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Sunday, November 15, 2009

I'm personally SHORT Karl Denninger of the Market Ticker

It appears I'm going to break my own rules about 'naming names'.

Well. That was interesting. I was just banned from "The Market Ticker" for probably one of the single most polite responses to someone calling me a "douche" in public.

You know, I can understand banning someone from your site, or blog, for disrespectful behaviour, and childish actions. But there is a difference between disrespectful behaviour, and respectfully challenging another viewpoint; which should lead to interchange which allows both adults to grow in their understanding of one another, and of themselves.

So was I disrespectful? You be the judge. As follows, was my response regarding the Dollar Carry Trade on "The Market Ticker" First of all, I quoted Karl, as you will note below with the "Quotes".
Quote:
Don't be a douche. OF COURSE that is what happens wjen it unwinds - AND IT WILL.
I will ignore the foul language, as my parents taught me to speak to other adults, as adults. I do not insult others as means of response. It proves nothing, other than the transmission of emotion ... and I've been in this business long enough to know that emotion is the enemy of any trader, and any investor.

Quote:
Do you WANT to see the markets and government destroyed?
First of all, as an avid student of history, it is absolutely impossible to destroy the markets. It can't be done. As a student of Russian history, conversant in the Russian language, and especially in this 20th century, I'm telling you, despite whatever government you put in power ...

You cannot destroy the markets. Period. I don't care if you have a totalitarian regime ruling things with the iron fist of Josef Stalin - you cannot destroy the markets. You only transfer them. That's all. To destroy the markets, you'd have to destroy humanity. The skills that I've gained as a trader and investor will allow me to survive. James Clavell taught us all that a trader living in a Japanese Prisoner of War camp, can keep himself and others alive.

Secondly, your comment proves my point. Karl, I greatly respect your intelligence, and your ability to watch the Fed programs. But you have to understand a very fundamental fact:

Our intelligence means nothing when it comes to the future. In fact, I've found that in some ways, a high degree of intelligence inhibits profitable market action. You think too much. And you're succumbing to fear.

Was the unwind for Japanese Yen and the world horrendous? Absolutely. Is Japan still here? Yes. Did they try to stop it, and decrease volatility? Yes. Did it make matters worse? Probably. Are we still here and trading the capital markets? Yes.

And for a trader and investor? That's all that matters.

The flash point has not yet been reached for inflation. Your assumptions regarding the U.S. Dollar Index are only that, assumptions regarding how bad it will get. Gold is not inflation, it's fear and lack of trust. The basket of commodities ... gold, copper, oil, wheat, soybeans, corn and cocoa are inflation. And the flash point we saw in 2007 has not yet been reached. In 2007 we had Wheat taking off through the roof, along with Oil to $150.00

And continuing on your second point?

How many times do I have to say it?

This is not a nation of laws. This is a nation of kings. You yourself have said it. This is an oligarchy. You yourself have called them "oligarchs" You can change absolutely nothing. You continue to pour money by "calling your congressman". It's a losing trade. What have you changed? In years? What have you changed?

But every four years? People fall for that sucker play. That there is any progress, anywhere to be made in politics.

To become involved in politics is to believe that the financial and economic world is flat, and that any end result can be seen ahead of time.

And I can think of no more arrogant thought. It's a thought that history has proven a million times, to be incorrect.

Unless ... you're hoping to somehow create your own political party, and that is part of the reason behind the Market Ticker to begin with.

I've been in business long enough to see these things coming from a long distance ..."

For that post, I was banned from the Market Ticker. After he calls me a "douche", and my reply was to call the man a great Fed watcher, and an intelligent man. I did not disagree with his assessment that a Dollar carry trade is beginning. Simply his reaction to it. And after being called a "douche" I thought I was being as diplomatic as possible. I tried to reply to his next post, only to receive the great large red "access denied" message.

God knows that I'm no fan of the data that Dennis Kneale and others at CNBC try to present as economic reality. I've railed on and on about that long enough. But isn't Karl Denninger the same man, that in a blog entry, on the internet, call Dennis Kneale "an idiot"? Isn't this the same man, who when confronted by Dennis Kneale on the air on that bit of namecalling, simply sidestepped the issue?

My grandaddy taught me quite a bit about men who have a lot to say about you behind your back, but won't repeat their statements to your face, eye to eye.

We see these folks all the time in the markets. In my own experience, Karl is no different than those he decries on a daily basis; when he speaks with such righteous indignation. He is the king, he is the god. He knows best. He supposedly supports all of the principles of fair interchange, and the exchange of thought and ideas. We'd all be so much better off, if we just shuttup and listened to him!

In my own, humble, personal opinion ... this is a trait that I have personally found in many who run for political office, or form a political party. And let's not forget that this is the same man talked about forming a political party. So what better way, than to instill a fear of the "others" out there. As long as you talk about problems and issues that they bring up, then there is no problem.

As long as you agree with him. As long as everything goes his way. As long as you don't challenge him on points that he cannot defend, other than emotionally. But so help you god, if you actually challenge the guy? If you actually try to involve both he and you through an interchange of thought and debate, in an area he controls?

I mean seriously ... for that message? My parents taught me, not to surround myself with people who only agree with me? But those who can respectfully challenge my own viewpoint, which allows me to grow as a man. They also taught me to thank such people, and to draw them closer to myself as friends.

Well, Karls solution is very simple. He acts in the same manner as those he criticizes on a daily basis. I guess that "The Market Ticker" is not (and I quote him) "Second, The Ticker is not, as I've said repeatedly, a trading blog. Those who cannot be bothered to read the purpose of The Ticker and misrepresent it do no good for themselves or anyone else."

So we should all remember that "The Market Ticker" with symbols of Apple, the Dow Jones, AT&T, is not for a discussion regarding the very economic ideas and companies that Karl raises as points for discussion on his own forums.

Okkkaayyyyy

And people ask me why I refuse to become involved in politics.

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