Fitch Follows S&P, Slashes Spain By 3 Notches To BBB, Only Moody Is Left - Step 3 Collateral Downgrade Imminent
First it Egan-Jones (of course). Then S&P. Now Fitch (which sees the Spanish bank recap burden between €60 and a massive €100 billion!)joins
the downgrade party of rating agencies that have Spain at a sub-A
rating. Only Moody's is left. What happens when Moody's also cuts Spain
to BBB or less? Bad things: as we explained on April 30, when everyone has Spain at BBB or less...
Why You Should Be Excited About National Bankruptcy...
One
of the great absurdities of our modern financial system is that a
nation living within its means, i.e. spending less than what it
confiscates in tax revenue, is no longer the norm. Living within your means is now considered ‘austerity’. And unfair.
Whether in the UK, Europe, or North America, many voters have become so
accustomed to the government’s massive role in the economy, they can’t
begin to imagine how it could be scaled back. The more insolvent governments become, the more they’re going to be forced to axe all the things they can’t afford.
We’re already starting to see this in places from California to
England that can no longer hide from their fiscal reality. With the
government monopoly out of the way, the private sector will mop up
every service that it can turn a profit on– trash collection, security,
fire, prisons, libraries, etc. This forces competition, higher quality
service, and lower prices for everyone. The people who protest against
austerity, or think it’s a tragedy when a courthouse closes down due to
budget constraints, are really missing the larger point: the sooner this corrupt house of cards collapses, the better off we’ll all be.How Long Until EURCHF Is Re-Pegged To 1.10?
Swiss
National Bank currency reserves just topped CHF300bn in May for the
first time on record. As SocGen notes this jump from a mere CHF66bn in
April is the second largest rise since August last year - right before
the SNB put in place the 1.20 cap in EURCHF. The increase in reserves
is not a major surprise after EURUSD plummeted over eight big figures
last month and the SNB was left with no choice but to step up its EUR
purchases in order to defend the cap. However, the size of the
increase may cause fresh political consternation as the cost of
unlimited foreign currency purchases continues to climb and a definitive
resolution of the euro crisis is still remote. What worries us more is the market's 'hedging' of a tail-risk event in Europe has driven risk-reversals
in EURCHF (a way of understanding the bullish/bearish bias in FX
options prices) that implies a 1.10 level for EURCHF which is somewhat
incredibly supported by an analysis of the variation in ECB and SNB
balance sheet changes. As the threat of capital controls looms
large and Swiss 2Y rates press back towards -30bps, we wonder how long
until a new 'equilibrium' cap is adjusted down to 1.10.Some Gold Mining Shares Have Become Very Inexpensive
Admin at Marc Faber Blog - 32 minutes ago
I'm not sure that Gold will not make a new high this year, but I think
we've bottomed out and some gold mining shares have become very, very
inexpensive compared to the reserves they have.
And I think that in the current environment where it is clear that the
worse the economy becomes the more the money printers will be at work, that
to own a currency whose supply can not be increased at the will of some
clowns that occupy the central banks is a desirable investment. - *in Yahoo
Finance*
*
*
Related: Newmont Mining (NEM), Barrick Gold (ABX), Goldcorp (GG), SPDR Gold
Trust ETF (GLD);... more »
Bailout optimism drives world stock rebound
Eric De Groot at Eric De Groot - 1 hour ago
While emotional interpretations, such as "bailout optimism drives world
stock rebound" generate clicks, they're most often the kiss of death for
traders and investors when acted upon. The balance between risk-on and
risk-off currently favors the latter. This relative movement of capital
between markets supports this assertion. For example, the up and down
trend in the gold to...
[[ This is a content summary only. Visit my website for full links, other
content, and more! ]]BTFD...(buy the f---ing dips)
Gold Plunges As Bernanke Speaks: China Is Most Grateful
It
would appear that the asset-class most sensitive to the next round of
renewed money-printing by the Fed - that implicitly seems to provide
stock investors with some belief that their USD-numeraire priced
holdings should go up in price - is dropping fast and pricing out hope of a 'New QE' anytime soon.
