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Thread: The Official Bendis Board 2012 Presidential Campaign Thread

  1. #4041
    ~*~ DISNEY PRINCESS ~*~ Taxman's Avatar
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    Re: The Official Bendis Board 2012 Presidential Campaign Thread

    Quote Originally Posted by Ray G. View Post
    Obama apparently said it's time for Assad to go.
    What brilliant advisers he must have had to come up with something like this.
    Taxman


  2. #4042
    ~*~ DISNEY PRINCESS ~*~ Taxman's Avatar
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    Re: The Official Bendis Board 2012 Presidential Campaign Thread

    Quote Originally Posted by Ray G. View Post
    Obama apparently said it's time for Asgard to go.
    Norman Osborn was right!
    Taxman


  3. #4043
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    Re: The Official Bendis Board 2012 Presidential Campaign Thread

    Quote Originally Posted by Ryan F View Post
    I think the word "quietly" makes this quite a bit different from 10 years ago.
    I hope your right

  4. #4044
    Lord of the OOMPH!!! Ray G.'s Avatar
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    Re: The Official Bendis Board 2012 Presidential Campaign Thread

    "The Lorax" has somehow managed to piss off both sides.

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  5. #4045
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    Re: The Official Bendis Board 2012 Presidential Campaign Thread



    He needs to stop trying to talk like "Average Joe". It doesn't work.
    Sites that may or may not interest you..

  6. #4046
    GODFATHER Brian Defferding's Avatar
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    Re: The Official Bendis Board 2012 Presidential Campaign Thread

    http://www.forbes.com/sites/louiswoo...ar-is-falling/

    Gasoline Prices Are Not Rising, the Dollar Is Falling
    Louis Woodhill, Contributor

    Panic is in the air as gasoline prices move above $4.00 per gallon. Politicians and pundits are rounding up the usual suspects, looking for someone or something to blame for this latest outrage to middle class family budgets. In a rare display of bipartisanship, President Obama and Speaker of the House John Boehner are both wringing their hands over the prospect of seeing their newly extended Social Security tax cut gobbled up by rising gasoline costs.

    Unfortunately, the talking heads that are trying to explain the reasons for high oil prices are missing one tiny detail. Oil prices aren’t high right now. In fact, they are unusually low. Gasoline prices would have to rise by another $0.65 to $0.75 per gallon from where they are now just to be “normal”. And, because gasoline prices are low right now, it is very likely that they are going to go up more—perhaps a lot more.

    What the politicians, analysts, and pundits are missing is that prices are ratios. Gasoline prices reflect crude oil prices, so let’s use West Texas Intermediate (WTI) crude oil to illustrate this crucial point.

    As this is written, West Texas Intermediate crude oil (WTI) is trading at $105.88/bbl. All this means is that the market value of a barrel of WTI is 105.88 times the market value of “the dollar”. It is also true that WTI is trading at €79.95/bbl, ¥8,439.69/barrel, and £67.13/bbl. In all of these cases, the market value of WTI is the same. What is different in each case is the value of the monetary unit (euros, yen, and British pounds, respectively) being used to calculate the ratio that expresses the price.

    In terms of judging whether the price of WTI is high or low, here is the price that truly matters: 0.0602 ounces of gold per barrel (which can be written as Au0.0602/bbl). What this number means is that, right now, a barrel of WTI has the same market value as 0.0602 ounces of gold.

    During the 493 months since January 1, 1971, the price of WTI has averaged Au0.0732/bbl. It has been higher than that during 225 of those months and lower than that during 268 of those months. Plotted as a graph, the line representing the price of a barrel of oil in terms of gold has crossed the horizontal line representing the long-term average price (Au0.0732/bbl) 29 times.

    At Au0.0602/bbl, today’s WTI price is only 82% of its average over the past 41+ years. Assuming that gold prices remained at today’s $1,759.30/oz, WTI prices would have to rise by about 22%, to $128.86/bbl, in order to reach their long-term average in terms of gold. As mentioned earlier, such an increase would drive up retail gasoline prices by somewhere between $0.65 and $0.75 per gallon.

