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ARCHIVED DISCUSSION FROM 12/25/1999
All times are U.S. Mountain Time
View Yesterday's Discussion.
Netking
(12/25/99; 23:58:27MDT - Msg ID:21649)
GATA:"Barrick suppresing gold price?"
12:33a EST Saturday, December 25, 1999
Dear Friend of GATA and Gold:
Our good friend Arthur Hailey of novel-writing fame has
gotten himself and GATA into the National Post's
Financial Post section in his native Canada, striking
another blow for the gold cause. The story follows.
Please post it as seems useful.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
* * *
Arthur Hailey takes aim at Barrick,
accuses miner of suppressing the gold price
By Keith Damsell
Financial Post (National Post, Canada)
December 24, 1999
In a storyline worthy of one of his own novels, writer
Arthur Hailey is alleging that Barrick Gold Corp. is
part of a conspiracy to keep gold prices depressed.
Mr. Hailey, author of a long list of best-sellers
including "Hotel" and "Airport," claims the Toronto
gold giant's aggressive hedging program has aided the
precious metal's decline.
"I was and am critical of Barrick," said the 79-year-
old writer in an interview from his home in the
Bahamas. He recently dumped his 4,600 shares in the
company. "Without a doubt there's been a great deal of
misuse of gold that's holding the price down," he said.
Barrick contends that its plan is trouble-free. About
12.5-million ounces of gold, about three years of
production, have been sold forward at $385. The company
can defer forward contracts for up to 15 years.
"From our point of view, (hedging) doesn't affect the
gold market at all," said Vince Borg, a Barrick
spokesman. A spokesman also told Business Week
magazine that gold bugs like Mr. Hailey "tend to believe
there's a conspiracy under every piece of ore moved."
In an October letter-writing campaign, Mr. Hailey and
dozens of members of the Gold Anti-Trust Action
Committee urged Barrick and other gold majors to end
their forward-selling programs. GATA, a Dallas-based
lobby group, alleges that a worldwide conspiracy has
controlled the price and supply of gold and gold-linked
securities.
Barrick's hedging program is the envy of the industry.
Its "premium gold sales program" has generated more
than $1-billion (all figures in U.S. dollars) in additional
revenue over the past 11 years.
To protect themselves against declines in gold prices,
Barrick and other producers borrow gold from central
banks at low interest rates, then use the money to
acquire better-performing bonds. In theory, the
"contango," the spread between bond yields and the
leasing price of gold, provides a risk-free growth
strategy.
The problem is that some producers were caught off
guard when gold unexpectedly surged to $339 an ounce
in October.
The jump has left Ghana's Ashanti Goldfields Co. Ltd.
and Cambior Inc. of Montreal struggling to cover
millions in creditor claims.
Gold has since slumped to the $285 level. Nevertheless,
many hedgers and short-sellers remain "in a bind," said
Mr. Hailey. "The price going up has made life very
difficult," he said.
The assurances have failed to convince Mr. Hailey,
whose 1997 urban thriller "Detective" sold millions.
So will he be turning his writing talents to the murky
gold trade?
"The answer is no. I'm sure there's a story there, but
I won't be the one to write it."
-END-
Strad Master
(12/25/99; 23:07:12MDT - Msg ID:21648)
Christmas Wishes
I know it is a little bit late, but this is the first chance I've had to post. My warmest best wishes to everyone here who celebrates Christmas. I hope your day was filled with peace, joy, and meaning.
Canuck
(12/25/99; 20:52:07MDT - Msg ID:21647)
Friends
Hope everybody had a great day.
Everyone has left, it was a good day, hectic. Now I can focus on Y2K, 6 days. Got a severe rash from the mother-in-law; after an hour of debate, I asked her the question,"I have heard endless debate, editorial, and countless testimonial of Y2K hazards, name me one positive, for-sure- account of Y2K remediation and I will discount the entire issue, I got none; none from the mother-in-law and none from the spectators-at-large.
My Y2K wish list will be tomorrow; no one dies but the prepared will prosper.
