Here Comes The Mother Of All Rumors: G-20 Sources Say Central Banks Preparing For Coordinated Action
Update 1: and here comes the revision:
- G20 SOURCES SAY CENTRAL BANKS PREPARING FOR COORDINATED ACTION AFTER THE GREEK ELECTIONS IF NEEDED
So... if Syriza wins, and Greece leave the Eurozone, there will be a response? Unpossible.
* * *
And the mother of all rumors strikes:
- G20 SOURCES SAY CENTRAL BANKS PREPARING FOR COORDINATED ACTION AFTER THE GREEK ELECTIONS
One small problem. Central banks NEVER indicate in advance what
they will do. This is merely a desperation attempt to ramp markets
into the close, and sucker even more retail into stocks ahead of
Sunday. Now we wait for the denial because otherwise some pathetic G-20
leak just made central banks everywhere irrelevant and obsolete:
remember what happened to Jamie Dimon when in March he front-ran the
Fed...
Egan Jones Cuts France To BBB+
The next Egan Who target is France, which was just cut from A- to
BBB+. EURUSD tumbles, unlike what happens when Moody's or S&P
downgrades.
Here Comes The Mother Of All Rumors: G-20 Sources Say Central Banks Preparing For Coordinated Action
Update 1: and here comes the revision:
- G20 SOURCES SAY CENTRAL BANKS PREPARING FOR COORDINATED ACTION AFTER THE GREEK ELECTIONS IF NEEDED
So... if Syriza wins, and Greece leave the Eurozone, there will be a response? Unpossible.
* * *
And the mother of all rumors strikes:
- G20 SOURCES SAY CENTRAL BANKS PREPARING FOR COORDINATED ACTION AFTER THE GREEK ELECTIONS
One small problem. Central banks NEVER indicate in advance what
they will do. This is merely a desperation attempt to ramp markets
into the close, and sucker even more retail into stocks ahead of
Sunday. Now we wait for the denial because otherwise some pathetic G-20
leak just made central banks everywhere irrelevant and obsolete:
remember what happened to Jamie Dimon when in March he front-ran the
Fed...
Here Comes The Herd: "Highly Volatile Trading Conditions Expected Ahead"
Last night we presented a
very disturbing warning from one FX broker, Oanda, on what Sunday's
election could mean for FX trading on Sunday (nothing good). And, as
often happens in such instances, the idea has now been "incepted"
- look for every FX brokerage to follow suit, likely followed by the
plain vanilla exchanges to issue comparable warnings ahead of Monday.
By Silver Doctors:
OANDA fxTrade has taken the unprecedented step to HALT ALL FX TRADING
from 6am EST to 3pm EST Sunday June 17th due to the risk of a ‘major
market event during off-market hours’.
Buckle up boys and girls.
Got Phyzz?
From OANDA:
Buckle up boys and girls.
Got Phyzz?
From OANDA:
Due to the extreme volatility some market analysts foresee could result in the coming days, OANDA fxTrade will not accept any trading activity from 6:00 AM EST until approximately 3:00 PM EST, on Sunday, June 17, 2012. OANDA believes the convergence of a major market event during off-market hours represents a potential trading risk and has taken this rare step to protect traders from excessive rate fluctuations.
Read More @ SilverDoctors.com
Presenting The SchizEUphrenia
While
men are from Mars, and women from Venus, it would appear Europe's
major political leaders are on totally different orbits when it comes to
the future of the European experiment. Though there are come
commonalities there is one glaring divide - the speed of deficit
reduction - as Mont-and-oy differ from Merkel quite vehemently.Who Are They Kidding?
Dave in Denver at The Golden Truth - 1 hour ago
I've been arguing for quite some time that the real reason we will see more
QE, despite the rhetoric coming from the Fed, for the simple reason that it
is the only way for the Treasury to keep funding its rabid debt issuance at
the current low rates. As has been widely documented, in 2011 the Fed
bought 60% of all new Treasury issuance. As noted by zerohedge, yesterday
and today the Fed directly monetized this week's 10-yr and 30-yr Treasury
auctions by purchasing an amount equal to 20% of the 10-yr paper sold and
15.4% of the today's 30-yr auctions: 10-yr POMO; 30-yr POMO.
Jus... more »
The Economy Is Going To Be Bad Next Year
Admin at Jim Rogers Blog - 1 hour ago
If stocks collapsed around the world I would have to buy a lot more stocks.
I would buy stocks again, but I don’t see that happening. I’m telling you,
the economy is going to be bad next year. Why buy stocks in the face of
something like that? - *in cnbc*
Related: IShares MSCI Emerging Markets (EEM), SPDR S&P 500 ETF (SPY),
Powershares Nasdaq 100 ETF (QQQ)
*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 ... more »
Let People Go Bankrupt
Admin at Jim Rogers Blog - 2 hours ago
New York City went bankrupt, the world didn’t come to an end. Mississippi
went bankrupt once, the world hasn’t come to an end. Detroit’s bankrupt,
the world hasn’t ended. - *in CNBC *
*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.*
We Are Surely Approaching A Major Low In Interest Rates
Admin at Marc Faber Blog - 2 hours ago
The Nasdaq was in a bubble at the end of 1999. It still managed to rise 30
percent to the March 2000 peak. Thereafter, it was all the way down.
