Europe's Economic Implosion In One Chart
The chart below, courtesy of Stone McCarthy, shows monthly exports to Europe. It says enough.
BBC Reports UK Bank Downgrade To Hit In 15 Minutes
Am hearing the Moody's downgrades of UK banks likely to be at 6.30 our time, with US banks downgraded later tonight
S&P Channel In Danger Of Downward Breach (Update - Breached)
UPDATE: Channel Breached on heavy volume
Having lost its post-Spanish-bailout open high and Pre-Greek-Election closing high, S&P 500 e-mini futures look set to lose
BTFD...Keep Stacking...
from Silver Doctors:
As we can see from many sources, the BIG PLAYERS have increased their
gold and silver purchases lately, while the RETAIL INVESTOR cuts back.
This is typical. I hate to say it… RETAIL INVESTORS are DUMB as a BOX
OF ROCKS. What has happened is that the public has been put into a
trance by MSM that this CHARADE will go on forever. They now believe
that the FED and Central Banks can just keep kicking the can down the
road until they retire or die.
Some think that the decline in SILVER EAGLE purchases are due to the downturn in the economy and that silver is now in SURPLUS. So, the rational is that silver will fall during a DEFLATION.
While this is true when Gold and Silver are not considered money, it is not true at the end of a FIAT MONETARY SYSTEM.
When I spoke with Harvey Organ on the phone recently, I found it very surprising that we both agreed that the big decline in gold and silver prices in 2008 were not due to DEFLATIONARY FORCES, but rather a complete manipulation and take-down by the FED and Central Governments. So, the reason Silver did not keep heading towards $50 in 2008 was due to a massive take-down. That is why when people say that the PARABOLIC move in silver in the beginning of 2011 was not sustainable… all I can do is LAUGH.
Read More @ SilverDoctors.com
As we can see from many sources, the BIG PLAYERS have increased their
gold and silver purchases lately, while the RETAIL INVESTOR cuts back.
This is typical. I hate to say it… RETAIL INVESTORS are DUMB as a BOX
OF ROCKS. What has happened is that the public has been put into a
trance by MSM that this CHARADE will go on forever. They now believe
that the FED and Central Banks can just keep kicking the can down the
road until they retire or die.Some think that the decline in SILVER EAGLE purchases are due to the downturn in the economy and that silver is now in SURPLUS. So, the rational is that silver will fall during a DEFLATION.
While this is true when Gold and Silver are not considered money, it is not true at the end of a FIAT MONETARY SYSTEM.
When I spoke with Harvey Organ on the phone recently, I found it very surprising that we both agreed that the big decline in gold and silver prices in 2008 were not due to DEFLATIONARY FORCES, but rather a complete manipulation and take-down by the FED and Central Governments. So, the reason Silver did not keep heading towards $50 in 2008 was due to a massive take-down. That is why when people say that the PARABOLIC move in silver in the beginning of 2011 was not sustainable… all I can do is LAUGH.
Read More @ SilverDoctors.com
Twitter Hit By Major Service Outage
Citi's Buiter Goes All Maya On The GRexit
While
Citi's Willem Buiter believes that the new coalition in Greece removes
the very short-term risk of GRexit, as he notes in an Op-Ed in the FT
today that "minimum demands for relaxation of fiscal austerity by the
new government will not exceed the maximum fiscal austerity concessions
Germany is willing to make", he does think the TROIKA "unlikely to
tolerate another failure to comply on all fronts by the December
assessment" leading to an end-2012 Armageddon a la the Maya. The
"willful non-compliance" with the conditionality of the TROIKA program
also brings doubt on the willingness of core eurozone nations to "take on significant exposures to Spain and Italy
unless it can be established unambiguously that a willfully and
persistently non-compliant program beneficiary will be denied further
funding". His succinct summation of the "onion-like unpeeling and
unraveling" of the Euro's endgame is perfectly described as: "The greatest
fear of the core nations is not the collapse of the euro area but the
creation of an open-ended, uncapped transfer union without a
surrender of national sovereignty to the supra-national European level"
as he sees material risk of "procrastination and policy paralysis".
by John Rubino, DollarCollapse.com:
For the past few months depositors have been emptying their Greek and
Spanish bank accounts and moving the funds to safer places like Germany
and Switzerland. This is not surprising. What is surprising is that anyone still has accounts in Greek and Spanish banks.
This is a trend with a limited lifespan. Either sentiment stabilizes and capital starts flowing back into peripheral eurozone countries (possible but unlikely), or the slow-motion bank run continues until the Greek and Spanish banks are empty, or the trickle becomes a torrent as everyone heads for the exits at once, thus crashing those countries’ banking systems.