    At this point, we can be certain that, unless gold prices come down, gasoline prices are going to go up—by a lot. And, because the dollar is currently a floating, undefined, fiat currency, there is no inherent limit to how far the price of gold in dollars can rise, and therefore no ultimate ceiling on gasoline prices.

    Federal Reserve Chairman Ben Bernanke uses a “core CPI index” that excludes food and energy to guide monetary policy. From Big Ben’s point of view, rising gasoline prices are not a problem. For the rest of us, they are becoming a big problem.

    Over the centuries, gold has been “the golden constant”. Eventually, all prices equilibrate with gold. This is why gold represents the best available standard in terms of which to define the value of a monetary unit. Forty-one years ago, when the value of the dollar was defined in terms of gold at $35/oz, WTI was selling for $3.56/bbl.

    Right now, the threat posed by rising gasoline prices is not just to family budgets. An even greater danger is that the government will use escalating oil prices as an excuse to do something stupid.

    After President Nixon abrogated the Bretton Woods monetary arrangement in stages starting in September 1971, both gold prices and oil prices started to rise. The government responded by imposing wage-price controls. This made a bad situation much worse.
    More provided at the link.
    Brian Defferding
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  7. #4047
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    Re: The Official Bendis Board 2012 Presidential Campaign Thread

    Quote Originally Posted by Brian Defferding View Post
    I still fail to see why there is any inherent value in using gold as a standard. It is subject to supply and demand just like any thing else. The Spanish Empire faced massive inflation in the late 1500s because it brought back all the gold it discovered in the New World but had no underlying economic strength.
    Last edited by Sarcoidosis; 02-24-2012 at 06:44 PM. Reason: Years were wrong.

  8. #4048
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    Re: The Official Bendis Board 2012 Presidential Campaign Thread

    The mathematical equation that caused the banks to crash

    Anyone who has followed the crisis will understand that the real economy of businesses and commodities is being upstaged by complicated financial instruments known as derivatives. These are not money or goods. They are investments in investments, bets about bets. Derivatives created a booming global economy, but they also led to turbulent markets, the credit crunch, the near collapse of the banking system and the economic slump. And it was the Black-Scholes equation that opened up the world of derivatives.

    The equation itself wasn't the real problem. It was useful, it was precise, and its limitations were clearly stated. It provided an industry-standard method to assess the likely value of a financial derivative. So derivatives could be traded before they matured. The formula was fine if you used it sensibly and abandoned it when market conditions weren't appropriate. The trouble was its potential for abuse. It allowed derivatives to become commodities that could be traded in their own right. The financial sector called it the Midas Formula and saw it as a recipe for making everything turn to gold. But the markets forgot how the story of King Midas ended.
    This article has a good discussion of the basic assumptions underlying this and other models commonly used in economics.

  9. #4049
    GODFATHER Brian Defferding's Avatar
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    Re: The Official Bendis Board 2012 Presidential Campaign Thread

    Quote Originally Posted by Sarcoidosis View Post
    I still fail to see why there is any inherent value in using gold as a standard. It is subject to supply and demand just like any thing else. The Spanish Empire faced massive inflation in the late 1500s because it brought back all the gold it discovered in the New World but had no underlying economic strength.
    While I don't disagree with you regarding the Spanish Empire's gold, the point of the article is regarding the measuring from comparing one commodity - oil - to another commodity - gold. And it's not just simply "any" commodity, it's commodities that are common enough that mainstream markets prescribe an average value on important enough to which we watch like a hawk.

    Market values do not reflect the same values from a centrally-powered bank or a government. Would you agree?
    Brian Defferding
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  10. #4050
    Hard Boiled michealdark's Avatar
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    Re: The Official Bendis Board 2012 Presidential Campaign Thread

    Quote Originally Posted by I've Got the Monkeys View Post
    uh-oh:
    He's lucky he wasn't in Philly. That's ECW country. They would have thrown cheese graters at him while chanting that his wife's a crack whore.
    Quote Originally Posted by Shel Silverstein
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