The Written Peace:
Open Forum of April 6, 2005
Unfortunately, that optimism passes fairly quickly. Fortunately, the cynicism is replaced almost immediately by the reminder that this corporation pays a freelance corporate trainer many times more per hour than a real college pays its regular staff of teachers.
Federal Reserve Chairman Alan Greenspan says that gasoline prices should "cool down" in a while. Now, why does he say that? The less-than-cynical answer is that, as interest rates rise domestically, the value of the dollar should begin a long, slow climb out of the pit of Third World currencies. That should make everything imported to the U.S.including oilbecome cheaper. The far-too-cynical answer shouldn't be too hard to figure out.
One way or the other, a brutally cynical person might argue that a whole lot of people in this country countenanced the appalling invasion of Iraq in the belief that we would have our very own captive nation of oil wells as the spoils, thereby guaranteeing an ever-flowing, cheap supply of oil well past the time when other nations would begin to suffer from the effects of petroleum reserves depletion.
People here in the United States are now learning a lesson seen in the streets of other empires of history: the spoils of empire do not flow to every citizen of the aggressor state. Instead, they flow in the same way as do all benefits in a brutish world: to the powerful, who become more so with each new adventure, even as the commoners bear more and more of the many and surprising costs. Now that the people of this good nation are learning anew a lesson of the Ages, it will be interesting to see how long they suffer those who would stride above the global wreckage left in the wake of empire's inevitable excess.
Say what you have to say, here. The Dark Wraith will certainly do so, too.
<< 24 Comments Total
Extra Extra Read All About it!
Bush Committs Impeachable Offencse!!
Bush just publicly committed an impeachable offense
by Lestatdelc
Wed Apr 6th, 2005 at 19:48:02 PDT
Bush spoke after touring the Bureau of Public Debt in Parkersburg, W.Va., about the $1.7 trillion in Treasury bonds that make up the trust fund...
"There is no trust fund -- just IOUs that I saw firsthand. Imagine, the retirement security for future generations is sitting in a filing cabinet."
Let's skip right to the part that was violated by Bush's little remark that should get him impeached:
Section 4. The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned.
In other words, these "IOUs" not only have the backing of the US Government, but are binding under the Constitution of the United States. The Constitution says quite clearly that public debt shall not be questioned yet there is Bush doing just that, in order to push the plan/non-plan scheme of piratizing Social Security.
Get the full story
http://pissedonpolitics.blogspot.com/
http://www.dailykos.com/story/2005/4/6/21482/42154
On the oil question:
There is a national campaign simmering here in South Africa to boycott foreign oil companies (the BP's Shells, etc. ) and only use SASOL (our local producer) ... whether that will have any affect is dubious but we have just had two large increases and there is an expectation of two more before the end of May.
I can't comment on Bush, don't know enough about American convoluted politics.
Good morning, Paradigm Shifter.
You may recall that in the thread below I stated flatly that Bush had committed an impeachable offense. Whether or not the offense would actually lead to impeachment in fair trial before the House of Representatives is another matter; the point is that the statement constituted an offense prosecutable under properly configured articles of impeachment.
The depth of George W. Bush's ignorance is stunning. A drawer full of IOUs is precisely the way one could describe the assets of every financial institution on the planet. Banks take in money, and they then lend out all of it except for the required reserve (which is set by the Federal Reserve) that must be kept to satisfy claims arising from demand deposits. That means banks, savings and loans, credit unions, mutual associations, and other financial intermediaries have a pile of "IOUs" in their drawers that form the massive foundation of their asset base.
Insurance companies are the same: the premiums they accept go into structured portfolios comprising primarily debt instruments. How does that idiot think all of the municipal, school, and quasi-governmental agency debt issues get bought?
I am quite serious when I state flatly that if any student ever answered a question about asset and liability structure of financial institutions with such stupidity, I would flunk the dumbass right out the door and send him down to Ace Trucking School, where he could apply his genius to driving big rigs in Texas where the only damage he could do is to speed-bump armadillos.
Dear God Almighty. We're not being led by some neo-con nutjob, after all; we're being led by a moron.
The Dark Wraith is not in the mood at this hour to mince words.
Good morning from America, Lucretia.
I am genuinely glad you're giving some time here to tell about what's going on in another part of the world. We have another regular, Joseph, here on The Dark Wraith Forums who adds immensely to the scope of view we get from his vantage point in Europe. With your comments, we can see even better.
The consequences of your country shutting off outside supplies of oil are not good. First of all, your prices will rise even more aggressively than they already have been because they will still reflect global market conditions, but they will also reflect a restriction on supply that doesn't exist for other countries. You'll also see, over time, that protecting a native industry leads to inefficiencies because it does not face the competition that it once did. These accumulating inefficiencies will also lead to higher prices. Finally, as if this problem isn't bad enough in normal situations, a government that enters into a protective relationship with a domestic producer of anything is setting itself up to become a partner of that industry in wide-ranging political processes that act to the detriment of both democratic institutions and the rule of law.
