Cramer: We‘re ’Two Stages From a Financial Collapse So Huge It‘s Hard to Get Your Mind Around’
- Posted on November 29, 2011 at 7:39am by
Jonathon M. Seidl
- Print »
- Email »
Nevermind the stock rally from Monday or the massive sales figures from Black Friday, CNBC’s Jim Cramer had a very grim outlook for the global financial markets going forward. In sum, the European crisis is so bad that the U.S. is grave danger. Business Insider explains:
In his opening segment on Mad Money tonight (via The Fly) Jim Cramer warns that Europe could easily spoil any party we’re having in the US due to the collapse in credit.
He walks through a fairly long (but very basic) explanation of what credit is, and how central it is to the economy, before (around the 6:30 mark) declaring that we’re in “DEFCON 3, two stages from a financial collapse so huge it’s hard to get your mind around.”
He tells everyone to “curb your enthusiasm.” If you want to stay happy, don’t watch the clips below. But if you want the hard truth, click play:
But he wasn’t done there. He also took another segment to explain why “we are taking today’s fantastic rally as an opportunity to explain why you should be nervous:”
Popular Stories
Does Misstated Marathon Claim Prove Paul Ryan Is Dishonest? (POLL) 702 Comments
Paper Details Obama Admin’s Alleged Secret Note Sent to Iran: If Israel Attacks, We Won’t Get Involved 538 Comments
‘Made Up Religion’: TV Historian Enrages Muslims, Receives Threats After Producing UK Documentary Questioning Islam’s Beginnings 360 Comments
Roseanne Barr: Most Billionaires ‘Violent Pedophiles’ & ‘Heartless’ Cocaine Addicts 357 Comments
This Is the Creationists‘ Response to Scientist Bill Nye’s Viral Pro-Evolution Video Claiming They Harm Children 356 Comments
Faith
- This Is the Creationists‘ Response to Scientist Bill Nye’s Viral Pro-Evolution Video Claiming They Harm Children 356 Comments
Pakistani Muslim Cleric Accused of Framing Disabled Christian Girl in Koran-Burning Case Read More- ‘Made Up Religion’: TV Historian Enrages Muslims, Receives Threats After Producing UK Documentary Questioning Islam’s Beginnings 360 Comments
Meet the Controversial German Imam Accused of Brutally Beating His Wife & Pushing Sharia Law Read More
‘Self-Proclaimed Messiah’ & Unification Church Leader the Rev. Sun Myung Moon Has Died — Here’s His Life Story Read More
Business
- President Obama Issues Major ‘Green Energy’ Executive Order 275 Comments
- Germany’s Upcoming Court Ruling Will be Huge for the EU Read More
Ford Looks to Beat Toyota for Best-Selling Car in 2012 With This Model 149 Comments
Bernanke & QE3: Here’s What You Need to Know Read More- ‘Extortion’: Why Did the Labor Department ‘Drop the Hammer’ on Oregon Farmers? 302 Comments
Technology
- This Is the Creationists‘ Response to Scientist Bill Nye’s Viral Pro-Evolution Video Claiming They Harm Children 356 Comments
‘TaserDrone’: Hackers Weaponize Quadcopter With Actual ‘Shocking’ Technology Read More
Ever Heard of the Wild ‘Burning Man’ Festival in the Middle of the Nev. Desert? Here’s Your Primer Read More
Stanford Develops Technology ‘Better Than Steroids’ for Athlete Recovery Read More
Have You Pretended to Know What ‘the Cloud’ Is? You’re Not Alone Read More
Submitting your tip... please wait!
Comments (222)
bignebraskan
Posted on November 29, 2011 at 8:55amPuppet masters at work giving people a show on the world stage. This has been planned by world leaders, no doubt about it. It is the means to a one world government…collapsing economies one country at a time. It’s sickening to know the politicians are all to blame even though they are merely puppets.
Report Post »cessna152
Posted on November 29, 2011 at 9:18amOh that’s just crazy talk……
Report Post »Ken
Posted on November 29, 2011 at 9:50amThis is what happens when you ignore Spooky Dood!
Report Post »Texas Chris
Posted on November 29, 2011 at 9:52amCramer is wrong about credit. Savings drive investment, not credit. There can be no meaningful economic expansion without someone first delaying consumption (saving) in favor of perceived greater consumption in the future.
Credit (i.e. money printing) transfers wealth upwards from the poor/middle class to the already wealthy, weakens the currency, and leads to poor investment choices and inefficient allocation of resources.
Report Post »taxwarrior
Posted on November 29, 2011 at 9:55amlet‘s see he’s a lawyer
he worked for Goldman Sachs
he was a Harvard classmate and good friend of Eliot Spitzer
yeah I trust him
Report Post »Eliasim
Posted on November 29, 2011 at 10:05amI think in their arrogance they think they can control the outcome, but I don‘t think that’s going to happen.
Report Post »YoungBloodNews
Posted on November 29, 2011 at 10:08amNo Kramer, its not hard to get your mind around. Your just a shill or an idiot if you believe it is. TD over at zerohedge makes it REAL easy to understand. ;)
Report Post »SavvyCowboy
Posted on November 29, 2011 at 10:08am@BIGNEBRASKAN – I agree – and “gorgeous george” soros is behind ALL OF THIS!!!! He really does believe he’s a god. Read about the REAL soros at glennbeck.com.