As The Bernank speaks and offers nothing more than a
Draghi-reinforcing check-to-the-government around the poker table of
global macro, Gold is plunging. The biggest beneficiary of the Bernanke soliloquy so far is China,
which has managed to get a new cheaper entry point on Bernanke's
latest attempt to talk down Gold while keeping stocks up (because
rising input costs courtesy of oil apparently only impact the gold
bottom line). After importing 100 tons in physical gold (not GLD) in April, the country will be even happier to buy far more at lower, not higher prices.
from EvenKeelMedia
Al Korelin chats with Peter Grandich at the 2012 World Resource Investment Conference in Vancouver BC about the future of gold, the conventional stock markets, and the fed going into a ‘crisis easing mode’.
Bloomberg recently published an illustrative slideshow
titled “The Real Cost of Owning Gold”. As usual when dealing with
precious metals, in an attitude that is widespread among the mainstream
financial press, the tone is dismissive, disdainful and almost mocking
of those that advocate ownership of hard assets – and especially gold.The reasons for this hostility are fairly obvious. First, ignorance: precious metals have been out of fashion for over 30 years, and financial analysts (average age 35) know little about them. Most would have came of age, professionally and intellectually speaking, during the early part of the last decade – at a time when gold investors were the crazy-old uncles of the investment world: deemed irrelevant and backward-looking by fashionable opinion.
Read More @ GoldMoney.com
Overnight markets were higher, with European equities gaining ground, both before and after the ECB basically did nothing, to the tune of a couple percent (debt markets were a little bit heavier). Though Draghi did say that he was ready to act, I would have expected markets to react rather negatively to the inaction today, but that was not the case. Perhaps that indicates that there is maneuvering behind the scenes for more ECB easing. If they don’t do something soon it will not only be a big problem, it will mean the ECB is the odd man out, as most likely the Bank of England is ready to act, along with the Fed.
More Fed Aversion to the Mean
We will learn more about how Bernanke views the situation tomorrow when he testifies before Congress, but the Fed’s current favorite leak conduit, Jon Hilsenrath, ran a column in yesterday’s Wall Street Journal that made it pretty clear Ben & Co. are leaning in the direction of QE3.
Read More @ Financial Sense.com
by Reggie Middleton, BoomBustBlog.com:
Remember, I warned readers to Beware The Overly Optimistic Greek Speculators As Icarus Comes Crashing Down To Earth! I gave subscribers (click here to subscribe)
explicit proof that another Greek default was right around the corner.
That’s right! Direcly after the Greek default in March of this year!!!!
Subscribers, see Greek debt restructuring maturity extension blog – March 2012 (Global Macro, Trades & Strategy). And in today’s MSM fare: Greece Warns of Going Broke as Tax Proceeds Dry Up
Remember, I warned readers to Beware The Overly Optimistic Greek Speculators As Icarus Comes Crashing Down To Earth! I gave subscribers (click here to subscribe)
explicit proof that another Greek default was right around the corner.
That’s right! Direcly after the Greek default in March of this year!!!!
Subscribers, see Greek debt restructuring maturity extension blog – March 2012 (Global Macro, Trades & Strategy). And in today’s MSM fare: Greece Warns of Going Broke as Tax Proceeds Dry Up
As European leaders grapple with how to preserve their monetary union, Greece is rapidly running out of money.
Nikos Lekkas, a government official, said banks had hindered his efforts to collect back taxes.
Government coffers could be empty as soon as July, shortly after this month’s pivotal elections. In the worst case, Athens might have to temporarily stop paying for salaries and pensions, along with imports of fuel, food and pharmaceuticals.
Read More @ BoomBustBlog.comGovernment coffers could be empty as soon as July, shortly after this month’s pivotal elections. In the worst case, Athens might have to temporarily stop paying for salaries and pensions, along with imports of fuel, food and pharmaceuticals.
