Chat with Joe Ross
U.S. Chat log from: Wednesday, February 3, 2010
Live Chat with Joe starts Wednesday at 8.00 PM U.S. Central Time! |
| joeross joined. | |
| joeross | Good evening one and all |
| marsh | Hi Joe. Hi Everybody. |
| sprink | Hi |
| Moose | Greetings Joe & everyone |
| Joy | Dear Joe: Good evening to you! I hope you found some time to rest and have supper after tutoring today. |
| johnaj1 | Hi Joe |
| joeross | Joy: I did take a very light nap |
| Joy | Joe: Oh good... you deserve it. And I forgot to thank you this after for the WONDERFUL seminar last Thursday. It was awesome! :) |
| joeross | Thanks, Joy. |
| joeross | So far, the world hasn't ended but I think we are getting closer. At least the world as we have known it seems well on the way out. We might get regulated to the point we have to open foreign accounts and trade overseas. |
| John_G | ..what'd I miss ? the end of the world, whoa.... |
| Joy | Joe: Europe (under UK, France and Germany) is also increasing regulation, isn't it? Do you think there are good markets left? |
| joeross | Joy: I don't know. I just have a sneaking suspicion our idiotic government is about to drive the markets offshore. |
| joeross | You might have to get up in the middle of the night to trade in Asia, just as they have to do now to trade in the US. |
| joeross | I hope you don't mind working the graveyard shift. |
| joeross | The markets will go where they are treated the best, and the could very well be elsewhere. |
| John_G | Joe: do you mean the exchanges as well...? |
| John_G | or just the "Markets" ? |
| joeross | john: The markets, will move to friendlier exchanges. Just like the bund moved to Eurex when it wasn't treated well at the London Exchange |
| joeross | The US exchanges will become ghost towns. |
| Joy | Joe: The proposed budget includes capital gain tax increase, which will also discourage trading and investment. |
| John_G | what is this regulation that has this conversation started...? |
| joeross | Congress wants to tax trading. The CFTC wants to change forex leverage from 100 to 1 down to 10 to 1. |
| joeross | john: NOthing yet, just proposed stuff |
| joeross | But where there's smoke, there's fire |
| John_G | Joe: thanks, I got in late in this... sounds VERY important |
| Marco-Inf | Joe...the NFA and the CFTC are trying to push Forex out because they make no money on it |
| Marco-Inf | no exhcnage fee |
| Marco-Inf | no NFA fee |
| Marco-Inf | that's a ton of profit they are missing out on |
| Ted | Add to this the tax on trading above 100k |
| joeross | If they succeed, a lot of business will leave the US |
| johnaj1 | Hi airtime |
| joeross | If they tax the big traders away, the markets will dry up. The markets are moved by the big guys, not by the little pipsqueaks that most of us are. |
| John_G | hey, I resemble that remark ! |
| airtime250 | Hi John...Hi all! |
| joeross | Hi air |
| John_G | hello hello |
| John_G | so if you wanted to move a Market, how long would it take ? I mean, you can't fit it all in a box !!! |
| John_G | ..new shores, new regulations, new paperwork, how long would it take...? |
| joeross | John: You could do it in a very short time. All some other country has to do is to start trading in gold, or silver or a currency, or whatever. If they give more favorable returns -- a better trading situation, traders would abandon the US like rats leaving a sinking ship. |
| John_G | ...got it... |
| joeross | That's what happened with the German bund which was the biggest contract traded in London for many years. |
| joeross | The traders will do the moving, not the exchanges |
| joeross | CME is not going to open in Hong Kong. Hong Kong will simply start trading corn, beans, metals, interest rates, etcl |
| marsh | That will be a big loss of income for Chicago. |
| John_G | Aiyo ! |
| joeross | A bit of inside information: There are brokers right now setting up shop in Hong Kong with exactly that in mind. |
| joeross | marsh: Chicago would become another Detroit. |
| John_G | ...makes sense. Darn - and I was just starting to like Turtle Island |
| Ted | I attended a 4x class the other day where the instructor suggested open an account in Switzerland at MIG Bank which, he said, are going to begin trading instruments other than 4x |
| Joy | Joe: Wow! Hong Kong is perfectly situated and used to English markets --- not to say the gate to China. |
| joeross | It's like the US is committing suicide in a number of areas |
| John_G | ...like Rome... |
| c3 | naw....US is too big to fail |
| marsh | They think they are going after the "rich", but actually they are attacking everybody but the "rich" |
| joeross | Hillary Billiary Clinton is hell-bent on forcing gun-control on us and she has it within reach. |
| John_G | ::glare |
| Ted | It wont fail - it will become a 3rd world country |
| c3 | jk |
| joeross | The US is bankrupt, but no one seems to do anything about it. |
| John_G | yea, I've been confused about that, but then, isn't confusion where "they" want us...? |
| joeross | Ted: That could be, but we don't have the weather here to grow bananas, so we won't become a banana republic. |
| marsh | It's like when they had such a big luxury tax on yachts, people stopped buying them, and yacht related workers became unemployed. |
