Weimar HyperInflation When Money Dies PDF file
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Doug Casey: How to Prepare for When Money Dies

 

 

Denninger:  I Hope You Have Taken the Last Couple of Years to Prepare

 

 

Citi Downgrades Global Growth And Expects EFSF 'Grand Plan' Disappointment

Citi's Economics team downgraded global growth expectations once again, expecting 3.0% this year (versus 4.0% last year) with more aggressive downgrades next year to only 2.9% (from 3.2% expectations last month and 3.7% two months ago). Growth revisions were downgraded for every major global economy as expectations move with Goldman's coincidentally-timed discussion of stagnation (also tonight) with advanced economies cut more than developed though Eastern Europe saw the most significant reductions. They note that 'the recent pace of GDP forecast downgrades is among the greatest of the last ten years' and extends the recent run of lower forecasts to four months-in-a-row. In a secondary note, Willem Buiter and team also pour cold water on market expectations for the EFSF pointing out, as we have done for a few weeks now at every suggestion, that all the different options have their shortcomings and are unlikely to be implemented quickly.

German Lower House Begins Debate On EFSF Ratification, And Other European Events

Today at 9:00 GMT, Germany is expected to vote on the EFSF in a much anticipated vote. Needless to say, while futures are slowly drifting higher on expectations of a favorable outcome, a negative vote will see the EUR plunge to parity with the USD and kill markets in minutes as it would mean that German politicians pick their careers over rescuing a failed monetary experiment and bailing out pathological big spenders and liars. Either way, here is Bloomberg with a summary of the key European events: German lawmakers are set to back an expansion of the euro-area rescue fund’s firepower. Finland wants Europe’s permanent crisis management facility to start a year earlier than first envisaged. Unemployment in Germany likely fell by 8,000 in September, 8:55 a.m. Romania’s central bank will probably leave interest rates unchanged today. The Swiss National Bank will use “all measures” to defend the franc ceiling of 1.20 versus the euro, Vice President Thomas Jordan said. Investors expect the world economy to relapse into a recession, according to a Bloomberg poll.

International Forecaster September 2011 (#8) - Gold, Silver, Economy + More
By: Bob Chapman, The International Forecaster






Gold up 25%, silver 40%, still the best performing assets of the past 12 months
By: Peter Cooper, Arabian Money

Currency/Trade Wars, Begun They Have

We have written extensively over the course of the last few weeks on the increasing rhetoric from Asia over currency fluctuations and furthermore how China was playing the US and Europe off against one another in a quasi-trade-war gambit. A flurry of headlines today/tonight via Bloomberg reminded us to revisit what is also a very worrying trend in Chinese CDS (and more broadly Asian sovereigns), as perhaps sophisticated investors look for the cheapest low cost long vol trades on a non-decoupled world devolving to its lowest common denominator. Between Carney's 'substantially undervalued Yuan' comments, record slides in Dim Sum Bonds, growing concerns over growth longevity, Japanese retail sales, Aussie home prices, Sony's troubles in currency-land, and Barclay's warning of a restart to the Yuan peg in the case of global recession - contagion and transmission channels appear alive and well in global trade.

Deputy PM Says Tax Limits of Greek Society Exhausted

As G-Pap goes from meeting to meeting with his hand held out making promises to asset strip and tax his country into oblivion, AP is reporting that Deputy PM Theodore Pangalos believes that the country's tax-ability is exhausted (and has exhausted for some time). It is truly astounding that this farce has gone on for so long even as it appears (from the riots/strikes/press) that everyone (serfs and lords alike now) sees through the plans.





Commodities Are Down, But Far From Out




10 Million More Mortgages Set to Default, Expert Says




Global Financial Meltdown:  Investors Dump Nearly Everything Amidst Worldwide Market Crash




Oil Wavers on Weak Home Sales

In The News Today

September 28, 2011, at 8:17 pm
by Jim Sinclair in the category In The News |  Print This Post |  Email This Post

Jim Sinclair’s Commentary

Here are a couple quotes that are appropriate today in gold and all things gold.

"Patience is sustained courage."
 
"Wisdom is seeing many things and concentrating on one thing."  
–Jesse Livermore

 

 

Mainstream Media Spins Real Estate Recovery

September 28, 2011, at 8:16 pm
by Greg Hunter in the category USAWatchdog.com |  Print This Post |  Email This Post

By Greg Hunter’s USAWatchdog.com

Dear CIGAs,

Just about everywhere you turned yesterday, the mainstream media (MSM) was talking up the good news in the latest Case-Shiller Home Price Index report.  For example, the online version of USA Today had a headline that read “Spring buying boosts home prices, market still sluggish.”  The first line of the story said, “Prices rose 0.9% in July over June, marking the fourth-consecutive month of increases for the Standard & Poor’s Case-Shiller index released Tuesday.”  But, buried in the same story was this little piece of information, “When adjusted for seasonal factors, home prices were essentially flat in July over June, S&P’s data show.  “The housing market is still bottoming and has not turned around,” says David Blitzer, chairman of the index committee at S&P.  July home prices were down 4.1% year over year, according to S&P’s index of 20 leading cities. Minneapolis and Phoenix led the declines, with prices in those areas down about 9% year-over-year.”  (Click here for the complete USA Today article.)
What a spin job!  “Prices were essentially flat,” and “July home prices were down 4.1% year over year.”  Shouldn’t the headline have read something like “Home Prices Decline year over year– Flat for July”?   Why does the MSM try to spin good news out of a rotten situation?  Why do they think it is their duty to make a story look better than reality?  I was in the MSM for most of my career, and I know what its duty should be.  Give it to the viewer or reader straight.  There is not a single inaccuracy in the USA Today story, but the spin and omissions are stupefying.  Would you like an example of what I am talking about?  Sure you would. 
USA Today and many other news outlets such as CNBC and Fox were touting a little talking point from the report that said, “. . . 17 of 20 cities in the Case-Shiller index showed unadjusted increases in July over June. . .”  This would make you think Wow!  We must have a turnaround in real estate going on.  Look at the actual chart from the Case-Shiller report, and focus on the last row of numbers on the right under the heading 1-Year Change (%): 
More…

Central banks continue to buy gold

 

 

Euro crisis makes Fed the lender of only resort

 

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