Ace of Spades HQ

June 04, 2010

Economic Morning Briefing
— Monty

Hello. Thank you for tuning in.

Via FT Alphaville: The BP Logo Redesign Contest. I don't think the "we love green" logo is going to do much for them any more, so it's probably a good idea to investigate alternatives sooner rather than later.

Bammer's ban on offshore drilling may further exacerbate the bad jobs picture. And since that poster-boy Spanish "green jobs" initiative has been a bust, it doesn't look like there's any energy-sector hope on the horizon.

Also via FT Alphaville: Should Investors Boycott the Stock Market? It's sure beginning to look like a rigged game to this investor.

Via Minyanville: What To Expect From Today's NFP Payroll Report. I'm expecting a lot of happy-happy-joy-joy noise [UPDATE: not so much], but I also suspect that the uptick in employment is mainly seasonal/census related, and will wane along with the summer. The real employment picture still sucks, and will continue to suck.

Via the WSJ: The Euro is still tanking. Down to $1.21 vs the USD. Parity this year? If we see Eastern European EU nations going the same way as Greece...maybe. (And the IMF, who will be asked to bail out these indebted nations, has just sold a big hunk of their gold stocks to provide some liquidity. I have a feeling that they're going to be coming back to Uncle Sugar with hat in hand pretty soon, asking for a bailout of their own.)

You've often heard the term "it costs money to make money". This is literally true: there is a cost to manufacture coins and paper bank notes. This cost is generally added to the price of a coin, note, or security. The term for this is seignoirage. Seignoirage is how many national banks make their profits. (It's also the main reason that sovereigns like to hold a monopoly on the issuance of currency. Seignoirage acts as a kind of tax on the holders of a national currency, the proceeds of which go back to the sovereign.)

Happy Friday, Morons. Tune in later for Hanna-Barbera's "Murders in the Rue Morgue", starring Shaggy, Scooby, and the gang.

Posted by: Monty at 04:47 AM | Comments (105)
Post contains 354 words, total size 3 kb.

1 When I have to buy bread and butter with gold bars, will they make change or do I have to but the whole amount all at once?

Posted by: Bureau of Labor Statistics at June 04, 2010 04:52 AM (Y+CDr)

2 Don't forget OTP Bank, in Hungary, kinda sorta admitting it's books are, uhÂ… toilet paper. Plunged 10% on their bourse and trading is halted. Hopenchange!

Posted by: George Orwell at June 04, 2010 04:53 AM (AZGON)

3 Of course the game is rigged. Every bad number is massaged and ignored. And Biden's blowout number? Geebus what an idiot.

Posted by: Something Wicked This Way Comes... at June 04, 2010 04:53 AM (uFdnM)

4 Entire energy sector downgraded ... thanks Barack!

Posted by: Bureau of Labor Statistics at June 04, 2010 04:53 AM (Y+CDr)

5 The comments in that logo thingie piss me off.

Perhaps, then, they should not have drilled it in the first place.

Exactly!! They should be drilling in ANWR and in shallow water, but you fucking nancy ecofascist crybabies won't let them!!

The logo that's a parody of the Vietnam War photo (soldier with gun to head of civilian) also pisses me off. First of all using the photo should never be a joke but also--no one held a gun to your head and forced you to buy your plastic (petroleum) iPod imported from China (on a boat not powered by sails), you ignorant scrunt.

Posted by: HeatherRadish at June 04, 2010 04:54 AM (mR7mk)

6 I wonder if Hungary's meltdown will have anything as cool as that Greek riot dog, because I really liked him even though he fought for the wrong side.

Posted by: Bureau of Labor Statistics at June 04, 2010 04:55 AM (Y+CDr)

7 Down with globalization! Down with corporations! Bush = War Criminal!

Sorry, I was just trying to get into the spirit of things.

Posted by: Bureau of Labor Statistics at June 04, 2010 04:57 AM (Y+CDr)

8 Hungary announces a shift to goulash as their sovereign currency. It holds value better than fiat money, plus you can eat it in a pinch.

