Greece Passes first vote/tomorrow is first day delivery in silver

Harvey Organ, Wednesday, June 29, 2011

Greece Passes first vote/tomorrow is first day delivery in silver

If he is wrong...he makes money and is safer then 95% of the Sheeplez...
If you do nothing to prepare...and are wrong...you will suffer the consequences as will 95% of the Sheeplez...
Are you willing to bet your life on being right?

In The News Today

June 29, 2011, at 2:23 pm
by Jim Sinclair 

Jim Sinclair’s Commentary

You have to love these guys. The banksters and their OTC derivatives broke the place, but Iceland said "Stuff You" to the Banksters.

Iceland Declares Independence from International Banks By Bill Wilson
Iceland is free.  And it will remain so, so long as her people wish to remain autonomous of the foreign domination of her would-be masters — in this case, international bankers.
On April 9, the fiercely independent people of island-nation defeated a referendum that would have bailed out the UK and the Netherlands who had covered the deposits of British and Dutch investors who had lost funds in Icesave bank in 2008.
At the time of the bank’s failure, Iceland refused to cover the losses.  But the UK and Netherlands nonetheless have demanded that Iceland repay them for the “loan” as a condition for admission into the European Union.
In response, the Icelandic people have told Europe to go pound sand. The final vote was 103,207 to 69,462, or 58.9 percent to 39.7 percent.   “Taxpayers should not be responsible for paying the debts of a private institution,” said Sigriur Andersen, a spokeswoman for the Advice group that opposed the bailout.
A similar referendum in 2009 on the issue, although with harsher terms, found 93.2 percent of the Icelandic electorate rejecting a proposal to guarantee the deposits of foreign investors who had funds in the Icelandic bank. The referendum was invoked when President Olafur Ragnur Grimmson vetoed legislation the Althingi, Iceland’s parliament, had passed to pay back the British and Dutch.
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Jim Sinclair’s Commentary

Taking on more debt is the solution to the Debt Problem? Don’t sell your gold with this type of reasoning running the show.

IMF urges US lawmakers to raise $14.3B debt limit By CHRISTOPHER S. RUGABER – AP Economics Writer | AP – 3 hrs ago
WASHINGTON (AP) — The International Monetary Fund urged U.S. lawmakers Wednesday to raise America’s borrowing limit. It warned that inaction could lead to a spike in interest rates that would harm the U.S. economy and world financial markets.
The debt limit is the amount the government can borrow to help finance its operations. The United States reached its $14.3 trillion borrowing limit in May. It is at risk of defaulting on its debt if it doesn’t raise that limit by Aug. 2. President Barack Obama and Republican lawmakers have been at odds on a plan to raise it.
The borrowing limit should be increased "expeditiously to avoid a severe shock to the economy and world financial markets," the IMF said in its annual report on the U.S. economy. Republicans are insisting on substantial spending cuts before they agree to an increase, including cuts in Medicare. Democrats say they want any deal to include some tax increases.
The IMF also warned in its annual report that rising U.S. budget deficits pose a risk to the economy. But it advocates a long-term strategy for reducing those deficits, not steep immediate cuts or tax increases. Cutting the deficit too quickly could slow the weak U.S. recovery, the fund said.
The U.S. economy will grow this year and next but at a weak pace, the IMF forecasts. The fund projects the economy will expand 2.5 percent this year and 2.7 percent in 2012. Consumers are still paying off debts, which will reduce their buying power. And budget cuts at the federal, state and local levels will also reduce demand.
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Jim’s Mailbox

June 29, 2011, at 2:21 pm
by Jim Sinclair 

Real Estate Remains Weak CIGA Eric
A rise in signed contracts to buy homes today could precede more of them broken in the future. Be wary of easy headline inferences. Noise within the secular trend does suggest anything. The bounce in real home prices since 2009 remains nothing more than counter trend rally within a secular downtrend that begin in 2005. The longer prices consolidation without meaningful gains, the harder the lower magnet pulls.

U.S. Median Home Price (MHP) And MHP to Gold Ratio

Headline: Contracts to buy homes rose sharply in May
The number of people who signed contracts to buy homes rose sharply in May. But the influx of spring buyers wasn’t enough to signal a rebound in the struggling housing market.
The National Association of Realtors said Wednesday that its index of sales agreements for previously occupied homes rose 8.2 percent last month, to a reading of 88.8. The increase followed April’s seven-month low of 82.1
Source: finance.yahoo.com
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What will happen if US misses Debt payments?