Hope you had a Merry Christmas and I hope we have a phenomenol New Year.
Mr Gresham
(12/25/99; 19:19:47MDT - Msg ID:21646)
DD's Merry Christmas
DD -- WOW!
That was quite the Christmas present, and I hope you'll accept it on behalf of us who believed we could not even tell our families without being ignored and ostracized ("Oh there he goes being weird again.)
If one judges one's family too cynical to listen to such a warning, then who becomes the real cynic? Maybe they were innocently awaiting my thoughts on y2k? (Not bloody likely.)
I rationalized that there was enough pubic info available after last New Year's flurry of interest -- they are web-savvy, they have the $, they'll do better than most as it is. I just didn't want to get shot down again, so I CMA.
Your son is a treasure, and from the sound of it, you're two of a kind.
RAP
(12/25/99; 19:11:11MDT - Msg ID:21645)
BILL Msg ID:21644
Thanks for the reply. Let me explain myself. I understand the mechanics of the deal, not the morals.
Lets look at this from an outsider: To start with we have a country with a bad debt, essentially defaulted.
At the finish we have a paid off debt and the IMF with a profit??? Since gold remains unchanged it cancels out of the equation, same before = same after. Why don't they have to conform to the same banking principles all the rest of the banks in the world do? Such as being responsible for there defaulted debt.
I realize this deal is good for gold and bad for the dollar in the long run, but it just seems like cheating to me.
Merry Christmas to all.
Bill
(12/25/99; 18:24:46MDT - Msg ID:21644)
RAP
My opinion for what it's worth:
The countries for which this deal was made owed the IMF money already.... that probably was not going to be paid back.... now a portion of it has been paid back in a sense(relating to the next paragraph)
By starting a trend of IMF, gold revaluation, the IMF gains power and leverage through revalueing more of it's gold.
The IMF is essentially stregnthening the reason for its own existance. This would seem to be the only way the IMF can help poor country (relief) short of selling gold outright. Personally, I would have liked to have seen the direct their energy in directions such as GATA in order to expose how the market has been manipulated thus far.
Merry Christmas
Netking
(12/25/99; 18:24:39MDT - Msg ID:21643)
Market Theory Defying Dow (for now anyway)
http://dailynews.yahoo.com/h/nm/19991225/bs/stocks_week_2.html
Excerpt;
"...Don't hold your breath, the experts say. This raging bull market has run so far, so fast that it's rewriting history and skewing
time-honored market theories.
``The thing that's scary is that so many people are bullish,'' said Yale Hirsch, a stock market historian whose company, The
Hirsch Organization, publishes the Stock Trader's Almanac.
He's worried, he said, because most Wall Street analysts polled in a recent survey said they're bullish on the stock market.
``If you believe in the theory of contrary opinion, then run to the hills,'' Hirsch said. ``You have to ask yourself: 'What could go
wrong?' Greenspan could do it. But he's not going to do anything for the next month...''
Hope a great Christmas is had by all as we celebrate the most golden gift of all, God sending his only son Jesus to die for us. - Sincere regards, Netking
RAP
(12/25/99; 17:55:07MDT - Msg ID:21642)
Bill Msg ID:21641)
MAkes perfect sense for YOU(not me), how come the IMF can make it work for them? This whole deal smells if you ask me.
get gold brfore the IMF gets it.
Bill
(12/25/99; 17:36:17MDT - Msg ID:21641)
RAP - Msg ID:21639
YOU CAN do that with your own gold. Sell me all of your gold at $35/oz. and I'll sell it back to you at $285/oz. As much as you want. Still sound like a good deal for you?
tedw
(12/25/99; 17:24:40MDT - Msg ID:21640)
The Secret to fabulous Gold wealth
http://www.usagold.com
The secret to fabulous Gold wealth has been know for a long time:
"Seek first the kingdom and his right way, and ALL things shall be added unto you.