Posted by: George Orwell at June 04, 2010 04:58 AM (AZGON)

What, you're telling me you can't just write up some random joke of number with lots of zeroes and call that a bank balance?

No, wait a minute ... we are currently sitting on sexiteen oomfillion dollars and woogy-woo cents. I'd tell you what that means in digits, but the base-10 numerical system is too limiting.

Posted by: Ben Barnanke at June 04, 2010 05:00 AM (9Sbz+)

10 +430,000 jobs, mostly census, uh oh, that is not a good report.

Posted by: Guy Fawkes at June 04, 2010 05:01 AM (63ezk)

11 Heh. .."oofmillion dollars and woogy-woo cents"...

Posted by: LincolnTf at June 04, 2010 05:01 AM (7EDH5)

12 More good news for our European (and Europhile) Morons: the Chinese may be ditching the Euro. I have a feeling the markets are going to completely shit the bed this morning, good jobs report notwithstanding. Europe's financial house is burning down before our very eyes.

Posted by: Monty at June 04, 2010 05:02 AM (4Pleu)

aaaaand zerohedge is down again. They're digesting the latest (shitty) jobs report.

Hopefully our unemployed fellow commenters nabbed some of those 41,000 private-sector new jobs....

Posted by: Zimriel at June 04, 2010 05:03 AM (9Sbz+)

14 For Europe, there is no happy ending.

Posted by: Hu's massage parlour at June 04, 2010 05:04 AM (9Sbz+)

15 I have a feeling the markets are going to completely shit the bed this morning I hate to say I'm getting used to this. At this point I'm so filthy even flies won't sleep on me.

Posted by: The Bed at June 04, 2010 05:05 AM (AZGON)

16 Wonder if George Soros will bail out his native land? More likely he'll do his best to destroy them while they're weakened, as his wont.

Posted by: LincolnTf at June 04, 2010 05:06 AM (7EDH5)

+430,000 jobs, mostly census, uh oh, that is not a good report.

Yeah. You know that. I know that. However, it's going to spun as another indication that happy days are here again.

Posted by: The Outlaw in the Heavenly Hall at June 04, 2010 05:06 AM (YRpF8)

18 Before ZH went down, I saw a report that the Swiss National Bank (SNB) is getting out of the game. They've been intervening to prop up the Euro several times in the past couple of weeks, but if they've truly folded, this could cause a real plummet in the value of the Euro today. It'll be interesting to see how the Fed reacts.

Posted by: Monty at June 04, 2010 05:06 AM (4Pleu)

19 Screw the euro. Their currency sucks worse than our currency. Where is the "h" in piigs? Phiggs?

Posted by: Something Wicked This Way Comes... at June 04, 2010 05:07 AM (uFdnM)

20 Well, as of now the pre-market DIA ETF is down nearly two percent.

Posted by: George Orwell at June 04, 2010 05:07 AM (AZGON)

21 "Hungary CDS is now essentially bidless last seen 120 bps wider, around 430/460 with the bid/ask spread at 30bps, and only dealers daring to take on any risk exposure as the risk off brigade has kicked the optimists out of the building."

All trading in shares of OTP Bank. Hungary's largest commercial bank, has been halted on the Budapest stock exchange after a plunge greater than 10%. Nothing to see here, go back to reading Goldman's spin on things, and why everything all of this really should be priced in already."

"SocGen is plunging after Reuters has reported rumors about concerns of a massive loss in the firm's derivative division. Deja vu? "Societe Generale, which declined to comment on market rumour, fell 6.3 percent. BBVA and Credit Agricole fell 5 and 3.8 percent respectively."

Posted by: curious at June 04, 2010 05:07 AM (p302b)

22 I have a feeling the markets are going to completely shit the bed this morning, good jobs report notwithstanding.

That's not how it works anymore. The DOW is an advertisement for the jobs report.