Report Post »ThemDemsLie2much
Posted on November 29, 2011 at 10:08amWhat an Obott!
Report Post »V-MAN MACE
Posted on November 29, 2011 at 10:13amYes, you ARE in danger, Cramer, you liar.
You and the media are guilty of conspiring to lie to the people about the financial state of affairs.
You are going to be convicted in the court of public opinion.
Be afraid.
Report Post »smithclar3nc3
Posted on November 29, 2011 at 10:35amI hardly think American will give up their Constitution and give power to regulate America to the U.N.
Report Post »Just because alot of our spineless douchebag representative would like to see a one world government doesn’t mean the citizens are behind them.
mils
Posted on November 29, 2011 at 10:35amcloward piven….
Report Post »just prepare yourselves the best you can, anyway you can…
JRook
Posted on November 29, 2011 at 10:47amActually the crisis in Europe has more to do with standardizing the social programs across the different companies, breaking down the unions and getting them on the same slow decline in real wages and standard of living we have been experiencing in the US. The cards need to be reshuffled as everyone does better as the money is being transferred up to the wealthy. Cause once they have too much of it, it stops flowing in the form of consumption and the economic engine runs out of gas. History has shown us this over and over again. For those who don’t want to believe it, just keep listening to Rush and GB and blame it on the unions, because clearly they control all the wealth. People…follow the money.
Report Post »AvengerK
Posted on November 29, 2011 at 10:53amCramer’s an idiot and sensationalism is his stock in trade. That being said….Europe will change it’s just a matter of how much. Will the EU entirely disolve or will it reduce to a few member states? For the Euro to survive member states must give up their economies to Brussels, in short, give up sovereignty. Germany has to assure the world of European debt and economic soundness. Both are unlikely to take place. The irony is that European investors have been buying U.S. treasuries because they’re still seen as the safest. This is a moment when America can make an economic resurgence..all it needs is a business/growth centric administration in place to really get the economy moving again. Our timing couldnt’ be worse however because the do-nothing, know-nothing, tax and spend Barack Obama is in charge who wants to emulate Europe and it’s socialism. Financial institutions have been testing the plumbing to see if it can take the former European currencies again. The UK is taking credible steps with it’s embassies to prepare for economic and social upheaval…and Barack Obama is on the golf course.
Report Post »Baltotrav
Posted on November 29, 2011 at 10:54am@taxwarrior
Eliot Sptizer went to Princeton
Report Post »AvengerK
Posted on November 29, 2011 at 10:56amJROOK..seriously…Europe is run by an aristocracy of socialists. They’re your bretheren. Please…save your “it‘s the rich guy’s fault” buffoonery for the Moveon crowd. Take your adolescent interjections (ok..more accurately..cut and pastes) and go where your class warfare garbage is appreciated.
Report Post »On The Bayou
Posted on November 29, 2011 at 11:12amV-Man leave the enter city as soon as you can and take your family with you. This country is toast, prepare yourself.
Report Post »Spirit 72
Posted on November 29, 2011 at 11:16amEurope? How about adding:
Southern Border daily shootouts with the law now happening in all major cities.
Fed unaccounted for $16 Trillion
Spend-a-thon in the federal government with no reduction in sight
People do not see the danger / apathy / more worry about lost kids, unsigned pro ball contracts, etc.
No proper education to teach people the importance of what is happening / how to fix
Immoral / unethical / practices, ignoring the laws
A President who rips up rule of law regularly WITH IMPUNITY
Lucy, dont ‘splain me what happened… ‘splain me how to get OUT of this MESS !!!
Report Post »A Doctors Labor Is Not My Right
Posted on November 29, 2011 at 11:41am@Texas Chris,
“Cramer is wrong about credit. Savings drive investment, not credit.
…
“Credit (i.e. money printing) transfers wealth upwards from the poor/middle class to the already wealthy, weakens the currency, and leads to poor investment choices and inefficient allocation of resources.”
You have it right. The markets need to clear of malinvestments.
Just like in the recent housing collapse, the inefficient allocation of resources of which you speak, which was misallocated due to central planning of credit and of the money supply, must take a loss – those engaged in longer term projects were misled by the manipulation of the price system.
More money does not equal more wealth. This is why the ability to print money is so dangerous to an economy.
Learn Austrian Economics, America!
See here.
Smashing Myths and Restoring Sound Money | Thomas E. Woods, Jr.
Report Post »http://www.youtube.com/watch?v=HAzExlEsIKk
A Doctors Labor Is Not My Right
Posted on November 29, 2011 at 12:00pm@JRook,
“For those who don’t want to believe it, just keep listening to Rush and GB and blame it on the unions, because clearly they control all the wealth. People…follow the money.”
The government-protected Unions cause unemployment by keeping wages high; They aren’t responsible for economic crashes, per se. However, when markets need to clear of malinvestments in a bust, Unions keep that from happening by refusing to let wages come down, and they make the recession worse.
Follow the money, indeed – but be sure to include the printing of money out of thin air. THIS is how the banks and the government benefits at the taxpayers’ expense. In a free market commodity money system, system-wide crashes cannot happen.