Possibly Treasuries rally more, but after a bull market, which began in
September 1981, we are surely approaching a major low in interest rates. I
am sure that over the next 10 years investors buying today U.S. 10-year
T-notes and 30-year bonds will lose a ton of money. - *in FirstCoastNews*
Related ETFs: iShares Barclays 20+ Year Treasury Bond ETF (TLT), ProShares
UltraShort 20+ Year Treasuries ETF (TBT);
*Marc Faber is an international inv... more »
European Bailouts: Absurd Economics And Absurd Morality
Admin at Jim Rogers Blog - 2 hours ago
The way the system should work is when you fail, you fail, and competent
people are required to come in reorganise the assets. What we are doing in
the West now is taking assets from the competent people, giving them to
incompetent people, and saying 'now you compete with the competent people
with their money'. It is absurd economics and it is absurd morality. - *in
Investment Week*
Related ETFs: iShares MSCI Spain Index ETF (EWP)
*Jim Rogers is an author, financial commentator and successful
international investor. He has been frequently featured in Time, The New
York Times, Barro... more »
Simon Johnson: The Institutional Flaw At the Heart of the Federal Reserve
Just What Is Mario Draghi Hiding? ECB Declines To Respond To Bloomberg FOIA Request On Greek-Goldman Swaps
Back
in February 2010, in the aftermath of the discovery that none other
than Goldman Sachs had facilitated for nearly a decade the masking of the true magnitude of non-Maastricht conforming Greek debt, Zero Hedge first identified the prospectus for a Goldman underwritten swap agreement securitization titled Titlos PLC. We titled the analysis "Is Titlos PLC The Downgrade Catalyst Trigger Which Will Destroy Greece?"
because for all intents and purposes it was: at that time a rating
agency downgrade of the country would lead to a chain of events which
would make billions in assets ineligible for ECB collateral, forcing a
massive margin call on the National Bank of Greece, which likely would
have precipitated a Greek default there and then. But that is
irrelevant for the time being: what is relevant is Titlos itself, and
what Bloomberg did after we posted the analysis. It appears that in
following in the footsteps of Mark Pittman, Bloomberg sued the ECB
under Freedom of Information rules requesting "access to two internal
papers drafted for the central bank’s six-member Executive Board. They
show how Greece used swaps to hide its borrowings, according to a
March 3, 2010, note attached to the papers and obtained by Bloomberg
News. The first document is entitled “The impact on government deficit and debt from off-market swaps: the Greek case.” The second
reviews Titlos Plc, a securitization that allowed National Bank of
Greece SA, the country’s biggest lender, to exchange swaps on Greek
government debt for funding from the ECB, the Executive Board said in the cover note. The ECB's response: "The European Central Bank said it can’t release files showing how Greece may have used derivatives to hide its borrowings because disclosure could still inflame the crisis threatening the future of the single currency." Maybe. But
what is far more likely is that the reason why the ECB, headed by none
other than former Goldmanite Mario Draghi, is desperate to keep these
documents secret is for another reason. A very simple reason:
Mario Draghi - 2002-2005: Vice Chairman and Managing Director at Goldman Sachs International
Back
in February 2010, in the aftermath of the discovery that none other
than Goldman Sachs had facilitated for nearly a decade the masking of the true magnitude of non-Maastricht conforming Greek debt, Zero Hedge first identified the prospectus for a Goldman underwritten swap agreement securitization titled Titlos PLC. We titled the analysis "Is Titlos PLC The Downgrade Catalyst Trigger Which Will Destroy Greece?"
because for all intents and purposes it was: at that time a rating
agency downgrade of the country would lead to a chain of events which
would make billions in assets ineligible for ECB collateral, forcing a
massive margin call on the National Bank of Greece, which likely would
have precipitated a Greek default there and then. But that is
irrelevant for the time being: what is relevant is Titlos itself, and
what Bloomberg did after we posted the analysis. It appears that in
following in the footsteps of Mark Pittman, Bloomberg sued the ECB
under Freedom of Information rules requesting "access to two internal
papers drafted for the central bank’s six-member Executive Board. They
show how Greece used swaps to hide its borrowings, according to a
March 3, 2010, note attached to the papers and obtained by Bloomberg
News. The first document is entitled “The impact on government deficit and debt from off-market swaps: the Greek case.” The second
reviews Titlos Plc, a securitization that allowed National Bank of
Greece SA, the country’s biggest lender, to exchange swaps on Greek
government debt for funding from the ECB, the Executive Board said in the cover note. The ECB's response: "The European Central Bank said it can’t release files showing how Greece may have used derivatives to hide its borrowings because disclosure could still inflame the crisis threatening the future of the single currency." Maybe. But
what is far more likely is that the reason why the ECB, headed by none
other than former Goldmanite Mario Draghi, is desperate to keep these
documents secret is for another reason. A very simple reason:
Time To Get Out Of The Middle East
So the military-industrial complex — the lobbyists, the weapons makers, the media — may accept it if Obama kills 14 women and 21 children
to get one suspected terrorist. More terrorism means more weapons
spending. For the lucky few it’s a self-perpetuating stairway to riches.
Yet for wider society it means spending time, money and effort on war,
instead of on domestic prosperity. It means the constant threat of
terrorism. And it means the loss of our liberty, as the security state
adopts increasingly paranoid anti-terrorism measures. We should do to
others as we would have done to ourselves. That means — unless we are
comfortable with the idea of ourselves living under military occupation
and drone strikes — getting out of the middle east, and letting that
region solve its own problems — forget another costly and destructive
occupation in Syria. Slash the war and occupation spending, and
redirect the money to making America independent of middle eastern
energy and resources.
by The Daily Bell:
Germany signals shift on €2.3 trillion redemption fund for Europe …
the German government has begun opening the door to shared debts for the
first time in a profound change of policy, agreeing to explore
proposals for a €2.3 trillion stabilization fund in order to stop the
eurozone’s crisis escalating out of control. Officials in Berlin say
privately that Chancellor Angela Merkel
is willing to drop her vehement opposition to plans for a “European
Redemption Pact”, a “sinking fund” that would pay down excess sovereign debt in the eurozone. – UK Telegraph
Dominant Social Theme: One way or another, the EU and euro shall be salvaged.
Free-Market Analysis: Is the Euro-crisis finally coming to an end? Just yesterday, we pointed to the intractability of the larger European position regarding any EU “bailout.”
