This could be painful. So let’s review – quickly – a few things which appear to be in serious trouble.
(a) Me
I have been mother-mugged. “I read your blog daily and do believe that you have a lot of good advice,” says Patricia, setting me up for the kill. “I do note something though in your blogs that I wonder if you know how damaging it is. You often blame “mothers” for the poor decisions for house and condo purchases of the younger generation. It perpetuates the ‘blame your mother’ nonsense that is prevalent in our society. And it is sexist.
“Furthermore, it isn’t true. I recommended to my daughter and son-in-law that they rent in Surrey a couple of years ago. I told them home prices would fall over the next 5 years. They bought anyway. They have not seen their house appreciate and would have done better to rent.”
Well, if I were still in Parliament and accused of sexism, you know what the consequences would be. That’s right. Cut my caucus off. Just ask the two guys severed last week. Fortunately, this is already a blog full of disturbing innuendos and unbridled hormonal prose, so I need only apologize. Which I will, sort of. Mom is a metaphor for coptering, cloistering, cocooning parentals, pushing their offspring into real estate purgatory. It could as easily be Dad. I’ll make that change. By the way, Pat, did you give your daughter the downpayment?
(b) The dollar
It lost a third of a cent on Monday and is back below 88 US. Given the tanking of oil, our non-productive condo economy and a surge in the Yankee greenback, some people figure this puppy could be in for a rough ride. Joseph Farrell is a quant at GMP Securities, and he has this to say to those who have been waiting to convert to US$, so they can buy Lovey Dovey Virgin Cocktails at Sandals in January:
“The CAD is breaking down below the bottom of a bearish secondary distribution zone at the $0.88 zone. The breakdown targets technical support highlighted at $0.85. An eventual breakdown below $0.85 would target further downside to the 2009 low just above $0.765.”
(c) Regional real estate
Last week I gave you the stats for markets like Regina and Ottawa. Not good. Since then we’re learned about Montreal, where sales are weak and prices stalled. As this pathetic blog keeps telling you, the ‘boom’ you keep reading about is narrower than Ezra Levant’s brain. Outside of the hot zone, a frosty vacuum.
Today’s example is Nova Scotia, anchor of the Maritime provinces, where housing now borders on the desperate. Housing starts have fallen 28% in the last year. In October of 2013 there were almost 200 new Halifax condos going up. Last month there were just 22 under construction. Says Paul Pettipas (CEO of the Home Builders Association): “There’s some serious weakness in the residential sector.”
Meanwhile CMHC reports construction across the country has dipped, as brakes are slapped on condo projects. Starts fells 7% in October from the previous month, and the national total came in well below analysts’ predictions. Despite the drop, the TD Bank says we’re still building more houses than the population can absorb.
(d) Gold
As much as I hate to broach this subject, given the lunatic obsession of the bullion-licking fringe who are weirdly drawn to this site, it’s worth a few lines. There are two reasons to own gold (outside of the zombie apocalypse). Either you fear massive inflation will destroy the value of your dollar-denominated savings, or you think the banks are going down. Neither are remote possibilities. Deflation is more of a concern these days, and central bankers have never been more firmly in control. Meanwhile the US$ is ascending, and all of this is crushing gold.
Back to quant Farrell’s comments:
“Gold has incurred a MAJOR technical breakdown through the triple bottom of a multi-quarter descending triangle at the $1,180 zone. The base of the triangle targets further technical downside to below $1000. Given our longer-term view of a structural bull market for the US$, we would anticipate longer-term technical downside for gold back to the 2008 low below $700. Any near-term rallies that emerge in gold and gold equities should be used as opportunities for further distribution.”
“Future distribution,” of course, means getting the hell out. But I told you that when the rocks were worth $800 an ounce more.
Now let’s see who rips me the most. Moms or metalheads. I cope with one better than the other.
192 comments ↓
I hope you are right. Gold at 700 would be a delight. I prefer platinum. Hope it gets down to 800. Canadian dollar might go down but temporarily, in 3 years we will see totally different numbers, with US dollar tanking while CA dollar holds ground.
Gold? Who cares, just buy energy, oil would be at 200. US dollar and yen are doomed.
meh.
if Farrell’s is putting his money where his mouth is he should be buying DUST. It would yield 200 % if he is right.
It’s 1984
http://www.brennancenter.org/analysis/im-terrified-my-new-tv-why-im-scared-turn-thing
Good post Garth
Commodity demand destruction is the straw that broke our housing camels back. Now us renters sit back and watch the show.
Thanks sheeple, we’ll chat about your home when i buy i’m ready to buy it at 50% off.
Mr R
Uh oh, now you’ve done it. Perhaps you should just take Dorothy out to see a show tonight and leave Bandit to handle the fallout.
“It lost a third of a cent on Monday and is back below 88 US. Given the tanking of oil, our non-productive condo economy and a surge in the Yankee greenback, some people figure this puppy could be in for a rough ride.”
Source?
FYI IWPR found out that in 2013, female full-time workers made only 78 cents for every dollar earned by men.
Where is the recognition that women in Canada are paid less than men because men are privileged in society?
President Obama recognizes the oppression of women in today’s society:
“You know, today, women make up about half our workforce, but they still make 77 cents for every dollar a man earns,” Obama said.
God must be giving the Canadian patriarchy a lesson that you must never oppress, degrade or objectify a woman.
I expect the patriarchy will censor my comment because I am a woman.
Canadians are stupid. They will lose all their money.
Financial instability drove ‘the rock’ higher over late 2008 to late 2011. QE eased fears over time, bringing about a complacency that has the market thinking central banks are all powerful and will be successful in doing whatever it takes. Something you perpetuate in this post “central bankers have never been more firmly in control”. Good luck if you believe that!
For two days now I’ve had my name typed into where it says name. My email where it says email.
I’m drawing blanks fans, don’t know what to write about. I’m to logical to be depressed about the deaths in the family, we are all going to be in the same place in a fraction of a blink of an eye in universal time terms.
That’s why I always advocate balls to the wall, take risk have fun.
It’s coin toss, you win you lose. But to do nothing is a waste of your short time on this planet.
Just saying..
Gartho but at $700 gold even the best miners dont profit – how can this be?!
That just doesnt happen. Would bitcoin be a good alternative?
I backed the truck up last month on both.
Halifax prices are dropping hard. We should be back to 2005 prices in the next couple of years. 25% drop from the 2011/2012 highs will only be the start. At least we have a great economy to lean on while construction slows…….oh wait
http://www.youtube.com/watch?v=5qayIodwjJg
My thinks Garth may have zinged Pat :-)
#10,Smoking Man..
Less is More..
Just Saying..
#7 Cindy on 11.10.14 at 7:19 pm
In 1958 when I was conceived in a motel in Niagara Falls, woman didn’t need to work. They had the privilege of rasing there children, hubby could by a house, cottage, car, and lots of stuff.
Via education, programming, woman purchased walking boots, made for walking.
Now you work your ass off, so does hubby.. And you can’t even afford to raise a child… Buy a house.
But those boots feel good, don’t they.
“By the way, Pat, did you give your daughter the downpayment?”
That was funny, and certainly took a lot of balls ;-)
#10 Smoking Man on 11.10.14 at 7:34 pm wrote
I’m drawing blanks fans, don’t know what to write about. I’m to logical to be depressed about the deaths in the family, we are all going to be in the same place in a fraction of a blink of an eye in universal time terms.
Give it time, SM. Logic is one thing but emotion is another and you’ve just had the mental equivalent of a gunshot wound. You’ll heal but until you do things won’t quite work as you expect. All the best.
Just further on my comment above (#9), Greenspan made a similar point in a recent interview with the CFR:
“And so that the issue is, if you’re looking at a question of turmoil, you will find, as we always have in the past, it moves into the gold price.”
http://www.cfr.org/financial-crises/alan-greenspan-central-banks-stagnation-gold/p33699
You seem to have a lot of faith in central bankers Garth, I would just like to point out that their faith is in gold (given their recent net accumulation of it & comments from Greenspan).
If you think deflation is ahead then you can look forward to the turmoil that it will bring, likely to come with a rising gold price and declining belief in central banker omnipotence.
#7 Cindy
Yes, all of us men on this site will get together later at our official meeting of the local chapter of the Patriarchy. After our secret handshakes and disparagement of women, we will go through this blog and start censoring comments.
I am onboard with concerns about sexism, pay inequality and the like. I would call myself a feminist who was excoriating women for their vitriol against the women who came forward with their allegations against Mr Ghomeshi.
When militants start showing up on housing boards referencing the ‘patriarchy’, I tune out. Wrong place for the discussion, unless this pay disparity somehow has an influence on housing over-valuation.
Counsel for Foreign Relations:
http://www.cfr.org/financial-crises/alan-greenspan-central-banks-stagnation-gold/p33695
the russians are in a dollar war with USA, who is winning will be decided at the end, not during the battle.
either USA will not be able to meet gold supply(highly likely imo), leading to a break down in the gold market and potential ETF collapse or russia will simply accept getting paid 2 times as much for its resources. either way is pro russian.
i think inflation is far mroe likely then you predict. the gen x/ millennial are unemployed and in debt. they will kick the old boomers from office and vote themselves in, giving large EI checks to all.
to fix a bubble you make a new bubble. deflation wont work as the balance sheet messes require constant easing to cover write downs.
That’s why I always advocate balls to the wall, take risk have fun.
It’s coin toss, you win you lose. But to do nothing is a waste of your short time on this planet.
Just saying..
++++++++++++++++++++++++++++++++
That’s ……just….. so….. deeeeeeeepppp…….
Smoking Man, I’m sorry for your loss and send you good vibes. Take care of yourself.
Allan Greenspan (a central banker) made some comments recently saying that gold is the only true money that cannot be inflated away. 4 trillion balance sheets can not last forever with 0 inflation. Owning gold depends on how much $ you have and how long before you kick the can. If you have some of the former and some time regarding the latter, a little bit of gold will diversify your portfolio just in case. Permanent Portfolio has done well the last 25 years.
#7 Cindy,
Please stop “helping” our cause. Thank you.
@#7 Cindy
Would you like some cheese with that feminist whine?
@#15 Smoking Man
You’re back in the saddle!
#23 Helen on 11.10.14 at 8:01 pm
Smoking Man, I’m sorry for your loss and send you good vibes. Take care of yourself.
Thank you Helen,
I’m fine, very nice name by the way.
Smoking man, I hope that you now consider changing your habit in light of your up close experience with death.
Death can be quick for some, but for many others its a long ardruous process that can take 10 years if you have a chronic disease, such as cancer. No habit is worth that kind of suffering at the end of your life and even quitting later in life has huge health benefits. Do it man.
Yikes! Judging from the Posts and the comment section lately, it looks like Garth’s Blog has been overrun by Feministas. All I have to say is the harder jobs, mostly done by men, pay more. And the Moms, well, there is a million articles/surveys on the internet proving that women decide where most of the families money is spent. Right Moms?
I did notice that mother Pat was pretty quick to get past the scolding, and on to the “I told you so!”. For somebody complaining about ‘society’s script’ she sure does play to type!
There is no argument to own gold at all. farmland is the ultimate hedge for zombie apocalypse or bank failure.