Please learn Austrian Economics.
See here.
Why You’ve Never Heard of the Great Depression of 1920 | Thomas E. Woods, Jr.
Report Post »http://www.youtube.com/watch?v=czcU*****mnsprQI
(Remove the five asterisks in the above URL)
followthefounders
Posted on November 29, 2011 at 12:04pmI plead with my Glenn Beck friends out there to prepare ( http://www.StoreNSurvive.com ) and be part of the solution and not part of the problem; for surely we indeed will have to make the choice.
Report Post »GeminiAura
Posted on November 29, 2011 at 1:37pmAmerican must be given a clear choice which path they want to follow. Enough with the middle way, because the middle way is bending left. Will this country become a socialist dystopia. I want to know now while I’m younger enough to make the best decision for my future. We need to stop blaming politicians and start blaming ourselves. If it’s true only 15%-20% of the country is Left then why do we elect them over and over again. This is troubling most of all. Most of the economic stats are pointing in the wrong way, yet Obama and the Democrats stand a reasonable chance of victory. Why? How? Obama has done a fantastic job of separating himself from his own administration and its policies. Republicans wise up and start linking Obama with America’s downfall.
Report Post »sasquatch08
Posted on November 29, 2011 at 2:38pm@TEXAS CHRIS:
Your almost right. Credit is a perfectly fine thing if it is properly managed by the person receiving it and said recipient is properly vetted by the lender.
Easy credit in the hands of people who shouldn’t have it, is what causes massive mis-allocations of capital. This really only happens when an outside force (government) intervenes in the markets the way they did with the housing bubble.
Report Post »F16JetJock
Posted on November 29, 2011 at 3:11pmInternational economic collapse is all in God’s plan.
Report Post »The “one-world government” i.e. New World Order was prophesied over 2,000 years ago by Saint John (Revelations) while he was imprisoned on Patmos Island off the western Italian coast. Look for a fatally-assassinated European politician who miraculously returns to life to become the New World Order’s chief and dictator. The Rapture of Christians will occur 3.5 years before he comes to power. Look for the Battle at Armageddon Valley in Israel to occur 3.5 years hence. It’ll be between the Muslims and the Protestant Westerners. The Rapture will occur no later than 2021 and will be the catalyst for international economic collapse and human calamity.
jzs
Posted on November 29, 2011 at 3:38pmAvengerK says, “JROOK… Take your adolescent interjections (ok..more accurately..cut and pastes) and go where your class warfare garbage is appreciated.”
Avengperp, “he who lives in a glass house shouldn’t throw stones.” I‘d think you’d be the last person to make the “cut and paste” accusation given how easy it has been to find the websites you cut and paste from.
Jinglebob
Posted on November 29, 2011 at 3:40pmWonder how long after a World fall will it take Obama to declare a national emergency and suspend the Congress and take control of the country? Or…try to.
Report Post »lukerw
Posted on November 29, 2011 at 4:12pmYOU ARE RIGHT: Soros & Crew are alike the Illuminati, Bankers planning to take Control of Governments, negating elections… and the Politicians are paid off by Favors, Influence, Support, and Wealth Promises. TREASON on a WORLDWIDE scale!
Report Post »TexasHunter
Posted on November 29, 2011 at 4:45pmPlease someone tell me what he did a couple years ago that made him look like the biggest idiot out there.. I need a recap but I know it was something..
Report Post »absolutelynot
Posted on November 29, 2011 at 6:32pmcertain leaders in Europe have proposed turning all authority over to a central entity….. if this is not the formation of one world government , there will never be one. Not crazy talk, just observation
Report Post »Jaycen
Posted on November 29, 2011 at 7:15pm@Texas Chris
Bless you, my Austrian Economics friend. You’re right, of course, but try telling that to someone immersed in Keynesian socialism.
Cramer is right that things are dire, but the ability for the economy to bounce back quickly is still there.
Report Post »txn4justice
Posted on November 29, 2011 at 10:02pmSince when is this news? It has been downhill since everybody drank the Koolaid and elected Obama. Ain’t nothing working out so far except getting rid of the communists in elected offices.
Report Post »AhLeahIris
Posted on November 29, 2011 at 11:39pmIt’s a little more than “crazy talk,” ain’t it? http://wp.me/p1HGwx-1Co
Report Post »dogpatch65
Posted on November 29, 2011 at 11:55pmGet ready for the un-merriest Christmas on record:
Report Post »http://markamerica.com/2011/11/29/warning-euro-may-trigger-global-collapse/
rock-n-roll-rebel
Posted on November 30, 2011 at 6:58amJROOK more like UPAWN, The union thuggery has always been used to push the masses toward socialism and or communism and anyone that could equivocate such an irrational perspective has no grasp on the human condition, world history or common sense.
Report Post »old white guy
Posted on November 30, 2011 at 7:11ambignebraskan, if the whole world now runs on credit is money no longer needed?
Report Post »GroundZero is Nuclear Demolition x3
Posted on November 29, 2011 at 8:51amHe knows how to run one of the best con games in the world, what do u think he is going to say??