In the second and third scenarios, the result will be capital controls ranging from bank closures (like FDR’s 1933 bank holiday), to expropriation of bank accounts (as when Argentina converted dollar-based accounts to pesos in 2002), to restrictions on the movement of wealth across borders. Planing for such capital controls is well under way:
Read More @ DollarCollapse.com
For the past few months depositors have been emptying their Greek and
Spanish bank accounts and moving the funds to safer places like Germany
and Switzerland. This is not surprising. What is surprising is that anyone still has accounts in Greek and Spanish banks. This is a trend with a limited lifespan. Either sentiment stabilizes and capital starts flowing back into peripheral eurozone countries (possible but unlikely), or the slow-motion bank run continues until the Greek and Spanish banks are empty, or the trickle becomes a torrent as everyone heads for the exits at once, thus crashing those countries’ banking systems.
In the second and third scenarios, the result will be capital controls ranging from bank closures (like FDR’s 1933 bank holiday), to expropriation of bank accounts (as when Argentina converted dollar-based accounts to pesos in 2002), to restrictions on the movement of wealth across borders. Planing for such capital controls is well under way:
Read More @ DollarCollapse.com
The Master Narrative Nobody Dares Admit: Centralization Has Failed
The primary "news" narrative may be the failure of the euro, but the master narrative is much, much bigger: centralization has failed. The failure of Europe's "ultimate centralization project" is but a symptom of a global failure of centralization. Though many look at China's command-economy as proof that the model of Elite-controlled centralization is a roaring success, let's check in on China's stability and distribution of prosperity in 2021 before declaring centralization an enduring success. The pressure cooker is already hissing and the flame is being turned up every day. What's the key driver of this master narrative? Technology, specifically, the Internet. Gatekeepers and centralized authority are no match for decentralized knowledge and decision-making. Once a people don't need to rely on a centralized authority to tell them what to do, the centralized authority becomes a costly impediment, a tax on the entire society and economy. In a cost-benefit analysis, centralization once paid significant dividends. Now it is a drag that only inhibits growth and progress. The Eurozone is the ultimate attempt to impose an intrinsically inefficient and unproductive centralized authority on disparate economies, and we are witnessing its spectacular implosion. Centralization acts as a positive feedback, i.e. a self-reinforcing loop that leads to a runaway death spiral.Live Webcast Of Formal Spanish Bank Bailout Capital Needs Announcement
For
our Spanish-speaking viewers, here is the webcast during which the
final results of the Oliver Wyman et al consultancy report identifying
insolvent Spanish bank capital needs will be presented. This conference
is not to be confused with the July 2011 stress test which saw all
Spanish banks passing with flying colors. We know very well that the cap
at this conference is €100 billion even if the final need will be far
higher. The only question is how much of its credibility will Oliver
Wyman sacrifice to create a short term bounce in Spanish bonds by
undercutting the real number, even as the real bailout needs creep ever higher.Asia's Downside Risk And The Three Big Hopes
'Risks are all to the downside for Asia' is the view of UBS' global macro team. It appears the markets are pinning their optimism on growth and earnings over the next year on three hopes: that the US will not fall off its 'fiscal cliff'; that Europe will 'muddle through'; and that China will pull Asia out of the current morass. Duncan Wooldridge takes on each of these 'hopes' noting that he expects Asian exporters to be far more likely to pull back on investment and take a wait and see attitude than simply ride into the breach.
Goldman Goes Short The S&P 500: 1285 Target
"We are recommending a short position in the S&P 500 index with a target of 1285 (roughly 5% below current levels) and a stop on a close above 1390."Beggars Are Choosers As Greece Calls TROIKA's Bluff
Greece's newly confident coalition party has issued a list of zee-demands, via Bloomberg:- GREECE TO PRESS TROIKA ON NO JOB CUTS IN PUBLIC SECTOR
- GREEK COALITION PARTIES WANT TO RETRACT CUT TO MINIMUM WAGE
- GREECE TO PRESS TROIKA ON NO FURTHER WAGE CUTS FOR 2013-2014
- DE JAGER: THERE WILL BE NO SOFTENING OF CONDITIONS FOR GREECE
Philly Fed Craters
One word to explain the Philly Fed which just printed at -16.6, or the weakest since August 2011, on expectations of an unchanged print: abysmal. Basically every subcomponent of the index was negative except for number of employees, although luckily we already know that US jobs (even part-time ones) are collapsing too. In short: if this horrendous print does not boost stocks higher, nothing can.
