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[Mike Ingels]

Hey, I agree with that.

[jbs49238]

I see what you are getting at, but here is an example:

You are in the market for oil and I am a seller of oil. If we begin to negotiate and end up agreeing with a price of $500 a barrel, then you just go ripped off because you had no place to look to see what the fair market value of that oil was. Same goes if we agreed on $5. I agree that there is need for regulation, but the commodity market is still extremely valuable.

Your premise works great when... the buyer actually intends to take delivery or utilize the commodity.    

That is the priciple the commodities market was established for.  Not for trillionaires to gamble significant chunks of cash to see how high they can push the price so they can make an acceptable profit.

[Mike Ingels]

The intrinsic value of a market is how well it is regulated.

We live in the internet age.  Anyone can do business with anybody else.  No markets are really needed.  We saw a great example of this with the derivatives and housing bubbles.  Financial products were created that operated completely outside of proper regulation.

Because there were no reporting standards, no one had a clue what was in the asset-backed securities or derivatives.

And because these financial products were built to work outside of traditional markets, no one could step in and stop the excesses.

So the value in a market is that it is open enough to allow a participant to accurately assess the value of what is being traded AND that there is a mechanism in place to keep an individual participant from being unfairly screwed by someone with more power or insider information.

[marilyn.monroe]

market manipulation programs were also created, stole, and operate to the speed of something insane like 40,000 trades a second.

[SMASH]

Just wanted to go backand touch on the cashless society thing for a minute.

I was not aware, until reading this article, that poor people were the main reason we are not a cashless society already. It seems as though they are a problem in this new digital world. Hmm.

http://articles.businessinsider.com/2012-03-20/news/31213425_1_swipe-fees-debit-new-fee

Then the follow up article goes on to say we will always have cash because of those pesky poor people because they don't have bank accounts.
Yet the bank says it's unprofitable to put banks in slums.
Go figure.


http://articles.businessinsider.com/2012-02-14/news/31057896_1_school-fees-bank-branches-cash

[Baggins]

Your premise works great when... the buyer actually intends to take delivery or utilize the commodity.    

That is the priciple the commodities market was established for.  Not for trillionaires to gamble significant chunks of cash to see how high they can push the price so they can make an acceptable profit.

Damn straight!

market manipulation programs were also created, stole, and operate to the speed of something insane like 40,000 trades a second.

Failure of the proper use of technology...That amount is unmanageable and a cause of serious concern, mistakes can not be caught in time...and we go down in a spiral and have massive bailouts for the ones doing the mistakes...

[SMASH]

Just a snipit from one of my favorite websites.

______________________________________________________________

The Death of All Banking Freedom?
by Wendy McElroy, April 24, 2012

Enacted in March 2010 as part of the Hiring Incentives to Restore Employment (HIRE) Act, FATCA seeks to have foreign financial institutions report on accounts held by any American living in the United States or abroad. You can take your money and run, but you cannot hide from an IRS that functions as a taxation clearing house to the world. If you have never lived in the United States but have American parents, then you will still fall under the jurisdiction of the IRS and the Department of the Treasury. Only the costly and cumbersome act of renouncing American citizenship can provide protection.

In short, the IRS seeks a worldwide sharing of information on all money owned and invested, a sharing that would “benefit” other governments as well. The document continues, “In many cases, however, the implementation of FATCA will require the cooperation of foreign governments in order to overcome legal impediments to reporting by their resident financial institutions.” The IRS wants foreign governments to change their laws — for example, ones that protect financial privacy — in order to facilitate a more efficient tax grab.

______________________________________________________________

This is one more example if the money in the "system" flowing to the top!

Not one dime of this money will EVER facilitate one single minute of any government operations or services anywhere in this country.
That you can take to the bank!

[marilyn.monroe]

PRECIOUS-Gold under pressure from euro; China, India demand helps
http://www.reuters.com/article/2012/05/08/markets-precious-idUSL4E8G80TN20120508
gold
 Buyer's market.

[Baggins]

There's gold in them there hills...too bad them there hills are in Afganistan...

[SMASH]

Japan and China to start direct currency trading on Friday

TOKYO —

Japan and China will start direct currency trading this week, Tokyo said Tuesday, the first time Beijing has let a major unit other than the dollar swap with the yuan.

The move, which will scrap the greenback as an intermediary unit, comes as China introduces measures as part of a long-term goal of internationalizing its currency to rival the dollar.

By not using the dollar as an intermediate currency “we can lower transaction costs and reduce settlement risks at financial institutions as well as making both nations’ currencies more useful”, he added.

The announcement comes as China introduces measures as part of a long-term goal of internationalizing the yuan to rival the dollar as the world’s benchmark currency.

http://www.japantoday.com/category/business/view/japan-and-china-to-start-direct-currency-trading-on-friday

[SMASH]

It is no secret I am a fan of John Stossel and his work.
A man who in this world and in his job is not afraid to bounce back at the status quo.
I enjoy the fact he is an equal opportunity offender to the Establishment. The
Right and the Left both have no use for his views. "They" don't get it.
He was sucessful in breaking away from the antiquated Left/Right paradigm that this Country is beholden to.
And...His show is fun to watch.

Regardless he wrote this piece I thought some may find interesting.

Let's Give the Fed Some Competition

Pssst. Want to buy some Stossels? They're my own currency with my face on them.
Why should you trust them?
Because I promise to redeem them for gold. And I'm reliable. I have money in the bank and a job that brings in more than I spend.
By contrast, the politicians who back American currency run an unsustainable deficit.
The Federal Reserve prints so much money that since it opened its doors in 1914, the dollar has lost more than 90 percent of its value.


http://www.creators.com/opinion/john-stossel/let-s-give-the-fed-some-competition-12-04-04.html

[marilyn.monroe]

   I'll give two Stossels for the Homrich Earth Day Article in MEN...

[SMASH]

In the last post I submitted a piece by John Stossel and his own currency.
This item shows the devestation brought on by the austerity measures hammered on the Irish people and what one town is doing about it.
Ironically enough they are doing exactly what Liberty Dollar advocated.
 
The difference? They have been brought to it by force of necessity.
Throwing off the Euro and going back to their own previous currency.
A privately issued currency? No.
A legal tender currency? No.
A local currency that keeps the money in the town and helps support the local economy? Yes.

Punts & Clones: Fed up with Euro, Irish town cashes in old currency

[SMASH]

This 12 year old girl understands more about banking than 2/3rds of the American People!

She is able to explain in about 6 minutes the game that has been played on the American and Canadian People for a hundred years.

This kids rocks!

Victoria Grant

[marilyn.monroe]

This 12 year old girl understands more about banking than 2/3rds of the American People!

She is able to explain in about 6 minutes the game that has been played on the American and Canadian People for a hundred years.

This kids rocks!

Victoria Grant

Wholly wow! These kids don't want your stinking debt!
What would Jesus do??!!!