God Bless All
RAP
(12/25/99; 16:05:46MDT - Msg ID:21639)
***MY TOP FIVE EVENTS for GOLD MARKET 1999***
1.News Release - EUROLAND - THE WORLD’S LARGEST GOLD HOLDER 13 January 1999
The "Eurosystem" is now - as a consequence of the changes resulting from the introduction of the euro - the world's largest single holder of gold, easily exceeding the amount held by the world's previous largest holder, the US..
2.News Release-UK TREASURY GOLD SALES
Monday 7 May 1999
The UK Treasury's intention of selling 415 tonnes of its gold reserves over what it calls the "medium term," thereby reducing its holdings to 300 tonnes (from 715 tonnes) has had an immediately damaging effect on the gold price, which fell by nearly $7.50 to $281.50 an ounce in early trading in London..
3.News Release- UK GOLD SALES BACKFIRE
6 July 1999 -
The sale today of the first 25 tonnes of UK gold was a disaster for the gold market with the price falling to a new low, and for gold producing countries and for Britain, said the World Gold Council. The result of the first auction by the Bank of England was worse than many feared, said the WGC. The price of $261.20 accepted by the Government was significantly below yesterday's market price and more than $26 below the price on 6 May, the day before the Government announced the disposal of 415 tonnes from its reserve of 715 tonnes, through a series of bi-monthly sales.
4.News Release- THE WASHINGTON AGREEMENT ON GOLD
26 September 1999
A New Gold Market! "We have now entered a new era. In effect, more than 26,000 tonnes of official gold (about 28,000 tonnes of countries covered by or associated with the agreement less 2,000 tonnes of permitted sales) has been taken out of the market, in the sense that there is no question of any of this being available either as a result of sales or lending. Much of the price falls over the last three years have been due to the fear that at least some of this official sector gold would come onto the market, a fear that has now been removed."
5.News Release- THE IMF PERFECTS REVERSE ALCHEMY !
The IMF announced it is going to take perfectly good gold and turn it into absolutely worthless money! IMF pumps debt free $ into the system to prevent default by poor countries. By selling gold at SD 35 to the indebted countries and buying it back at market value, it leaves the country debt free, and the IMF with the debt free money, which it put in the BIS for safe keeping, and leaves the value and amount of gold unchanged.
If I could do this with my gold, just think how much more gold I could buy----- HEY this sounds like a perpetual gold machine! I hope the IMF doesn't think of buying gold with the profits or they will have become TRUE alchemists, creating gold from nothing. Is this possible????
Buy gold before the IMF gets it all.
DD
(12/25/99; 14:29:33MDT - Msg ID:21638)
Merry Christmas Story
Greetings All - I haven't posted for a while...been busy with final Y2k prep. But, thought you might enjoy this brief reminder of why we celebrate Christmas.
In the two years I've been pontificating about Y2k, my family has nearly disowned me. I've become the Scrooge that cuts normal (fun) expendures to spend on bland, never to be eaten food. Yuk! I've been about as popular as a spider in the bath tub.
This Christmas, the kids were home and it was somehow special. We opened our presents in traditional fashon with me giving my traditionally bland yet somewhat useful gifts.
When we were complete, along with the usual hearty laughs about my poor wrapping (bow on a bag), my son (23) said, "I've got something to say for all of us. This has been a great Christmas. One reason it's been great is that we know we will be OK no matter what happens or doesn't happen with Y2k. Dad, we all want to thank you for all you've done. True. We fought you all the way. But we know why you did it and we appreciate it a lot. We don't know many families that can feel as secure as we can. So, thanks Dad. From all of us"
Hell. The next thing I know I've got tears rolling down my cheeks and everyone gives me a big hug. Quite a Christmas present, huh? It made the last two years of being on my own on this Y2k issue worth every minute. I pray to be wrong every day. With a little luck, I will be. For all of our sakes.
Merry Christmas Knights and Ladies and a happy and uneventful New Year. With great love and respect, David
Pilgrims Gold
(12/25/99; 14:11:39MDT - Msg ID:21637)
***MY TOP FIVE EVENTS for GOLD MARKET 1999***
1.