What Oliver Wyman Really Said About Spain's Banks
The 'real' results from Oliver Wyman's stress tests are out, via Bloomberg, and there are some skeptical conclusions at best. The expected loss for Spanish banks under the adverse stress test scenario is EUR 253-274 billion (and EUR 173-194 billion under the base-case). The announced capital deficit under the stress scenario of EUR 51-62 billion assumes some rather interesting items:- The expected loss is offset by EUR 98 billion of exiting provisions (which will have to be offset by something and if deposit outflows continue then this merely accelerates the under-capitalization); and
- New profit generation of EUR 64-68 billion seems remarkable for a banking segment so tied to its sovereign and entirely bust itself
Meet The New Head Of The New York Fed's Plunge Protection Team
Brian Sack, whom we have all grown to love and loathe, and whose mysterious Citadel trade tickets seemingly out of nowhere have prevented financial meltdowns on more than one occasion, may be leaving us next Friday, but that does not mean the Plunge Protection Team will remain headless. Meet Brian's replacement: Simon Potter, who before joining the NY Fed was... assistant professor of economics at UCLA, Johns Hopkins University, New York University and Princeton University and who " has written extensively on nonlinear dynamics over the business cycles. Recent topics have included forecasting the probability of recession, large panel forecasting models, modeling structural change and inflation expectations." So now we have a Keynesian economics professor with an expertise in "modeling inflation expectations" in charge of the S&P. Swell.
Germany Could Pull Out of the Euro Before Spain is Even "Saved"
06/21/2012 - 12:21
Buying Time When the End is Near: David Schectman
The Fed and Central Banks around the world are just buying time
before the collapse, but the end of this debt-based Ponzi scheme is
near. I talk with David Schectman, the Founder of Miles Franklin to get his views on the worldwide collapse, and David helps us keep the big picture in clear view.
By Gary North, The Market Oracle:
If you have seen the stage version of Peter Pan, you know the scene in which the audience is asked to clap if they want Tinker Bell to live. It’s time.
Janet Daley wrote a provocative essay in London’s The Telegraph on the day before the Greek election (June 16). She did her best to explain why the eurozone is in crisis. Europe’s leaders are living in an illusion of their own making.
She began with what should be obvious to the financial markets by now. By entering into the eurozone, the politicians surrendered control over the money supply.
The problem is not that politicians surrendered control over the money supply. It is that they surrendered it to the European Central Bank. They should have surrendered it to the free market.
The politicians of Europe asserted control over the international money market in 1914, when they abandoned the international gold standard. They set the precedent. Everything that has followed has been one fiat money crisis after another. But only Austrian School economists teach this. In Europe, bureaucratic control over money has run the show ever since 1999.
Read More @ TheMarketOracle.co.uk
If you have seen the stage version of Peter Pan, you know the scene in which the audience is asked to clap if they want Tinker Bell to live. It’s time.Janet Daley wrote a provocative essay in London’s The Telegraph on the day before the Greek election (June 16). She did her best to explain why the eurozone is in crisis. Europe’s leaders are living in an illusion of their own making.
She began with what should be obvious to the financial markets by now. By entering into the eurozone, the politicians surrendered control over the money supply.
The problem is not that politicians surrendered control over the money supply. It is that they surrendered it to the European Central Bank. They should have surrendered it to the free market.
The politicians of Europe asserted control over the international money market in 1914, when they abandoned the international gold standard. They set the precedent. Everything that has followed has been one fiat money crisis after another. But only Austrian School economists teach this. In Europe, bureaucratic control over money has run the show ever since 1999.
Read More @ TheMarketOracle.co.uk
BTFD...
by Adrian Ash, Gold Seek:
The WHOLESALE MARKET
gold price fell further Thursday in London, falling hard to 8-session
lows at $1587 per ounce following last night’s “no change” decision from
the Federal Reserve on new US quantitative easing.
Major-government bond prices pushed higher, but the Euro currency retreated, down nearly 1¢ from its post-Fed high to trade back down at $1.2650.
Silver prices hit a new low for the month of June at $27.70 per ounce, while commodity indices dropped to 19-month lows and US crude fell to 7-month lows beneath $80 per barrel.
European stock markets also fell, with London’s losses led by mining equities.
“Achieving a durable and prompt exit from the Euro area crisis, as well as avoiding the US ‘fiscal cliff’ [due start-2013] is crucial for sustained global recovery,” said a new report from the International Monetary Fund on the outlook for the G20 group of large economies.
Read More @ GoldSeek.com
The WHOLESALE MARKET
gold price fell further Thursday in London, falling hard to 8-session
lows at $1587 per ounce following last night’s “no change” decision from
the Federal Reserve on new US quantitative easing.Major-government bond prices pushed higher, but the Euro currency retreated, down nearly 1¢ from its post-Fed high to trade back down at $1.2650.
Silver prices hit a new low for the month of June at $27.70 per ounce, while commodity indices dropped to 19-month lows and US crude fell to 7-month lows beneath $80 per barrel.