Posted by: oblig. at June 04, 2010 05:07 AM (x7Ao8)

23 Wow, take away the Census hiring and the jobs report looks like a swift kick in the nuts for the Obama Admin and all those funemployed people. But it will be spun up quicker than a centrifuge in Iran.

Posted by: Johnnyreb at June 04, 2010 05:09 AM (y67bA)

24 Green shoots! Mustard seeds! Suspenders with a belt!

Posted by: Larry Kudlow, eyeing the liquor cabinet wistfully at June 04, 2010 05:10 AM (AZGON)

Portugal, Italy, Greece... Spain, Hungary, Italy, Turkey: PIG SH*T

(Stolen from 0h just before Romania joined that list; but I don't think Europe is as invested in Romania as they are/were in Hungary.)

Posted by: Zimriel at June 04, 2010 05:10 AM (9Sbz+)

26 the fed purchased gave away stole from taxpayers about $6B that went to exchange for euros yesterday. won't be enough.

Posted by: Guy Fawkes at June 04, 2010 05:10 AM (63ezk)

27 the jobs report looks like a swift kick in the nuts for the Obama Admin How can you kick what he doesn't have?

Posted by: George Orwell at June 04, 2010 05:11 AM (AZGON)

28 It looks like that new jobs number wasn't quite the blowout number the Administration was hoping for. Which anyone could have told them. The fundamentals still suck, and the jobs picture isn't going to get any better until the fundamentals improve. Which probably won't be until mid-2011, if then.

Posted by: Monty at June 04, 2010 05:13 AM (4Pleu)

29 From 813 on, in the ONT, read SIM's posts, it is well worth your time.

Posted by: curious at June 04, 2010 05:14 AM (p302b)

30 I don't have a clue what I am doing. I can't cap wells, I can't run a business, and I was never in the military. But I slept in a Holiday Inn Express last night-fondling Michelle's balls.

Posted by: Telepropmpter Jeebus at June 04, 2010 05:15 AM (uFdnM)

31 It's the Friday of Fail for jobs and econ news.

At least in the end, there will be only chaos.

Posted by: Kratos (missing from the side of Mt Olympus) at June 04, 2010 05:17 AM (9hSKh)

32 Terrible jobs report- Obamanomics in action with the only gains being census "workers" who will spike the numbers even higher when they leave their phony jobs in the next few months. Even the Obama pom-pom wavers at CNBC are glum. The only good news is that the Democrats are running out of time to avoid getting killed in November.

Posted by: jjshaka at June 04, 2010 05:18 AM (dcRWu)

33 We make up of losses by export of beautiful Hungarian bride by mail order or intertube. Accepting of only US dollar or gold bullion, please, for paying of bill. You have choice of bride, please. With mustache or without. Please, early to be making of order. Almost out of bride without mustache.

Posted by: Hungary at June 04, 2010 05:21 AM (AZGON)

34 God-awful jobs report. Sub "temporary" census workers and it was basically zero. Time to cue-up the FedCo printing presses - deficits to infinity!

Posted by: DocJ at June 04, 2010 05:22 AM (dt6br)

35 When precisely did everyone at CNBC started getting their checks cut by the White House? It's become the one-stop shop for official spin on how fucking wonderful life under Barry's boot is for our economy.

Posted by: George Orwell at June 04, 2010 05:23 AM (AZGON)

36 NYSE invoked Rule 48. They're expecting some bad shit at the open.

Posted by: Monty at June 04, 2010 05:23 AM (4Pleu)

37 NYSE invoked Rule 48. Kratos, I blame you.

Posted by: George Orwell at June 04, 2010 05:27 AM (AZGON)

38 I hope the NYSE invokes Rule 34.

Posted by: George Orwell at June 04, 2010 05:32 AM (AZGON)

39 "This is going to leave a mark. I wish I could watch CNBC right now. The pump monkeys must be pulling hair out. Wasn't just 20 minutes ago on talk radio that the "fantastic" jobs number pump job was full on. LOL. Somebody in the Bureau of Statistical Manipulation is going to fired for this one."

sample comment from zero hedge...they are having a lot of fun watching "CNBS"

Posted by: curious at June 04, 2010 05:33 AM (p302b)

40 Now what happens, he came with one speech, he can't give that speech, can he?

Posted by: curious at June 04, 2010 05:34 AM (p302b)

41 ARE YOU NOT STIMULATED??!?

Posted by: Emperor Baracky the Commode at June 04, 2010 05:34 AM (Mtciz)

42 Wait.

I just thought of the solution to the Gulf oil spill......

