Topic: Economic Devastation - page 111. (Read 504811 times)

Armstrong predicted it would set off cascading defaults. And now we see Austrian banks will be allowed to default on their creditors, thus Armstrong is correct yet again.

I am trying to warn you not to enter that real estate loan.

So I appreciate coinits' post for eludicating this.


As are all those goldbugs promoters. And that is why I don't respect much those goldbugs who are still following them because I know they are deluded. I know without needing to ask that they read Alex Jones, Kitco.com, David Icke, CaseyResearch.com, etc.. No one talks about how pitiful their actual prediction record is (they probably make their money on subscribers and cozy private placements, etc). Perhaps their tech guru Katusa has a bonafide record of great investments (I haven't verified it).

I remember telling David Galland of CaseyResearch in email (they banned me from their forum for speaking heresies frankly) that their advice several years ago to short Treasuries expecting higher interest rates was premature. I told them that their Fundamental Analysis was myopic.

Armstrong was the lone voice who also owns gold coins, who was predicting (before 2011) that gold would decline from its 2011 highs to below $1000.

I hope CoinCube can start to get a taste of my experience and why I can discern that Armstrong is the real prognosticator of merit, especially long-term. Nadeem Walayat of marketoracle.co.uk also has an impressively accurate record of precise near-term market timing predictions. BTW, that essay I wrote predicting the silver price rise and fall wasn't intended to be published. I emailed that hastily and sloppily written insight to Nadeem to ask his opinion, and he decided to publish it.

P.S. Both Armstrong and myself think gold has a role to play. We are not anti-gold. We are just being rational instead of deluded.

Interesting that MA predicted this. I'm still of the opinion that this is a periphery default as of now- merely the early warning signs. If dominoes start to fall in the next few months I'm happy to admit that I'm wrong.

My opinion is that Bix Weir is a huckster and a charlatan, peddling grains of truth in his writing, diving down rabbit holes to string together his own story which he markets incredibly well (at least considering the content). No doubt there are myriad rabbit holes to go down on various interrelated topics as many of us have done in the past.

And you will find similarly of me, if you learn to respect me first. Which means go understand how influential and accurate I have been first before being so flippant with me.

One of the reasons I know I disgree with you fundamentally is because you are a goldbug. I was a tinfoil hat, rpietillian(lol)/lizard-hating neophyte too before until I learned. I used to own 18,000oz of silver and I used to manufacture silver 1oz rounds and ship them to rpietila in Finland. I was buying Comex 1000oz bars at $9/troy oz and turning them into silver rounds. I also in October 2010 publicly predicted the rise from $22 to $45-46 and collapse to $26 for Spring of 2011.

Fiat is not the problem, because eliminating it can't be done thus there is no solution. Period. Money will always be about confidence, power law distribution of wealth and knowledge, social organization, a common unit-of-account, etc.. There are fundamental facts of nature that can't be changed.

A current proposed solution for opting out of failure (so the fiats can die and renew without harming those who opt out) is a high-latency Tor-like onion routing network which I have written about in great detail in a thread on this forum. One of the key points is to rid it of Sybil attacks, it can't be free. There are numerous other technical and marketing points.

I have also proposed (or agreed with BitShares BitUSD BitAssets) that we can peg crypto-currencies to external units-of-account. That doesn't eliminate them (because the unit-of-account won't have a carrying cost), but gives us people a choice to opt out at a carrying cost. For high profit margin Knowledge Age workers, this is probably a no brainer choice considering the Technocracy regulation coming down the pike, e.g. Net Neutrality charade, China institutionalizing NSA gestapo in their law, etc.

Armstrong predicted over a year ago that the default of Europe would originate in Austria. He said it is because cycles repeat and that Austria was the start of the defaults in Europe in the 1900s crisis period.


I traded emails with him roughly 5 years ago refuting his "Yellow Brick Road" theory about former President Reagan planting a future bomb Trojan horse on Central Banking. He argued that was what the movie was secretly about.

(I am surprised I could still recall those details about Bix Wier, given all the chaos in my life in the intervening years)

I do not disagree with you on that but you will find that I am rather civilized and respectful when treated the same.