"EUROPE ANNOUNCESS LIMITING GOLD SALES TO 2000 TONS FOR NEXT 5 YEARS"
Declares war on US Dollar and fires the first shot on the war over who will be the dominant currency of the new millenium. The US treasury secretary Alan Greenspam fires back with credit unlimited to entice debt at unheard of levels. Workers at Washington and Jefferson's grave report hearing movement in the ground, "It sounded like somebody just turned over." reported Ed Sprague, grounds keeper at Washington's gravesite.
2.
"BANK OF ENGLAND GOLD SALE 8 TIMES OVERSUBSCRIBED"
"Well now we know where the bottom is." said Tony Blair, referring to the BOE gold sale
(although in this reporters opinion I was looking at it). People were seen scrambling to the phones to purchase their gold bars before the prices started to move up. Excuse the rest of this report as I have to go make a phone call.
3.
"US CONGRESS STANDS READY TO VETO IMF GOLD SALE"
Senator Strom Thurman was heard to say "Who in the hell do them foranors think they are,
trying to sell the gold us americans gave em, and to a bunch of deadbeats at that. They ought in a try to get em to pay up their debts!" IMF officials decide if they can't sell the gold we'll just do a little creative accounting, juggle the books a little, and make it allllllllllll right.
4.
"HEDGING BY GOLD MINING INDUSTRY COMES UNDER FIRE FROM GATA AND SHAREHOLDERS"
"What do you mean were bankrupt." cried CEO Ima DumIdiot of Cambior Mining Company.
"What do we pay you boys at Goldman Sachs for anyway?" Shareholders began dumping Hedge mining shares in regards to the charges that hedging depresses the price of gold, which is their main source of their income! The CEO of Barricks was later to comment "Dohhhhhhh!"
5.
"WORLD WAITS ON Y2K"
Did you buy gold just in case, did you buy some silver, did you stock up on food, did you fill your gas tank, did you take out a few extra hundred bucks from your bank, did you turn off your computer, did you wait for the lights to go out, did you fill some jugs with water, did you buy some candles, did you buy some batteries, did you move your investments, did you hope the internet would work after midnight? Did you?
Summary:
If I wasn't laughing right now I be crying! But thanks anyway for the best Gold buying opportunity in ten years, if it wasn't for all that phoney gold paper and leasing, no one could afford to own gold. Either that or it would all be in the vaults of the banks.
Oh by the way this is my 1st post on here, been lurking for months now, but couldn't pass up the free silver eagle B>).
PH in LA
(12/25/99; 11:09:35MDT - Msg ID:21636)
A CHRISTMAS WISH
With all gifts and presents (including golden ones) opened at the PH in LA household I take this moment to wish all:
MERRY CHRISTMAS & HAPPY NEW YEAR and especially: Peace, prosperity and a higher POG in the coming year!
As a present to you all I include below one of my favorite carols:
I heard the bells on Christmas day
Their old familiar carols play
And mild and sweet the words repeat,
Of peace on earth, good will to men.
I thought how as the day had come,
The belfries of all Christendom
Had rolled along th’unbroken song
Of peace on earth, good will to men.
And in despair I bowed my head:
"There is no peace on earth," I said,
"For hate is strong, and mocks the song
Of peace on earth, good will to men."
Then pealed the bells more loud and deep:
"God is not dead, nor doth He sleep;
The wrong shall fail, the right prevail,
With peace on earth, good will to men."
'Till, ringing, singing on its way,
The world revolved from night to day,
A voice, a chime, a chant sublime,
Of peace on earth, good will to men.
Henry Wadsworth Longfellow
Journeyman
(12/25/99; 11:00:35MDT - Msg ID:21635)
Bank floats cashier's-check-in-lieu-of-cash trial balloon
My daughter-in-law, a dependable source, says she saw a news story claiming that a major bank (PNC or Mellon, she can't remember which) is asking those depositors withdrawing more than approximately $2000 dollars to take a cashier's check in lieu of cash.
