from Euronews and RussiaToday
The eurozone’s finance ministers have approved an agreement to lend up to 100 billion euros to Spain so it can recapitalise its battered banks.
from Gold Money News:
The decoupling between revenues and earnings (that we discussed here)
continues and while we have seen analyst reduce estimates, Nic Colas
of ConvergEX notes that the estimates for the upcoming quarters of 2012
and into next year have taken a disturbing turn for the worse. On
average, the Street expects the 30 companies of the Dow to post only 1.0-1.5% year-over-year top line growth for Q3 2012,
down from the 3.0-3.7% expectations it had baked into its financial
models just 60 days ago. Also, these analysts now peg Q4 2012 at 3.9%
growth, but those numbers are falling quickly as
companies report their earnings this month. Also worrisome: analysts
are reducing their revenue expectations across the board – only 3 of the
Dow 30 companies saw increased expectations for Q3 2012 revenues in
the past 30 days, with a similarly dismal count for Q4 2012
expectations. If this is the best these large, well-capitalized
companies can muster in terms of sales growth, can a U.S. recession be far behind? And expectations for further monetary policy easing as the last-and-best explanation for the recent rally in U.S. stocks.
| Eurogroup OKs Spanish Bank “Bailout”, with ‘Fresh’ New Austerity Measures! |
| Spain Reacts: ‘Take Away People’s Homes & Food, Expect Violence’ |
The eurozone’s finance ministers have approved an agreement to lend up to 100 billion euros to Spain so it can recapitalise its battered banks.
The Hedge Fund Trail In Liborgate Gets Hotter: Mega Fund Brevan Howard Next?
Two days ago we made the "missing link" connection between traders in Libor manipulating banks (all of which curiously had a hub in Singapore: something else for the media that has been about 4 years too late on this topic to focus on) and hedge funds (most of which curiously centering on the otherwise sleepy bastion of banking: Geneva, Switzerland). The immediate aftermath was the loss of trading privileges of one Michael Zrihen. We are fairly certain this is just the beginning of the hedge fund bust: when all is said and done, many more funds will have terminated traders they hired for reasons (and kickbacks) unknown over the past 2 years as Lie-bor manipulators sought to put a clean firewalled break between their old employer and current one. Because apparently sometimes the regulators are that stupid and can be confused by a simple job change. And while many have assumed (and even calculated based on completely groundless assumptions) that only BBA member banks have benefited from Libor manipulation, the reality is that hedge funds were just as complicit and benefited just as much if not more. What is worse, they took advantage of their whale client status with manipulating banks, and courtesy of Total Return Swap and other leveraged gimmicks, made far more money when they co-opted two or more banks to do their bidding. Impossible you say: hedge funds would never be so stupid. Oh very possible: we present exhibit A - Brevan Howard, a "fund, with assets of $20.8 billion as of Dec. 31, has never had a losing year and returned 14.4 percent annualized from its April 2003 inception through the end of 2008" as Bloomberg said in a made to order profile of the funds recently. Perhaps there is a very simple reason for this trading perfection: "Brevan Howard telephoned on 20 Aug 2007 to ask the defendant to change the Libor rate," according to a paper filed with the Singapore High Court cited by Bloomberg."from Gold Money News:
Are Analysts' Revenue Estimates Signaling A Recession?
The decoupling between revenues and earnings (that we discussed here)
continues and while we have seen analyst reduce estimates, Nic Colas
of ConvergEX notes that the estimates for the upcoming quarters of 2012
and into next year have taken a disturbing turn for the worse. On
average, the Street expects the 30 companies of the Dow to post only 1.0-1.5% year-over-year top line growth for Q3 2012,
down from the 3.0-3.7% expectations it had baked into its financial
models just 60 days ago. Also, these analysts now peg Q4 2012 at 3.9%
growth, but those numbers are falling quickly as
companies report their earnings this month. Also worrisome: analysts
are reducing their revenue expectations across the board – only 3 of the
Dow 30 companies saw increased expectations for Q3 2012 revenues in
the past 30 days, with a similarly dismal count for Q4 2012
expectations. If this is the best these large, well-capitalized
companies can muster in terms of sales growth, can a U.S. recession be far behind? And expectations for further monetary policy easing as the last-and-best explanation for the recent rally in U.S. stocks.
