Guest Post: Reflections On The 4th Of July

Independence Day is not about blind nationalism, it is not about statism, it is not about collectivist subservience to a pervasive bureaucracy; it is about the rebirth of the individual in the face of overwhelming despotism, and the creation of a country whose fundamental focus was the nurturance of such individualism above the desires of government. Beyond the often irrational fears of the “majority”. A philosophy of decentralization that was meant to supercede elitist addictions to power and dominance. The 4th of July is a marker, an oasis in the annals of history, when the true potential of humanity could be glimpsed, even if only for a moment. Ever since, men have longed for another opening in the veil. We have allowed ourselves to be manipulated, conned, conditioned, and enslaved. We have abandoned our self sufficiency, and become utterly dependent upon political and economic systems we no longer have any real influence over. America has lost itself, and the darkness grows ever more heavy. For those who have awakened to this reality, I can say only this; you are not the first. Others have come before you. Others have fought back. Others have been victorious.

International Forecaster July 2011 (#1) - Gold, Silver, Economy + More
By: Bob Chapman, The International Forecaster

Theater Of The Absurd: Greece Has Already Missed Its June Budget Target

Submitted by Tyler Durden on 07/04/2011 12:10 -0400

The 5th Greek bailout tranche has not been delivered yet, under the very, very strict condition that the country adhere to the terms of its pillaging by European banks, and already Greece, which has proven beyond a reasonable doubt that a country that refuses to do work, and conducts full day strikes on a whim actually does not grow, has just fallen behind a critical monthly Troica benchmark. From Dow Jones: "Greece is at risk of missing a key budget target in June, European Union experts said in a report, a sign of the uphill struggle the country faces as it tries to get its deficit reduction plans back on track. The report, prepared by European Commission budget experts with input from European Central Bank officials and published over the weekend, says that Greece could miss its June target for its primary budget balance, a measure of the government deficit that excludes interest payments on outstanding debt." And here is why the last thing anyone in Europe cares about is actual Greek growth: "Government revenue faces "significant" shortfalls that have only partially been offset by lower spending and delayed payments, the report says. "As a result, the quarterly performance criterion on the primary balance could be missed already in June." June. As in before the disbursement of cash contingent on the primary balance being met...

Inventory Glut Of Ultra Luxury Homes Hits Greenwich, Over 4 Years Of Supply

While the overall market may have taken a sharp move higher in the last days of the quarter on what has been a vicious short covering rally, the bulk of hedge funds continue to underperform either the general market or their respective benchmarks. And while funds will shower their LPs with promises of outperformance, in some very prominent cases performing outright fraud and fabricating trades, one of the better indications of the performance of the levered beta chasers is the activity in the real estate market in Greenwich, CT. It is there, that courtesy of Prudential's Mark Prunier, we find that sales of homes in the ultra-luxury $10+ million bracket are not doing that hot. In fact they are doing outright horrendous - the current inventory backlog in the most expensive real estate segment in this hedge fund playground is the biggest since 2004: at last check (June 2) there were 52 homes in this bracket, of which only 5 had been sold in 2011, and 1 was pending closing. And while it is difficult to correlate real estate sales and general net worth of Greenwich's hedge fund-based residents, it appears that there isn't much appetite for local housing purchases. On the other hand, that there is such an inventory glut also shows that nobody is too desperate to cut prices to sell at any cost. Following this trend over the next several months will likely provide additional clues into how hedge funds truly measure their own relative strength as we enter the second half of the year.

Things That Make You Go Hmmm - The Game Of Sovereign KerPlunk!

Submitted by Tyler Durden on 07/04/2011 14:49 -0400

When playing KerPlunk!, the early straws are easy to pull out without causing any dislocation amongst the marbles. Consequently, there is a period when players spin the tube with abandon and yank straws from the bottom of the pile with the kind of carefree attitude one normally only sees on the face of a Fed Chairman about to be interviewed by CNBC, but as it goes on, almost imperceptibly, the game changes and tension begins to creep into the face of each and every player. The shift normally happens when one stray marble drops as a straw is pulled out without the requisite attention being paid to the ramifications of doing so. The sound of that one marble hitting the plastic floor of the tube is normally enough to concentrate the minds of the players for a minute or two, but pretty soon, as a few more straws get pulled out without further consequences, players relax again. It’s about this time that the game changes completely. Without any warning, the remaining tangle of straws suddenly looks precarious and finding a straw to pull out safely requires extreme focus. A game that, until moments ago, was fun, suddenly becomes an exercise in damage limitation. Each of the straws is virtually guaranteed to dislodge some marbles when pulled out – no matter how much care is taken – and while there are still a few straws which will cause minimal problems, certain straws, when pulled out, will cause a small avalanche. By this stage in the game it is abundantly clear to all the players that the point of no-return has been reached and in no time at all - and indeed at any moment - all the marbles will end up tumbling down; the cacophony of noise created by the echo in the plastic tube jarring to one and all.

Another 400 Years of Tyranny?

Posted by: Leo Kolivakis

Post date: 07/04/2011 - 11:36

Following up on saving the world and some 4th of July thoughts on Greek and American nationalism.

One Chart tells it all-Happy American Liberty Day

Posted by: thetrader

Post date: 07/04/2011 - 14:43

Enjoy this great graphic summary of the American Budget on the Day of Liberty. Try finding the little Dot to the left on the Chart. Greece is not a black swan event, the US will be One. Presented without comments.

GoldSeek.com Radio: Jim Rogers, Louis Navellier, The International Forecaster, and your host Chris Waltzek
By: GoldSeek.com Radio

Don’t Underestimate The Chinese
By: Julian D. W. Phillips, Gold Forecaster