European stock markets also fell, with London’s losses led by mining equities.
“Achieving a durable and prompt exit from the Euro area crisis, as well as avoiding the US ‘fiscal cliff’ [due start-2013] is crucial for sustained global recovery,” said a new report from the International Monetary Fund on the outlook for the G20 group of large economies.
Read More @ GoldSeek.com
By Dan Denning, Daily Reckoning.com.au:
Today we’re going to channel a bit of Holden Caulfield, the protagonist of the book The Catcher in the Rye. That’s because we’ve had a gutful of ‘phonies’, or ‘God damn phonies’, as Holden would say.
The G20 conference that took place this week in Mexico was the biggest gathering of phonies we’ve seen all year. And just last night, a bunch of Federal Reserve phonies finished a two day meeting to tell us that they got their economic growth forecasts wrong. Are we meant to believe the new ones?
Let’s deal with the biggest phonies first — the G20. Here’s a picture of them. Looking at their big, fat phony smiles reminds us of a classic soul song, ‘Smiling Faces Sometimes’. The song kicks off with:
Smiling faces sometimes pretend to be your friend
Smiling faces show no traces of the evil that lurks within
Smiling faces, smiling faces sometimes
They don’t tell the truth uh
Smiling faces, smiling faces
Tell lies and I got proof
Read More @ DailyReckoning.com.au
Today we’re going to channel a bit of Holden Caulfield, the protagonist of the book The Catcher in the Rye. That’s because we’ve had a gutful of ‘phonies’, or ‘God damn phonies’, as Holden would say. The G20 conference that took place this week in Mexico was the biggest gathering of phonies we’ve seen all year. And just last night, a bunch of Federal Reserve phonies finished a two day meeting to tell us that they got their economic growth forecasts wrong. Are we meant to believe the new ones?
Let’s deal with the biggest phonies first — the G20. Here’s a picture of them. Looking at their big, fat phony smiles reminds us of a classic soul song, ‘Smiling Faces Sometimes’. The song kicks off with:
Smiling faces sometimes pretend to be your friend
Smiling faces show no traces of the evil that lurks within
Smiling faces, smiling faces sometimes
They don’t tell the truth uh
Smiling faces, smiling faces
Tell lies and I got proof
Read More @ DailyReckoning.com.au
by Jeff Berwick, Dollar Vigilante:
We’ve received an inordinate amount of emails lately from people who sound absolutely defeated. They often state something along the lines of: “We know the Western world is in collapse but we have no real assets and we are stuck.” They also usually go on to state that TDV’s advice is only for “rich people”.
While a large part of our advice and info is obviously to help people who have some assets protect them and our advice on how to protect yourself, through expatriation or second passports, has the ability to sound as if it takes some significant wealth to enact, that is simply not the case.
But before we get into that, let’s get some perspective.
HOW QUICKLY WE FORGET
It was only 119 years ago, in 1883, that The New Colossus, now inextricably linked with the Statue of Liberty was written:
We’ve received an inordinate amount of emails lately from people who sound absolutely defeated. They often state something along the lines of: “We know the Western world is in collapse but we have no real assets and we are stuck.” They also usually go on to state that TDV’s advice is only for “rich people”.
While a large part of our advice and info is obviously to help people who have some assets protect them and our advice on how to protect yourself, through expatriation or second passports, has the ability to sound as if it takes some significant wealth to enact, that is simply not the case.
But before we get into that, let’s get some perspective.
HOW QUICKLY WE FORGET
It was only 119 years ago, in 1883, that The New Colossus, now inextricably linked with the Statue of Liberty was written:
Give me your tired, your poor,
Your huddled masses yearning to breathe free,
The wretched refuse of your teeming shore.
Send these, the homeless, tempest-tost to me,
I lift my lamp beside the golden door!
Read More @ DollarVigilante.com
from, Gold Money:
Down, up, and down again – so go precious metal prices since the
release yesterday of the Federal Open Market Committee’s latest verdict
on the near-term direction of US monetary policy. The FOMC decided to
prolong “Operation Twist” – sales of short-term Treasury securities,
with the cash generated used to buy long-term Treasuries – but stopped
shy of announcing QE3 or any other new moves to boost bank reserves.
Stocks and commodities have reacted poorly to this news, while gold,
silver, platinum and palladium have also slipped lower.
PIMCO’s Mohamed El-Erian has a withering verdict on the Fed’s latest move:
“What this continued Fed activism will do is to continue altering the functioning of markets, contaminate price discovery and distort capital allocation. Already, the viability of several segments – from money markets to insurance and from pension provision to suppliers of daily market liquidity, all of whom provide financial services to companies and individuals – has been undermined. The Fed has also conditioned many market participants to believe in a policy put for both equities and bonds. And other government agencies are relieved to have the policy spotlight remain away from their damaging inactivity.”