Report Post »Detroit paperboy
Posted on November 29, 2011 at 9:20amCut the federal government by 75% and watch this nations economy boom like you would not believe, those lazy 300 lb beauracrats could not survive in the real world, the GOVERNMENT is the problem, why would we think they could solve the problem……
Report Post »bulldawg
Posted on November 29, 2011 at 10:26amHey look I don’t like Cramer anymore than the next guy, he flip flops as bad as a Politician. But everyone stop and ask your self this question,
WHAT IF HE’S RIGHT, ARE YOU PREPARED FOR THE NEXT DEPRESSION ABOUT TO HIT !
I for one, have stocked up on AMMO, FOOD AND PRECIOUS METALS, because your $100 Bills will be used for toilet paper, just sayin, think about it.
Report Post »jakartaman
Posted on November 29, 2011 at 11:46amThanks for stating the Obvious.
Report Post »Glen has been saying this for 2 years – he also said be prepared.
Johnny come lately to the party.
There is no -non nada way to stop the inevitable WOLD wide depression.
The only questions are what will be the straw, how long will it be, what will this country and the world be when we come out of it. how many have died and how (starvation or gunshots)
Obama_Sham
Posted on November 29, 2011 at 12:33pm“He knows how to run one of the best con games in the world, what do u think he is going to say??”
Kind of like, conspiracy theorists…
Report Post »TexasHunter
Posted on November 29, 2011 at 5:20pmElect Ron Paul and that can be done!!
Report Post »beaubird
Posted on November 29, 2011 at 8:46amWe the people should demand to see the FEDS!!! Bring them up on charges and hang them !!!!!!! They are nothing but a bunch of thieves and we have let them get away with it for years !!!!!!!! Time to see the shadows!!!!!!!!!!!!!!!
Report Post »RBSWORLD
Posted on November 29, 2011 at 7:05pmI agree 1000%!! It has been going on way toooo long. It is time they “PAID FOR THEIR CRIMES AND DISSTRUCTION OF THIS COUNTRY”!!!!
Report Post »love the kids
Posted on November 29, 2011 at 8:43amCramer, you are a very respected man, but my question to you is this, What the hell took you so long to figure this out. Weiss research has been saying this for 2 years, Beck has talked about this for even longer. I just wonder why it has taken you so long to see this?
Report Post »copatriots
Posted on November 29, 2011 at 9:10amCramer is hardly a “very respected man” in the industry. He is a joke with marginal results at best. He made his fortune like most of them did…..by insider trading. The fact he is even still on -the-air speaks volumes to the lack of credibility on CNBC. He was college roommates with Elliott Spitzer and Eddie Lambert (who Cramer dubbed as the “chosen one” who was going to save Sears…..didn’t happen). He has no better results than the average trader.
This comment alone proves his ignorance…. Jim “warns that Europe could easily spoil any party we’re having in the US due to the collapse in credit”. No credible person could ever suggest we were starting “any party” with our economy over the last three years.
Report Post »Outlaw_Josey_Wales
Posted on November 29, 2011 at 9:40amJim Cramer, didn’t see the subprime mortage melt down coming ahead of time.
Report Post »Obama_Sham
Posted on November 29, 2011 at 12:37pmFirst this… “He is a joke with marginal results at best. He made his fortune like most of them did…..by insider trading.”
And end with this… “He has no better results than the average trader.”
Are you saying that Cramer is a fraud… Or are you saying that all traders are frauds?!?
Report Post »copatriots
Posted on November 29, 2011 at 9:59pmLOL I am saying Cramer made his fortune via insider trading. It is easy to make money trading stocks when you know in advance what the news will be that the company is going to release.
http://www.nytimes.com/1995/02/20/business/smart-money-rethinks-conflict-rule.html
“During that time, he was also an “editor at large” for Smart Money magazine, and was accused of unethically combining his investing and reporting activities when he bought more of stocks that he recommended just before the recommendation article came out, contributing to a $2 million personal gain.”
Barring insider information, Cramer’s results mirror any average trader and deserves no special recognition
Report Post »cntrlfrk
Posted on November 29, 2011 at 8:43am‘
I watched Cramer a few months ago claiming those claiming the economy could collapse were a bunch of ‘chicken little’ naysayers and to ignore them.
I guess he changed his mind somewhere along the line.
:o/
Report Post »Berbel73
Posted on November 29, 2011 at 8:42amI’d sooner take career advice from Charlie Sheen than take investing advice from Jim Cramer, the buffoon! Dance puppet, dance!
Report Post »blaaaaackwoman
Posted on November 29, 2011 at 11:34amha that’s choice!
Report Post »UisConfruzed
Posted on November 29, 2011 at 8:37am‘Cramer the Tard’ is to blame! He supported Obammy, what did this genious spazz expect?!?
Report Post »David, the Constitutional Libertarian
Posted on November 29, 2011 at 8:35amHey you guys!!!!!!!!!!!!!!!!!!!!!
You are kinda right, but the problem is, that the US government has to control the currency, otherwise they lose control. That has been their control for about 100 years. It does not matter if they control the laws, it does not matter if they control the oil, it does not matter if they control ANYTHING, if they control the “currency” or “commodity of trade” it does not matter at all.
Will anyone ever admit this in our government besides RP?