As Buffet said, he would rather own all the farmland in the USA before its gold.
A good piece of land with water source complete with turret style gun tower and military tank is the ultimate hedge.
Meanwhile in Dunbar (Vancouver, Westside) . . .
On my daily dog walk I see new sold signs every day. Old timers, new builds – starting at $1.8 million. Not sure what is going on, but it has been a very active Fall season around here.
FAIL?
Don’t you mean, friggen awesome!
As some know, I’ve been calling for an 80 cent CAN $ and single digit silver for a while now, so this is great news!
OK then:
A) The mothers, are your problem.
B) A very weak CAN. ($ .75) would absolutely kill any talk of a RE correction, while helping exports tremendously.
C) Regina, Ottawa, Montreal and Halifax, may as well be Moonbeam Ont. (to me) as all are locations you couldn’t pay me to live in, and yes, as usual, it’s all about me.
D) $ 700, even $ 800 Gold would truly be opportunity of a lifetime that fortunately, most will be to ignorant to recognize.
#10 smoking man
Even though we are all headed to the same place eventually, we will all get there at different times and some, far too soon, and some, far too tragically. Grief can be exhausting and painful and loss takes time to process. So sorry for your losses.
hey bullion barron, sounds like you are heavily invested into the gold, and you are emotionally involved in it? think you should diversify your holdings, maybe hold 5% of portfolio in it.
#18 Bullion Baron
The ‘Gold Standard’ got dumped way back in 1971. Gold bullion itself has little if any intrinsic value other than its industrial uses. Its nothing more than a commodity like any other.
What is the floor for Halifax? I might find myself transferred there in about 6 months. We own a home in London, ON now, so is there a chance to sell high and buy low over the next year or so? Renting any more than very short term is not an option because my home needs substantial fit-up for business/hobbies.
Cindy at #7
“FYI IWPR found out that in 2013, female full-time workers made only 78 cents for every dollar earned by men.”
First, I’m going to assume you are not a troll.
Then I will remind you that you, like all our sisters, have a uterus.
And then I will conclude with economics 101: Women are 10 times more likely to request a parental leave. Those cost money. Look at the remaining 22 cents as an insurance policy.
Until you give full control of your uterus to your employer, you will never make as much money as men.
Equality means equal opportunity, not equal outcomes.
Great post Garth!
Destination British Columbia’s new ad… Garth, will this commercial attract more foreign buyers?
https://www.youtube.com/watch?v=dNFrZNjs2ng
Resource stocks are sad. I do like the green glowing metal: uranium. Put two paychecks on Cameco today. The japanese are restarting their reactors. $CCO
It’d be cool if uranium funded the house I want, the want to buy on rebate in 3 years.
My coworkers would bought houses this year in Toronto are now enjoying temperature variations through their houses: bad insulation. They bought in the summer so they wouldn’t know. And it cost them 700k for a semi so it shouldn’t have been a problem right?
So Garth, which one will come first – the “altyn” or the FED raising the interest rates (next quarter, or next year… or at any time just around the corner in the near future…)?
#15 Life wasn’t all so golden back in the day. If you scratched beneath the surface you saw a lot of lives of “quite desperation”. There were two choices if you were pregnant before marriage, the shotgun wedding or the trip to your “aunt” in some other city, where they whisked your infant away before you could get attached to it.
Up to the end of the 50s you were fired from most jobs for getting married.
If your husband was an alcoholic, lazy, abusive or had many affairs, there wasn’t anything you could do about it. You could almost never support yourself and your girlfriends would blame you. There were no halfway houses. My mother’s friend was a battered woman, the kind who was almost killed, and she was ostracized by all the other women in her church for leaving the guy.
My husband’s neighbour sexually abused his own daughters and there was nothing you could do about it, no shelters, no social housing, it was real poverty if you left, the one pair of shoes kind and the “wish” sandwiches, no food banks. You had a piece of bread and wished you had something to put in the middle.
You had women that went to college, then instead of using their talents they had to give it all up to do laundry instead, then turned to the Valium and such that were doled out like candy to mask the depression.
Yeah golden times indeed!! I will take the boots anytime and make mine La Canadienne, keep the jobs in Canada.
Gold may be going down priced in USD, but its one of the best hedges against devaluation in the CAD. Still $1400 for an oz.
Some nice gold miner etfs look great at this time. What ever happened about being a contrarian?
#7 Cindy:
I know you think that there is a huge conspiracy of men disparaging women etc. But I’ll let you in on a secret:
No matter how much men disparage women, men really hate other men far more.
Just saying…..
#43 Detalumis on 11.10.14 at 8:37 pm
Not all men are bad, especially back then. Keep boots.
Just know this, bad men in back rooms still run the show.
And you you allow your children to be programmed by sanctioned acceptable, the others rather then the love a mother.
Anit no accident…. Boots walk… The irony…
Maybe Garth should use BoMnP (Bank of Mom-n-Pop) from now on to prevent accusation that he’s a sexist.
I am peeved at gas prices tonight. Price at PCan jumped about ten cents tonight to around $1.21 or higher.Other competitors are around $1.12 in my area of St.Catharines.Something ain’t quite right.
Deflation in our current economic situation will bankrupt governments at all levels, municipal, provincial, and federal. We are beginning to see deflation with the end of QE, and if the Fed cranks interest rates we will see strong deflation until governments around the world default on their bonds. You had better own some gold if that happens, because overnight your currency goes to toilet paper.
Cindy, I am getting sick of you feminists complaining about how oppressed you are in one of the freest countries in the world. Feminists want the same pay as men, yet refuse to do the same jobs as men. When I start seeing feminists becoming plumbers, electricians, welders, framers, gas fitters, roofers, etc. there won’t be any whining because you’ll be making the same as most men. But to see whiney, entitled feminist snivelling about being a victim, when I know guys running companies who are screaming for tradespeople, cannot find enough, and you sit here complaining about men being privileged, they’ll hire you! You can be privileged too! You can go work 44 hours a week welding for $40/hour, or plumbing, etc. Quit whining and go do something about it.
What the hell does ‘sexist’ mean anyway? Certainly there was a time when women needed to make gains in offices, in their homes, and there were some real pioneers who led the way. Most sensible men and women realize we need to support each other. But toss the word ‘sexist’ around these days and I think there are a lot of confused people.. I see a lot of women in offices who leave little to the imagination, wear stiletto heals, etc. Are they serious people who are there to work and be respected for their knowledge or are they just wanting to show off their Kim Kardashian cartoon ass? If I was a guy I would be confused as hell. And yeah, Garth. Loved that last line you slipped in about the downpayment….
@#43 Detalumis
Thank you for that invaluable personal history lesson, now back to today’s subject.
Getting a good buzz, in a casino some where in a town called Salamanca, NY..
What should I just stay home and cry… Not this dog..
My liver is pissed, screw him is all I’m thinking.. It’s got a job to do… Thinking is not in the description..
Process the challange I give it… Next thing you know the bastard will want to form a union….
Is this place even on a map…
I’m dismayed by how many blog dogs are allowing themselves to be baited by the “Cindy” troll. Seriously, dogs, most of you are here every day, it’s the same person posting inflammatory silliness under different nicknames.
#36 mortgagebrokeron – Which part of my post suggested emotional attachment? 5-10% in Gold is probably fine for most (but many have none), perhaps up to 25% for those looking at a ‘Permanent Portfolio’ structure.
#37 espressobob – Perhaps you can explain why the central banks continue to hold it then (and in some cases are accumulating)? I don’t see them adding any iron ore to their reserves. Gold doesn’t have to back fiat currencies to be an important strategic monetary/financial asset (both at an individual and sovereign nation level).
I’ve been a “shiny metals” trader since they invented dirt. The “trade” for the last year and a half has been to play the ratio of gold to silver, now at a ridiculous ~74x – the trade is put on by shorting silver and going long gold futures.
For the majority, you want to simply buy low, and sell higher. Buying during extreme times of pessimism almost always leads to a winning trade. Who had the cajones to buy natural gas stocks when it was printing under $2? Or the S&P at 666? Or OIL stocks when oil tagged $38/bbl just months after hitting ~$150?
Keeping that in mind, check this link out :
http://www.centralfund.com/Nav%20Form.htm
Pay attention to the NET ASSET VALUE. It is trading at an ~11% DISCOUNT. That is UNHEARD of.
There is no asset I love, no stock, no bond, no deal, nothing. When everyone is on one side of the boat, you take the other.
Money flows like the tide, from financial instruments, to hard assets, and back again.
Drop the emotion, ignore the media, use your head.
# 31 Not First
Yes farmland maybe, just not in Ontario. If you own a farm like I did for 60 years, in Ontario, just wait until the Daltons and Kathleen Wynns of Ontario put in place the following: Niagara Escarpment Act, the Greenbelt Act, the Natural Heritage Act, the Oak Ridges Moraine Act, and the Cultural Heritage Act, then top that off with the Nutrient Management Act, add in 45 metre setback from top of a watercourse valley designation, and then see what your farmland is worth if you have any left.
#44 Sidera on 11.10.14 at 8:42 pm
Have to agree with you contrarian comment. Garth seems to want to convert a mass audience, Groupthink style, to his “contrarian” views. Once all of the contrarians are contrarians, guess what?
Buying rocks that pay nothing and have depreciated for three years is not contrarian. It’s lame. — Garth
#15 Smoking Man:
Yes, those boots feel great, thanks. Both for women who don’t want children and for those who do yet also love to work/have a career outside the home.
#7 Cindy: hang in there, sister. Yours was the 7th comment on today’s thread and how many responses have you get already? Hahaaa
#43 Detalimus: thank you for the thoughtful response.
And finally, #25 Helen: please stop speaking on behalf of all of ‘us’.
A recap of how things have done since March 25 2000:
TSE 300 10052 – 14709 +46%
Dow 11112 – 17613 +58%
Nasdq 4963 – 4651 +6.3%
S&P 1527 – 2038 +33%
Cad$ .68 .878 +29%
Oil 28.02 77.21 +176%
Gold 284.70 1152.00 +304%
Silver 5.08 15.71 +209%
I suspect that if gold does go to 700 our dollar would be back to 65 cents Silver would go to 9.00 and oil to 35.00, the TSX to 10000 and the Dow to 11000. But then we would be in the next recession which is due next year according to some. And of course, housing would crash by at least 25 to 40%. Be careful what you wish for.
Normal people couldn’t care less what an investment, which lost 38% in the last three years, did over the last fourteen. — Garth
#10 Smoking Man
Condolences and sympathy. Good to see that you’re back. Missed you, man!
#53:
Any excuse for people like #49 to rant and rave… Whoa!
Ok. You asked for this. As a real rather than mythical mother what would I tell my twenty something?