But we have also previously covered Ambrose Evans-Pritchard‘s reporting on the so-called sinking fund that has been proposed – and increasingly this seems to be a solution that may be headed for adoption. You can see our previous article here: “Nothing But A Full Union Will Do…“
Read More @ TheDailyBell.com
Germany signals shift on €2.3 trillion redemption fund for Europe …
the German government has begun opening the door to shared debts for the
first time in a profound change of policy, agreeing to explore
proposals for a €2.3 trillion stabilization fund in order to stop the
eurozone’s crisis escalating out of control. Officials in Berlin say
privately that Chancellor Angela Merkel
is willing to drop her vehement opposition to plans for a “European
Redemption Pact”, a “sinking fund” that would pay down excess sovereign debt in the eurozone. – UK TelegraphDominant Social Theme: One way or another, the EU and euro shall be salvaged.
Free-Market Analysis: Is the Euro-crisis finally coming to an end? Just yesterday, we pointed to the intractability of the larger European position regarding any EU “bailout.”
But we have also previously covered Ambrose Evans-Pritchard‘s reporting on the so-called sinking fund that has been proposed – and increasingly this seems to be a solution that may be headed for adoption. You can see our previous article here: “Nothing But A Full Union Will Do…“
Read More @ TheDailyBell.com
by Julian Phillips, Financial Sense:
Morgan Stanley has just issued a solid report on Indian Gold demand
and its shape. We at Gold Forecaster believe it gives very good insight
into the Indian gold investors’ thinking. The addition of some
background on the Indian culture helps us to get a perspective of Indian
gold investor psyche and to his social structure and how it contributes
to his attitude to gold. Morgan Stanley conducted a survey of 2,019
urban and rural gold buyers across 16 Indian cities for urban consumers
and 8 Indian states for rural consumers.
The survey report notes that Indians own 20,000 tonnes of gold worth $1 trillion.
Household gold consumption appears to have gone up to $45 billion in 2011 from $19 billion in 2009. To put things in perspective, India’s gross domestic product (GDP) is inching closer to $2 trillion. This means, the value of gold held by Indians comprises nearly half of the country’s GDP.
Gold accounts for one-third of the household portfolios Morgan Stanley surveyed.
Read More Part 1 @ Financial Sense.com
Click Here for Part 2
Morgan Stanley has just issued a solid report on Indian Gold demand
and its shape. We at Gold Forecaster believe it gives very good insight
into the Indian gold investors’ thinking. The addition of some
background on the Indian culture helps us to get a perspective of Indian
gold investor psyche and to his social structure and how it contributes
to his attitude to gold. Morgan Stanley conducted a survey of 2,019
urban and rural gold buyers across 16 Indian cities for urban consumers
and 8 Indian states for rural consumers.The survey report notes that Indians own 20,000 tonnes of gold worth $1 trillion.
Household gold consumption appears to have gone up to $45 billion in 2011 from $19 billion in 2009. To put things in perspective, India’s gross domestic product (GDP) is inching closer to $2 trillion. This means, the value of gold held by Indians comprises nearly half of the country’s GDP.
Gold accounts for one-third of the household portfolios Morgan Stanley surveyed.
Read More Part 1 @ Financial Sense.com
Click Here for Part 2
by Peter Cooper, Arabian Money:
China is widely expected to overtake India as the world’s biggest
consumer of gold this year with gold purchases rising by 10 per cent,
according to the leading Chinese bank ICBC. Why?
The Chinese are moving out of the dollar and into gold. That is what a seemingly ill-educated gold trader in the Sharjah Gold Souk told us earlier this year.
King for a day
You don’t need to be a genius to see the logic behind this move. The dollar might be king today but only against the faltering euro. But what happens when we are reminded that US debts are running at levels comparable with Greece?
Read More @ arabianmoney.net
China is widely expected to overtake India as the world’s biggest
consumer of gold this year with gold purchases rising by 10 per cent,
according to the leading Chinese bank ICBC. Why?The Chinese are moving out of the dollar and into gold. That is what a seemingly ill-educated gold trader in the Sharjah Gold Souk told us earlier this year.
King for a day
You don’t need to be a genius to see the logic behind this move. The dollar might be king today but only against the faltering euro. But what happens when we are reminded that US debts are running at levels comparable with Greece?
Read More @ arabianmoney.net
by Mac Slavo, SHTFPlan:
As the Department of Homeland Security and local law enforcement fuse
into a single militarized policing apparatus for the whole of America
through the use of massive surveillance warehouses, eye-in-the-sky drones and hybrid task forces,
the U.S. military will continue to expand it’s role in domestic
affairs, including in the event of natural disasters and terror related
crises. So says Army Chief of Staff Raymond Odierno, who recently penned
an article in Foreign Affairs, a propaganda mouthpiece published by the Council of Foreign Relations,
an organization well known for having its hand in the economic,
financial, social, military and political policies of every developed
nation on Earth.
As the Department of Homeland Security and local law enforcement fuse
into a single militarized policing apparatus for the whole of America
through the use of massive surveillance warehouses, eye-in-the-sky drones and hybrid task forces,
the U.S. military will continue to expand it’s role in domestic
affairs, including in the event of natural disasters and terror related
crises. So says Army Chief of Staff Raymond Odierno, who recently penned
an article in Foreign Affairs, a propaganda mouthpiece published by the Council of Foreign Relations,
an organization well known for having its hand in the economic,
financial, social, military and political policies of every developed
nation on Earth.The Council on Foreign Relations (CFR) proposes that the U.S. Army be used to plan, command, and carry out (with the help of civilian law enforcement) domestic police missions…
…the CFR would see the Army used to address “challenges in the United States itself” in order to keep the homeland safe from domestic disasters, including terrorist attacks.
