mojo's Account Talk

THE LAW
Frederic Bastiat

“Sometimes the law defends plunder and participates in it. Sometimes the law places the whole apparatus of judges, police, prisons and gendarmes at the service of the plunderers, and treats the victim - when he defends himself - as a criminal.”

"Man can live and satisfy his wants only by ceaseless labor; by the ceaseless application of his faculties to natural resources. This process is the origin of property.
But it is also true that a man may live and satisfy his wants by seizing and consuming the products of the labor of others. This process is the origin of plunder.
Now since man is naturally inclined to avoid pain — and since labor is pain in itself — it follows that men will resort to plunder whenever plunder is easier than work. History shows this quite clearly. And under these conditions, neither religion nor morality can stop it.
When, then, does plunder stop? It stops when it becomes more painful and more dangerous than labor.
It is evident, then, that the proper purpose of law is to use the power of its collective force to stop this fatal tendency to plunder instead of to work. All the measures of the law should protect property and punish plunder."

"Men naturally rebel against the injustice of which they are victims. Thus, when plunder is organized by law for the profit of those who make the law, all the plundered classes try somehow to enter — by peaceful or revolutionary means — into the making of laws. According to their degree of enlightenment, these plundered classes may propose one of two entirely different purposes when they attempt to attain political power: Either they may wish to stop lawful plunder, or they may wish to share in it.
Woe to the nation when this latter purpose prevails among the mass victims of lawful plunder when they, in turn, seize the power to make laws! Until that happens, the few practice lawful plunder upon the many, a common practice where the right to participate in the making of law is limited to a few persons. But then, participation in the making of law becomes universal. And then, men seek to balance their conflicting interests by universal plunder. Instead of rooting out the injustices found in society, they make these injustices general. As soon as the plundered classes gain political power, they establish a system of reprisals against other classes. They do not abolish legal plunder. (This objective would demand more enlightenment than they possess.) Instead, they emulate their evil predecessors by participating in this legal plunder, even though it is against their own interests. "


http://bastiat.org/en/the_law.html
 
I'm back in G 100% cob today

Good luck to those holding fast.

My entry on Friday didn't go as planned and I think there is more downside coming this week.

Hopefully those that stay in will get their short term rally.
 
those three Fed videos are pretty sobering. So if the Treasury is forced to issue new $'s, will they be in the form of our current $? will the current $ be relevant or have any value? What are the repercussions in simple terms?
 
I'm back in G 100% cob today

Good luck to those holding fast.

My entry on Friday didn't go as planned and I think there is more downside coming this week.

Hopefully those that stay in will get their short term rally.

I'd probably have done the same thing if I was ahead - so GOOD MOVE

It's pretty crazy - as the Markets are way more likely to go down quite a bit more before it's all done - but that feeling of a pop is just too strong to ignore.

If we have a 'good day' tomorrow I'd imagine most of us will bail and hold on for awhile. Thanks for thinkn' bout us. :)
 
those three Fed videos are pretty sobering. So if the Treasury is forced to issue new $'s, will they be in the form of our current $? will the current $ be relevant or have any value? What are the repercussions in simple terms?

I'm just a layman who probably learned more from those videos than you.:)

My thoughts are that foreign confidence in the US dollar will fail soon (right now it's just the best option in fiat currency).

The FED doesn't have anything on its books that it can sell to shrink the dept when foreign confidence fails and the dollars/debt held by foreign nations are sent back. Hyperinflation is coming. Monitization of debt,
currency collapse is coming to the USA.

We are begging China to buy more of our debt while we continue to dilute the money supply by printing more and more then giving it to the people that caused the problem to begin with. It's insane imho.

We are in a checkmate situation.

I believe a new currency and world governance is on the way.

Draw your own scenario from there. Mine is based on the belief that a loving God does exist and that is where my hope is.
 
Depression Dynamic Ensues as Markets Revisit 1930s (Update1)

By Rich Miller
March 9 (Bloomberg) -- The U.S. economy’s vital signs may not confirm a diagnosis of depression. The symptoms increasingly point to one.
As in the Great Depression, world trade is collapsing, wealth is evaporating and the banking system is broken. Deflation is a growing threat as companies slash production, pay and prices. And leaders worldwide are having difficulty making headway in halting the self-perpetuating decline.
“We are tracking 1929-1930,” says Barry Eichengreen, a professor of economics and political science at the University of California, Berkeley.

http://www.bloomberg.com/apps/news?pid=20601068&sid=a1ItlrP4MeQQ&refer=home

 
I'd probably have done the same thing if I was ahead - so GOOD MOVE

It's pretty crazy - as the Markets are way more likely to go down quite a bit more before it's all done - but that feeling of a pop is just too strong to ignore.