"Paging Chuck Norris, Paging Mr. Chuck Norris!"

Posted by: Lazarus Long at June 04, 2010 05:35 AM (+MZ0U)

43 Hilda Solis is on CNBS now.....did she really just say we added jobs? And did she point out we were hemorrhaging jobs a year ago?

Erin asking about a double dip. "It is a significant drop off"

She is reminding people where we were last year and how well we've done. I don't think even erin will swallow this.

Posted by: curious at June 04, 2010 05:35 AM (p302b)

44 She is reminding people where we were last year and how well we've done. I don't think even erin will swallow this. Erin will swallow anything so long as it makes Barry look good. She won't even gag.

Posted by: George Orwell at June 04, 2010 05:38 AM (AZGON)

45 this "president obama will speak any moment" has been being said for what twenty minutes. Are they rewriting the speech?

Posted by: curious at June 04, 2010 05:39 AM (p302b)

I don't think even erin will swallow this.

Bunk.

Posted by: Big Fat Meanie at June 04, 2010 05:39 AM (3iMgs)

47 I love Monty's new daybreak threads. We need a daily financial implosion thread, especially since Zerohedge goes down every single time SHTF.

Posted by: Derak at June 04, 2010 05:39 AM (hGgqr)

48 this "president obama will speak any moment" has been being said for what twenty minutes. Are they rewriting the speech?

Hey, here's how Barry writes his speeches. It's like magic, no work. Barry's way.

Posted by: George Orwell at June 04, 2010 05:42 AM (AZGON)

49 #37 Kratos, I blame you.

Don't shoot the messenger of chaos.

Posted by: Kratos (missing from the side of Mt Olympus) at June 04, 2010 05:43 AM (9hSKh)

50 The Won is now speaking, which means hes telling lies. Of course CNBc has it labeled as BREAKING NEWS.

Posted by: Retread at June 04, 2010 05:46 AM (2jS2P)

51 The Federal government has done so much to deter/hamper/cripple private sector hiring in the past 18 months, I'm not even sure a Ga'ould sarcophagus could help this jobs situation.

Posted by: Purple Avenger at June 04, 2010 05:46 AM (tLTgS)

52 Why do I have the feeling CNBC and even Fox will soon be talking about the increase in chocolate rations?

Posted by: George Orwell at June 04, 2010 05:46 AM (AZGON)

53 Pardon my ignorance on this: Didn't the euro start at parity with the USD? It wasn't that long ago that Â€1 = $1. So what's the big deal?

Posted by: FireHorse at June 04, 2010 05:49 AM (cQyWA)

54 Where's zero hedge....you get a pic with this message: "Be patient ok? We're processing EUR sell orders over here.Slide."
What???

Posted by: curious at June 04, 2010 05:50 AM (p302b)

55 @54
It's a huge deal if you're the Eurotrash central bank and you have to borrow lots of money. Especially when you're already way underwater.

Posted by: George Orwell at June 04, 2010 05:52 AM (AZGON)

Also: Estonia seems to have a fiscally responsible government and a flat tax for its people. Sure, they have a national health care program which has to be expensive, but that country seems to be pretty sound. Are they still on track to replace their currency with the euro?

(And would yet another currency, call it a Hansaeuro, make sense for select EU countries?)

Posted by: FireHorse at June 04, 2010 05:53 AM (cQyWA)

57 I'm expecting a lot of happy-happy-joy-joy noise, but I also suspect that the uptick in employment is mainly seasonal/census related, and will wane along with the summer. The real employment picture still sucks, and will continue to suck.