Read More @ SHTFPlan.com
from RTAmerica:
In a warehouse building in New Jersey, civilians are being paid by the US military to become guinea pigs. Residents make $20 an hour to be shot at with rubber bullets and be abused with batons.
In a warehouse building in New Jersey, civilians are being paid by the US military to become guinea pigs. Residents make $20 an hour to be shot at with rubber bullets and be abused with batons.
By Silver Doctors:
The Doc had to step out of the office for a few hours this morning and what does he see when he returns?
An .80 vertical silver raid in 2 TICKS!
Surely this is just another example of natural market forces withdrawing all bids from the market momentarily and allowing silver it’ daily free-fall of $1.
Read More @ SilverDoctors.com
from Unconventional Finance:
The Doc had to step out of the office for a few hours this morning and what does he see when he returns?
An .80 vertical silver raid in 2 TICKS!
Surely this is just another example of natural market forces withdrawing all bids from the market momentarily and allowing silver it’ daily free-fall of $1.
Read More @ SilverDoctors.com
from Unconventional Finance:
by John Hempton, Business Insider:
China is a kleptocracy of a scale never seen before in human history.
This post aims to explain how this wave of theft is financed, what
makes it sustainable and what will make it fail. There are several China
experts I have chatted with – and many of the ideas are not original.
The synthesis however is mine. Some sources do not want to be quoted.
The macroeconomic effects of the Chinese kleptocracy and the massive fixed-currency crisis in Europe are the dominant macroeconomic drivers of the global economy. As I am trying a comprehensive explanation for much of the world’s economy in less that two thousand words I expect some kick-back.
China is a kleptocracy. Get used to it.
I start this analysis with China being a kleptocracy – a country ruled by thieves. That is a bold assertion – but I am going to have to assert it. People I know deep in the weeds (that is people who have to deal with the PRC and the children of the PRC elite) accept it. My personal experience is more limited but includes the following:
Read More @ Business Insider.com
China is a kleptocracy of a scale never seen before in human history.
This post aims to explain how this wave of theft is financed, what
makes it sustainable and what will make it fail. There are several China
experts I have chatted with – and many of the ideas are not original.
The synthesis however is mine. Some sources do not want to be quoted.The macroeconomic effects of the Chinese kleptocracy and the massive fixed-currency crisis in Europe are the dominant macroeconomic drivers of the global economy. As I am trying a comprehensive explanation for much of the world’s economy in less that two thousand words I expect some kick-back.
China is a kleptocracy. Get used to it.
I start this analysis with China being a kleptocracy – a country ruled by thieves. That is a bold assertion – but I am going to have to assert it. People I know deep in the weeds (that is people who have to deal with the PRC and the children of the PRC elite) accept it. My personal experience is more limited but includes the following:
Read More @ Business Insider.com
by Adrian Ash, MineWeb.com
So Europe
might be facing deflation, and Greece might begin a fire sale straight
after this weekend’s vote. Yet €1.1 trillion doesn’t buy what it used
to.
Last winter, the European Central Bank soaked the currency union’s commercial lenders with cheap loans, lending them cash to lend in turn to their domestic governments by buying government bonds. But now Spain’s 10-year bond yields are at a fresh Euro-era high of 6.73%. Italy’s borrowing costs are back where they were before the second chunk of El Tro was unleashed in February.
The cheapest 3-year money in history – lent for just 1% per year – has proven itself worthless in short. Any wonder people keep opting to buy gold for protection?
Read More @ MineWeb.com
So Europe
might be facing deflation, and Greece might begin a fire sale straight
after this weekend’s vote. Yet €1.1 trillion doesn’t buy what it used
to.Last winter, the European Central Bank soaked the currency union’s commercial lenders with cheap loans, lending them cash to lend in turn to their domestic governments by buying government bonds. But now Spain’s 10-year bond yields are at a fresh Euro-era high of 6.73%. Italy’s borrowing costs are back where they were before the second chunk of El Tro was unleashed in February.
The cheapest 3-year money in history – lent for just 1% per year – has proven itself worthless in short. Any wonder people keep opting to buy gold for protection?
Read More @ MineWeb.com
by Elspeth Reeve, The Atlantic Wire
In 2004 George W. Bush’s re-election campaign worked to put anti-gay
marriage ballot initiatives up for vote in several swing states in order
to turn out more hard-core conservatives to the polls. This year the
question is whether marijuana legalization measures will turn out young
voters for Obama.
Bush’s plan to use gay marriage bans — in states that did not actually allow gay marriage — as a turnout booster led to signs featuring icky public restroom symbols proliferated and liberal panic that the Christian right had taken over. The press obsessed over “values voters.” One of Bush’s aides, Ken Mehlman, who later came out as gay himself, has apologized for the strategy, two others say it didn’t work.
This year there’s another incumbent president with modest approval ratings who could turn out his base with controversial ballot measures. But this time, the issue features no biblical or scatological imagery. In 2012, voters in swing states will decide whether they’ll allow their fellow citizens to bear joints. Unlike the gay marriage votes, there’s no indication that Obama’s re-election team is behind any of the pot legalization initiatives, but there are Democrats who are hoping that it will boost turnout among weed’s biggest fans: young people.
Read More @ TheAtlanticWire.com
In 2004 George W. Bush’s re-election campaign worked to put anti-gay
marriage ballot initiatives up for vote in several swing states in order
to turn out more hard-core conservatives to the polls. This year the
question is whether marijuana legalization measures will turn out young
voters for Obama.Bush’s plan to use gay marriage bans — in states that did not actually allow gay marriage — as a turnout booster led to signs featuring icky public restroom symbols proliferated and liberal panic that the Christian right had taken over. The press obsessed over “values voters.” One of Bush’s aides, Ken Mehlman, who later came out as gay himself, has apologized for the strategy, two others say it didn’t work.