First I would say, don’t dream of buying property in this market. We’ve seen several property slumps in our lifetime and it’s really not different here. Look at the sources we respect where there is no vested interest; these are routinely outside Canada and regularly quoted by Garth. Follow IMF Global Housing Watch and reports from the OECD, Moody’s, Fitch and others. Inform yourself about personal debt/savings (lack of) in Canada and consider why these are where they are. Talk to indebted friends and hear about their friends and consider the houses that fail to sell around us. Draw your own independent conclusions from what you see and ignore what you read in the mainstream media. It’s sad to see so many articles routinely placed by vested interests while many journalists seem to be running an equally sad and suspiciously parallel route alongside: (http://business.financialpost.com/2014/11/04/vancouver-home-sales-jump-15-in-october-from-a-year-ago-and-prices-are-still-climbing-too/ ) Canada deserves a better press.
I would then say the super-smart thing to do at present is save; read that book I gave you on investing wisely, learn about good advisors, fair MERs and diversification and finally and sincerely, for the present, do make sure you rent. In fact, don’t buy at all if property prices don’t correct – rent somewhere pleasant and continue to build your portfolio.
And the last word is for what would I say as a wife? Let’s keep renting, dear. A house seems a very poor investment at this point in history.
So…. do I fit the gender profile? Doesn’t make Garth wrong though – many around me sadly do. PS I don’t like white Mercedes or stainless-steel kitchens either.
#28 not 1st on 11.10.14 at 8:09 pmDeath can be quick for some, but for many others its a long ardruous process that can take 10 years if you have a chronic disease, such as cancer. No habit is worth that kind of suffering at the end of your life and even quitting later in life has huge health benefits. Do it man.
……
Got 6 more years than I needed, don’t know how many more I got, between now and then…
Balls to the wall… Fun, fun, fun, till Daddy takes the t bird away
It’s simple..
You guys worried too much..
Can’t
“… and central bankers have never been more firmly in control.”
Garth,
Sometimes you totally lose me. Totally.
#DisturbingInnuendos!?!… #UnbridledHormonalProse!?!… #MommasGettin’YouDown?… #RevengeOfThePatriarchy!:
http://youtu.be/L0rNCGRjvtU
#BonusHeavy
MetalWeaponZen…“With my Amazonian escort?” — Hon.Garth
#GT,EverTheBargainHound,AndYet… #Sometimes,’Bargains’HappenForAReason… #GadhafiAmazons’Fail’… #Still,TFW’sOrNot-TheyDoLookGood!…
http://tinyurl.com/l2a2o3s
Contrarian investing has nothing whatsoever to do with catching falling knives; AKA gambling!
True contrarian investing involves a great deal of patience, a careful analysis of primary and secondary trends, a keen and very disciplined ability (based on many years of experience) to recognize a trend reversal after most players have sold out and capitulated, and, finally, very careful entrance into the market with tight stops.
One of the first lessons a rookie investor/speculator learns is that missed opportunities can more easily be regained than lost capital!
There are no crystal balls; but the market does speak a language all its own. It takes years to learn to shut up and listen to what it’s trying to tell you.
calling yourself bullion barron doesn’t that give it away?
Zippy getting Zapped
http://www.justice.gov/opa/pr/justice-department-federal-and-state-partners-secure-record-13-billion-global-settlement
===================
FHFA explained it as follows in its lawsuit:
“JPMorgan abandoned its underwriting standards and condoned fraud by encouraging its employees to ignore and manipulate JPMorgan’s automated underwriting system, called ‘ZiPPY.’ ‘Chase mortgage memo pushes Cheats & Tricks, The Oregonian (March 27, 2008). CHF [Chase Home Finance, a unit of JPMorgan] went so far as to explicitly instruct loan originators to falsify loan information in order to elicit approval from the ZiPPY automated underwriting system for stated income loans of poor quality. An internal memorandum circulated by CHF in its Portland, Oregon office titled ‘Cheats & Tricks’ gave originators tips on how to circumvent the underwriting system…The memorandum encouraged brokers to game the ZiPPY system because ‘[i]t’s super easy! Give it a try!’ It provided the following ‘handy steps’ in order to gain approval for an otherwise rejected Stated Income/Stated Asset loan application:
“(1) In the income section of your 1003, make sure you input all income in base income. DO NOT break it down by overtime, commissions or bonus.
“(2) NO GIFT FUNDS! If your borrower is getting a gift, add it to a bank account along with the rest of the assets. Be sure to remove any mention of gift funds on the rest of your 1003.
“(3) If you do not get Stated/Stated, try resubmitting with slightly higher income. Inch it up $500 to see if you can get the findings you want. Do the same for assets.”
http://wallstreetonparade.com/2014/11/jpmorgans-9-billion-witness-puts-government-testimony-by-her-boss-into-question/
Kommykim ,Thankyou for your help yesterday.
Do I pick up an ETF at the hardware store!
I have no clue where to start…
#38 Waygup,
The Halifax RE market will continue to experience downward price pressure for the next few years in my opinion. There is considerable inventory of new builds, resales, and rentals in both the condo and the SFH market. Too many properties competing for the same depleted pool of buyers/renters. The necessary slowdown in construction will cost the local economy hundreds of good jobs. The economic miracle promised by the Shipbuilding program has failed to materialize and will fall short of expectations. On top of that, the province is basically bankrupt. Hopefully there will still be some services when I retire to the South Shore. Unless you are like me and plan on being in NS for the long term, I would definitely stay out of the market.
#67 mortgagebrokeron – It’s just a handle I’ve used for my site and online identity when discussing precious metals. Silly trying to judge a book by it’s cover. If I’ve made a point above that you don’t agree with then feel free to counter it with your own opinion rather than trying to get personal…
#59 Ronaldo on 11.10.14 at 9:09 pm
A recap of how things have done since March 25 2000:
TSE 300 10052 – 14709 +46%
Dow 11112 – 17613 +58%
Nasdq 4963 – 4651 +6.3%
S&P 1527 – 2038 +33%
Cad$ .68 .878 +29%
Oil 28.02 77.21 +176%
Gold 284.70 1152.00 +304%
Silver 5.08 15.71 +209%
I suspect that if gold does go to 700 our dollar would be back to 65 cents Silver would go to 9.00 and oil to 35.00, the TSX to 10000 and the Dow to 11000. But then we would be in the next recession which is due next year according to some. And of course, housing would crash by at least 25 to 40%. Be careful what you wish for.
Normal people couldn’t care less what an investment, which lost 38% in the last three years, did over the last fourteen. — Garth
+++++++++++++++++++++++
This is very factual. Please wake me when gold hits $800. I will buy some gold, silver, RE and some other balanced paper assets.
#56
You forgot to mention slap up a few windmills as part of the Green Energy act to put the final boot into any hopes you had of that land being your retirement fund.
CAD? Paging Shirley Cooter to the blog.
Garth,
There you go again…..
#58 Vangrrl on 11.10.14 at 9:09 pmYes, those boots feel great, thanks. Both for women who don’t want children and for those who do yet also love to work/have a career outside the home.
#7 Cindy: hang in there, sister. Yours was the 7th comment on today’s thread and how many responses have you get already? Hahaaa
#43 Detalimus: thank you for the thoughtful response.
And finally, #25 Helen: please stop speaking on behalf of all of ‘us’.
…….
I have no animosity to those woman that don’t want kids. Hell look at those poor Muslim woman..
My only point is, your spices, and mine, walkers with the dangling puffs of joy, and V formation if the dude knows what he’s doing.
If you haven’t figured out that trade time for wages sucks.
Owner ship rules.. Well the boots did nothing..
I just slipped 100 bucks into machines of my drunk wife’s new palls she meet in the losers lounge.
Damn, there stories are a book. The human experience…
Hope they win….
.
#55 Groovin 123 –
”There is no asset I love, no stock, no bond, no deal, nothing. When everyone is on one side of the boat, you take the other.
Money flows like the tide, from financial instruments, to hard assets, and back again.
Drop the emotion, ignore the media, use your head.”
————————————————————–
That’s what normal people would do.
see garth you really do like to bait us gold bugs,heres hopeing you will publish my comment today.
have you heard of [john]Exters {of the federal researve}pyramid? im sure you have..His premise was if you visualized an inverted pyramid the pyramid has many layers of asset classes graded according to safty with gold holding the destinction of the safest asset
I know central bankers and most ex/current finance ministers do NOT like gold as its a treat to our current free money printing system but I believe those days are numbered.
Gold could be making a rounded bottom!?
Inflation will come. Lots of liquidity out there. It will get loose.
Cindy and Amanda are looking for things in men they will never find!?
Despite what you think men like women more than they like other men.
At 82 cents I sell half!?
That’s what I see. 85 is next. Low 70’s would be awesome.
S and P around 2150 in 2 or 3 months and I’m a seller!?
But who really knows.
Isn’t all of what we write or think just perspective or experience anyway.
“There are two reasons to own gold (outside of the zombie apocalypse). Either you fear massive inflation will destroy the value of your dollar-denominated savings, or you think the banks are going down”
In January 1980, gold peaked at 875$
It then fell for 20 years although there was inflation all the way.
We have yet to see those highs in inflation adjusted terms.
Supply Demand. I doubt we will see sub 1000$ gold for very long as I predict demand would be crazy.
I don’t own any gold/silver except few coins grandpa gave me.
What kind of third world has this country become?
I live in Alberta, the most expensive place in North America.
So F Off with the $20 an hour jobs !!!!!
I’m a Certified Journeyman Telecommunications Technician
I worked in the U.S. for $50 an hour where it cost me half the amount to live !!!
Unbelievable !!!
Canada, the feminized society with girly man. Canada the county were women are constantly harass and need more law to protect
them. Women in Canada are oppressed and need more law to protect them against bad weather, cold winter wind and high electricity bill.
Canada the country with girly man that cares more about furniture colours and clothing then tools, car mechanic knowledge, basics l wood working skill.
Canada is going the way of extinction.
#7 Cindy on 11.10.14 at 7:19 pm
“God must be [teaching] never oppress, degrade or objectify a woman.”
—
God acts in truly mysterious ways if the surging US dollar is a sign that we should better appreciate women.
Honestly, I don’t understand what you mean.
Welcome back Smoking Man, maybe you could get back into the groove by telling some of us bastard’s how foolish it is to get an obedience certificate.
I’m no metal head with the exception of working with it lots and knowing how to fuse it, hardend it, anneal it, cut and shape it. While I don’t own any gold, I do love its proporties, there is absolutely no doubt it will stand the test of time, never tarnishes, awesome conductor, and most of all its shinny
700 sounds great to me
Unfortunately I can’t see msm running with any substantial or sustained negative housing stories, until the Vancouver and Toronto markets drop. They get fed bogus numbers from local RE cartels. These are the big markets that would need to be affected for the public to start to take notice.
Also, I still don’t understand people who think our rates will go down further. I hope rates normalize and this stupidity stops.
RE: #7 Cindy on 11.10.14 at 7:19 pm
FYI IWPR found out that in 2013, female full-time workers made only 78 cents for every dollar earned by men.
It is interesting how often this stat is bandied about. Women make 78% of a mans wage because they work more part time jobs than men do. ie: They put in fewer hours. They DO NOT make 78% of the HOURLY wage that a man makes in the equivalent position as some people would like us to believe.
I just had another interview and it’s like do you know a dozen different technologies… Alcatel, Lucent, Ericcsson, Nokia, etc, etc…
Can you work MSC’s (Mobile Switching Centers) RAN (Radio Access Networks) Satellite, Microwave, do you have Project Management, Network Integration, Fiber Management, Fiber fusion, Test and Acceptance, Commissioning experience, etc, etc
Can you walk on water ???
