10 Unqualified, incompetent people required to run the country

Oak3

No Practising Certificate required and no qualifications of any kind. Common sense is however required and you must be able to demonstrate this by being able to click a link on a web page and watching the Stiglitz Interview.

You will then be asked to proceed to the US Debt Clock. And further, to the recent events at the CFTC public hearings in the US, the background to which can be found by beginning here;

http://gata.org/node/8466
http://gata.org/node/8477
http://gata.org/node/8483
http://gata.org/node/8478

Check the youtube videos in these articles to get an idea of how fast Bill Murphy can talk.

A further requirement is abject laziness, as defined in the well known publication "Think Lazy, Grow Rich" and you must be able to demonstrate this by sitting on your arse for an hour or so and concentrating on two radio interviews in order for us to assess your skills of deduction in depth.

CFTC whistleblower Maguire, GATA's Douglas interviewed by King World News and
GATA's Murphy, Douglas, and Powell interviewed by King World News

If you can add two and two and come up with €22 billion then we want to hear from you. If, in your common sensical, unqualified, incompetent laziness you come to the conclusion that our main problem is figuring out what the actual value of money is, then we definitely want to hear from.

If on the other hand you come to the conclusion that the money never even existed, ever ... well, then, you're hired. And the full confidence of the entire Irish public will be behind you, for you have captured their hearts and their confidence forever.

Remuneration begins at 0 and ends at 0 after a trial period, making you one of the wealthiest individuals ever to sing the "the green green grass of home" or recite "The Old Woman of The Roads" by Padraic Colum.

Fond regards,
Your Man in the Suit

andrew

What?

Oak3

andrew wrote: »

What?

Don't go all Zen on me, What What? What am I on about, What with incredulity, What do I want? What's the question? What's the point? What is the sound of one hand clapping? What's this got to do with economics? What? I know yah, it's as cryptic as hell. Sorry about that. Work it out.

No but seriously, and with respect, What Stiglitz said sounds like common sense to me. What appears to have happened at the LBMA is that a really big player has been caught red-handed illegally influencing the silver bullion market. That looks like an enormously significant event to me, a giant fraud for example, and also by virtue of one individuals testimony to a US Regulatory Commission stating that physical bullion is oversold by 100:1 and the 99 is paper backed by paper. Lovely.

What does this mean for economists everywhere, particularly in Ireland? Remember I'm not an economist, I'm just a bloke with some modicum of common sense. And what does it mean for the course of action that our Department of Finance is planning for our near future recovery from busto?

What are you talking about?

Flamed Diving

Good stuff.

andrew

It's just that usually long posts have an a beginning, a middle, and an end. Your posts seem to consist of random snippets which appear as though they've come from the middle of a longer post, and as such they make little sense. Work it out? Work what out??

Oak3

andrew wrote: »

... Work it out? Work what out??

I did say it was as cryptic as hell and with cryptics how do you know what's the beginning middle or end, or even if it has any of those? Join the dots, RTFM and make a contribution, rather than looking at me with that quizical stare. No malice intended I assure you, just a little bit of arrogance for humour.

:cool:

andrew

Oak3 wrote: »

No malice intended I assure you, just a little bit of arrogance for humour.

:cool:

This is the Economics forum, not Jersey Shore.

Oak3

andrew wrote: »

This is the Economics forum, not Jersey Shore.

It would appear that you are not sufficiently incompetent to have any relevance to this discussion. Leave your C.V. with me and I'll get back to you if anything comes up.

That is actually quite ****ed up...although i knew that gold traded in dollars was dodgy...id no idea as to the scale of it..although every other market is rigged..the money system is rigged..why should gold be any different..but yeah, the scale of it is sctually shocking..

Oak3

Deleted User wrote: »

That is actually quite ****ed up...although i knew that gold traded in dollars was dodgy...id no idea as to the scale of it..although every other market is rigged..the money system is rigged..why should gold be any different..but yeah, the scale of it is sctually shocking..

What's even more f***ed up is this. JP Morgan Chase is advising Anglo Irish Bank and have been for a while, so we've got a situation. Eeeek!

Hasschu

In most countries a great deal of fraud and corruption is legal. Precious metals trading is a self regulated activity with token regulation whichis in thrall to the regulated. Don't get your knickers in a knot because traders are selling certificates that are not backed up by precious metal in storage. It is like reserve banking you need 3% to 8% of aggregate certificate value issued backed by tangible assets. I suggest if you actually need to invest in precious metal you go to Bank Of Nova Scotia and buy it over the counter and then take it to your rented strong box within the bank. Make sure to visit it at least once annually.

Oak3

Hasschu wrote: »

In most countries a great deal of fraud and corruption is legal.

It sounds outrageous, but is likely to be true. However in this case we are talking about illegal fraud as opposed to legal fraud.

Precious metals trading is a self regulated activity with token regulation which is in thrall to the regulated.

No, it's regulated by the FSA in the UK and by the CFTC in the US and by the Financial Regulator in this country. Just because the regulation may be of a token nature doesn't mean the legislation doesn't exist.

Don't get your knickers in a knot because traders are selling certificates that are not backed up by precious metal in storage.