This year there’s another incumbent president with modest approval ratings who could turn out his base with controversial ballot measures. But this time, the issue features no biblical or scatological imagery. In 2012, voters in swing states will decide whether they’ll allow their fellow citizens to bear joints. Unlike the gay marriage votes, there’s no indication that Obama’s re-election team is behind any of the pot legalization initiatives, but there are Democrats who are hoping that it will boost turnout among weed’s biggest fans: young people.
Read More @ TheAtlanticWire.com
by George Ure, UrbanSurvival.com:
With global economic collapse in the wings, at least someone in
Washington has the balls to tell-it-like-it-is on the bend-overs and
bailouts that accompanied the Housing Collapse:
“Jamie Dimon Is Not Alone During the financial crisis, at least 18 former and current directors from Federal Reserve Banks worked in banks and corporations that collectively received over $4 trillion in low-interest loans from the Federal Reserve.”
In the Senator’s press release we read with some interest who these 18 Fed-tied people are:
“1. Jamie Dimon, the Chairman and CEO of JP Morgan Chase, has served on the Board of Directors at the Federal Reserve Bank of New York since 2007. During the financial crisis, the Fed provided JP Morgan Chase with $391 billion in total financial assistance. JP Morgan Chase was also used by the Fed as a clearinghouse for the Fed’s emergency lending programs. In March of 2008, the Fed provided JP Morgan Chase with $29 billion in financing to acquire Bear Stearns. During the financial crisis, the Fed provided JP Morgan Chase with an 18-month exemption from risk-based leverage and capital requirements. The Fed also agreed to take risky mortgage-related assets off of Bear Stearns balance sheet before JP Morgan Chase acquired this troubled investment bank.
Read More @ UrbanSurvival.com
With global economic collapse in the wings, at least someone in
Washington has the balls to tell-it-like-it-is on the bend-overs and
bailouts that accompanied the Housing Collapse:“Jamie Dimon Is Not Alone During the financial crisis, at least 18 former and current directors from Federal Reserve Banks worked in banks and corporations that collectively received over $4 trillion in low-interest loans from the Federal Reserve.”
In the Senator’s press release we read with some interest who these 18 Fed-tied people are:
“1. Jamie Dimon, the Chairman and CEO of JP Morgan Chase, has served on the Board of Directors at the Federal Reserve Bank of New York since 2007. During the financial crisis, the Fed provided JP Morgan Chase with $391 billion in total financial assistance. JP Morgan Chase was also used by the Fed as a clearinghouse for the Fed’s emergency lending programs. In March of 2008, the Fed provided JP Morgan Chase with $29 billion in financing to acquire Bear Stearns. During the financial crisis, the Fed provided JP Morgan Chase with an 18-month exemption from risk-based leverage and capital requirements. The Fed also agreed to take risky mortgage-related assets off of Bear Stearns balance sheet before JP Morgan Chase acquired this troubled investment bank.
Read More @ UrbanSurvival.com
from Silver Vigilante:
To The Pirate Bay & Their Financial Advisors:
Today, more action is being taken against The Pirate Bay for its role in the distribution of pirated music. UK ISP provider TalkTalk blocked subscriber access to The Pirate Bay. Such actions are in response to a court injunction in the UK stipulating ISP providers should prevent subscriber access to the website. Big names have followed the injunction, deeply harming internet freedoms.
Representatives of the music and film industry are claiming astronomical figures in losses due to file sharing on the internet. In some cases, these industries go after internet companies in price ranges that exceed the value of the industries as a whole.
Read More @ Silver Vigilante
I'm PayPal Verified
To The Pirate Bay & Their Financial Advisors:Today, more action is being taken against The Pirate Bay for its role in the distribution of pirated music. UK ISP provider TalkTalk blocked subscriber access to The Pirate Bay. Such actions are in response to a court injunction in the UK stipulating ISP providers should prevent subscriber access to the website. Big names have followed the injunction, deeply harming internet freedoms.
Representatives of the music and film industry are claiming astronomical figures in losses due to file sharing on the internet. In some cases, these industries go after internet companies in price ranges that exceed the value of the industries as a whole.
Read More @ Silver Vigilante
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By Gary Dorsch, The Market Oracle:
“I guess I should warn you. If I turn out to be particularly clear,
you’ve probably misunderstood what I’ve said,” Fed chief “Easy “Al”
Greenspan used to say. Recognizing the fact that financial markets place
a heavy value on each of their words, former Fed chiefs Arthur Burns
and Paul Volcker, were known for blowing smoke, both literally and
figuratively, when appearing before Congress, in order to prevent their
words from becoming self fulfilling prophesies. They developed a
language called “Fed-speak,” which is the use of ambiguous and cautious
statements that are purposefully made to obscure the meaning of a
statement. Greenspan is credited with turning Fed-speak into a
“fine-art” form.
Having served for six presidents in four different jobs, Greenspan became one of the most entrenched and powerful figures in Washington. He was a shrewd political operator, a man who was handed his job by political allies in exchange for political loyalty. Greenspan used to hold his cards very tight. The secret meetings he held with presidents and the secret deals he offered them only added to his mystique. By custom, Greenspan could overrule the other Fed governors, which meant that he controlled a critical portion of the world’s money supply, and he could use this leverage to influence public opinion ahead of an election.