[Ed. Note:
Here's a fascinating look at the history of the first US bullion silver
coin, the Trade Dollar. Unlike today, it was minted at a time when
there was more silver than people knew what to do with!]
by Paul M. Green, Numismaster.com:
It is actually surprising that someone has not been on the television marketing an historic bullion coin
set featuring one silver American Eagle and one Trade dollar. Issued
over a century apart, the two share the common traits of being large
silver coins of the United States that traded at bullion levels.
Moreover, such a promotion might well make more aware of the Trade dollar and its fascinating story.
In fact, the story of the Trade dollar really goes back well beyond the production of the first Trade dollar for there is very little doubt that had there been no excess silver there might well have never been a Trade dollar. So we go back to 1859 and the first major silver strikes in what we now know as Nevada.
It is hard to imagine too much silver being a problem as most of us would love to have that problem, but too much silver is actually a problem if you happen to own a silver mine and you and your fellow mine owners have more silver than you can use.
Read More @ Numismaster.com
[Ed. Note: A bit of comic relief and blatant propaganda provided by the Obamoney Administration.]
from The Daily Show with Jon Stewart:
I would like to Thank Kevin O. our 7th donor, for his very generous donation.
Who will be our 8th?
Thank You
I'm PayPal Verified
by Paul M. Green, Numismaster.com:
It is actually surprising that someone has not been on the television marketing an historic bullion coin
set featuring one silver American Eagle and one Trade dollar. Issued
over a century apart, the two share the common traits of being large
silver coins of the United States that traded at bullion levels.
Moreover, such a promotion might well make more aware of the Trade dollar and its fascinating story.In fact, the story of the Trade dollar really goes back well beyond the production of the first Trade dollar for there is very little doubt that had there been no excess silver there might well have never been a Trade dollar. So we go back to 1859 and the first major silver strikes in what we now know as Nevada.
It is hard to imagine too much silver being a problem as most of us would love to have that problem, but too much silver is actually a problem if you happen to own a silver mine and you and your fellow mine owners have more silver than you can use.
Read More @ Numismaster.com
Madrid calls for Europe-wide plan but resists ‘humiliation’ of national bailout
from The Guardian:
Spain is warning that Europe‘s
single currency will unravel unless its leaders decide within weeks to
centralise budget and tax policies in the eurozone and agree on a
strategy to pool responsibility for failing banks.
As Spain’s prime minister, Mariano Rajoy, came under mounting international pressure to accept the eurozone’s fourth national bailout in two years, the government in Madrid angrily rejected the demands, insisting that it did not need rescuing. With fears of a euro meltdown having rapidly shifted from Greece to Spain, Rajoy is pleading for a direct eurozone rescue of his country’s banks, to avoid the humiliation attached to requesting a national bailout.
Sources familiar with the Spanish government’s thinking said its negotiating position was that the fundamental quandary facing the eurozone was not Spain, but a European failure of leadership in persuading the financial markets that the euro would be defended at all costs.
Read More @ Guardian.co.uk
from The Guardian:
Spain is warning that Europe‘s
single currency will unravel unless its leaders decide within weeks to
centralise budget and tax policies in the eurozone and agree on a
strategy to pool responsibility for failing banks.As Spain’s prime minister, Mariano Rajoy, came under mounting international pressure to accept the eurozone’s fourth national bailout in two years, the government in Madrid angrily rejected the demands, insisting that it did not need rescuing. With fears of a euro meltdown having rapidly shifted from Greece to Spain, Rajoy is pleading for a direct eurozone rescue of his country’s banks, to avoid the humiliation attached to requesting a national bailout.
Sources familiar with the Spanish government’s thinking said its negotiating position was that the fundamental quandary facing the eurozone was not Spain, but a European failure of leadership in persuading the financial markets that the euro would be defended at all costs.
Read More @ Guardian.co.uk
By Greg Canavan, DailyReckoning.com.au:
‘Stocks surge on stimulus hopes,’ says The Sydney Morning Herald.