Funny you should mention that. Multiple news articles this morning are highlighting the fact that only about 10% of the total number of jobs "created" in this period are *not* census related.

Should be mildly interesting to see how President O'drama spins this won.

Posted by: Additional Blond Agent at June 04, 2010 05:55 AM (SHKl9)

58 Just fresh at zerohedge.com:

Forint In Freefall As Unicredit "Recommends" Hungary Central Bank Intervene

So at least the Euro has company.

Posted by: George Orwell at June 04, 2010 05:55 AM (AZGON)

59 That's a neat trick, the sound of the little bit of the speech they showed was terrible. Must have been deliberate since no one apologized for the sound quality?

Posted by: curious at June 04, 2010 05:57 AM (p302b)

60 ...aaaaaand the Euro slips to $1.20

Posted by: George Orwell at June 04, 2010 05:58 AM (AZGON)

61 Didn't the euro start at parity with the USD?

It was initially something closer to 1.16Â€ = $1. It was around 0.8Â€ = $1 when my parents went to Germany in September 2001.

Posted by: HeatherRadish at June 04, 2010 06:00 AM (mR7mk)

62 Or maybe I'm backwards. $1.16 = 1Â€.

Posted by: HeatherRadish at June 04, 2010 06:01 AM (mR7mk)

63 Wow, national news on Beck's show said we were byoyed by the fastest growth in ten years and that employers decided to boost hours rather than create any new jobs....

Posted by: curious at June 04, 2010 06:02 AM (p302b)

Are they rewriting the speech?

"Good news, stimulus is working, corruption of the previous administration, whether 'tis nobler to endure hope and change, shoveling shit in Louisiana. I won't be taking any questions."

Posted by: FireHorse at June 04, 2010 06:03 AM (cQyWA)

65 #60 I think the sound quality (I watched on CNBC) was bad because The Won was speaking in a shop (think warehouse). The content was bad because it was TOTUS. He got in the required 'failed policies of the past' quite a few times. Good thing it isn't a drinking game this early in the morning.

Posted by: Retread at June 04, 2010 06:04 AM (2jS2P)

66 Why doesn't Barry just recite the lines written for The Great And Powerful Oz in the Judy Garland movie? Makes as much sense as anything TOTUS tells him to say.

Posted by: George Orwell at June 04, 2010 06:07 AM (AZGON)

67 Why was biden with him?

Posted by: curious at June 04, 2010 06:08 AM (p302b)

68 "Euro gains as worries recede" -- WSJ yesterday. "Euro plummets on debt fears" -- WSJ today. The financial markets are suffering from a horrible case of ADHD.

Posted by: Monty at June 04, 2010 06:09 AM (4Pleu)

It was around 0.8Â€ = $1 when my parents went to Germany in September 2001.

Ha! Thanks, HeatherRadish; I stand corrected.

(According to Yahoo Finance, Â€1 = $0.8913 on Jan. 1, 2002.)

Posted by: FireHorse at June 04, 2010 06:10 AM (cQyWA)

70 DJIA following this morning's pre-market prices, down nearly two percent.

Posted by: George Orwell at June 04, 2010 06:10 AM (AZGON)

71 I suspect my design for a new BP logo based on Goatse would not be appreciated.

Posted by: George Orwell at June 04, 2010 06:12 AM (AZGON)

I don't have a logo for BP, but my slogan would be something on the lines of

BP Â— Because sometimes being around the ones you love can cure cancer.

(They can change their color scheme to a single shade of green, just like the Libyan flag.)

Posted by: FireHorse at June 04, 2010 06:20 AM (cQyWA)

I'm tickled beyond pink and dancing a jig, interrupted here and there with spontaneous break dancing, because... no more BP commercials that insult my intelligence by referring to itself as "beyond petroleum!"

