THINGS THAT MAKE YOU GO
Hmmm
…
A wk ud  fg f c
25 April 2011
1
“Te economy depends about as much on econo-mists as the weather does on weather orecasters”
  PAUL KAUFFMANN
 
“ It’s taken almost two centuries or bankers to pull the wool over Americans’ eyes, but today you and I are work-ing or intrinsically worthless paper that can be createdby bureaucrats — created without sweat, without creativeability, without work, without anything but a decision by the Federal Reserve. Tis is the disease at the base o to-day’s monetary system. And like a cancer, it will spreaduntil the system ultimately alls apart. Tis is the tragedy o the great lie. Te great lie is that fat paper represents astore o value, money o lasting wealth.”
– Richard Russell
“ Evy cwd   v g”
– P.. Barnum
 
2.
 
THINGS THAT MAKE YOU GO
Hmmm...
25 April 2011
2
“This Time Next Year We’ll Be Millionaires”
Tis past weekend,
Egd   f  g cdy w w J Su
-van sady assed away aged 64.
F  Eg g yu,   J Suv  yyu w uc cc c Cz S ( dvu f W S,  wud-b M vuy d f Tg Ppu Lb F) d Ju Gd Fd wc fwd  c-v d, Vc P d  jd c Pp Wd. Bu  jw  Suv’ cw w y f  u-Ld k d d  gy g b.Oy F d H   f   uccfu B v  f   –  CSpc  1996 w wcd by 24  vw, kg   g-v udc f  cpd. T pu   ppcv f Ac d,  wud    udc f 109  vw vu  105.94  w, ccdg  N, ud   wc  f M*A*S*H  Fbuy 28, 1983.OFAH, wc fwd  dvu f D By T d  yug b, Rdy, cpud  f Tc  B d d w  w-b g d  ppu p ‘k  bg’. Iu uc  buyg ppy d wg ’ w bu w dvpd   w uc dw f f cpc   UK d  fu f  cpvdd y cc -pc wc  w d ppu B cuu –      w D By,   p  p  cup f w--dd   w b, gd  d  cp pp.Av   y ,  c w, qu kby,vd v g v  f    UK – d f  Kdy A,  Qu’ cd Cuc’ fu. Pp  y   TOO uc bu u B…..Agd   f ud pu Fc p d  cg  f pc,  f D By’  -ud d  ccp –   ppd    f B   1980 – w:
“Tis time next year, we’ll be millionaires”
A  pud w    u f y  wud  y ucky ug    upf f - bu w cy IS  pud?
 Well, the ‘Pound
Sg’  -cd bcu  w ju  –  pud f v(cpg 240 v p),  u f ccu  d bck  Ag-S . T p w fd f ‘’  ‘pu’ v (    f   w   v  wvb) d wgd 22.5 g. T dd d  u 1158, w Kg Hy II bcg f  bz.Hy Pg, Cu f Aju, Cu f M, Duk f Ndy, Duk f Aqu, Duk f Gcy, Cu f N d Ld f Id w  g-gd f W  Cqu d  f  Hu f Pg  u Egd. H w    c  u  
 
Cck T V T WcD By’ F Hu
 
3.
 
THINGS THAT MAKE YOU GO
Hmmm...
25 April 2011
3
“Kg f Egd” ( ppd  “Kg f  Eg”) – d   d , gy  w
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c  -   kw cucy db.I 1158, Hy ducd  Tby Py wc, d f .9999 v, w d f .925 v- d  bg  g, w d g du db pc.T .925 v bc kw  ‘g v’ d  d   bckb f Eg cgu, dug  g f Hy IV,  db cud   wg f  py w ducd  15 g (0.97g) d   12 g (0.78g).Hy VIII d Edwd VI k   f db  w v by ducg cpp   .I 1544,  w py w ducd  cd f y .333 v w  bc bg dup f cpp bf,  1552,  u  g v w cd – Bu w  cc. T cc w  w g v c w ducd  wg;   8 g (0.52g) d  ( 1601 b pc)  7
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g (0.50g).Fy,  1663,  w gd cg w ducd bd   22 c  gu. Fd  wg 44½   y pud f 1670,  c’ vu vd cdby u 1717, w  w d 21 g. Hwv, dp   f S Ic Nw, M f  M,  duc gu’ vu,  vu vvud gd v  v w cpd   vu  Eup cu. B c  v bd  py w gd f pw pd f w gd. A  cquc, v wd u f  cuy d gd wd , d
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g   u w G B w cvy   gd dd. I dd,  cc 
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g f v c dvpd.
 A shortage o 
v. Wwud  k k, I wd?W, dy  A, w Eup  
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dy, w g pp  k pvw f w  cud k k  v pw
-eed hghe ookng fo a the wod ke
 wud k u  ‘gc’ $50 v.A cup f y - w b
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d   pc d ug $47.50, $48,   $48.50, $49, $49.50 dup   g p f $49.79 bf f
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c p c  pg Eup dAc v y ucd g  wud d  pc bckdw  $48.50.I , v ckd 4.25% g  45 uI w p    p bg ggd   pc   pbc f d, dp  fc  c  ccud   vu,  gv u  cu    dc v w  gd    wc  w  g .A D Nc  bvd (
see story in this edion of TTMYGH
),   b  yg c   p  ub   CFTC COT p dug   u g 
SOURCE:BLOOMBERG/ TTMYGH