Regards,
Journeyman
BERT
(12/25/99; 7:46:58MDT - Msg ID:21634)
Y2K PREPAREDNESS SITE
www.tf2k.org
WWW.TF2K.ORG CONTAINS LOTS OF INFO AND ADDITIONAL Y2K
SITE LINKS. GRANTED, AS A GOVERNMENT SITE (STATE OF FLORIDA)
THEY DOWN PLAY SOMEWHAT THE WORST CASE SCENARIO BUT AN
INTERESTING SITE TO VISIT NONETHELESS FOR THOSE SEEKING
INSIGHT INTO THE EXTENT OF GOVERNMENT PREPARATIONS. ON
A RELATED TELEVISION SHOW A STATE OFFICIAL RECCOMMMENDED
HAVING AT LEAST A 30 DAY SUPPLY OF FOOD AND WATER IN EACH
HOUSEHOLD!
Black Blade
(12/25/99; 3:19:13MDT - Msg ID:21633)
Update from an earlier post (about a month ago)
6 more days to go, Merry Xmas all........Black Blade!
Daily News
ACLU Sues Over Y2K Flick
By David McGuire and Robert Macmillan, Newsbytes.
December 23, 1999
The American Civil Liberties Union (ACLU) earlier today made good on its plan to file a lawsuit against the FBI and the Justice Department for allegedly suppressing a Web-based film that predicts a riot in Times Square on New Year's Eve. In a complaint filed in the US Federal District Court in New Jersey, the ACLU today sued the FBI, the DOJ and the FBI agents in New York who - according to the ACLU - unlawfully took down a Website that had posted the contested Y2K film.
The mock documentary, which has been described as fictional by both the ACLU and the film's producer, Mike Zieper (Mike Z), depicts an Army officer discussing military plans to launch a race riot during pre-Year 2000 festivities in order to assume martial control over New York.
"Are we supposed to assume that the FBI would learn of a film about the military taking over New York and (believe) that it is real?" ACLU spokesperson Emily Whitfield asked today. "They...thought that something they knew was fiction was somehow not fit for us to see." "This is about the FBI telling the citizens of this country what they can and can't see," Whitfield said.
Mike Z.'s six-minute "Military Takeover" video is currently online at http://www.crowdedtheater.com , and was screened at an ACLU news conference in New York. The film is back online despite the fact that the Federal Bureau of Investigation and the US Attorney's Office had successfully persuaded the filmmaker's Web host to take it down. Several viewers, believing the film to be real, had contacted the FBI, which is hard at work on Project Megiddo, an effort to short-circuit anticipated religious and/or paramilitary fanatics who may use the so- called millennium date change as an apocalyptic backdrop for violent acts.
Mark Wieger, president of the BECamation Web company, told Newsbytes that FBI Agent Joe Metzinger and US Attorney Lisa Korologos told him that the tape could be used to "incite a riot and their jobs were to insure that this did not happen." Wieger said neither filmmaker Mike Z., nor the law enforcement community clarified whether legal action already had been taken when the FBI and the attorneys office asked him to remove the site.
Wieger now believes he was the victim of a lie, saying that the FBI told him that if BECamation would not take down the site, then BECamation's own ISP would pull the site.
"Not knowing what had transpired with our provider, without any information from Mr. Z., and with the FBI's pressure, we felt we had no choice but to pull the site until further clarification could be obtained," Wieger said in a statement. "Until we could talk to all parties involved (and) obtain the information to make an informed choice, we kept the site down."
Although Mike Z.'s film wound up being posted on several mirror sites, BECamation still lost more than a $1,000 in business, he said. Wieger personally has been receiving threats on the phone and via e- mail from "very disturbed people," he said. Wieger said that an article in the Village Voice about the incident, as well as information reported on the Slashdot.org Website resulted in BECamation being overrun with "flame" e-mail and threatening telephone calls because of the company originally backed away from First Amendment principles in light of government pressure.
"We were getting flamed big-time," Wieger said. "E-mail bombs, threatening phone calls at home and at work and on my cell phone...One guy said 'You're afraid for your Lexus and your mortgage payments.' I said 'Excuse me, I drive a four-year-old Ford van.'" "Now that the situation has been clarified by all parties we are happy to offer the site again on our servers. The site is up and running," he said.