Report Post »Heil88
Posted on November 29, 2011 at 8:57amTotally agree Dave, There will never be a one currency system for all the countries in capitalism that works, only a socialist system can function that way. Because the strong nations will need to support the weaker nations and there will always be weaker nations because they just don’t have resources. This is exactly why the left is pushing for a global collapse so they may convert to a socialistic society …
Report Post »newrepublic7
Posted on November 29, 2011 at 10:21amGood Point!
Report Post »Snowleopard {gallery of cat folks}
Posted on November 29, 2011 at 8:34amWe are already below DEFCON 3, we are almost to DEFCON 1 as we speak now; when Europe goes under and unless we have been ready for it – the US is next. And under Mr Obama we will most assuredly NOT BE READY, and he will jump us off the cliff fully.
Report Post »mowlives
Posted on November 29, 2011 at 8:31amWhy drop the high end defense stock…..the defense cuts (as usual) are reductions in the rate of increase..(baseline budgeting)….16% increase in defense spending over next 10 years w/ these “cuts” in place…..
Just tell it straight……u’ve been thinking about this one……????/
Like when Paul Krugman references household income dropping over the last few decades…..as a sign of income gap increasing and wages decreasing……then u check stats for individual income and as expected, on the rise, year to year……..but he didn’t lie……not really…..cause concurrently the average inhabitants of a household have decreased ….. which also, is a sign of strong economic growth…….
Thnx needed to vent
Report Post »David, the Constitutional Libertarian
Posted on November 29, 2011 at 8:26amJust wanted to add to those that replied to me earlier, RP is kinda right, but we need to do something fundamentally different, we need not one currency, we need several. The reason we are in such a mess, besides the socialist component, is because of the manipulation of currency. You cannot just implement a standard, be it gold or a collection of commodities, these folks will manipulate whatever system we implement.
You have to allow a FREE and MARKETABLE system of free currencies.
IMO, that is the ONLY solution.
Report Post »QuantumVerp
Posted on November 29, 2011 at 10:00amThat would be BARTER. The currency will be ‘anything life-sustaining’. Then we will migrate back up to coinage. I suggest the future USA mint with grams and composition posted on coins but no denomination.
Report Post »grudgywoof
Posted on November 29, 2011 at 8:22amWWIII has already begun. Revolution is spreading and sides have been chosen and it’s just a matter of time before the lynch pin is pulled. Israel attacks Iran? Coalition invades Syria? Maybe it will be something else but the world will burn like never before and there is really nothing to be done about it. The dye has been cast.
Report Post »Claire22
Posted on November 29, 2011 at 8:19amNot to worry…stock market will keep going up.
Report Post »David, the Constitutional Libertarian
Posted on November 29, 2011 at 8:31amWhat does the Dow have to do with the US economy?
The correct answer is……………NOTHING
Report Post »mrsalvage2
Posted on November 29, 2011 at 8:17amThis guy is a salesman. He cried for TARP because his friends were losing their jobs.
Little did he know how big it was. It was over 7.7 Trillion off the books.
Professor Milner from Carnegie Melon Univ caught this in Oct.2008 and even forced Krugman to take his side, for one appearence. Now it is clear that just like Morganthau, buddies Bernanke and Nobel Prize winner Krugman never had any clue.
The whole thing was a rescue of the Gov’t currency system protecting the banks that bring money into circulation for the government as there had already been a run on the Banks like Wachovia (http://www.bloomberg.com/news/2011-11-28/secret-fed-loans-undisclosed-to-congress-gave-banks-13-billion-in-income.html)
Same thing happened before in 1987 (www.amazon.com/Black-Monday-Market-Catastrophe-October/dp/1587982145), but it was Bosky watchers who caused the run.
Bosky found weakness in People, but we discovered one day that our entire system had become a Zombie Economy.
Any way you look at it, whether it was the legalization of CDS’s at AIG, or the legalization of mixing bad loans with good ones to make MBS’s by and for Fannie and Freddie which would failunder CDS pressure and selling them all over the world, or the exportation of 200 years of America’s production capital to therefore eliminate jobs of people who could in the past or presently wanted to pay their mortgage by working, IT IS THE CONGRESS’ FAULT.
They legislated immorality, and made America a
Report Post »mrsalvage2
Posted on November 29, 2011 at 8:26amMade America a Zombie Economy.
They sanctioned reward for specualtion, while literally drestroying means of Human Productivity.
Parasitic, Vapirical, or Zombie. Pick one.
Congress did it.
DEATH to the Lawyer Aristocracy! I’m with Keen on BBC HardTalk, Occupy Harvard, Princeton, and Yale.
Magna Carta Article 61 WAR!
Wat Tyler Revolt!
Leave none alive to pervert our tomorrows
Report Post »David, the Constitutional Libertarian
Posted on November 29, 2011 at 8:10amOne more thing in regards to this Cramer dude, how often was he correct? I have read extensive articles from numerous sources, one thing I have found, CNBC and Cramer always seem to be about 2-3 weeks BEHIND the trend.
Is the Dow REALLY an indicator of US economic prosperity? Think about it, it used to be an indicator, but now that the free trade agreements and international involvement have been embedded in the Dow, what is the actual indication of the Dow? Does it actually translate into US economic activity?
When I went through the macro and micro back in the 80s and other economic/accounting courses, I use to argue about the very things we are experiencing now. Do students today actually challenge their professors? Do they ask the basic question, does centralized control of an economy, misallocate capital?