Posted by: dumb blond at June 04, 2010 06:20 AM (gbCNS)

74 BP will stand for Barack's Petroleum before long. Perhaps he'll have to bail out the domestic arm. For the workers, and their children.

Posted by: George Orwell at June 04, 2010 06:23 AM (AZGON)

no more BP commercials that insult my intelligence by referring to itself as "beyond petroleum!"

Oh, just wait, dumb blond, for their "image reinvention" ads that are sure to come.

Posted by: FireHorse at June 04, 2010 06:25 AM (cQyWA)

76 Okay wise guys, who left all the fudge pudding in my bed

Posted by: DJIA at June 04, 2010 06:26 AM (9Sbz+)

77 Instead of continuing on a course to grow his George Webb franchise, Aldridge is expecting to sell two of his five restaurants Â— eliminating 25 employees in the process Â— to avoid having to provide health insurance for his workers at a pricey cost.

Posted by: HeatherRadish at June 04, 2010 06:32 AM (mR7mk)

78 Okay wise guys, who left all the fudge pudding in my bed

That "fudge pudding" was due to my "quantative easing," in the south forty.

Posted by: George Orwell at June 04, 2010 06:34 AM (AZGON)

New BP ad:

[start nice, new-agey music]

Interviewee #1: It's so uplifting to have corporate neighbors like BP who have so much optimism in the future that they forego any kinds of plans in case something goes wrong.

Interviewee #2: If you can use energy to shock a dog when he barks, why can't you harness the energy of the barking dog into a collar and use it to power cars and hospitals?

Interviewee #3: If I learned anything from events in the Gulf of Mexico, it's that there really is a lot oil in the world.

Narrator: The people at BP believe in pristine natual places, which is why, after a pipeline was built across Alaska, we didn't disturb the wildreness with invasive inspections or repairs. And we beautify other natural places by making sure our accidents mainly kill the ugly animals, like pelicans and crawdads.

Interviewee #1: I love BP. I'd gladly die for BP. (wipes tear)

[fade to black screen, fade in logo; end]

Posted by: FireHorse at June 04, 2010 06:40 AM (cQyWA)

80 How did I miss a morning Monty thread???

On the rigged market, Yes it is pointless for the average Joe to even try to play the stock market. For investment purposes the best thing you can do is pick a couple of blue chip stocks that have sound company management, buy them and hold them.

Currently I would stay away from everything but utilities.

Posted by: Vic at June 04, 2010 06:40 AM (6taRI)

Germany should just convert back to the Reichsmark.

I did a long-term TDY to Germany back in the late 90s (tough deployment, I know), and at one point I had marks, guilders, Swiss francs, French francs, schillings, and lira in my wallet, thanks to my moonlighting as a male prostitute.

Posted by: Big Fat Meanie at June 04, 2010 06:42 AM (8lCJT)

82 @80
Well played, sir.

Posted by: George Orwell at June 04, 2010 06:42 AM (AZGON)

83 I hope the NYSE invokes Rule 34.

I'm just hoping that things don't deteriorate to the point where people start thinking about Rule 303.

Posted by: IllTemperedCur at June 04, 2010 06:44 AM (E4Pj8)

84 In sad news, my niece will be losing her job this summer as a census worker. I'll be watching her closely so that her adolescent angst won't drive her to painting FED across her chest and hanging herself from a tree... the stupid little lib.

Posted by: dumb blond at June 04, 2010 06:48 AM (gbCNS)

85 DJIA getting closer to a full two percent loss. Down about 1.75%

Posted by: George Orwell at June 04, 2010 06:58 AM (AZGON)

86 Well, I'm glad to see that we've even got the "replica watches" spambot on board the doom-train.... When even spambots despair at the economy, the Apocalypse must soon be nigh.