from KingWorldNews:
With continued uncertainty in global markets, today King World News
interviewed 25 year veteran Caesar Bryan. Gabelli & Company has
over $31 billion under management and Caesar Bryan has managed the gold
fund since its inception in 1994. Here is what Ceasar had to say
regarding the ongoing financial crisis: “This has been sort of a
slow-burn crisis. There are going to be times when it flares up, and
other times, strangely, it is relatively quiet. I should mention there
was a major downgrade of Italy last Friday, and there are rumors in the
market that Spain could be downgraded next.”
Caesar Bryan continues @ KingWorldNews.com
With continued uncertainty in global markets, today King World News
interviewed 25 year veteran Caesar Bryan. Gabelli & Company has
over $31 billion under management and Caesar Bryan has managed the gold
fund since its inception in 1994. Here is what Ceasar had to say
regarding the ongoing financial crisis: “This has been sort of a
slow-burn crisis. There are going to be times when it flares up, and
other times, strangely, it is relatively quiet. I should mention there
was a major downgrade of Italy last Friday, and there are rumors in the
market that Spain could be downgraded next.”Caesar Bryan continues @ KingWorldNews.com
by Chris Powell, GATA:
Dear Friend of GATA and Gold:
Reflecting on the latest report on the gold market by Erste Bank analyst Ronald Stoeferle (http://www.gata.org/node/11564), MineWeb’s Lawrence Williams inclines even more toward the likelihood that the gold and silver markets are manipulated. Williams writes:
“There are so many hugely interested parties in precious metals price movements — from both financial and political ends — that it would actually be remarkable if there was no manipulation or intervention in the gold and silver markets in particular. Indeed, many of the manipulators, or interventionists, would just not see it as such but as a normal part of their day-to-day business.
“The world is at last becoming aware that everything is almost certainly manipulated in some way or another — particularly by governments and the major financial institutions, which have the political and financial clout to carry this out, to meet their own agendas. But what is acceptable manipulation and what is not?”
Read More @ GATA.org
Dear Friend of GATA and Gold:Reflecting on the latest report on the gold market by Erste Bank analyst Ronald Stoeferle (http://www.gata.org/node/11564), MineWeb’s Lawrence Williams inclines even more toward the likelihood that the gold and silver markets are manipulated. Williams writes:
“There are so many hugely interested parties in precious metals price movements — from both financial and political ends — that it would actually be remarkable if there was no manipulation or intervention in the gold and silver markets in particular. Indeed, many of the manipulators, or interventionists, would just not see it as such but as a normal part of their day-to-day business.
“The world is at last becoming aware that everything is almost certainly manipulated in some way or another — particularly by governments and the major financial institutions, which have the political and financial clout to carry this out, to meet their own agendas. But what is acceptable manipulation and what is not?”
Read More @ GATA.org
By Redmond Weissenberger, Dollar Vigilante:
“If you’ve got a business — you didn’t build that. Somebody else made that happen. The Internet didn’t get invented on its own. Government research created the Internet so that all the companies could make money off the Internet.” — Barack Obomber, July 13, 2012
‘He didn’t invent iron ore and blast furnaces, did he?’ ‘Who?’ ‘Rearden. He didn’t invent smelting and chemistry and air compression. He couldn’t have invented his Metal but for thousands and thousands of other people. His Metal! Why does he think it’s his? Why does he think it’s his invention? Everybody uses the work of everybody else. Nobody ever invents anything.’
She said, puzzled, ‘But the iron ore and all those other things were there all the time. Why didn’t anybody else make that Metal, but Mr. Rearden did?’”
— Ayn Rand, Atlas Shrugged
The unbelievable stream of ignorance continues to flow from the mouth of the Murderer-in-Chief who currently inhabits the White House.
Schooled in the Marxism of Saul Alinsky and Weather Underground member Bill Ayers, Obomber recently claimed that entrepreneurs “didn’t build” their businesses.
