Oil's energy contribution has declined by about 12% since 1999. The world's economies have also declined by about 12%. (Using conventional metrics, which are time delayed determinations, this will only be seen in hind sight). The massive destruction of asset values now occurring testifies to it happening.
Peak is well behind us, world economies have peaked and will continue to decline.
Posted: Fri Sep 19, 2008 7:07 am Post subject: U.S. Treasury to Insure Money-Market Fund Holdings
From the Free-marketers who brought you the Bear Stearns bailout, nationalized Freddie and Fannie, bailed out AIG, and soon the massive bailout of all bailouts, RTC- II, comes the Money Market Fund bailout:
From Bloomberg: U.S. Treasury to Insure Money-Market Fund Holdings
The U.S. Treasury plans to use as much as $50 billion from the country's Exchange Stabilization Fund to temporarily protect investors from losses on money- market mutual funds.
The Treasury will insure for a year holdings of publicly offered money-market funds that pay a fee to participate in the program. Retail and institutional funds are eligible, the department said today in a statement. _________________ One of these now am I too, a fugitive from the gods and a wanderer, at the mercy of raging Strife.
--Empedocles
Joined: Sep 14, 2004 Posts: 6627 Location: Rural Virginia
Posted: Fri Sep 19, 2008 7:15 am Post subject: Re: U.S. Treasury to Insure Money-Market Fund Holdings
Just a suggestion that we stop starting a new thread every time there's a new development in the financial crisis. There are already several threads where posts can be put. _________________ "Actually, humans died out long ago."
---Abused, abandoned hunting dog
"Things have entered a stage where the only change that is possible is for things to get worse."
---Me and my brother
Posted: Fri Sep 19, 2008 7:30 am Post subject: Re: U.S. Treasury to Insure Money-Market Fund Holdings
If that is what is decided I'll go along with it, but personally I like being able to go to posts that concentrate on a specific topic rather than having to wade through many posts to find a discussion on the topic I am seeking. _________________ One of these now am I too, a fugitive from the gods and a wanderer, at the mercy of raging Strife.
--Empedocles
Joined: Dec 02, 2005 Posts: 6786 Location: Oil-addicted Southern Californucopia
Posted: Fri Sep 19, 2008 7:32 am Post subject: Re: U.S. Treasury to Insure Money-Market Fund Holdings
This week is special. Multiple threads on what is going on are justified. Nothing like this has ever happened. _________________ "Thank you for attending the oil age. We're going to scrape what we can out of these tar pits in Alberta and then shut down the machines and turn out the lights. Goodnight." - seldom_seen
Joined: Sep 14, 2004 Posts: 6627 Location: Rural Virginia
Posted: Fri Sep 19, 2008 7:43 am Post subject: Re: U.S. Treasury to Insure Money-Market Fund Holdings
Perhaps, Z., but if there are too many threads on the same basic subject, people get confused about where to go to discuss it, and the discussion gets diluted. _________________ "Actually, humans died out long ago."
---Abused, abandoned hunting dog
"Things have entered a stage where the only change that is possible is for things to get worse."
---Me and my brother
Posted: Fri Sep 19, 2008 8:31 am Post subject: Re: U.S. Treasury to Insure Money-Market Fund Holdings
Dear Grandchildren:
I know you cannot read this, because you have not been born yet. However, I wanted to write this special note of thanks.
You see, recently, the US Treasury has borrowed a lot of money, and given it more or less directly to the management and shareholders of some of the biggest banks and other corporations in the country. They did not ask your permission to do this (you have not been born yet) but they felt they were compelled, because they did not want the so-called financial system to melt down.
Where you come in, of course, is that you are going to have to pay all of this money back. It's up to maybe a TRILLION dollars or more, no one really knows, at this time.
Of course, by the time you are old enough to figured out what happened, a lot of these people will be long dead, and the historians will still be talking about it.
For whatever reason, they did what they thought was right... sacrificed YOUR money, so that people in the current times could get through this period without sacrificing any of THEIR OWN money. Doesn't seem fair, does it? Pretty cowardly, isn't it?
To make matters worse, a lot of the felons that caused this stuff to happen were able to keep their jobs, take their limos out to the Hamptons, and laugh about it. We all thought that being a management idiot would get you fired, or sued, but come to find out, that is the part of the system that really broke down. I hope that when your generation takes over, they will be smarter than we were.
No one is thinking about it at the moment, but it is you that is going to have to generate enough income and/or wealth to pay this back, plus support yourselves, plus support our generation's health care and retirement. Whether you do this by working several jobs and living like a dog, or (more likely) by having to cope with a greatly devalued currency (due to inflation) is anyone's guess.
Frankly, I would not blame you for taking to the streets, and rounding up everyone over 70 and hanging them for pulling this crap on you without even thinking.