Posted by: Monty at June 04, 2010 07:02 AM (4Pleu)

87 Breaking: IWC replica watches force the Dow down 1.86% in early trading. CNBC and Timex hit hardest.

Posted by: George Orwell at June 04, 2010 07:03 AM (AZGON)

88 [CNBC Anchor]: Monty, you're down there in the trading pits; can you explain the huge drop in the Dow today? [Monty]: Well, it appears to be the combination of huge losses in confidence on the part of the Lace Wigs, Conan CD Keys, and Replica Watches organizations. It pretty much drove everyone else into a panic here on the AoSHQ Exchange. "When you've lost the spambots, you've lost the market," as we like to say down here, Chet.

Posted by: Monty at June 04, 2010 07:09 AM (4Pleu)

89 Miss me yet?

Posted by: Rick Santelli at June 04, 2010 07:14 AM (AZGON)

90 Monty, is that your article over on American Thinker?

Posted by: conscious and down about 2% at June 04, 2010 07:19 AM (YVZlY)

91 Breaking: DJIA down over two percent. White House unexpectedly says "previous administration hardest hit."

Posted by: George Orwell at June 04, 2010 07:22 AM (AZGON)

92 Monty, is that your article over on American Thinker? Nope; different Monty. It's a good article, though.

Posted by: Monty at June 04, 2010 07:23 AM (4Pleu)

93 I can see 9k from my porch 10,037.17 -218.11

Come on Fed! Start the dump!

Posted by: DJIA at June 04, 2010 07:23 AM (4WbTI)

94 95 Monty, is that your article over on American Thinker?

Nope; different Monty. It's a good article, though.

Posted by: Monty at June 04, 2010 11:23 AM (4Pleu)

I enjoy your postings here. They couldn't go wrong by adding a second Monty to their list of contributors.

Posted by: conscious and down about 2% at June 04, 2010 07:27 AM (YVZlY)

95 Next up to take a swan-dive into the economic toilet: Italy! Maybe I'll be able to afford that Renaissance villa in Tuscany after all.

Posted by: Monty at June 04, 2010 07:33 AM (4Pleu)

96 Breaking: BP to try Doofenshmirtz shrinkinator to clean up oil in Gulf, optimistic about results.

Posted by: FireHorse at June 04, 2010 07:35 AM (cQyWA)

97 BP to try Doofenshmirtz shrinkinator

I sell those.

Posted by: Ron Popeil at June 04, 2010 07:41 AM (AZGON)

98 Breaking: BP to try Doofenshmirtz shrinkinator to clean up oil in Gulf, optimistic about results.

And then they will take over the tri-state area!

Posted by: Barb the Evil Genius at June 04, 2010 07:46 AM (5aVkt)

99 US treasuries are "the least dirty shirt", and thus are still the safe-haven of choice. We suck less than anybody else! Yay!

Posted by: Monty at June 04, 2010 07:54 AM (4Pleu)

100 Seigniorage? Sounds like Vigorish to me.

Posted by: Rocks at June 04, 2010 07:55 AM (Q1lie)

101 We suck less than anybody else! Yay!

I'm trying to remedy that, mister.

Posted by: Barack Hussein Obama, supergenius at June 04, 2010 07:57 AM (AZGON)

102 Does BP have any ensigns in red shirts on hand?

Posted by: Adriane at June 04, 2010 08:10 AM (mXBw3)

103

We suck less than anybody else! Yay!

Not quite accurate.

Posted by: Canada at June 04, 2010 08:16 AM (o0R2E)

104 It's sure beginning to look like a rigged game to this investor. Beginning to look ? Where have you been for the past decade or so ? It's at best a ponzi scheme, and at worst merely a legalized theft mechanism.

Posted by: Dougf at June 04, 2010 08:29 AM (uJihA)

105 You got it backwards.

Seigniorage is the difference between the cost of making currency and its face value. It is not "added on".

It was originally the difference between the bullion value of a precious-metal coin and its face value.

The privilege of issuing coins was restricted to "seigniors" - that is, lords (French seigneur). As governments replaced feudal rulers, they took over the function and the benefit.

Posted by: Rich Rostrom at June 04, 2010 09:28 PM (2sfpG)

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