Read More @ DollarVigilante.com
Syria is on fire. Top aides of President Assad were killed in a bombing attack this week by rebels. The government responded by shelling neighborhoods around Damascus. Syria is threatening to take its chemical weapons out of storage. Israel is worried these weapons could fall into the hands of Hezbollah and is threatening a preemptive attack. Increased sanctions against Syria were vetoed in the U.N. by China and Russia. Russia has called for an immediate cease fire on all sides with no luck. This civil war is 16 months old and has claimed the lives of more than 14,000 Syrians. Remember, this was just this week. Meanwhile, in Bulgaria, a suicide bomber killed seven people on a tour bus packed with Israelis. Many others were badly injured.
Read More @ USAWatchdog.com
Today’s Items:
Finally, please prepare now for the escalating economic and social unrest. Good Day!
“If you’ve got a business — you didn’t build that. Somebody else made that happen. The Internet didn’t get invented on its own. Government research created the Internet so that all the companies could make money off the Internet.” — Barack Obomber, July 13, 2012
‘He didn’t invent iron ore and blast furnaces, did he?’ ‘Who?’ ‘Rearden. He didn’t invent smelting and chemistry and air compression. He couldn’t have invented his Metal but for thousands and thousands of other people. His Metal! Why does he think it’s his? Why does he think it’s his invention? Everybody uses the work of everybody else. Nobody ever invents anything.’
She said, puzzled, ‘But the iron ore and all those other things were there all the time. Why didn’t anybody else make that Metal, but Mr. Rearden did?’”
— Ayn Rand, Atlas Shrugged
The unbelievable stream of ignorance continues to flow from the mouth of the Murderer-in-Chief who currently inhabits the White House.
Schooled in the Marxism of Saul Alinsky and Weather Underground member Bill Ayers, Obomber recently claimed that entrepreneurs “didn’t build” their businesses.
Read More @ DollarVigilante.com
from RussiaToday:
Russia and China have vetoed the latest Western-backed draft resolution on Syria at the UN Security Council. RT exclusively talks to one of the men who raised his hand in that ‘NO’ vote – Moscow’s envoy to the United Nations, Vitaly Churkin.
Russia and China have vetoed the latest Western-backed draft resolution on Syria at the UN Security Council. RT exclusively talks to one of the men who raised his hand in that ‘NO’ vote – Moscow’s envoy to the United Nations, Vitaly Churkin.
By Greg Canavan, Daily Reckoning.com.au:
We know none of this matters, but thought we’d discuss it anyway.
Spanish 10-year bond yields went through 7% (again) last night. That’s usually the point at which the eurocrats push the emergency summit button. Maybe they’re just hoping nobody noticed this time.
US initial weekly jobless claims of 386,000 badly missed expectations of 365,000. US existing home sales dropped 5.4% in the month of June, significantly missing expectations. And the Philadelphia Fed’s business survey index came in at -12.9, against expectations of -8. Ugly scenes.
Of course there were some ‘better-than-expected’ earnings results to buoy investors from the likes of IBM and Microsoft. But the earnings guidance game is so old that we’re not sure why anyone takes notice anymore. Companies expertly guide analyst expectations lower during the quarter, only to ‘beat’ those expectations on earnings release day. It makes for a nice headline.
And with Middle East tensions flaring up again, the strong oil price rise provides some bullish momentum for investors looking for a short term trend to ride.
Read More @ DailyReckoning.com.au
We know none of this matters, but thought we’d discuss it anyway.
Spanish 10-year bond yields went through 7% (again) last night. That’s usually the point at which the eurocrats push the emergency summit button. Maybe they’re just hoping nobody noticed this time.
US initial weekly jobless claims of 386,000 badly missed expectations of 365,000. US existing home sales dropped 5.4% in the month of June, significantly missing expectations. And the Philadelphia Fed’s business survey index came in at -12.9, against expectations of -8. Ugly scenes.
Of course there were some ‘better-than-expected’ earnings results to buoy investors from the likes of IBM and Microsoft. But the earnings guidance game is so old that we’re not sure why anyone takes notice anymore. Companies expertly guide analyst expectations lower during the quarter, only to ‘beat’ those expectations on earnings release day. It makes for a nice headline.