| joeross | When you add it all up, we owe or will owe $200 trillion. |
| Joy | marsh: Good point! It's always the rest of us suffer and foot the bill. |
| sdavis | We are being run like Kenya |
| joeross | But the big O will save the day with $250 billion for small business. He wil do that while he spends another 7 trillion during his presidency. This is like the guy who eats 3 big Macs and then to make himself feel better he buys a diet coke. |
| airtime250 | The deficit numbers are getting so large that one almost becomes numb to the gravity of the situation... |
| airtime250 | $200 Trillion...How much is that really? |
| joeross | air: We are being numbed down and dumbed down |
| drago | is comming the time for china to rule the world |
| marsh | And the banks the gov bailed out are passing out huge multimillion dollar bonuses. While not paying us back! |
| joeross | marsh: Right. AIG just did that. They paid out millions to the traders who created the mess in the first place |
| Ted | Is it really possible that half of congress and a majority of the senate do not know what they are doing? Sure there is another point of view, but is the Dem program program unworkable? Spend now to save economy and be fiscally consesrvative once economy is back? I am not an economist - just asking. |
| johnaj1 | From all these depressing news how can we benefit? If the economy is falling off the cliff should we all go into cash? |
| Mark | The comedian Ron White says it best. You can't fix stupid. |
| airtime250 | Ted: I think fiscally conservative is long gone from our legislators vocabulary... |
| marsh | Most congresscritters don't read bills they vote on. They just follow the orders of the lobbiest who paid them the most. |
| sdavis | Ask your local community organizer. He should be able to help you. |
| joeross | Ted: The truth is that Congress is not even in control anymore. This country is being run by the FED, in particular the NY FED, and Geithner, Summers, and Goldman Sachs--all of them are agents of the 23 families that have in mind to run the world. Their main interest right now is to trash the US sovereignty, and bring the US under the wings of the UN. |
| joeross | That's part of their plan for one world govt. using the UN |
| airtime250 | Johnaj1 makes a good point...there is opportunity in change if we are wise enough to put our skills to work in the right area. |
| John_G | So Joe: Back to Trading in this country - this year, next year, anytime "soon" we might have to pack it up...? |
| joeross | johnaj1: For sure you should get everything you can into something other than US dollars. |
| Joy | Joe: So would this little dollar rally be the good time to change to other currency base? |
| joeross | Joy: Yes, but do not change to the euro. The euro is going to be like the dollar was in 2009. |
| Mark | What currencies are the better candidates? |
| airtime250 | Joe: I've been patiently waiting for this rally in the US dollar to do so. What are some of the best looking currencies now? |
| joeross | Mark: This is a good time to buy AUD, Indian Rupee, CAD, BRL |
| Joy | Joe: Ah right, thank you so much! |
| Moose | BRL? |
| Mark | I see Canada from my living room window. |
| airtime250 | Mark: You do...eh? |
| John_G | Joe: back to trading in this country...one, maybe two more years, and then who knows....? |
| Mark | YUP! |
| joeross | Moose: Brazilain Real (BRL). Also you can double short the euro by buying an ETF symbol EUO |
| joeross | John_G: Maybe 10 years, who knows or 10 days. |
| sdavis | CFTC wants to restrict forex leverage to 10:1 so that opportunity to escape might be eliminated |
| John_G | ...I see. Thanks kind sir... |
| joeross | It could happen any day. The other day I found a list (20 items, I think) any one of which could start the dominoes falling. |
| John_G | this list private...? |
| John_G | ...sounds real |
| joeross | We are at a precipice, and any one of the things on the list could push us over. |
| John_G | ...true |
| John_G | ....possible.. |
| joeross | It's not private. |
| Mark | I'd sure like to see the CAD go back to .6400 |
| johnaj1 | Joe are you going to share the 20 items ? |
| John_G | Joe: I'd be honored to read that list... |
| John_G | ...got it on a blog or....? |
| joeross | Hold on, I'll see if I can dig it out. I have so much stuff on my PC I sometimes can't find thngs. |
| joeross | Ready, here comes the list: |
| joeross | One item at a time: |
| John_G | go for it... |
| joeross | Federal Budget Deficit Bomb |
| joeross | U.S. Foreign Trade Bomb. |
| joeross | Weakening U.S. Dollar as Foreign Reserve Currency Bomb |
| joeross | I call them bombs coz any one of them could be the explosion that creates a global melt down |
| joeross | Here's more |
| joeross | Cheap money Bomb |
| joeross | Global Reas Estate Bomb |
| joeross | Peak Oil and Population Bomb |
| joeross | Social Security Bomb |
| joeross | Medicare Bomb |
| joeross | Health-care Insurance Bomb |
| joeross | State and local government Bomb |
| joeross | Underfunded corporate pension Bomb |
| joeross | Consumer debt Bomb |
| joeross | Personal Savings Bomb |
| joeross | War and military defense deficits Bomb |
| joeross | Homland INSECURITY Bomb |
| joeross | Fed/Treasury Bailout Bombs |
| joeross | Insatiable Washington Lobbyists Bomb |