Tell me, do you think Obama and the government think that I as a knowledgeable person believe their LIES when they tell me that it was Obama that increased our oil production? I mean, I have been told for decades that it takes about 10 years to produce any type of oil production increase, yet they say that during the Obama admin, that production has increased. Hmmmmm, does that not mean that I should go back ten years!? Let us also look at what Obama has said about Brazil and now that he has told Canada (OUR ONLY FRIENDLY NEIGHBOR!) to sell to China.
Sorry folks, things are beginning to take form.
This guy is doing EVERYTHING in his power to destroy the U
Report Post »A Conservatarian
Posted on November 29, 2011 at 8:04amThe replacement is in the Constitution and Paul has always advocated giving the power back to Congress where it should rightly be. You state, the Fed Res. is a wholly owned subsidiary, of those who are (wrongly) in power. The Citizen is the highest sovereign of the land, so says the Constitution. Our elected representatives are the ones who should be handling the valuation of our currency; can you imagine a fiscally responsible Congress? Hard to now, I know. Seeing how Dr. Paul likes the Austrian School so much I imagine he probably likes Rothbard’s take: let the free market handle banking; let there be 100% backed deposit institutions and other investment banks that charge based on the free market that lend money but are entirely seperate. Other than that, Congress controls inflation and deflation through printing and the rest of the jobs the Federal Reserve handles, give back to the Treasury.
If we remove the standard of the US currency being the world reserve currency EXCELLENT! I do not want to see American Value exported for other nations to piggy back on and it‘s EXACTLY what they’re doing. Moreover I don’t care about the rest of the world, I care about the United States. Also, I didn’t say to declare our currency null and void, nor did I say it will solve any problems of the reality you’re implying I commented on, when I simply said Abolish the Federal Reserve and Ron Paul 2012.
Goodness, to think, I’m educating a Constitutional Libertarian here
Report Post »A Conservatarian
Posted on November 29, 2011 at 8:07amThis was in reply to David, The Constitutional Libertarian below.
Report Post »David, the Constitutional Libertarian
Posted on November 29, 2011 at 8:16amWell, there is an argument between allowing the federal and the private to control the currency. Problem is, the government has stolen the right. They have used the power of government to control a commodity. I am using the Austrian formulae. It is not BAD that the government has a currency, but for the government to use their power to make all other currencies illegal, is a detriment to society. I think government should have a currency, but they should also allow the private sector to have a currency, that is why the government manipulates commodities so much, because they know commodities have been the basis of currency for 1000′s of years.
But hell, why not just pass a dissolution of the legal tender laws?
Report Post »Ironeagle
Posted on November 29, 2011 at 8:01amWe‘ll most won’t listen to Glenn, perhaps more will listen to this guy and wake up.
Report Post »bernbart
Posted on November 29, 2011 at 12:19pmMaybe you should listen to real economists instead of media nuts.
Report Post »Liberty-or-Death
Posted on November 29, 2011 at 8:00amI think you Blaze employees need to be fired. Jim Cramer is not a good source. How could I with a straight face say to one of my friends ‘Jim Cramer said so’ ??? Of all the good people, who predicted all of this happening, you guys post a cnbc story. What a f’n joke. Go to gata.org , jsmineset.com , zerohedge.com , king world news , mises.org ……..
Report Post »David, the Constitutional Libertarian
Posted on November 29, 2011 at 8:19amExactly, I reiterate what this member has said, go to as many outlets as possible.
Especially the ones that are not part and parcel of the hegemony!
Report Post »mrsalvage2
Posted on November 29, 2011 at 8:20amCramer is a mouthpiece for the Zombie Economy and VooDoo Economics. Their guy in the PRess.
That is why he is being mentioned
Report Post »Libertyluvnmomma
Posted on November 29, 2011 at 8:28amLiberty or death- I think you’re missing the point.
this article was not put up here for you.
frankly, since I don’t have television/read newspapers etc. I’m interested in what the masses are being fed.- my media inlet has a conservative bias you might say!
Report Post »rfycom
Posted on November 29, 2011 at 7:58amAND if you want the real truth do not listen to this man.
Report Post »SpankDaMonkey
Posted on November 29, 2011 at 7:58am.
Report Post »History tells me WWIII is right around the corner…………
Gonzo
Posted on November 29, 2011 at 8:32amGo Dawgs! Got your new avatar picked out yet? :-)
Report Post »Sandy
Posted on November 29, 2011 at 7:55amWhen CNBC starts saying it, YOU know it is BAD!!!!!!
Report Post »paulusmaximus
Posted on November 29, 2011 at 8:31amYes!!
Report Post »surf0766
Posted on November 29, 2011 at 7:52amAsk him where the bottom is in housing. Wasn’t that supposed to be 2 years ago. His ‘they know nothing ” comment stuck in people minds pushing the crisis along. Same guy, same M.O. ?
Report Post »quiet little lamb
Posted on November 29, 2011 at 7:57amHow is he still on the air after his Daily Show interview? He was completely humiliated and caught lying!
Report Post »Jerbear1098
Posted on November 29, 2011 at 7:52amWhere the hell has Cramer been? beck has been screaming this for years.