And with Middle East tensions flaring up again, the strong oil price rise provides some bullish momentum for investors looking for a short term trend to ride.
Read More @ DailyReckoning.com.au
from TheAlexJonesChannel :
This thing stinks to high heaven. Miles from columbine, a week before Obama is set to sign the UN small arms treaty a guy in a disguise shows up and starts blasting!
This thing stinks to high heaven. Miles from columbine, a week before Obama is set to sign the UN small arms treaty a guy in a disguise shows up and starts blasting!
by Nadeem Walayat, The Market Oracle:
The City of London is Imploding
as a consequence of ever escalating shockwave’s mostly emanating from
across the Atlantic as the United States goes into overdrive in attempts
to wipe-out competition from London in terms of profiting from global
financial market transactions.
First we saw the US dig out and focus on 4 year old LIBOR manipulation stories centred around the cesspit that goes by the name of Barclays Bank that looks set to devastate all of UK’s biggest banks, with the UK tax payer ultimately footing the bailout bill. I have covered this story at length that illustrate that everyone knew about LIBOR manipulation but now pretend that they only found out relatively recently – more here – RBS Chaos and Barclays Libor Cesspit Prompts Slow Motion Run on British Banks.
And this week we have seen more convenient revelations out of the US dating back to 2007 that HSBC, Britain’s biggest bank that forces ordinary citizens to jump through hoops to transfer small amounts of currency abroad has been engaged in systematic money laundering for the Mexican drug cartels to the tune $7 billion with potentially far worse across the world as HSBC affiliates apparently did business with rogue nations and terror organisations.
Read More @ TheMarketOracle.co.uk
The City of London is Imploding
as a consequence of ever escalating shockwave’s mostly emanating from
across the Atlantic as the United States goes into overdrive in attempts
to wipe-out competition from London in terms of profiting from global
financial market transactions.First we saw the US dig out and focus on 4 year old LIBOR manipulation stories centred around the cesspit that goes by the name of Barclays Bank that looks set to devastate all of UK’s biggest banks, with the UK tax payer ultimately footing the bailout bill. I have covered this story at length that illustrate that everyone knew about LIBOR manipulation but now pretend that they only found out relatively recently – more here – RBS Chaos and Barclays Libor Cesspit Prompts Slow Motion Run on British Banks.
And this week we have seen more convenient revelations out of the US dating back to 2007 that HSBC, Britain’s biggest bank that forces ordinary citizens to jump through hoops to transfer small amounts of currency abroad has been engaged in systematic money laundering for the Mexican drug cartels to the tune $7 billion with potentially far worse across the world as HSBC affiliates apparently did business with rogue nations and terror organisations.
Read More @ TheMarketOracle.co.uk
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excellence in effort and content. Donations will help maintain this goal
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excellence in effort and content. Donations will help maintain this goal
and defray the operational costs. Paypal, a leading provider of secure
online money transfers, will handle the donations. Thank you for your
contribution.
by Adam J. Crawford, Casey Research:
DNA sequencing is generating a lot of excitement these days. It’s easy
to understand why, given the glowing growth forecasts that have hit the
news. A recent BCC Research Study projects that the sequencing market
will reach $6.6 billion by 2016; that is more than double its current
value of roughly $3 billion and represents a CAGR of 17.5%. Out front
will be the services market, which is expected to expand by 29%, jumping
from about $987 million to $3.5 billion by 2016. The instruments and
consumables market, along with workflow products, are expected to expand
as well, although at a slower rate. Some have even gone as far as to
say that DNA sequencing could eventually evolve into a $100 billion market.
But before diving headlong into investment opportunities in the DNA space, chasing that elusive birdie, there is one big trap that investors need to be aware of.
Sequencing Simplified
First, for the uninitiated, we must understand what’s behind all the enthusiasm for this groundbreaking technology.