Read More @ GoldMoney.com
Down, up, and down again – so go precious metal prices since the
release yesterday of the Federal Open Market Committee’s latest verdict
on the near-term direction of US monetary policy. The FOMC decided to
prolong “Operation Twist” – sales of short-term Treasury securities,
with the cash generated used to buy long-term Treasuries – but stopped
shy of announcing QE3 or any other new moves to boost bank reserves.
Stocks and commodities have reacted poorly to this news, while gold,
silver, platinum and palladium have also slipped lower.PIMCO’s Mohamed El-Erian has a withering verdict on the Fed’s latest move:
“What this continued Fed activism will do is to continue altering the functioning of markets, contaminate price discovery and distort capital allocation. Already, the viability of several segments – from money markets to insurance and from pension provision to suppliers of daily market liquidity, all of whom provide financial services to companies and individuals – has been undermined. The Fed has also conditioned many market participants to believe in a policy put for both equities and bonds. And other government agencies are relieved to have the policy spotlight remain away from their damaging inactivity.”
Read More @ GoldMoney.com
by Ellen Brown, Web of Debt
When Jamie Dimon, CEO of JPMorgan Chase Bank, appeared before the
Senate Banking Committee on June 13, he was wearing cufflinks bearing
the presidential seal. “Was Dimon trying to send any particular message
by wearing the presidential cufflinks?” asked CNBC editor John Carney. “Was he . . . subtly hinting that he’s really the guy in charge?”
The groveling of the Senators was so obvious that Jon Stewart did a spoof news clip on it, featured in a Huffington Post piece titled “Jon Stewart Blasts Senate’s Coddling Of JP Morgan Chase CEO Jamie Dimon,” and Matt Taibbi wrote an op-ed called “Senators Grovel, Embarrass Themselves at Dimon Hearing.” He said the whole thing was painful to watch.
“What is going on with this panel of senators?” asked Stewart. “They’re sucking up to Jamie Dimon like they’re on JPMorgan’s payroll.” The explanation in a news clip that followed was that JPMorgan Chase is the biggest campaign donor to many of the members of the Banking Committee.
Read More @ WebofDebt.wordpress.com
When Jamie Dimon, CEO of JPMorgan Chase Bank, appeared before the
Senate Banking Committee on June 13, he was wearing cufflinks bearing
the presidential seal. “Was Dimon trying to send any particular message
by wearing the presidential cufflinks?” asked CNBC editor John Carney. “Was he . . . subtly hinting that he’s really the guy in charge?”The groveling of the Senators was so obvious that Jon Stewart did a spoof news clip on it, featured in a Huffington Post piece titled “Jon Stewart Blasts Senate’s Coddling Of JP Morgan Chase CEO Jamie Dimon,” and Matt Taibbi wrote an op-ed called “Senators Grovel, Embarrass Themselves at Dimon Hearing.” He said the whole thing was painful to watch.
“What is going on with this panel of senators?” asked Stewart. “They’re sucking up to Jamie Dimon like they’re on JPMorgan’s payroll.” The explanation in a news clip that followed was that JPMorgan Chase is the biggest campaign donor to many of the members of the Banking Committee.
Read More @ WebofDebt.wordpress.com
by Susanne Posel, Occupy Corporatism:
Google claims that they have been told by authorities from various governments, by way of more than 1,000 requests, to remove content
from YouTube in the last 6 months of 2011. Google says this is “an
alarming trend”. This is an attempt to subvert responsibility from the
mega search engine, who works for the National Security Agency (NSA).
A US Court of Appeals in the District of Columbia, ruled last month that the NSA does not need to confirm nor deny (known as a “Glomar” response) its collaborations with Google; how the two work together to spy on American citizens in the name of protecting the public from false flag “cyber-attacks”.
The court’s ruling states effectively that regardless of a filing by the Electronic Privacy Information Center (EPIC) with the Freedom of Information Act to obtain documents as to the relationship, the US government does not have to divulge any arrangement between the NSA and the search engine giant.
Dorothy Chou, Google’s senior policy analyst, states: “Unfortunately, what we’ve seen over the past couple years has been troubling, and today is no different. We hoped this was an aberration. But now we know it’s not.”
Read More @ OccupyCorporatism.com
Google claims that they have been told by authorities from various governments, by way of more than 1,000 requests, to remove content
from YouTube in the last 6 months of 2011. Google says this is “an
alarming trend”. This is an attempt to subvert responsibility from the
mega search engine, who works for the National Security Agency (NSA).A US Court of Appeals in the District of Columbia, ruled last month that the NSA does not need to confirm nor deny (known as a “Glomar” response) its collaborations with Google; how the two work together to spy on American citizens in the name of protecting the public from false flag “cyber-attacks”.
