sector
chattels: my sense was / is that the loan program was motivated in part to mollify the populace
Butifldrm: of course
Butifldrm: and Abadi being in power
Stash: Yup good game
Comments may be made at the end of Part 3 Thank You