Since the Web host and filmmaker said the law enforcement agents did not produce a warrant or any sort of court order, the American Civil Liberties Union (ACLU) and other groups have raised the question of whether the FBI and the Attorney's Office used subtle threats or intimidation to restrict the filmmaker's First Amendment rights, he said. Because the ACLU case is pending, the FBI would not comment on this story.
A copy of the ACLU complaint can be found online at http://www.aclu.org/court/zieper_complaint.html .
Bob Woods contributed to this story. Reported by Newsbytes.com
Number Six
(12/25/99; 2:36:53MDT - Msg ID:21632)
Reuters Breaking News - Disruption Hits The Arctic
(Reuters) - Dozens of replacement workers were hospitalized today after a violent confrontation with strikers from the International Brotherhood of Elves and Gnomes. The bloody melee marked a new low in the strained relationship between the union and SantaCorp, and is likely to result in the postponing or cancellation of Christmas according to union officials.
The riotous clash began early yesterday when a sleighful of replacement elves arrived at SantaCorp's gigantic Workshop 8 Assembly Plant. The replacement elves were contracted last week by SantaCorp to fulfill burgeoning back orders for toys.
"The global economy has been very good this year, and we saw a 7% decrease in childhood naughtiness," noted SantaCorp spokessnowman Frosty. "Coupled with higher consumer expectations and depleted inventories, the company had no choice but to continue production."
The sight of the replacement elves enraged the striking IBEG workers who were picketing outside the gates of the plant. They were joined by sympathy strikers from the Amalgamated Federation of Sprites and Fairies, Labor Congress of Leprechauns, and the Teamsters.
"You're taking food out of the mouth of my family, you rat bastards!" yelled one of the enraged elves.
"Filthy scabs!" screamed another. "We know where you live!"
As the replacement elves approached the plant gates, the strikers closed ranks around them. What sparked the ensuing violence is in dispute, but it appeared that a lump of coal lobbed from the strikers was the first volley. When the coal lump felled a replacement elf, it seemed to embolden the strikers.
The incensed strikers waded into the crowd of replacement elves, brandishing festive red-and-white candy canes, some of which had been sucked to produce razor-sharp points. Others wielded picket signs reading "Santa Unfair to Elves," "A Living Wage for Workers," and "120 Hour Week."
Using the hooked end of their candy canes, the strikers began tripping the replacement elves. As they lay face down, struggling to arise from the frigid polar snow, some of the strikers began cracking them over the head with the blunt end of their candy canes.
Many of the panicked replacement elves attempted to flee or protect themselves with adorable plush teddybears. Others tried to return fire, hurling ornaments from a nearby fir tree. This, however, seemed only to further provoke the strikers. The Teamsters joined the battle with nightsticks, supported by the swinging shillelaghs of the leprechauns.
By the time Polar Police Bears arrived on their Norelco electric shavers, the scene was a tumult of blood-soaked snow and tiny crumpled bodies. When the police bears began making arrests, the strikers quickly dispersed. Ambulance dogsleds were called in to take the wounded to Arctic Memorial Hospital.
Over 30 elves, leprechauns and Teamsters were taken into custody, where they await arraignment on the Island of Misfit Toys. Among those arrested were Lucky, the beloved cereal leprechaun, and former Teamster President Ron Carey.
Lucky later complained of "police bear brutality," saying polar law enforcement officials were "no better than those fascist kids who are always after me Luck Charms."
The dramatic confrontation was the latest chapter in the deteriorating relations between North Pole-based SantaCorp, the giant multinational toy distribution firm, and its 16,000 elf workers.
For hundreds of years, labor and management at SantaCorp had enjoyed a genial relationship, says Labor Historian Michael Juric of the University of Michigan. "The elves were incredibly loyal, putting in hours that almost any labor organization would balk at, without a contract."
