Adding Asian insult to European injury we just got the Preliminary HSBC China November PMI reading which posted the first drop since July, tumbling from 51 to 48, which is a 32 month low. Expect risk to be solidly off for the balance of the night... and then the BTPs will resume trading. Only this time they will be accompanied by the OATs which will likely spike to record yields on fears of an imminen French downgrade courtesy of the Dexia debacle.
Though late to the party as usual, the proverbial man on the street – along with members of mainstream media and Wall Street heavyweights – is finally waking up to the decade-long, 700% increase in the price of gold, joining a growing buzz around the monetary metal. From questions whether gold is in a bubble to predictions that soaring prices are just around the corner, one thing is clear: a new phase of awareness for gold is upon us. How far might it move before these troubling times are over?
JAMES TURK: We're Still Headed For The Cliff - Part 1 of 2
JAMES TURK: We're Still Headed For The Cliff - Part 2 of 2
The Criminal class now runs everything. Can't wake up your friends? If they still don't 'Get it' after watching this micro-doc, they're beyond help. Gerald Celente talks to Alex Jones about MF Global, Jon Corzone and the great U.S. bank holiday. As far as holidays go, trust me, Thanksgiving is better. ~SGT
Harvey Organ, Tuesday, November 22, 2011
Roughly six months after the imposition of the No Fly Zone over Libya, which ultimately led to the liberation of the country's Light Sweet Crude and the placement of an Eni SpA executive (Italy's largest oil company) as Libya's oil minister and also had a side effect of getting Gaddafi murdered in broad daylight by the reformed freedom fighters, the script is about to be rewound from the beginning, and a few thousand miles east, this time next to explosive powderkeg Syria. Albawaba news, which cites Kuwait's al Rai daily, reports that Arab jet fighters, and possibly Turkish warplanes, backed by American logistic support will implement a no fly zone in Syria's skies, after the Arab League will issue a decision, under its Charter, calling for the protection of Syrian civilians. In other words, foreign countries will take it upon themselves to do what only America has done with impunity so far: decide what is best for a given sovereign nation's population. Granted, we have yet to verify the credibility of both Al Bawaba and Al Rai, although at first blush they appear substantially more credible than Debka-type fly by night operations. Which then leads to a sobering conclusion: if indeed Europe and the Western world is dead set upon an aerial campaign above Syria, then all eyes turn to the East, and specifically Russia and China, which have made it very clear they will not tolerate any intervention. And naturally the biggest unknown of all is Iran, which has said than any invasion of Syria will be dealt with swiftly and severely. Then again, the Iranian war foreplay has gone on for far too long at this point that we have gotten to where headlines about the "imminent" Iranian war are almost as ignored as headlines about how "Europe is bailed out" all over again.
As was reported yesterday, while nobody gives a rat's behind about events in Greece any more now that the focus is completely on Italy, Spain, Belgium, Austria, and France, or in other words, the core, things in Greece have been getting far worse since the so called coalition government was implemented. As AP reported recently, "protesting power and municipal workers blockaded several state electricity company buildings around Greece Monday, in protest at an emergency property tax being collected through electricity bills. Members of an electricity workers' union cut off power last week to the Health Ministry for four hours, and on Monday blocked the entrance to a site where power disconnection orders are issued. Pharmacies also closed in greater Athens, demanding that state-assisted health insurers settle growing debts. On Tuesday, transport workers are to hold a four-hour stoppage to protest staff cuts." Judging by the live video below from Stop Cartel TV, which is broadcasting live at 2 am local time from Athens, the occupation of the electric power plant has continued into the second day, and according to the narrator the owner has threatened to use violence to clear out the protesters.
Cutting The Deficit: They Won’t Because They Don’t Have To