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The word
“debasement” today in relation to currency,
or paper money - When we say that a
government “debases” its currency, we mean
that it has issued more dollars (or Euros
or pounds) backed by nothing,
making all the other currency in
circulation worth less. But the
word “debase” was originally used for
coins, when a government added “base”
(worthless) metals to the precious metals
in its coins, thus “debasing” them.
Individuals who print
a few thousand worthless dollars in their
basements are called
criminals.
Individuals who print
trillions of worthless dollars are called
politicians.
(It could
also be equally related that those whom
murder a few Politicians are terrorists,
and those whom murder thousands of people
and more are Politicians.)
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From Zero Hedge:
Here we go - the rating
agencies are now officially in the game.
Next up - collateral calls and other nasty
stuff:
"Today, Fitch Ratings issued a number of
separate press releases placing on Rating
Watch Negative most U.S. bank and bank
holding companies' Support Ratings, Support
Floors and other ratings that are
sovereign-support dependent.
The two companies mostly impacted by this
announcement are Bank of America
Corporation and Citigroup, Inc." BBB+
coming up.
(IDRs) as
well as the Support and Support Floor
ratings of Bank of America Corporation
(BAC) on Rating Watch Negative following
initial interpretation of .....
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From
Newsmax:
Jim Grant, founder and editor of the
renowned "Grant's Interest Rate Observer,"
gives the Obama administration a grade of
F-minus.
"For their relentless meddling, for
their pretense, for their
unpredictability... ignorance and
patronizing dismissal of business activity"
says Grant.
“This is an administration that is
extremely light in senior personnel who
have never made a living without being
tenured in some place, and it shows."
However, Grant also says this trend didn’t
begin with Obama. “It started with the Bush
people … you never knew what was going to
happen, and I should have taken more
account of this in my bullish call on the
economy a year ago,” says Grant.
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