Posted by: thetrader

Post date: 06/29/2011 - 18:20

With the Greek vote now done, the oil reserves opened up and the equities market going higher during the last days, all is great. Let’s not forget about the US Debt problems though. August 4th coming up soon, and Obama needs to extend that parabolic chart…. From www.thetrader.se 

US Afghan, Iraq and Pakistan Expenses to Reach over $4 Trillion

Author: goldnews | Filed under: Economic News, Political News US President Barack Obama recently announced a troop withdrawal from Afghanistan under the premise that the war was becoming too expensive. While his troop reduction was praised, few mentioned that the troop levels were to be no lower than when his administration began. Obama’s reduction in troops was, in effect, no more than a withdrawal of those already added by the President. Troop withdrawals from Iraq and Afghanistan often deceivingly amount to simply redefining troops as non-combat soldiers as well. The popularity of the wars have declined as conservative death toll estimates are now at 225,000 dead, of which 6000 are US troops, 2300 are US contractors and hundreds are journalists. The financial cost and lack of success in the wars is also weighing on the American public as US debt is a major political issue at present. Read the rest of this entry »

Economic Forecasts: Lies or Idiocy? Part I

There was an interesting report from Reuters today, which (for the first time) takes an aggregate look at the utterly futile/incompetent “forecasts” which have been inflicted upon us by Western “economists” and “experts” over the past four years. It is nothing less than a litany of failure and disgrace.

There are two aspects to this piece which make it very useful. First, it provides a considerable list of anecdotes illustrating the mind-numbing incompetence of these mainstream prognosticators. Then it goes one step further and offers an explanation for such pervasive failure. Let’s begin with the former.

- The May U.S. non-farm payrolls report and Philly Fed Index both reported numbers worse than the lowest “forecast” of the dozens of “experts” who participate in those surveys for the mainstream media

- In June 2008, not one of the “top-24” economists in the UK predicted a recession (with “similar” figures in the U.S.)

- None of the 24 “experts” polled by Reuters predicted that the UK economy would contract in the fourth quarter of 2010.

- Those same “experts” were too optimistic on 20 out of 27 categories of economic statistics for the U.S., UK, and the Euro zone for both the months of April and May

More generally, the margin of error for these pseudo-experts in their predictions for GDP have gone from 0.1% (pre-crisis) to 0.5% (today). Put another way, their forecasting of this vital economic statistic is now only 20% as reliable as it was a mere four years ago. What Reuters fails to add is that the huge increase in the bias/inaccuracy of these forecasts is invariably to the up-side.

Obviously, when an entire flock of “experts” demonstrates a large, consistent bias toward “optimism”, one explanation immediately leaps out to explain this sudden lapse in accuracy: these experts are in fact nothing but market-pumping shills, continually telling the investing community that “things are getting better” in order to lure them (and their money) into the banksters’ casinos (i.e. our equity markets).

The two Reuters writers who compiled this piece were (strangely) unable to identify the motive which I found so obvious, however (to their credit) the writers come up with an explanation which also plausibly accounts for the sudden and horrendous inaccuracy of economists and market experts. They label this phenomenon as assumptions of “mean reversion”.

The premise is quite simple. The “reason” why all these economists/experts have suddenly and consistently displayed a grossly over-optimistic bias for the past four years is that they “expect” our economies to “revert to the mean”. In other words, rather than restricting their analysis to the actual data in front of them, they are allowing their analysis to be biased/clouded by assuming that our economies “must” move back toward the long-term trend of economic performance. Of course there is an even simpler term which accurately describes what these experts and economists have been doing for the past four years: they have been guessing.

To this point in my analysis, we are presented with two explanations as to how/why all of our experts and economists have suddenly and consistently had the accuracy of all of their forecasting plummet by 80%, all the while demonstrating a clear and unmistakable bias to the up-side:

1) The obvious explanation: our “economists” and “experts” are nothing more than market-pumping shills.

2) The Reuters explanation: that this esteemed collection of experts has either suddenly reverted to merely making guesses on their forecasts for our economies, or that they have always been simply guessing – we just never had economic data extreme enough to expose these charlatans until the last four years.

Before I offer two deeper, darker explanations of my own for this phenomenon, let me spend a little time expanding on my “simplification” of the Reuters explanation as implying mere guesswork by the Western world’s most highly-respected “voices” on our economies. Read more: Economic Forecasts: Lies or Idiocy? Part I 





 

States Enter Next Round of Public Pensions Fight

While almost everyone agrees that state pension funds have enough money to pay current retirees, taxpayers and investors in the $2.9 trillion municipal bond market are increasingly nervous about how they will cover future costs.