My guess is that forty posters here could take all of the rubbish that you post, and reductio ad ROR turn into ( What? there's not a whit there )

What the hell ROR? I know that you are ashamed of being american, but you talk shit. As I have said before to you, if you are so enamored of the money that I have generated, then , why don't you step up and just take it away from me.

We might be good friends if you were to convince others to volutarily support those who you consider worthy.

You shy from the posters that mention guns. Yet your gommint will use bigger guns.

Why bother, I'm off topic, and, you've never been there.

Your powers of persuasion are weak, --better get out the guns.

Also when reloading to follow current posts pressing the esc button on the keyboard stops the loading midstream eliminating the need to download the complete timeframe again.

Methinks this Malthusian view of the world is most inimical to peace and prosperity.

Sorry to interrupt your conversation. The traders got a day off so I'm talking alot. All IMHO.

A very appropriate introduction is yesterday's comment by Bill Seidman, former U.S. Federal Deposit Insurance Corp ( FDIC ) Chairman and CNBC chief financial commentator.

Mr Seidman sees $1 trillion bad loans in Japan's banks

NEW YORK, July 3 ( Reuters ) - Japan's banks have about $1 trillion of bad loans, which is much higher than official estimates of $546 billion ( 77 trillion yen ) , Bill

Seidman told the cable channel on Thursday.

When they get done, they are going to find they have a trillion dollars in bad loans, not losses, but bad loans,'' Seidman, who has been acting as an advisor to the Japanese government, told CNBC.

ONE TRILLION U.S. DOLLARS IN BAD LOANS!!!!!!!!!!!!!!!!!!!!!! Think about that for a moment. That's a 1 followed by 12 zeros. I cannot identify with a number so large…. can you?! Let's look at this astronomical number representing the Japanese banking systems bad loans - as Nippon-paid Seidman prefers to call the ocean of red engulfing the crumbling Japanese financial world.

If the Bank of Japan were to discover a miraculous cure for One Trillion Dollars in BAD LOANS via implementation of BRIDGE BANKS ( whatever the hell they are ) , how long might it take to resolve the draconian problem. Well, let's see. Assume the so-called financial wonder-drug called BRIDGE BANKS were able to amortize the 1 followed by 12 zeros in BAD LOANS at the rate of $1,000/second. ( HEY, that' a pretty fast remedy ) . This begs the questrion: HOW LONG WILL THE TOTAL CURE TAKE TO ERASE $12,000,000,000,000 in BAD LOANS?

Would you believe it would take about 32 years --- and that's assuming the BOJ doesn't inadvertently find a few gazillion more in BAD LOANS that completely slipped their minds and notice. ( Yeah… sure! )

ALL Sarcasm aside - and Seidman's paid-for bias notwithstanding - it will indeed take a verrrrrrrrrrrrrrrrrrrrrrrrrry looooong time before Asia will be again on the road to positive growth. In the interim Asia will yet endure more chaotic turmoil in its stock markets, while their fiat currencies continue meltdown.

ORACLE has come out of seclusion to post yet another exposé of what is forecasted in the Far-East before things get better. The title of his timely report is:

ASIAN CONTAGION: IT AIN'T OVER TILL THE FAT LADY SINGS

Full report at the following URL - as usual it is necessary to delete the extra letters en in word golden of the URL before posting it to your Internet locator:

http://www.golden-eagle.com/asian_corner_98/oracle070498.html

http://www.fame.org/research/library/ip-001.frame.htm

http://biz.yahoo.com/finance/980703/markets_co_1.html

BBML

The IMF in their wisdom is demanding that Russia crackdown on tax non-payers. Yeltsin is, with IMF approval, making an example of a large gas utility company, by siezing their assets August 1. But wait, the government owes said gas utility millions - the government and most everyone else isn't paying for their gas! Alice sits at the Mad Hatter's table once again.

http://news.bbc.co.uk/hi/english/business/the_economy/newsid_125000/125717.stm

http://www.leksu.com/

Generally, these waves of development have stretched over 80-year periods, from start to boom to bust. The last time we saw such a boom period was during the Roaring Twenties, when the Henry Ford generation of consumers, augmented by a massive immigration wave, reached their peak years of earnings, productivity and spending, Dent says. At the same time, new technologies, industries, products and services suddenly burst forth and, seemingly overnight, automobiles, electricity, telephones and new products such as Coca-Cola, became affordable consumer items. This confluence caused high economic growth, unprecedented 5% average gains in business productivity, a zero rate of inflation, along with rising savings rates and falling debt ratios, he explains.

Dent argues that what happened in the Roaring Twenties will be repeated, though on a much broader scale, in what he calls the Roaring 2000s. A dramatic expansion of the economy will be triggered by the Information Revolution, which will move fully into the mainstream, chaperoned by the rapid adoption of personal computers, computer appliances of all kinds, and, of course, the Internet.