DNA sequencing aims to read a piece of DNA like a book – to determine the order of the bases in a strand of DNA, which is composed of an amazingly simple string of chemicals, each of which is typically represented by one of four letters. A sample DNA sequence might look something like this:
Read More @ CaseyResearch.com
DNA sequencing is generating a lot of excitement these days. It’s easy
to understand why, given the glowing growth forecasts that have hit the
news. A recent BCC Research Study projects that the sequencing market
will reach $6.6 billion by 2016; that is more than double its current
value of roughly $3 billion and represents a CAGR of 17.5%. Out front
will be the services market, which is expected to expand by 29%, jumping
from about $987 million to $3.5 billion by 2016. The instruments and
consumables market, along with workflow products, are expected to expand
as well, although at a slower rate. Some have even gone as far as to
say that DNA sequencing could eventually evolve into a $100 billion market.But before diving headlong into investment opportunities in the DNA space, chasing that elusive birdie, there is one big trap that investors need to be aware of.
Sequencing Simplified
First, for the uninitiated, we must understand what’s behind all the enthusiasm for this groundbreaking technology.
DNA sequencing aims to read a piece of DNA like a book – to determine the order of the bases in a strand of DNA, which is composed of an amazingly simple string of chemicals, each of which is typically represented by one of four letters. A sample DNA sequence might look something like this:
Read More @ CaseyResearch.com
from, Bullion Bulls Canada:
The World Gold Council recently released its own report
for the gold market for 2011. It noted that while global demand for
gold had hit a new all-time high in (nominal) dollar terms , it was
merely reaching its highest level in 15 years in terms of
tonnages.Hardly the signs of an “over-heated” market, as is regularly
claimed by the flock of mainstream Chicken Littles clucking about a “bubble” in the gold market.
Indeed, investment demand rose by a mere 5% year-over-year. Arguably, even that number overstates the performance of the gold market in 2011, since (in the real world) much of what is mistakenly classified as “jewelry demand” should be classified as investment demand.
The reason for this is that in much of the developing world gold jewelry is considered a form of “savings” (or investment) rather than mere adornment. In 2011, jewelry demand actually declined, meaning that on a net basis true investment demand was likely essentially flat on the year.
Read More @ BullionBullsCanada.com
The World Gold Council recently released its own report
for the gold market for 2011. It noted that while global demand for
gold had hit a new all-time high in (nominal) dollar terms , it was
merely reaching its highest level in 15 years in terms of
tonnages.Hardly the signs of an “over-heated” market, as is regularly
claimed by the flock of mainstream Chicken Littles clucking about a “bubble” in the gold market.Indeed, investment demand rose by a mere 5% year-over-year. Arguably, even that number overstates the performance of the gold market in 2011, since (in the real world) much of what is mistakenly classified as “jewelry demand” should be classified as investment demand.
The reason for this is that in much of the developing world gold jewelry is considered a form of “savings” (or investment) rather than mere adornment. In 2011, jewelry demand actually declined, meaning that on a net basis true investment demand was likely essentially flat on the year.
Read More @ BullionBullsCanada.com
by Greg Hunter, USAWatchdog:
Syria is on fire. Top aides of President Assad were killed in a bombing attack this week by rebels. The government responded by shelling neighborhoods around Damascus. Syria is threatening to take its chemical weapons out of storage. Israel is worried these weapons could fall into the hands of Hezbollah and is threatening a preemptive attack. Increased sanctions against Syria were vetoed in the U.N. by China and Russia. Russia has called for an immediate cease fire on all sides with no luck. This civil war is 16 months old and has claimed the lives of more than 14,000 Syrians. Remember, this was just this week. Meanwhile, in Bulgaria, a suicide bomber killed seven people on a tour bus packed with Israelis. Many others were badly injured.
Read More @ USAWatchdog.com
by Dr. Paul Craig Roberts, PaulCraigRoberts.org:
The article about the Libor scandal, coauthored with Nomi Prins,
received much attention, with Internet repostings, foreign translation,
and video interviews. To further clarify the situation, this article
brings to the forefront implications that might not be obvious to those
without insider experience and knowledge.
The price of Treasury bonds is supported by the Federal Reserve’s large purchases. The Federal Reserve’s purchases are often misread as demand arising from a “flight to quality” due to concern about the EU sovereign debt problem and possible failure of the euro.
