Obama Campaign Website Hacked, Or Who Needs Marx When You Have "Commy [sic] Obama"

After one group of hackers broke into Fox's twitter account yesterday, today another group returned the favor by converting the president's campaign website to a 21 point summary of politics hosted by, as the Washington Examiner reports, an unnamed "Commy Obama." Among the points clarifying modern political life were the following pearls "1. Politicians and other public servants lie. 2. Politicians tell you what you want to hear and offer to provide things for 'free' to get votes. 3. When government buys, the people pay." And so forth. The full screen shot is below.

$600 purchase reporting requirement repealed

 

 

Most futures trading is just paper speculation, CFTC reports

 

China scorned for resisting West's commodities market manipulation

 

 

Currency wars continue, Brazil's finance minister warns

 

Daytraders Account For Over 90% Of Volume, Price Formation In ES, Crude, Gold And Silver Futures 

Submitted by Tyler Durden on 07/05/2011 19:49 -0400

The CFTC has just released two new reports looking at volume in various commodity futures and confirming what most have already known, namely that under 10% of daily futures volume in the most popular products comes from Large Trader position changes. The balance or well over 90% in most cases, originates from "daytrading" accounts, or said simply, speculators dominate price formation on the margin for the bulk of products, which also means that longer-term equilibrium levels, those determined by supply and demand, are largely washed out when all the daytrading, and thus short-term pricing, mania is factored in. This also explains why moves such as the recent desperate SPR release by the IEA are generally doomed to failure. The CFTC's Gary Gensler said that "The data shows that, in many cases, less than 20 percent of average daily trading volume results in traders changing their net long or net short all-futures- combined positions. The balance of trading is due to day trading or trading in calendar spreads." This is bad news for the hedging departments of commodity firms which deal with actual physical, and thus try to hedge price swings, as long-term price expectations are largely moot when attempting to predict short and medium-term price fluctuations. In fact, bets, even correct ones, may ultimately add to price volatility if caught in a wrong-way position that faces collateral requirements. As to whether this new data will change the administration's approach to artificially setting prices on key political commodities such as oil and precious metal, all signs point to no. This also means that churning HFT parasites, which are part of the non-Large trader universe are likely the most determining marginal price determinants for the bulk of commodities,and yes, that includes ES and interest rate products as well.

Tonight's Comedy Hour Punchline: Japan To Stress Test Nuclear Plants 

Submitted by Tyler Durden on 07/05/2011 20:51 -0400

Just when one thinks news can't get any more... what's the right word here... here it comes. Per Reuters, Japan has decided to justify the credibility of its nukes, by, get this, performing stress tests. "Japan's trade minister Banri Kaieda said the government would conduct stress tests on all nuclear power reactors in Japan, Jiji news agency reported on Wednesday. The minister also said he would ensure there were no problems with power supplies, Jiji reported." Where does one start here: that the ECB is not the one conducting the tests - after all who has more expertise with stress tests... Or that the tests come after the biggest nuclear catastrophe since Chernobyl: after all what's the downside - one more Fukushima and Japan would convert into the Prypiat level from Call of Duty... Or that the tests will just accidentally forget to test for such 60 sigma events as earthquakes or tsunamis... Or that the announcement comes a day after the Japanese reconstruction minister quit after a week on the job... Or that the ECB will announce it will accept Japan's nukes as collateral until at least 10 major networks show footage of a mushroom cloud.... Or that ISDA will shortly determine that another nuclear explosion is not really a nuclear explosion and that all CDS against nuclear explosions will be null and void as soon as there is an actual explosion... Or that Tim Geithner is currently in Tokyo explaining there is nothing more credible than a stress tested nuke... Or that Basel VIIIXLC will find a NPP safe if its ratio of gamma to alpha radiation is more than 1 megaroentgen, promptly followed by Jamie Dimon bitching to BOJ president Shirakawa that 1 megaroentgen is too much to demand from Fukushima Street.... And it continues. Etc. Etc. Etc.

Guest Post: A Question On Risk: Part One Of Three 

The common belief is that long bond holders are suckers that always lose money. But there is no denying their raw total return generating power. Question 1: Total Return, various asset classes: How can the long bond outperform the other, more risky competitors here?

Enough of this Greek Farce, Everyone Knows Default is Coming





The Great Misdiagnosis




Selling Gold Teeth in Greece to Make Ends Meet




Jim Rogers:  Boost Food Production At Any Cost Or "No Food At Any Price"




The Daily Bell: So Many Lost Decades - Why?

In The News Today

July 5, 2011, at 6:39 pm
by Jim Sinclair in the category In The News |  Print This Post |  Email This Post

Dear CIGAs,
The summation of today in gold is that it certainly looks like $1650 is much too low for a realistic price objective.

 


Jim Sinclair’s Commentary

How does your garden grow? Potatoes, tomatoes, onions, carrots, corn and wheat are best invested in the non-derivative form.

You can’t eat your precious metals. Precious metals cannot buy what cannot be delivered due to economic distribution breakdowns.

CICP Inflation will deliver to you economic distribution breakdowns. It always has and it will again.

Economic Armageddon and You...Prepare for the Worst...

Jim Sinclair’s Commentary

Here is the entire story. I would suggest spreading the truth to offset the lies.

Buy me a cup of coffee

I'm PayPal Verified