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Ben Norton interviews Hudson about the US banking crisis

Posted by Tomski <iframe src='https://members5.boardhost.com/xxxxx/info/user=TomskiD' width='330' height='300' border=0 style='border:none;'> on March 17, 2023, 2:02 pm

From: https://michael-hudson.com/2023/03/bond-market-play-reveals-systemic-crisis/

Near the end, he mentioned that derivates is the next shoe to drop ..

Posted by Tomski <iframe src='https://members5.boardhost.com/xxxxx/info/user=TomskiD' width='330' height='300' border=0 style='border:none;'> on March 17, 2023, 3:39 pm, in reply to "Ben Norton interviews Hudson about the US banking crisis"

As per the article by Ellen Brown, posted by sashimi:

https://members5.boardhost.com/xxxxx/msg/1678881410.html

Re: Near the end, he mentioned that derivates is the next shoe to drop ..

Posted by Dovetail Joint <iframe src='https://members5.boardhost.com/xxxxx/info/user=Dovetail+Joint' width='330' height='300' border=0 style='border:none;'> on March 17, 2023, 3:57 pm, in reply to "Near the end, he mentioned that derivates is the next shoe to drop .."

I particularly like the bit about the ancient Babylonians, 4000 years ago struggling with the problem of how one dealt with the ever growing burden of debt, compared to the growth of the
real economy, and the conundrum of how one stopped the 'debt bubble' bringing everything crashing down.

The Babylonians employed the 'Jubilee' principle. Here, one simply cancelled all the debts, wipped the slate clean and started all over again. It was a drastic method, true, but it apparently worked for them.

Unfortunately for us, our 'debt bubble' is massively larger than anything that existed in ancient Babylon, because the 'casino' or financial sector, really is, almost the entire economy, dwarfing the 'real economy' of things produced and services rendered. For us, a 'jubilee' would mean not just the wipping out of the debts, but, arguably, the entire economy too, a collapse of our entire capitalist model for a period, and with it capitalist society, with nobody sure how and what would replace it in the West.

Re: Near the end, he mentioned that derivates is the next shoe to drop ..

Posted by Keith-264 <iframe src='https://members5.boardhost.com/xxxxx/info/user=Keith-264' width='330' height='300' border=0 style='border:none;'> on March 17, 2023, 4:06 pm, in reply to "Re: Near the end, he mentioned that derivates is the next shoe to drop .."

Good point but the US and its vassals aren't capitalist. They are Leninist for the rich and fascist for the rest.

Clio the cat, ? July 1997 - 1 May 2016
Kira the cat, ? ? 2010 - 3 August 2018
Jasper the Ruffian cat ? ? ? - 4 November 2021

Re: Near the end, he mentioned that derivates is the next shoe to drop ..

Posted by Ken Waldron <iframe src='https://members5.boardhost.com/xxxxx/info/user=Ken+Waldron' width='330' height='300' border=0 style='border:none;'> on March 17, 2023, 4:13 pm, in reply to "Re: Near the end, he mentioned that derivates is the next shoe to drop .."

On one "derivative", I remember reading a while back that the amount of paper "gold" of various kinds in circulation was at least twenty times the amount of actual refined gold on the planet.

Paper gold kinda highlights the whole game: in essence they are just gambling chits whose erstwhile value is related to the market price of gold bullion, but they can in effect only be sold or exchanged for more paper of some kind or other.

Interestingly the existence of so much "paper gold" massively suppresses the demand and thus the very value of the gold bullion itself.

Re: Near the end, he mentioned that derivates is the next shoe to drop ..

Posted by Keith-264 <iframe src='https://members5.boardhost.com/xxxxx/info/user=Keith-264' width='330' height='300' border=0 style='border:none;'> on March 17, 2023, 4:26 pm, in reply to "Re: Near the end, he mentioned that derivates is the next shoe to drop .."

Maxie Keiser says the same, buy gold and keep your hands on it.

Clio the cat, ? July 1997 - 1 May 2016
Kira the cat, ? ? 2010 - 3 August 2018
Jasper the Ruffian cat ? ? ? - 4 November 2021

Talking of metal stocks and derivatives: Lol! this is a larf....

Posted by Ken Waldron <iframe src='https://members5.boardhost.com/xxxxx/info/user=Ken+Waldron' width='330' height='300' border=0 style='border:none;'> on March 18, 2023, 2:09 am, in reply to "Re: Near the end, he mentioned that derivates is the next shoe to drop .."

LME Rocked by New Nickel Scandal After Finding Bags of Stones

Problem found at Access World Rotterdam warehouse. Metal had been registered in the warehouse since early 2022

ByJack Farchy, Mark Burton and Archie Hunter
March 17, 2023, 2:58 PM

The London Metal Exchange has discovered bags of stones instead of the nickel that underpinned a handful of its contracts at a warehouse in Rotterdam, in a revelation that will deliver another blow to confidence in the embattled exchange.

The amount of metal represents just 0.14% of live nickel inventories on the LME, worth about $1.3 million at current prices, so the immediate impact on metals markets is limited. But the shock announcement has much wider implications: in an industry riddled with scandals, the LME’s contracts are viewed as unquestionably safe. The news that even a few of them have been compromised will raise fresh questions about its systems and procedures while the 146-year old exchange is still wading through the fallout of its last nickel crisis...

https://www.bloomberg.com/news/articles/2023-03-17/lme-finds-irregularities-in-nickel-underlying-nine-contracts#xj4y7vzkg

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