The court’s ruling states effectively that regardless of a filing by the Electronic Privacy Information Center (EPIC) with the Freedom of Information Act to obtain documents as to the relationship, the US government does not have to divulge any arrangement between the NSA and the search engine giant.
Dorothy Chou, Google’s senior policy analyst, states: “Unfortunately, what we’ve seen over the past couple years has been troubling, and today is no different. We hoped this was an aberration. But now we know it’s not.”
Read More @ OccupyCorporatism.com
by Sean Kerrigan, SeanKerrigan.com:
Finally, our long national nightmare is over. The government brought charges, submitted its case to the people, and the people decided. Baseball player Roger Clemens has been acquitted of perjury for allegedly lying to congress when asked about using performance enhancing drugs.
Of course, no amount of press fanfare should be spared for such a monumental story. As of the time of this writing, the verdict holds the top spot on websites of every major newspaper, and why not? There’s clearly nothing else going on, at least nothing worth discussing.
I’m being facetious of course, but the real parody is our government, which spares no expense to charge and try citizens for lying to the government, while they simultaneously lie to us every single day — and yes, it is illegal for a government official to knowingly lie to you. Under the False Statement Statute (Title 18, Section 1001) any member of the executive, judicial or legislative branches of government can be criminally charged for knowingly making false statements. If convicted, they can serve up to 8 years in prison or pay a fine of up to $10,000.
Read More @ SeanKerrigan.com
Finally, our long national nightmare is over. The government brought charges, submitted its case to the people, and the people decided. Baseball player Roger Clemens has been acquitted of perjury for allegedly lying to congress when asked about using performance enhancing drugs.
Of course, no amount of press fanfare should be spared for such a monumental story. As of the time of this writing, the verdict holds the top spot on websites of every major newspaper, and why not? There’s clearly nothing else going on, at least nothing worth discussing.
I’m being facetious of course, but the real parody is our government, which spares no expense to charge and try citizens for lying to the government, while they simultaneously lie to us every single day — and yes, it is illegal for a government official to knowingly lie to you. Under the False Statement Statute (Title 18, Section 1001) any member of the executive, judicial or legislative branches of government can be criminally charged for knowingly making false statements. If convicted, they can serve up to 8 years in prison or pay a fine of up to $10,000.
Read More @ SeanKerrigan.com
by Dr. Jeffrey Lewis, Silver Seek:
One
of the main advantages of buying silver versus more costly precious
metals like gold and platinum is that silver’s relative cheapness allows
you to buy more metal for the money.
One
of the main advantages of buying silver versus more costly precious
metals like gold and platinum is that silver’s relative cheapness allows
you to buy more metal for the money.
Furthermore,
inflation is a reality that eats away at the value of all paper
currencies, while boosting the value of hard currencies like silver.
Given
the likelihood of ongoing paper currency devaluation and debasement,
despite short term perceptual fluctuations in the basket of floating
currencies, the U.S. Dollar you are holding today is more valuable in
terms of its purchasing power today than it will be tomorrow or a year
from now.
Putting Things Into Perspective
If
you are skeptical about holding silver or need a way to determine what
time frame you should be holding silver for, you can consider the
following question:
Given
the at least 95% loss of purchasing power in the U.S. Dollar seen since
1913, with the vast majority of that loss of value occurring over the
last 40 years, what would you rather be holding one year from now: An
ounce of silver or the amount of U.S. Dollars that can currently
purchase an ounce of silver?
Read More @ Silver Seek
by Rick Ackerman, Rick Ackerman.com:
As the Great Recession drags on, albeit without official sanction,
each and every silver cloud of economic news continues to harbor a dark
lining. Most recently, amidst the mainstream media’s hubris over a
supposedly stabilizing housing market, we read yesterday in the Denver
Post that the region is bracing for yet another painful round of
foreclosures. “Despite reports of a thawing housing market,” the paper
noted in a front-page article, “yet another wave of foreclosure appears
to be looming.” The fact that lenders are gearing up for this is
apparent in the sharp spike in deed-of-trust assignments in Colorado.
Compared to 2011, they’ve more than doubled in the first five months of
this year. Deeds of trust convey ownership rights of mortgages and the
ability to foreclose on them, and they are therefore a reliable
indicator of foreclosure activity to come. According to the Post, if
only half of the filings become actual foreclosure cases, foreclosures
could spike to 2007’s crisis levels.