Report Post »downthewell
Posted on November 29, 2011 at 8:43amBut Beck is a lightweight, uneducated entertainer. He has no credentials that make him credible, no matter what he says. He’s out to make huge money for himself so anything he says is in question. Beck is a lightweight who sells fear, exaggerates threats, spews superstitious nonsense like Herbert W. Armstrong did back in the 1970′s.
On another topic, here’s some interesting info:
http://www.ihr.org/jhr/v14/v14n1p-4_Weber.html
There is no need to exaggerate the part played in the creation of Bolshevism and in the actual bringing about of the Russian Revolution by these international and for the most part atheistical Jews. It is certainly a very great one; it probably outweighs all others. With the notable exception of Lenin, the majority of the leading figures are Jews. Moreover, the principal inspiration and driving power comes from the Jewish leaders. Thus Tchitcherin, a pure Russian, is eclipsed by his nominal subordinate, Litvinoff, and the influence of Russians like Bukharin or Lunacharski cannot be compared with the power of Trotsky, or of Zinovieff, the Dictator of the Red Citadel (Petrograd), or of Krassin or Radek — all Jews. In the Soviet institutions the predominance of Jews is even more astonishing. And the prominent, if not indeed the principal, part in the system of terrorism applied by the Extraordinary Commissions for Combatting Counter-Revolution [the Cheka] has been taken by Jews, and in some notable cases by Jewesses
Report Post »David, the Constitutional Libertarian
Posted on November 29, 2011 at 7:47amWait a minute, I thought NBC and their affiliates have been saying for the past three years that we are in a recovery. I thought NBC and GE was not an affiliate of the Democrat party? Hmmmm, is it the time to look at whether or not Soros is shorting the dollar? Is it the time to look at real solutions like maybe separating the conservative and the communist entities of the US? Maybe give the dems aka communists the cities and we conservatives will take the rest?
People, we will not ever solve the problem, it is foolish to believe we will. It is time to think about an equitable and precise way to divide the country. We will never solve the problem of those that do and those that do not. Take off the blinders, it is time to face the truth, we are fundamentally different than the leftists. We have faith, we have values, they do not.
Report Post »A Conservatarian
Posted on November 29, 2011 at 7:43am:) Abolish the Federal Reserve :)
Ron Paul 2012
Report Post »David, the Constitutional Libertarian
Posted on November 29, 2011 at 7:53amThe Federal Reserve is a wholly owned subsidiary of those in power, if we abolish it, what is your replacement? Paulians think that Ron Paul is the end all and be all of the truth.
Problem is, he does not advocate a solution, does he? Sorry, I get all the emails and information from ALL the Ron Paul sources. I have been a member of a society for over 10 years attempting to change the knowledge base. Ron Paul does NOT give a solution. What about repealing all the legal tender laws?
Do you know that the US currency is the basis of ALL other currencies? If you remove the standard, what are you going to do? The entire world will collapse due to the problematic currency failure.
I wish you Paulians would actually get a grip on reality.
Maybe read a little more a Zerohedge. Yes, our currency is a problem, if you think just declaring it null and void will solve the problem, you have a fundamental problem with reality!
Report Post »David, the Constitutional Libertarian
Posted on November 29, 2011 at 7:56amHmmmm, I am hoping my previous comment makes it through, it was well thought out.
Fiat currency is a problem, but the problem is not just that it is fiat, the US currency is the basis of all other currencies, if the US dollar falls, so does the rest of the world’s currency.
Report Post »A Conservatarian
Posted on November 29, 2011 at 8:09am…The replacement is in the Constitution and Paul has always advocated giving the power back to Congress where it should rightly be. You state, the Fed Res. is a wholly owned subsidiary, of those who are (wrongly) in power. The Citizen is the highest sovereign of the land, so says the Constitution. Our elected representatives are the ones who should be handling the valuation of our currency; can you imagine a fiscally responsible Congress? Hard to now, I know. Seeing how Dr. Paul likes the Austrian School so much I imagine he probably likes Rothbard’s take: let the free market handle banking; let there be 100% backed deposit institutions and other investment banks that charge based on the free market that lend money but are entirely seperate. Other than that, Congress controls inflation and deflation through printing and the rest of the jobs the Federal Reserve handles, give back to the Treasury.
If we remove the standard of the US currency being the world reserve currency EXCELLENT! I do not want to see American Value exported for other nations to piggy back on and it‘s EXACTLY what they’re doing. Moreover I don’t care about the rest of the world, I care about the United States. Also, I didn’t say to declare our currency null and void, nor did I say it will solve any problems of the reality you’re implying I commented on, when I simply said Abolish the Federal Reserve and Ron Paul 2012.
Goodness, to think, I’m educating a Constitutional Libertarian here
Report Post »KidCharlemagne
Posted on November 29, 2011 at 8:11amDavid, the Constitutional Libertarian
Posted on November 29, 2011 at 7:53am
The Federal Reserve is a wholly owned subsidiary of those in power, if we abolish it, what is your replacement?
=============================================================
Either the United States Constitution:
(Article I, Section 10)
“No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility.”
http://www.usconstitution.net/const.html#A1Sec10
….or:
H.R. 1098: Free Competition in Currency Act of 2011
112th Congress: 2011-2012
To repeal the legal tender laws, to prohibit taxation on certain coins and bullion, and to repeal superfluous sections related to coinage.
