Alasdair Macleod: Catch 22 for the Fed

Submitted by cpowell on Sun, 2011-06-05 17:48. Section: Daily Dispatches

10:45a ET Sunday, June 5, 2011
Dear Friend of GATA and Gold:
Economist and former banker Alasdair Macleod, writing at GoldMoney, says that with the U.S. economy weakening, the Federal Reserve's options for reflating it and financing the U.S. government's debt are narrowing. MacLeod, who will speak at GATA's conference in London in August (http://www.gatagoldrush.com/), writes:

 

Biggest Protest In Athens Under Way As Tens Of Thousands Ask "Where Did Our Money Go", Demand No More Austerity (Now With WiFi Access)

After 12 consecutive days of protests, the biggest gathering in Athens' parliamentary Syntagma square is currently underway. The FT reports: "Thousands of Greeks protested outside parliament on Sunday against a fresh austerity package agreed in return for the country’s second bail-out in 13 months by the European Union and International Monetary Fund. “Thieves, thieves….Where did our money go?” the protestors shouted, blowing whistles and waving Greek flags as riot police thickened ranks around the parliament building on Syntagma square in the centre of the capital...Frustration over the socialist government’s half-hearted reform effort has united diverse activists –from unemployed graduates to environmentalists and pensioners – under the umbrella of the new movement. George Papaconstantinou, finance minister, is due to unveil on Monday a €6.4bn emergency package of tax increases and cuts in allowances aimed at putting this year’s budget back on track....“What went wrong? We need answers right now,” said Rovertos, a volunteer computer technician helping provide wi-fi services at the protest camp. “The government promised there wouldn’t be any more tough measures but they’re about to announce new taxes and thousands of job cuts,” said Stefanos, a retired civil servant sitting outside a tent." What went wrong is that Greece is in the process of being colonized by the global banker certal. But with summer season in swing, and most Greeks hitting the beach, we doubt many will notice until it is too late. As for those who may have noticed, below is a webstream of the biggest protest before the Greek parliament in 2011. It is sure to provide some entertainment for when the EUR opens up in 3 hours, if not much else.

Housing Prices Have Already Fallen More than During the Great Depression ... How Much Lower Will They Go? 

 

 

 

Don Coxe On Everything From The Markets Rolling Over, To Persistent Food Inflation, To The Coming US Sovereign Debt Crunch

Submitted by Tyler Durden on 06/05/2011 13:52 -0400

There is a plethora of original insight in Don Coxe (BMO Capital Makets) among them observations on sovereign risk moving from east to west, state finances (or lack thereof), the ongoing correction in financial stocks which portends nothing good for the equity investors, the ongoing violence in MENA, why this inflationary spike in food may last far longer than previous ones, and naturally, some very spot on thoughts on gold, which conclude with: "The only gold bubble likely to burst is the bubbling ridicule of gold."

 

Jacob Hornberger on Libertarian Law, Religion and the Growing US Police State

Sunday, June 05, 2011 – with Anthony Wile

Jacob G. Hornberger The Daily Bell is pleased to publish an exclusive interview with Jacob G. Hornberger (left).
Introduction: Jacob G. Hornberger is founder and president of The Future of Freedom Foundation. He was born and raised in Laredo, Texas, and received his B.A. in economics from Virginia Military Institute and his law degree from the University of Texas. He was a trial attorney for twelve years in Texas. He also was an adjunct professor at the University of Dallas, where he taught law and economics. In 1987, Mr. Hornberger left the practice of law to become director of programs at The Foundation for Economic Education (FEE) in Irvington-on-Hudson, New York, publisher of Ideas on Liberty. In 1989, Mr. Hornberger founded The Future of Freedom Foundation. He is a regular writer for The Foundation's publication, Freedom Daily.
A brief synopsis:
Daily Bell: We think the Internet like the Gutenberg Press before it is creating a new Renaissance and new Reformation – Internet Reformation, if you will? Response?
Jacob Hornberger: It certainly is providing people with the means to circumvent the long-established mainstream media outlets, which is a great thing.
Daily Bell: Many believe that a New World Order is being created by an elite group of banking families residing in the City of London. Conspiracy theory?
Read More  

Anthony Wile: Bacteria Hysteria Fanned by WHO Propaganda Machine

Sunday, June 05, 2011 – by Russia Today

Anthony Wile / RT

Russia Today's Bill Dodd interviews Anthony Wile, the founder and chief editor of thedailybell.com, who believes the hysteria about the bacteria behind the food poisoning is artificially created by the mass media – which he calls "the WHO's propaganda machine."
"I do not believe we have enough information at this time to be able to determine whether or not this is going to be a real serious outbreak here that is going to cause serious human casualties. But certainly the mainstream media are having their normal run at trumpeting this to be another grand hysteric situation," he said.
And the main aim for them, he says, is to drive more people into believing that organizations like WHO are there to do something to solve the problem.
"I would not expect them to do anything more than continue trumpeting these headlines in a way which will cause more and more hysteria, because what they are going to do is [to] level society with more rules and more regulations," Wile added.

Watch Video
We look forward to hearing your feedback on today's Daily Bell.

21 Dead, 2,000 Infected: E-Coli Infection Swamps German Hospitals

Submitted by Tyler Durden on 06/05/2011 12:07 -0400

Even as the insolvent EU scolded Russia for daring to ban imports of raw vegetables from EU countries 3 days ago releasing the following statement, "The European Commission protested to the Russian Federation this afternoon against the Russian ban imposed earlier today on all EU vegetable exports to Russia, and requested the immediate withdrawal of the measure" there is no chance that Russia will comply (adding insult to insolvency), following the latest report from Reuters that "German hospitals are struggling to cope with the flood of E.coli victims, Health Minister Daniel Bahr said on Sunday, as the death toll rose to 21 with more than 2,000 people infected across Europe....Hospitals in the northern port of Hamburg, epicenter of the outbreak that began three weeks ago, have been moving out patients with less serious illnesses to handle the surge of people stricken by a rare, highly toxic strain of the bacteria." Needless to say, this is good news for the Keynesians out there: in addition to earthquakes, volcanoes, rain, snow, floods, droughts, tsunamis and nuclear power plant explosions, worthless economists will now have viruses to blame for "one-time, non-recurring" misses to their latest set of expectations.

All we can do is to do things to try to hasten the day