Another rationale used to explain the demand for Treasuries despite their negative yield is the “flight to safety.” A 2% yield on a Treasury bond is less of a negative interest rate than the yield of a few basis points on a bank CD, and the US government, unlike banks, can use its central bank to print the money to pay off its debts.
Read More @ PaulCraigRoberts.org
The article about the Libor scandal, coauthored with Nomi Prins,
received much attention, with Internet repostings, foreign translation,
and video interviews. To further clarify the situation, this article
brings to the forefront implications that might not be obvious to those
without insider experience and knowledge.The price of Treasury bonds is supported by the Federal Reserve’s large purchases. The Federal Reserve’s purchases are often misread as demand arising from a “flight to quality” due to concern about the EU sovereign debt problem and possible failure of the euro.
Another rationale used to explain the demand for Treasuries despite their negative yield is the “flight to safety.” A 2% yield on a Treasury bond is less of a negative interest rate than the yield of a few basis points on a bank CD, and the US government, unlike banks, can use its central bank to print the money to pay off its debts.
Read More @ PaulCraigRoberts.org
from End of the American Dream:
Is the U.S. economy in a recession right now? Has the next recession
in the United States already begun? Unfortunately, there are a lot of
economic numbers that are pointing in that direction. U.S. retail sales
have fallen for three months in a row, U.S. manufacturing activity is
contracting and there are numerous indications that the labor market is
getting weaker. Of course there are some economists that will argue
that we never even left the last recession. For example, the percentage
of working age Americans with jobs fell from above 63 percent in 2007 to under 59 percent
during the last recession. Since the end of the last recession, that
number has not gotten back above 59 percent. In fact, it has been below
59 percent for 34 months in a row. In addition, we have continued to
see poverty and government dependence steadily rise during this
“economic recovery”. Since Barack Obama became president,
the number of Americans living in poverty has risen by 6 million and
the number of Americans on food stamps has risen by 14 million. So it
would be really hard to argue with anyone that wants to say that the
last recession never really ended. However, the latest economic numbers
indicate that things are about to get even worse for the U.S. economy,
and that is not good news at all.
Read More @ EndoftheAmericanDream.com
Is the U.S. economy in a recession right now? Has the next recession
in the United States already begun? Unfortunately, there are a lot of
economic numbers that are pointing in that direction. U.S. retail sales
have fallen for three months in a row, U.S. manufacturing activity is
contracting and there are numerous indications that the labor market is
getting weaker. Of course there are some economists that will argue
that we never even left the last recession. For example, the percentage
of working age Americans with jobs fell from above 63 percent in 2007 to under 59 percent
during the last recession. Since the end of the last recession, that
number has not gotten back above 59 percent. In fact, it has been below
59 percent for 34 months in a row. In addition, we have continued to
see poverty and government dependence steadily rise during this
“economic recovery”. Since Barack Obama became president,
the number of Americans living in poverty has risen by 6 million and
the number of Americans on food stamps has risen by 14 million. So it
would be really hard to argue with anyone that wants to say that the
last recession never really ended. However, the latest economic numbers
indicate that things are about to get even worse for the U.S. economy,
and that is not good news at all.Read More @ EndoftheAmericanDream.com
from The Economic Collapse Blog:
Are you ready for the next major global food crisis? The price of corn
hit an all-time record high on Thursday. So did the price of soybeans.
The price of corn is up about 50 percent since the middle of last
month, and the price of wheat has risen by about 50 percent over the
past five weeks. On Thursday, corn for September delivery reached
$8.166 per bushel, and many analysts believe that it could hit $10 a
bushel before this crisis is over. The worst drought in the United
States in more than 50 years is projected to continue well into August,
and more than 1,300 counties in the United States have been declared to
be official natural disaster areas. So how is this crisis going to
affect the average person on the street? Well, most Americans and most
Europeans are going to notice their grocery bills go up significantly
over the coming months. That will not be pleasant. But in other areas
of the world this crisis could mean the difference between life and
death for some people. You see, half of all global corn exports come
from the United States. So what happens if the U.S. does not have any
corn to export? About a billion people around the world live on the
edge of starvation, and today the Financial Times ran a front page story
with the following headline: “World braced for new food crisis“.