Yes to all the above and the wage is $20 an hour??????
#83,
Most expensive city in NA? You wanna rethink that?
Gold and gold miners are finished. Hopefully people who read this blog sold all their soon-to-be worthless investments in gold and gold miners.
The USD wins.
Get used to it.
#90 Karl hungus
You get my point, were more expensive then 90% of the U.S. and Ontario
Garth baby, u made my day. 800 $ for gold ? Hallellujaaa… I keep buying on its way down baby !
Re a).. I live comfortably on my boat while I’m changing the babes every 6 months or so. Guess why ? For some reason they all want to:
-move in and “share the responsibilities of the mortgage”.
-move in to “live with me” (unspoken though is “see above” )
-I don’t want to change you but can not live this eccentric life style (why not?), etc , etc,
-u have to plant roots somewhere (in 416 ????? go figure)
-how about commitment ? (YESSS I’ve been given that too lol. Oh baby, I am committed , look… 5 ropes hold me ashore :) )
Garth baby.. women ARE (99.99%) the prime drivers of the “owning your home” psychology. Most also do assume that affordability is a masculine trait :) So don’t feel bad about it. My vast vast vast experience can back you up to the hilt mano.
Cheers
DELETED
Corporation and multinational own the world and want free labour. Last week in was the Bank of Canada governor talking about working for free now it is the Greek government implementing this ides.
http://www.keeptalkinggreece.com/2014/11/07/education-ministry-seeks-to-hire-1100-teachers-to-work-on-voluntary-basis-ie-without-payment/
There is a limit to accept lower salary. Keep accepting lower salary and eventual the lower salary offert will be 0$ dollar an hour.
Oh wait, it is already happening. It is in Greece. Next stop Canada
I understand you Arfmooocat
Well Garth, you asked for it, and what did you get?
One woman, Cindy, speaking up and being gang-raped (metaphorically speaking) on this site by thugs from all over basically saying she is not entitled to speak from a woman’s perspective.
Don’t get me wrong – I like reading this site occasionally, but in terms of woman\s input, let’s just say your site traffic makes AM talk radio look positively diverse by comparison!
There is a REAL problem with web traffic like that on here being terribly misogynist. On the same day that Sheila Copps has acknowledged sexual assault victimization as a parliamentarian, it is truly shocking how barbaric remain the attitudes of so many towards women in this country.
Don’t you dare even think of deleting this comment Garth.
Knock Erza Levant if you want Garth. I would think you’d be on the same page. Erza has pointed out that the Greater Essex County Public School Board is allowing Muslim students to opt out of Remembrance Day ceremonies at least partly because of the peaceful tenats of Islam. And they approved a student assembly where the invited imam segregated the boys and girls. And the imam then asked that any menstruating girls sit at the very back of the gym – which they did. Excuse me? I thought we were all Canadians.
Links? (And not just his incendiary column.) — Garth
Are you people buying $400,000 homes on $20 or $25 an hour jobs up here?
If gold got to $800, where would the new supply come from? The supply shortage will keep the price about what miners need to get it out of the ground. That is unless oil falls, then gold could fall lower. If oil falls so the miners can keep mining, our dollar will be low and so will the stocks. So keep a bit of them all in the basket.
Judging by the Greenspan’s interview in late October at Council on Foreign Relations everyone should stop worrying about money … Dubya Dubya 3 is coming.
@Arfmoocat the answer to your question is yes. 2012 median family wage was 75k. http://www.statcan.gc.ca/tables-tableaux/sum-som/l01/cst01/famil108a-eng.htm
the comments are making me throw up in my mouth. Get a clue everyone, sheesh. Men v. Women… give it a rest already. You’re both f&#ked.
(I’m a tree)
Anyhoo… did any of you catch this:
http://www.huffingtonpost.ca/mark-taliano/canada-war-crimes_b_6127190.html
or this:
http://thinkprogress.org/climate/2014/11/10/3590757/canadian-union-abandons-neutrality/
or this:
http://www.cbc.ca/news/politics/stephen-harper-s-north-pole-bid-caught-bureaucrats-by-surprise-1.2829243
or this:
http://www.vancitybuzz.com/2014/10/north-americas-first-chinese-renminbi-currency-hub-proposed-vancouver/
…THIS?
http://www.cbc.ca/news/politics/canada-china-sign-currency-deal-aimed-at-boosting-trade-1.2828707
Come on election… can’t get here fast enough.
Shanghai surprise!
Could this be the breakout. A very trying rounded bottom.
The rising Chinese consumer class could go a long way in starting to sop up what feels like world wide overcapacity.
Central bankers move over. Jack Ma is saving the world.
http://www.canada.com/nationalpost/financialpost/comment/story.html?id=7e6b3442-fd34-4a5f-932d-5bdd07a39d6e
“After the company imploded, people pointed fingers at DBRS, but also recalled the fundamental rule that you’re not meant to finance long-term assets — such as real estate — with short-term paper. The Reichmann empire fell apart for many reasons, but one was that investors thought real estate inflation was permanent, and relied too much on trust in opaque vehicles hatched by alleged geniuses. Sound familiar?….”
“Deflation is more of a concern these days, and central bankers have never been more firmly in control.”
“Firmly in control”, was this written tongue in cheek? The central bankers just finished printing $3.5T, out of thin air, in about 5 years flat.
I would hate to see what these manic money printers could do if they were “out of control”.
“Nobody told me there’d be days like these. Nobody told me there’d be days like these. Most peculiar Mama”. John Lennon
Imagine if Garth started talking up gold, it would spike $200 in days!
http://www.theguardian.com/world/2014/nov/09/catalans-vote-symbolic-referendum-independence-catalonia-madrid
+++++++++++++++++++++++++++++
Too bad we are only allowed in this country to vote in a “new dictator” every federal election. One who will of course “support” Dubya Dubya 3 because the PM always speaks for “all Canadians” right?
There is a REAL problem with web traffic like that on here being terribly misogynist. On the same day that Sheila Copps has acknowledged sexual assault victimization as a parliamentarian, it is truly shocking how barbaric remain the attitudes of so many towards women in this country.
Don’t you dare even think of deleting this comment Garth.
+++++++++++++++++++++++++++++++
Nah…….you got it all wrong. The problem is that evil prevails when good men do nothing. Please refer to the men of Canada in yesterday’s photo. How good is the economy of the world doing again? Please refer to second sentence. And repeat.
A guy I know at the gym was espousing the delights of Florida the other day. The warm sand and ocean, the affordability of staying for months in the winter (he is independently wealthy), the – black people (he didn’t say black people) – he can order about and throw his fancy car keys at while they run about and ‘get his car’.
I just walked away. I’m still kicking myself for not calling him on such blatant racism.
So #39 – your sexism sucks. And so does your logic. Women take parental leave so they can – you know – bear the children for the human race.
And if she wear a smokin’ pair of boots while striding back to work through those corporate doors – hold the door for her.
Just like she would for you.
About “Cindy”…
This commenter, who claims to be a women, has assumed various different names over the course of the past year (e.g., remember Madeline, Marsha and Natalie anyone?)
I swear this so-called “feminist” is actually some bitter unemployed realtor dude with vendetta againsts real women and nothing better to do than pollute this blog, which he blames for his slow, slow year in condolanada.
I remember about a year ago, I said that it was a good idea to put about 5% to 10% of your after-tax income into Gold. Well, I’m not sure what happened, but for some reason I never got around to doing that. I just didn’t see any risk to the currency as it is right now, so I just kept everything in U.S. dollars instead. I guess I was just lucky.
As for Ebola; suddenly there is almost no new news from the area, complete news blackout. I guess maybe they found some miracle cure for Ebola, and if that is true then that’s really good news.
As for feminists complaining that they earn only 77 cents for every dollar a man makes: Well, sorry I did not know that was still true. That is not right, there should not be such a wide gap like that.
But at the same time there are a number of women who are literally Batshit-Crazy and use feminism as some type of cover to bash men. Let me give to you an example. I met 2 co-workers for a short 30 minute meeting. We walked to different areas of the facility and talked about recent things going on at work and in life in general. I talked about how I bought my sister a new snow blower because old one just wasn’t working anymore. Then I told both a joke that went as follows:
Question: “how does an Otter introduce his wife?
Answer: He says; ‘Here is my significant Otter’. ”
Well, a few days later I got my butt hauled down to the coordinator’s office, seems the lady accused me of making a blatent sexist remark about women, saying that women are incapable of doing anything, and that I told a sexist joke that was degrading to women.
Lucky for me, I recorded the entire conversation on my Olympus voice recorder and I gave my coordinator a copy of the recording as proof that I did nothing wrong. I just found out, that lady no longer works for the company anymore, she was told that she had to submit a formal apology to me for what she did and instead of apologizing she quit her job.
Like I said: BAT-SHIT CRAZY.
Everything, and I mean absolutely everything, gets crushed on the long term chart by the S&P 500. Gold, oil, bonds, real estate, TSX, emerging markets, you name it. Something ridiculous like an 11.9% annualized return including dividends going back to the 70s.
Is it going to do it again? Do you go all in on the current all-time high and forget about it? There’s probably dumber things you can do,but I’m just a mere mortal. So it is merely part of my portfolio…that I don’t think about.
It doesn’t mean you discount everything else. Gold’s had some fantastic runs in the past, and it will have a day in the sun again. The volatility is probably enough to alienate 90% of people in the short term.
But back to the S&P, ask the next doofus who brags to you about his house being worth 2-3x what he paid x number of years ago why he didn’t just buy Capital One for 12 bucks during the financial crisis. Or Wells Fargo at 10 bucks. Or Royal and TD at 25 bucks.
Housing is the way the 90% of the population that doesn’t understand the market pretends they are investment geniuses.
a) Patricia should read the book “If it’s not one thing, it’s your mother.” Moms need to take more responsibility for the fact that they raise kids before they are ready, and thus screw them up. Dads too of course but if you have ever been a dad arguing with mom over her crazy behaviour you know how that goes. Moms! There are gangs and school shootings because you aren’t doing it right, you selfish narcs! Stop beating and manipulating your children! It’s not all about you, even if you birthed them!
(Sorry I’m talking a bit from experience. My mother beat and manipulated my brother and I hard when we were just wee. As we grew the wooden spoon broke on my ass so dad had to take over the beating when ever he got home from work, something he hadn’t done before, but OMG was that worse. I’d like to show him what it feels like to be at that end of a belt. But he was always following orders, not having been around when the alleged transgressions occurred.)
Moms! It is your fault your kids are crazy! Get used to it! It’s because you are crazy and you don’t set a good example and you discipline like you have a right to dictate! You don’t. You are just the crazy result of what your mom did, and you are passing it down.
Boys! Don’t marry, buy a motorbike and ride away! You don’t have to help the crazies.
Speaking of crazy Garth your gold call has jumped the shark. Yes you got the ups and downs sort of right until now but just because the US gov and the Saudis are manipulating the oil price to punish Russia does not mean they can keep it up or cause a total abandonment of supply and demand. At $700 almost all gold miners are bankrupt same as why $80 oil won’t hold.
