Beginning of August 2007
Financial TV host flips out over the state of the economy
http://www.youtube.com/watch?v=2eaMj1DPI6U
Drink the Kool Aide - No problem here, just move along.
http://www.youtube.com/watch?v=7RUhBQXvWx4
Cramer "Walk Away" Clarification
http://www.youtube.com/watch?v=FJYcxqjXlkc
Background of current Economic Situation
Failure of the sub-prime market
http://www.youtube.com/watch?v=QmxlDkiYBiI
Mortgage worries plague Wall St.
http://www.youtube.com/watch?v=MMlmCPHkAKc
The Subprime Woes
http://www.youtube.com/watch?v=nTDZU56jLoM
China Delivers US $10 Billion Deal: Hush $$$ For Critics?
http://www.youtube.com/watch?v=HuUaBRndXLU
Bush Has Doubled National Debt with Deficits
http://www.youtube.com/watch?v=lowq9vm412U
Fed not swayed by volatile market
http://www.youtube.com/watch?v=07Lcj0al2wE
China Threatens Dollar Dump. Wants USA to Do Its Bidding. (Aug 8th)
http://www.youtube.com/watch?v=Q85HI77II_A
Terrorist Attack Possible?:
The U.S. of Bushland: Spies like us.
(This could be warning about terrorist attack, could hide market blow up.)
http://www.youtube.com/watch?v=SQbYENgHJ2o
Number of US Troops in Iraq Reaches All-Time High
(And we have huge number of troops out, door is open.)
http://www.voanews.com/english/2007-08-07-voa74.cfm
Bush Press Conference August 09, 2007 (pt 1)
http://www.youtube.com/watch?v=YA-PGwDi69s
Reading Materials:
Mish's Global Economic Trend Analysis
http://globaleconomicanalysis.blogspot.com/
Banks are in the dark as debt horror story unfolds - (Friday August 10, 2007)
http://business.guardian.co.uk/story/0,,2145760,00.html
World shares fall on credit fears
http://news.bbc.co.uk/2/hi/business/6939757.stm
Credit Crunch Not Going Away
http://www.minyanville.com/articles/ECB-credit+crunch-banks-foreclosures/inde...
Wiki:
US Economy
http://en.wikipedia.org/wiki/US_Economy
Government Debt
http://en.wikipedia.org/wiki/Government_debt
Reserve Currency
http://en.wikipedia.org/wiki/Reserve_currency
Globalization
http://en.wikipedia.org/wiki/Globalization
Absolute Advantage
http://en.wikipedia.org/wiki/Absolute_advantage
Implode O Meter - Hedge Fund
http://hf-implode.com/
Implode O Meter - Housing
http://ml-implode.com/
Judge Franklin R. Taft Denies Ml-Implode Motion To Strike via Anti-SLAPP
http://ml-implode.com/viewnews/2007-07-26_JudgeFranklinR.TaftDeniesMlImplodeM...
Adam Smith -- The Wealth of Nations
http://www.amazon.com/Wealth-Nations-Bantam-Classics/dp/0553585975/
The Creature from Jekyll Island: A Second Look at the Federal Reserve
http://www.amazon.com/Creature-Jekyll-Island-Federal-Reserve/dp/0912986395/
The main fallacy in monetary theory and policy is the confusion of money and wealth. ... Money -- and financial assets easily converted to money -- may not be wealth for society as a whole if the production of goods and services has not kept pace with claims on it. Early spenders may have some success, but inflation will dilute the buying power of others. The bottom line is that real wealth has to be produced; it can't be printed.
—Bob McTeer, former Fed governor (found at BadMacro)
Page 43
Every man is rich or poor according to the degree in which he can afford to enjoy the necessaries, conveniences, and amusements of human life. But after the division of labour has once thoroughly taken place, it is but a very small part of these with which a man's own labour can supply him. The far greater part of them he must derive from the labour of other people, and he must be rich or poor according to the quantity of that labour which he can command, or which he can afford to purchase. The value of any commodity, therefore, to the person who possesses it, and who means not to use or consume it himself, but to exchange it for other commodieties, is equal to the quantity of labour which it enables him to purchase or command. Labour, therefore, is the real measure of exchangeable value of all commodities.
- Adam Smith, Page 43, The Wealth of Nations, Bantam Classics
The last part is most important:
Labour, therefore, is the real measure of exchangeable value of all commodities.
This is why the market is a force of nature. At its base level it represents energy in and energy out. Use your own theory about Money. But 20 dollars of labor earned 20 years ago isn't worth the same labor (energy). Someone is stealing the value of your labor right out of your pocket.
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A Funny Fed Story- with a Ron Paul endingby orcapod3,453 views
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