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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (41122)	11/14/2005 10:22:28 PM
From: Chispas	Read Replies (1) \| Respond to of 116555

Talk about "gaps" - Just punnin' : "The Federal Reserve today announced that it had noticed that there had been an accounting error in the M-3 numbers. Alan Greenspan was clearing up his desk just before retirement when he noticed that M-3 had increased more than 5 Trillion dollars during his tenure. As a result an investigation was instigated that discovered that the intern who punches the weekly money issue into the FED computer thought that nine zeroes was a trillion not a billion. The actual increase in the money supply should have been only 5 billion dollars. A Federal reserve spokesman said that all bank accounts in the US will be frozen until tomorrow morning. During the night the decimal point in everyones bank account will be moved three places to the left. For example anyone who currently has 10,000 USD will have $10 tomorrow morning. The spokesman said that people should not get upset because this was a banking error and they shouldn’t have had the money in the first place.'No one has lost anything' he said, 'they will just be back to what they should have had if we had not made this mistake'. The spokesman said that the President was speaking in person to the Chinese and the Japanese Premiers to explain why their reserves had just gone down by a factor of one thousand also. Scot McClelland, in a press conference, said that the Chinese and Japanese Prime Ministers were grown men and they should be able to understand that mistakes like this can happen. He made reference to GM, Fannie Mae, Freddie Mac, AIG, Shell, WorldCom, Enron and Refco to show how easy it is to make honest mistakes in accounting these days. Senior Management at Goldman Sachs apparently will not be affected because they recently switched their holding into Euros ten minutes before the FED made the announcement. A spokesman for Goldman Sachs said that claims that they received inside information in advance is preposterous. 'We just thought based on our technical analysis that the Euro looked undervalued' he said. In a related announcement the FED said the same intern had been responsible for the inventory of gold stock held at Fort Knox. An accounting error has led to an over-statement of the gold held. It is actually 8 ozs not 8 kilo-tonnes as previously stated. As a result the 8 coins will be held in the bottom left hand draw of Alan Greenspan’s desk and Fort Knox will be converted into an amusement park by Disney. The Dow Jones rose 550 points on the announcement because analysts said that the market had largely discounted that the increase in the money supply was bogus. One trader said 'The FED has basically eliminated all that inflation. It was just an accounting error. Quite frankly the market would have rallied more accept that no one has money left in their accounts to be able to invest'." –END ........................ From Golden-Beagle, 20:24