Internet usage by consumer households by 2002 will fundamentally change how and where we live and work, he says. It will create a new economic surge that features a huge array of customized goods and services at increasingly affordable prices, and usher in nothing less than the greatest boom in history and an unprecedented opportunity for investors and entrepreneurs, great buys in real estate, and a wealth of high-quality lifestyle choices for people who anticipate these changes. We will see such rapid and exciting changes as we have not seen since the dizzying pace of the productivity revolution unleashed by the assembly line in the early 20th century.

As Dent sees it, a spending spree by American Baby Boomers will propel stock prices strongly upward, with the Dow hitting at least 21,500 by the year 2008, and possibly much higher. We are projecting a peak as high as 35,000, Dent says, admitting that it may sound outrageous, yet it is the same 16% average annual gain the stock market has had since this bull run started in 1982, and that's not counting dividends, which would add 18%, and that means you would quadruple your money every 10 years.

The current bull market is just a prelude to an even bigger bull market, one that will be fueled by rising personal earnings, technology-generated productivity gains and, mostly, Baby Boomers who are going to flood the markets with investment dollars, Dent says.

Capitalist Acts Between Consenting Adults Might Be the Only Socialism

That Works

By Gene Epstein

Former Sen. Eugene McCarthy once quipped that if the Declaration of Independence were drafted today, its last line would have to be changed. Instead of the politically incorrect reference to our lives, our fortunes and our sacred honour, the proper wording would have to be, our lives, our sacred honor -- and anything up to a thousand dollars.

The Founding Fathers clearly believed in the right to be rich, as well as in the ancillary right to use one's riches as one sees fit. Both ideas used to make me uncomfortable until I read Harvard philosopher Robert Nozick. In his 1974 magnum opus, Anarchy, State and Utopia, Nozick demonstrates that belief in an equal distribution of income is a classic Boomerang Principle: Try throwing it toward its proper destination and it comes right back, propelled by its inner contradictions.

To prove his case, Nozick asks us to imagine a socialist economy that doles out the same number of dollars to everyone, from bartenders to baggage handlers to basketball players. But then, says our philosopher, what if Wilt Chamberlain ( the Michael Jordan of his day ) decides to demonstrate his basketball prowess on an after-hours basis before adoring fans who are willing to pay him 25 cents apiece for the right to watch. And what if, over the course of a year, four million spectators end up attending these events, pouring a million extra dollars into Chamberlain's pocket.

Mischief and Moonlight

Clearly, says Nozick, if these fans had a right to their equal share of income in the first place, then they must have had a right to spend it the way they wanted to. And if through the exercise of this right they create unequal shares of income ( Wilt will no doubt upset the apple-cart further once he spends some of his million ) , then how can anybody protest without first objecting to the state of equality that led to it?

Nozick imagines even further mischief, like people using their equal incomes to invest in moonlighting businesses. The businesses offer products that people want to buy -- and pretty soon a new class of entrepreneurs is playing hooky from their day jobs, agreeing to forgo wages in return for the right to devote themselves more fully to their night and weekend endeavors. Result: The initial pattern of equality

completely unravels.

Of course, in order to prevent such a disaster from occurring, the state could intervene, declaring that no one has a right to spend his income in such a way as to make anyone better off. But as Nozick puts it, that would mean forbidding capitalist acts between consenting adults. And doing so requires the kind of constant interference in people's lives that we Bill of Rights types would abhor.

But I know what you're thinking. There is still nothing inspiring about a world in which talented people like to squeeze every last buck out of others, even though the others are freely handing those bucks over. Today's anti-Marxist maxim of From Each According to His Ability to Each According to His Greed isn't my cup of tea either. No, I'm an ardent believer in capitalism, mainly because it fully accommodates its polar opposite, socialism, and because it does so by permitting consenting adults to perform capitalist acts the way they see fit.

Pop quiz in the morning. ( the real morning ) .

See ya.

http://www.stern.nyu.edu/~nroubini/asia/AsiaHomepage.html#easteurope

http://www.the-times.co.uk/news/pages/Times/frontpage.html?1124027

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http://www.infobeat.com/stories/cgi/story.cgi?id=2554900768-df5

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oh well...........ya' all have a good LONG weekend and Happy 4th to the Merkans.........you too JD.....you doggone Virginian gone bad ;- )

I'll be in ariZONA being watched by buzzards whilst playing a little stick with Kuston. Should be fun.............

AGULP to all of ya'!

away.......

Éß

Because of the holiday, we published the PM review a day early this week:

http://www.MONEX.com/mt.html

Not much there that hasn't been discussed hereabouts to some degree.