According to Juric, the elves received little in return. "No profit sharing, no health plan, not even the most basic workplace safety guarantees. In fact, they didn't even receive a paycheck. They received - get this - cookies. Now don't get me wrong, Mrs. Claus' cookies are delicious. But just try to turn them into a pension plan."
Given the work conditions at the SantaCorp plant, Juric says "it was inevitable that it was targeted by union organizers."
In fact, AFL/CIO President John Sweeney had targeted SantaCorp unionization as one of the union's top priorities in 1998. On November 17, the Union dispatched a group of leprechauns to the North Pole to call for a unionization vote among SantaCorp workers. At first, the appeal fell on deaf pointy ears.
"We aren't interested in unionizing," said Jeepers, senior plant foreman. "We just want to bring joy to children, like our boss."
However, AFL-CIO President Sweeney was undeterred. While the leprechauns continued to press unionization among plant workers, Sweeney was urging his contacts in the government to investigate and rectify "gross violation of labor laws at SantaCorp."
Sweeney, whose union contributed tens of millions of dollars to candidates during the 1998 election cycle, found an attentive audience in Washington. Within a week, regulators from the Justice Department, Labor Department, Commerce Department, OSHA, NLRB, and BATF descended on the North Poll to conduct a spot investigation of SantaCorp facilities.
Clinton adminstration spokesman Joe Lockhart denied that the inspections had anything to do with the AFL-CIO's campaign contributions. "We believe in the fair enforcement of our nation's labor laws, and we will take all appropriate action to see that they are obeyed. Even outside the United States."
Lockhart added that "essagemay to eenysway - e-way eednay another-ay entytway illionmay."
Meanwhile, union organizers were beginning to make some headway among the plant workers. Many expressed anger at their 168-hour December work week. Others vented their resentment at Santa Claus, whom many suspected was taking undue credit for SantaCorp's dizzying success. Whatever the cause, the plant voted to unionize on December 4.
Two days later, federal inspectors announced they had found hundred of violations of labor laws at SantaCorp. Labor Department spokeswoman Christine Reynolds said that "this is the worst case of labor exploitation I have ever seen. SantaCorp has flaunted minimum wage and hour laws. There is no pension plan in place. Occupational safety here is virtually non-existent. The workers have outdated tools and work in insufficient candlelight. They risk fatigue and frostbite. Some of the floor workers are over 300 years old, well past the federal mandatory retirement age."
She announced a record $190 Billion fine against SantaCorp for rule violations and overdue Social Security and Medicare premiums. SantaCorp remains under investigation by the EEOC for discrimination against brownies.
Buttressed by the findings of federal inspectors, the newly unionized IBEG workers announced an immediate strike. In a dramatic press statement, newly elected adorable elf Winky warned "No justice, no peace, no toys."
The strike and the heavy fine shocked SantaCorp CEO Santa Claus, who was visiting Macy's in New York on a business trip. "Oh deary me, what will the children do? I'm not feeling so jolly," said Claus in a tersely worded statement.
Knowing that the firm was cash-strapped, Claus put together a hasty IPO plan to present to Wall Street venture capital firms. There he found little interest among investors after it was revealed that, despite its huge workforce, SantaCorp had 1998 revenues of only $0.00.
"In terms of street buzz, SantaCorp was up there. Great product, great reputation, excellent distribution channel," says Henry Goldblatt of Avex Securities. "But their financials are a mess. Almost as bad as some of the internet stocks. Plus, who's going to invest in a firm in the middle of a labor dispute?"
Through the month of December, it appeared that management was in denial. Claus continued to take millions of orders, knowing that inventories were dangerously low. "I just have to believe there is a way out of this," said Claus to Forbes magazine last week.
Desperate for workers, Claus last week decided to ship in undocumented workers from the impoverished South Pole. Elf unemployment at the South Pole runs at nearly 100%, and the Antarctic elves jumped at the chance for even seasonal jobs. When word of the worker importation reached IBEG, the union was enraged.
"This is the thanks we get? Replacing us with a bunch of filthy, penguin-eating icebacks?" complained Winky. "That bastard Claus better watch his back."