Read More @ RickAckerman.com
As the Great Recession drags on, albeit without official sanction,
each and every silver cloud of economic news continues to harbor a dark
lining. Most recently, amidst the mainstream media’s hubris over a
supposedly stabilizing housing market, we read yesterday in the Denver
Post that the region is bracing for yet another painful round of
foreclosures. “Despite reports of a thawing housing market,” the paper
noted in a front-page article, “yet another wave of foreclosure appears
to be looming.” The fact that lenders are gearing up for this is
apparent in the sharp spike in deed-of-trust assignments in Colorado.
Compared to 2011, they’ve more than doubled in the first five months of
this year. Deeds of trust convey ownership rights of mortgages and the
ability to foreclose on them, and they are therefore a reliable
indicator of foreclosure activity to come. According to the Post, if
only half of the filings become actual foreclosure cases, foreclosures
could spike to 2007’s crisis levels. Read More @ RickAckerman.com
from KingWorldNews:
With the Fed increasing Operation Twist by $267 billion, and European
leaders meeting today, King World News interviewed highly acclaimed
trader Dan Norcini. Norcini told KWN that “After traders realized QE3
was not off the table, up gold and silver went and they closed well off
their lows for the day.” Norcini also had this to say regarding the
markets: “As someone who has actively traded these markets for over two
decades, I find what our markets have deteriorated into to be very
distressing.” But first, here is what he had to say about the move by
the Fed: “The Fed took the safest, most conservative route they could
at this stage of the game. Some of us have argued that it was a little
early for the Fed to pull out their big gun of QE3. By going with this
type of increase in Operation Twist, it leaves the Fed with more room if
we are right back where we are now in a few months.”
“Initially there was disappointment on the part of traders who were expecting QE to be imminent. They dumped equities, bonds had a rally off the lows, and gold and silver were hit. But at the end of the day we’re right back to where we were before, where everyone is expecting QE3 at a later date.
Dan Norcini continues @ KingWorldNews.com
With the Fed increasing Operation Twist by $267 billion, and European
leaders meeting today, King World News interviewed highly acclaimed
trader Dan Norcini. Norcini told KWN that “After traders realized QE3
was not off the table, up gold and silver went and they closed well off
their lows for the day.” Norcini also had this to say regarding the
markets: “As someone who has actively traded these markets for over two
decades, I find what our markets have deteriorated into to be very
distressing.” But first, here is what he had to say about the move by
the Fed: “The Fed took the safest, most conservative route they could
at this stage of the game. Some of us have argued that it was a little
early for the Fed to pull out their big gun of QE3. By going with this
type of increase in Operation Twist, it leaves the Fed with more room if
we are right back where we are now in a few months.”“Initially there was disappointment on the part of traders who were expecting QE to be imminent. They dumped equities, bonds had a rally off the lows, and gold and silver were hit. But at the end of the day we’re right back to where we were before, where everyone is expecting QE3 at a later date.
Dan Norcini continues @ KingWorldNews.com
from Bullion Street:
Ghana said it is monitoring banks in the Euro zone where the country keeps some of its reserves and resources including gold.
Ghana’s central bank, the Bank of Ghana (BoG) said it is reading downgrading reports of some banks in the Eurozone and will remove its reserves in those banks if these are downgraded or are found to be in danger.
The West African country earned $2.7 billion from gold exports in the first five months, the bank added. Other major exports include Cocoa beans at $1.6 billion and crude oil at $1.2 billion during the five months of 2012.
Read More @ BullionStreet.com
Ghana said it is monitoring banks in the Euro zone where the country keeps some of its reserves and resources including gold.Ghana’s central bank, the Bank of Ghana (BoG) said it is reading downgrading reports of some banks in the Eurozone and will remove its reserves in those banks if these are downgraded or are found to be in danger.
The West African country earned $2.7 billion from gold exports in the first five months, the bank added. Other major exports include Cocoa beans at $1.6 billion and crude oil at $1.2 billion during the five months of 2012.
Read More @ BullionStreet.com
by Bruce Krasting Bruce Krasting Blog:
Mitt Romney’s Economic advisor, Glenn Hubbard, wrote an OpEd for one
of Germany’s leading newspapers ten days ago. I don’t think many Germans
read it. Those who did, no doubt saw it for what it was, American
electioneering. The article did, however, cause a stir in the US.
Hubbard’s message was that the Germans should reject the move away from austerity. He said that German money should not be used to bailout Greece.
The issue here is not the merits of Hubbard’s arguments. It’s Hubbard’s motivations for writing it, and putting it in a German newspaper. If Germany were to follow Glenn’s advice, it would precipitate a big recession in Europe and the inevitable blowback in the USA. The economic adjustment would happen pretty quickly. It would arrive in time to influence the presidential election.