Millions upon millions of families in poor countries are barely able
to feed themselves right now. So what happens if the price of the food
that they buy goes up dramatically?
Read More @ TheEconomicCollpaseBlog.com
Are you ready for the next major global food crisis? The price of corn
hit an all-time record high on Thursday. So did the price of soybeans.
The price of corn is up about 50 percent since the middle of last
month, and the price of wheat has risen by about 50 percent over the
past five weeks. On Thursday, corn for September delivery reached
$8.166 per bushel, and many analysts believe that it could hit $10 a
bushel before this crisis is over. The worst drought in the United
States in more than 50 years is projected to continue well into August,
and more than 1,300 counties in the United States have been declared to
be official natural disaster areas. So how is this crisis going to
affect the average person on the street? Well, most Americans and most
Europeans are going to notice their grocery bills go up significantly
over the coming months. That will not be pleasant. But in other areas
of the world this crisis could mean the difference between life and
death for some people. You see, half of all global corn exports come
from the United States. So what happens if the U.S. does not have any
corn to export? About a billion people around the world live on the
edge of starvation, and today the Financial Times ran a front page story
with the following headline: “World braced for new food crisis“.
Millions upon millions of families in poor countries are barely able
to feed themselves right now. So what happens if the price of the food
that they buy goes up dramatically? Read More @ TheEconomicCollpaseBlog.com
Today’s Items:
For the third time, China and Russia have
both vetoed the U.S.’s, via the British, trumped up U.N security council
resolution threatening Syria with sanctions. This is a spectacular
failure from Hillary, Obama and others wanting an excuse to do to Syria
what they did to Libya. As November draws closer, will we see the
Black Swan event… You know, an attack on the Olympics, of which there
is already talk of the games being cancelled, blamed on Syria or even
Iran? We will see.
The latest data release from Spain show a
worsening of the banking system’s problems. The European Central
Bank’s idea to let senior creditors also take losses meanwhile is not
really popular. The country’s house price index dropped 8.3% from a
year earlier in the second quarter, indicating that the free-falling
real-estate market has yet to find a floor. Things just keep getting
worse.
More and more Germans are waking up to the
fact that the Euro is financial fiasco. In fact, Germany was interested
in the EU as a political entity, NOT the Euro as a currency. Germans
have yet to give up on the euro. But as Europe’s debt crisis rages on,
many are indulging their nostalgia for the abandoned mark by shopping
with it again—and retailers are happily going along. It will not be long
before these same merchants stop taking euros as payment.
Richard Russell issued the warning to cut
expenses and get rid of all the debt you can, and prepare for tough
times. He does not like the utter calm and complacency seen as deluxe
restaurants are full at dinner time and families travel to Disneyland.
It is going to take about six months to a year before the public begins
to realize that times are changing and they need to adjust accordingly.
Fat cats heading the United States Postal
Service announced that without taxpayer money, that the poorly run Post
Office will default. It will default on the $5.5 billion dollar payment
on August 1st. In the mean time, politicians in both parties are
playing the blame game.
The lies that make up Obama are coming
more apparent everyday. Now we have a Photoshopped image from Barack
Obama’s own Facebook page. The Black hand under Obama’s right armpit
doesn’t match Ann Dunham’s right arm.
The following are some of the bad things that are happening to America right now….
1. The worst heat and drought in 50 years.
2. The rising trend of wildfires.
3. The rising number of very powerful tornadoes.
4. The radiation from Fukushima
5. Economic collapse
6. Poverty explosion
7. The death of American cities as they become hellholes.
1. The worst heat and drought in 50 years.
2. The rising trend of wildfires.
3. The rising number of very powerful tornadoes.
4. The radiation from Fukushima
5. Economic collapse
6. Poverty explosion
7. The death of American cities as they become hellholes.
Getting the idea?
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excellence in effort and content. Donations will help maintain this goal
and defray the operational costs. Paypal, a leading provider of secure
online money transfers, will handle the donations. Thank you for your
contribution.
![[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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