Winky later denied that the statement was a threat of violence, after Santa Claus was nearly killed in a sleigh bombing on December 19. The incident is still under investigation.
After today's violence, most of the undocumented elves say they will return to the South Pole. "It's just not worth it. I'd rather be alive and poor," said South Pole elf PePe through an interpreter.
IBEG President Winky declared victory, noting that "SantaCorp can't hide behind the scabs now. Christmas is coming, and that scum Claus better come up with the toys, or those kids'll stop believing. It'll be the end of SantaCorp."
SantaCorp officials were unavailable for comment as of yesterday afternoon. They were on a trade mission to scout production facilities at the new East Pole, being built by the People's Republic of China.
============================================================
courtesy a n other gold forum :o)
Mr Gresham
(12/25/99; 1:37:50MDT - Msg ID:21631)
Fed actions
http://www.prudentbear.com/bbs/index.cgi?read=50445
A good discussion followed on the thread started by this post from Prudent Bear chat:
Y2K Strategy Explained
Posted By: Fed Specialist <mblue@anon-rtn.gov>
Date: Thursday, 12/23/99, at 11:43 p.m.
"Many have noticed that bank credit has expanded significantly in the weeks before the start of the new millenium. Bank credit has expanded by an amount on a par with the increase that followed the financial crisis last year that was precipitated by the bond default in Russia, a growth rate of about 22% annualized. The reason is that models indicate the impact of the date change on liquidity as similar, with a 20% probability of more a significant event. Due to a slowing of international computer and telecommunications dependent transactions, both financial and non-financial, the velocity of money is expected to drop between 20% and 30% for a period of several months, although a peak of 40% for a brief period is not out of the question.
"The decision to provide the increase in liquidity before the onset of the new year was not a difficult one, save concerns of furthering speculative market conditions. It was felt that this risk was minor compared to the risk of not providing the economy with the opportunity to begin the new year with as much momentum as possible.
"Here is one way to look at the model. Imagine the US economy as a very large container ship, one with a great deal of momentum. The liquidity crisis that presents itself at the start of the new year is as a sand bar. In the worst case, the ship gets stuck on the sand bar and truly heroic efforts are required to move it. This possibility is avoided at all costs. If the ship is moving quickly enough, then it has more momentum and thus passes over the sand bar more quickly, in perhaps three to six months and then begins to regain speed. If the ship is travelling more slowly, it takes longer to pass over the obstruction, perhaps six to nine months or more. Extra boost to the ship in any case may be needed as it passes over the sand bar in addition to the thrust provided before reaching it and that contingency is anticipated.
"While a 20% to 30% slowing in the velocity of money is significant, there is no reason for this to have a lasting recessionary impact. A slowing period of as few as three months and as many as nine is a reasonable expectation. The impact on consumer confidence, inflation, employment, and savings rates are hard to anticipate accurately. However, an initial sharp drop in consumer confidence, a contraction of credit, and a corresponding increase in savings is likely. Employment rates will be effected, but not significantly unless the period of crisis lasts beyond six months in the worst case. Inflation is very difficult to predict, with prices of some commodities and finished goods rising dramatically and others falling as much. The price of imported items is expected to rise and this is likely to have a net inflationary effect.
"The US economy is in the best position it can be in for the new year and confidence is high that the short term effects will be within acceptable tolerances. "
SHIFTY
(12/25/99; 1:21:03MDT - Msg ID:21630)
HAVE A VERY
MERRY CHRISTMAS
And may GOD bless us everyone!
Goldsun
(12/25/99; 1:12:58MDT - Msg ID:21629)
Golden Christmas
A chance to turn down the volume on our analytical natures.
To be aware of golden feelings, golden light.
Goldsun
YGM
(12/25/99; 0:45:21MDT - Msg ID:21628)
MERRY CHRISTMAS TO ALL WHO POST AND READ HERE!!
Thanks for allowing me to share your space......
Many things in life are golden. The wisdom and and concern shown here daily for those unseen faces is a prime example.....And now I have alot of catching up to do.......YGM.
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