Jim,
This is an interesting perspective on China’s future that seems to run contrary to the views that you and Monty have expressed. This is just one man’s opinion so I guess you can take it with a grain of salt. Nevertheless, it seems to have a ring of truth.
All the best,
CIGA Black Swan
Dear CIGA Black Swan,
Have you seen many US or European media articles that have ever had a good word for China?
Bubbles are built when monetary stimulation grows in excess of consumptive BASE. You can have overall sales down with an expanding consumption base when you have billions of people in your population of which a significant growing amount are entering the consumer BASE on a continuing basis.
You can have a lower percentage year to year entering with the number of people still growing significantly.
Westerners do not understand the China/India formula that defuses or makes their bubbles quite ineffective.
That is why Asia is in the process of overtaking the West – for both my own and my kid’s lifetime.
You are reading xenophobic and/or MOPE articles, both quite popular in the US and Euroland.
Jim
Jim,
The games go on and on. Now an EFP stands for Exchange for Paper instead of Exchange for Physical. Cutting Au via fineness tricks is another long-standing game. Maybe this can be tried with soft commodities and the hungry of the world. It would offer a very timely solution to global poverty, no? To call these people Monsters is too mundane a terminology.
Stand for delivery now or face the wrath of these killers. First the banks, the hedgies and now even the registered exchanges have been corrupted. There is only one thing to tell your banker/broker – "In my hand where I can hold it, please… no stories no promises, no pacifying techniques." Never has a one ounce coin felt so good to hold. It feels more real every day.
Respectfully yours,
CIGA Pedro
"Contracts can essentially be settled without going through the COMEX warehouse. Futures contracts and a physical commodity equivalent can be exchanged outside of the exchange and an EFP form can be filed to the clearing department at the COMEX. What’s more, the physical commodity doesn’t have to meet the specification of the COMEX Gold Contract of being a 100 troy ounce bar or three 1Kg bars of .995 fineness…Exchange Rule 104.36, which governs exchange of futures for physicals (‘EFP’) transactions on the COMEX Division, refers to a ‘physical commodity’ as one of the required components of an EFP transaction but also indicates that the physical commodity need only be substantially the economic equivalent of the futures contract being exchanged."
Jim,
Maybe they were attempting to clear some of their OTC derivatives on this poor guys debit card!
CIGA Marc
CIGA Marc,
Who knows. Considering taxes this may well, along with hyperinflation, cost that much someday soon.
Jim
Man Charged $23 Quadrillion for Smokes
MANCHESTER, N.H. (July 15) – A New Hampshire man says he swiped his debit card at a gas station to buy a pack of cigarettes and was charged over $23 quadrillion dollars.
Josh Muszynski checked his account online a few hours later and saw the 17-digit number — a stunning $23,148,855,308,184,500.
Muszynski says he spent two hours on the phone with Bank of America trying to sort out the string of numbers and the $15 overdraft fee.