Read More @ TheMarketOracle.co.uk
“I guess I should warn you. If I turn out to be particularly clear,
you’ve probably misunderstood what I’ve said,” Fed chief “Easy “Al”
Greenspan used to say. Recognizing the fact that financial markets place
a heavy value on each of their words, former Fed chiefs Arthur Burns
and Paul Volcker, were known for blowing smoke, both literally and
figuratively, when appearing before Congress, in order to prevent their
words from becoming self fulfilling prophesies. They developed a
language called “Fed-speak,” which is the use of ambiguous and cautious
statements that are purposefully made to obscure the meaning of a
statement. Greenspan is credited with turning Fed-speak into a
“fine-art” form.Having served for six presidents in four different jobs, Greenspan became one of the most entrenched and powerful figures in Washington. He was a shrewd political operator, a man who was handed his job by political allies in exchange for political loyalty. Greenspan used to hold his cards very tight. The secret meetings he held with presidents and the secret deals he offered them only added to his mystique. By custom, Greenspan could overrule the other Fed governors, which meant that he controlled a critical portion of the world’s money supply, and he could use this leverage to influence public opinion ahead of an election.
Read More @ TheMarketOracle.co.uk
from, Liberty Blitzkreig
Anyone surprised here? So the guy who decided it was a great idea to
peg the Swiss Franc to the sinking stone that is the Euro, and whose
wife was accused of insider trading by front running that decision,
finally received his reward from the crony capitalist financial
oligarchs…a top position at BlackRock! He will be reporting directly to
Chairman and CEO Larry Fink. You know, the guy that claimed “Markets
like Totalitarian Governments” last year. Here’s the clip in case you
missed it.
Key Quotes:
Swiss central bank chairman Philipp Hildebrand, who quit over a currency trading scandal, is to join BlackRock as vice chairman in October.
Hildebrand resigned from the Swiss National Bank (SNB) after his wife Kashya carried out a currency trade just weeks before he oversaw the introduction of a cap on the Swiss franc’s value.
The former Moore hedge fund manager was later found by a SNB commissioned audit not to have broken the central bank’s rules. (hahaha what rules!)
Read More @ LibertyBlitzkreig.com
It may not be long before it’s back to the future for Europe. Once,
the continent was a collection of independent nations, not tied by
language, culture or religion, even. About the only thing European
nations shared was geography; they all belonged to the same continent.
That all changed in the years immediately following World War II. Founding on a number of treaties and having gone from six members initially to the current 27, the European Union (EU) promised to become on that continent what the United States had become on the North American continent.
From the European Declaration, made by the foreign ministers of Germany, France, Italy, the Netherlands, Belgium, and Luxembourg at the signing of the Treaty of Paris on April 8, 1951, which formed the nexus of the European Coal and Steel Community; to the Treaties of Rome establishing the European Economic Community (EEC) and the European Atomic Energy Community through the 1960s, 70s and 80s eventually leading to the formation of the EU in 1993; to the adoption of a single currency, the euro, in 1999 – the continent appeared headed for the kind of confederation envisioned by European unifiers decades ago.
Read More @ NaturalNews.com
Anyone surprised here? So the guy who decided it was a great idea to
peg the Swiss Franc to the sinking stone that is the Euro, and whose
wife was accused of insider trading by front running that decision,
finally received his reward from the crony capitalist financial
oligarchs…a top position at BlackRock! He will be reporting directly to
Chairman and CEO Larry Fink. You know, the guy that claimed “Markets
like Totalitarian Governments” last year. Here’s the clip in case you
missed it.Key Quotes:
Swiss central bank chairman Philipp Hildebrand, who quit over a currency trading scandal, is to join BlackRock as vice chairman in October.
Hildebrand resigned from the Swiss National Bank (SNB) after his wife Kashya carried out a currency trade just weeks before he oversaw the introduction of a cap on the Swiss franc’s value.
The former Moore hedge fund manager was later found by a SNB commissioned audit not to have broken the central bank’s rules. (hahaha what rules!)
Read More @ LibertyBlitzkreig.com
by J.D. Heyes, Natural News:
It may not be long before it’s back to the future for Europe. Once,
the continent was a collection of independent nations, not tied by
language, culture or religion, even. About the only thing European
nations shared was geography; they all belonged to the same continent.That all changed in the years immediately following World War II. Founding on a number of treaties and having gone from six members initially to the current 27, the European Union (EU) promised to become on that continent what the United States had become on the North American continent.
From the European Declaration, made by the foreign ministers of Germany, France, Italy, the Netherlands, Belgium, and Luxembourg at the signing of the Treaty of Paris on April 8, 1951, which formed the nexus of the European Coal and Steel Community; to the Treaties of Rome establishing the European Economic Community (EEC) and the European Atomic Energy Community through the 1960s, 70s and 80s eventually leading to the formation of the EU in 1993; to the adoption of a single currency, the euro, in 1999 – the continent appeared headed for the kind of confederation envisioned by European unifiers decades ago.
Read More @ NaturalNews.com
from KingWorldNews:
Today top Citibank analyst, Tom Fitzpatrick, warned that despite the initial enthusiasm surrounding the Spanish bank bailout, “this is yet another over-promise, under-deliver dynamic coming out of Europe.” Fitzpatrick, a 28 year veteran and top analyst at Citibank, which has $1.3 trillion in assets, also said, “we are moving to the point where we’re no longer going to be able to see the stabilization on false promises and under-deliveries.” He also remained bullish on gold and let KWN readers know when the attention will shift to the problems in the US. But first, here is what Fitzpatrick had to say about the ongoing crisis: “Well, obviously this past weekend we had the announcement that we were going to see some type of bailout package for Spain. But I think as we move through this week there is a certain amount of disillusionment as people look at the structure of it. At the end of the day you are getting a sovereign nation that people are already concerned about in terms of their borrowings. Now Spain is looking to borrow even more money to give to the banks. You are not getting a European type of solution. So we saw a lot of euphoria on Sunday night and early Monday, but that seems to have dissipated.”