See, we get these dips but they are always followed by a higher high. That’s what inflation does. Gold will trade above $1900 again one day (but it could be a long time from now) but it will never trade below $800 again. It’s the same thing as how house in TO won’t cost $1,000,000 for long but you won’t ever get a livable one for $40,000 again. Not going to happen, prices go up not down, drawing the trend not the noise.
So the average joe sees gold as useless and without value. Those that consider it money just cooky nutbars. At the same time in their mind they acknowledge that gold holdings are important to central banks, and have a confidence role to play. Double think much???
Memory Express (sorry for the plug) was selling their bitcoin mining graphics cards for cheap cheap cheap! Can’t be a good sign.
In Edtn for work; who the hell buys housing in this damned cold province?! -24 with the humidex….
Amusing non sequitur there Cindy, as far as I can tell most of the developed world has come to accept the wage gap was a myth for many years now.
Overheard in New West IHOP.
Wife to another woman, “I told Bob there would be no way I’d move to Surrey. When we bought 5 years ago I thought, we’ll eventually move to Richmond. Now 5 years later, Richmond has changed so much and we couldn’t afford it anyway.”
Livin’ the dream in Surrey, ’cause livin’ the dream in Richmond is too expensive. Imagine…… LOL!
Re: #15 Smoking Man
The real reasons behind the woman’s suffrage are quite sinister. Many who supported it had the best and most noble intentions which were to empower a group of people. But they were tricked, because it was the wrong way to go about it.
Once again, we find bankers behind the scenes, working in their own interest, to advance a social agenda.
Women’s suffrage was for two reason:
1. So children could be educated by the state. No longer would children be raised at home with morals and close-knit family bonds – they’re mothers would be at work. The state would become their parents.
2. So the other 50% of the population could be taxed. With taxes comes ownership. With that ownership comes an undermining of an entire society.
Re: #100 Terrier
I am in agreement with you. We are closer to World War 3 than we have ever been.
Many people will dismiss this outright. That’s only because they don’t know what’s going on.
I’ll explain it to you: the US has been endowed with a special privilege since World War 2 which is it’s reserve currency status. That means EVERY COUNTRY in the world MUST use US dollars to buy or sell OIL. If they don’t, they get invaded, government overthrow, or bombed (Libya, Iraq, Pakistan, Afghanistan, etc.).
China, Russia, and many up and coming nations no longer wish to comply. See, this system bestows a great amount of privilege to the US – they get to run over a 500 BILLION DOLLAR deficit a year, without consequence. They get to export worthless printed money in exchange for everyone else’s hard work.
Does that sound fair to you?
There is a reason the US has over 100 military bases around the world, including in FIRST WORLD NATIONS like Japan, Korea, Germany, Italy, etc.
The reason is simple: COMPLY WITH OUR DOLLAR SYSTEM, OR ELSE THERE WILL BE TROUBLE!
Now, there are only 2 options available to the powers in control of the US government (hint, it’s not the president):
1. Allow the system to slowly unravel. The american people will become more agitated and angry as their economy implodes, thus leading to civil unrest and possible retribution against the criminals in power
2. A war that serves as a ‘smokescreen’ that can be blamed for all the problems that follow. This option also serves the possibility of continuing the system in an unaltered fashion. Of course, millions or billions could die, but the only thing that matters to the sociopaths in charge is that they are OK.
Which one would you choose if you were in charge?
France chose number 2 with the Napoleonic wars as their empire began to unravel after too much spending. Britain chose number 2 when they fought Germany in World War 2 as their empire was unraveling post World War 1 (don’t get me started on this – if there was some ‘moral’ reason for fighting the nazis, why did they ally with the MUCH WORSE Soviet Union?).
The same thing is happening with the US. You think this whole debacle in Ukraine/Russia is a COINCIDENCE? Or ‘Russian aggression’? Last I checked, WE WERE THOUSANDS of miles away from our borders, perched right up on THEIRS.
Time to get the hell out of this ‘special relationship’ with the US. All we are is a stooge. Trade with them. Be friendly with them. But let’s not do their bidding. Let them fail. We need to take care of ourselves – there are PLENTY of problems here.
Let’s start by firing EVERY politician that doesn’t endorse individual liberty, responsibility, and life.
#11 ole Doberman
Supply and demand. There’s this belief among gold nuts that the price can’t fall below the cost of production. Nonsense. If there is little demand for gold (and nearly 100% of it is speculative, above-ground supply will last us centuries for industrial uses), then the price can be anything the market is willing to pay. Miners will simply mine less, until demand returns. When there is a lot of demand for gold, then the price of production will be a major input cost. Because it is highly speculative, if the price falls too low lots of people will jump in, but if the real demand keeps dropping, there’s literally no bottom.
What happens to the oil patch when price of oil drops too low? Producers cut back high-cost operations. What happens when prices are skyrocketing? Producers go drilling in reservoirs previously thought to be worthless. Oil is a consumable, so cost of production is critical, because eventually we run out of already produced stuff, oil sands is a better example perhaps. Gold is infinitely and perfectly recyclable, but it’s a similar principle at the core.
The cost to produce a product has never been the determining factor in the market-clearing price of that product. This is the cost of production theory of value. It does not set prices. Buyers set prices. If the market price is too low, then the producer has a money-losing product, and will stop production.
#96 Carly in Cabbagetown
“Cindy”, or whatever name she goes by on any given day/week, is what we call a troll. She (if she is a she at all) specializes in the “strong Canadian woman” type of trolling with several months history of such posts, and relishes in stirring up trouble, getting a bunch of people emotional, and derailing things. Every person who takes the bait feeds her enjoyment.
Kommykim, thanks for pointing out the total vs hourly wage stat. Can anyone think of a job where they offer a different hourly wage based on gender? Me neither. It’s a stupid and misleading statistic.
Doesn’t matter if it government / public worker or Starbucks employee, the hourly wage is the same.
Within the next 6 years, the US$ will fall as reserve currency, and be replaced by a world reserve currency backed by US$ Euro, Renminbi, Yen and maybe some others, with backing in gold.
On the issue of why gold has fallen for the last 3 years. Simple – US government is fighting a rear guard action to keep the US$ going as long as it can. Look at the simple math. 3T revenue. 3.6T outgoings. 17T+ in current debt, over 125T+ in unfunded liabilities.
They have to keep printing, they have to keep interest rates at emergency rates, just to keep the game going a bit longer. US default is not out of the question. Loss of sole reserve currency status a certainty. One thing they have on their balance sheet which would help is the largest stockpile of gold in the world. 8132 tonnes. Although apparently the chinese have aspirations to have 8500 tonnes.
It is lawful for the US treasury and the president to intervene in the currency markets to defend the US$. Guess what? Gold is a currency. They bomb the silver and gold markets daily with futures contracts. Market is totally manipulated. Can you name one market in the world where demand massively exceeds supply yet the price falls? Should be a big hint
Those markets are no longer free operating markets and you might as well tear up the charts because charts can only work in a free market. All around the world banks are being caught out manipulating market after market, and they are being fined hundreds of millions of dollars. And yes, now its starting to come out that they were involved in manipulating the precious metals markets.
In 1933 there were around $35US in circulation per ounce of gold. You can print paper – you cant create gold. Now we are looking at around $70,000US in circulation per ounce held by the US government. Thats a lot of printing.
You know where the house prices came from Garth. Way too much finance, given out too freely, with interest rates that are too low. Resulting in ridiculous prices.
Do yourself a favour – start educating yourself on gold. US has a right to manipulate currency markets.
Dont let the yanks pull the wool over your eyes Garth. Try GATA for a start.
Very applicable today, especially considering the way our current government treats vets. Obviously, it’s been written by an American but applies Canada.
He was getting old and paunchy
And his hair was falling fast,
And he sat around the Legion,
Telling stories of the past.
Of a war that he once fought in
And the deeds that he had done,
In his exploits with his buddies;
They were heroes, every one.
And ‘tho sometimes to his neighbors
His tales became a joke,
All his buddies listened quietly
For they knew whereof he spoke.
But we’ll hear his tales no longer,
For ol’ Joe has passed away,
And the world’s a little poorer
For a Veteran died today.
He won’t be mourned by many,
Just his children and his wife.
For he lived an ordinary,
Very quiet sort of life.
He held a job and raised a family,
Going quietly on his way;
And the world won’t note his passing,
‘Tho a Veteran died today.
When politicians leave this earth,
Their bodies lie in state,
While thousands note their passing,
And proclaim that they were great.
Papers tell of their life stories
From the time that they were young,
But the passing of a Veteran
Goes unnoticed, and unsung.
Is the greatest contribution
To the welfare of our land,
Some jerk who breaks his promise
And cons his fellow man?
Or the ordinary fellow
Who in times of war and strife,
Goes off to serve his country
And offers up his life?
The politician’s stipend
And the style in which he lives,
Are often disproportionate,
To the service that he gives.
While the ordinary Veteran,
Who offered up his all,
Is paid off with a medal
And perhaps a pension, small.
It is not the politicians
With their compromise and ploys,
Who won for us the freedom
That our country now enjoys.
Should you find yourself in danger,
With your enemies at hand,
Would you really want some cop-out,
With his ever-waffling stand?
Or would you want a Veteran
His home, his country, his kin,
Just a common Veteran,
Who would fight until the end.
He was just a common Veteran,
And his ranks are growing thin,
But his presence should remind us
We may need his likes again.
For when countries are in conflict,
We find the Veteran’s part,
Is to clean up all the troubles
That the politicians start.
If we cannot do him honor
While he’s here to hear the praise,
Then at least let’s give him homage
At the ending of his days.
Perhaps just a simple headline
In the paper that might say:
“OUR COUNTRY IS IN MOURNING,
A VETERAN DIED TODAY.”
Gold might see a bit of a rally depending on the Swiss vote.
But I totally expect it to return to, what I see as its natural price, of around $650.
Amen Marmot manor.
Most couples in Victoria make $22 to $27 an hour and own $400,000 to $600,000 homes.Although to stay ahead you have to work a full time and a part time job.C’est la vie.
Nomad notes that uranium stocks are rebounding. I felt uranium was a non brainer in a world suffering from climate change caused by excessive carbon emissions. Then I got clobbered by Fukushima. It is just amazing how certainties can dissolve in a short time.
That more than anything convinced me that Garth’s algorithm of rebalancing a diversified portfolio makes a lot of sense. I haven’t yet reached Garth’s optimum because I still hold my Cameco stock and live in hope.
Re: #125 Blobby
I’m sure the Chinese would love it at that price. I’m sure they’re very happy that western bankers are manipulating gold’s price downwards to mask the real inflation rate.
Of course, some day soon, once they’ve accumulated almost all the world’s gold, they will announce it to the world.
On that day, it will be game over for the west. You think your living expenses are getting high now? Just wait until 1.3 billion people with a stronger currency, huge manufacturing base, and more capitalist economy is competing with you.
***************
Re: #128 David McDonald
The whole global warming thing is stupid. Don’t let them conquer your mind.
You know why we’re being bombarded with a deluge of propaganda about this on a constant basis?
They want to make us more accepting of our lessening standard of living. It’s that simple.
