On the recent Epicurean canoe & camping trip, I and my fellow Epicurean campers had much fine food & drink: grilled steaks, baked potatoes, sour cream, fine wines, cognac, Irish whisky, and s'mores. But as true Epicureans, we also ate much as pioneers might have: dried foods, pemmican, flatbreads and hardtack. In the Epicurean fashion, we added some improved ingredients to "spice up" the otherwise bland food. In the case of hardtack, that was peanut butter & strawberry jelly.
In the course of eating my breakfast of black coffee, pemmican and hardtack with peanut butter & jelly, as adventurous chipmunk spotted a piece of "loaded" hardtack that I dropped. Obviously he was a gourmand and grabbed it, carrying a piece bigger than himself to a safe spot to enjoy.
The photo above shows Chip ... or is that Dale? enjoying the Epicurean treat: hardtack with peanut butter & jelly. We had many visits from enterprising chipmunks to our various campsites. They were welcome and as hardtack is rather crumbly, they obtained some fine food from me.
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Waiting to sell some gold stocks when the signal gets stronger. I'm keeping my physical gold & silver for now.
Word of the Day
"Execrate" - verb, transitive [$10]
Execrate means 1. to declare to be hateful or abhorrent; denounce; 2. to feel loathing for; abhor; 3. to invoke a curse upon.
Sentence: The Tea Party movements unifying principal is to execrate big government. I hope somehow that can be more finely focused onto the Ruling Class power structures.
12 comments:
Bunk...talkin about beefers...what's your thoughts on the Feds Permanent Open Market Operations POMO...
During Treasury auctions there are 18 banks, called Primary Dealers, who are given unprecedented access to US Debt (Treasuries) in terms of pricing and control. These are the BIG BOYS of finance including firms like Goldman Sachs (GS), JP Morgan (JPM), Bank of America (BAC), Credit Suisse (CS), and others.
During its QE 1 Program, the Fed bought over $1.0 trillion in securities from these firms. Its new QE lite program consists of it using the interest and proceeds from the securities in its portfolio that are maturing to buy Treasuries from the Primary Dealers via Permanent Open Market Operations (POMO).
In simple terms, the POMO actions allow the Fed to pump money into Wall Street (by buying Treasuries from the Primary Dealers) without DIRECTLY monetizing Treasury debt (the Treasuries had already been issued). The Primary Dealers then take this fresh capital from the Fed and plow into stocks, forcing the sort of ramp job we saw last week on Friday.
The Primary dealer - Open Market operations programs has been around for decades; it used ot have over 30 primary dealers. I see no problem in it. Th ePrimary Dealer are obligated to bid on all Treasury auctions and then distribute what they have bought to investors. It's an efficient distribution system.
"In simple terms, the POMO actions allow the Fed to pump money into Wall Street (by buying Treasuries from the Primary Dealers) without DIRECTLY monetizing Treasury debt (the Treasuries had already been issued). The Primary Dealers then take this fresh capital from the Fed and plow into stocks, forcing the sort of ramp job we saw last week on Friday."
This paragraph is completely wrong.
1. When the Fed buys, it IS monetizing debt. Fed give NEW cash (Fed Reserves) to Dealer buying.
2. The Primary dealers take that NEW cash to repay whatever overnight loans they took on to buy the Treasuries they sell to the Fed.
3. I doubt is ANY of that money is directly cycled into stocks. But perhaps a bit could fund leverage at Hedge Funds.
re stocks, is there data on margin debt ? Is it exploding up ? That would be an indicator that easy money from the Fed is pumping stocks.
(I have not looked)
"This paragraph is completely wrong." ...obviously among the gourmet faire in camp there was nononono HUMBLE PIE...210/220 whatever it takes.
sheesh, frosty ... my readers are men, not boys. The can take a direct answer.
They don't need a massage or suck up to get ready for the truth.
even maxine waters knows the evil fins use fed skim to fund the prop desk.
"even maxine waters knows"
isn't that an oxymoron ?
The dealers can borrow at Fed Funds rate for anything. Big deal. So can any big bank.
loool you mfs will miss me when Im on my Epicurean golf vacation...my hands are all mf pemmican FORRRRRRE!!!!!!
sorry Mrs B
uh sunboy ... is your golf cart solar powered ? OR do you walk & pay a caddy ?
OK, peace. Make a pitcher of Bunktinis for the course.
;)
peace???..I didnt know we were fighting..lool..packs too heavy..gotta call 911 gets all snarky..lol...LDK heckuva call bob
LDK nonono problemo Spin...in 21549165497 chatter rooms u know....NAILED IT.
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