It Didn't pass!

[D-Mack]

Re: It Didn't pass!

Look up Robert Mundell and his papers from the '90s. I think he also has a site.

I found his homepage

Let us now see how the exchange rate stability of the three major currency areas could be used to create a multiple-currency monetary union for the world as a whole. The International Monetary Fund could be turned into a world central bank and granted the authority to produce a world currency. The three largest currency areas could be designated as agents of the Board of Governors of the IMF. The numeraire currency might be equated to a dollar or a euro or 100 yen. We might call this new currency "intor" or "unor."

http://www.columbia.edu/~ram15/cema2000.html

Meanwhile

NEW YORK, Sept 29 (Reuters) - The Dow industrials plunged on Monday in the blue-chip average's biggest one-day point drop ever after U.S. lawmakers unexpectedly rejected a $700 billion financial bailout, spooking investors who saw it as essential to halting a global market meltdown.

The Dow lost about 778 points and posted its biggest daily percentage decline since the October 1987 stock market crash, while the benchmark S&P 500 also had its worst day in 21 years after the House sent the bailout plan to defeat by a vote of 228 to 205.

...
"The problem is the American public resoundingly said 'no,'" said Linda Duessel, market strategist at Federated Investors in Pittsburgh. "It's such a difficult, complex and unprecedented situation, and maybe the average American either doesn't understand it or accept the ramifications of what might happen if (Congress) doesn't come through."

http://www.reuters.com/article/marke...080929?sp=true

[ocelotl]

Re: It Didn't pass!

220 Nays! Damn there goes my fortune!

... 2.3% of my portfolio, measuring it in USD, away in a single day... because of the highest USD/MXN rate so far into the year... :eek:

[bart]

Re: It Didn't pass!

I found his homepage

Let us now see how the exchange rate stability of the three major currency areas could be used to create a multiple-currency monetary union for the world as a whole. The International Monetary Fund could be turned into a world central bank and granted the authority to produce a world currency. The three largest currency areas could be designated as agents of the Board of Governors of the IMF. The numeraire currency might be equated to a dollar or a euro or 100 yen. We might call this new currency "intor" or "unor."

http://www.columbia.edu/~ram15/cema2000.html

Bingo...

For another cheap thrill, look up the S.D.R. (the IMF's Special Depository Right).

[sn1p3r]

Re: It Didn't pass!

on CNBC poor Cwamer looked like he was going to cwy.

This pretty much made my day

[mesyn191]

Re: It Didn't pass!

This pretty much made my day

Anyone have a link to the video?

"your tears, so delicious!"

[Jam]

Re: It Didn't pass!

"It's such a difficult, complex and unprecedented situation, and maybe the average American either doesn't understand it or accept the ramifications of what might happen if (Congress) doesn't come through."

http://www.reuters.com/article/marke...080929?sp=true

Wasn't it the whole idea that the average American doesn't understand what is going on on Wall Street? Cause if (s)he did, there would be torches and pitchforks.:p

[phirang]

Re: It Didn't pass!

Wasn't it the whole idea that the average American doesn't understand what is going on on Wall Street? Cause if (s)he did, there would be torches and pitchforks.:p

If the hoi polloi really knew what was up, there'd be no shortage of snuff videos on the web...

[Supercilious]

Re: It Didn't pass!

What Andrew Jackson said in 1832 about the Second (Central) Bank of The United States of America:

The bold effort the present (central) bank had made to control the government ... are but premonitions of the fate that await the American people should they be deluded into a perpetuation of this institution or the establishment of another like it.
[...]
Gentlemen, I have had men watching you for a long time and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves.
[...]
You are a den of vipers and thieves. I intend to rout you out, and by the grace of the Eternal God, will rout you out.

And he was a man of his word. He did get rid of the Central Bank ..., but eventually (after the well engineered 1907 panic) the American people were deluded into the "establishment of another one like it."

[Slimprofits]

Re: It Didn't pass!

Elementary my dear Watson...

The safest place to be is in the currency of the world's largest debtor nation and largest energy importer, with its dysfunctional government, lame duck President, imploding financial system, liquidating hedge funds, collapsing house prices, corrupt CEOs, incompetent politicians, Marshal (sic) law, and never ending war on terror.

Apparently everywhere else looks even worse [as Mega will attest]...:rolleyes:

I definitely need to get out the country more.

[marvenger]

Re: It Didn't pass!

greenspan joins paulson hedge fund

paulson hedge fund wins big in subprime fallout

henry paulson's treasury

it seems to me private sector guys brought into government and that helped create the excesses are now expanding their power. Couldn't have done it without the FED. ps I know John Paulson isn't related to Henry

[JayS]

Re: It Didn't pass!

What Andrew Jackson said in 1832 about the Second (Central) Bank of The United States of America:

And he was a man of his word. He did get rid of the Central Bank ..., but eventually (after the well engineered 1907 panic) the American people were deluded into the "establishment of another one like it."

In my opinion, the beauty of Jackson and Jefferson's positions wrt central banks, is that both men acted out of PRINCIPLE. I've been trying to think about Paulson's plan and this vote dialectically. The dialectic is based on consensus. Both sides (thesis and antithesis) yielding to synthesis.

Sayings such as "Moderation is best" are dialectical, and can be correct. But not always. If the thesis is "murder" and antithesis is "not-murder", the synthesis "some murder" is not preferable to "not-murder". Some poison is not preferable to no poison. Some fascism is not preferable to no fascism. Basically, some middle ground between good and evil (moderate evil?) is not preferable to good.

In the case of this vote, if the thesis is "big-ass bailout" and the antithesis is "zero bailout", a synthesis might be "some bailout". Whether this is preferable to "zero bailout" or "big-ass bailout" depends on one's PRINCIPLES. Consensus means abandoning one's principles.

The dialectic can be manipulative; you can have a predetermined synthesis as your goal. In this case, you might fabricate intentionally-ridiculous theses and antitheses in order to encourage adoption of your predetermined synthesis.

Consider how absurd Paulson's original draft was (thesis). Consider the subsequent backlash (antithesis). But the whole time the goal was synthesis - some middle ground. He purposely asked for way more than he expected, so that congress and the public would feel satisfied if they achieved "concessions" or some more-moderate legislation through consensus (synthesis).

Edit
---------------
I should have added that energy is directed away from alternatives in these scenarios, as if either thesis & antithesis are inevitable futures without some synthesis. As in, a fallacy of false dilemmas.

[bart]

Re: It Didn't pass!

"These capitalists generally act harmoniously and in concert to fleece the people, and now that they have got into a quarrel with themselves, we are called upon to appropriate the people’s money to settle the quarrel."

Abraham Lincoln, speech to Illinois legislature, January 1837

[phirang]

Re: It Didn't pass!

"These capitalists generally act harmoniously and in concert to fleece the people, and now that they have got into a quarrel with themselves, we are called upon to appropriate the people’s money to settle the quarrel."

Abraham Lincoln, speech to Illinois legislature, January 1837

Well, the timing this time around was impeccable.... that's all I've got to say!

[GRG55]

Re: It Didn't pass!

What happened to the PPT today? What out of ammo? ;)

The PPT was expecting all the short covering to put a floor under the market.


Apparently they forgot there aren't any short sellers any more...it's illegal...:eek:

[bart]

Re: It Didn't pass!

Just noticed - Goldman Sachs (GS) is now net long gold on the TOCOM by 48 contracts.

They have never been long as far back as I've been watching and at one time were over 50k contracts short.