Higher energy prices, food prices, house prices – oh, that’s ok – we’re ‘sacrificing’ in order to save the planet!
I have news for you in case this comes as a shock: CLIMATE CHANGE IS NORMAL AND HAS HAPPENED THROUGHOUT EARTH’S ENTIRE HISTORY!
We’re living in an ICE AGE. Most of Earth’s history had NO POLAR ICE CAPS. Even if the Earth was warming, and I’m not entirely sure it is (it may in fact be cooling), that would be NORMAL.
Wake up to what’s happening around you. This is no different than what the Soviet government did on a DAILY BASIS. My uncle grew up in Poland under the Soviets and he said they were constantly hearing excuses about the weather being blamed for their woes.
WAKE UP. Start pointing the finger at your interventionist crony-capitalist/pseudo-fascist government officials. Tell them to quit passing legislation protecting their buddies. Tell them to cut taxes and spending and quit interfering abroad. DEMAND that they quit inflating the currency and start backing it with gold/silver.
Then, and only then, are you ever going to see an increase in your standard of living again. Otherwise, what is more likely to happen, is a slow, steady erosion of what we already have, for the rest of time.
#111 Waterloo Resident ,As I posted last week there was no Ebola. Just another scripted global exercise designed to restrict our right of travel. They made it a global event as usual. Toronto, Texas. You felt your heart jump. It worked. As if a hospital would speculate in the media on private test results.
They slipped another one in, like People taking cruise ships to join Isis.” There is no Isis, it’s another invention, talking point. Al Q? We barely knew ya.
Guys like Erza take the easy road. It pays for a while.
#55 groovin123
——————————————————-
Great post
If women are so smart why do they marry men?
I believe the wage gap is due to poor statistics
I have been mentoring two women whom just graduated from university both starting salary was North of $60,000 and 80000 that’s 60% and 80% of what I make after 38 years in the work force. Hmmmm not quite right.
I will admit most women take lower paying jobs, just look at any retail store, but guess what most men that age stay at home a play video games while mommy cooks and cleans for them. And I know lots of examples.
My daughter is training to be an electrician
As for deflationary? Environment.? What happens when that’s over? I was reading deflation is the worst thing for people and governments with debt, so then we are in trouble.
Like my wife says if housing drops 50% so what every house drops 50% so moving does not matter. But I cry and say we could pocket the 50% then buy back and have more money?
The smarter half won the battle, can you guess who
“Don’t you dare even think of deleting this comment Garth.”
—
Why end a comment like that, if you think it is a genuine, well-written point of view?
I find it difficult to believe that an eloquent writer would be so insecure as to be afraid of “comment deletion.” This leads me to suspect that a few of the others are correct: we are dealing with a troll. Someone is purposefully inserting aggressive statements to stir up controversy (or at least make it look like controversy exists, where there is none).
http://m.theglobeandmail.com/report-on-business/top-business-stories/homebuilding-broadly-tracking-population-why-thats-a-good-thing/article21531854/?service=mobile&cmpid=rss1&click=sf_rob
Again this goes against what this blog been saying. There is no over supply in condo construction. Which means no adverse effect in SFH.
The article is about new home construction, not resales, which constitutes a small fraction of the market. Additionally, this one analyst’s opinion is countered by others. Finally, drive around Toronto and look up. — Garth
mr farrell,
thank you for confirming my call for gold to fall to 700
Well, if I were still in Parliament and accused of sexism, you know what the consequences would be.
there’s isn’t much room for humour if you’re in Parliament. If you’re in Government the image is one of quiet competence, if you’re in the opposition it’s earnest outrage.
We just had a municipal election in Ottawa and there were comments that there were very few women elected. The job is very hard, very demanding! There are smart dedicated women but for sure they’re not running to fill the quota.
Gold has incurred a MAJOR technical breakdown
I passed on the annual trip to Kirkland Lake last week but I’m guessing it’s easier to get a hotel room.
#125 Blobby on 11.11.14 at 7:32 am
”Gold might see a bit of a rally depending on the Swiss vote.
But I totally expect it to return to, what I see as its natural price, of around $650.”
————————————————————-
And you probably think eggs should be a dollar a dozen.
@#110 Cici
“About “Cindy”…
This commenter, who claims to be a women, has assumed various different names over the course of the past year (e.g., remember Madeline, Marsha and Natalie anyone?)”
+++++++++++++++++++++++++++++++++++
Total agreement. The writing style is very similar to the “other” loons that posted
bullion baron, not getting personal and yes doesn’t a book’s cover give an impression of what the book is like on the inside?
Regarding gold, it doesn’t give of any interest payments or dividends. and now that the dollar is off the gold standard, gold really is just a speculative play no?
If you were to to take a billion dollars and invest in gold for the next 50 years vs taking a billion dollars and investing in solid dividend growing paying businesses I am thinking you would have more money in fifty years by owning the companies no?????????????
@#108 RealistvsExtremist
Poor Sheila Copps.
Was the “sexual harrassment” when John Crosby replied to one of her “attacks” on him in Question Period with the rebuttal.
“Pass the tequila Sheila and lay down and love me again”.
http://www.google.ca/url?sa=t&rct=j&q=&esrc=s&frm=1&source=web&cd=8&cad=rja&uact=8&ved=0CEYQtwIwBw&url=http%3A%2F%2Fwww.youtube.com%2Fwatch%3Fv%3DvC28H_oLr04&ei=syhiVJHSLceqogTt_oDQCA&usg=AFQjCNGbHDYTs0ihJJNhXFjIi9UYGNfRIw&bvm=bv.79189006,d.cGU
The House burst out in laughter and outrage.
Ahhhh the old politically incorrect days of Parliament. Never a dull moment.
it’s always funny reading about you dissing gold… which has still outperformed stocks, bonds by a long shot for the last 14 years.
even with it’s recent collapse, it’s returned 9% compounded pa for the last 14 years
compare that to the DOW at 3.4%
and your own portfolio at 7%
it’s a shame you’re not honest enough to admit it.
As I said earlier, normal people like their assets to perform on an annual basis, and don’t take comfort that they used to make money. Gold pays no dividends or interest, and most gold nuts hoard it without ever rebalancing to take capital gains when spikes occur. It is the worst possible strategy for building net worth. But that’s not what it’s all about for you, is it? — Garth
> “Cut my caucus off”
LOL, an instant classic.
@#81 Son of Ponzi
“Smocking Man, the Pied Piper of the Greater Fool blog is back.
Don’t be a rat that follows him.”
++++++++++++++++++++++++++++++++++++
I’d rather follow Smokey than the son of a scammer
#119 Cato the Elder
You are a very ignorant poster with statements like this…
” (don’t get me started on this – if there was some ‘moral’ reason for fighting the nazis, why did they ally with the MUCH WORSE Soviet Union?).”
and
“Time to get the hell out of this ‘special relationship’ with the US.”
*******
God bless our soldiers (CDN and USA + all others) who prevented Germany & Japan from enslaving the human race.
Canadians could never pick a better neighbor than USA
It’s disgusting to criticize when you have food and entertainment at arm’s length 24 / 7 AND live in a system where you can make change by getting involved.
#88 Kommykin: “Women make 78% of a mans wage because they work more part time jobs than men do. ie: They put in fewer hours. They DO NOT make 78% of the HOURLY wage that a man makes in the equivalent position as some people would like us to believe.”
********************
There are many successful career women, of course, commanding high salaries. But the vast majority of women work in clerical positions, retail, cashiering — and those jobs don’t command high wages.
Re: 111 Waterloo Resident
>Lucky for me, I recorded the entire conversation on my
>Olympus voice recorder and I gave my coordinator a copy of
>the recording as proof that I did nothing wrong. I just found
>out, that lady no longer works for the company anymore, she
>was told that she had to submit a formal apology to me for
>what she did and instead of apologizing she quit her job.
Waterloo, that was a close call.
I am starting to see a trend of men being advised to carry recorders on them when dealing with women, though mostly wives and exes where you suspect trouble. But with recent events and accusations, it may become advisable for us all, all the time.
What prompted you to start carrying one?
You don’t? — Garth
Funny that, bit-con vs south sea, just few months ago bit-con was destin for ultimate and only uncoraptable currency.
It was all fine nice until “those” guys managed to make mining pool bigger than 50%.
It was funny reading on forums some of miners were screaming foul and talking about 50% pool being un unethical and keep calling or some regulation. That was funny!!!
Now when I read about gold and gold bugs I wander how much of tungsten is inbeded in their gold bars.
As my fried sad: “I won’t trade my carrot for gold.”
http://www.mebfaber.com/wp-content/uploads/2013/11/chart1.png
Not that i think that bit-con and gold are bad, I would be probably good to venture their way as asimetric bet and see how systems like that can benefit society, and maybe faze them in but fighting incumbants at this point is futile. Just watch amex, they can’t spend their profits
It’s unfortunate that both gold and bit-con are used for the wrong purpose they are perceived by users as wecicles to store, grow wealth and avoid regulations, not as just as commodity play.
#113 NonPlussed: “As we grew the wooden spoon broke on my ass so dad had to take over the beating when ever he got home from work…”
******************
Wow, that must have been the norm for those days ’cause that’s exactly what I experienced, as well! The fathers had to dole out the punishment within minutes of arriving home…and this, of course, wasn’t fair. The old ‘mixing spoon’. I remember it well.
>>What prompted you to start carrying one?
>
>You don’t? — Garth
Oh crap, did I miss another directive from The Patriarchy?
Sorry guys… be right back…
Further to last. I can still hear my mom saying: “Just you wait until your father gets home!”
Yikes! The wooden mixing spoon was old and worn. Wasn’t that bad, actually…. ;-)
Not all moms push their kids into the shackles of mortgage debt. Maybe it is time to adopt a term for those who do? HeliMoms, as in helicopter moms?
Also, it is well known that nesting syndrome is more likely to be experienced by women than by men (am I being sexist with this claim?), so moms are more inclined to push their offspring into buying a place. This is not to say that dads don’t do it at all – the point is in who does it more: moms or dads.
Also, nesting syndrome is not a weakness of the better half of humanity – it is something quite normal: having the urge to get the best conditions for raising little ones.
According the Financial Times, UBS (Bank) has settled out of court and agreed to pay a fine, over the rigging of the precious metals markets.
It seems like just the other day that anyone who suggested manipulation of financial markets was labelled a conspiracy theory, bullion licking wackjob.
Well, after Libor, the FX market and now precious metals rigging, conspiracy theory has proven to be conspiracy fact.
Wow! What housing system they have in England!
Can it really be that easy to be evicted there?
http://www.theguardian.com/news/2014/nov/11/-sp-no-exit-britains-housing-trap?CMP=share_btn_tw
The article is about new home construction, not resales, which constitutes a small fraction of the market. Additionally, this one analyst’s opinion is countered by others. Finally, drive around Toronto and look up. — Garth
I see condo constructions in the downtown core. Appropriate for densely and high traffic areas. Big retailers are also being put up too(loblaws, bed bath beyond, sobeys, metro, etc…). High correlation.
Garth,
perhaps you can share with us exactly how you keep your optimism?
