We The Sheeplez- The Coming Economic Collapse.."A Nation Of Sheep Ruled By Wolves" Thomas Jefferson

Monday, August 23, 2010

It's Going to Get Worse...A Whole Lot Worse

At £4.8 Trillion In Total Debt Including Unfunded Liabilities, UK Debt Is Six Times More Than The Official Number

Israel Knesset Member Declares "We Are Preparing For War"

Submitted by Tyler Durden on 08/22/2010 20:55 -0500

In an interview by Likud Knesset Member Danny Danon, speaking with WND senior reporter Aaron Klein, who hosts an investigative program on New York's WABC 770 AM Radio, the Israeli said that "Israel is preparing for a time of war...We are ready for all scenarios, and we are able to defend our civilian population. I cannot tell you how long we can wait more. But we prefer to wait and see if the international bodies are acting, or [whether] it will be only the burden of Israel, like it was in the early '80s, when the great leader, Menachem Begin, [made] the great decision to bomb the nuclear reactor in Iraq." He concluded: "We don't want this to be a war of Jews against Muslims. It should be a war of Western civilization [against] Iran." Good luck explaining that to 1.5 billion Muslims around the world.

After Finally Covering The Massive Retail Outflows, The NYT Also "Discloses" The Nanex Crop Circle Mystery

Clampdown On Market Abuse By High Frequency Churners, Er, Traders Begins

Assorted Charts From Trader Dan

Posted: Aug 22 2010 By: Dan Norcini Post Edited: August 22, 2010 at 8:00 pm
Filed under: Trader Dan Norcini
Dear CIGAs,

Click here for this week’s action in the Gold/Bonds Ratio, US Bonds, Dow Jones/Gold Ratio, Continuous Commodity Index, Comex Gold, HUI/Gold Ratio, and the HUI Monthly, all with commentary from Trader Dan Norcini…

Why The Fed's Upcoming Jackson Hole Economic Symposium Could Have Wide-Ranging Implications

Submitted by Tyler Durden on 08/22/2010 11:19 -0500

As another leg down to the economy is starting to be telegraphed by even the official data set, particularly in unemployment, and housing, and with industrial production slowing down, Goldman is once again beating the QE 2 "non-lite" drums. As such, all eyes turn to this week's Jackson Hole Kansas City Fed Economic Symposium (the same Kansas City where the sole dissenter to the Fed's ZIRP "bubbles4eva" policy, Tom Hoenig, rules over rational thought with an iron fist, even as other Fed intellectual midgets scribble pre-paid papers describing how stable the economy of soon to be bankrupt countries is). As we pointed out in the days following Hatzius' reduction in GDP estimates, the Goldman strategist was hoping for a $1 trillion QE announcement. The Fed decided against it, and the market sold off. Which is why at this very public Fed venue (and last) before the September 21 FOMC meeting, many will be focused on Bernanke's speech to see if he will telegraph the purchases of even more securities, which as Hatzius highlighted before, could include more "exotic" credit, including private label MBS, munis and even corporates. As Sven Jari Stehn says, "it will be worth watching whether Fed Chairman Bernanke will comment in his opening remarks on the recent data disappointments and/or the ongoing debate on the appropriate stance of monetary policy." And nobody is more concerned than Angela Merkel - now that the EUR has finally started to dip once again to the delight of an insolvent Europe, Germany will do all it can to keep the USD on its upward trend, as the ECB would prove much harder to manipulate into another round of QE. Or maybe not - all it would take is for Greece to be declared bankrupt again. Which is why the next big geopolitical instability cycle may start off anew depending on the first few sentences uttered by Bernanke in the August 26-28 meeting. And finally something quite odd about this year's meeting - as Bloomberg's Scott Lanman points out, the head of the FRBNY's trading desk, better known as the PPT, Brian Sack, is not invited to this meeting for the first time. We will keep a close eye on this very peculiar regime change.