‘Stimulus hopes spur stock, commodities rally,’ opines Reuters.
‘U.S. Stocks Rise Most Since December on Stimulus Hopes,’ the Wall Street Journal declares.
The saying ‘once bitten, twice shy’ doesn’t seem to apply to financial markets. We can’t remember the number of times ‘hopes of a stimulus package’ sent the market soaring, only for it to be disappointed by the actual effect of said economic stimulus 2-6 months later.
So what is it this time; the collective wisdom of the market or the madness of crowds?
How about the madness of the market?
The market ain’t what it used to be. The retail investor has had enough. Term deposits or cash look good. Bond funds (nearing all-time highs) are more popular than ever. High frequency trading (HFT) is an increasingly dominant force.
Read More @ DailyReckoning.com.au
There is a risk that the euro zone may fall apart and that risk is rising. Right now we find there is too much risk in Europe’s public markets.
Read More @ Telegraph.co.uk
‘Stocks surge on stimulus hopes,’ says The Sydney Morning Herald.‘Stimulus hopes spur stock, commodities rally,’ opines Reuters.
‘U.S. Stocks Rise Most Since December on Stimulus Hopes,’ the Wall Street Journal declares.
The saying ‘once bitten, twice shy’ doesn’t seem to apply to financial markets. We can’t remember the number of times ‘hopes of a stimulus package’ sent the market soaring, only for it to be disappointed by the actual effect of said economic stimulus 2-6 months later.
So what is it this time; the collective wisdom of the market or the madness of crowds?
How about the madness of the market?
The market ain’t what it used to be. The retail investor has had enough. Term deposits or cash look good. Bond funds (nearing all-time highs) are more popular than ever. High frequency trading (HFT) is an increasingly dominant force.
Read More @ DailyReckoning.com.au
By Matthew Sparks, The Telegraph:
China Investment Corp, the sovereign wealth fund, has cut its exposure
to Europe drastically and sees a growing risk of a break-up of the
eurozone, according to reports in the Wall Street Journal. The
fund planned ahead and withdrew its exposure to the eurozone periphery
without incurring any losses. Chairman Lou Jiwei told the paper:
China Investment Corp, the sovereign wealth fund, has cut its exposure
to Europe drastically and sees a growing risk of a break-up of the
eurozone, according to reports in the Wall Street Journal. The
fund planned ahead and withdrew its exposure to the eurozone periphery
without incurring any losses. Chairman Lou Jiwei told the paper:
There is a risk that the euro zone may fall apart and that risk is rising. Right now we find there is too much risk in Europe’s public markets.
Read More @ Telegraph.co.uk
by Eric Blair, Activist Post
It’s more obvious everyday that propaganda is getting more blatant,
more in our face. Mostly we just assume it has always been there but
it’s usually cleverly subtle. Not lately though. It’s blood in your
face time especially in regards to the “conflict” in Syria.
This struck me for several reasons which I’ll get into; but first, this is at least the third time they’ve plastered their front page with this propaganda in the last couple of weeks. These blood-soaked headlines always lead to an Associated Press story, or, in this case, Reuters.
It’s difficult to even know where to begin breaking down the blatant propaganda tactics used here. Let’s ignore the gory red paint splatters on the Syrian flag, as that one is pathetically obvious.
Read More @ Activist Post
It’s more obvious everyday that propaganda is getting more blatant,
more in our face. Mostly we just assume it has always been there but
it’s usually cleverly subtle. Not lately though. It’s blood in your
face time especially in regards to the “conflict” in Syria.This struck me for several reasons which I’ll get into; but first, this is at least the third time they’ve plastered their front page with this propaganda in the last couple of weeks. These blood-soaked headlines always lead to an Associated Press story, or, in this case, Reuters.
It’s difficult to even know where to begin breaking down the blatant propaganda tactics used here. Let’s ignore the gory red paint splatters on the Syrian flag, as that one is pathetically obvious.