If he sells me a certificate claiming that it is backed by physical metal and it's not and cannot be, then that's fraud and I'm entitled to shout about it.

It is like reserve banking you need 3% to 8% of aggregate certificate value issued backed by tangible assets.

Those percentages are entirely arbitrary and we can make them 30% or 80% if we want. You don't actually "need" them.

I suggest if you actually need to invest in precious metal you go to Bank Of Nova Scotia and buy it over the counter and then take it to your rented strong box within the bank. Make sure to visit it at least once annually.

Sounds reasonable to me. However the issue here is, and the fact remains, that an awful lot of fraud has already been perpetrated and by your own admission is standard procedure, both in the issuing of certificates and in market manipulation. And just because it's standard procedure doesn't mean that it's ok to allow unsuspecting investors to continue losing their money.

The question here is, is this market event of a significant enough nature to warrant our economic strategy to immediately take account of it. We certainly don't want entities advising financial institutions that are about to be the recipient of anything upwards of €22 Billion to be anything other than of the highest fiscal integrity. And prior due diligence is paramount to that, especially in light of recent events.

What would Ireland's economists do?

Hasschu

We used to be a nation of hard bitten cynics. A couple of decades of prosperity and we believe that the gov't is protecting us (chuckle here). Do you see anybody being charged except a token Anglo victim. Dozens of bank executives and gov't bureaucrats should be in jail already. Precious metal certificates that have a notional value are the norm. The whole stock, bond, precious metal, futures, commodity, CDS, "insurance" and other markets with few exceptions are and can be scammed. The only thing surprising is that gov'ts are now playing the role of aiders and abettors. Look up Investopedia and you will see concepts that boggle the mind. You sound like an honest decent person, unfortunately there are few of your kind left. The new normal is indeed disturbing.

Oak3

Hasschu wrote: »

We used to be a nation hard bitten cynics. A couple of decades of prosperity and we believe that the gov't is protecting us (chuckle here). ..... etc.

When I came out of school banks started writing mortgages on the projected value of two incomes and my bitter cynicism has been hardening exponentially since then. The problem is, I now know that all it takes is one guy wielding the Sweet Sword of Truth in his hand to inflict an enormous amount of damage on the status quo you mention. Not in a nice polite way, but in a vicious way. I want my pound of flesh naturally. And that's exactly what I intend to do and all I need is a few unqualified, incompetent people with integrity and balls to give me a hand!

The Economics forum may not be the best place to find them, but everyone needs a bean counter no?

:cool:

Hasschu

oak3- I agree with you.
Have a look at thread Sovereign Debt Primer the Google translate link. You will see how the flight from sovereign Debt is igniting a precious metals bubble. Another disaster in the making.

dan719

Oak3 wrote: »

When I came out of school banks started writing mortgages on the projected value of two incomes and my bitter cynicism has been hardening exponentially since then. The problem is, I now know that all it takes is one guy wielding the Sweet Sword of Truth in his hand to inflict an enormous amount of damage on the status quo you mention. Not in a nice polite way, but in a vicious way. I want my pound of flesh naturally. And that's exactly what I intend to do and all I need is a few unqualified, incompetent people with integrity and balls to give me a hand!

The Economics forum may not be the best place to find them, but everyone needs a bean counter no?

:cool:

Seriously, Economics isn't World of Warcraft.

BESman

For a non economist you make an alarming amount of intuitive sense Oak3.

The current economic system is based on creating money that never existed, selling it on to people who will never pay it. Result? All the imaginery money in the world won't buy a paddle to get you out of sh1t creek.

Anonymous1987

BESman wrote: »

The current economic system is based on creating money that never existed, selling it on to people who will never pay it. Result? All the imaginery money in the world won't buy a paddle to get you out of sh1t creek.

Ah, as alarming as it may sound "imaginary money" is the foundation of banking but it was proper risk management that failed the bankers.

Oak3

dan719 wrote: »

Seriously, Economics isn't World of Warcraft.

Oh no? Well take The Sweet Sword of Truth in your hand yourself so, and tell me what you see.

Oak3

So what we're trying to establish here is whether or not an event like the one described at the start of this thread should have a bearing on how economic decisions are made both for the immediate and long term future.

In other words does it mean that we have to research and update our world view of economics? Or even adopt a new paradigm and filter that into our decision making process for our future benefit, due diligence and long term economic planning?

Hasschu

In a previous comment I referred to Bank Of Nova Scotia as a retail gold dealer, there are two more that I know of CIBC (Canadian Bank of Commerce) and Sprott Securities. Sprott stores its gold in the Royal Canadian Mint. There are two types of certificates one is collateralized and states clearly that you have bought gold that is held in safe storage, the second is also collateralized and states you have bought a paper that is held in safe storage that entitles you to buy gold at a given price stated on the paper. Apparently creative writing plays an important part in the second collateralization and the buyers are being misled. The most interesting part is that dealers charge storage fees for the real thing and also for the paper further creating confusion in the minds of the purchasers. I might add that the three companies named above deal in the real McCoy and are not known to play sleazy games.