Why there is not an uproar on this is beyond me. Too many people not paying attention, I guess.
So, I just want to say thanks, we apologize for being a lot of greedy assholes with no sense of moral outrage at this, and we hope that you are not too hard on us when you get older, and we are sitting around drooling or eating oatmeal.
Sincerely,
Your Grandpa pup55
p.s. I don't even want to tell you what we did to your oil supply, food, water, or air, but that is just as bad, if not worse. Sorry.
Posted: Fri Sep 19, 2008 8:45 am Post subject: Re: U.S. Treasury to Insure Money-Market Fund Holdings
Cynus wrote:
From Bloomberg: U.S. Treasury to Insure Money-Market Fund Holdings
From Reverse Engineer:
The US Treasury has announced today it is self insuring the US Treasury. This following the Bailout of the US Treasury by the US Treasury. We can now all feel safe that our deposits in the US Treasury are Insured by the US Treasury.
Menawhile, the Federal Reserve Bank issued $1Trillion in bonds, which they bought back at a penny on the dollar, and made a HUGE profit on the buyback. Short sellers also made a huge profit betting that the US Government would go down the Toilet, and we are all going to live well on the taxe revenues from their profits.
Joined: Sep 14, 2004 Posts: 6627 Location: Rural Virginia
Posted: Fri Sep 19, 2008 10:36 am Post subject: Re: U.S. Treasury to Insure Money-Market Fund Holdings
pup55 wrote:
Dear Grandchildren:
I know you cannot read this, because you have not been born yet. However, I wanted to write this special note of thanks.
You see, recently, the US Treasury has borrowed a lot of money, and given it more or less directly to the management and shareholders of some of the biggest banks and other corporations in the country. They did not ask your permission to do this (you have not been born yet) but they felt they were compelled, because they did not want the so-called financial system to melt down.
Where you come in, of course, is that you are going to have to pay all of this money back. It's up to maybe a TRILLION dollars or more, no one really knows, at this time.
Of course, by the time you are old enough to figured out what happened, a lot of these people will be long dead, and the historians will still be talking about it.
For whatever reason, they did what they thought was right... sacrificed YOUR money, so that people in the current times could get through this period without sacrificing any of THEIR OWN money. Doesn't seem fair, does it? Pretty cowardly, isn't it?
To make matters worse, a lot of the felons that caused this stuff to happen were able to keep their jobs, take their limos out to the Hamptons, and laugh about it. We all thought that being a management idiot would get you fired, or sued, but come to find out, that is the part of the system that really broke down. I hope that when your generation takes over, they will be smarter than we were.
No one is thinking about it at the moment, but it is you that is going to have to generate enough income and/or wealth to pay this back, plus support yourselves, plus support our generation's health care and retirement. Whether you do this by working several jobs and living like a dog, or (more likely) by having to cope with a greatly devalued currency (due to inflation) is anyone's guess.
Frankly, I would not blame you for taking to the streets, and rounding up everyone over 70 and hanging them for pulling this crap on you without even thinking.
Why there is not an uproar on this is beyond me. Too many people not paying attention, I guess.
So, I just want to say thanks, we apologize for being a lot of greedy assholes with no sense of moral outrage at this, and we hope that you are not too hard on us when you get older, and we are sitting around drooling or eating oatmeal.
Sincerely,
Your Grandpa pup55
p.s. I don't even want to tell you what we did to your oil supply, food, water, or air, but that is just as bad, if not worse. Sorry.
That's a great letter, Pup, but I think it should be addressed to TODAY'S children (and adolescents and young adults). _________________ "Actually, humans died out long ago."
---Abused, abandoned hunting dog
"Things have entered a stage where the only change that is possible is for things to get worse."
---Me and my brother
Posted: Fri Sep 19, 2008 12:23 pm Post subject: Re: U.S. Treasury to Insure Money-Market Fund Holdings
This did happen before, in 1917 Russia. _________________ People first, then things, then dollars.
There will be enslavement, cannibalism, & zombie invasions.
Posted: Fri Sep 19, 2008 12:56 pm Post subject: Re: U.S. Treasury to Insure Money-Market Fund Holdings
Pun intended: You're right on the money.
ReverseEngineer wrote:
Cynus wrote:
From Bloomberg: U.S. Treasury to Insure Money-Market Fund Holdings
From Reverse Engineer:
The US Treasury has announced today it is self insuring the US Treasury. This following the Bailout of the US Treasury by the US Treasury. We can now all feel safe that our deposits in the US Treasury are Insured by the US Treasury.
Menawhile, the Federal Reserve Bank issued $1Trillion in bonds, which they bought back at a penny on the dollar, and made a HUGE profit on the buyback. Short sellers also made a huge profit betting that the US Government would go down the Toilet, and we are all going to live well on the taxe revenues from their profits.
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