BBC Speechless As Trader Tells Truth: "The Collapse Is Coming...And Goldman Rules The World"
In
an interview on BBC News this morning that left the hosts gob-smacked
(google it... it is the BBC after all), Alessio Rastani outlines in a
mere three-and-a-half-minutes what we all know and most ignore. While
the whole interview is worth watching, the money shot for us was "This
economic crisis is like a cancer, if you just wait and wait hoping it is
going to go away, just like a cancer it is going to grow and it will
be too late!". While he dreams of recessions, sees Goldman ruling the
world, and urges people to prepare, it is hard to disagree with much (or
actually anything) of what he says and obviously interventions and
machinations means we will have days like this (in Silver for instance),
there is only one endgame here and we hope there is less hopeful
euphoria (and more preparedness) as we pull back the curtain further an
further.Front Page Of Main Austrian Business Press: "Politiker Riskieren Hyperinflation"
Goldman's Head Gold Trader On The Recoupling Between Gold (Which Is Up 14% YTD) And Money, And Why This Is 2008 All Over Again
From Goldman head gold trader, not the always wrong sellside analysts or researchs, Zak Dhabalia. Note none of this shoule be a surprise to those who invest in gold, instead of trading it based on 1 minute momentum, which unfortunately is ever more of the bipolar investing public:"There is no doubt that long risk in gold has been drastically cut back. The latest comex data show another 1.5m oz fall to 25m oz and I suspect the data for the week ending tomorrow could show a decline of over 3m oz. The ETF positions appear to have been more resilient. The concern will be if tech funds decide to cut entirely and even go short. In this liquidity that can still have a significant impact on prices. However in the context of the macro markets I am not convinced at all the game is over for gold. In fact far from it. The rally in the dollar is not from a position of strength but more a reflection of panic about the risk of disorderly outcomes to fiscal and monetary policies in the face of poor political coordination. The search is for liquidity and the prices of industrial metals suggest real fears about the future growth of demand."
September 26, 2011, at 10:19 am
by Jim Sinclair in the category In The News |
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by Jim Sinclair in the category In The News |
Print This Post | Email This PostJim Sinclair’s Commentary
When push becomes shove, QE goes to infinity.
Christine Lagarde: IMF may need billions in extra funding
Christine Lagarde has signalled that the International Monetary Fund (IMF) may have to tap its members – including Britain – for billions of pounds of extra funding to stem the European debt crisis. Louise Armitstead and Jonathan Russell
8:04PM BST 25 Sep 2011
The head of the IMF has warned that its $384bn (£248bn) war chest designed as an emergency bail-out fund is inadequate to deliver the scale of the support required by troubled states.
In a document distributed to the IMF steering committee at the weekend, Ms Lagarde said: "The fund’s credibility, and hence effectiveness, rests on its perceived capacity to cope with worst-casescenarios. Our lending capacity of almost $400bn looks comfortable today, but pales in comparison with the potential financing needs of vulnerable countries and crisis bystanders."
The suggestion came after European officials revealed they were working on a radical plan to boost their own bail-out fund, the European Financial Stability Facility (EFSF), from €440bn (£384bn) to around €3 trillion.
The plan to increase the EFSF firepower is the crucial part of a three-pronged strategy being designed by German and French authorities to stop the eurozone’s debt crisis spiralling out of control. It also includes a large-scale recapitalisation of European banks and a plan for an "orderly" Greek default.
Although Britain is not involved in the large-scale eurozone bail-out projects, it is liable for 4.5pc of IMF funding.
The plan, which would aim to build a "firebreak" around the indebted eurozone countries, emerged at the IMF annual meeting in Washington where global leaders united to demand urgent action from European politicians.
More…
September 26, 2011, at 10:16 am
by Greg Hunter in the category USAWatchdog.com | Print This Post | Email This Post
by Greg Hunter in the category USAWatchdog.com |
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By Greg Hunter’s USAWatchdog.com
Dear CIGAs,
I keep hearing the so-called experts say how much better shape the banks are in now than in the last financial meltdown of 2008. To that, I say horse hooey! Any expert worth his salt knows that nothing has been fixed in the financial system. The problems were papered over with fiat currency and the proverbial can kicked down the road—ting ting ting. You will know things are truly getting better when the banks start valuing the assets on their books at what they can be sold for today, not for what they hope to get for them a couple of decades in the future.
Even with what I call government sanctioned accounting fraud, the banks are still in just as much trouble as they were in 2008, and probably more. Lost in the cliff dive the markets took last week were the downgrades of three very big U.S. banks. There was zero talk of downgrades in 2008, and now Moody’s has cut the debt rating of Bank of America, Wells Fargo and Citigroup. Last week, Reuters reported, “The government is “more likely now than during the financial crisis to allow a large bank to fail should it become financially troubled,” said the rating agency, a unit of Moody’s Corp (MCO.N). ‘This is crystallizing the fact we’re in a new political reality,’ said Jason Ware, equity analyst with Salt Lake City-based Albion Financial Group.” (Click here for the complete Reuters story.)