I see people who are completely reckless on their finances, huge debt, 0% in other assets. No planning of ever repaying the debt (you can eventually sell the house for more). No spare income/savings allocated for “foreseen” circumstances (like expanding the family) let alone the “unforeseen” ones (like loosing a job)
How can it end otherwise than badly? And I don’t only mean for these certain people, but also the rest of us (via CMHC, higher taxes, lower CAD or whatever going to play out)?
#39 Big Sexy
If that’s true, then I, as a woman who has decided not to have children, want my 22 cents per dollar back; retroactively too.
By the way, men go on parental leave now these days too, so that should be factored in to the salary gap, thank you very much. At my workplace, the guys get 5 weeks off every time they knock their lady friend up. That should come out of their own salaries, not mine.
#140 crowdedelevatorfartz
You said:
“Poor Sheila Copps.
Was the “sexual harrassment” when John Crosby replied to one of her “attacks” on him in Question Period with the rebuttal.
“Pass the tequila Sheila and lay down and love me again”. ”
Apparently this is all funny to you.
Actually, she was groped by an MPP, which happened in the years after she was also raped.
http://www.cbc.ca/news/canada/hamilton/news/sheila-copps-says-she-was-raped-and-sexually-assaulted-1.2830561
It sounds like you are okay with all that, crowdedelevatorfartz. Do you even read the news?
Do you not have any women or girls in your life that you care about, whom you would like to see protected from similar harm?
If you do, why do you and others on here so clearly support and enable rape culture?
(BTW – to you complainers, I challenged Garth in my last post, and he met the challenge. I do believe men like him are part of the solution, not part of the problem. In other words, he is human first, a gender second)
It’s unfortunate that both gold and bit-con are used for the wrong purpose they are perceived by users as wecicles to store, grow wealth and avoid regulations, not as just as commodity play.
+++++++++++++++++++++++++++
Yes….because printing trillions of dollars out of thin air in the last 6 years….then charging INTEREST on the phoney money. Well. That is a perfectly acceptable way to run a fair and just money system.
Oh…..and 99.9% of all crime is done with US Dollars. Not gold or bit-con.
Speaking of stealth……your elected (dictator) govt at work.
http://www.theglobeandmail.com/news/politics/pentagon-briefing-suggests-canada-about-to-buy-at-least-four-f-35-jets/article21496659/
Because we need billions of dollars in fighters in case them there Aliens attack us with their Mach 20 speed spaceships. Oh wait…..
#150 Daisy Mae on 11.11.14 at 12:29 pm
Further to last. I can still hear my mom saying: “Just you wait until your father gets home!”
Yikes! The wooden mixing spoon was old and worn. Wasn’t that bad, actually…. ;-)
,,,,,,,,,,,,,,,,,,,,,,,,,,,,
My Mom said the same. But, in our case it was Dad’s belt on the behind. I have 5 siblings – 3 older than I. I’m 67. Thankfully we’re all still kicking.
Talking about straps, when I was 6 we lived off the Island of Mtl. My father worked for what was then Canadian Arsenals. Three of us went to a school with 1 room. The school hired a teacher who took the train daily from Mtl. When the boys were bad, he’d call them into his office across the hall while the girls remained in the classroom. We would hear what we thought was him strapping the boys & felt so bad for them. We only found out later he was hitting his desk. And he’d dole out cookies to the boys. Needless to say, he didn’t last long.
bought some gold this year(in canadian dollars)…gold went down…dollar went down…i didn’t lose any money
#1#150 Daisy Mae on 11.11.14 at 12:29 pm
48 Daisy Mae on 11.11.14 at 12:09 pm
***************************************
My mother was designated hitter in our house – Dad was too big and had a wicked temper. Mind you, her temper was something to behold too.
Mom’s personal favourite was to grab one ear of each of my brother and me then smash our heads together. Remember bolo bats? They weren’t bought as toys for us kids but instead dismantled, the ball and elastic thrown in the garbage and then the bat used on our behinds or whatever part of us she could grab.
If we ever raise those memories with mom nowadays, she claims not to remember a single instance of such “discipline”. Mind you, now she also claims we were perfect angels never needing any correction at all.
And let’s not forget the phrase, “This hurts me more than it hurts you.”
“What the Economy Has Done to the Family”
http://www.bloomberg.com/news/2014-11-10/how-the-bad-economy-breaks-up-families.html
#144 TnT
———————————————————
Cato is far from an ignorant poster.
Yes all due respect to the men and women who have served our country, and continue to do so, but you need to wake up my friend
Germany and Japan may have failed at enslaving the human race, but so far the banksters have not. Times are very different today than 50-60 years ago, while we have been living high on the hog and had the good life; there is no free ride in life my friend
There are two ways to conquer and enslave people. One is by sword and the other is by debt – John Adams 2nd President USA
How’s our national debt? And how about that of our neighbor?
Haha live in a system where you can make a change by getting involved? That ship has long since sailed, our system is highly rigged to perpetuate its control
The illusion of freedom will continue as long as it’s profitable to continue the illusion – Frank Zappa
@124
Thank you for the beautiful poem, this is the first time I’ve read it.
“Canadians could never pick a better neighbor than USA
=============
and what is behind the doors of those neighbours ?
On June 11, 2014, the Federal Bureau of Investigation opened a criminal investigation of the VA.[19]
President Barack Obama ordered a White House investigation. On June 27, 2014, Obama’s Deputy Chief of Staff, Rob Nabors, reported “significant and chronic system failures” and a “corrosive culture” inside the Veterans Health Administration.[20]
http://en.wikipedia.org/wiki/Veterans_Health_Administration_scandal_of_2014
http://www.washingtonpost.com/blogs/the-fix/wp/2014/05/21/a-guide-to-the-va-and-the-scandals-engulfing-it/
Veterans Affairs whistleblower: Phoenix report on patient deaths a ‘whitewash’
Dr Samuel Foote, former clinic director for Phoenix VA, said report appears designed to ‘minimize the scandal’
http://www.theguardian.com/world/2014/sep/17/veterans-affairs-phoenix-report-whitewash
Live near Henry Ford’s historic area @ $50 ft squared http://www.cnbc.com/id/102169370
Re: #144 TnT
The government propaganda is strong with this one.
I must admit, after many years of feeling the nazis were a unitary force of evil, to finally apply some critical thinking and review history was difficult.
But being intellectually honest, I would rather live with the truth than what feels comfortable.
First off, both my grandparents and many in my family were veterans. NOT FOR A SINGLE SECOND do I call into question their integrity or honour or servitude. They were doing what they thought was right. It’s the damn politicians and their clamoring for violence that gets me angry, and it ought to get you angry too.
There is often no need for war. War is a way for a select few to profit while we all go through a miserable time.
Here is the truth:
-many ‘nazis’ were regular people with families. They were conscripted to fight, even if they may not have wanted to. In case you are unaware, conscription means they go to jail, or worse, if they don’t fight.
-understanding the first point, that means you’re fighting people that aren’t ‘evil’ and are just trying to get by, like you and me. This happens in every war.
-that’s why war is GARBAGE. It’s sold to us as some noble pursuit. But the average man has NOTHING to gain from it, and can only lose. He can only hope to come back alive, and with his wealth in tact. What more often happens, is their country has been destroy, family shattered, and they’ve been wounded or killed
-QUIT GLORIFYING WAR. Your leaders want you to ‘die for empire’. It’s only THEY who benefit. Particularily, the people who benefit are BANKERS. See, bankers don’t care who wins – they often finance both sides. They only care that they have gone into debt, so that they owe interest and their country can be manipulated that way.
And particularly about WW2 origins:
-we’re often told we fought Germany because they invaded Poland.
-the Soviet Union invaded Poland at the same time, and we didn’t fight them
-we’re often told we fought Germany because they were ‘evil’ and were hurting innocent people
-the Soviet Union killed 20 000 000 of their own citizens just a few years before, and were MUCH more brutal against innocent civilians than Germany
-And yet we ALLIED with the Soviet Union, and FOUGHT Nazi Germany. Seems a little bit contradictory, doesn’t it?
So I ask you, what is it I said that was so wrong? I am merely exposing the truth, and it is your discomfort of being faced with this reality that is bothering you.
Britain went to war with Germany because they ceased the lucrative Treaty of Versailles repayments. Much of that money was going to bankers in Britain, and it bothered them that they could no longer siphon off all of Germany’s wealth.
Be angry all you want. But wars are ALWAYS banker wars.
Once you have that figured out, you will stop advocating to war, because you’ll realize it’s always a farce to enrich a few privileged individuals/companies.
THE END.
#52 Smoking Man on 11.10.14 at 9:01 pm
Getting a good buzz, in a casino some where in a town called Salamanca, NY..
What should I just stay home and cry… Not this dog..
My liver is pissed, screw him is all I’m thinking.. It’s got a job to do… Thinking is not in the description..
Process the challange I give it… Next thing you know the bastard will want to form a union….
Is this place even on a map…
____________________________________________
There you go Smoky. You should always know where you are going and where you came from!
http://www.mapquest.com/us/ny/salamanca
#164 Kenchie on 11.11.14 at 2:30 pm
“What the Economy Has Done to the Family”
http://www.bloomberg.com/news/2014-11-10/how-the-bad-economy-breaks-up-families.html
_____________________________________________
Its not the economy that breaks up people,its the people that break up people! Along the lines of “Its not guns that kill people, it people that kill people.”
This Remembrance Day also remember the countless civilian causalities from conflicts around the world.
Close to half a million (collateral damage) dead in the Iraqi war alone.
Lest We Forget.
#139 mortgagebrokeron – Do you think that’s the reason central banks hold & buy Gold, for speculation?
Do you have home & contents insurance or do you consider that a speculative waste of money, with all your money tied up in dividend paying business?
You can reach me at [email protected] if you want to continue discussion. I’ve already said all I wanted here in response to Garth’s post & your comments are well off point.
#145 Icon: “….with recent events and accusations, it may become advisable for us all, all the time.”
You don’t? — Garth
******************
iTunes has free voice recorders for your iPhones, if anyone is interested….
Re: #173 Tylenol
While people do have to take responsibility for their behaviours, in a sense, the article is right.
We are ALL affected by central bankers money printing – there is no aspect of our lives that is unaffected by it.
Wages do not keep up with the rate of price increases caused by reckless money printing. This forces people to take on more hours/jobs, or reduce spending or go into debt. The amount of stress and it’s toll that it takes on families is huge.
60 years ago, no one had ANY debt. Mortgages, if you even had one, were easily manageable and paid off quickly. A single head of household could work and afford a family of 5, with 2 cars, and have ample leisure time.
The opposite on almost every level is true today. This is the PREDICTABLE consequence of NOT having gold/silver money. Our politicians are unrestrained to spend crazily on anything they want and interfere in everything in your personal life and abroad. There are no physical constraints to printed money.
If you would like proof of this, find a pre-1967 quarter – it is made of silver. In 1967, that quarter could buy a gallon of gas. Today, that SAME QUARTER can buy you a gallon of gas (it has 3.00$ of silver in it). How many of the quarters made of tin do you think we’d need today to buy a gallon of gas? Over 10!