One can be sure that Hubbard would be blowing a different whistle if Romney was running the show. Hubbard’s comments were ill timed, manipulative and overtly political. The White House agreed.
Read More @ BruceKrasting.blogspot.com
from RightChange:
Mitt Romney’s Economic advisor, Glenn Hubbard, wrote an OpEd for one
of Germany’s leading newspapers ten days ago. I don’t think many Germans
read it. Those who did, no doubt saw it for what it was, American
electioneering. The article did, however, cause a stir in the US.Hubbard’s message was that the Germans should reject the move away from austerity. He said that German money should not be used to bailout Greece.
The issue here is not the merits of Hubbard’s arguments. It’s Hubbard’s motivations for writing it, and putting it in a German newspaper. If Germany were to follow Glenn’s advice, it would precipitate a big recession in Europe and the inevitable blowback in the USA. The economic adjustment would happen pretty quickly. It would arrive in time to influence the presidential election.
One can be sure that Hubbard would be blowing a different whistle if Romney was running the show. Hubbard’s comments were ill timed, manipulative and overtly political. The White House agreed.
Read More @ BruceKrasting.blogspot.com
from RightChange:
from The American Dream:
Our world is becoming increasingly unstable, and millions of Americans
are feverishly preparing for what they consider to be “the end of the
world as we know it”. In fact, it is estimated that there are now
approximately 3 million “preppers” in the United States. But for people
that have never done much prepping before, getting started can be both
confusing and intimidating. In fact, I get more questions about
prepping than anything else. People are constantly asking me how they
can prepare for the difficult times that are coming. Well, in this
article I have compiled 120 powerful pieces of advice for preppers. No
two situations are exactly the same, and almost every prepper approaches
preparation differently, but there are some basic principles that apply
to almost everyone. And without a doubt, a lot of people that are not
preparing now are going to regret it in the years ahead. The global
financial system is falling apart, the United States and Europe are
absolutely drowning in debt, earthquakes and volcanic eruptions are
becoming more frequent, signs of social decay are everywhere and war
could erupt in the Middle East at any time. Actually, it is absolutely
amazing that there are so many people out there that still believe that
“prepping” is not necessary.
Read More @ EndOfTheAmericanDream.com
Our world is becoming increasingly unstable, and millions of Americans
are feverishly preparing for what they consider to be “the end of the
world as we know it”. In fact, it is estimated that there are now
approximately 3 million “preppers” in the United States. But for people
that have never done much prepping before, getting started can be both
confusing and intimidating. In fact, I get more questions about
prepping than anything else. People are constantly asking me how they
can prepare for the difficult times that are coming. Well, in this
article I have compiled 120 powerful pieces of advice for preppers. No
two situations are exactly the same, and almost every prepper approaches
preparation differently, but there are some basic principles that apply
to almost everyone. And without a doubt, a lot of people that are not
preparing now are going to regret it in the years ahead. The global
financial system is falling apart, the United States and Europe are
absolutely drowning in debt, earthquakes and volcanic eruptions are
becoming more frequent, signs of social decay are everywhere and war
could erupt in the Middle East at any time. Actually, it is absolutely
amazing that there are so many people out there that still believe that
“prepping” is not necessary.Read More @ EndOfTheAmericanDream.com
from Activist Post
The proliferation of drone technology for surveillance and war has
spread at warp speed to nearly every area of the world. Despite some lip
service being paid by a small portion of Congress
about the threat of drones being used for indiscriminate targeted
killings at home and abroad, the truth is that Congress has already fully welcomed drones
into American skies. Corporate mercenaries are simultaneously in a
commercial race to the bottom and have gone international with no disclosure.
In just a few short years, we have witnessed the revelation (and disbelief) of drone tests on American soil, to micro drones commissioned by local police departments, to worldwide outrage over drone bombings around the world and the innocents killed, to the realization that drone tech is reaching disturbing levels as constant surveillance threatens to reach into our own backyards.
Perhaps more than where we are at, it is where we are going.
Read More @ Activist Post
The proliferation of drone technology for surveillance and war has
spread at warp speed to nearly every area of the world. Despite some lip
service being paid by a small portion of Congress
about the threat of drones being used for indiscriminate targeted
killings at home and abroad, the truth is that Congress has already fully welcomed drones
into American skies. Corporate mercenaries are simultaneously in a
commercial race to the bottom and have gone international with no disclosure.In just a few short years, we have witnessed the revelation (and disbelief) of drone tests on American soil, to micro drones commissioned by local police departments, to worldwide outrage over drone bombings around the world and the innocents killed, to the realization that drone tech is reaching disturbing levels as constant surveillance threatens to reach into our own backyards.
Perhaps more than where we are at, it is where we are going.
Read More @ Activist Post
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