Report Post »Sponsor: Rep. Ronald Paul [R-TX14]
http://www.govtrack.us/congress/billtext.xpd?bill=h112-1098
Delta D-5-3
Posted on November 29, 2011 at 8:39amRon Paul 2012??? You mean the same guy that says Iran isn’t a threat???? Yea, ok pal.
Report Post »Libertyluvnmomma
Posted on November 29, 2011 at 8:41amAYE- Ron Paul 2012!
no newts or Rommney- Glenn may hold his nose for these creeps- but I won’t, I’m still getting over my McCain embarrassment.
Report Post »I believe that God appoints our leaders, as is written in the Bible- so If these GOP losers are the choice..my spouse and I will stay home in NOV.
God may pick Obama–we are Rome after all complete with the sodomy, right Mr. Frank.
chopey1911
Posted on November 29, 2011 at 9:54am@David The Supposed Libertarian
Here we go again. Paul is right, stop calling us Paulies. I‘m sorry you can’t comprehend the corrupt nature in which the Federal Reserve does business. We ABSOLUTELY do not need it. Fractional Reserve Banking has not and will not ever work.. Central banks (just like ours) FAIL and will continue to do so. Of course reversing over a century of bad Monetary/Foreign/Domestic Policies cannot be done over night. The chaos you talk about WOULD happen if we made changes over night. But guess what? IT‘S HAPPENING RIGHT NOW ON IT’S OWN. All they’re doing is delaying the inevitable. This is a race to the bottom and thank god Europe is going to go before the U.S. You say you’ve looked for a decade without finding ONE Ron Paul solution??? Have you tried a google search ?? Your ‘solution’ is clearly outlined in Ron Paul’s “The Revolution : A Manifesto” It’s right there on paper. Yes we are the World’s Reserve currency so what would happen if we lose that reserve status?? We default like the Eurozone because we can’t pay our debts.. How do we lose that reserve status?? BY THE FED DOING WHAT THE FED DOES EVERY DAY(tinkering with interest rates, printing money, causing boombust cycles). I have a grip on reality, it’s just tough to swallow when you know that the majority of your fellow American citizens refuse to come to terms with what needs to be done and instead delay the outcome, which just makes it worse in the end. Good da
Report Post »David, the Constitutional Libertarian
Posted on November 29, 2011 at 10:57amThe REASON, I call you Paulians, is because going back to the gold standard immediately is NOT an option.
What happens to the economy if we instantly go back to the standard?
For one thing, ALL economies crash. He is right for the most part, but there are things you are not taking into account. Do you understand the bond markets and how they affect the market? Are you telling me that you want to eliminate all government entities from distributing bonds? Do you understand the fundamental problem with that?
Yes, I would like to see bankruptcy be introduced to eliminate governmental debt, because there is absolutely NO WAY that debt in the market, at the rate that some states like say Illinois will be able to deal with it. They just raised their taxation over 100%, they said 66% but that is a lie, they introduced new taxation. Illinois is this close to complete failure, as is California.
The US may be the #1 economy, but several states in the US are in the top 20. When we fail and begin to falter, the systemic repurcussions are prevalent. Europe, oh well, they have always been and will always be a problem. They are fundamentally unsound due to their socialist systems.
How do you think Europe has existed for so long in their socialist ways? Do you think that maybe because the US has held the world in a supposedly war free stasis? Yes, just because we have had several regional conflicts, does not mean anything. Think about it, what is worse? Regional, or all out
Report Post »Steve0218
Posted on November 29, 2011 at 11:33amlibertyluvnmomma—–God will pick our leaders if we repent and turn to him and this is Biblical. He also may leave us to ourselves to pick our own leaders as He did Israel with their first King Saul. He may also turn us over to the evil one who is the god of this world. Any of these postions are Biblical. It depends on us He would be happy to take the lead of our country, but we kicked Him out of the leading role.
Report Post »joe1234
Posted on November 29, 2011 at 8:07pmGod picks our leaders, no matter what we do…He raises up and casts down…as Nebuchednezzar found out the hard way….
Report Post »A Conservatarian
Posted on November 29, 2011 at 11:01pmI’m not saying go back to the gold standard immediately, that would super-inflate the price of gold and the chaos would be enormous if it happened over night. No, the markets need to open up to different types of currency. This should be a Constitutional Amendment: No money may ever be printed bearing interest nor may it be printed by any other entity than the Congress of the United States of America. I don‘t get either how you’re assuming what I’d do by saying abolish the federal reserve. Dr. Paul is such a strict Constitutionalist that he’d want the input of the citizens – by way of Congress. What I know is we need a change from the ruling Keynesian paradigm to shift to the Austrian, Paul would provide that shift.
If you study Breton Woods and what came after those agreements, you’ll see that success as a number one economy is defined as that nation that exports its debt around the world so that other developing or smaller nations may develop at the expense of the top dog. Breton woods and the similar banking agreements… they are nothing more than egalitarian programs for the world and it would ensure all nations fail together as a result as, what happens when the largest nation has no more debt to give? What happens when the rest of the nations scream for more liquidity but there is no more to get from the tap? Failure is always an option, else learning never can be an option.
Report Post »