The U.S. downgrades go nicely with the widely reported bank insolvency in Europe. One big banker there recently said “numerous European banks would not survive” if they had to value their assets at what they could get for them today. In other words, European banks are also being kept alive with phony accounting. That was not the case in 2008. So, now we have insolvent banks AND phony bookkeeping to make them appear solvent. EU finance ministers are taking criticism from around the globe because they are not printing enough money to bail out their banks. Yesterday, Reuters reported, “After a weekend of being told by the United States, China and other countries that they must get more aggressive in their crisis response, European officials focused on ways to beef up their existing 440 billion-euro rescue fund. Deep differences remained over whether the European Central Bank should commit more of its massive resources to shoring up Europe’s banks and help struggling euro zone member countries.” (Click here for more on this story.) Please keep in mind, the “440 billion-euro rescue fund” is more than $600 billion, and world powers way want more money printed!
More…
Dear CIGAs,
I keep hearing the so-called experts say how much better shape the banks are in now than in the last financial meltdown of 2008. To that, I say horse hooey! Any expert worth his salt knows that nothing has been fixed in the financial system. The problems were papered over with fiat currency and the proverbial can kicked down the road—ting ting ting. You will know things are truly getting better when the banks start valuing the assets on their books at what they can be sold for today, not for what they hope to get for them a couple of decades in the future.
Even with what I call government sanctioned accounting fraud, the banks are still in just as much trouble as they were in 2008, and probably more. Lost in the cliff dive the markets took last week were the downgrades of three very big U.S. banks. There was zero talk of downgrades in 2008, and now Moody’s has cut the debt rating of Bank of America, Wells Fargo and Citigroup. Last week, Reuters reported, “The government is “more likely now than during the financial crisis to allow a large bank to fail should it become financially troubled,” said the rating agency, a unit of Moody’s Corp (MCO.N). ‘This is crystallizing the fact we’re in a new political reality,’ said Jason Ware, equity analyst with Salt Lake City-based Albion Financial Group.” (Click here for the complete Reuters story.)
The U.S. downgrades go nicely with the widely reported bank insolvency in Europe. One big banker there recently said “numerous European banks would not survive” if they had to value their assets at what they could get for them today. In other words, European banks are also being kept alive with phony accounting. That was not the case in 2008. So, now we have insolvent banks AND phony bookkeeping to make them appear solvent. EU finance ministers are taking criticism from around the globe because they are not printing enough money to bail out their banks. Yesterday, Reuters reported, “After a weekend of being told by the United States, China and other countries that they must get more aggressive in their crisis response, European officials focused on ways to beef up their existing 440 billion-euro rescue fund. Deep differences remained over whether the European Central Bank should commit more of its massive resources to shoring up Europe’s banks and help struggling euro zone member countries.” (Click here for more on this story.) Please keep in mind, the “440 billion-euro rescue fund” is more than $600 billion, and world powers way want more money printed!
More…
Dallas Fed Misses Expectations as Hope Turns Negative For First Time Since April 2009
The
Dallas Fed Manufacturing Index joined a long and distinguished list of
recently disappointing macro prints by missing expectations - coming
in at -14.4 versus an expectation of -11.4 (the fifth negative print in a
row). While the Production sub-index was up and will provide fodder
for bulls (it is still half what it was in July 2011), it is the drop
in the outlook for future business activity to a -1.5 (the first such
negative print since April 2009) that should have central planners the
most concerned as borrowing demand is surely bound to drop further on
these weak expectations. This combined with the Philly and Empire prints
implies a sub-50 ISM print is forthcoming.European Exuberance Fades In Credit
The
last two days have seen a very dramatic rally in senior financials
credit risk in Europe. While the rest of the credit and equity complex
has stayed largely in sync, Senior Financials (SENFIN) have
significantly outperformed (around 50bps tighter from midday Friday) and
now trade a long way from where the underlying financials in the index
would suggest. While SENFIN is naturally a higher beta play on any
action in Europe, it seems like it is well over its skis here and with
ES pulling back to its fair-value relative to a broad basket of
risk-assets, and a general lack of news from Europe, we suspect that the
last two days have been a short squeeze led by investors rotating out
of their macro hedges and unwinding longs into strength or protecting
their longs with more single-name protection.Rising food prices hit consumers at grocery checkout
Eric De Groot at Eric De Groot - 1 hour ago
46.2 million, or 15.1 percent of Americans, lived in poverty in 2010. This
number, the largest increase in 52 years poverty estimates have been
published, represents a 2.6 million from 2009. Headline: Rising food prices
hit consumers at grocery checkout By Susan Salisbury, The Palm Beach Post
12:00 AM EDT, September 19, 2011 Michele Leibowitz, a Palm Beach Gardens
mother of four, has no...
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Brazil`s Trade War
Admin at Jim Rogers Blog - 1 hour ago
Tickers, IShares Brazil ETF (EWZ) *Jim Rogers is an author, financial commentator and successful international investor. He has been frequently featured in Time, The New York Times, Barron’s, Forbes, Fortune, The Wall Street Journal, The Financial Times and is a regular guest on Bloomberg and CNBC.*
Put Your Hard Hats On
09/26/2011 - 10:28
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