If we have a 'good day' tomorrow I'd imagine most of us will bail and hold on for awhile. Thanks for thinkn' bout us. :)

Thanks Steady. Scurrying back to safety hoping for a few crumbs today. If we finish green at all today I will feel lucky.
 
The Mighty Have Fallen

"One of the few things American that seems to be holding up well is the US dollar, and although I've heard lots of justifications for the rally, but only one explanation makes sense to me. Most of the debt in the world is denominated in US dollars, due of course to the fact that the dollar is the world's reserve currency. The world is deflating and deflation makes that debt more expensive to service. At the same time income is being squeezed so debt service takes a bigger chunk percentage wise, so it all adds up to a scramble for dollars. If the dollar were in fact pegged to gold, or something worthwhile, the US Dollar Index would be up in the stars, but that is not the case. Therefore we see violent one or two day re-

orlandini030809e.gif

actions as smart money in the Middle East and Asia sell into strong rallies in an effort to lessen their exposure to the greenback. In spite of the occasional sell-off, the dollar managed to break out to new highs (horizontal red line) this week and that is always bullish.
For months the March US Dollar futures contract had trouble working its way above good resistance at 88.32 but that is no longer the case. What's more we seem to be consolidating above that level in preparation for an assault on good resistance at 92.37 and maybe even for a run up as high as 95.24. Most of us tend to forget that the US Dollar Index had an almost uninterrupted decline from its June 1, 2002 all-time high of 120.77, down to the April 22, 2008 bear market low of 70.70. A one-year counter trend reaction is far from out of the ordinary and does not imply that the bear market is over. There is little doubt in my mind that the US Dollar Index will in fact make lower lows, well below 70.70 by late 2010. You cannot print fiat paper at the extreme like the US is doing now and expect it to hold its value. Meanwhile look for the smart money to dump as much of their dollars as they can during this bear market rally."

http://www.gold-eagle.com/editorials_08/orlandini030809.html
 
Cleveland Commercial Loan Delinquencies Signal More (Update2)

By Brian Louis
March 9 (Bloomberg) -- If you want to know what’s going to happen to commercial real estate across the U.S., look no further than Cleveland and Detroit.
Those two metropolitan areas lead the U.S. in mortgage delinquencies for owners of office buildings, apartments, malls and warehouses, a sign that cities hurt by the housing crisis will see their commercial markets dragged down next.

http://www.bloomberg.com/apps/news?pid=20601109&sid=aVyOvEG8AoZw&refer=home
 
Well I took my lump now I can sit back and watch everyone catch the real bounce :D

I don't blame you for getting out. You still have a 2.43% YTD gain! Seems like whenever those at the top of the leaderboard have jumped into stocks over the past year, they instantly fall 20-30 spots! It's a nasty bear out there.

But yeah...I hope you are right and you have now assured me a bounce :-) :D
 
I don't blame you for getting out. You still have a 2.43% YTD gain! Seems like whenever those at the top of the leaderboard have jumped into stocks over the past year, they instantly fall 20-30 spots! It's a nasty bear out there.

But yeah...I hope you are right and you have now assured me a bounce :-) :D

It sure would liven things up if we had even a short rally. We are so due for at least a 5- 10% bounce, I just didn't want to risk anymore.

This year feels like it's going to be worse than last to me.

If I had been buy and hold in equities since Jan 1st I would have lost all the money I invested in gold from my TSP loan. The gold is at 920 and I bought at 840.

I hadn't payed attention to where the I fund was, almost 30% down this year!
 
I don't blame you for getting out. You still have a 2.43% YTD gain!

As of today I'm -.12 in my real account for the year. It's because my tracker account and my real account got out of sinc last year so I gave up on the tracker until the start of the new year. I switched from equities in the tracker to the G fund on the 1st trading day this year to match my real account which was in G, that day was a +2.55% day.

So in reality I should be in 29th on the tracker.:)
 
CNBC already calling this the real bottom 30 minutes in to a nice bear market rally. Don't start believing all the hype that is sure to come.

Well done to all those riding the wave looks like a big one :)
 
CNBC already calling this the real bottom 30 minutes in to a nice bear market rally. Don't start believing all the hype that is sure to come.

Well done to all those riding the wave looks like a big one :)

I dont know for sure if this is the real rally I was waiting for, but I think rising of oil price and the recent slowdown of %drop meant some rally in the market.
 
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