To this last point, the United States and other large countries have long lived in protective relationships with their domestic defense industries, and that has created all kinds of deformities of the political processes of these nations including "revolving door" government-to-industry job movements by politicians and distorted prioritization in budgeting and national security structure decision making.
Even though the world beyond one's borders is always a hostile and dangerous place, the one place that is even more hostile and dangerous is the place within those borders once they are closed off from the remainder of the world.
The Dark Wraith has given his boring lecture for the morning.
I appear to be entering Blogger hell again. It's nice to know some things never change.....
USA Today reported two days ago that the Schiavo matter has caused at least a temporary change in public perception of the GOP, and not for the better. (And I've already tried to post this once, but been informed by Blogger that it couldn't complete the deed, so if this post is a double, it's not my fault!!)
- oddjob
Oh, don't say that, OddJob!
Blogger has been behaving so well the past few days that I was almost convinced that everthing was okay, now.
I should say that I have noticed a couple of weird little glitches that were mercifully only temporary. Yesterday, when I tried to publish a minor alteration of the index page through the Blogger interface, I kept getting a notice that "There were errors in publishing your blog." It was on the fifth attempt that the upload completed without a problem.
Other than that, Blogger has been behaving. Now, I hear from you that Blogger might be back on the sauce, once again.
Geez. Just when you think it's safe to blog.
The Dark Wraith gets ready to be suprememly and constantly frustrated again.
The mad dog that is the Republican party seems to finally be chewing on itself, for the whole world to see. Not pleasant to watch, but necessary for us to get these bastards out of office.
Good morning, Kat.
Although I'm a big fan of All-U-Can-Eat buffets, I think I'll sit this one out.
The Dark Wraith avoids chow lines where the meat smells funny.
Odd JOb, thanks for that headline...it makes the morning a little easier to face.
Dark Wraith,
Now I do remember you saying something about Bush committing an impeachable offense and went back and re-read...
I was just so, "euphoric" I guess when I saw the article that I had to post it.
"Whether or not the offense would actually lead to impeachment in fair trial before the House of Representatives is another matter"
I understand your point....BUt geeezzee, we impeached Clinton for lying about a BJ...which is worse?
I wish this story would get traction in the MSM...
Dark Wraith, you wrote:
"Federal Reserve Chairman Alan Greenspan says that gasoline prices should "cool down" in a while."
Could it be because he knows the oil market is being artificially manipulated right now?
Good afternoon, NeoCon Crusher.
Gee. The prices of futures for oil are just falling like leaves today.
The Dark Wraith wishes he could see the future the way Chairman Greenspan can.
Hello DW,
Been reading but busy lately & anytime I've tried to post el bloggo has been nasty.
A little OT, but since the subject came up, Re: the oil pricing runup. While I am aware there are several factors involved, I'm wondering what your thinking is about one other possibility I haven't seen mentioned.
In the last two days I have received 3 rather elaborate mailings offering to teach me how I, too, can make millions in the commodities options markets. They're all went off in the trash this am, but I remember one claiming to have sold his system ( & seminars, services, etc.) to hundreds of thousands of ...er, suckers.
Do you think all those wannabes chasing upswings are having any serious influence here?
Thanks for a great series of posts, BTW.
--Lymond
Good evening, Lymond. Yesterday, it occurred to me that you hadn't posted in a while. I swear, I'm going to start putting Lost Commentator alerts on blogScream. Of course, that won't do much good if you're actually here and the stupid Blogger won't let you publish your comments.
Now, as far as your question goes, even though there are thousands of people being suckered into scams like that, and even though the so-called "day-traders" number in the millions, these people are a drop in the bucket, and their money is tiny chump change compared to the massive flows of capital from the entities that dominate and therefore control the stock markets and futures markets.
It's just casino gambling for the amateurs, some of whom spend thousands of dollars just on software, newsletters, network connections, and other paraphernalia so they can think they're pros.
They're not.
For every story you might hear about someone actually making some money, there are literally thousands who get wiped out every day. And their speculative, weird investment patterns add a ripple to a tsunami of volatility; but more importantly, the kind of volatility they add is diversifiable risk, which has no bearing on what a well-managed portfolio will earn because such risk can be set aside by putting an appropriately diversified mix of securities into a portfolio, so no one who is really a pro should get rewarded or punished by that volatility.
I have been slowly turning more attention to stock and commodities market issues in the articles here on The Dark Wraith Forums, and I'll be continuing to do that for a while. Stay tuned for more on these matters in the days ahead, Lymond.
The Dark Wraith goes to see how the closing numbers on Wall Street shaped up.
Hey, folks.
Would you like to see something that will make you swear to the Lord God Almighty that you're too old to be young, anymore?
From one of our newest commentators here on The Dark Wraith Forums, lucretia again, and her enjoyably quirky blog Life as a Carrot comes this photo.
Now, call me an old fuddy-duddy, but I was nearly kicked out of school at the age of 12 because I had grown sideburns. I was a substitute teacher in a private school less than a decade ago where girls were not permitted to wear more than one earring in each ear, and nothing other than on the ear lobe.
