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  • jshaef1 jshaef1 Oct 24, 2012 9:01 AM Flag

    "Interesting Times"

    The phrase was introduced in the 20th century in the form 'interesting age' rather than 'interesting times' and appears that way in the opening remarks made by Frederic R. Coudert at the Proceedings of the Academy of Political Science, 1939:


    Some years ago, in 1936, I had to write to a very dear and honored friend of mine, who has since died, Sir Austen Chamberlain, brother of the present Prime Minister, and I concluded my letter with a rather banal remark, "that we were living in an interesting age." Evidently he read the whole letter, because by return mail he wrote to me and concluded as follows: "Many years ago, I learned from one of our diplomats in China that one of the principal Chinese curses heaped upon an enemy is, 'May you live in an interesting age.'" "Surely", he said, "no age has been more fraught with insecurity than our own present time."

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    • Legendary oilman T. Boone Pickens famously calls America’s oil imports ‘the greatest transfer of wealth in the history of the world.’

      Pickens is referring to the money that is paid each year to oil exporting nations, particularly those in the Persian Gulf which raked in around $100 billion last year.

      No doubt, this is an enormous transfer of wealth. But it’s a drop in the bucket compared to the TRILLIONS that Ben Bernanke gives the world’s elite.

      Over the past few years, central banks have created trillions of dollars, most of which they loaned to commercial banks at 0%. The commercial banks then loaned this money to their best customers (and governments) at a slightly higher rate.

      The end result is that a huge chunk of those trillions ended up in the pockets of a small handful of people. The banks and their best customers get sweetheart deals to make even more money, while the vast majority of people get screwed with inflation.

      For example, the banks here in Singapore loan investment capital to their wealthiest customers at astoundingly low rates, between 0.25% and 1%! And with borrowed funds, they buy cash-producing assets which make even more money– stocks, real estate, and high-yield bonds.

      Essentially they borrow at less than 1%, but generate a yield of 8% to 10% on the investment. The bank is practically giving them free money. I call this ‘philanthropy of the wealthy.’ And it starts with Mr. Bernanke.

      Naturally, the average guy on the street doesn’t get these deals. Instead, he gets hit with inflation and watches his savings erode. Just this morning, in fact, they announced that Singapore’s inflation hit 4.7% in September, up from 3.9%.

      This issue isn’t about rich vs. poor. Creditworthy investors are very sharp to take advantage of the opportunity. And it’s not about Singapore either, this is worldwide.

      The issue lies within the system itself– that our ‘free society’ has awarded a tiny elite the supreme power to control the price of money. And in doing so, central bankers steal purchasing power from the many and benefiting the few.

      The scale of this theft is in the trillions of dollars. It constitutes, by far, the greatest transfer of wealth in history, vastly exceeding America’s energy imports.
      ---Simon Black

 
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