Thursday, September 8, 2011

Here We Go Again: US To Breach "Transitory" Debt Ceiling On Monday

It is hard to believe that the last time the US had breached its debt ceiling was a whopping one month ago. Courtesy of much toil, tears and televized theater (not to mention fake compromises), the Obama administration managed to get an accordion-feature extension of the debt-ceiling-cum-target, whereby it is currently at $14.694 trillion, and can be extended in $500 billion increments, for a total of $1.5 trillion provided congress and senate do not vote down such an expansion. The reason we bring this up is because as the data below demonstrates, the US Treasury will breach its brand new debt ceiling... on Monday.

 

 

Goldman Head Gold Trader Speculates About "Authority" Intervention In Gold, Sees Precious Metal Pushing Higher

From Goldman's head gold trader Zak Dhabalia (i.e., someone that can not be found on 360) who says what only fringe blogosphere dares to speculate: namely that central banks and/or metals excahnges (CME/LBMA) openly intervene at key inflection point to slam the price of gold down. More importantly, according to Zak, now that the latest "authority" intervention has been priced in, it is up, up and away for the yellow metal yet again.





Harvey Organ, Thursday, Sept 8, 2011

Gold and silver soar/Euro tanks/Libor and Solyndra probe





Excerpts From Obama's Latest Keynesian Abortion: The "American Jobs Act" Aka The "This Time Will Be Different Act"

The latest Keynesian abortion is here, and it has a name: the American Jobs Act. We are confused why this particular abortion does not have a version number: like 6.66, or AJA "Blue Screen of Death" Vista? Or perhaps the administration thinks the nation is too hungry and stupid to remember the Tax Cut Prevention Act of 2010, which crashed and burned within 2 months of its laudatory launch in December 2010, to do, yes, precisely what the AJA will try to do... all over again.




America 50 - China 2: Tonight's Other Game Score







Guest Post: Welcome To The Currency Wars

In my opinion, the Swiss and Brazilian moves signaled the true beginning of the global currency wars. The depreciation race to the bottom has begun. Trade wars will be next. This is just getting started. Once FX interventions fail, governments suffering from falling exports will attempt to protect local champions via protective taxes, tariffs and the limiting of certain imports. Affected governments and industries will retaliate for their own loss of exports and so on and so forth. Welcome to the currency wars....Bottom line: now is a great time to get out of govt paper and many miles away from the large US and European banks. I am a broken record on this but you should own gold and silver miners, fertilizer companies, oil companies and water companies. Some technology stocks could make sense and reasonable exposure to Asia and Latam. Corporate bonds of companies providing any of the products listed above (gold/silver, fertilizers, oil and water) makes a ton of sense. I would avoid the large multi-nationals here as I think trade wars are coming and their cash flows from foreign operations are about to come under fire.



HUI Demonstrating extremely Bullish Technical action

Trader Dan at Trader Dan's Market Views - 2 hours ago
The gold mining stocks, as illustrated by the HUI index, are storming higher again today as it once again defies the lower trend in the broader stock markets. This pretty much confirms the fact that the miners have now separated themselves from the action of the stock market and are trading on their own fundamental merits. This is not to say that the broader equity markets will no longer have any impact on the mining sector whatsoever; it is merely to state that we no longer are going to see a nearly direct relationship between the performance of the mining shares and the performanc... more » 
 

Follow-up On Obama's "Solargate"

Dave in Denver at The Golden Truth - 4 hours ago
I haven't seen anyone refer to it as "*Solargate*," but that's what it should be called. Last month I mentioned another massive Obama policy failure when a solar start-up called Solyndra took a dirt nap. It turns out that Solyndra is controlled by George Kaiser, an Oklahoma-based zillionaire and huge monetary contributor to Obama's Presidency. If you recall, Obama apparently pulled strings and went around legal protocol in order to give over $500 million in Taxpayer funding to Solyndra. It also turns out that there's a direct connection, despite denials, between Kaiser and Obama a... more » 




Unemployment Claims Give Fed More Ammo  
ilene
09/08/2011 - 15:48
Therefore this week's number is worse than last year, worse than the average of the past 5 years, and worse than the past 4 years since the depression began in terms of the increase in new claims...



Risk-On Drivers All Weak Today


 Gold, silver, and the dollar performed well today and despite some early strength from equities, risk-on-related assets were set to pull equities lower calling the bluff of marginally better trade figures. Of course, with Swissy off the table from a safe-haven perspective (losing 2% against the USD today), gold benefited from the anxiety that Bernanke's 'shrug' provided. Unless the game-theoretic (bargaining) response from Republicans over whatever Obama proposes tonight is ignored, we suspect selling pressure will continue in equities as they adjust to life on their own for a bit.





Full Text Of DHS "Credible Threat" Warning

“As we know from the intelligence gathered from the OBL raid, AQ has shown an interest in important dates and anniversaries, such as 9/11. In this instance, it’s accurate that there is specific, credible but unconfirmed threat information. As we always do before important dates like the anniversary of 9/11, we will undoubtedly get more reporting in the coming days. Sometimes this reporting is credible and warrants intense focus, other times it lacks credibility and is highly unlikely to be reflective of real plots underway. Regardless, we take all threat reporting seriously, and we have taken, and will continue to take all steps necessary to mitigate any threats that arise. We continue to ask the American people to remain vigilant as we head into the weekend.”





More "Change You Can Believe In"...

Watch The President Deliver The American Jobs Act To Congress Live

For all your heartfelt, congratulatory, nay laudatory remarks vis-a-vis the TOTUS, here is the webcast that will allow you to comment as you toast the president who certainly means well, even if he still has to be acquainted with an abacus. That's ok though. "Everything will be paid for"... Somehow. Even the post office. Just hike that debt ceiling. After all who needs taxes when the Fed will soon monetize the entire deficit anyway. In the meantime, as a reminder that Dubya may be gone but not forgotten, we get this from Bloomberg: DEPT OF HOMELAND SECURITY CITES 'SPECIFIC, CREDIBLE' THREAT.





My response to obamas speech... 






Full Text Of Obama's Speech

Cliff notes summary from Bloomberg:
  • OBAMA SEEKS TO CUT IN HALF PAYROLL TAX FOR WORKERS, SMALL FIRMS
  • OBAMA PROPOSES $447 BILLION PACKAGE TO SPUR JOB GROWTH
  • OBAMA PROPOSES $105 BILLION IN INFRASTRUCTURE SPENDING
  • OBAMA BACKS USING JOBLESS AID FOR ON JOB TRAINING PROGRAMS
  • EXTENDED UNEMPLOYMENT AID OF $62 BILLION IN OBAMA PLAN
  • NO PLAN FOR REPATRIATING OVERSEAS PROFITS IN OBAMA PROPOSAL
  • STATE AID IN OBAMA PLAN $35 BILLION FOR TEACHERS, POLICE FIRE
  • OBAMA CALLS FOR MODEST ADJUSTMENTS TO MEDICARE, MEDICAID
  • OBAMA SAYS `VAST MAJORITY' OF CEOS WILLING TO PAY MORE TAXES
  • OBAMA CALLS FOR `REFORMING' U.S. TAX CODE 7:10
  • INFRASTRUCTURE PLAN WOULD MODERNIZE 35,000 SCHOOLS, OBAMA SAYS





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