"Debt bomb"with lyrics - must watch video

DEBT BOMB
(Lyrics by Dominic Frisby)

Aw, aw baby, yeah, ooh yeah, huh, listen to this

Mortgages, cars, consumer shite
Government spending all through the night
Pensions and healthcare and welfare rights
Education , wars to fight

Run up a deficit, ignore the facts
Blame someone else, put up tax
I can’t deny we had a crack
But now we gotta pay it back

Debt bomb, debt bomb, you’re a debt bomb uh hu
The addiction to credit just goes on and on and on – give it to me
Debt bomb, debt bomb, you’re a debt bomb
A bail-out ooh you turn me on

You know what you’re doing to me don’t you. ha ha,
I know you do

If you can’t afford it don’t be ill at ease – no
Spend it anyway, you’ve got voters to appease
Take the prudent savers and just give them a squeeze
That’s the economics of Keynes

Quantitative easing, zero interest rates
Steal from the future, hide the bad mistakes
We gotta keep those asset prices high
Don’t matter if the credit’s dry

Debt bomb, debt bomb, you’re a debt bomb uh hu
Try to pay the debt off with inflation
Debt bomb, debt bomb, you’re a debt bomb
Malinvestment ooh you turn me on

A boom brought about by credit will always bust
You’ve then got two choices, decide you must
Abandon the addiction, the credit lust
Or the currency collapses , it just turns to worthless dust

Debt bomb, debt bomb, you’re a debt bomb uh hu
Destroy the country’s money, anything to carry on
Debt bomb, debt bomb, you’re a debt bomb
Bubbles ooh you turn me on

More on the author can be found here: http://dominicfrisby.com

JP Morgan`s Blythe Masters enters defense mode

Blythe Masters, the famous and infamous, depending on who you`re talking to, head of commodity trading desk at J.P. Morgan, made a rare appearance on CNBC today.

She denied blogosphere rumors about J.P. Morgan being involved in silver manipulation, saying "it would be wrong and we don`t do it". She made the case that it might appear so from the outside due to hedging of client positions by having short positions to offset price volatility.

However, it would be most interesting to know who exactly are all those clients she`s talking about. One of the accusations brought about against J.P. Morgan is that the FED is using JP as a proxy to manipulate the silver price. If this is true, J.P. Morgan doesn`t do anything by itself but rather representing a client(the FED), acting as a tool. It`s a well known fact that J.P. Morgan is part of all those closed door FED meetings as you can see in this article written by Lynn Forester de Rothschild and in the picture below. Take note that not only that J.P Morgan shows up among the banks that held closed door FED meetings but it outmatches the other banks by far when it comes to the sheer number of held meetings. 

Blythe concludes the interview on an interesting note, dismissing the need for certain transparency after pandering to the politically correct crowd:

"..the key is to ensure that that regulation is good regulation and with this type of topic the devil is almost always in the details. So in the interest of greater transparency, less systemic risk in the system, less connectivity between major players...on all of those things we feel great strides have been made in advancing regulation to promote those objectives. Having said that, we have to aware of unintended consequences and there`s a real risk of those unintended consequences. For example: if you make it difficult for institution to transact in commodity markets by excessively exposing their actions to the public domain too quickly, it would actually drain liquidity and make it harder for those institutions to hedge."

Of course, if the rumor claiming J.P. Morgan is acting as FED`s proxy in manipulating silver and gold prices is true, "exposing their actions" would severely hamper their ability to play the market.