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Strategies & Market Trends : John Pitera's Market Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Jorj X Mckie who wrote (10350)	10/22/2008 5:47:54 PM
From: ggersh	Respond to of 33421

"The system would work if we let it." "If" of course being the most important word....

To: Jorj X Mckie who wrote (10350)	10/23/2008 2:13:15 AM
From: John Pitera	Read Replies (1) \| Respond to of 33421

Well stated Jorj!!!!.... I agree. JP

To: Jorj X Mckie who wrote (10350)	10/23/2008 8:24:41 AM
From: Cogito Ergo Sum	1 Recommendation Read Replies (2) \| Respond to of 33421

While I agree that it (correction) is going (needs) to run it's course and it is incredible hubris to think otherwise.. It is also not right to see the scammers and perpetrators walk off into a golden sunset on the backs of hardworking Americans (Or Canucks or whomever) who's only crime was doing their jobs and working hard.. But their wings have gotten rusted :o( The Black Swan

To: Jorj X Mckie who wrote (10350)	10/24/2008 1:33:57 AM
From: John Pitera	Read Replies (1) \| Respond to of 33421

Hi Tom, I agree with you on every level...except that we have let such grand and eggretious abuses exist for way too long... of using the CB'S as a backstop and a put.. all the way back to 1987, and actually back to 1980 when the Government told the Hunt's and other Silver long positions that they could not add to longs only close them out. what would have happened had Silver gone to 100 or 200? at that point the US dollar was the weak and ugly duckling compared hard assets, Swiss Francs, etc. The system should have taken that hit way back then when you see the media from back then.... watch the movie "ROLLOVER" with Jane Fonda and Kris Kristofferson, But their was intervention to stop the overall system collapse when currencies become fiat currencies, not backed by anything. I have talked with Chip McVikar on this thread back in 2002 or 2003 that what we have experienced since the collapse of Bretton Woods and totally free floating currencies would result in this type of greater boom and greater bust blow out. Back in 1998 and 1999, I spent time posting on Luc's Clown thread because Lance Lewis and many others saw these extremes building up during the second half of the 1990's. The reason that I fell we can not revert to a totally free market approach at this juncture is that we have set the global financial system up for way to big of a collapse. One in which you can not get electricity to your home. Have a Police department there to come when you call them, hospitals working when you need them. I have had to make concessions to my free market idealogy to acknowledge that we have to have a structured and governmentally supported approach out of these excesses/ and break downs. Ron Cherkow's biography of our original central banker "Alexander Hamilton" will help us feed our soul as to where American has come from. Alexander Hamilton, born out of wedlock in the islands in the Carribean, was empowered by a female relative to attend US continental schools and he went on to be the Washington's "Aid de camp... Chief of staff, who literally created each and every written initiative of General Washington during the Revolutionary war. Washington told him what he wanted and Hamilton fashioned the precise wording that went out to the Military, Congress, Foreign friendly nations et al...... Hamilton believed firmly in the need of a national bank to advance the direction of the Country and to help secure loans and financing for a number of the Infrastructure projects that enabled the USA to become the global player it has become. Hamilton became our first Secretary of the Treasury and he was very active in creating banking stuctures that stand until this day. Hamilton understood the serious and substantial power of central banks and from all of my research did not take advantage of the power of the office or the bank. The dueling pistols that took Hamilton's life by Vice President Aaron Burr where located on the 17th floor of the Chase Manahattan building when I worked their in the late 1980's on the currency trading floor (35th). (#1 Chase Manahattan Plaza -- 2 blocks north of the NYSE.) I have gained respect for Hamilton over the years and I believe we, as a *proactive nation need to empower our leaders to lead, under times of duress.* 2008 has certainly proved to be one of those times. John