The pot calling the kettle black:


You have absolutely no indepth understanding of what I have proposed, already developed, nor of my technical acumen, nor that I am the foundation of this entire thread.

You are in my house.

Either recognize that fact, or get off my lawn kiddie.

I think you are being over-sensitive coinits, I've followed iamback for a while now, he may be blunt on occasion but it is mostly because he is tired of wasting his time re-explaining things over and over. I can recommend reading through his writings which are here and linked multiple times throughout these threads. While I haven't completely read them yet myself (it would takes me days possibly weeks) I think once you start you will gain an appreciation for the breadth of iambacks experience and perception.

No. You provided stinky linkies. Have a good day.

Oh, and you should take a Toastmaster Course and become skilled in your interactions with others. Talking down and being condescending towards others is not becoming of someone who is trying to present an idea.

coinits, I think Bix is jumping to conclusions, from what I've read there will be no bailout from the Austrian government- I read part of a statement from the Austrian Finance Minister. While this is a municipal default like Detroit I believe he stated that a certain amount of the debt will still be repaid, but the buck will stop with this default.
The state of Carinthia was left in a mess by previous politicians allowing these state guarantees, this default is exactly as it should be. An unjust debt being reneged on. I'm not saying that's exactly what is happening, but I do not believe this is a black swan. I believe that the losses will be contained, this time. Perhaps the ECB will extend their QE to buy up this toxic sludge like the Fed has previously done in a similar fashion.

I see you need eyeglasses, so I magnified the text for you.

I provided one.

From Bix Wier this AM:

It's so ugly out in the banking world...THAT THEY CAN'T TALK ABOUT IT!!! The world is silent. The stock market is all they see, hear and taste. New highs! New highs!! The world is great...just don't look under the hood.

Europe is imploding as we speak and it is spreading...count each domino...

A Black Swan Lands in Southern Austria: The Ripple Effects...Mini-Greece
http://www.zerohedge.com/news/2015-03-08/black-swan-lands-southern-austria-ripple-effects-mini-greece-going-heartland-europe

DOMINO #1 - "In Austria whereby the "bad bank" of failed Hypo Alpe Adria - the Heta Asset Resolution AG - itself went from good to bad, with its creditors forced into an involuntary "bail-in" following the "discovery" of a $8.5 billion capital hole in its balance sheet primarily related to ongoing deterioration in central and eastern European economies."

DOMINO #2 - "This shocking announcement promptly sent the price of Heta's bonds crashing as creditors, no longer enjoying the explicit guarantee of the state, scrambled to get out of "northern Europe's" first Lehman moment."

DOMINO #3 - "Austria’s decision to wind down Heta Asset Resolution AG sent ripples through the financial system, causing credit rating downgrades in Austria and bank losses in Germany."

DOMINO #4 - "The Heta bonds are notionally guaranteed by the Austrian state of Carinthia, which is now theoretically becomes liable for the bail-in."

DOMINO #5 - "Carinthia provides deficiency guarantee on Heta's senior debt: the total is equivalent to €10.2 billion, or nearly five times the state's 2014 operating revenue."

DOMINO #6 - "In other words, we now have a waterfall bailout chain whereby the state guaranteeing the debt of the insolvent entity that guaranteed yet another insolvent entity, will itself need to be bailed out by the sovereign, Austria!"

DOMINO #7 - "Among Heta’s liabilities affected by the moratorium and a future bail-in are 1.24 billion euros Heta owes to Pfandbriefbank Oesterreich AG, which issues bonds on behalf of Austrian provincial banks."

DOMINO #8 - "There is an incentive for the member banks to jointly step in for missing payments from HETAR, as otherwise debt holders of PFBKOS bonds could claim payment from any of the member banks individually."

DOMINO #9 - "A number of Austrian banks including HYPO NOE GRUPPE AG and Vorarlberger Landes- und Hypothekenbank AG reported in their annual accounts for 2013 that they had direct exposure to HAA."

DOMINO #10 - "Many have been saying that one should have known that a province like Carinthia can’t guarantee for debts of that size.”

DOMINO #11 - "The very same bonds that are about to lead to a waterfall in impairments are the ones that were, according to EU regulations, "riskless."