Read More @ Activist Post
from Zero Hedge:
While it is a number which nobody will care about today, especially if it is better than expected, initial claims printed at 377K on
expectations of 378K, the first beat of expectations in 5 weeks. Of
course, the claims number next week will be revised to over 380K. Why?
Because, as now happens every single week, last week’s initial claims
number was revised higher from 383K to 389K. As a reminder, last week
this number was expected to print at 370K.
So only a 19K miss when all is said and done. But at least the
mainstream media has its bullish for general consumption headline:
“Initial Claims drop by 12,000″ even as market participants realize this
is still QE-promoting. Continuing claims printed at 3,293K, missing
expectations of 3,250K, and down from an upward, of course, revised
3,259K. But the most disturbing observation is that in one week alone, a whopping 104,600 people hit the 99-week cliff, and stopped collecting extended unemployment benefits,
the most since December 2011, as those on EUCs dropped by -45,808
while those on Extended benefits dropped by a astounding -58,829. As a
reminder, Zero Hedge first noted that shortly 700,000 people will no longer be
collecting any unemployment benefits. Here is to hoping those off the
dole, are at least collecting disability in the USSA as otherwise these
are tens of billions in lost purchasing power.
Read More @ Zerohedge
While it is a number which nobody will care about today, especially if it is better than expected, initial claims printed at 377K on
expectations of 378K, the first beat of expectations in 5 weeks. Of
course, the claims number next week will be revised to over 380K. Why?
Because, as now happens every single week, last week’s initial claims
number was revised higher from 383K to 389K. As a reminder, last week
this number was expected to print at 370K.
So only a 19K miss when all is said and done. But at least the
mainstream media has its bullish for general consumption headline:
“Initial Claims drop by 12,000″ even as market participants realize this
is still QE-promoting. Continuing claims printed at 3,293K, missing
expectations of 3,250K, and down from an upward, of course, revised
3,259K. But the most disturbing observation is that in one week alone, a whopping 104,600 people hit the 99-week cliff, and stopped collecting extended unemployment benefits,
the most since December 2011, as those on EUCs dropped by -45,808
while those on Extended benefits dropped by a astounding -58,829. As a
reminder, Zero Hedge first noted that shortly 700,000 people will no longer be
collecting any unemployment benefits. Here is to hoping those off the
dole, are at least collecting disability in the USSA as otherwise these
are tens of billions in lost purchasing power.Read More @ Zerohedge
from Silver Vigilante:
Whilst I pondered the dynamics of the bullion market as I have come to
understand it, as an avid purchaser of mainly silver, I cannot come to
any other conclusion regarding price volatility and business operations
than this: the volatility experienced by the precious metals markets
over the last two months about could not have been good for hedging a
business.
There is no way a company that slings precious metals’ 24 hours a day can properly hedge themselves against the volatility. Even if you are perfectly hedged at one moment, future price movement to the downside could spell diminished fiat income to your business. You can buy-and-sell and buy-and-sell all day, but if the asset which you are slinging consistently trends down, then your inventory at any given time is falling in price. The silver you buy on a Friday, for example, could be down 5% on Monday. Can this be perfectly hedged against? Sure, if you’ve got six figure capital – at least- to spend on the proper order management and point of sale system.
Read More @ Silver Vigilante
Whilst I pondered the dynamics of the bullion market as I have come to
understand it, as an avid purchaser of mainly silver, I cannot come to
any other conclusion regarding price volatility and business operations
than this: the volatility experienced by the precious metals markets
over the last two months about could not have been good for hedging a
business.There is no way a company that slings precious metals’ 24 hours a day can properly hedge themselves against the volatility. Even if you are perfectly hedged at one moment, future price movement to the downside could spell diminished fiat income to your business. You can buy-and-sell and buy-and-sell all day, but if the asset which you are slinging consistently trends down, then your inventory at any given time is falling in price. The silver you buy on a Friday, for example, could be down 5% on Monday. Can this be perfectly hedged against? Sure, if you’ve got six figure capital – at least- to spend on the proper order management and point of sale system.