What this simple example illustrates is that savers, manufacturers, and pensioners – pretty much anyone with fixed assets – have had their purchasing power DESTROYED by over a multiple of 10 in 50 years!
Demand gold/silver money again. We can get back on track in a number of years. If not, we will continue to get poorer as bankers siphon everything for themselves.
#165 SWL1976
There are two ways to conquer and enslave people. One is by sword and the other is by debt – John Adams 2nd President USA
**********
By debt is a choice – by sword is totally different.
I’m glad to be living in a system where choice is an option.
#171 Cato The Elder
You don’t give up do you? For someone who claims to be so in the know, there sure are some gaping holes in your argument.
Ever heard of pragmatism?
in your infinite wisdom, you forgot to take into account the “other” country we went to war with (we being the US/USSR/Britian/France)….JAPAN.
Remember them?
“We” alligned with the USSR because we had a Germany First policy. It would have been impossible to take on Japan and Russia and Germany all at the same time.
The Russians knew it as well. They only reluctantly declared war on Japan very late in the game, and after Nazi Germany had been defeated.
The east and the west had an uneasy alliance. Both knew eventually we would turn on ourselves. Enter the Cold War.
My suggestion is to read a book, and not rely on “alternative source” internet websites. To make matters worse, you spread this garbage all over this site.
You are quite right about war though. It is horrific.
As for the average Germans just doing their duty. That was the excuse the entire SS brass used at the Nuremberg trials. It was, and is, a cowardly excuse. A pass-the-buck blame someone else philosophy.
On this remembrance day, that is the main lesson of the second world war (and any war) for future generations like myself to see. The dangers of Groupthink, and the destruction it can lead to.
You sir, must have missed it. You make a mockery of your entire generation.
MF
#171 Cato the Elder
etc…
But being intellectually honest, I would rather live with the truth than what feels comfortable.
etc…
**********
Every time you buy something not manufactured or produced or grown in this country you are contributing to the very thing you speak against.
Exercise your intellectually honesty and live like a monk otherwise you are self righteous fool.
Gas or Oil form middle east?
Clothes from Bangladesh?
Products from China?
Food from California?
Good luck shaming your neighbors while living the dream…..
#178 TnT
———————————
National federal debt is not by my choice
Remember to look at the big picture
#167 jess on 11.11.14 at 3:22 pm
“Canadians could never pick a better neighbor than USA
=============
and what is behind the doors of those neighbours ?
**************
All you need to know is our border with USA is the longest undefended border in the world.
#181 SWL1976 on 11.11.14 at 5:22 pm
#178 TnT
———————————
National federal debt is not by my choice
Remember to look at the big picture
*************
Bigger picture is you quit and stayed in this country which makes the worst kind of citizen.
Instead of spewing defeat why not start your own blog and be the voice of change.
#156 Cici on 11.11.14 at 1:35 pm
Like your reply to #39 Big Sexy. We don’t have children either. And before I retired many men took parental leave also. We also pay school taxes, but we don’t begrudge paying them.
Re: #179 Millenial
Absolutely nothing you said has any ‘thinking’ involved.
So, because of some ARBITRARY determination that Germany should be ‘first’, that meant the Soviet Union was an ally? Huh?
So, let’s go to war because of an arbitrary decision by a group of men? What? Seems like an extremely stupid policy that could jeopardize the future of your entire country to me (that’s why it wasn’t arbitrary).
You can’t handle the truth, that’s the problem. This wasn’t some arbitrary decision from on high – this was a deliberate decision because Germany was undermining the British/French bankers.
You don’t have to believe me, but it’s clear you haven’t investigated my claims at all. Why don’t you look up who the authors and consultants of the Treaty of Versailles were? You will find many bankers in that midst. You will also find clauses that DISTINCTIVELY confiscate German assets (like railways) and give them to French/British industrialists.
If I had my choice between fighting the Germans or Soviets, I would have chosen Soviets 100% of the time.
Of course, I would have chosen to fight neither. France and Britain made a stupid decision (especially France, who lost) when they decided to intervene. They should have just let Germany and the Soviet Union destroy each other and sat on the sidelines. 2 dictatorships could have been wiped out, instead of just 1 and a lingering 40 year cold war.
Switzerland was really the only smart country throughout that war. They became wealthy, didn’t sacrifice their citizens, provided refuge for many who were persecuted, didn’t go into debt, and their country survived in tact and unharmed.
Shame more people can’t recognize the brilliance of a neutral foreign policy.
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Re: #180 TnT
What are you talking about?
This is why I often don’t discuss things with immature people. You didn’t even bother to address anything I said – probably because you can’t counter it because it’s all factual correct.
You changed the subject to talk about trade. Well, buying ‘Canadian made’ just for the sake of it, and not because it’s better quality or better price, is stupid.
Canadians get employed even when you buy foreign product – they work in the stores, import/export, transport, etc. And with the money you save, you can buy more things or invest – both of which are also good.
However, the reason our manufacturing industry has left is because our government has destroyed it. Businesses are there to make a PROFIT not be CHARITABLE or PATRIOTIC. If our government puts too many regulations, taxes, or employment red tape then businesses can’t run property. Our government has pushed them out – other countries are more fertile ground for investment.
Your understanding of economics needs work. I recommend this book if you want to understand EVERYTHING including why our middle class is being wiped out:
How and Economy Grows and Why it Doesn’t by: Irwin Schiff (it is a simple book explaining Austrian economics, the only economics that has any basis in reality)
Switzerland was really the only smart country throughout that war. They became wealthy, didn’t sacrifice their citizens, provided refuge for many who were persecuted, didn’t go into debt, and their country survived in tact and unharmed.
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Switzerland was never neutral. They were washing the money between both sides and everyone knows it.
All you need to know is our border with USA is the longest undefended border in the world.
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Maybe you’ve heard of the EU? You can’t just go from north to south and count the kms. You have to count all the thousands of kms of borders between the many countries and languages. I think without even drawing all those lines the “undefended” EU borders are longer.
Cato the Elder:
Britain went to war with Germany because they ceased the lucrative Treaty of Versailles repayments. Much of that money was going to bankers in Britain, and it bothered them that they could no longer siphon off all of Germany’s wealth.
here’s some history on German reparations:
http://en.wikipedia.org/wiki/World_War_I_reparations#End_of_German_reparations
you would have to dig pretty deep to demonstrate what did or did not bother them
your views on war are not mine. You and I are the direct beneficiaries of the allied victories which defended our country Canada, its people and its values. I’m grateful. You’re not.
#183 TnT
Bigger picture is you quit and stayed in this country which makes the worst kind of citizen.
Instead of spewing defeat why not start your own blog and be the voice of change.
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Tuff comments for someone who knows very little of me
How do you know of my situation, the hand that I have been delt, the change I am trying to make? I know life is not easy but perhaps if I wasn’t taxed 50% of what I earn I may have time for the things you speak of
And who said anything about quitting?
#160 LiveWithinYourMeans: “We would hear what we thought was him strapping the boys & felt so bad for them. We only found out later he was hitting his desk. And he’d dole out cookies to the boys…”
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Well, we received the strap, also — and the teacher was hitting US — not the desk. There were no cookies. Come to think of it, we were being ‘abused’ by todays standards, weren’t we? Hmmm….
Oh well, we all survived…
Re: #188 45North
I’m not really sure where you get your ideas that I’m ungrateful just because I’ve figured out that wars hurt us as a nation. I have many relatives who fought and appreciate them because they did what they thought was right. That doesn’t mean I don’t disagree with the policies of interventionism.
Canada was never in jeopardy. 100 million private gun owners (a ‘gun behind every blade of grass’ as the Japanese termed it) in North America assured that.
Neither Britain nor France would have been in jeopardy either if they had maintained neutrality. Hitler stated very clearly he did not want to fight them. It would have been solely a Soviet-German fight just as it ended up that way (75% of the casualties were on the Eastern front).
All this goes without saying that if Germany had been treated more equitably following WW1, perhaps a radical like Hitler never would have risen.
I’m sorry that this objective analysis of factual history disturbs you but it is the truth. Of course, our leaders always want to promote the goodness of our involvement, less anyone get angry at our sacrifices. Funny that the opposing side is always justifying their goodness too (how can we both be right?).
Wars only serve a few groups of people, primarily bankers who benefit from the debts incurred by both sides. Get that through your head before you allow them to trick us into another one (Ukraine, Syria, who’s next?).
We always compare ourselves to the good old days of one person working nodebt and raising kids with 2 cars etc..but we also didnt have the top 1 percent holdjng so much money and power..
Debt is a great way keep everyone working…imagine everyone is wealthy and investing and getting dividends…who is left to work?
#175 Bullion Baron
What a load of CRAP!!!
Why knock Ezra? He’s one of the journalists out there brave enough to speak the truth.
Why do people still give “technical analysis” any credence whatsoever? It’s 2014, multiple books have been written debunking it as the worthless voodoo it is, so why do people still make huge financial decisions based on it?
“The chart looks like Hello Kitty – buy, buy! No, wait! It might be an upside-down Batman logo! Sell, sell!”
It’s gibberish nonsense that overpaid “advisors” spout to sound like they know what they’re doing and justify their rich fees, and excuse their losses when they guess wrong.
Read “A Random Walk Down Wall Street,” people. Or “The Little Book of Common Sense Investing.” Technical analysis is pure bunk. If it actually worked, then everyone would use it, at which point it would no longer work. Markets are efficient.
Actually, there are equal arguments debunking fundamental or company analysis. CEOs lie, after all. Technical analysis charts human emotions in the market, based on price and volume. It’s a tool. Like all others, there’s a place for it. — Garth
191 Cato the Elder
“Neither Britain nor France would have been in jeopardy either if they had maintained neutrality”
The lessons from WW2 about neutrality, nationalism and pacifism are complex.
The Netherlands chose a pragmatic approach to the war, they proclaimed neutrality, then on invasion they resisted enough to know the Nazis were serious. Then faced with the prospect of a change in leadership, or the very real deaths of tens or hundreds of thousands to defend this concept of a nation, the leadership fled, the country welcomed their new government, and the Netherlands military fought alongside the Germans.
What followed was the dismantling of their free press, the quiet slaughter of the jewish population and eventually famine.
@191 Cato
All this goes without saying that if Germany had been treated more equitably following WW1, perhaps a radical like Hitler never would have risen.
I’m sorry that this objective analysis of factual history disturbs you but it is the truth. Of course, our leaders always want to promote the goodness of our involvement, less anyone get angry at our sacrifices. Funny that the opposing side is always justifying their goodness too (how can we both be right?).
If you bother to do a little reading, you will find out that terms of Versailles weren’t that bad, if you compare the payments that were demanded from previous conflicts in Europe. French terms were heavily modified by Lloyd George and Wilson.
Your analysis is hardly ‘objective’.
Funny, I never seem to see the Germans justifying their ‘goodness’ over what their citizens did over Two World Wars, they always seem to be rather quiet about it.
I wonder why.
FWIW, my parents were small children in Holland during the Occupation, and emigrated to Canada in 1967; something I am pretty sure would not have happened without the Canadians coming through Holland in 1944-45.
I am also grateful such narrow minded and selfish people like yourself have no real power in Canada.