DOMINO #12 - "As of year-end 2013, there were about €60bn of claims guaranteed by Austrian regions."

DOMINO #13 - "German banks yesterday also emerged as major Heta bondholders. Dexia’s Dexia Kommunalbank Deutschland AG said it owns 395 million euros of Heta bonds and will take an unspecified charge in the first quarter."

DOMINO #14 - "Deutsche Pfandbriefbank AG also owns 395 million euros of Heta bonds and said it will write them down by 120 million euros, cutting its expected pretax profit by two-thirds."

DOMINO #15 - "NRW Bank confirmed it owned Heta bonds, declining to specify the size of its exposure. WDR TV station reported the bank owns 276 million euros of them."

DOMINO #16 - and finally...

"While German banks had spent the past 3 years preparing for the inevitable Grexit and offloading all their exposure to the now insolvent Greek state, it was a waterfall chain of events which started in Germany's own "back yard", courtesy of auditors who decided it was unnecessary to mark losses to market until it was far too late, and the immediate outcome is that one ninth of until recently Aaa/AAA-rated Austria is now also insolvent. And that is just the beginning."

Well that doesn't work. Need a better plan Stan.

South America? A lot of hidden gems their where people exist in harmony with each other and nature. If I was bugging out to a South American country it would be the former Dutch colony of Suirname. China has invested a lot of money into their resources sector but it is not exerting undue influence yet.

I had already replied to you:


To eliminate fiat, you need to eliminate humans.

Fiat is a problem. It is their slavery tool. Perpetual debt and wealth stealing. But it is just a tool from the their toolbox. Just like mass-hysteria news media, entertainment industry, big pharma (vaccines), GMO, fluoridated drinking water, growth hormones in food, etc. It's a 24-7 war by the 0.1% on the rest of humanity.

You also forgot the part of where Russia and China form a strategic alliance and launch a first strike against the USA due to the USA hyperinflating their dollar, making the debt held, especially by China, worthless. The USA will not counter and then up from those ashes will rise the global police state. A tyranny that would give George Orwell a permanent woody. I give this 6 years until fruition.

That Mormon, Joel Skousen, has made millions from this scenario as he oversees the builds of fortified bunkers for those that can afford to pay his price. Doom is his business and business is good.

The Georgia Guidestones are their greeting card with a message for all of humanity.

I have always thought that David Icke was a nutter but maybe he is on to something about these out-of-phase vibrational lizard beings that are in control.

What difference?

The overall goal by the few elite at the top is to use creative destruction to destroy the central banks and establish a one-world reserve currency (e.g. SDRs) that is not controlled by any nation but rather by some international institution such as the World Bank or BIS or IMF as potential examples. From control of this, they can gain centralized control over every nation on earth.

The various artifacts are used to misdirect various sectors such as:

1. Get the gold bugs focused on fiat as the problem and solution (it is not![1]).

2. Reward the banksters for participating in the overall plan.

3. Fool the masses into socialism and 99% against 1%

4. Global Technocracy (everything is tracked and controlled digitally, e.g. Smart utility meters, digital money, government regulation of the internet)

5. Get Armstrong and other myopic idealists to focus on reforming government as a solution (it is not![1])

etc...

The only solution is technological:

https://bitcointalksearch.org/topic/m.10708644

Orthogonal to the dire need for an anonymous internet (the link above), we do need a global reserve unit (I covered the economic reasons else where), but it could be instead potentially a crypto-currency which no one controls but I don't know if this is likely or plausible. I did write it is impossible to absorb the world's $200 trillion into a crypto-currency if we don't add options. Find my recent posts about that, I don't have time to go find them for you.

[1] Human nature can't be changed, that is unrealistic and "pie in the sky" delusion. Instead we need technology that enables us to opt-out of the collectivism.

I know it is scripted. Just that I think that the script is different than the one that your are reading.

You don't (holistically) understand (even though you are correct on one artifact). I assert it was all part of a scripted plan (scripted to be congruent with Armstrong's cyclical models, that is why they need him). I will let CoinCube attempt to explain, if he agrees with me. I don't have time to distill down through all your pre-conceptions. No ill will intended; I am just too busy.

Rising interest rates are the Achilles heel of their Keynesian Shit Bonanza.