Read More @ Silver Vigilante
from KingWorldNews:
With tremendous volatility in global markets, the question everyone
wants to know the answer to is: When will we see QE3? Today Michael
Pento told KWN he doesn’t think that “Banana Ben Bernanke is ready to
push the panic button right now.” Pento, of Pento Portfolio Strategies,
also told KWN readers exactly what five things to look for that will
trigger QE3. Here is what Pento had to say about the situation:
“Unfortunately, in Pavlovian fashion, investors have been taught that
any time the market has a hiccup, that the Fed would come in there and
rescue them. It happened with the housing crisis, and before that with
the Nasdaq bubble.”
Michael Pento continues @ KingWorldNews.com
With tremendous volatility in global markets, the question everyone
wants to know the answer to is: When will we see QE3? Today Michael
Pento told KWN he doesn’t think that “Banana Ben Bernanke is ready to
push the panic button right now.” Pento, of Pento Portfolio Strategies,
also told KWN readers exactly what five things to look for that will
trigger QE3. Here is what Pento had to say about the situation:
“Unfortunately, in Pavlovian fashion, investors have been taught that
any time the market has a hiccup, that the Fed would come in there and
rescue them. It happened with the housing crisis, and before that with
the Nasdaq bubble.”Michael Pento continues @ KingWorldNews.com
by Craig Stellpflug, Natural News:
If a study comes up negative for your favorite drug, just don’t
publish it! 68 percent of all drug studies are swept under the carpet to
keep those pesky side effects from being reported. Only 32 percent of
studies come up positive, and a lot of those studies are “shortened” to
limit the long-term findings. Studies cut short were found to
overestimate the study drug’s effectiveness and miss dangerous side
effects and complications by an average of 30 percent. This would
explain the amazing 85 percent drug study success rate in the hands of
Big Pharma according to the Annals of Internal Medicine.
In some cases, shortened studies don’t just make a drug look more effective than it ever could be, but they also turn dangerous and ineffective meds into miracle drugs, according to a study in JAMA. Studies are often cut short when researchers get “overwhelmingly convincing evidence” of a drug’s effectiveness. If you want to make money with your drug, find an early spike in the data and run with it before the data dives. Get in, get the result you want, get out fast, and make lots of money.
Read More @ NaturalNews.com
If a study comes up negative for your favorite drug, just don’t
publish it! 68 percent of all drug studies are swept under the carpet to
keep those pesky side effects from being reported. Only 32 percent of
studies come up positive, and a lot of those studies are “shortened” to
limit the long-term findings. Studies cut short were found to
overestimate the study drug’s effectiveness and miss dangerous side
effects and complications by an average of 30 percent. This would
explain the amazing 85 percent drug study success rate in the hands of
Big Pharma according to the Annals of Internal Medicine.In some cases, shortened studies don’t just make a drug look more effective than it ever could be, but they also turn dangerous and ineffective meds into miracle drugs, according to a study in JAMA. Studies are often cut short when researchers get “overwhelmingly convincing evidence” of a drug’s effectiveness. If you want to make money with your drug, find an early spike in the data and run with it before the data dives. Get in, get the result you want, get out fast, and make lots of money.
Read More @ NaturalNews.com
by Gary North, The Market Oracle:
George Soros has laid it on the line.
The eurozone will begin to break up, followed by the break-up of the
European Union, within three months if the politicians do not come to
an agreement to re-write the treaties and centralize power. No other
figure has been this apocalyptic and this specific as to the timetable.
He sees this outcome as a catastrophe. I keep thinking: “Free at last! Free at last!”
Soros understands the price movements of currencies better than anyone else. This is how he became a multi-billionaire. He has used massive leverage – extremely high risk – to speculate in the currency futures markets, often taking the opposite side of trades with central banks. When a man has enough wisdom to beat the currency futures markets, I give him credit. He knows something about currencies.
Read More @ TheMarketOracle.co.uk
George Soros has laid it on the line.
