Thursday, Sep 25, 2008

Huge, informative essay from Webster G Tarpley

Prisonplanet.com: NO To The Paulson-Bernanke Derivatives Scam Bailout

Webster G. Tarpley is author of NYT Bestseller, "Obama, the Postmodern Coup" - "The mass of world derivatives is between $1 and $2 quadrillion. This sum is so large that it dwarfs the total value of the entire planet earth and all those who live here. It represents an insatiable black hole which is capable of putting an end, not just to civilization, but the human life itself." (Liquidised and invested in real assets, you will see hyper inflation that would make Zimbabwe look like a model of Monetary Conservatism) "The moral choice could not be clearer: humanity will either destroy the derivatives bubble in our time, or the derivatives bubble will surely destroy humanity. Those are the stakes in the current exercise."

Posted by planning4acrash @ 01:26 AM (1042 views) Add Comment

12 Comments

1. planning4acrash said...



Webster Tarpley on Alex Jones TV:"Feds Weekend At Bernie's"1/2 September 19, 2008

Thursday, September 25, 2008 01:27AM Report Comment
 

2. planning4acrash said...



Webster Tarpley on Alex Jones TV:"Feds Weekend At Bernie's"2/2 - September 19, 2008

Thursday, September 25, 2008 01:27AM Report Comment
 

3. japanese uncle said...

Webster Tarpley is one of the precious few academics whose views are worth attention.

Thursday, September 25, 2008 07:59AM Report Comment
 

4. Badger said...

"...the total world derivatives of in excess of one quadrillion dollars that is to say, 1000 billion dollars,..."

Whoops...an accountant for an investment bank, maybe?

Thursday, September 25, 2008 08:27AM Report Comment
 

5. Dbc Reed said...

A nice change from the usual American back-to-the-gold standard stuff.This guy dismisses Hayek&.Ludwig von Mises as "charlatans masquerading as economists" defends the distribution of credit by commercial banks and instead suggests to "Use credit as a public utility" .There are explicit and commendatory references to the New Deal and a warning to those who welcome recession because it brings house prices down in an attack on Newt Gingrich"Newt, by the way, is now calling for a deflationary crash to find out what the real price of houses might be.This is like doing experiments on your own flesh.Newt should go to the funny farm".No references to Ron Paul ,whose ideas IMO have distracted a lot of people from more sensible analyses of the problem in the run-up to this major ,perhaps definitive , financial crisis..

Thursday, September 25, 2008 09:06AM Report Comment
 

6. mountain goat said...

You could see the derivatives bubble as the cause of the house price bubble. People were prepared to create and buy up dodgy looking mortgage paper because they felt they had insurance against default of the mortgage paper in the CDS market. As the credit boom got bigger and bigger they simply bought more and more insurance to cover themselves.

Thursday, September 25, 2008 09:30AM Report Comment
 

7. debtfree said...

Good read, thanks.

'You cannot eat derivatives. You cannot live in a derivative. You cannot wear derivatives as clothing, nor can you drive a derivative work. You cannot sail in them or fly in them. They cannot be used as tools of any useful trade. They are not computers, not machine tools, not pharmaceutical equipment, not agricultural implements.'

The cause of this problem has no real value and I see no reason why this bail out should go ahead. Watching on TV yesterday, Paulson is a mumbling stuttering idiot who looks like he's going to blow their cover. He's unable to string a sentence together with out saying " Y y y es, w ee have some ex ex cellent plans that are in in in discussion" - Its garbage..

The banks responsible are not commercial banks either, so why should the taxpayer bail out to the sum of $700 billion ?

What would be the knock on effects if the bail out doesn't go ahead ?

Very interesting times indeed.

Thursday, September 25, 2008 09:37AM Report Comment
 

8. planning4acrash said...

DBc Reed. I disagree that mises are charlitans. Money printing and inflation is exactly the same as tax. You can still tax and bail out with a gold standard, but there would be more debate about it, because the taxation is no longer a stealth tax. However, we need a fiat solution as a transition towards a gold standard. Adopt your own silver/gold standard buying coins and getting local traders to hoard and accept them.

Thursday, September 25, 2008 10:53AM Report Comment
 

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