Tom Fitzpatrick continues @ KingWorldNews.com
Today top Citibank analyst, Tom Fitzpatrick, warned that despite the initial enthusiasm surrounding the Spanish bank bailout, “this is yet another over-promise, under-deliver dynamic coming out of Europe.” Fitzpatrick, a 28 year veteran and top analyst at Citibank, which has $1.3 trillion in assets, also said, “we are moving to the point where we’re no longer going to be able to see the stabilization on false promises and under-deliveries.” He also remained bullish on gold and let KWN readers know when the attention will shift to the problems in the US. But first, here is what Fitzpatrick had to say about the ongoing crisis: “Well, obviously this past weekend we had the announcement that we were going to see some type of bailout package for Spain. But I think as we move through this week there is a certain amount of disillusionment as people look at the structure of it. At the end of the day you are getting a sovereign nation that people are already concerned about in terms of their borrowings. Now Spain is looking to borrow even more money to give to the banks. You are not getting a European type of solution. So we saw a lot of euphoria on Sunday night and early Monday, but that seems to have dissipated.”
Tom Fitzpatrick continues @ KingWorldNews.com
By Greg Canavan, Daily Reckoning.com.au:
All tides turn. Last night a major sporting tide may have done just that…
Please indulge your editor, a New South Welshman, for one moment. State-of-Origin II, played in front of 83,000 fans in Sydney last night, was a cracker. Turning points and symbolism go hand in hand, usually with a dose of irony.
Like when commodity trading giant Glencore listed in May 2011, just before financial markets – and commodity prices – crashed. The commodity complex is yet to recover. Thank you Glencore for the advance warning…
Or what about Facebook’s shocker? Marketing for the company’s public listing got underway in a buoyant environment. Everyone thought Europe had solved its problems and it was all good. Facebook was going to be the next Apple or Google. The market peaked probably around the time Facebook’s shares had been allocated to gullible investors. By mid-May, when Facebook listed on the NASDAQ, the market had already started its decline. Thank you Facebook.
Read More @ DailyReckoning.com.au
All tides turn. Last night a major sporting tide may have done just that…
Please indulge your editor, a New South Welshman, for one moment. State-of-Origin II, played in front of 83,000 fans in Sydney last night, was a cracker. Turning points and symbolism go hand in hand, usually with a dose of irony.
Like when commodity trading giant Glencore listed in May 2011, just before financial markets – and commodity prices – crashed. The commodity complex is yet to recover. Thank you Glencore for the advance warning…
Or what about Facebook’s shocker? Marketing for the company’s public listing got underway in a buoyant environment. Everyone thought Europe had solved its problems and it was all good. Facebook was going to be the next Apple or Google. The market peaked probably around the time Facebook’s shares had been allocated to gullible investors. By mid-May, when Facebook listed on the NASDAQ, the market had already started its decline. Thank you Facebook.
Read More @ DailyReckoning.com.au
by Jeff Berwick, Dollar Vigilante:
That we, as humanity, have never been more enslaved is irrefutable. Almost all of us, except the smart few who escape, are forced, by extortion, to hand over half of our incomes to the state. We’re forced to pay rent in the form of property tax to live in a house and like any good mafia, the state takes a cut of almost any transaction we do in the various forms of sales taxes, cigarette, alcohol and gasoline taxes, just to name a few. We need permission to travel, permission to work and we are nearly constantly being surveilled in everything we write, do or say. And, in many countries, if we break one of millions of ubiquitous laws, most of them non-crimes with no victim and no violence, we’ll be kidnapped and put in cages.
But, how did we allow ourselves to become this way? Some subscribe to the thought that there are certain financial elites who have conspired to enslave humanity… and that is almost certainly the case to a certain extent. But, just how easy did we make it for them?
WE MUST BAN BATH SALTS!
Read More @ DollarVigilante.com
That we, as humanity, have never been more enslaved is irrefutable. Almost all of us, except the smart few who escape, are forced, by extortion, to hand over half of our incomes to the state. We’re forced to pay rent in the form of property tax to live in a house and like any good mafia, the state takes a cut of almost any transaction we do in the various forms of sales taxes, cigarette, alcohol and gasoline taxes, just to name a few. We need permission to travel, permission to work and we are nearly constantly being surveilled in everything we write, do or say. And, in many countries, if we break one of millions of ubiquitous laws, most of them non-crimes with no victim and no violence, we’ll be kidnapped and put in cages.
But, how did we allow ourselves to become this way? Some subscribe to the thought that there are certain financial elites who have conspired to enslave humanity… and that is almost certainly the case to a certain extent. But, just how easy did we make it for them?
WE MUST BAN BATH SALTS!
Read More @ DollarVigilante.com
by Alasdair Macleod, Gold Money:
The silver price
is depressed compared with its historical relationship to gold, one
ounce being worth about 55 of silver, against the historical rate of 15
or 16. The reason, perhaps, has to do with silver’s demonetisation and
its role as an industrial metal. However, with global supply from mines
and recycling running at about one billion ounces and demand at only a
hundred million less, it does not take much investment demand to create a
severe shortage.
For now, pricing is managed for industrial use, and industry has a vested interest in keeping the price low. For clues of future prices, we need to look at market data, and the graph below shows the aggregate positions of two groups of users extracted from disaggregated futures’ data going back to September 2009.
The two categories shown are swaps and producers and fabricators. Swaps are hedging positions on other markets, mostly physical or physical for forward delivery. Swaps amount to a net long position of 17,952 contracts, representing just less than 90m ounces, indicating there are short positions on other markets amounting to nearly the whole of that 100m ounce gap between industrial demand and annual silver supply. This suggests that the market for physical silver is very tight.
Read More @ GoldMoney.com
The silver price
is depressed compared with its historical relationship to gold, one
ounce being worth about 55 of silver, against the historical rate of 15
or 16. The reason, perhaps, has to do with silver’s demonetisation and
its role as an industrial metal. However, with global supply from mines
and recycling running at about one billion ounces and demand at only a
hundred million less, it does not take much investment demand to create a
severe shortage.For now, pricing is managed for industrial use, and industry has a vested interest in keeping the price low. For clues of future prices, we need to look at market data, and the graph below shows the aggregate positions of two groups of users extracted from disaggregated futures’ data going back to September 2009.