The eurozone will begin to break up, followed by the break-up of the
European Union, within three months if the politicians do not come to
an agreement to re-write the treaties and centralize power. No other
figure has been this apocalyptic and this specific as to the timetable. He sees this outcome as a catastrophe. I keep thinking: “Free at last! Free at last!”
Soros understands the price movements of currencies better than anyone else. This is how he became a multi-billionaire. He has used massive leverage – extremely high risk – to speculate in the currency futures markets, often taking the opposite side of trades with central banks. When a man has enough wisdom to beat the currency futures markets, I give him credit. He knows something about currencies.
Read More @ TheMarketOracle.co.uk
from The American Dream:
The mainstream news just seems to get sillier and shallower with each
passing day. Our world is becoming incredibly unstable, corruption is
everywhere, we are on the verge of another massive economic crisis,
government debt is absolutely exploding, war could erupt in the Middle
East at any time and signs of deep social decay are everywhere and yet
the mainstream media seems absolutely obsessed with reporting on
celebrities and scandals. It would be nice if the mainstream media
would do a lot more true investigative reporting and would actually try
to answer some of the difficult questions that we are being faced with.
Unfortunately, most of what passes for “news” these days is essentially
just “infotainment”. That is one of the reasons why we have seen such a
surge in the popularity of alternative news outlets in recent years.
People are searching for the truth, and they know that they are not
getting much of it from the mainstream media these days.
Read More @ EndOfTheAmericanDream.com
The mainstream news just seems to get sillier and shallower with each
passing day. Our world is becoming incredibly unstable, corruption is
everywhere, we are on the verge of another massive economic crisis,
government debt is absolutely exploding, war could erupt in the Middle
East at any time and signs of deep social decay are everywhere and yet
the mainstream media seems absolutely obsessed with reporting on
celebrities and scandals. It would be nice if the mainstream media
would do a lot more true investigative reporting and would actually try
to answer some of the difficult questions that we are being faced with.
Unfortunately, most of what passes for “news” these days is essentially
just “infotainment”. That is one of the reasons why we have seen such a
surge in the popularity of alternative news outlets in recent years.
People are searching for the truth, and they know that they are not
getting much of it from the mainstream media these days.Read More @ EndOfTheAmericanDream.com
from Silver Doctors:
Russia’s version of Bernie Madoff, Sergei Mavrodi (previously imprisoned for 4 years for a 1990′s ponzi scheme) has launched an ‘Honest Ponzi’ called MMM-2011, compared the scheme to the Russian Pension Fund and the Federal Reserve,
informed investors that they WILL ONLY BE PAID WITH FUNDS FROM NEW
INVESTORS, and has somehow recruited/scammed 35 million investors around
the world.
Bloomberg asks the obvious question:
What’s the difference between today’s global finance system and a Ponzi scheme? This is the question that a 56-year-old veteran Russian financial scammer has been asking his victims.
Chillingly, he almost has a point.
Read More @ SilverDoctors.com
Russia’s version of Bernie Madoff, Sergei Mavrodi (previously imprisoned for 4 years for a 1990′s ponzi scheme) has launched an ‘Honest Ponzi’ called MMM-2011, compared the scheme to the Russian Pension Fund and the Federal Reserve,
informed investors that they WILL ONLY BE PAID WITH FUNDS FROM NEW
INVESTORS, and has somehow recruited/scammed 35 million investors around
the world.Bloomberg asks the obvious question:
What’s the difference between today’s global finance system and a Ponzi scheme? This is the question that a 56-year-old veteran Russian financial scammer has been asking his victims.
Chillingly, he almost has a point.
Read More @ SilverDoctors.com
[Ed. Note: A bit of comic relief and blatant propaganda provided by the Obamoney Administration.]
from The Daily Show with Jon Stewart:
I would like to Thank Kevin O. our 7th donor, for his very generous donation.
Who will be our 8th?
Thank You
I'm PayPal Verified
![[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)
No comments:
Post a Comment