This... this... is... not in a different league, good people; this is in a different GALAXY!
For some reason, this one is tearing me up more than the skull rivets that a few Goth types have had installed.
The Dark Wraith needs to go lie down for a minute.
I was reading about on DailyKos this evening and I found a wonderful diary about how Foreclosures are up 50% from March to April. I know all of us here at the Forums have been waiting for the housing bubble to explode. It seems that this is just another sign on the highway to hell.
Home Foreclosures Up 50% From March - April
Also in the thread I saw something that would really want to make the illustrious Wraith lay down or at least reach for the migrane meds. It was a bizzare form of home loan that wasn't even interest only it was a load where you only paid partial interest and the rest was rolled back into the principal.
So strangley enough, instead of your principal balance going down with each mortgage payment it would be going UP! Sheer lunacy if you ask me. I'm forever glad I sold my house 2 months ago.
-Gary A
Any one else having problems with flogger?? I am so frustrated!! arrrr!!
Good evening, Gary.
I am not sure that I have mentioned this very much, but one of my field specializations was real estate and urban studies. That mortgage you are talking about is an abomination that has been rearing its head off and on for quite a few years now. When last I was seriously involved in real estate theory, some states were considering making it illegal for lending institutions to offer them; but you had these rip-off artists crying about "affordability" and how the only way to help young people achieve their dream of home ownership was to offer "creative financing" structures like this.
Don't get me started on this kind of stuff.
Another abomination is the RAM, which stands for "reverse amortization mortgage," a beauty of a deal that is used to prey on old people.
Oh, and of course, there's the ever-popular ARM (adjustable rate mortage), the VRAM (variable rate mortgage), and then this monstrosity proposed by some libertarian/rational-expectations economists called the PLAM (price-level adjusted mortgage).
And then there's the...
Oh, that's right: I didn't want to get started.
The Dark Wraith needs some heart medication.
[Extra-strong coffee should do the trick... YEP. My chest cavity is compressing nicely!]
Oh, Paradigm Shifter, don't even GO there.
About two-and-a-half hours ago, I put a comment on the thread just below this one, and when I went back to the main blog, this entire Website had been shattered at the code level. Somehow, Blogger publishing that one comment up into the comment archiving file managed to do something that farted the entire code base starting at Line 665 in the index file.
I simply descended into Hell. I stood straight up like some Frankenstein monster and started walking stiff-legged around the room with my arms stetched in front of me, talking in some strange language about how Satan was MY bitch, and Blogger was our tormented spawn that came out of Lucifer's ass.
Fortunately, I got the code fixed, and I don't recall losing any sense of decorum in the interim.
The Dark Wraith has a peculiar memory gap from earlier this evening.
Allow me to play somewhat of a devil's advocate...
DW, you have, on more than one occasion, noted how empire's don't really change, they just basically change names.
The question I'm getting at is...
Why not the U.S.? If someone/something/some entity, is going to control the empire, why not us? Better us than say, China, right? If we don't have any kind of PNAC, somebody else will, eventually grappling for and taking control of the preset empire. Hope I made it clear. Your thoughts?
lowlyredstater
In his campaign to destroy judicial independence, His Hubris takes the next step.
- oddjob
Good evening, Lowly Red Stater.
The answer to your question comes in the form of analogy from my days as a business consultant.
Somebody is going to take money from hapless investors because such people are out there just waiting for the Deal of a Lifetime to come along. In fact, some of those people with money burning a hole in their pockets actually call me to see if I have any insider information to share with them about my client companies. These people sometimes come right out and ask which stock would be a "go" for an investor looking for a "little quick turnaround."
Now, Lowly Red Stater, if I don't clinch a deal with these people, one of my fellow players is going to. I know this because these people who have my phone number also have the phone numbers of a small clutch of other consultants who play the world of penny stock offerings.
Why should I be the one to walk away? My God, why should I be the one to live like a dog? Surely, I can do better by them than those piggish, unethical consultants to whom I know they'll run if I say, "Go away and leave me alone."
Surely, among all the predators, I'm the one who actually cares. I'm the one who talks about ethics, the rule of law, the theory of the markets, the history of business.
I'm the one who's cultured. I rarely even swear, and I don't touch alcohol or drugs.
I'm the one who's never hurt anybody.
If someone is to be ruined, I'm the one to do it because I'll feel bad about it afterwards, and I'll learn from the experience.
You see, I'm not like those brutes in the business: I'm a good man.
America and I are just alike: we're the good guys. We're better than the others.
The Dark Wraith still sometimes even believes that... and not just about America.
This may be targeted at DeLay, but I think it can be applied to many Republicans.
lowlyredstater
That's funny!
- oddjob
Good afternoon, Lowly Red Stater.
OddJob's right: that is funny.
I wonder how the Republicans are enjoying being the object of cartoonists' fun. What goes around comes around.
The Dark Wraith really should send his Republican Congressman a sympathy card.