| joeross | Shadow Banking : Derivitaves Bomb |
| joeross | Dysfunctional two-party political Bomb |
| joeross | The coming populous rebellion Bomb |
| joeross | That's 20 |
| John_G | amen |
| joeross | wow that drove a few people away. |
| marsh | How about China cashing in all of our US Treasury Bonds they hold? |
| Mark | LOL |
| joeross | People just can't stand the truth. |
| John_G | ...too much heat in the kitchen |
| joeross | marsh: That's a good one and also the China real estate bubble Bomb |
| Mark | Joe, I'm looking forward to your seminar in March. |
| johnaj1 | That is great insight into the future Thanks Joe |
| drago | Greece, Portugal, Spain , Italy Bomb |
| joeross | Are you aware that in China people buy apartments with no hope of renting them, just to be able to say they own them? |
| John_G | mirrors the american "dream"... |
| Ted | This list is all of the things that the O is talking about fixing. Question is, without any ad hominems, are his remedies workable? Even if some of them are not, and I am not an O fan, some of them may well be workable. |
| John_G | Ted, whatever, whomever, we can't just "sit". Someone, everyone has to try...to the best of our ability and knowledge.. |
| joeross | Ted: Like I said, he is buying a diet coke so he won't feel guilty about wolfing down 3 big Macs |
| Ted | John, try what? |
| John_G | to "fix", to "cure", to "change" -- whatever faces us |
| Moose | How do u fix the shadow banking bomb without causing market insecurity?? |
| Ted | are we just going to replace the current govt with another just as bad? |
| John_G | I'm ot arguing, i'm agreeing...) |
| joeross | John_G: There is one thing we can try before it is too late. In November we vote out the entire House of Representatives, every darn one of them (coz they're all guilty) and vote out 1/3rd of the Senate |
| Mark | Amen Joe |
| joeross | Two years later we can dump the other 1/3rd of the Senate and in 2014 we can get rid of the final 1/3rd. |
| John_G | sounds like a plan... |
| Ted | Joe - who is leading this effort with which I fully agree - I am 70 years old and too old to begin the fight |
| Mark | I'm not going to vote for any incumbant this time around. |
| joeross | If that doesn't happen the next step will be pretty bloody. |
| Ted | .Every rebellion needs a leader |
| Mark | Ted if Ron Paul can fight so can You. |
| joeross | Ted: I'm 74 or 47, depending on how my dyslexia is working, and I'm going to vote to throw them all out. |
| marsh | The Anti-Incumbant Party |
| joeross | Our weapon is the ballot |
| Ted | I want more than your votes - I want yo to motivate everyone yoou know to do the same and find local government leaders who have proven themselves to provide leadership to run |
| joeross | If that doesn't work.....people may resort to the gun |
| joeross | Ted: I sent that idea of voting them all out to everyone on my mailing list |
| joeross | I just hope it catches on. |
| Ted | its a start |
| marsh | Tell them that they should send it to ten of their friends. And if they don't, the end of America will happen. |
| marsh | Which will be no lie. |
| Ted | But just as the big O stood up and was the front man - we need a front man |
| drago | you are welcome in mexico |
| joeross | Ted: Ron Paul is a good front man. |
| joeross | drago: I may be there sooner than you think |
| marsh | I like Ron Paul, Dennis Kuchinich and Ralph Nadar. |
| drago | really? tell me about that please |
| Ted | Nadar pulled off a big one years ago - we need someone like that now |
| joeross | Wow! I lost track of the time. |
| John_G | BIG thanks Joe |
| joeross | See you next week, if they dont' drag me off and stuff me away in Gitmo |
| marsh | Joe, is there a list of the 23 families that rule the world somewhere on the Internet, and can you give us the link? |
| airtime250 | Thanks Joe! |
| marsh | Yeah, you said something illegal. Change the country with a vote! |
| Ted | I guess the problem we face is gtreater than the problems of trading for us |
| joeross | marsh: I don't think there is a list, but some of the names are out there. I've seen some of that stuff on YouTube. |
| joeross | One name for certain is Rothchild. |
| drago | mexico when? |
| marsh | OK, thanks |
| Moose | I ask again.....how do u defuse the shadow banking bomb wothout causing marhet insecurity? And I add how do you control corporate executive greed w/o the same result? |
| John_G | ...and there is a book too, Marsh, I forget it now, but will have it for next time... |
| Mark | Want to know who owns the Federal Reserve? |
| marsh | Queen of England. Rockerfellers. |
| vcctx | wonder where soros fits in |
| joeross | Moose: If we don't bite the bullet now, it will bite us later. Nothing can save the banking system in the long run |
| joeross | Prince Charles--definitely one of them. Almost all are European. |
| joeross | Good night everyone. |
| sprink | Nite Joe |
| johnaj1 | Thanks Joe. |
| marsh | "night Joe. Thanks. |
| Ted | thanks Joe - enlightening discussion |
| Moose | Isn't that what obama is trying to do? Explain pls. |
| airtime250 | Good Night Joe...Good Night all |
| joeross left. |
Next Chat with
Joe Ross:
Wednesday, February 10, 2010
Time: 8:00 - 9:00 P.M., U.S. Central Time.
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