The two categories shown are swaps and producers and fabricators. Swaps are hedging positions on other markets, mostly physical or physical for forward delivery. Swaps amount to a net long position of 17,952 contracts, representing just less than 90m ounces, indicating there are short positions on other markets amounting to nearly the whole of that 100m ounce gap between industrial demand and annual silver supply. This suggests that the market for physical silver is very tight.
Read More @ GoldMoney.com
from GoldCore:
While the gold price has not surged as expected and appears to be consolidating near the $1,600/oz level (€1,300/oz and £1,000/oz), there has been a definite increase in demand in recent days , particularly this week and this morning, as the crisis is again leading to safe haven demand – particularly from European buyers.
There is a slow but creeping realisation that this crisis is soon to escalate and that financial contagion with risks to bank deposits (often guaranteed by insolvent states) and payment systems. Indeed, the entire modern financial system is at risk.
There are silent runs on banks in Spain, Greece and Italy. The Bank of Italy authorized the suspension of payments by Bank Network Investments Spa (BNI) without communicating anything to depositors. The BNI, a large Italian bank, suspended operations and clients with bank accounts could not write checks, pay bills, make mortgage payments, use ATMs or debit and credit cards.
The European Union is making preparations to contain the effects of panic if Greece was to exit from the Euro. Among the measures they are considering imposing are a limit on the amount of money that can be withdrawn from cashpoints or ATMS, imposing border checks and introducing currency controls to stop a flight of capital from countries.
As well as limiting cash withdrawals and imposing capital controls, they have discussed suspending the Schengen Agreement, which allows for visa-free travel among 26 countries, including most of the EU, though not Britain and Ireland.
Read More @ goldcore.com
While the gold price has not surged as expected and appears to be consolidating near the $1,600/oz level (€1,300/oz and £1,000/oz), there has been a definite increase in demand in recent days , particularly this week and this morning, as the crisis is again leading to safe haven demand – particularly from European buyers.
There is a slow but creeping realisation that this crisis is soon to escalate and that financial contagion with risks to bank deposits (often guaranteed by insolvent states) and payment systems. Indeed, the entire modern financial system is at risk.
There are silent runs on banks in Spain, Greece and Italy. The Bank of Italy authorized the suspension of payments by Bank Network Investments Spa (BNI) without communicating anything to depositors. The BNI, a large Italian bank, suspended operations and clients with bank accounts could not write checks, pay bills, make mortgage payments, use ATMs or debit and credit cards.
The European Union is making preparations to contain the effects of panic if Greece was to exit from the Euro. Among the measures they are considering imposing are a limit on the amount of money that can be withdrawn from cashpoints or ATMS, imposing border checks and introducing currency controls to stop a flight of capital from countries.
As well as limiting cash withdrawals and imposing capital controls, they have discussed suspending the Schengen Agreement, which allows for visa-free travel among 26 countries, including most of the EU, though not Britain and Ireland.
Read More @ goldcore.com
from Silver Vigilante:
Since May, crude oil has tanked from near-highs to near-lows. At the
onset of May, crude oil traded above $105. Since, it has fallen to $80.
Nonetheless, the prices at the pump have stayed the same. Although
explanations are difficult to come by from the mainstream press, the
phenomenon is likely not to be explained by the type of events which
might affect a localized, freer market structure. Such as, an oil boom
in a U.S. state. In this case, North Dakota’s economic conditions have
led to a record setting increase in their oil production.
But, global economic factors weigh more on all markets, and a declining euro and appreciating dollar in the medium-term have provided the conditions for a decline in the crude oil price. But, the winners-and-losers are not who one might expect.
Read More @ Silver Vigilante
from Wealth Cycles:
Who is Alessio Rastani? This is the clip
of the trader who made headlines last fall as he scared sense into BBC
viewers, and the interviewer, by merely being candid. Arguably we should
be able to expect candor from professional financial advisers, but a
trader who admittedly is in the game to make money? Why should he
bother? Yet, much of what he says echoes Michael Maloney’s key messages:
You can’t expect the government to “fix it.” Educate yourself about
what is coming, so that you can both protect your wealth and profit.
But, global economic factors weigh more on all markets, and a declining euro and appreciating dollar in the medium-term have provided the conditions for a decline in the crude oil price. But, the winners-and-losers are not who one might expect.
Read More @ Silver Vigilante
from Wealth Cycles:
Who is Alessio Rastani? This is the clip
of the trader who made headlines last fall as he scared sense into BBC
viewers, and the interviewer, by merely being candid. Arguably we should
be able to expect candor from professional financial advisers, but a
trader who admittedly is in the game to make money? Why should he
bother? Yet, much of what he says echoes Michael Maloney’s key messages:
You can’t expect the government to “fix it.” Educate yourself about
what is coming, so that you can both protect your wealth and profit.
The Sydney Morning Herald
writes that Rastani studied law at the University of Wales before going
to work for a financial institution he would not name, then going into
trading for himself.
“What I would say, is if you are sitting around waiting for the government to sort out this financial mess – be prepared to wait a long time,” Rastani says. “During that time, there will be people like me, in the trading business who are going to make a killing in this climate. If you don’t get yourself educated, and learn how to make money in this market, then you could be left with nothing.”
Read More @ WealthCycles.com
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“What I would say, is if you are sitting around waiting for the government to sort out this financial mess – be prepared to wait a long time,” Rastani says. “During that time, there will be people like me, in the trading business who are going to make a killing in this climate. If you don’t get yourself educated, and learn how to make money in this market, then you could be left with nothing.”
Read More @ WealthCycles.com
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/charts/metals/gold/t24_au_en_usoz_2.gif)
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/charts/metals/silver/t24_ag_en_usoz_2.gif)
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